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CLASS A, B, C & Y SHARES
[THE MUNDER FUNDS LOGO] (TM)
Investments
for all seasons
Annual
Report
JUNE 30, 2000
THE MUNDER EQUITY FUNDS
Balanced
Equity Income
International Equity
Micro-Cap Equity
Multi-Season Growth
Real Estate Equity Investment
Small-Cap Value
Small Company Growth
THE MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
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T
"There have been a number of changes in The Munder Family of Mutual Funds
during the first six months of
the year...."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages you will find
the most recent financial information for your
investment in The Munder Funds. I hope that you are
pleased with the performance and operations of the
Funds.
During the first six months of 2000,
both the bond and stock markets have experienced
volatility and a significant rotation from one
sector to another. In the fixed income market, volatility was largely due
to the Federal Reserve which tightened monetary policy three times during
the first half of the year. The dominance of the Treasury sector of the
bond market during the first quarter gave way to mortgage-backed securities
which took over the top performance spot during the second quarter.
In the stock market, technology, one of the leading sectors of
the market during the first quarter of 2000, dropped into negative
territory for the second quarter. The momentum game worked well for
investors during the first quarter when the market was moving up and prices
were rising. It was more painful in the second quarter when the market
leaders began to decline and momentum investors rushed to sell stocks at
the same time. Throughout all market environments, we pay more attention to
valuation and earnings growth than to momentum. Valuation, when combined
with a focus on growth, helps to keep a portfolio grounded in reality. In
our view, ignoring valuation is closer to speculation than investing. Our
continued focus on fundamentals has been particularly important given the
wide diversity between top and bottom performers both between and within
sectors.
There have been a number of changes in The Munder Family of
Mutual Funds during the first six months of the year. The Munder All-Season
Conservative Fund and Munder All-Season Moderate Fund both closed in April
due to a lack of shareholder interest in these "funds of funds". The Munder
Value Fund closed on May 31st because of its overlap with the investment
discipline of the Munder Equity Income Fund. Our goal is to focus on a
well-balanced menu of investment choices that make it easy for you to
construct a portfolio that reflects your investment objectives and risk
levels.
If you have any questions about any of these mutual fund
offerings, or your current investments, please call your financial advisor.
You may also contact the Fund at 1-800-4MUNDER or through our website at
www.munder.com. Thank you for your confidence in Munder Capital Management
and The Munder Family of Mutual Funds. We value the opportunity to work
with you towards meeting your investment objectives.
Very truly yours,
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
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Table of
Contents
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EQUITY FUNDS OVERVIEW
III Munder Balanced Fund
IV Munder Equity Income Fund
V Munder International Equity Fund
V Munder Micro-Cap Equity Fund
VI Munder Multi-Season Growth Fund
VII Munder Real Estate Equity Investment Fund
VII Munder Small-Cap Value Fund
VIII Munder Small Company Growth Fund
IX Munder Framlington Emerging Markets Fund
IX Munder Framlington Healthcare Fund
X Munder Framlington International Growth Fund
XII HYPOTHETICALS AND TOTAL RETURNS
PORTFOLIO OF INVESTMENTS --
1 Munder Balanced Fund
7 Munder Equity Income Fund
9 Munder International Equity Fund
22 Munder Micro-Cap Equity Fund
24 Munder Multi-Season Growth Fund
26 Munder Real Estate Equity Investment Fund
27 Munder Small-Cap Value Fund
29 Munder Small Company Growth Fund
31 Munder Framlington Emerging Markets Fund
36 Munder Framlington Healthcare Fund
40 Munder Framlington International Growth Fund
44 FINANCIAL STATEMENTS
62 FINANCIAL HIGHLIGHTS
105 NOTES TO FINANCIAL STATEMENTS
REPORT OF ERNST & YOUNG LLP, INDEPENDENT
AUDITORS
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MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY ANY BANK AND ARE NOT FEDERALLY INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY
OTHER AGENCY. ALL MUTUAL FUND SHARES INVOLVE CERTAIN RISKS, INCLUDING
POSSIBLE LOSS OF PRINCIPAL.
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Management's Discussion and
Analysis of Fund Operations
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THE INVESTMENT ENVIRONMENT
The first calendar quarter of 2000 continued the pattern we have seen for
some time now. Economic growth was strong. Labor markets were tight. Inflation,
at least through February, was moderate. The current expansion, which began in
March 1991, has now gone into the record books as the longest expansion in
post-war history.
Consumer spending continued to drive economic growth during the first
quarter of 2000. Since the consumer sector accounted for approximately 68% of
total economic activity, it was key to the strength of the economy. Consumer
spending had been fueled by employment and income gains, increased debt levels,
positive consumer sentiment and stock market wealth. At the end of the first
quarter, stock market wealth was estimated to have increased by $8.7 trillion
since 1994. The consumer sentiment reading published by the University of
Michigan was 107.1% in March, down somewhat from February's level but still
close to a record high. With consumer sentiment strong and the stock market up,
consumers appeared willing to increase debt levels to help finance spending.
Signs of moderation in economic growth appeared during the second quarter
of 2000. Over the past several quarters, these signs have quickly given way to a
rebound in the economy. This time, a growing number of analysts are viewing the
moderation as real and sustainable. The rate increases engineered by the Federal
Reserve may finally be having the intended effect of slowing the pace of the
economy. One reason for greater confidence that the slowdown can be sustained is
the fact that, during the second quarter, the moderation in demand was
concentrated in domestic demand rather than the more volatile trade and
inventory sectors. Most important, there is evidence that consumer spending is
finally slowing, with weakness seen in both new vehicle sales and chain store
sales. Income growth is finally beginning to outpace increases in consumer
spending.
One sector that has not yet shown signs of moderation is business
investment in technology. The continued focus on technology-related spending
bodes well for future productivity and should help to dampen inflationary
pressures.
The purchasing managers' index, which reflects activity in the industrial
sector of the economy, has fallen every month from March through June. This
decline, coupled with the 51.8% June reading, reflects positive but decelerating
economic activity. (Any reading above 50 reflects growth.) The unemployment
report for June was weaker than expected, contributing to the picture of
moderating economic strength.
As the economy slows, analysts have become divided on whether the Federal
Reserve will tighten monetary policy yet another notch at its August 22 meeting.
The relative strength or weakness of economic data reported up to that meeting
will be scrutinized for its potential impact on the decision of the Federal
Reserve. In the meantime, if a sustainable moderation in economic growth appears
to be unfolding, the concerns of market watchers are likely to focus less on
interest rate increases and more on the impact of slower economic growth on
corporate earnings.
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THE STOCK MARKET
Technology stocks were driven higher during the first quarter of 2000 by
the same factors that were at work in 1999 -- strong fundamentals, positive
earnings surprises and momentum investing. Momentum investors added to the
upward pressure on technology stocks as they concentrated on stocks whose prices
were increasing at an accelerating pace.
Volatility, negative returns and a refocusing on fundamentals were the
chief characteristics of the stock market during the second quarter of 2000.
Between sectors and within sectors there was a wide diversity between top and
bottom performers. This was a quarter when relative performance depended
critically on being in the right stocks and not simply in the right sectors.
Heightened worries about slower growth and higher interest rates hurt
economically sensitive stocks but were positive for stocks that tend to exhibit
a consistency in earnings over an economic cycle.
Most of the major stock market indices were negative for the second quarter
of 2000. The S&P 500 Index showed a return of -2.66% for the quarter, with
negative returns in both April and May only partially offset by a positive
return in June. For the first six months of 2000, the S&P 500 Index returned
-0.42% and for the year ended June 30, 2000, the Index returned 7.25%. The
healthcare sector was the strongest sector of the S&P 500 universe in the second
quarter. In fact, healthcare stocks generated positive and double-digit returns
across all size segments of the market. Other strong sectors of the S&P 500
universe included energy, utilities and consumer staples.
Technology fell from its pedestal of market leader, a position it had
enjoyed for over two years. Even with a sharp rebound in June, the sector fell
into negative territory for the second quarter. Earlier in the quarter, the
technology sell-off was fairly broad. Eventually, investors became more
discriminating -- in selling as well as in buying -- and quality technology
names pulled ahead of the pack. Other sectors of the S&P 500 universe generating
negative returns for the quarter included basic materials, communication
services, consumer cyclicals and technology.
The following paragraphs detail the performance of The Munder Funds. Each
Fund offers its shares to investors in several classes. These classes have
different sales charges and expenses, which affect performance. Performance
figures in the following narrative discussion represent the performance of Class
Y shares, net of Fund expenses.
MUNDER BALANCED FUND
FUND MANAGER: THE MUNDER BALANCED FUND COMMITTEE
The Fund earned a return of 27.33% for the year ended June 30, 2000,
relative to 6.07% return for a 60%/40% blend of the S&P 500 Index and the Lehman
Government/Corporate Bond Index and the 4.40% average return for the Lipper
universe of balanced mutual funds. The Fund has earned above-average returns for
the one-month, six-month, one-year, two-year, three-year and five-year time
periods ending June 30.
The Munder Balanced Fund is a diversified portfolio with holdings ranging
from large company to small company stocks. The equity styles represented in the
Fund include both growth and value. Growth stocks are those selected largely
because of anticipated growth in earnings. Value
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stocks tend to be stocks whose characteristics include relative valuation that
is below that of the market. The fixed income portion of the Fund includes bonds
from the corporate, government and mortgage-related sectors of the market.
During the first quarter of 2000, performance was driven by the performance
of the small company growth stocks held in the Fund. Within this group of
stocks, performance among the computer software and services and
telecommunications stocks was especially strong. The strongest component of the
Fund during the second quarter of 2000 were the larger company growth stocks.
These stocks generated a positive return during a quarter when most of the major
stock market indices exhibited negative returns. The fixed income holdings of
the Fund earned a smaller but still positive return. In contrast, the value
stocks held in the Fund generated a negative return as a group. Within the value
component of the Fund, the smaller company value stocks earned a positive return
while the larger company value stocks ended the quarter in negative territory.
The weakest performance for the second quarter of 2000 came from the Fund's
holdings of small company growth stocks. Although these stocks earned a negative
return for the quarter, they were the top-performing component of the Fund on a
year-to-date basis, earning a double-digit positive return.
MUNDER EQUITY INCOME FUND (FORMERLY THE MUNDER GROWTH & INCOME FUND)
FUND MANAGERS: OTTO G. HINZMANN, JR. AND JOHN ADAMS, CFA
The Fund exhibited a return of -16.28% for the year ended June 30, 2000,
relative to the -3.13% return of the S&P 500 Index and the -1.92% average return
for the Lipper universe of equity income mutual funds.
The first quarter of 2000 was a difficult period for the Fund. In fact, the
Fund's absolute and relative returns for the quarter were the worst in its
five-year history of generally above-average performance. Two themes dominated
performance during the quarter.
First, although the market had recently rotated into more attractively
valued non-technology stocks, the first quarter of 2000 was characterized by the
generally poor performance of stocks that were not related to technology. Given
investors' focus on technology-related growth funds, there have been large
redemptions from value-oriented mutual funds. Value managers have therefore been
forced to sell holdings to meet redemptions. In many cases, they have been
forced to sell stocks that they would have preferred to hold. In fact, the
climate for value funds has been so negative that some value managers have
actually changed to growth strategies. A second factor causing below average
relative performance was an unusual string of negative earnings surprises for
several of the Fund's holdings. In this environment of heavy selling pressure
for value stocks, these negative earnings announcements triggered dramatic price
declines.
The financial services sector is the largest sector of the Russell 1000
Value Index, accounting for 28% of the Index. The sector exhibited a negative
return of -2.2% for the second quarter of 2000. In contrast, the Fund's
financial services stocks, slightly overweighted in the Fund, were up by
approximately 1.0%. The Fund's strong relative return in this sector came from
insurance holdings (+15%) and holdings of REITs (Real Estate Investment Trusts)
which rose by 12%. Banks, which led the decline in the financial services
sector, were underweighted in the Fund.
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MUNDER INTERNATIONAL EQUITY FUND
FUND MANAGERS: THEODORE MILLER AND TODD B. JOHNSON
The Fund generated a return of 23.79% for the year ended June 30, 2000,
relative to the 18.59% return for the FT/S&P Actuaries World ex-U.S. Index and
the 24.48% average return for the Lipper universe of international equity mutual
funds. The Fund has earned above-average returns for the three-month, six-month,
one-year, two-year, three-year and five-year time periods ending June 30.
The Fund is a broadly diversified fund with over 620 issues representing 43
countries. This broad diversification has helped to reduce portfolio risk and
has been a key factor in the Fund's long-term strength.
During the second quarter of 2000, all international markets experienced
the same volatility in their technology and telecommunications stocks as seen in
the U.S. Some of the emerging markets, which are important manufacturers of
technology-related products, were particularly hard hit. Even with a rebound in
performance in June, most international stock markets exhibited negative returns
for the quarter as a whole.
In the U.K., recent data has pointed to a slowdown in economic growth and a
moderate pace of inflation. The result was a significant drop in expectations
regarding future interest rate increases. As expectations about future rate
hikes declines, the British pound weakened.
In early June, 2000, the European Central Bank raised interest rates for
the fifth time since November. The move was made to help strengthen the euro and
to control inflation in the light of rising oil prices. Economic growth in the
Eurozone continues to be strong. Exports and investment have both played a major
role in the stronger Eurozone economy. Exports have been in large driven by
global demand and the weakness of the euro which helps to make Eurozone goods
more competitive. Business and consumer confidence remain high, boding well for
the continued expansion of the European economy.
MUNDER MICRO-CAP EQUITY FUND
FUND MANAGER: THE MUNDER MICRO-CAP EQUITY FUND COMMITTEE
The Fund earned a return of 58.57% for the year ended June 30, 2000,
relative to the 34.39% return for the Wilshire Micro-Cap Index and the 27.14%
average return for the Lipper universe of small-cap core mutual funds. The Fund
has earned above-average returns for the one-month, six-month, one-year,
two-year and three-year time periods ending June 30.
For the first time in five quarters, the Fund underperformed its Wilshire
Micro-Cap Index benchmark for the second quarter of 2000. The Fund ended the
quarter on a positive note, with a strong absolute return in June. The positive
return for the month came largely from good stock selection in a number of
sectors, with a more modest positive contribution from sector weightings. For
the second quarter as a whole, however, both stock selection and sector
weightings had a negative impact on returns. This was a reversal from the first
quarter of 2000, when both stock selection and sector weightings made
significant and positive contributions to the Fund's performance.
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For the second quarter of 2000, the Fund's underweighting in utilities,
materials and processing, and consumer discretionary stocks helped to boost
returns. This positive contribution to performance was offset by an
underweighting in the healthcare sector, the strongest sector in all size
segments of the market. Given our bottom-up approach to stock selection, an
underweighting in any sector typically means that we could not find appropriate
candidates with strong fundamentals and attractive valuations.
Stock selection in the technology and producers durables sectors, which
added significantly to Fund performance in June, was negative for the second
quarter of 2000 as a whole. Stocks related to computer services, software and
systems were the weakest performers in the Fund. Other specific industries that
detracted from Fund performance included biotechnology, telecommunications and
semiconductor manufacturers. The latter group bounced back in June.
The micro-cap segment of the market tends to be characterized by
volatility. Our goal as Fund managers is to see through this volatility by
keeping focused on the longer-term performance of the Fund. To accomplish this,
we concentrate on the selection of companies with strong fundamentals, good
growth prospects, solid managements and reasonable valuations. We believe that
we can best deliver long-term competitive returns to shareholders by focusing on
bottom-up company analysis rather than on short-term performance.
MUNDER MULTI-SEASON GROWTH FUND
FUND MANAGERS: LEONARD J. BARR II, CFA AND JOHN P. RICHARDSON, CFA
The Fund generated a return of 0.50% for the year ended June 30, 2000,
relative to the -3.13% return for the S&P 500 Index and the 11.54% average
return for the Lipper universe of multi-cap core mutual funds. The Fund has
earned above-average returns for the one-month and three month time periods
ending June 30.
As uncertainty about economic growth and the course of monetary policy
increased, earnings and valuation came back to the forefront. Our investment
discipline, with its focus on above-average and consistent earnings growth and
reasonable valuations, paid off. In the absence of clear market leadership, the
diversity of the Fund and our emphasis on bottom-up stock selection were also
rewarded. This was reflected in the relative gains we made through our selection
of stocks in various sectors.
We were able to take advantage of the technology sell-off and purchase
technology companies with strong fundamentals that became available at
reasonable valuations. For the second quarter of 2000, our continued focus on
fundamentals resulted in our technology holdings outperforming the S&P 500
technology sector by a wide margin.
Our investment strategy led us to underweight some of the weakest sectors
of the market, including basic materials and communication services. Basic
materials companies (paper, chemicals, steel) typically do not exhibit the
consistency of earnings that we look for.
We were somewhat underweighted in the healthcare sector, the strongest
sector of the market during the second quarter of 2000. We are concerned about
the potential for legislation aimed at
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controlling drug prices. Until the legislative picture becomes clearer, we are
being very selective in our healthcare holdings.
Energy and utilities were two other strong sectors that were underweighted
in our portfolios. Energy companies typically lack the consistency of earnings
growth that we look for. In the utility sector, it is difficult to find
companies with above-average growth. Our search for appropriate candidates in
these sectors led to the addition of a natural gas company in June.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
FUND MANAGER: ROBERT E. CROSBY, CFA
The Fund generated a return of 0.96% for the year ended June 30, 2000,
relative to the 3.03% return for the NAREIT Index (equity only) and the 2.10%
average return for the Lipper universe of real estate mutual funds. The Fund has
earned average or above-average returns for the one-month and three-year time
periods ending June 30.
The Fund provided a strong absolute return for the second quarter of 2000,
with an especially strong relative return in June. Fund performance in June was
helped by strong stock selection and an overweighting in the office and
industrial sector, one of the strongest sector for the month and the quarter.
The Fund also benefited from its underweighting in the healthcare sector, one of
the weakest sectors for the month and the quarter.
We believe that the fundamentals continue to look solid for REITs. Strong
economic growth is driving a high demand for real estate. While there has been
new construction in many markets, strong demand has absorbed new supply while
maintaining occupancy and rents at healthy levels. These strong real estate
fundamentals allow cash flows and dividends for REITs to grow at attractive
rates. Although the REIT industry has provided attractive returns this year,
valuations are still compelling. The REIT market continues to trade at valuation
levels below the asset values of the underlying properties.
MUNDER SMALL-CAP VALUE FUND
FUND MANAGERS: JOHN S. ADAMS, CFA, JOHN P. RICHARDSON, CFA, RICHARD GIESEN AND
HEATHER S. WILLIAMS, CFA
The Fund earned a return of -6.45% for the year ended June 30, 2000,
relative to -0.95% return for the Russell 2000 Value Index and the 6.40% average
return for the Lipper universe of small-cap value mutual funds. The Fund has
earned average or above-average returns for the one-month and three-month time
periods ending June 30.
Small company value stocks generated positive performance for the second
quarter of 2000 in contrast to the negative returns of most of the major stock
market indices. Mutual fund inflows illustrate the renewed interest in the small
company segment of the market. During the first six months of 2000, a net inflow
of $17 billion was directed toward small company funds. This compares to the net
outflow of $8.7 billion experienced during the same period in 1999.
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Good stock selection was a key factor in the strong relative performance of
the Fund for the second quarter of 2000. Stock selection was particularly strong
in the financials, consumer discretionary, energy and healthcare sectors. Top
performers in the consumer discretionary sector came from companies as diverse
as casual dining and post-secondary educational institutions. In the financials
sector, REITs (Real Estate Investment Trusts) led returns. Companies involved in
natural gas activities were among the top performers in the energy group.
Strength in these sectors more than offset weakness in the technology and
consumer staples groups.
We continue to invest in financially strong companies that are undervalued
and that we believe can deliver a consistent and sustainable level of earnings
growth. The Fund remains overweighted in both energy and technology stocks due
to our expectations for better-than-average quarterly earnings comparisons from
these sectors. Our energy holdings, for example, are projected to report, on
average, positive third quarter and 2000 fiscal earnings comparisons of 100% and
300% respectively.
MUNDER SMALL COMPANY GROWTH FUND
FUND MANAGER: THE MUNDER SMALL COMPANY GROWTH FUND COMMITTEE
The Fund generated a return of 20.63% for the year ended June 30, 2000,
compared to the 25.65% return for the Russell 2000 Growth Index and the 27.14%
average return for the Lipper universe of small-cap core mutual funds. The Fund
has earned above-average returns for the one-month, three-month, six-month,
one-year, five-year and ten-year time periods ending June 30.
Our small company portfolios had strong performance during the second
quarter of 2000 relative to their Russell 2000 Growth Index benchmark. Both
sector weightings and stock selection within sectors boosted returns.
We were underweighted in the utilities, consumer discretionary and
healthcare sectors. The relatively low representation in these areas resulted
from a lack of candidates with strong fundamentals and attractive valuations.
Our underweighting in the utilities and consumer discretionary sectors, two of
the weakest sectors of the Russell 2000 Growth universe, helped to boost
returns. In fact, this boost to performance more than offset the negative impact
of our underweighting in the healthcare sector, the strongest sector of the
stock market during the quarter.
One of the biggest factors in the strong relative performance of our small
company portfolios during the second quarter of 2000 was stock selection in the
technology sector. The technology holdings in our portfolios significantly
outperformed the technology stocks in the Russell 2000 Growth universe. This was
largely due to our continued focus on valuation and profitability.
Holdings in the consumer discretionary and financials sectors also showed
strong relative performance. Among the leading performers in the consumer
discretionary area were a rent-to-own company and a company that provides ditch
and line services to utility companies. This company has benefited from
increased outsourcing by utilities. In the financials sector, top performers
included a company that provides back-office and technology services to banks.
Our mission is to find small and undiscovered companies that offer fast
growth at a reasonable price. To accomplish that, we continue to focus on
bottom-up company analysis. We stress portfolio diversification to help control
risk. Looking ahead, we have a positive outlook on the small company
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segment of the market. The environment should be supportive of small company
stocks and valuations in this segment of the market remain attractive.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
FUND MANAGER: THE MUNDER FRAMLINGTON EMERGING MARKETS FUND COMMITTEE, HEADED BY
WILLIAM CALVERT
The Fund generated a return of 9.11% for the year ended June 30, 2000,
relative to the 9.47% return for the MSCI Emerging Markets Free Index and the
15.81% average return for the Lipper universe of emerging markets mutual funds.
The Fund has earned average or above-average returns for the two-year and
three-year time periods ending June 30.
During the second quarter of 2000, we saw considerable volatility in all
stock market sectors and emerging markets have been no exception. Following the
sharp correction in the technology-heavy NASDAQ market, the largest declines in
the emerging markets have been in the telecommunications and technology sectors.
Asian stock markets, with their relatively higher weightings in these sectors,
lost the most ground. Taiwan, India, Malaysia and Thailand led the decline.
The best performing region among emerging markets was Latin America. The
Brazilian market was the primary reason for the region's strong performance. The
combination of strong government finances, low inflation and a tight monetary
policy has reassured investors about that country's stability. Brazil was able
to lower interest rates by one percentage point recently without any negative
impact on its currency. This suggests that further declines in Brazilian
interest rates are likely.
In Mexico, the comfortable presidential election victory by Vincente Fox
ended 71 years of PRI rule. This is positive since it should herald a period of
urgently needed economic reform. Furthermore, it is likely to prompt Standard
and Poor's to follow Moody's move and raise the country's credit rating to
investment grade.
In Asia there are clear signs that the Chinese economy is picking up after
nearly two years of a "growth recession". Exports remain a driving force in the
economy's growth, but retail sales and fixed asset investment are now showing
signs of improvement as well. Most encouraging of all is the fact that economic
recovery is being accompanied by initial attempts at structural reform. The
Chinese government has privatized a number of formerly state-owned companies,
including Petrochina and China Unicom. The privatization efforts have allowed
these companies to raise substantial sums of money and attain stock exchange
listings. With several similar deals in the pipeline, China should continue to
attract capital inflows. These privatization efforts have resulted in China
being re-weighted from less than 0.5% to over 6.0% of the MSCI EAFE benchmark.
Underlying business conditions in the technology sector in Asia remain very
favorable, with memory chip prices continuing to rise amid fears of shortages.
This should be reflected in very strong interim results for chip manufacturers,
particularly in Taiwan and Korea. This should help Asian economies and stock
markets to resume their upward trend in the second half of the year.
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MUNDER FRAMLINGTON HEALTHCARE FUND
FUND MANAGER: ANTONY MILFORD
The Munder Framlington Healthcare Fund generated a 171.74% return for the
year ended June 30, 2000, compared to the 67.68% average return for the Lipper
universe of health/biotechnology mutual funds. The Fund has earned average or
above-average returns for the one-month, three-month, six-month, one-year,
two-year and three-year time periods ending June 30.
The biotech sector moved in concert with the NASDAQ correction until late
May of 2000. It then began to outperform as investors anticipated the
announcement of the near completion of the sequencing of the human genome. The
traditional healthcare stocks (drugs, devices and services) also had a strong
quarter, providing a solid base for the portfolio even while the biotech sector
was under pressure. Our temporary re-alignment of the portfolio in the first
quarter, with a reduction in biotech stocks and an increase in large
capitalization drug and service companies, paid off.
We began to put money back into biotech stocks in late April, 2000. During
the biotech correction, we were able to take positions in a number of initial
public offerings (IPOs) at favorable prices. During the last few weeks of the
quarter there has been an increase in IPOs on both sides of the Atlantic as
companies strive to take advantage of the re-opening of the financing window. We
are also seeing a number of interesting private placements in public companies,
which gives us an opportunity to take stakes in smaller capitalization
companies.
Our recent biotechnology stock purchases are focused on two principal
themes. The first is that the pharmaceutical industry is currently short of
products in late stage clinical trials. As a result, biotechnology companies
with products ready for late stage trials are in a strong negotiating position.
The second theme emphasizes companies that can help to turn genomic information
into actual product.
Outside the biotech area, we expect the drug group to consolidate as
political posturing before the U.S. elections intensifies. There is some
nervousness that the Republicans may agree to a Medicare outpatient drug
coverage plan that involves a significant degree of Government influence on
pricing. Other "traditional" healthcare stocks, usually viewed as defensive
stocks, should continue to act well with growing signs of a slowdown in U.S.
economic growth. The healthcare service providers now appear to be less
vulnerable to political interference than the drug companies. In the device
area, orthopedic and diagnostic companies have generally been acting better than
the cardiovascular group, where there are fears of a sharp slowdown in the
growth of the coronary stent market.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
FUND MANAGER: THE MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND COMMITTEE, HEADED
BY SIMON KEY
The Fund generated a return of 29.34% for the year ended June 30, 2000,
relative to the 17.46% return for the Morgan Stanley EAFE Index and the 24.48%
average return for the Lipper universe of international equity mutual funds. The
Fund has earned above-average returns for the six-month, one-year, two-year and
three-year time periods ending June 30.
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The global economic outlook appeared more favorable at the end of the
second quarter of 2000 than it did a month earlier. Europe and Asia (excluding
Japan) are showing signs of stronger economic growth. This improvement in the
economic outlook has been good for equity markets.
The Japanese market is showing a lack of direction. The economy continues
to disappoint despite some pick up over the past twelve months. During the
second quarter of 2000, heavy foreign selling of Japanese stocks continued as
U.S. mutual funds took profits after last year's rally in Japanese technology
and telecommunications stocks. The only strong buyers of Japanese stocks have
been domestic pension funds. With foreign ownership of Japanese stocks near
historically low levels, the foreign selling of Japanese stocks should ease or
reverse. In fact, U.S. mutual funds have recently shown some renewed interest in
the Japanese stock market. There is also the potential for the Japanese to move
their savings from short-term deposits to the equity market in search of a
better rate of return.
In the U.K., there are few catalysts to move the market upwards. While the
U.K. stock market had strong relative performance in June, it has shown weaker
relative performance over a longer time period. To maintain its recent strength,
interest rates in the U.K. must be reduced and companies must show strong
earnings.
In contrast, continental Europe offers upside potential because of the
growth in corporate earnings, the strengthening of the euro and continued
positive economic trends. Earnings forecasts are being revised upward, economic
growth is still strong across Europe and inflation remains low. The information
technology hardware sector has been the best performing sector in continental
Europe. This has also had a positive impact on the companies producing capital
goods for information technology companies.
Emerging markets have fared relatively poorly recently. The technology
segments of their stock markets have fallen along with the U.S. NASDAQ market,
with investors paying little attention to positive news on economies,
restructuring and profitability. Given an improved perception of the U.S.
market, the emerging markets may begin to reflect their positive underlying
fundamentals.
xi
<PAGE> 14
Hypotheticals and Total Returns
---------------------------------------------------------------------
The following graphs represent the performance of the Funds since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately sixty-five months) and a period of time when the Funds
were managed by the predecessor. The chart following each line graph sets forth
performance information and the growth of a hypothetical $10,000 investment for
the class(es) of each Fund shown in the line graph as well as certain other
classes of shares offered by the Fund. These classes have different sales
charges and expenses than the class(es) shown in the line graph, which affect
performance. The Lipper mutual fund averages were derived from a universe of
only those mutual funds that were in existence as of the inception date of the
Funds and are comprised of mutual funds which are categorized under the Funds'
respective objectives by Lipper Analytical Services, Inc.
BALANCED FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
60% S&P 500/40% LIPPER BALANCED
CLASS Y S&P 500 LEHMAN GOV'T/CORP. FUNDS AVERAGE
------- ------- ------------------ ---------------
<S> <C> <C> <C> <C>
4/13/93 10000 10000 10000 10000
9860 9758 9885.75 9890
10000 10018 10039.8 10045
10070 10047 10149 10158
10061 10007 10151 10181
10352 10386 10473 10484
10403 10306 10440 10514
10444 10519 10586 10620
10192 10419 10477 10481
10484 10545 10571 10662
10663 10903 10850 10925
2/28/94 10481 10607 10589 10715
10026 10146 10199 10321
9977 10276 10243 10341
9886 10444 10336 10393
9571 10188 10173 10211
9773 10522 10455 10441
10059 10953 10715 10707
9946 10685 10491 10505
10084 10925 10631 10556
9797 10528 10385 10300
9940 10683 10505 10399
9981 10960 10750 10539
2/28/95 10281 11387 11103 10859
10473 11723 11333 11054
10587 12068 11600 11250
10930 12549 12072 11624
6/30/95 11264 12840 12282 11852
11609 13266 12520 12120
11672 13299 12598 12225
11968 13860 12982 12502
11926 13810 13021 12466
12274 14416 13462 12857
12280 14694 13699 13039
12577 15193 14030 13278
12704 15334 14010 13323
12786 15482 14058 13376
12956 15710 14162 13505
13180 16115 14397 13668
6/30/96 13218 16176 14497 13684
12715 15462 14080 13301
12940 15789 14264 13544
13597 16677 14882 14038
13694 17137 15271 14313
14157 18430 16140 14979
13859 18066 15864 14822
14179 19194 16547 15256
14042 19344 16648 15284
13542 18551 16112 14854
13933 19658 16849 15276
14623 20859 17617 15951
6/30/97 15057 21787 18235 16430
15982.9 23521.2 18812.7 17350.1
15508.2 22204.1 18096.3 16897.2
16223.1 23420.8 18805 17530.9
16013.8 22638.6 18548.5 17229.4
16177.1 23686.8 19103 17484.3
16351.9 24094.2 19380.4 17713.4
16301.2 24361.6 19618.8 17823.2
16954.8 26118.1 20451.8 18557.5
17421.1 27455.3 21105.5 19079
17433.3 27732.6 21275.6 19201.1
17201.4 27363.8 21147.1 19007.2
6/30/98 17502.5 28474.8 21147.1 19316.2
17008 28061.6 22291.9 19032.2
15203.5 24003.9 20533 17365
15829.9 25542.5 21557.6 18070
16548.5 27619.1 22549.3 18787.4
17136 29292.8 23424.2 19456.2
18141.9 30980.1 24255.8 20111.9
18336 32275.1 24932.5 20427.7
17503.5 31271.3 24229.4 19870
18044.4 32522.2 24859.3 20319
18656.1 33780.8 25461 20961.1
18581.5 32983.5 24995 20680.2
6/30/99 19462.2 34814.1 25797.3 21222.1
19538.2 33727.9 25284 20835.8
19012.6 33559.3 25200.5 20565
18908 32639.8 24878 20293.5
19178.4 34705.9 25848.2 20861.7
20338.7 35410.4 26158.4 21135
21658.7 37496.1 27019 21809.2
21556.9 35613.8 26200.3 21216
23561.7 34940.7 26032.7 21222.4
25672.8 38357.9 27711.8 22374.8
24432.8 37203.3 27157.5 21974.2
23477.5 36440.6 26812.6 21721.5
6/30/00 24780.5 37340.7 27429.3 22110.3
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
60% S&P LIPPER AGGREGATE ANNUAL TOTAL RETURNS
500/40% BALANCED ONE ONE FIVE
CLASS AND WITH WITHOUT LEHMAN FUNDS YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD S&P 500 GOV'T/CORP. AVERAGE W/LOAD W/OUT LOAD W/LOAD
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class
A -- 4/30/93 $23,370* $24,721 $38,260 $ 27,857 $ 21,973 20.22%* 27.17% 15.46%*
Class
B -- 6/21/94 N/A $23,905 $36,643 $ 26,947 $ 21,521 21.54%* 26.22% 15.70%+
Class
C -- 1/24/96 N/A $19,170 $24,573 $ 19,264 $ 16,486 25.39%* 26.33% N/A
Class
Y -- 4/13/93 N/A $24,780 $37,341 $ 27,429 $ 22,110 N/A 27.33% N/A
<CAPTION>
AGGREGATE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
----------------- -----------------------------------
<S> <C> <C> <C>
Class
A -- 4/30/93 16.78% 12.57%* 13.46%
Class
B -- 6/21/94 15.93% N/A 15.56%
Class
C -- 1/24/96 N/A N/A 15.81%
Class
Y -- 4/13/93 17.08% N/A 13.40%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, 5.00% for Class B Shares, and 1.00% for Class C Shares.
+ Based upon the declining Contingent Deferred Sales Charge ("CDSC") schedule as
defined in the prospectus, figures reflect the deduction of a 2.00% back-end
load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an
unmanaged index of common stock prices, include reinvestment of dividends. The
Lehman Brothers Government/Corporate Bond Index is a weighted composite of (i)
Lehman Brothers Government Bond Index, which is comprised of all publicly
issued, non-convertible debt of the U.S. Government or any agency thereof,
quasi-federal corporations, and corporate debt guaranteed by the U.S.
Government and (ii) Lehman Brothers Corporate Bond Index, which is comprised
of all public fixed rate, non-convertible investment-grade domestic corporate
debt, excluding collateralized mortgage obligations.
xii
<PAGE> 15
---------------------------------------------------------------------
EQUITY INCOME FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER EQUITY INCOME
CLASS Y S&P 500 FUNDS AVERAGE
------- ------- --------------------
<S> <C> <C> <C>
7/5/94 10000 10000 10000
10090 10328 10263
10190 10750 10590
10140 10487 10400
10167 10723 10459
9905 10333 10058
9951 10486 10131
10246 10757 10323
2/28/95 10602 11176 10654
10809 11506 10909
11066 11844 11156
11456 12317 11491
6/30/95 11523 12602 11643
11678 13020 11970
11740 13053 12102
12251 13603 12501
12272 13555 12363
12856 14149 12890
13361 14422 13209
13700 14912 13516
13657 15051 13635
13799 15195 13818
13682 15419 13987
13842 15816 14213
6/30/96 13972 15877 14232
13512 15176 13709
13823 15497 14065
14391 16368 14601
14822 16819 14932
15663 18089 15777
15517 17731 15693
16088 18838 16285
16414 18986 16464
15992 18208 15954
16449 19294 16421
17304 20473 17372
6/30/97 17945 21383 18016
19252.8 23085.1 19169
18509.7 21792.3 18618.9
19535.1 22986.5 19555.4
19298.7 22218.8 18970.7
19808.2 23247.5 19555
20539.1 23647.4 20018.5
20652.1 23909.9 20004.4
21591.8 25633.8 21126.7
22762 26946.2 22068.9
22536.7 27218.4 22073.3
22171.6 26750.2 21720.2
6/30/98 22131.7 27836.3 21854.8
21252.8 27541.2 21227.6
18917.1 23558.8 18599.6
19923.5 25068.9 19618.9
20834 27107 20794.1
21673.6 28749.6 21673.7
22657.5 30405.6 22239.3
22517.1 31676.6 22165.9
22280.7 30691.4 21680.5
23494.9 31919.1 22140.1
23494.9 33154.4 23707.7
23147.2 32371.9 23465.8
6/30/99 23728.2 34168.6 24186.2
23443.5 33102.5 23559.8
22540.9 32937 22961.4
21702.4 32034.5 22134.8
22813.5 34062.3 22871.9
22266 34753.8 22707.2
22629 36800.8 22959.2
21280.3 34953.4 22084.5
19384.2 34292.7 20772.7
20925.2 37646.6 22783.5
20975.5 36513.4 22740.2
20774.1 35764.9 23047.2
6/30/00 19864.2 36648.3 22547.1
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LIPPER EQUITY ONE ONE FIVE
CLASS AND WITH WITHOUT INCOME FUNDS YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD S&P 500 AVERAGE W/LOAD W/OUT LOAD W/LOAD
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 8/8/94 $18,321* $19,391 $35,478 $ 22,048 (21.04)%* (16.45)% 9.98%*
Class B -- 8/9/94 $18,472+ $18,572 $35,478 $ 22,048 (21.02)%* (17.07)% 10.15%++
Class C -- 12/5/95 N/A $14,436 $25,897 $ 17,584 (17.81)%* (17.02)% N/A
Class Y -- 7/5/94 N/A $19,864 $36,648 $ 22,547 N/A (16.28)% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 8/8/94 11.23% 10.81%* 11.89%
Class B -- 8/9/94 10.42% 10.97%+ 11.08%
Class C -- 12/5/95 N/A N/A 8.36%
Class Y -- 7/5/94 11.51% N/A 12.14%
</TABLE>
INTERNATIONAL EQUITY FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
FT/S&P ACTUARIES WORLD LIPPER INTERNATIONAL
CLASS Y INDEX EX U.S. FUNDS AVERAGE
------- ---------------------- --------------------
<S> <C> <C> <C>
12/1/91 10000 10000 10000
10520 10468.2 10487
10646 10212.9 10569
2/29/92 10776 9847.48 10576
10486 9185.01 10214
10736 9164.46 10476
11187 9776.53 10990
10766 9303.71 10686
10416 9048.41 10308
10175 9673.08 10378
10195 9434.35 10149
10365 8962.2 9850
10616 9072.94 9903
10656 9101.46 10033
10522 9104.77 10071
2/28/93 10785 9413.79 10302
11140 10247.3 10882
11363 11196.3 11441
11576 11509.3 11679
11485 11227.5 11443
11870 11728.1 11786
12549 12279.8 12540
12448 11949.6 12497
13238 12269.2 13091
12833 11226.8 12589
14120 12029.8 13846
14515 13043.1 14671
2/28/94 13867 13023.2 14330
12823 12514.6 13657
13127 13032.5 14011
13238 12991.4 13986
12691 13148.5 13822
13279 13286.5 14205
13644 13604.8 14658
13248 13234.1 14309
13563 13657.2 14578
13076 12980.1 13887
12942 13035.8 13721
12328 12483.4 13051
2/28/95 12574 12385.3 13108
12921 13157.2 13573
13361 13684.3 14028
13555 13504 14175
6/30/95 13749 13260.6 14196
14403 14098.1 14954
14097 13585.5 14642
14475 13815.7 14902
14383 13454.9 14617
14465 13862.1 14778
14757 14397.9 15220
14911 14533.8 15533
14932 14523.2 15599
15149 14822.3 15848
15623 15295.8 16328
15540 15043.8 16272
6/30/96 15623 15122 16402
15107 14637.9 15837
15406 14723.5 16028
15685 15120.7 16374
15695 14987.4 16326
16304 15563.7 17060
16293 15337.5 17168
16118 14852.1 17073
16270 15133.3 17667
16200 15082.9 17393
16409 15173.1 17453
17653 16242 18458
6/30/97 18490 17076 19324
18864.4 17364.6 19851.6
17589.2 16064 18410.3
18454.6 16921.8 19546.2
17050.2 15598.5 18072.4
16710.9 15369.2 17904.4
16841.2 15458.3 18053
17386.9 16093.7 18477.2
18704.8 17133.3 19696.7
19389.4 17678.2 20703.2
19567.8 17768.3 20986.9
19289.9 17633.3 21007.8
6/30/98 19320.8 17550.4 20846.1
19178.2 17615 21148.4
16209.4 15259.9 18128.4
16094.3 14928.8 17475.8
17851.8 16518.7 18772.4
18608.7 17400.8 19743
19094.4 17962.8 20349.1
19566.1 17916.1 20507.8
19382.1 17513 19966.4
20244.6 18369.4 20663.2
21200.2 19295.2 21611.7
20311.9 18322.7 20723.4
6/30/99 21502.2 19099.6 21813.5
21646.2 19689.8 22376.3
21843.2 19910.3 22571
22009.2 20133.3 22656.7
23327.6 20910.4 23526.8
25126.1 21759.4 25343
27596 23678.6 28389.3
25912.7 22189.2 26788.1
26928.4 22519.8 28382
27887.1 23476.9 28606.2
26378.4 22298.4 26801.2
25637.2 21671.8 25932.8
6/30/00 26613.9 22649.2 27081.6
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
FT/S&P LIPPER AVERAGE ANNUAL TOTAL RETURNS
ACTUARIES INTERNATIONAL ONE ONE FIVE
CLASS AND WITH WITHOUT WORLD INDEX FUNDS YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD EX U.S. AVERAGE W/LOAD W/OUT LOAD W/LOAD
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 11/30/92 $23,322* $24,687 $ 24,963 $ 27,134 17.06%* 23.86% 12.59%*
Class B -- 3/9/94 N/A $18,369 $ 17,392 $ 18,577 17.51%* 22.51% 12.74%++
Class C -- 9/29/95 N/A $17,531 $ 16,394 $ 17,930 21.66%* 22.66% N/A
Class Y -- 12/1/91 N/A $26,614 $ 22,649 $ 27,082 N/A 23.79% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 11/30/92 13.87% 11.81%* 12.65%
Class B -- 3/9/94 12.98% N/A 10.11%
Class C -- 9/29/95 N/A N/A 12.53%
Class Y -- 12/1/91 14.12% N/A 12.08%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of 1.00% back-end load for the Equity Income Fund.
++ Reflects the deduction of 2.00% back-end CDSC.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the S&P 500 Index, an unmanaged index of common stock prices,
includes reinvestment of dividends. The FT/S&P Actuaries World Index ex U.S.
is an unmanaged index used to portray global equity markets excluding the
U.S. The Index is weighted based on the market capitalization of those stocks
selected to represent each country and includes gross reinvestment of
dividends.
xiii
<PAGE> 16
---------------------------------------------------------------------
MICRO-CAP EQUITY FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER MICRO-CAP FUNDS
CLASS Y WILSHIRE MICRO-CAP INDEX AVERAGE
------- ------------------------ ----------------------
<S> <C> <C> <C>
12/26/96 10000 10000 10000
10120 10000 10000
10600 10474 10421
10910 10253 10107
10130 9788 9494
9780 9474 9204
11260 10382 10343
6/30/97 12830 11052 11146
14670 11620.1 11936.2
16050.4 12119.7 12585.6
18059.9 13252.9 13785
17969.6 12791.7 13294.2
17700.1 12546.1 13066.9
17365.5 12419.4 12885.3
17115.5 12331.2 12748.7
18394 13083.4 13653.9
19048.8 13724.5 14419.8
18965 14016.9 14665
17779.7 13328.6 13861.3
6/30/98 17728.1 13266 13813.8
16720.8 12422 13020.9
12311.6 9807.18 10325.5
12706.8 10167.1 10883.1
13091.8 10380.6 11134.5
14984.8 11179.9 12259.1
16396.4 11497.4 13326.9
16183.3 12026.3 13833.3
15450.2 11202.5 12952.1
14951.1 10873.2 13060.9
17086.1 11862.6 14155.4
17849.9 12154.4 14616.9
6/30/99 19401 13146.2 15922.2
19517.5 13276.4 16097.3
19687.2 12875.4 16063.5
19399.8 12709.4 16074.8
20133.1 12642 16278.9
24125.5 14076.9 17472.2
28692.5 16194 19366.1
30201.7 17120.3 18967.2
38039.1 21816.4 21943.1
36159.9 19549.7 21622.8
30041.7 16316.2 20336.2
25772.8 14691.1 19221.8
6/30/00 30764.9 17667.5 21261.2
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
WILSHIRE LIPPER
CLASS AND WITH WITHOUT MICRO-CAP MICRO-CAP
INCEPTION DATE LOAD LOAD INDEX FUNDS AVERAGE
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A -- 12/26/96 $28,912* $30,589 $ 17,667 $ 20,719
Class B -- 2/24/97 $26,768+ $27,068 $ 17,232 $ 20,481
Class C -- 3/31/97 N/A $29,392 $ 18,048 $ 21,862
Class Y -- 12/26/97 N/A $30,764 $ 17,667 $ 21,261
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE ONE SINCE SINCE
CLASS AND YEAR YEAR INCEPTION INCEPTION
INCEPTION DATE W/LOAD W/OUT LOAD W/LOAD W/OUT LOAD
-------------------- -----------------------------------------------
<S> <C> <C> <C> <C>
Class A -- 12/26/96 49.84%* 58.59% 35.28%* 37.47%
Class B -- 2/24/97 52.06%* 57.06% 34.17%+ 34.62%
Class C -- 3/31/97 55.97%* 56.97% N/A 39.32%
Class Y -- 12/26/97 N/A 58.57% N/A 37.69%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total return are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
The Wilshire Micro-Cap Index consists of all issues in the Wilshire 5000 Index
that rank below the 2,501st company based on size. The Wilshire 5000 Index
contains all publicly traded U.S. stocks, but excludes REITs and limited
partnerships.
xiv
<PAGE> 17
---------------------------------------------------------------------
MULTI-SEASON GROWTH FUND
CLASS B & Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS B
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER GROWTH FUNDS
CLASS B-NO LOAD S&P 500 AVERAGE
--------------- ------- -------------------
<S> <C> <C> <C>
4/29/93 10000 10000 10000
10030 10000 10000
10060 10266.8 10157
10160 10296.8 10273
10110 10255.3 10294
10340 10643.6 10602
10430 10562 10638
10390 10780.3 10739
10310 10677.6 10589
12/31/93 10650 10806.7 10774
10930 11173.7 11033
10800 10870.6 10822
10320 10397.6 10422
10350 10530.8 10440
10360 10702.9 10483
10010 10441 10291
10170 10783.6 10522
10670 11224.7 10794
10430 10950.5 10593
10550 11196.1 10650
10140 10788.9 10390
12/31/94 10308 10948.6 10489
10509 11232.4 10626
10920 11669.7 10952
11161 12013.5 11149
11241 12367 11346
11583 12860.5 11719
6/30/95 11894 13158.7 11959
12295 13594.9 12240
12255 13628.8 12343
12777 14203.7 12622
12787 14152.9 12585
13510 14773.5 12974
13523 15058.1 13144
14082 15570 13383
14279 15714.8 13436
14361 15866.1 13487
14579 16099.8 13631
14848 16514.3 13800
6/30/96 15065 16577.3 13811
14444 15845.3 13415
14827 16180 13663
15851 17089.9 14171
15986 17561 14436
16948 18887.3 15098
16421 18513.1 14934
17019 19669.1 15366
17008 19823.5 15374
16279 19010.5 14937
17073 20144.4 15361
18313 21376 16047
6/30/97 19074 22326 16529
20520.4 24103.2 17919.1
19508.7 22753.4 17324.2
20650 24000.3 18289.1
20127.5 23198.7 17596
20584.4 24272.8 17891.6
21214.3 24690.2 18061.6
20974.6 24964.3 18146.4
22826.7 26764.2 19516.5
23844.7 28134.6 20383
23811.3 28418.7 20625.6
23101.8 27929.9 20021.3
6/30/98 23574.3 29063.9 24485.4
23023.2 28755.8 23917.3
19134.6 24597.7 19999.7
20278.9 26174.4 21185.7
21811.9 28302.4 22687.7
22771.7 30017.5 24064.9
24249.6 31746.5 25961.2
24746.7 33073.5 27023
23801.3 32045 25923.2
24808.1 33326.8 27058.6
25341.5 34616.5 27840.6
24609.2 33799.6 27328.3
6/30/99 26198.9 35675.4 28968
25415.6 34562.4 28211.9
24607.3 34389.5 27938.3
24373.6 33447.3 27270.6
25143.8 35564.5 28620.5
25355 36286.4 29613.6
25527.4 38423.7 32012.3
23503.1 36494.8 30821.4
23007.2 35805.1 31884.8
25018 39306.8 33970.1
24622.7 38123.7 32753.9
23960.3 37342.1 31905.6
6/30/00 26063 38264.5 33035.1
</TABLE>
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER GROWTH FUNDS
CLASS Y S&P 500 AVERAGE
------- ------- -------------------
<S> <C> <C> <C>
8/16/93 10000 10000 10000
10147 10000 10000
10235 9923.31 10095
10167 10128.4 10235.9
10098 10031.9 10049.5
12/31/93 10490 10153.2 10335
10765 10498 10662.1
10647 10213.2 10493.2
10196 9768.82 10002.2
10235 9893.97 10042
10245 10055.7 10089
9912 9809.64 9749
10088 10131.5 10003
10588 10546 10474
10363 10288.3 10275
10480 10519.1 10443
10078 10136.5 10053
12/31/94 10263 10286.5 10148
10469 10553.1 10221
10883 10964 10618
11138 11287 10917
11227 11619.1 11159
11581 12082.8 11499
6/30/95 11906 12363 11995
12309 12772.8 12573
12290 12804.6 12669
12821 13344.7 13044
12831 13297 12857
13579 13880.1 13309
13607 14147.5 13359
14177 14628.4 13653
14380 14764.5 13958
14478 14906.7 14077
14712 15126.2 14517
14998 15515.7 14886
6/30/96 15222 15574.8 14686
14621 14887.1 13830
15018 15201.6 14302
16057 16056.4 15115
16210 16499.1 15241
17200 17745.1 16174
16680 17393.6 15930
17302 18479.7 16756
17312 18624.7 16533
16573 17860.9 15787
17398 18926.2 16395
18674 20083.3 17569
6/30/97 19478 20976 18257
20968.1 22645.7 19792.4
19959.5 21377.5 19135.3
21139.1 22549 20201.1
20625.4 21795.9 19435.5
21097.8 22805 19762
21766.6 23197.3 19949.8
21540.2 23454.8 20043.5
23455.1 25145.9 21556.8
24524.7 26433.3 22513.9
24502.6 26700.3 22781.9
23792 26241.1 22114.4
6/30/98 24401.1 27306.4 22890.3
23760.7 27017 22359.3
19761.8 23110.3 18696.8
20955.4 24591.7 19805.5
22566.9 26591 21209.7
23575.6 28202.4 22497.2
25112.8 29826.9 24269.9
25650.2 31073.7 25262.6
24685.7 30107.3 24234.4
25747.2 31311.6 25295.9
26321.4 32523.3 26026.9
25589.7 31755.8 25548
6/30/99 27260.7 33518.2 27080.9
26467.4 32472.4 26374.1
25649.5 32310.1 26118.3
25418.7 31424.8 25494
26249.9 33414 26756
26483.5 34092.3 27684.4
28011.6 36100.3 29926.9
25818.3 34288.1 28813.6
25296.8 33640 29807.7
27530.5 36930 31757.1
27112 35818.4 30620.2
26420.6 35084.1 29827.1
6/30/00 27400.8 35950.7 30883
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
GROWTH OF A $10,000 INVESTMENT ONE ONE FIVE
CLASS AND WITH WITHOUT LIPPER GROWTH YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD S&P 500 FUNDS AVERAGE W/LOAD W/OUT LOAD W/LOAD
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 8/4/93 $25,476* $26,955 $37,306 $ 32,345 (5.28)%* 0.22 % 16.49%*
Class B -- 4/29/93 N/A $26,063 $38,265 $ 33,035 (5.14)%* (0.51)% 16.77%+
Class C -- 9/20/93 N/A $25,608 $36,224 $ 30,669 (1.44)%* (0.51)% N/A
Class Y -- 8/16/93 N/A $27,401 $35,951 $ 30,883 N/A 0.50 % N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 8/4/93 17.82% 14.50%* 15.44%
Class B -- 4/29/93 16.99% N/A 14.29%
Class C -- 9/20/93 17.00% N/A 14.88%
Class Y -- 8/16/93 18.14% N/A 15.79%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 2.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common stock prices, includes
reinvestment of dividends.
xv
<PAGE> 18
---------------------------------------------------------------------
REAL ESTATE EQUITY INVESTMENT FUND
CLASS B & Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS B
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
CLASS B-2% BACK-END LIPPER REAL ESTATE FUNDS
LOAD NAREIT AVERAGE
------------------- ------ ------------------------
<S> <C> <C> <C>
10/3/94 10000 10000 10000
9710 9667 9631.38
9459 9347.02 9252.95
10210 10039.6 9994.49
9818 9809.73 9628.73
2/28/95 9901 9601.76 9766.63
9948 9559.51 9771.74
9852 9272.73 9694.07
10186 9664.97 10116.5
6/30/95 10387 9812.84 10334.8
10536 9986.53 10574
10602 10094.4 10692.9
10743 10251.8 10918
10470 10012 10603.3
10564 10108.1 10668.2
11321 10663 11363.5
11353 10829.3 11550.2
11500 10969 11656.2
11524 10907.6 11688.8
11497 11725.7 11701.8
11733 12008.3 12016.1
6/30/96 11949 12162 12172.5
11868 12253 12115.9
12447 12736 12620.7
12814 12958 12951.7
13106 13342 13235.2
13742 13951 13839.8
15068 15400 15203.8
15219 15573 15403.5
15133 15542 15442.9
15218 15509 15419.9
14662 15084 14889
14967 15528 15385.8
6/30/97 15835 16282 16247
16536.3 16785.1 16960.2
16478.4 16744.8 16880.5
18124.7 18206.7 18450.4
17455.8 17715.1 17848.9
17672.3 18097.7 18063.1
18255.5 18524.8 18540
18007.2 18426.6 18306.4
17641.7 18113.4 18267.9
18080.9 18437.6 18689.9
17487.9 17836.6 18170.3
17292 17711.7 17912.3
6/30/98 16820.5 17591.3 17715.5
15946 16450.9 16615.4
14389.7 14898 14814.3
15471.8 15741.2 15528.3
15077.3 15450 15390.1
15193.4 15677.1 15734.8
15020.2 15282 15653
14652.2 14962.6 15307.1
14592.1 14611 15039.2
14298.8 14545.3 14924.9
15774.4 15925.6 16515.9
16094.6 16276 16854.5
6/30/99 15659.3 16012.3 16667.4
15033 15503.1 16079.1
14787.9 15306.2 15767.1
14011.5 14724.6 15142.8
13605.2 14362.4 14764.2
13469.2 14128.3 14570.8
13989.1 14576.1 15118.6
13916.3 14624.2 14990.1
13677 14450.2 14745.8
14188.5 14925.6 15390.2
14946.2 15928.6 16178.2
14934.2 16084.7 16335.1
6/30/00 15455.5 16498.1 17009.7
</TABLE>
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER REAL ESTATE FUNDS
CLASS Y NAREIT AVERAGE
------- ------ ------------------------
<S> <C> <C> <C>
9/30/94 10000 10000 10000
9718 9667 9631.38
9475 9347.02 9252.95
10236 10039.6 9994.49
9851 9809.73 9628.73
2/28/95 9943 9601.76 9766.63
9998 9559.51 9771.74
9910 9272.73 9694.07
10254 9664.97 10116.5
6/30/95 10464 9812.84 10334.8
10624 9986.53 10574
10699 10094.4 10692.9
10851 10251.8 10918
10583 10012 10603.3
10676 10108.1 10668.2
11462 10663 11363.5
11505 10829.3 11550.2
11663 10969 11656.2
11698 10907.6 11688.8
11679 11725.7 11701.8
11930 12008.3 12016.1
6/30/96 12159 12162 12172.5
12086 12253 12115.9
12687 12736 12620.7
13071 12958 12951.7
13380 13342 13235.2
14041 13951 13839.8
15408 15400 15203.8
15575 15573 15403.5
15497 15542 15442.9
15595 15509 15419.9
15049 15084 14889
15374 15528 15385.8
6/30/97 16268 16282 16247
17013.7 16785.1 16960.2
16957.6 16744.8 16880.5
18677.1 18206.7 18450.4
18004.7 17715.1 17848.9
18242.4 18097.7 18063.1
18860.8 18524.8 18540
18615.6 18426.6 18306.4
18252.6 18113.4 18267.9
18721.7 18437.6 18689.9
18122.6 17836.6 18170.3
17934.1 17711.7 17912.3
6/30/98 17770.9 17591.3 17715.5
16569.9 16450.9 16615.4
14965.9 14898 14814.3
16103.3 15741.2 15528.3
15718.5 15450 15390.1
15852.1 15677.1 15734.8
15671.3 15282 15653
15314 14962.6 15307.1
15263.5 14611 15039.2
14958.2 14545.3 14924.9
16527.4 15925.6 16515.9
16876.1 16276 16854.5
6/30/99 16643.2 16012.3 16667.4
15980.8 15503.1 16079.1
15733.1 15306.2 15767.1
14933.9 14724.6 15142.8
14500.8 14362.4 14764.2
14367.4 14128.3 14570.8
14947.8 14576.1 15118.6
14879 14624.2 14990.1
14621.6 14450.2 14745.8
15194.8 14925.6 15390.2
16016.8 15928.6 16178.2
16016.8 16084.7 16335.1
6/30/00 16803.3 16498.1 17009.7
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AGGREGATE ANNUAL TOTAL RETURNS
LIPPER ONE ONE FIVE
CLASS AND WITH WITHOUT REAL ESTATE YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD NAREIT FUNDS AVERAGE W/LOAD W/OUT LOAD W/LOAD
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 9/30/94 $15,632* $16,539 $16,498 $ 17,010 (4.88)%* 0.63 % 8.39%*
Class B -- 10/3/94 $15,456+ $15,853 $16,498 $ 17,010 (4.78)%* (0.04)% 8.54%++
Class C -- 1/5/96 N/A $14,101 $15,474 $ 14,610 (0.91)%* 0.04 % N/A
Class Y -- 10/3/94 N/A $16,803 $16,498 $ 17,010 N/A 0.96 % N/A
<CAPTION>
AGGREGATE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 9/30/94 9.63% 8.08%* 9.14%
Class B -- 10/3/94 8.82% 8.23%+ 8.35%
Class C -- 1/5/96 N/A N/A 7.96%
Class Y -- 10/3/94 9.93% N/A 9.46%
</TABLE>
---------------------------------------------------------------------
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 1.00% back-end load.
++ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 2.00% back-end load.
National Association of Real Estate Investment Trusts ("NAREIT") are equity
real estate investment trusts which are defined as those which derive more
than 75% of their income from equity investments in real estate assets. The
NAREIT equity index includes all tax qualified real estate investment trust
listed on the New York Stock Exchange, the American Stock Exchange or the
NASDAQ National Market System.
xvi
<PAGE> 19
---------------------------------------------------------------------
SMALL-CAP VALUE FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER SMALL COMPANY
CLASS Y RUSSELL 2000 GROWTH FUNDS AVERAGE
------- ------------ --------------------
<S> <C> <C> <C>
12/26/96 10000 10000 10000
10080 10000 10000
1/31/97 10920 10200 10249
10920 9952 9818
10540 9483 9314
10530 9509 9250
11380 10567 10357
6/30/97 12086 11020 10899
12879 11532.4 11578
13531.9 11796.5 11789.9
14817.5 12660 12683.6
14344.8 12104.3 12120.4
14234.3 12025.6 11942.2
14566 12236 12042.5
14312.5 12042.7 11835.4
15104 12932.7 12756.2
15753.5 13465.5 13349.4
15996.1 13539.5 13458.8
15213.9 12809.8 12699.8
6/30/98 15087.6 12836.7 12820.9
14251.5 11799.9 11899.1
11550.8 9508.36 9516.87
12082.2 10252.9 10063.1
12008.5 10671.2 10464.7
12666.5 11230.3 11142.8
13625.4 11925.5 11960.7
13211.2 12084.1 12006.1
12480.6 11105.3 11025.2
12164.8 11278.5 11239.1
12894.7 12289.1 11959.5
13286.7 12468.5 12189.1
6/30/99 14332.4 13032.1 12999.7
13786.3 12675 12907.4
12618.6 12206 12564.1
12430.6 12208.5 12572.9
11884.9 12258.5 12732.5
12223.6 12990.4 13665.8
12955.8 14460.9 15147.2
12038.6 14228.1 14835.2
12759.7 16577.1 17162.8
13119.5 15484.7 16912.3
12998.8 14552.5 15906
12779.1 13704.1 15034.3
6/30/00 13407.8 14899.1 16629.5
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPER SMALL
CLASS AND WITH WITHOUT RUSSELL COMPANY GROWTH
INCEPTION DATE LOAD LOAD 2000 FUNDS AVERAGE
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A -- 1/10/97 $12,309* $13,020 $14,899 $ 16,629
Class B -- 2/11/97 $11,772+ $12,072 $14,607 $ 15,760
Class C -- 1/13/97 N/A $12,677 $14,899 $ 16,629
Class Y -- 12/26/96 N/A $13,406 $14,899 $ 16,629
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE ONE SINCE SINCE
CLASS AND YEAR YEAR INCEPTION INCEPTION
INCEPTION DATE W/LOAD W/OUT LOAD W/LOAD W/OUT LOAD
------------------- ----------------------------------------------
<S> <C> <C> <C> <C>
Class A -- 1/10/97 (11.69)%* (6.57)% 6.16%* 7.89%
Class B -- 2/11/97 (12.01)%* (7.38)% 4.94%+ 5.72%
Class C -- 1/13/97 (8.40)%* (7.47)% N/A 7.09%
Class Y -- 12/26/96 N/A (6.45)% N/A 8.70%
</TABLE>
SMALL COMPANY GROWTH FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER SMALL COMPANY
CLASS Y RUSSELL 2000 GROWTH FUNDS AVERAGE
------- ------------ --------------------
<S> <C> <C> <C>
12/1/91 10000 10000 10000
10970 10800 11128
11261 11675.9 11665
2/29/92 11501 12016 11875
10951 11609 11408
10755 11203 10923
10715 11351 10917
10333 10815 10443
10959 11191 10799
10969 10875 10568
11341 11126 10805
11907 11480 11261
12611 12358 12183
12922 12789 12588
13294 13222 12884
2/28/93 12782 12916 12425
13284 13335 12864
12490 12969 12458
13013 13543 13138
13083 13628 13234
13063 13816 13324
13605 14413 13989
14128 14819 14460
14249 15201 14685
13716 14700 14175
14620 15203 14781
14580 15680 15179
2/28/94 14723 15623 15173
13822 14798 14350
13976 14886 14355
13607 14719 14097
12829 14219 13596
13054 14453 13830
14088 15258 14662
14211 15207 14743
14467 15147 14930
13710 14535 14378
14251 14926 14705
13779 14738 14549
2/28/95 14282 15351 15150
14805 15615 15548
14569 15962 15736
14784 16237 15977
6/30/95 15717 17079 16931
17142 18063 18190
17173 18436 18499
17778 18766 19008
17634 17926 18432
18167 18680 19108
18528 19173 19367
18671 19152 19226
19398 19749 20018
20621 20151 20490
22538 21228 21981
23772 22065 22836
6/30/96 23364 21159 21968
21007 19311 20007
22318 20433 21227
24047 21231 22340
23606 20904 21865
24697 21765 22524
25415 22336 22821
25670 22782 23425
24266 22230 22472
22455 21181 21310
22455 21240 21207
25708 23603 23645
6/30/97 27864 24614 24842
29586.3 25758.6 26389.7
30210.5 26348.4 26872.6
33769.4 28277.1 28909.5
32010 27035.8 27625.9
31065.7 26860 27219.8
31907.6 27330.1 27448.5
30838.7 26898.3 26976.4
32682.8 28886 29075.1
34091.4 30076.2 30427.1
34214.1 30241.6 30676.6
31456.5 28611.6 28946.5
6/30/98 31362.1 28671.6 29221.1
29463.1 26355.9 27120.1
22677.7 21237.6 21690.7
24773.1 22900.5 22935.7
26185.2 23834.9 23850.8
27937 25083.8 25396.4
29602 26636.5 27260.5
29486.6 26990.8 27364.1
25904 24804.5 25128.4
24637.3 25191.5 25615.9
25553.8 27448.6 27257.9
26187.5 27849.4 27781.2
6/30/99 28039 29108.2 29628.7
27388.5 28310.6 29418.3
25254.9 27263.1 28635.8
24820.5 27268.6 28655.8
24304.2 27380.3 29019.8
25971.5 29015 31146.9
30288 32299.4 34523.2
29521.7 31779.4 33812.1
35821.6 37026.2 39117.2
33804.9 34586.2 38546.1
30505.5 32504.1 36252.6
27787.5 30609.1 34265.9
6/30/00 33822.9 33278.2 37901.5
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPER SMALL AVERAGE ANNUAL TOTAL RETURNS
COMPANY ONE ONE FIVE
CLASS AND WITH WITHOUT RUSSELL GROWTH YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD 2000 FUNDS AVG. W/LOAD W/OUT LOAD W/LOAD
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 11/23/92 $25,801* $27,309 $26,927 $ 29,989 15.55%* 22.26% 15.32%*
Class B -- 4/28/94 N/A $22,957 $28,578 $ 25,474 14.49%* 19.49% 15.20%+
Class C -- 9/26/95 N/A $18,385 $33,278 $ 19,608 18.49%* 19.49% N/A
Class Y -- 12/1/91 N/A $33,823 $33,278 $ 37,902 N/A 20.63% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -------------------------------------
<S> <C> <C> <C>
Class A -- 11/23/92 16.63% 13.28%* 14.12%
Class B -- 4/28/94 15.43% N/A 14.41%
Class C -- 9/26/95 N/A N/A 13.64%
Class Y -- 12/1/91 16.56% N/A 15.25%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load for the Small-Cap Value Fund
and 2.00% for the Small Company Growth Fund.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
The Russell 2000 Index is a capitalization weighted total return index which
is comprised of 2,000 of the smallest capitalized U.S. domiciled companies
whose stock is traded in the United States on the New York Stock Exchange,
American Stock Exchange and the NASDAQ.
xvii
<PAGE> 20
---------------------------------------------------------------------
FRAMLINGTON EMERGING MARKETS FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
MSCI EMERGING MARKETS
CLASS Y INDEX
------- ---------------------
<S> <C> <C> <C>
Lipper Emerging Markets Funds Average
12/31/96 10000 10000 10000
10590 9650 10803
10980 9808 11206
11060 9843 10964
11340 9896 11029
12060 10540 11463
6/30/97 12951 11121 12100
13281.8 11323.4 12460.6
13071.9 10015.5 11334.1
13492.8 10091.7 11787.5
11537.7 8435.62 9991.09
11086.6 8127.72 9631.41
11306.1 8323.6 9777.81
10018.3 7671.03 9072.83
11111.4 8471.89 9880.31
11533.6 8839.57 10254.8
11646.6 8743.22 10345
10379.5 7545.4 9021.89
6/30/98 9310.37 6753.88 8244
9454.63 6965.82 8521.82
6764.79 4925.53 6116.11
7302.59 5224.02 6305.1
7891.9 5767.84 6837.88
8191.8 6241.95 7220.8
8222.93 6128.35 7139.21
8264.04 6024.78 7036.4
8253.3 6079 6982.22
9184.27 6861.37 7709.77
10549 7700.52 8690.45
10466.8 7631.98 8613.98
6/30/99 12038.9 8482 9616.64
11480.3 8251.29 9409.88
11294.3 8326.38 9301.67
10704.7 8044.94 8963.09
11190.7 8216.3 9280.38
12659 8953.3 10300.3
15317.3 10092.2 12168.8
15504.2 10152.7 12054.4
16011.2 10286.7 12590.8
16249.8 10337.1 12646.2
13653 9357.18 11229.8
12473.4 8970.73 10607.7
6/30/00 13135.8 9286.5 11134.9
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
MSCI EMERGING LIPPER
CLASS AND WITH WITHOUT MARKETS EMERGING MARKETS
INCEPTION DATE LOAD LOAD INDEX FUND AVERAGE
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A -- 1/14/97 $12,244* $12,954 $ 9,287 $ 11,218
Class B -- 2/25/97 $11,258+ $11,558 $ 8,892 $ 10,025
Class C -- 3/3/97 N/A $11,646 $ 8,892 $ 10,025
Class Y -- 12/31/96 N/A $13,136 $ 9,287 $ 11,135
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE ONE SINCE SINCE
CLASS AND YEAR YEAR INCEPTION INCEPTION
INCEPTION DATE W/LOAD W/OUT LOAD W/LOAD W/OUT LOAD
------------------- ---------------------------------------------
<S> <C> <C> <C> <C>
Class A -- 1/14/97 3.31%* 9.32% 6.02%* 7.76%
Class B -- 2/25/97 4.15%* 9.15% 3.60%+ 4.42%
Class C -- 3/3/97 7.37%* 8.37% N/A 4.69%
Class Y -- 12/31/96 N/A 9.11% N/A 8.11%
</TABLE>
FRAMLINGTON HEALTHCARE FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
S&P HEALTHCARE
CLASS Y COMPOSITE
------- --------------
<S> <C> <C> <C>
Lipper Health/Biotechnology Funds Average
12/31/96 10000 10000 10000
11020 11093 10519
10590 11255 10557
9610 10482 9799
9030 11340 9801
10290 12034 10804
6/30/97 10890 13188 11355
11120 13445.2 11734.3
11120 12356.1 11446.8
12339.9 13071.5 12475.8
11699.4 13207.5 12087.8
11649.1 13767.5 12077
11638.6 14371.9 12121.6
11848.1 15375 12338.6
12598.1 16236 13091.3
12948.3 16804.3 13542.9
12938 17200.9 13589
12138.4 16868.9 13084.8
6/30/98 11838.6 16868.9 13395.2
11100 18196.5 13135.3
8380.5 16153 10970.6
9810.21 18070.4 12326.6
10239.9 18724.5 12838.1
10810.3 19868.6 13498
11787.5 20724.9 14613
12130.5 20826.5 14788.3
10838.6 21078.5 14190.9
10323.8 21641.3 14311.5
10112.1 20295.2 13804.9
10374.1 19712.7 13843.5
6/30/99 10606.4 20637.2 14459.6
10838.7 19465 14656.2
11313.5 20169.7 14997.7
11393.8 18584.3 14160.8
11101 20823.8 14655
12645.1 20898.7 15447.9
16399.4 19015.7 16943.2
19931.9 20230.8 18596.9
27500 18110.7 22364.6
24200 19099.5 20260.1
23140 20625.5 20017
22716.6 21741.4 20185.1
6/30/00 28822.8 23524.2 23973.9
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPER HEALTH/
CLASS AND WITH WITHOUT S&P HEALTHCARE BIOTECHNOLOGY
INCEPTION DATE LOAD LOAD COMPOSITE FUNDS AVERAGE
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A -- 2/14/97 $23,922* $25,319 $21,207 $ 23,031
Class B -- 1/31/97 $25,015+ $25,315 $21,207 $ 23,031
Class C -- 1/13/97 N/A $26,805 $23,524 $ 23,974
Class Y -- 12/31/96 N/A $22,823 $23,524 $ 23,974
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE ONE SINCE SINCE
CLASS AND YEAR YEAR INCEPTION INCEPTION
INCEPTION DATE W/LOAD W/OUT LOAD W/LOAD W/OUT LOAD
------------------- ------------------------------------------------
<S> <C> <C> <C> <C>
Class A -- 2/14/97 156.10%* 171.03% 29.47%* 31.66%
Class B -- 1/31/97 164.13%* 169.13% 30.80%+ 31.25%
Class C -- 1/13/97 167.94%* 168.94% N/A 32.92%
Class Y -- 12/31/96 N/A 171.74% N/A 35.32%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
Figures for the Morgan Stanley (MSCI) Emerging Market Index, an unmanaged
index used to portray the pattern of common stock price movement in Europe,
Australia, New Zealand and countries in the Far East, include gross
reinvestment of dividends. The S&P Healthcare Composite is a
capitalization-weighted index of all of the stocks in the S&P 500 that are
involved in the business of health care related products or services.
xviii
<PAGE> 21
---------------------------------------------------------------------
FRAMLINGTON INTERNATIONAL GROWTH FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
CLASS Y MSCI EAFE INDEX
------- ---------------
<S> <C> <C> <C>
Lipper International Funds Average
12/31/96 10000 10000 10000
9940 9650 9969
10070 9808 10106
9990 9843 10130
10030 9896 10150
10760 10540 10753
6/30/97 11350 11121 11253
11540 11303.4 11560.2
10789.9 10461.3 10720.9
11329.4 11049.2 11382.4
10459.3 10202.8 10524.2
10198.9 10100.8 10426.3
10221.3 10191.7 10512.9
10764 10660.5 10759.9
11468 11347.1 11470
11870.5 11698.8 12056.2
12032 11793.6 12221.3
12112.6 11739.3 12233.6
6/30/98 12014.5 11830.9 12174.2
12257.2 11954 12350.8
10555.9 10475.2 10587.1
9911.97 10156.8 10205.9
10656.4 11218.2 10963.2
11300 11795.9 11530
11819.8 12264.2 11884
12031.4 12231.1 11976.7
11568.2 11942.5 11660.5
12182.4 12444 12067.5
12595.4 12950.5 12621.3
12121.8 12286.1 12102.6
6/30/99 12897.6 12767.8 12739.2
13280.7 13150.8 13067.9
13592.8 13202.1 13181.6
13641.7 13338.1 13231.6
14307.4 13840.9 13739.8
15557.9 14325.3 14800.5
17197.7 15613.2 16579.5
16511.5 14623.3 15644.4
17576.5 15019.6 16575.2
17861.2 15605.4 16706.2
16805.7 14787.6 15652
16141.8 14429.8 15144.9
6/30/00 16679.3 14996.9 15815.8
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPER
CLASS AND WITH WITHOUT MSCI EAFE INTERNATIONAL
INCEPTION DATE LOAD LOAD INDEX FUNDS AVERAGE
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A -- 2/20/97 $15,515* $16,421 $ 15,290 $ 15,808
Class B -- 3/19/97 $16,084+ $16,384 $ 15,236 $ 15,554
Class C -- 2/13/97 N/A $16,130 $ 15,290 $ 15,808
Class Y -- 12/31/96 N/A $16,679 $ 14,997 $ 15,816
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE ONE SINCE SINCE
CLASS AND YEAR YEAR INCEPTION INCEPTION
INCEPTION DATE W/LOAD W/OUT LOAD W/LOAD W/OUT LOAD
-------------------- -----------------------------------------------
<S> <C> <C> <C> <C>
Class A -- 2/20/97 21.85%* 28.89% 13.96%* 15.90%
Class B -- 3/19/97 22.96%* 27.96% 15.57%+ 16.22%
Class C -- 2/13/97 27.07%* 28.07% N/A 15.19%
Class Y -- 12/31/96 N/A 29.34% N/A 15.75%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
Figures for the MSCI EAFE Index, an unmanaged index used to portray the
pattern of common stock price movement in Europe, Australia, New Zealand and
countries in the Far East, include gross reinvestment of dividends.
xix
<PAGE> 22
[This Page Intentionally Left Blank]
<PAGE> 23
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 63.9%
ADVERTISING -- 0.6%
4,400 Interpublic Group of
Companies, Inc. $ 189,200
1,400 Omnicom, Inc. 124,687
------------
313,887
------------
AUTOMOBILE PARTS AND EQUIPMENT -- 0.1%
1,000 Johnson Controls, Inc. 51,312
------------
BANKING AND FINANCIAL SERVICES -- 2.7%
3,450 Chase Manhattan
Corporation 158,916
2,600 Citigroup, Inc. 156,650
4,200 Firstar Corporation 88,462
9,300 FleetBoston Financial
Corporation 316,200
2,000 MBNA Corporation 54,250
1,700 Mellon Financial
Corporation 61,944
4,151 Metris Companies, Inc. 104,294
400 Morgan Stanley, Dean
Witter, Discover and
Company 33,300
1,075 Northern Trust
Corporation 69,942
3,000 PNC Bank Corporation 140,625
4,000 Wells Fargo & Company 155,000
------------
1,339,583
------------
BROADCASTING -- 0.6%
14,100 Spanish Broadcasting
Systems, Inc., Class
A+ 289,931
------------
BUILDING MATERIALS -- 0.2%
2,400 Masco Corporation 43,350
1,200 Southdown, Inc. 69,300
------------
112,650
------------
BUSINESS SERVICES -- 0.4%
9,450 Vicinity Corporation+ 185,456
------------
CHEMICALS -- SPECIALTY -- 0.1%
800 Avery Dennison
Corporation 53,700
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMERCIAL SERVICES -- 0.3%
5,100 Manitowoc Company,
Inc. $ 136,425
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 9.2%
12,150 Advanced Digital
Information
Corporation+ 193,641
4,980 Affiliated Computer
Services, Inc.+ 164,651
1,750 Computer Associates
International, Inc. 89,578
800 Computer Sciences
Corporation+ 59,750
6,750 Cybex Computer
Products Corporation 290,250
7,650 DSP Group, Inc.+ 428,400
4,000 EMC Corporation+ 307,750
1,600 Hewlett-Packard
Company 199,800
2,225 International Business
Machines Corporation 243,777
7,200 Level 8 Systems, Inc.+ 151,650
4,400 MCSi, Inc.+ 113,850
6,150 Microsoft Corporation+ 492,000
9,900 Optibase Ltd.+ 173,869
4,450 Oracle Corporation+ 374,078
9,400 OTG Software, Inc.+ 268,487
8,850 SBS Technologies,
Inc.+ 326,897
1,800 Sun Microsystems,
Inc.+ 163,688
2,450 VERITAS Software
Corporation+ 276,888
22,400 Zomax, Inc.+ 294,000
------------
4,613,004
------------
DIVERSIFIED -- 0.7%
7,050 Tyco International
Ltd. 333,994
------------
DRUGS -- 4.9%
2,100 American Home Products
Corporation 123,375
3,600 Amgen, Inc.+ 252,900
3,925 Cardinal Health, Inc. 290,450
13,600 Charles River
Laboratories
International, Inc.+ 301,750
23,650 Creative BioMolecules,
Inc.+ 331,100
</TABLE>
See Notes to Financial Statements.
1
<PAGE> 24
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
DRUGS (CONTINUED)
11,250 Dendreon Corporation+ $ 186,328
8,100 Enzon, Inc.+ 344,250
3,825 Merck & Co., Inc. 293,091
200 Protein Design Labs,
Inc.+ 32,991
525 QLT PhotoTherapeutics
Inc.+ 40,589
5,025 Schering-Plough
Corporation 253,762
------------
2,450,586
------------
ELECTRICAL EQUIPMENT -- 2.7%
11,500 C-Cube Microsystems,
Inc.+ 225,687
11,175 General Electric
Company 592,275
1,200 Honeywell
International, Inc. 40,425
5,950 ICOS Vision Systems
Corporation NV+ 217,175
34,700 Imatron, Inc.+ 81,328
2,500 Texas Instruments,
Inc. 171,719
------------
1,328,609
------------
ELECTRONICS -- 7.8%
229 Agilent Technologies,
Inc.+ 16,889
900 Applied Micro Circuits
Corporation+ 88,875
16,750 August Technology
Corporation+ 275,328
5,000 BTU International,
Inc.+ 60,000
10,750 CISCO Systems, Inc.+ 683,297
6,400 CTS Corporation 288,000
13,450 General Semiconductor,
Inc.+ 198,387
38,250 Genus, Inc.+ 313,172
5,550 International
Rectifier
Corporation+ 310,800
1,775 Jabil Circuit, Inc.+ 88,084
3,350 Kulicke & Soffa
Industries, Inc.+ 198,906
2,250 Lexmark International
Group, Inc.+ 151,313
11,600 Micro Component
Technology, Inc.+ 100,050
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
ELECTRONICS (CONTINUED)
4,200 SCI Systems, Inc.+ $ 164,588
1,600 Solectron Corporation+ 67,000
2,000 Teradyne, Inc.+ 147,000
7,500 Therma-Wave, Inc.+ 167,344
6,950 Trimble Navigation
Ltd.+ 339,247
14,600 Valence Technology,
Inc.+ 269,187
------------
3,927,467
------------
ENVIRONMENTAL -- 0.6%
17,900 Republic Services,
Inc.+ 286,400
------------
FINANCIAL SERVICES -- 2.0%
4,275 Automatic Data
Processing, Inc. 228,980
7,275 Federal Home Loan
Mortgage Corporation 294,638
7,850 Fiserv, Inc.+ 339,512
1,440 Lehman Brothers
Holdings, Inc. 136,170
------------
999,300
------------
FOOD AND BEVERAGES -- 1.6%
3,350 Anheuser-Busch
Companies, Inc. 250,203
1,800 Bestfoods 124,650
5,100 McCormick & Company,
Inc. 165,750
6,000 Sysco Corporation 252,750
------------
793,353
------------
GROCERY -- 0.4%
4,050 Safeway, Inc.+ 182,756
------------
HEALTH CARE -- 1.6%
56 Coram Healthcare
Corporation+ 20
6,600 Health Management
Associates, Inc.+ 86,213
5,900 Province Healthcare
Company+ 213,137
7,200 Tenet Healthcare
Corporation 194,400
5,900 Trigon Healthcare,
Inc.+ 304,219
------------
797,989
------------
</TABLE>
See Notes to Financial Statements.
2
<PAGE> 25
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INSURANCE -- 1.4%
8,000 Ace Ltd., ADR $ 224,000
1,558 American International
Group, Inc. 183,065
700 Marsh & McLennan
Companies, Inc. 73,106
1,400 MGIC Investment
Corporation 63,700
3,300 Radian Group, Inc. 170,775
------------
714,646
------------
INTERNET SOFTWARE -- 2.1%
19,800 ClickAction, Inc.+ 316,800
6,250 IntraNet Solutions,
Inc.+ 239,844
24,350 ProsoftTraining.com+ 409,384
675 webMethods, Inc.+ 106,102
------------
1,072,130
------------
MACHINERY AND HEAVY EQUIPMENT -- 1.1%
8,900 Applied Science and
Technology, Inc.+ 230,287
4,200 Deere & Company 155,400
4,490 Dover Corporation 182,126
------------
567,813
------------
MANUFACTURING -- 0.8%
9,300 Pall Corporation 172,050
9,700 Varco International,
Inc.+ 225,525
------------
397,575
------------
MEDICAL SERVICES AND SUPPLIES -- 3.4%
4,000 Abbott Laboratories 178,250
6,350 Baxter International,
Inc. 446,484
7,300 Bindley Western
Industries, Inc. 192,994
4,450 Biomet, Inc. 171,047
2,100 Johnson & Johnson
Company 213,937
13,400 Orthofix International
N.V., ADR+ 239,525
9,850 Sonic Innovations,
Inc.+ 182,841
1,050 UnitedHealth Group,
Inc. 90,038
------------
1,715,116
------------
METALS -- 0.3%
5,400 Alcoa, Inc. 156,600
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
OIL AND GAS -- 3.1%
21,350 Bellwether Exploration
Company+ $ 177,472
5,700 Burlington Resources,
Inc. 218,025
1,000 Coastal Corporation 60,875
3,800 El Paso Energy
Corporation 193,562
2,400 Exxon Mobil
Corporation 188,400
18,700 Key Energy Group,
Inc.+ 179,988
5,025 Noble Drilling
Corporation+ 206,967
6,100 Pride International,
Inc.+ 150,975
7,400 USX-Marathon Group 185,463
------------
1,561,727
------------
PAPER AND FOREST PRODUCTS -- 0.1%
2,100 International Paper
Company 62,606
------------
REAL ESTATE INVESTMENT TRUST -- 1.0%
2,000 Apartment Investment &
Management Company,
Class A 86,500
8,700 Duke-Weeks Realty
Corporation 194,663
7,500 Kilroy Realty
Corporation 194,531
------------
475,694
------------
REGIONAL MALLS -- 0.1%
3,200 Simon Property Group,
Inc. 71,000
------------
RESTAURANTS -- 0.8%
8,150 Brinker International,
Inc.+ 238,387
1,000 Outback Steakhouse,
Inc.+ 29,250
1,000 Papa John's
International, Inc.+ 24,500
2,175 Starbucks Corporation+ 83,058
1,500 Wendy's International,
Inc. 26,719
------------
401,914
------------
RETAIL -- 2.3%
21,650 Family Dollar Stores,
Inc. 423,528
11,250 Gadzooks, Inc.+ 130,605
5,000 Intimate Brands, Inc. 98,750
</TABLE>
See Notes to Financial Statements.
3
<PAGE> 26
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RETAIL (CONTINUED)
2,700 RadioShack Corporation $ 127,913
3,850 Wal-Mart Stores, Inc. 221,856
3,800 Walgreen Company 122,313
------------
1,124,965
------------
RETAIL -- BUILDING SUPPLIES -- 0.5%
3,875 Home Depot, Inc. 193,508
900 Lowe's Companies, Inc. 36,956
------------
230,464
------------
RETAIL -- SPECIALTY -- 0.5%
23,300 Oakley, Inc.+ 267,950
------------
SEMICONDUCTORS -- 3.3%
2,375 Altera Corporation+ 242,102
1,900 Applied Materials,
Inc.+ 172,187
6,650 Intel Corporation 889,022
1,600 Maxim Integrated
Products, Inc.+ 108,700
750 PMC-Sierra, Inc.+ 133,266
375 SDL, Inc.+ 106,945
------------
1,652,222
------------
TELECOMMUNICATIONS -- 6.2%
1,700 ADC
Telecommunications,
Inc.+ 142,587
2,625 Amdocs Ltd.+ 201,469
3,800 BellSouth Corporation 161,975
3,725 Comverse Technology,
Inc.+ 346,425
500 Corning, Inc. 134,937
9,950 Digital Microwave
Corporation+ 379,344
2,550 Exfo Electro-Optical
Engineering, Inc.+ 111,881
32,700 Glenayre Technologies,
Inc.+ 345,394
2,500 GTE Corporation 155,625
700 Lucent Technologies,
Inc. 41,475
2,950 Nortel Networks
Corporation 201,337
1,950 Qwest Communications
International Inc.+ 96,891
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
1,900 SBC Communications,
Inc. $ 82,175
2,700 Sprint Corporation 137,700
3,450 Stratos Lightwave,
Inc.+ 96,169
1,300 VoiceStream Wireless
Corporation+ 151,186
15,850 Westell Technologies,
Inc., Class A+ 237,750
2,200 WorldCom, Inc.+ 100,925
------------
3,125,245
------------
TRANSPORTATION -- 0.1%
375 Kansas City Southern
Industries, Inc. 33,258
------------
UTILITIES -- 0.3%
7,800 Northeast Utilities 169,650
------------
TOTAL COMMON STOCKS
(Cost $30,083,686) 31,996,977
------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
ASSET BACKED SECURITIES -- 0.6%
(Cost $299,984)
$ 300,000 WFS Financial Owner
Trust, Series 2000 B
Class A3, 7.750% due
11/20/2004 301,410
------------
COLLATERALIZED MORTGAGE OBLIGATIONS
(CMO) -- 2.2%
600,000 Federal Home Mortgage
Corporation,
Series 1541, Class
F,
6.250% due
05/15/2019 594,252
550,000 Federal Home Mortgage
Corporation, Series
1702-A, Class PD,
6.500% due
04/15/2022 533,929
------------
TOTAL COLLATERALIZED
MORTGAGE
OBLIGATIONS (CMO)
(Cost $1,133,719) 1,128,181
------------
</TABLE>
See Notes to Financial Statements.
4
<PAGE> 27
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS AND NOTES -- 7.0%
FINANCE -- 2.5%
$ 150,000 Bank of America
Corporation,
7.800% due
02/15/2010 $ 149,207
300,000 Block Financial
Corporation,
8.500% due
04/15/2007 302,887
250,000 Countrywide Capital
III,
8.050% due
06/15/2027 215,034
300,000 Household Finance
Corporation,
8.000% due
05/09/2005 302,375
300,000 Pitney Bowes Credit
Corporation,
8.625% due
02/15/2008 311,461
------------
1,280,964
------------
GOVERNMENT AGENCY -- 0.8%
400,000 Tennessee Valley
Authority,
6.375% due
06/15/2005 388,825
------------
INDUSTRIAL -- 1.5%
250,000 American Greetings
Corporation,
6.100% due
08/01/2028 223,544
300,000 Harris Corporation,
6.350% due
02/01/2028 268,867
250,000 Racers-Kellogg, Series
1998, 144A,
5.750% due
02/02/2001 247,618
------------
740,029
------------
TELECOMMUNICATIONS -- 1.2%
360,000 AT&T Corporation,
6.000% due
03/15/2009 320,990
300,000 WorldCom, Inc.,
7.875% due
05/15/2003 302,557
------------
623,547
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
UTILITY -- ELECTRIC -- 1.0%
$ 250,000 National Rural
Utilities
Cooperative Finance,
6.125% due
05/15/2005 $ 237,282
300,000 Puget Sound Energy,
Inc., 7.020% due
12/01/2027 260,408
------------
497,690
------------
TOTAL CORPORATE BONDS AND
NOTES
(Cost $3,721,094) 3,531,055
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
----------
<C> <S> <C>
PREFERRED STOCKS -- 0.6%
(Cost $311,364)
FINANCIAL SERVICES -- 0.6%
12,000 AT&T Corporation $ 308,250
------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 0.2%
FHLMC:
$ 83,625 Pool #E62394, Gold,
7.500% due
09/01/2010 83,530
12,705 Pool #200021,
10.500% due
11/01/2000 12,796
------------
96,326
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 1.0%
FNMA:
156,926 Pool #303105,
11.000% due
11/01/2020 170,468
288,758 Pool #100081,
11.500% due
08/20/2016 319,438
------------
489,906
------------
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 28
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (CONTINUED)
GOVERNMENT AGENCY -- 0.5%
$1,775,000 Resolution Funding
Corporation,
0.010% due
04/15/2030 $ 266,852
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 0.3%
147,618 Pool #780584,
7.000% due
06/15/2027 144,520
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $1,039,276) 997,604
------------
U.S. TREASURY OBLIGATIONS -- 13.0%
U.S. TREASURY BONDS -- 3.5%
400,000 3.875% due 04/15/2029 398,875
1,100,000 8.000% due 11/15/2021 1,327,563
------------
1,726,438
------------
U.S. TREASURY NOTES -- 9.5%
1,175,000 7.000% due 07/15/2006 1,217,227
3,350,000 7.875% due 11/15/2004 3,544,907
------------
4,762,134
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $6,579,762) 6,488,572
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 10.2%
(Cost $5,089,000)
$5,089,000 Agreement with State
Street Bank and
Trust Company,
6.350% dated
06/30/2000, to be
repurchased at
$5,091,692 on
07/03/2000,
collateralized by
$4,975,000 U.S.
Treasury Note,
7.875%, maturing
08/15/2001 (value
$5,192,656) $ 5,089,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $11,097,500) 22.2% 11,097,500
------------
TOTAL INVESTMENTS
(Cost $59,355,385*) 121.7% 60,938,549
OTHER ASSETS AND
LIABILITIES (NET) (21.7) (10,858,064)
----- ------------
NET ASSETS 100.0% $ 50,080,485
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $59,553,211.
** As of June 30, 2000 the market value of the securities on loan is
$10,844,977. Collateral received for securities loaned includes $225,400
invested in Government Securities and the remaining $10,872,100 invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
6
<PAGE> 29
Munder Equity Income Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 91.1%
AEROSPACE -- 1.6%
52,000 United Technologies
Corporation $ 3,061,500
------------
BANKING AND FINANCIAL SERVICES -- 16.7%
90,000 Chase Manhattan
Corporation 4,145,625
70,250 Citigroup, Inc. 4,232,563
114,000 Federal Home Loan
Mortgage Corporation 4,617,000
78,000 Firstar Corporation 1,642,875
26,300 Fiserv, Inc.+ 1,137,475
160,200 FleetBoston Financial
Corporation 5,446,800
44,370 Lehman Brothers
Holdings, Inc. 4,195,738
75,400 PNC Financial Services
Group 3,534,375
90,200 Wells Fargo & Company 3,495,250
------------
32,447,701
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 8.3%
116,600 Affiliated Computer
Services, Inc.+ 3,855,087
45,000 Computer Associates
International, Inc. 2,303,438
18,500 Hewlett-Packard Company 2,310,188
31,900 Intel Corporation 4,264,631
85,000 SCI Systems, Inc.+ 3,330,937
------------
16,064,281
------------
DIVERSIFIED MANUFACTURING -- 2.9%
81,200 Dover Corporation 3,293,675
127,500 Pall Corporation 2,358,750
------------
5,652,425
------------
DRUGS -- 1.1%
29,000 Merck & Co., Inc. 2,222,125
------------
DRUGS AND HEALTH CARE -- 1.2%
50,000 Abbott Laboratories 2,228,125
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
FOOD AND BEVERAGES -- 4.4%
25,300 Anheuser-Busch
Companies, Inc. $ 1,889,594
46,500 General Mills, Inc. 1,778,625
93,700 McCormick & Company,
Inc. 3,045,250
44,500 Sysco Corporation 1,874,562
------------
8,588,031
------------
HEALTH CARE -- 4.4%
39,000 CIGNA Corporation 3,646,500
110,000 HCA -- The Healthcare
Company 3,341,250
58,800 Tenet Healthcare
Corporation 1,587,600
------------
8,575,350
------------
HEAVY EQUIPMENT -- 1.7%
87,400 Deere & Company 3,233,800
------------
HOTELS AND RESTAURANTS -- 0.6%
38,650 Brinker International,
Inc.+ 1,130,513
------------
HOUSEHOLD FURNISHINGS AND APPLIANCES -- 0.9%
35,500 Whirlpool Corporation 1,655,187
------------
INSURANCE -- 5.5%
139,900 Ace Ltd. 3,917,200
49,000 American General
Corporation 2,989,000
83,000 MGIC Investment
Corporation 3,776,500
------------
10,682,700
------------
MEDICAL INSTRUMENTS, SERVICES, AND SUPPLIES --
3.7%
60,340 Baxter International,
Inc. 4,242,656
57,600 Trigon Healthcare, Inc.+ 2,970,000
------------
7,212,656
------------
METALS AND MINING -- 1.5%
97,000 Alcoa, Inc. 2,813,000
------------
NEWS AND PUBLISHING -- 0.4%
16,020 Knight-Ridder, Inc. 852,064
------------
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 30
Munder Equity Income Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
a}
OIL AND PETROLEUM -- 12.0%
61,166 BP Amoco Plc, ADR $ 3,459,702
81,300 Burlington Resources,
Inc. 3,109,725
35,000 ENSCO International,
Inc. 1,253,437
102,126 Exxon Mobil Corporation 8,016,891
99,030 Tosco Corporation 2,803,787
58,948 Total Fina EIF SA, ADR 4,527,943
------------
23,171,485
------------
OIL EQUIPMENT AND SERVICES -- 1.2%
32,000 Schlumberger Ltd. 2,388,000
------------
REAL ESTATE -- 5.5%
71,100 Apartment Investment &
Management Company 3,075,075
82,300 Boston Properties, Inc. 3,178,837
81,140 Duke Realty Investments,
Inc. 1,815,508
40,000 General Growth
Properties, Inc. 1,270,000
32,000 Kimco Realty Corporation 1,312,000
------------
10,651,420
------------
RETAIL -- 2.2%
222,800 Family Dollar Stores,
Inc. 4,358,525
------------
TELECOMMUNICATIONS -- 9.8%
25,830 ALLTEL Corporation 1,599,846
59,000 Bell Atlantic
Corporation 2,997,938
80,500 BellSouth Corporation 3,431,312
33,900 GTE Corporation 2,110,275
76,800 Motorola, Inc. 2,232,000
73,000 SBC Communications, Inc. 3,157,250
67,400 Sprint Corporation 3,437,400
------------
18,966,021
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
UTILITIES -- NATURAL GAS -- 5.5%
121,562 El Paso Energy
Corporation $ 6,192,064
206,471 MCN Corporation Holding
Company 4,413,318
------------
10,605,382
------------
TOTAL COMMON STOCKS
(Cost $171,476,904) 176,560,291
------------
CONVERTIBLE PREFERRED STOCKS -- 1.9%
(Cost $3,909,375)
90,000 Mediaone Group, Inc.,
7.000% Conv. Pfd. 3,645,000
------------
<CAPTION>
PRINCIPAL
-----------
<C> <S> <C>
A}
REPURCHASE AGREEMENT -- 5.8%
(Cost $11,290,000)
$11,290,000 Agreement with State
Street Bank and Trust
Company, 6.35% dated
06/30/2000, to be
repurchased at
$11,295,974 on
07/03/2000,
collateralized by
$10,115,000 U.S.
Treasury Bond, 7.500%
maturing 11/15/2016
(value $11,518,456) 11,290,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $3,903,140) 2.0% 3,903,140
----- ------------
TOTAL INVESTMENTS
(Cost $190,579,419*) 100.8% 195,398,431
OTHER ASSETS AND
LIABILITIES (NET) (0.8) (1,551,531)
----- ------------
NET ASSETS 100.0% $193,846,900
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $190,526,532.
** As of June 30, 2000, the market value of the securities on loan is
$3,663,313. Collateral received for securities loaned of $3,903,140 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
8
<PAGE> 31
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 98.8%
ARGENTINA -- 0.4%
1,100 Alpargatas S.A.I.C., ADR+ $ 660
3,446 Banco de Galicia Bueno,
ADR 51,044
1,856 Banco Frances del Rio de
la Plata SA, ADR 40,136
5,000 Banco Rio de La Plata SA 73,125
9,000 Corporacion Mapfre, ADR 53,083
600 El Sitio, Inc.+ 4,275
615 IRSA Inversiones Y
Representaciones SA,
GDR 14,068
1,720 Metrogas SA, ADR 15,050
12,065 Perez Companc SA, ADR 95,365
1,100 Quilmes Industrial SA,
ADR 12,238
5,900 Telecom Argentina SA, ADR 162,250
7,000 Telefonica de Argentina,
ADR 222,250
2,200 Transportadora de Gas del
Sur SA, ADR 19,800
------------
763,344
------------
AUSTRALIA -- 2.5%
4,750 Amcor Ltd. 65,312
2,100 Ashton Mining Ltd., ADR 6,280
9,250 Australia & New Zealand
Bank, ADR 352,078
29,740 Broken Hill Proprietary
Ltd., ADR 706,325
2,800 Burns, Philip & Company
Ltd., ADR 4,220
14,500 Coca-Cola Amatil Ltd.,
ADR 56,366
4,300 Coles Myer Ltd., ADR 130,075
7,700 CSR Ltd., ADR 85,469
4,400 E-mail Partners Ltd., ADR 16,104
1,100 FH Faulding & Company,
ADR 21,536
7,352 Goldfields Ltd., ADR 28,948
9,500 Goodman Fielder Ltd., ADR 28,180
6,100 James Hardie Industries,
ADR 32,023
4,700 Kidston Gold Mines Ltd.,
ADR+ 1,321
1,400 Lihir Gold Ltd., ADR+ 11,375
24,300 M.I.M. Holdings Ltd., ADR 26,159
2,100 Mayne Nickless Ltd., ADR 21,539
8,800 National Australia Bank
Ltd., ADR 728,200
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
AUSTRALIA (CONTINUED)
23,100 News Corporation Ltd.,
ADR $ 1,258,950
5,139 Normandy Mining Ltd. 27,660
4,500 North Ltd., ADR 53,152
1,300 Orbital Engineering Ltd.,
ADR+ 11,212
4,200 Origin Energy Ltd., ADR 42,918
7,700 Pacific Dunlop Olympic
Ltd., ADR 26,950
1,700 Petsec Energy Ltd., ADR+ 534
4,470 Rio Tinto Ltd., ADR 295,334
4,500 Santos Ltd., ADR 54,000
600 Simsmetal Ltd., ADR 7,794
700 Sons of Gwalia, ADR 10,989
3,700 Southcorp Holdings Ltd.,
ADR 53,328
6,900 St. George Bank Ltd., ADR 94,093
24,600 Telstra Corporation Ltd. 508,912
11,300 Westpac Banking Ltd., ADR 403,975
8,500 WMC Ltd., ADR 153,000
19,100 Woodside Petroleum Ltd. 148,496
------------
5,472,807
------------
AUSTRIA -- 0.1%
12,400 Bank Austria
Aktiengeselschaft, ADR 120,798
5,220 EVN-Energie Versorgung
Niederoesterreich AG,
ADR 38,871
4,000 OMV AG, ADR 69,502
700 Wolford AG, ADR 4,264
------------
233,435
------------
BELGIUM -- 0.0%#
1,230 Dexia 0
900 Xeikon NV, ADR+ 13,838
------------
13,838
------------
BERMUDA -- 0.1%
400 ESG Re Ltd. 1,575
50 FLAG Telecom Holdings
Ltd.+ 744
400 Frontline Ltd., ADR+ 2,118
500 LaSalle Re Holdings Ltd.,
ADR 7,094
1,700 PartnerRe Ltd., ADR 60,244
3,100 XL Capital Ltd., Class A 167,787
------------
239,562
------------
</TABLE>
See Notes to Financial Statements.
9
<PAGE> 32
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
BRAZIL -- 0.6%
2,225 Aracruz Celulose SA, ADR $ 42,970
3,996 Cemig-Companhia
Energetica de Minas,
ADR 69,794
31,000 Centrais Eletricas
Brasileiras SA, ADR 317,992
2,710 Centrais Geradoras do
Suldo Brasil SA, ADR+ 15,921
3,900 Companhia Cervejaria
Brahma, ADR 47,775
2,100 Companhia Siderurgica
Nacional, ADR 64,706
3,400 Continental AG, ADR 56,805
6,300 Embratel Participacoes
SA, ADR 148,838
3,900 Panamerican Beverages
Inc., Class A, ADR 58,256
620 Tele Celular Sul
Participacoes SA 28,055
2,433 Tele Centro Oeste Celular
Participacoes SA, ADR 29,196
1,240 Tele Centro Sul
Participacoes SA, ADR 90,598
300 Tele Nordeste Celular
Participacoes SA, ADR 20,775
7,038 Tele Norte Leste
Participacoes SA, ADR 166,265
1,240 Tele Sudeste Celular
Participacoes SA, ADR 37,820
300 Telemig Celular
Participacoes SA, ADR 21,450
2,480 Telesp Celular
Participacoes SA, ADR 111,290
------------
1,328,506
------------
CANADA -- 4.2%
50 724 Solutions, Inc.+ 2,194
5,700 Abitibi-Consolidated,
Inc., ADR 53,437
1,600 Agnico Eagle Mines Ltd.,
ADR 10,300
600 Alliance Atlantis
Communications Corp.,
Class B+ 7,500
700 BAE Systems Canada, Inc. 10,063
7,950 Bank of Montreal, ADR 339,366
10,900 BCE Emergis, Inc.+ 665,047
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
CANADA (CONTINUED)
18,300 BCE, Inc., ADR $ 435,769
2,400 Bell Canada
International, Inc.+ 69,450
3,200 BioChem Pharmaceuticals,
Inc.+ 78,800
1,200 Biomira, Inc., ADR+ 11,025
1,400 Biovail Corporation+ 77,612
8,450 Brascan Corporation,
Class A 100,344
460 Campbell Resources, Inc.+ 805
11,800 Canadian Imperial Bank of
Commerce 323,025
5,700 Canadian National Railway
Company 166,369
4,100 Canadian Occidental
Petroleum, ADR 111,469
9,900 Canadian Pacific Ltd.,
ADR 259,256
14,000 Canadian Tire
Corporation, Ltd.,
Class A 210,946
3,800 Celestica, Inc.+ 188,575
4,600 Certicom Corporation+ 156,649
1,100 Clearnet Communications,
Inc., Class A, ADR+ 30,542
2,500 Cominco, ADR 34,531
1,800 Corel, ADR+ 7,088
1,800 Cott Corporation, ADR+ 10,800
1,300 Decoma International,
Inc. 9,831
5,500 Domatar, Inc., ADR 51,219
700 Dorel Industries, Inc.+ 15,663
4,600 Enbridge, Inc. 93,437
3,200 Encal Energy Ltd.+ 20,400
400 Fahnestock Viner
Holdings, Inc., ADR 7,500
1,600 Fairfax Financial
Holdings Ltd.+ 175,135
900 Four Seasons Hotels,
Inc., ADR 55,969
3,300 Global Thermoelectric,
Inc.+ 57,750
2,000 Goldcorp, Inc., Class A,
ADR+ 14,375
1,200 GSI Lumonics, Inc.+ 42,150
300 GT Group Telecom, Inc.,
Class B+ 4,744
10,406 Gulf Canada Resources,
ADR+ 50,079
12,600 Imperial Oil Ltd., ADR 307,125
700 Intertape Polymer Group
Inc., ADR 12,075
</TABLE>
See Notes to Financial Statements.
10
<PAGE> 33
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CANADA (CONTINUED)
1,200 Intrawest Corporation $ 22,800
1,250 Ipsco, Inc., ADR 15,781
300 Jetform Corporation, ADR+ 1,463
1,600 Loewen Group, Inc., ADR+ 887
2,400 Magna International,
Class A, ADR 113,400
18,000 Manulife Financial Corp. 320,625
5,200 Methanex Corporation,
ADR+ 17,712
1,600 Microcell
Telecommunications,
Inc.+ 57,800
3,500 Mitel Corporation, ADR+ 73,500
28,738 Nortel Networks
Corporation 1,961,368
2,750 NOVA Chemicals
Corporation 59,125
2,900 Numac Energy, Inc., ADR+ 9,606
5,000 Nurun, Inc.+ 142,736
1,600 Potash Corporation of
Saskatchewan, ADR 88,300
1,800 Rio Algom Ltd., ADR 20,925
500 Rogers Cantel Mobil
Communications, Class
B, ADR+ 16,813
6,300 Rothmans, Inc. 77,686
9,400 Royal Bank of Canada 485,862
2,000 Royal Group Technologies
Ltd.+ 47,750
4,300 Royal Oak Mines, ADR+ 0
200 Sun Life Financial
Services of Canada+ 3,375
6,600 Suncor Energy, Inc. 153,862
1,200 Supersol Ltd. 21,750
3,270 Talisman Energy, Inc.+ 108,319
4,100 Teleglobe, Inc. 86,356
2,100 Telesystem International
Wireless, Inc.+ 38,850
60,900 TransCanada PipeLines
Ltd. 464,980
13,352 TransCanada PipeLines
Ltd., ADR 101,809
4,300 Trizec Hahn Corporation,
ADR 76,862
3,400 West Coast Energy, Inc.,
ADR 52,700
6,200 Westport Innovations,
Inc. 59,068
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
CANADA (CONTINUED)
2,700 Wi-LAN, Inc.+ $ 76,074
------------
9,056,558
------------
CHILE -- 0.3%
500 AFP Provida, ADR 10,625
1,000 Banco de A. Edwards, ADR,
SER A 13,500
3,400 Banco Santander Chile,
ADR 54,400
2,800 Banco Santiago SA, ADR 50,050
1,900 Compania Cervecerias
Unidas SA, ADR 43,106
6,875 Compania de
Telecomunicaciones de
Chile SA, ADR 124,609
800 Cristalerias de Chile,
ADR 13,200
2,700 Distribucion y Servicio
D&S SA 46,913
2,000 Embotelladora Andina SA,
ADR 23,500
8,200 Empresa Nacional
Electricidad SA, ADR 90,712
4,060 Enersis S.A., ADR 80,946
2,500 Gener SA, ADR 36,719
500 Laboratorio Chile SA, ADR 9,594
1,900 Linea Aerea Nacional
Chile SA, ADR 13,775
1,100 Madeco, ADR 8,388
800 Maderas Y Sintelicos
Sociedad (Masisa), ADR 9,450
800 Quimica Minera Chile SA,
ADR 17,800
3,200 Quinenco SA, ADR 31,200
420 Telex-Chile SA, ADR+ 1,365
400 Vina Concha Y Toro SA,
ADR 14,575
------------
694,427
------------
CHINA\HONG KONG -- 3.9%
16,400 Amoy Properties Ltd., ADR 55,224
1,440 Asia Pulp & Paper Company
Ltd.+ 23
7,200 Asia Pulp & Paper Company
Ltd., ADR+ 36,450
1,200 Asia Satellite
Telecommunications
Holdings Ltd., ADR 41,100
39,448 Bank East Asia Ltd., ADR 92,098
</TABLE>
See Notes to Financial Statements.
11
<PAGE> 34
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CHINA\HONG KONG (CONTINUED)
750 Beijing Yanhua
Petrochemical Company
Ltd., ADR $ 4,125
3,200 C.P. Pokphand, ADR+ 2,566
13,632 Cable & Wireless HKT
Ltd., ADR 293,088
19,400 Cathay Pacific Airways,
ADR 179,802
5,900 CDL Hotels International
Ltd., ADR 25,733
16,900 China Telecom (Hong Kong)
Ltd.+ 3,005,031
3,000 China Unicom Ltd., ADR+ 63,750
10,080 Dairy Farm International
Ltd., ADR 30,240
500 DSG International Ltd.,
ADR+ 2,500
579 Egana International
Holdings Ltd., ADR 5,259
13,700 First Pacific Company
Ltd., ADR 23,286
3,700 Glorious Sun Enterprises
Ltd. 10,323
1,300 Gold Peak Industries
Ltd., ADR 3,627
2,600 Guangshen Railway Company
Ltd., ADR 13,000
7,950 Hang Lung Development,
ADR 30,850
55,400 Hang Seng Bank Ltd., ADR 525,893
49,400 Henderson Land
Development Company
Ltd., ADR 217,359
148,397 Hong Kong and China Gas
Ltd., ADR 166,567
57,900 Hong Kong Electric
Holdings Ltd., ADR 186,427
14,900 Hong Kong Land Holdings,
ADR 119,200
25,100 Hopewell Holdings Ltd.,
ADR 10,464
1,100 Huaneng Power
International, ADR 14,644
14,800 Hysan Development Ltd.,
ADR 31,136
22,500 Jardine Matheson &
Company Ltd., ADR 98,437
17,400 Jardine Strategic
Holding, ADR 104,052
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
CHINA\HONG KONG (CONTINUED)
2,700 Johnson Electric
Holdings, ADR $ 255,436
30,400 New World Development
Company Ltd., ADR 67,855
500 Peak International Ltd.+ 3,500
84,000 PetroChina Company Ltd.,
ADR+ 1,758,750
2,600 Shandong Huaneng, ADR 10,888
4,367 Shanghai Chlor-Alkali
Chemical Company, ADR 8,297
1,600 Shanghai Erfangji Co.,
Ltd., ADR+ 2,976
4,000 Shanghai Petrochemicals
Ltd., ADR 55,250
3,190 Shanghai Tire & Rubber
Company Ltd., ADR+ 6,380
4,600 Shuntak Holdings Ltd.,
ADR 5,429
1,800 Singer Company, ADR+ 421
10,350 South China Morning Post,
ADR 40,163
68,600 Sun Hung Kai Properties
Ltd., ADR 492,797
27,000 Swire Pacific Ltd., ADR 154,661
6,200 Television Broadcasts
Ltd. 82,714
600 VTech Holdings Ltd., ADR 22,705
500 Yanzhou Coal Mining
Company Ltd., ADR 5,000
------------
8,365,476
------------
COLOMBIA -- 0.0%#
900 Banco Ganadero SA, ADR 5,287
1,500 Banco Industrial
Colombiano, ADR 3,188
------------
8,475
------------
DENMARK -- 0.3%
3,700 Novo Nordisk AS, Series
B, ADR 312,650
12,400 Tele Danmark, Series B,
ADR 421,600
------------
734,250
------------
FINLAND -- 3.3%
1,500 American Group Ltd., ADR 20,622
1,400 Instrumentarium
Corporation, ADR 17,150
4,062 Metso Oyj, ADR 47,728
</TABLE>
See Notes to Financial Statements.
12
<PAGE> 35
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
FINLAND (CONTINUED)
139,200 Nokia Oyj, ADR $ 6,951,300
3,220 Sonera Oyj, ADR 148,120
------------
7,184,920
------------
FRANCE -- 10.5%
10,700 Accor SA, ADR 219,271
32,793 Alcatel Alsthom Cie
Generale D'Electric,
ADR 2,180,734
6,400 Alstom 175,200
23,778 Aventis SA, ADR 1,725,391
1,000 Bouygues Offshore SA, ADR 24,875
1,000 Business Objects SA, ADR+ 88,125
18,000 Canal Plus, ADR 604,898
4,100 Cap Gemini SA 722,183
2,767 Clarins SA 57,007
900 Coflexip SA, ADR 54,450
800 Companie Generale de
Geophysique SA, ADR+ 10,900
3,400 Dassault Systemes SA, ADR 319,600
2,300 Etablissements
Economiques du Casino
Guichard-Perrachon SA 212,994
28,700 France Telecom SA 4,089,750
400 Galeries Lafayette 81,150
600 Genset, ADR+ 13,875
6,100 Groupe Danone 809,490
20,900 Groupe Danone, ADR 554,700
9,200 Lafarge SA, ADR 238,319
3,600 Lagardere Group, ADR 274,954
14,000 Louis Vuitton Moet
Hennessy, ADR 1,169,000
4,800 Pechiney SA, ADR 99,600
6,750 Pernod Ricard, ADR 91,830
5,950 PSA Peugeot Citroen, ADR 298,509
1,600 Rhodia SA, ADR 27,400
1,000 Scor SA, ADR 43,375
1,100 Sidel SA 89,212
56,800 Societe Generale, ADR 683,260
1,400 Societe Generale
d'Entreprises SA 58,141
25,500 STMicroelectronics NV 1,636,781
6,700 Suez Lyonnaise des Eaux,
SA 1,173,756
4,200 Thomson CSF, ADR 165,442
43,105 Total SA, ADR 3,311,003
2,400 Valeo SA 128,312
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
FRANCE (CONTINUED)
2,500 Valeo SA, ADR $ 133,658
70,900 Vivendi, ADR 1,251,556
------------
22,818,701
------------
GERMANY -- 6.1%
2,000 BASF AG, ADR 80,750
20,900 Bayer AG, ADR 814,092
927 Celanese AG 18,076
14,000 Commerzbank AG, ADR 498,545
28,771 Daimler Chrysler
Aerospace AG 1,497,890
15,300 Deutsche Bank AG, ADR 1,262,038
86,900 Deutsche Telekom, ADR 4,931,575
15,700 Dresdner Bank AG, ADR 650,514
14,400 E.On AG, ADR 718,200
2,100 Epcos AG, ADR+ 206,850
7,100 Fresenius Medical Care
AG, ADR 185,931
10,600 Infineon Technologies AG+ 840,050
228 Pfeiffer Vacuum
Technology AG, ADR 8,963
10,100 RWE AG, ADR 339,415
14,904 SAP AG, ADR 688,321
1,900 SGL Carbon AG, ADR+ 42,750
44,700 Volkswagen AG, ADR 341,401
------------
13,125,361
------------
GREECE -- 0.2%
400 Anangel -- American
Shipholdings Ltd., ADR+ 1,925
28,900 Hellenic
Telecommunication
Organization SA (OTE),
ADR 352,219
------------
354,144
------------
HUNGARY -- 0.1%
6,200 Magyar Tavkozlesi Rt.,
ADR 213,512
------------
INDIA -- 0.0%#
300 Rediff.com India Ltd.,
ADR+ 4,200
------------
INDONESIA -- 0.1%
2,600 Gulf Indonesia Resources
Ltd.+ 20,800
7,150 PT Indorayon Utama, ADR+ 919
3,083 PT Indosat, ADR 35,069
800 PT Pasifik Satelit
Nusantara, ADR+ 7,600
</TABLE>
See Notes to Financial Statements.
13
<PAGE> 36
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INDONESIA (CONTINUED)
14,440 PT Telekomunikasi
Indonesia, ADR $ 100,177
1,100 PT Tri Polyta Indonesia,
ADR+ 619
------------
165,184
------------
IRELAND -- 0.6%
12,400 Allied Irish Banks, ADR 220,100
7,700 Bank of Ireland, ADR 197,794
11,600 CRH, ADR 203,000
7,900 Elan Corporation Plc,
ADR+ 382,656
600 IONA Technologies Plc,
ADR+ 37,800
3,200 Jefferson Smurfit Group,
ADR 56,400
400 Riverdeep Group Plc, ADR+ 7,750
2,000 Ryanair Holdings Plc,
ADR+ 73,000
1,300 SmartForce Plc, ADR+ 62,400
500 Warner Chilcott
Laboratories, ADR+ 11,125
2,200 Waterford Wedgwood Plc,
ADR 22,550
------------
1,274,575
------------
ISRAEL -- 0.5%
200 American-Israeli Paper
Mills, ADR 13,200
1,000 Blue Square-Israel Ltd.,
ADR 10,000
2,400 Check Point Software
Technologies Ltd.+ 508,200
2,400 ECI Telecommunications
Ltd., ADR 85,800
600 Elbit Medical Imaging
Ltd., ADR 5,325
700 Elbit Systems Ltd., ADR 10,413
600 Elron Electronic
Industries Ltd., ADR 22,088
600 Gilat Satellite Network
Ltd., ADR+ 41,625
2,400 Koor Industries Ltd., ADR 51,000
100 M-Systems Flash Disk
Pioneers Ltd.+ 7,788
700 Magic Software
Enterprises Ltd.+ 7,481
400 Matav-Cable Systems Media
Ltd., ADR 16,025
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
ISRAEL (CONTINUED)
300 NICE-Systems Ltd., ADR+ $ 23,156
400 Orckit Communications
Ltd. 12,050
500 Partner Communications
Company Ltd., ADR+ 4,750
400 RADWARE Ltd.+ 10,600
1,300 Scitex Corporation, ADR+ 14,381
3,800 Teva Pharmaceutical, ADR 210,662
------------
1,054,544
------------
ITALY -- 2.4%
2,672 Benetton Group SpA, ADR 110,554
1,600 De Rigo SpA, ADR 10,400
4,000 Enel SpA, ADR 178,500
22,900 Ente Nazionale
Idrocarburi SpA, ADR 1,332,494
10,515 Fiat SpA 272,076
800 Fila Holding SpA, ADR+ 8,450
1,700 Industrie Natuzzi, ADR 20,187
13,400 Luxottica Group, ADR 163,312
14,261 Montedison SpA 256,698
500 SAES Getters SpA, ADR 3,688
20,086 San Paolo-IMI SpA, ADR 710,542
15,100 Telecom Italia SpA 2,077,194
------------
5,144,095
------------
JAPAN -- 19.9%
9,200 ADERANS Company Ltd. 425,729
14,700 AIWA Company Ltd. 235,244
40,000 ALPS Electric Company
Ltd. 742,661
8,570 Amway Japan Ltd., ADR 39,101
5,600 Bandai Company Ltd., ADR 51,722
134,095 Bank of Tokyo, ADR 1,625,902
25,000 Canon, Inc., ADR 1,259,375
1,900 CSK Corporation, ADR 56,050
10,200 Dai'El, Inc., ADR 71,400
4,800 Densei-Lambda KK 98,846
8,850 Eisai Company Ltd., ADR 283,587
14,800 Fuji Photo Film Company
Ltd., ADR 627,150
27,000 Fujita Kanko, Inc. 140,210
27,100 Heiwa Corporation+ 607,870
20,800 Hisamitsu Pharmaceutical
Co., Inc. 319,728
10,000 Hitachi Ltd., ADR 1,441,250
14,000 Honda Motor Company Ltd.,
ADR 962,500
</TABLE>
See Notes to Financial Statements.
14
<PAGE> 37
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
600 Internet Initiative
Japan, Inc., ADR+ $ 35,550
11,900 Ito-Yokado Ltd., ADR 737,056
25,500 Japan Airlines Company,
ADR 202,406
309,000 Kawasaki Heavy Industries
Ltd. 471,778
10,350 Kawasaki Heavy Industries
Ltd., ADR 63,209
9,700 Kawasaki Steel
Corporation, ADR 138,957
59,000 Kinden Corporation 370,331
3,100 Kirin Brewery Company,
ADR 394,475
16,300 Kobe Steel Ltd., ADR+ 56,072
7,250 Komatsu Ltd., ADR 203,892
2,100 Kubota Corporation, ADR 149,625
5,600 Kyocera Corporation, ADR 962,150
4,800 Makita Corporation, ADR 45,000
6,200 Matsushita Electric
Industrial Company
Ltd., ADR 1,593,400
35,000 Matsushita-Kotobuki
Electronics Industries
Ltd. 781,773
270,700 Mazda Motor Corporation 732,208
22,500 Mitsubishi Corporation,
ADR 406,720
2,400 Mitsui & Company Ltd.,
ADR 368,025
9,500 NEC Corporation, ADR 1,505,750
76,000 NGK Insulators Ltd. 941,181
50,000 NGK Spark Plug Company
Ltd. 773,291
31,200 Nippon Soda Company Ltd. 120,266
91,300 Nippon Telegraph &
Telephone Corporation,
ADR 6,242,638
36,000 Nissan Motor Company
Ltd., ADR 414,000
20,000 NTT DoCoMo, Inc., ADR 2,704,868
7,900 Olympus Optical Company,
ADR 141,538
4,680 Orix Corporation, ADR 351,878
16,200 Pasco Corporation 94,508
5,400 Pioneer Corporation, ADR 218,700
2,400 Q.P. Corporation, ADR 40,036
4,100 Ricoh Company Ltd., ADR 433,745
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
JAPAN (CONTINUED)
9,400 Royal Company Ltd. $ 94,704
31,300 Sanden Corporation 243,072
10,900 Sanyo Electric
Corporation, ADR 499,356
512 Sawako Corporation, ADR 2,316
11,500 Sega Enterprises, ADR 44,166
12,100 Shiseido Ltd., ADR 187,022
23,600 Sony Corporation, ADR 2,225,775
10,800 Sumitomo Metal
Industries, ADR+ 74,304
127,000 Sumitomo Metal Mining
Company 598,464
13,000 Sumitomo Special Metals
Company Ltd. 182,065
40,400 Sumitomo Trust & Banking
Company Ltd., ADR 287,470
29,800 Sumitomo Warehouse
Company Ltd. 86,503
32,800 Takara Standard Company
Ltd. 142,817
17,000 TAMURA Corporation 87,159
4,000 TDK Corporation, ADR 573,000
9,300 Tokio Marine & Fire
Insurance Ltd., ADR 553,350
11,200 Tokyo Ohka Kogyo Company,
Ltd. 262,834
54,070 Toyota Motor Corporation,
ADR 5,038,648
42,100 Uny Company Ltd. 581,278
900 Wacoal Corporation, ADR 47,250
43,800 Yamaguchi Bank Ltd. 310,837
11,100 York-Benimaru Company
Ltd. 313,840
------------
43,119,581
------------
KOREA -- 1.1%
36,000 Korea Electric Power
Corporation, ADR 663,750
16,500 Korea Telecom
Corporation, ADR 798,188
11,100 Pohang Iron & Steel
Company, Ltd., ADR 266,400
16,084 SK Telecom Company Ltd.,
ADR 584,050
------------
2,312,388
------------
</TABLE>
See Notes to Financial Statements.
15
<PAGE> 38
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
LUXEMBOURG -- 0.0%#
1,400 Espirito Santo Financial
Holdings, ADR $ 25,200
1,400 Millicom International
Cellular SA+ 49,000
------------
74,200
------------
MALAYSIA -- 0.1%
41,900 Amsteel Corporation
Berhad, ADR 5,624
39,500 Resorts World Berhad 108,105
------------
113,729
------------
MEXICO -- 1.0%
2,900 Altos Hornos de Mexico
SA, ADR+ 0
1,600 Apasco SA, Series A, ADR 45,907
800 Bufete Industries, ADR+ 250
8,600 Cemex SA de CV, ADR 201,025
800 Coca-Cola Femsa SA, ADR 15,100
250 Consorcio Grupo Dina SA,
ADR 719
500 Controladora Comercial
Mexican SA de CV, ADR 9,125
2,205 Desc de CV, Series C, ADR 28,389
3,100 Empresas Ica, ADR 5,231
13,000 Grupo Carso SA, ADR+ 92,160
1,100 Grupo Casa Autrey, ADR+ 10,038
1,100 Grupo Elektra, ADR 11,275
8,600 Grupo Financiero Bancomer
SA de CV, ADR 87,345
2,000 Grupo Imsa SA, ADR 28,875
800 Grupo Industrial Durango
SA, ADR+ 7,625
1,800 Grupo Industrial Maseca
SA, ADR 12,937
1,800 Grupo Iusacell SA de CV,
ADR+ 28,125
500 Grupo Radio Central, ADR 5,688
4,600 Grupo Telivisa SA, ADR+ 317,112
280 Grupo Tribasa SA de CV,
ADR+ 630
700 Industries Bachoco SA 4,638
4,200 Kimberly Clark, Inc., ADR 59,720
3,400 Savia SA de CV, ADR+ 65,875
17,200 Telefono de Mexico SA,
ADR 982,550
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
MEXICO (CONTINUED)
2,100 Tubos de Acero de Mexico,
ADR $ 29,137
3,000 Tv Azteca SA de CV, ADR 39,562
3,600 Vitro Sociedad Anomina,
ADR 11,475
------------
2,100,513
------------
NETHERLANDS -- 4.9%
41,500 ABN AMRO Holding, ADR 1,019,344
33,600 AEGON Insurance, ADR 1,197,000
8,500 Akzo Nobel, ADR 357,531
12,300 ASM Lithography Holdings
NV+ 542,737
6,100 Baan Company, ADR+ 16,012
1,600 Benckiser NV 62,400
4,400 CNH Global NV 40,700
11,500 DSM, ADR 92,224
10,000 Elsevier, ADR 246,875
6,100 Equant NV+ 262,300
1,800 Gucci Group, ADR 170,550
27,305 ING Groep NV 1,843,087
3,600 Ispat International NV,
Class A 34,200
1,575 KLM Royal Dutch Airlines
NV 41,836
18,060 Koninklijke Ahold, ADR 529,384
38,064 Koninklijke Philips
Electronics NV, ADR 1,808,040
400 Koninklijke Vopak NV, ADR 11,769
2,500 Koninklijke Wessanen NV,
CVA 27,448
100 KPNQwest NV+ 3,962
2,500 Oce Van Der Griten, ADR 40,000
1,000 QIAGEN NV, ADR+ 174,000
1,400 Royal Nedlloyd Group, ADR 13,560
27,366 Royal PTT Nederland, ADR 1,229,760
13,683 TNT Post Group NV, ADR 368,586
800 Toolex Alpha NV, ADR+ 12,800
5,700 VNU - Verenigde
Nederlandse
Uitgeversbedrijven
Verengd Bezit, ADR 294,401
8,400 Wolters Kluwer, ADR 223,744
------------
10,664,250
------------
</TABLE>
See Notes to Financial Statements.
16
<PAGE> 39
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
NEW ZEALAND -- 0.1%
1,025 Fletcher Challenge,
Building, ADR $ 10,763
1,025 Fletcher Challenge,
Energy, ADR 32,287
2,560 Fletcher Challenge,
Forest, ADR+ 9,280
1,950 Fletcher Challenge,
Paper, ADR 22,059
7,900 Telecommunications of New
Zealand Ltd., ADR 222,187
1,200 Tranz Rail Holdings Ltd.,
ADR 6,038
------------
302,614
------------
NORWAY -- 0.2%
1,800 Nera ASA, ADR 9,450
6,850 Norsk Hydro AS, ADR 288,128
2,700 Petroleum Geo-Services,
ADR+ 46,069
800 Smedvig ASA, ADR 14,451
------------
358,098
------------
PANAMA -- 0.0%#
600 Banco Latinoamericano de
Exportaciones SA 16,613
------------
PERU -- 0.0%#
500 Compania de Minas
Buenaventura SA, ADR 8,656
7,000 Telefonica del Peru SA,
ADR 79,625
------------
88,281
------------
PHILIPPINES -- 0.1%
3,600 Philippine Long Distance
Telephone Company, ADR 63,900
5,565 San Miguel Corporation,
Class B, ADR 68,839
------------
132,739
------------
PORTUGAL -- 0.4%
5,900 Banco Comercial Portugues
SA, ADR 152,663
9,000 Electricidade de Portugal
SA, ADR 312,187
28,500 Portugal Telecom SA, ADR 320,625
------------
785,475
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
RUSSIA -- 0.3%
5,000 Lukoil, ADR $ 255,600
500 Mobile Telesystems, ADR 12,275
7,600 Mosenergo, ADR 29,640
3,500 Rostelecom, ADR 47,687
13,600 Surgutneftegaz, ADR+ 181,220
11,800 Unified Energy Systems 135,700
800 Vimpel-Communications,
ADR+ 17,700
------------
679,822
------------
SINGAPORE -- 0.3%
6,500 Asia Pacific Resources
International Holdings
Ltd., Class A 7,719
200 Chartered Semiconductor
Manufacturing, ADR+ 18,000
1,300 China Yuchai, ADR+ 1,341
3,500 Cycle & Carriage Ltd.,
ADR 16,456
7,003 DBS Group Holdings Ltd.,
ADR 360,085
10,875 Keppel Corporation Ltd. 47,102
5,400 Neptune Orient Lines
Ltd., ADR+ 20,011
100 St Assembly Test Services
Ltd., ADR+ 2,575
15,100 United Overseas Bank
Ltd., ADR 197,603
------------
670,892
------------
SOUTH AFRICA -- 0.2%
3,400 Gold Fields of South
Africa Ltd., ADR 4,356
2,100 Harmony Gold Mining
Company Ltd., ADR 11,681
5,852 Imperial Holdings Ltd.,
ADR 47,609
7,700 Iscor Ltd., ADR 13,108
15,400 Liberty Group Ltd., ADR 210,372
3,300 Pepkor Ltd., ADR 23,735
17,400 Sasol Ltd., ADR 115,275
12,200 Wooltru Ltd., ADR 14,115
------------
440,251
------------
SPAIN -- 2.6%
83,833 Banco Bilbao Vizcaya
Argentaria SA 1,236,537
105,160 Banco Santander Central
Hispano SA, ADR 1,091,035
</TABLE>
See Notes to Financial Statements.
17
<PAGE> 40
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
SPAIN (CONTINUED)
35,100 Banesto Espanol de
Credito, ADR+ $ 261,378
27,400 Endesa SA, ADR 534,300
25,850 Repsol, ADR 512,153
31,216 Telefonica de Espana SA,
ADR 1,999,775
------------
5,635,178
------------
SWEDEN -- 2.6%
3,400 AGA AB, ADR 54,354
3,666 Atlas Copco, ADR 70,660
3,100 Autoliv, Inc., ADR 74,594
500 Biacore International AB,
ADR+ 21,500
5,300 Electrolux AB, ADR 166,950
219,600 Ericsson (L.M.) Telephone
Company, Class B, ADR 4,392,000
15,100 Forenings Sparbanken AB,
ADR 220,850
700 Pricer AB, ADR 171
7,750 Sandvik AB, ADR 162,557
3,300 SKF AB, ADR 54,862
6,000 Svenska Cellulosa AB, ADR 113,945
1,300 Swedish Match Company,
ADR 39,975
12,700 Volvo AB, ADR 277,812
------------
5,650,230
------------
SWITZERLAND -- 5.1%
3,900 Adecco SA, ADR 413,887
100 Carrier 1 International
SA, ADR+ 1,163
30,900 Credit Suisse Group, ADR 1,536,666
1,100 Mettler Toledo
International, Inc.+ 44,000
22,600 Nestle, ADR 2,261,662
73,532 Novartis, ADR 2,911,891
20,100 Roche Holdings Ltd. 1,956,648
3,000 Sulzer Medica, ADR 72,750
1,600 TAG Heuer International
SA, ADR 21,087
246,600 UBS AG, ADR 1,806,455
------------
11,026,209
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
TAIWAN -- 1.1%
150 GigaMedia Ltd.+ $ 1,819
6,585 Macronix International
Company Ltd., ADR 168,319
54,968 Taiwan Semiconductor
Manufacturing Company 2,130,010
------------
2,300,148
------------
THAILAND -- 0.0%#
7,000 Advanced Information
Services PCL, ADR+ 65,577
124 Shin Corporations PCL,
ADR+ 2,406
------------
67,983
------------
UNITED KINGDOM -- 22.4%
20,300 Abbey National Plc, ADR 482,547
2,800 Albert Fisher Group Plc,
ADR+ 3,707
30,000 Allied Domeq Plc, ADR 157,060
22,488 Allied Zurich AG, Plc,
ADR 533,077
4,000 Amvescap Plc, ADR 313,500
9,500 ARM Holdings Plc, ADR+ 312,312
50,936 Astra Zeneca Group Plc,
ADR 2,368,524
19,600 AXA, SA, ADR 1,559,425
30,500 BAA Plc, ADR 237,670
11,000 Barclays Plc, ADR 1,100,000
22,414 Bass Publishing Limited
Company Plc, ADR 259,162
800 Bespak Plc, ADR 5,841
20,192 BG Group Plc, ADR 658,764
22,300 Blue Circle Industries
Plc, ADR 143,910
7,300 BOC Group Plc, ADR 211,244
1,200 Body Shop International
Plc, ADR 10,894
92,600 BP Amoco Plc, ADR 5,237,687
900 Bright Station Plc, ADR+ 4,669
3,200 British Airways Plc, ADR 184,000
22,491 British American Tobacco
Plc, ADR 302,223
2,000 British Biotech Plc, ADR+ 7,000
8,600 British Sky Broadcasting
Group Plc, ADR 998,675
18,600 British
Telecommunications Plc,
ADR 2,459,850
3,200 Burmah Castrol Plc, ADR 131,200
</TABLE>
See Notes to Financial Statements.
18
<PAGE> 41
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
29,870 Cable & Wireless Plc, ADR $ 1,495,349
14,600 Cadbury Schweppes Plc,
ADR 383,250
3,400 Carlton Communications
Plc, ADR 221,000
1,700 Celltech Group Plc, ADR+ 64,387
7,050 Coats Viyella Plc, ADR 17,601
4,700 COLT Telecom Group Plc,
ADR+ 637,437
18,200 Compass Group Plc, ADR 233,204
1,370 Cordiant Communications
Group Plc 38,018
5,900 Corus Group Plc, ADR+ 84,812
1,700 Danka Business Systems
Plc, ADR+ 6,588
25,683 Diageo Plc, ADR 913,352
16,790 Dixons Group Plc, ADR 203,385
2,500 Eidos Plc, ADR+ 18,438
11,725 EMI Group Plc, ADR 222,314
5,000 Enterprise Oil Plc, ADR 123,750
3,150 Exel Plc, ADR 82,294
14,000 Freeserve Plc, ADR+ 701,750
5,000 Gallaher Group Plc, ADR 107,187
400 Gentia Software Plc+ 2,575
52,000 Glaxo Wellcome Plc, ADR 3,006,250
2,370 Hanson Plc 16,747
3,925 Hanson Trust Plc, ADR 138,356
26,600 HSBC Holdings Plc, ADR 1,508,746
300 ICON Plc, ADR+ 4,988
5,400 Imperial Chemical
Industries Plc, ADR 166,387
7,825 Imperial Tobacco Group
Plc, ADR 148,000
200 Independent Energy
Holdings Plc, ADR+ 1,663
50 interactive investor
international Plc, ADR+ 356
54,880 Invensys Plc, ADR 412,005
300 Jazztel Plc, ADR+ 7,875
19,100 Kingfisher Plc, ADR 342,467
9,600 LASMO Plc, ADR 61,800
1,800 Laura Ashley Holdings
Plc, ADR+ 2,587
2,000 London Pacific Group Ltd.
Plc, ADR 26,000
13,700 Marks & Spencer Plc, ADR 289,619
500 MERANT Plc, ADR+ 5,094
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
UNITED KINGDOM (CONTINUED)
8,570 National Grid Group Plc,
ADR $ 338,261
9,200 National Power Plc, ADR 234,600
16,900 Pearson Plc, ADR 529,132
9,000 Peninsular & Oriental
Steam Plc, ADR 158,240
4,800 Powergen Plc, ADR 168,000
4,100 Premier Farnell Plc, ADR 58,937
3,100 Premier Oil Plc, ADC+ 6,098
900 Provalis Plc+ 1,055
29,000 Prudential Plc, ADR 837,816
4,300 Racal Electronics Plc,
ADR 58,524
800 Ramco Energy Plc, ADR+ 4,700
11,500 Rank Group Plc, ADR 50,313
8,500 Reed International Plc,
ADR 297,500
8,600 Rentokil Initial Plc, ADR 195,645
7,053 Reuters Group Plc, ADR 704,859
12,911 Rexam Plc, ADR 47,609
7,900 Rio Tinto Plc, ADR 515,475
48,787 Royal Bank of Scotland
Group Plc 816,448
1,370 Saatchi & Saatchi Plc 43,840
1,200 Scottish & Southern
Energy Plc, ADR 102,952
8,900 Scottish Power Plc, ADR 301,440
1,700 Senetek Plc, ADR+ 3,559
47,500 Shell Transportation &
Trading Plc, ADR 2,372,031
1,400 Shire Pharmaceuticals
Group Plc, ADR+ 72,625
1,700 Signet Group Plc 41,225
300 Smallworldwide Plc, ADR+ 3,750
32,100 Smithkline Beecham Group
Plc, ADR 2,092,519
8,394 South African Breweries
Plc, ADR 62,599
600 Stolt Comex Seaway SA+ 7,125
1,850 Stolt-Nielsen SA Plc, ADR 33,184
3,400 Tate & Lyle Plc, ADR 67,908
800 Taylor Nelson Sofres Plc,
ADR 48,117
6,407 Telewest Communications
Plc, ADR+ 237,059
63,800 Tesco Plc, ADR 593,616
7,500 TI Group Plc, ADR 81,480
8,300 Tomkins Plc, ADR 106,344
2,100 Trinity Mirror Plc, ADR 37,495
</TABLE>
See Notes to Financial Statements.
19
<PAGE> 42
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
20,853 Unilever Plc, ADR $ 523,932
7,500 United News & Media Plc,
ADR 208,594
8,200 United Utilities Plc, ADR 166,306
156,049 Vodafone AirTouch Plc,
ADR 6,466,280
400 Wembley Plc, ADR 12,734
7,261 Williams Plc, ADR 126,895
4,600 WPP Group Plc, ADR 334,075
1,000 Xenova Group Plc, ADR 1,313
------------
48,550,781
------------
UNITED STATES -- 0.2%
393 ADC Telecommunications,
Inc.+ 32,963
1,000 Amdocs Ltd.+ 76,750
480 Magna Entertainment
Corporation, Class A+ 3,127
3,928 NTL, Inc.+ 235,203
------------
348,043
------------
VENEZUELA -- 0.0%#
1,700 Compania Anonima Nacional
Telefonos de Venezuela,
ADR 46,219
1,800 Mavesa SA, ADR 5,625
1,000 Sidervrgica/Venez/Sivensa,
ADR+ 2,360
------------
54,204
------------
TOTAL COMMON STOCKS
(Cost $140,823,148) $213,742,136
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
PREFERRED STOCKS -- 0.0%#
(Cost $116,820)
BRAZIL -- 0.0%#
6,300 Telesp-Telecomunicacoes
de Sao Paulo SA, ADR $ 116,550
------------
RIGHTS -- 0.0%#
(Cost $613)
SWEDEN -- 0.0%#
12,700 Volvo AB, Rights 7,144
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $48,390,828) 22.4% 48,390,828
----- ------------
TOTAL INVESTMENTS
(Cost $189,331,409*) 121.2% 262,256,658
OTHER ASSETS AND
LIABILITIES (NET) (21.2) (45,837,382)
----- ------------
NET ASSETS 100.0% $216,419,276
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $189,972,142
** As of December 31, 1999, the market value of the securities on loan is
$47,123,512. Collateral received for securities loaned of $48,378,368 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
20
<PAGE> 43
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
At June 30, 2000 sector diversification of the Munder International Equity Fund
was as follows:
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
-------------------------
<CAPTION>
COMMON STOCKS:
<S> <C> <C>
<S> <C> <C>
Telecommunications...... 17.8% $ 38,511,315
Banking and Financial
Services.............. 12.4 26,934,825
Oil and Gas............. 8.5 18,393,255
Drugs and Health Care... 7.4 15,901,488
Electronics............. 5.7 12,364,948
Utilities............... 5.1 10,988,370
Automotive.............. 4.9 10,571,713
Business Services....... 4.4 9,558,618
Food and Beverages...... 3.5 7,539,678
Electric and Electrial
Equipment............. 3.3 7,097,702
Machinery and Heavy
Equipment............. 2.7 5,898,284
Retail.................. 2.3 4,920,645
Diversified............. 1.8 3,779,113
Printing and
Publishing............ 1.6 3,535,743
Metals and Mining....... 1.5 3,224,677
Manufacturing........... 1.5 3,247,148
Household Appliances and
Home Furnishings...... 1.5 3,322,183
Photography............. 1.2 2,501,808
Broadcasting and
Advertising........... 1.2 2,495,594
Chemicals............... 1 2,257,638
Software................ 0.9 1,863,562
Transportation.......... 0.8 1,824,133
Insurance............... 0.7 1,411,946
Building Construction... 0.6 1,231,898
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
<S> <C> <C>
Real Estate............. 0.5% $ 1,040,209
Industrial Machinery.... 0.5 1,115,539
Tobacco................. 0.4 882,266
Electronics --
Semiconductors........ 0.4 858,050
Building and Building
Materials............. 0.4 783,552
Leisure Time............ 0.3 610,997
Internet Service
Providers............. 0.3 720,512
Conglomerates........... 0.3 621,655
Apparel and Textiles.... 0.2 375,216
Telecommunications
Services.............. 0.1 239,395
Hotels and
Restaurants........... 0.1 140,210
Construction and Mining
Equipment............. 0.1 294,293
Computer Hardware,
Software or
Services.............. 0.1 184,336
Other................... 3.0 6,499,622
----- ------------
TOTAL COMMON STOCKS..... 98.8 213,742,136
PREFERRED STOCKS........ 0.0 116,550
RIGHTS.................. 0.0 7,144
OTHER INVESTMENTS....... 22.4 48,390,828
----- ------------
TOTAL INVESTMENTS....... 121.2 262,256,658
OTHER ASSETS AND
LIABILITIES (NET)..... (21.2) (45,837,382)
----- ------------
NET ASSETS.............. 100.0% $216,419,276
===== ============
</TABLE>
See Notes to Financial Statements.
21
<PAGE> 44
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 98.6%
BANKING AND FINANCIAL SERVICES -- 1.2%
47,900 ACE Cash Express, Inc.+ $ 568,813
47,300 Actrade International,
Ltd.+ 969,650
------------
1,538,463
------------
BUSINESS SERVICES -- 8.1%
107,200 Charles River Associates,
Inc.+ 1,889,400
266,450 ClickAction, Inc.+ 4,263,200
62,850 Hall, Kinion &
Associates, Inc.+ 2,093,691
65,750 Websense, Inc.+ 1,651,969
59,150 Workflow Management,
Inc.+ 702,406
------------
10,600,666
------------
COMMERCIAL SERVICES -- 1.9%
54,150 Insurance Auto Auctions,
Inc.+ 1,143,919
93,700 Koala Corporation+ 1,323,512
------------
2,467,431
------------
COMPUTERS AND BUSINESS EQUIPMENT -- 7.9%
80,150 CSP, Inc.+ 641,200
114,450 Integrated Measurement
Systems, Inc.+ 1,802,588
119,850 Media 100, Inc.+ 3,086,137
182,100 Qualstar Corporation+ 1,394,203
44,600 ScanSource, Inc.+ 1,733,825
97,000 Telxon Corporation 1,733,875
------------
10,391,828
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 19.0%
135,300 Accord Networks Ltd.+ 1,251,525
194,500 Blue Wave Systems, Inc.+ 2,005,781
82,200 Enlighten Software
Solutions, Inc.+ 308,250
77,750 Fundtech Ltd.+ 2,021,500
185,250 IKOS Systems, Inc.+ 2,003,016
84,450 Level 8 Systems, Inc.+ 1,778,728
78,225 MapInfo Corporation+ 3,177,891
57,650 MCSi, Inc.+ 1,491,694
76,500 Moldflow Corporation+ 1,238,344
188,000 Ontrack Data
International, Inc.+ 1,468,750
79,900 SBS Technologies, Inc.+ 2,951,306
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES
(CONTINUED)
110,700 TALX Corporation+ $ 1,895,737
56,750 Troy Group, Inc.+ 844,156
155,600 UniComp, Inc.+ 320,925
335,400 Zamba Corporation+ 1,844,700
29,600 Zomax, Inc.+ 388,500
------------
24,990,803
------------
ELECTRONICS -- 19.5%
125,050 August Technology
Corporation+ 2,055,509
77,500 BTU International, Inc.+ 930,000
100,800 Comptek Research, Inc.+ 1,789,200
66,750 Diodes, Inc.+ 2,861,906
79,900 Frequency Electronics,
Inc 2,287,137
99,000 Herley Industries, Inc.+ 1,868,625
67,500 ICOS Vision Systems
Corporation NV+ 2,463,750
74,550 Measurement Specialties,
Inc.+ 2,860,856
125,050 Micro Component
Technology, Inc.+ 1,070,741
143,100 Nova Measuring
Instruments Ltd.+ 2,298,544
125,000 Signal Technology
Corporation+ 3,125,000
141,300 Spectrum Control, Inc.+ 1,925,213
------------
25,536,481
------------
FOOD AND BEVERAGES -- 0.1%
43,650 Monterey Pasta Company+ 182,784
------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS -- 1.0%
225,000 Fedders Corporation 1,307,813
------------
INTERNET CONTENT -- 3.4%
262,750 ProsoftTraining.com+ 4,417,484
------------
MACHINERY -- 2.2%
113,100 Applied Science and
Technology, Inc.+ 2,926,463
------------
MANUFACTURING -- 4.0%
100,200 Applied Films
Corporation+ 3,669,825
150,500 Ceradyne, Inc.+ 1,542,625
------------
5,212,450
------------
</TABLE>
See Notes to Financial Statements.
22
<PAGE> 45
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEDICAL AND MEDICAL SERVICES -- 7.5%
247,250 Air Methods Corporation+ $ 780,383
271,650 CardioDynamics
International
Corporation+ 1,706,302
126,200 Dendreon Corporation+ 2,090,187
163,150 First Horizon
Pharmaceutical
Corporation+ 1,590,712
8,350 Integra LifeSciences
Holdings+ 82,978
208,400 Meridian Medical
Technologies, Inc.+ 2,344,500
69,850 Sonic Innovations, Inc.+ 1,296,591
------------
9,891,653
------------
OIL AND GAS -- 2.2%
134,550 Bellwether Exploration
Company+ 1,118,447
106,200 Pennaco Energy, Inc.+ 1,739,025
------------
2,857,472
------------
OIL EQUIPMENT AND SERVICES -- 2.3%
186,350 NATCO Group, Inc., Class
A+ 1,758,678
84,450 Offshore Logistics, Inc.+ 1,213,969
------------
2,972,647
------------
RETAIL -- 2.4%
130,400 Gadzooks, Inc.+ 1,513,862
92,800 Tropical Sportswear
International
Corporation 1,624,000
------------
3,137,862
------------
SEMICONDUCTORS -- 9.1%
359,200 Genus, Inc.+ 2,940,950
159,000 inSilicon Corporation+ 2,484,375
56,000 Parlex Corporation+ 2,359,000
329,600 White Electronic Designs
Corporation+ 4,181,800
------------
11,966,125
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS -- 6.4%
63,450 Arguss Communications,
Inc.+ $ 1,197,619
95,000 Gentner Communications
Corporation+ 1,330,000
28,500 Radyne ComStream, Inc.+ 413,250
77,200 SpectraLink Corporation+ 1,129,050
68,050 TESSCO Technologies,
Inc.+ 1,905,400
68,850 TTI Team Telecom
International Ltd.,
ADR+ 2,478,600
------------
8,453,919
------------
TOYS -- 0.4%
34,600 JAKKS Pacific, Inc.+ 510,350
------------
TOTAL COMMON STOCKS
(Cost $106,959,300) 129,362,694
------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 3.6%
(Cost $4,657,000)
$4,657,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$4,659,464 on
07/03/2000,
collateralized by
$4,175,000 U.S.
Treasury Bond, 7.500%
maturing 11/15/2016
(value $4,754,281) 4,657,000
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $28,964,596) 22.1% 28,964,596
----- ------------
TOTAL INVESTMENTS
(Cost $140,580,896*) 124.3% 162,984,290
OTHER ASSETS AND
LIABILITIES (NET) (24.3) (31,825,375)
----- ------------
NET ASSETS 100.0% $131,158,915
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $141,104,482.
** As of June 30, 2000, the market value of the securities on loan is
$28,077,560. Collateral received for securities loaned of $28,964,596 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
23
<PAGE> 46
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 95.6%
ADVERTISING -- 5.0%
370,000 Interpublic Group of
Companies, Inc. $ 15,910,000
181,350 Omnicom, Inc. 16,151,484
------------
32,061,484
------------
AUTOMOBILE PARTS AND EQUIPMENT -- 1.7%
216,550 Johnson Controls, Inc. 11,111,722
------------
BANKING AND FINANCIAL SERVICES -- 10.2%
324,150 Automatic Data Processing,
Inc. 17,362,284
50,000 Federal Home Loan Mortgage
Corporation 2,025,000
284,300 Firstar Corporation 5,988,069
163,500 Fiserv, Inc.+ 7,071,375
189,000 FleetBoston Financial
Corporation 6,426,000
300,000 MBNA Corporation 8,137,500
170,000 Mellon Financial Corporation 6,194,375
150,000 MGIC Investment Corporation 6,825,000
67,000 Morgan Stanley, Dean Witter,
Discover and Company 5,577,750
------------
65,607,353
------------
BUILDING MATERIALS -- 0.8%
300,000 Masco Corporation 5,418,750
------------
CHEMICALS -- 1.6%
150,000 Avery Dennison Corporation 10,068,750
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 13.9%
85,400 Computer Sciences
Corporation+ 6,378,313
100,000 EMC Corporation+ 7,693,750
85,000 Hewlett-Packard Company 10,614,375
90,000 International Business
Machines Corporation 9,860,625
75,000 Lexmark International Group,
Inc. 5,043,750
290,200 Microsoft Corporation+ 23,216,000
162,200 Oracle Corporation+ 13,634,937
85,000 Sun Microsystems, Inc.+ 7,729,687
43,499 VERITAS Software
Corporation+ 4,916,067
------------
89,087,504
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
DIVERSIFIED -- 3.8%
142,003 Honeywell International,
Inc. $ 4,783,726
420,292 Tyco International Ltd. 19,911,334
------------
24,695,060
------------
DRUGS -- 7.2%
136,000 Amgen, Inc.+ 9,554,000
150,000 Cardinal Health, Inc. 11,100,000
200,000 Merck & Co., Inc. 15,325,000
200,000 Schering-Plough Corporation 10,100,000
------------
46,079,000
------------
ELECTRICAL EQUIPMENT -- 3.1%
375,000 General Electric Company 19,875,000
------------
ELECTRONICS -- 5.0%
32,419 Agilent Technologies, Inc.+ 2,390,901
400,000 Cisco Systems, Inc.+ 25,425,000
100,000 Solectron Corporation+ 4,187,500
------------
32,003,401
------------
ENVIRONMENTAL SERVICES -- 0.9%
370,000 Republic Services, Inc.+ 5,920,000
------------
FOOD AND BEVERAGES -- 6.0%
200,000 Anheuser-Busch Companies,
Inc. 14,937,500
95,500 Bestfoods 6,613,375
410,000 SYSCO Corporation 17,271,250
------------
38,822,125
------------
INSURANCE -- 3.4%
88,866 American International
Group, Inc. 10,441,755
110,400 Marsh & McLennan Companies,
Inc. 11,529,900
------------
21,971,655
------------
MEDICAL SERVICES AND SUPPLIES -- 4.7%
124,700 Baxter International, Inc. 8,767,969
260,900 Biomet, Inc. 10,028,344
111,000 Johnson & Johnson Company 11,308,125
------------
30,104,438
------------
OIL AND GAS -- 0.9%
97,000 Coastal Corporation 5,904,875
------------
</TABLE>
See Notes to Financial Statements.
24
<PAGE> 47
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RESTAURANTS -- 1.9%
150,000 Brinker International, Inc.+ $ 4,387,500
142,000 Outback Steakhouse, Inc.+ 4,153,500
200,000 Wendy's International, Inc. 3,562,500
------------
12,103,500
------------
RETAIL-BUILDING SUPPLIES -- 1.6%
125,000 Home Depot, Inc. 6,242,188
100,000 Lowe's Companies, Inc. 4,106,250
------------
10,348,438
------------
RETAIL GROCERY -- 1.1%
150,000 Safeway, Inc.+ 6,768,750
------------
RETAIL -- STORE -- 2.8%
400,000 Family Dollar Stores, Inc. 7,825,000
171,800 Wal-Mart Stores, Inc. 9,899,975
------------
17,724,975
------------
SEMICONDUCTORS -- 8.8%
170,500 Altera Corporation+ 17,380,344
187,700 Intel Corporation 25,093,143
210,400 Maxim Integrated Products,
Inc.+ 14,294,050
------------
56,767,537
------------
TELECOMMUNICATIONS -- 11.2%
210,000 ADC Telecommunications,
Inc.+ 17,613,750
200,000 Comverse Technology, Inc.+ 18,600,000
105,000 Lucent Technologies, Inc. 6,221,250
124,400 Nortel Networks Corporation 8,490,300
200,000 SBC Communications 8,650,000
270,000 WorldCom, Inc.+ 12,386,250
------------
71,961,550
------------
TOTAL COMMON STOCKS
(Cost $423,660,656) 614,405,867
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 4.2%
(Cost $27,075,000)
</TABLE>
<TABLE>
<C> <S> <C>
$27,075,000 Agreement with State
Street Bank and
Trust Company,
6.350% dated
06/30/2000, to be
repurchased at
$27,089,327 on
07/03/2000,
collateralized by
$27,455,000 U.S.
Treasury Note,
5.500% maturing
08/31/2001 (value
$27,616,531) $ 27,075,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $20,719,484) 3.2% 20,719,484
----- ------------
TOTAL INVESTMENTS
(Cost $471,455,140*) 103.0% 662,200,351
OTHER ASSETS AND
LIABILITIES (NET) (3.0) (19,170,299)
----- ------------
NET ASSETS 100.0% $643,030,052
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $472,366,323.
** As of June 30, 2000, the market value of the securities on loan is
$20,663,767. Collateral received for securities loaned of $20,719,484 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
See Notes to Financial Statements.
25
<PAGE> 48
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 94.5%
APARTMENTS -- 18.9%
69,775 Apartment Investment &
Management Company $ 3,017,769
78,209 Avalon Bay Community, Inc. 3,265,226
71,700 Camden Property Trust 2,106,187
18,000 Charles E. Smith
Residential Realty, Inc. 710,455
67,450 Equity Residential
Properties Trust 3,102,700
-----------
12,202,337
-----------
BUSINESS SERVICES -- 1.2%
30,000 CoStar Group, Inc.+ 751,875
-----------
COMMUNITY SHOPPING CENTERS -- 10.1%
137,050 Bradley Real Estate, Inc. 2,920,878
30,200 Developers Diversified
Realty Corporation 451,113
76,375 Kimco Realty Corporation 3,131,375
-----------
6,503,366
-----------
HOTELS -- 2.8%
55,150 Starwood Hotels & Resorts
Worldwide, Inc. 1,795,822
-----------
OFFICE AND INDUSTRIAL -- 36.9%
87,825 AMB Property Corporation 2,003,508
80,625 Boston Properties, Inc. 3,114,141
62,200 CenterPoint Properties
Corporation 2,534,650
133,800 Corporate Office
Properties Trust, Inc. 1,229,287
151,825 Duke Realty Investments,
Inc. 3,397,084
97,544 Equity Office Properties
Trust 2,688,556
114,325 Kilroy Realty Corporation 2,965,305
25,800 Mack-Cali Realty
Corporation 662,737
106,875 Reckson Associates Realty
Corporation 2,538,281
28,307 Reckson Associates Realty
Corporation, Class B 720,060
43,325 Spieker Properties, Inc. 1,992,950
-----------
23,846,559
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
REGIONAL MALLS -- 10.4%
80,050 CBL & Associates
Properties, Inc. $ 1,996,247
73,500 General Growth Properties,
Inc. 2,333,625
105,825 Simon Property Group, Inc. 2,347,992
-----------
6,677,864
-----------
STORAGE -- 4.3%
119,200 Public Storage, Inc. 2,793,750
-----------
TELECOMMUNICATIONS -- 1.0%
18,350 Crown Castle International
Corporation+ 669,775
-----------
OTHER -- 8.9%
185,300 Correctional Properties
Trust 1,945,650
25,000 Pinnacle Holdings, Inc.+ 1,350,000
3,526 Vornado Operating, Inc.+ 27,326
70,525 Vornado Realty Trust 2,450,744
-----------
5,773,720
-----------
TOTAL COMMON STOCKS
(Cost $60,219,767) 61,015,068
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 2.5%
(Cost $1,595,000)
$1,595,000 Agreement with State
Street Bank and Trust
Company, 6.350%
06/30/2000, to be
repurchased at
$1,595,844 on
07/03/2000,
collateralized by
$1,255,000 U.S.
Treasury Bond, 9.250%
maturing 02/15/2016
(value $1,632,313) 1,595,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $61,616,075) 97.0% 62,610,068
----- -----------
OTHER ASSETS AND LIABILITIES
(NET) 3.0 1,959,516
----- -----------
NET ASSETS 100.0% $64,569,584
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $61,616,074.
+ Non-income producing security
See Notes to Financial Statements.
26
<PAGE> 49
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 99.0%
APPAREL & TEXTILES -- 1.3%
58,000 Unifi, Inc.+ $ 717,750
-----------
AUTOMOBILE PARTS AND EQUIPMENT -- 7.4%
16,600 Borg Warner, Inc. 583,075
41,000 Dura Automotive Systems,
Inc.+ 443,313
42,300 Monaco Coach Corporation+ 576,337
27,600 Oshkosh Truck Corporation 986,700
67,500 Sonic Automotive, Inc.,
Class A+ 721,406
62,200 Tower Automotive, Inc.+ 777,500
-----------
4,088,331
-----------
BANKING AND FINANCIAL SERVICES -- 9.9%
44,600 American Capital
Strategies Ltd. 1,064,825
64,700 Financial Federal
Corporation+ 1,124,162
26,600 Metris Companies, Inc. 668,325
42,000 OceanFirst Financial
Corporation 774,375
21,300 Prosperity Bancshares,
Inc. 343,463
14,500 Silicon Valley Bancshares+ 618,062
22,100 Southwest Securities
Group, Inc. 823,225
-----------
5,416,437
-----------
BUILDING MATERIALS -- 1.9%
74,600 Universal Forest Products,
Inc. 1,025,750
-----------
CHEMICALS AND PLASTICS -- 5.8%
19,600 Cambrex Corporation 882,000
47,000 Olin Corporation 775,500
50,000 R.P.M., Inc. 506,250
37,000 Spartech Corporation 999,000
-----------
3,162,750
-----------
COMMERCIAL SERVICES -- 3.9%
28,300 Interim Services, Inc.+ 502,325
97,900 Mail-Well, Inc.+ 844,387
30,310 Manitowoc Company, Inc. 810,793
-----------
2,157,505
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 3.2%
21,800 InFocus Corporation+ $ 701,687
65,300 Nelvana Ltd.+ 1,080,980
-----------
1,782,667
-----------
COMPUTER / PERIPHERALS -- 1.4%
97,200 Qualstar Corporation+ 744,188
-----------
CONSUMER SERVICES -- 1.7%
49,600 Dollar Thrifty Automotive
Group, Inc.+ 914,500
-----------
DIVERSIFIED -- 4.2%
52,100 A.O. Smith Corporation 1,090,844
16,140 Lancaster Colony
Corporation 314,730
25,400 Pentair, Inc. 901,700
-----------
2,307,274
-----------
ELECTRONICS -- 10.1%
28,750 ACT Manufacturing, Inc.+ 1,335,078
16,500 CTS Corporation 742,500
9,200 DuPont Photomasks, Inc.+ 630,200
40,100 General Semiconductor,
Inc.+ 591,475
12,600 International Rectifier
Corporation+ 705,600
29,300 Methode Electronics, Inc.,
Class A 1,131,712
18,200 Therma-Wave, Inc.+ 406,088
-----------
5,542,653
-----------
FOOD AND BEVERAGES -- 3.4%
19,800 Canandaigua Brands, Inc.,
Class A+ 998,663
127,200 Del Monte Foods Company+ 866,550
-----------
1,865,213
-----------
HARDWARE -- 1.3%
21,500 Toro Company 708,156
-----------
HOME FURNISHINGS AND HOUSEWARES -- 2.8%
54,200 Furniture Brands
International, Inc.+ 819,775
139,300 Quaker Fabric Corporation+ 705,206
-----------
1,524,981
-----------
HOTELS AND RESTAURANTS -- 0.9%
17,300 Brinker International,
Inc.+ 506,025
-----------
</TABLE>
See Notes to Financial Statements.
27
<PAGE> 50
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INDUSTRIAL MACHINERY -- 1.3%
74,800 NATCO Group, Inc., Class
A+ $ 705,925
-----------
INSURANCE -- 3.6%
78,900 MIIX Group, Inc. 946,800
20,500 Radian Group, Inc. 1,060,875
-----------
2,007,675
-----------
MEDICAL SERVICES AND SUPPLIES -- 1.0%
13,100 PolyMedica Corporation++ 566,575
-----------
MEDICAL SUPPLIES -- 1.4%
44,600 Orthofix International NV,
ADR+ 797,225
-----------
METALS AND METAL PROCESSING -- 1.3%
37,800 Reliance Steel & Aluminum
Company 722,925
-----------
OIL AND GAS -- 13.2%
49,800 Basin Exploration Inc.+ 890,175
34,100 CARBO Ceramics, Inc. 1,197,762
14,300 Equitable Resources, Inc. 689,975
77,200 Genesis Exploration Ltd.+ 573,784
18,500 HS Resources, Inc.+ 555,000
69,000 OSCA, Inc., Class A+ 1,164,375
81,900 Southwest Gas Corporation 1,433,250
32,800 Tom Brown, Inc.+ 756,450
-----------
7,260,771
-----------
REAL ESTATE -- 14.8%
51,000 CenterPoint Properties
Corporation 2,078,250
145,100 Correctional Properties
Trust 1,523,550
89,700 Kilroy Realty Corporation 2,326,594
93,800 Reckson Associates Realty
Corporation 2,227,750
-----------
8,156,144
-----------
RESTAURANTS -- 2.3%
12,600 Papa John's International,
Inc.+ 308,700
75,800 Ruby Tuesday, Inc. 952,238
-----------
1,260,938
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
RETAIL -- 0.9%
24,000 Chico's FAS, Inc.+ $ 480,000
-----------
TOTAL COMMON STOCKS
(Cost $54,751,555) 54,422,358
-----------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 3.3%
(Cost $1,810,000)
$1,810,000 Agreement with State
Street Bank and Trust
Company, 6.350%
06/30/2000, to be
repurchased at
$1,810,958 on
07/03/2000,
collateralized by
$1,625,000 U.S. Treasury
Bond, 7.125% maturing
02/15/2023 (value
$1,850,469) 1,810,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $11,678,958) 21.2% 11,678,958
----- -----------
TOTAL INVESTMENTS
(Cost $68,240,513*) 123.5% 67,911,316
OTHER ASSETS AND
LIABILITIES (NET) (23.5) (12,935,014)
----- -----------
NET ASSETS 100.0% $54,976,302
===== ===========
</TABLE>
OPEN OPTION CONTRACTS WRITTEN
<TABLE>
<CAPTION>
Name of Number of Exercise Expiration
Issuer Contracts Price Date Value
------- --------- -------- ---------- -------
<S> <C> <C> <C> <C>
PolyMedica Corporation,
Call Options 130 $50 9/16/00 $60,937
</TABLE>
No written options were exercised or expired during the year.
------------
* Aggregate cost for Federal tax purposes is $68,611,270.
** As of June 30, 2000, the market value of the securities on loan is
$11,153,436. Collateral received for securities loaned includes $66,912 in
U.S. Government securities and the remaining $11,612,046 is invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ 13,000 shares pledged as collateral for open option contracts written.
See Notes to Financial Statements.
28
<PAGE> 51
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 100.0%
BANKING AND FINANCIAL SERVICES -- 3.2%
122,150 Financial Federal
Corporation+ $ 2,122,356
46,200 Silicon Valley Bancshares+ 1,969,275
118,900 Southwest Bancorporation of
Texas, Inc.+ 2,467,175
------------
6,558,806
------------
BROADCASTING -- 1.0%
101,550 Spanish Broadcasting
Systems, Inc., Class A+ 2,088,122
------------
BUSINESS SERVICES -- 7.8%
120,700 AppNet, Inc.+ 4,345,200
121,150 Charles River Associates,
Inc.+ 2,135,269
234,050 ProsoftTraining.com+ 3,934,966
145,012 Tetra Tech, Inc.+ 3,317,149
120,650 Vicinity Corporation+ 2,367,756
------------
16,100,340
------------
CHEMICALS -- 5.2%
64,700 Cabot Microelectronics
Corporation+ 2,960,025
96,800 Cambrex Corporation 4,356,000
101,250 Diversa Corporation+ 3,353,906
------------
10,669,931
------------
COMMERCIAL SERVICES -- 1.0%
78,200 Manitowoc Company, Inc. 2,091,850
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 19.3%
148,750 Advanced Digital Information
Corporation+ 2,370,703
146,450 Caldera Systems, Inc.+ 1,913,003
58,600 Concord Communications,
Inc.+ 2,336,675
105,450 Cybex Computer Products
Corporation 4,468,444
93,400 Fundtech Ltd., ADR+ 2,428,400
90,150 Level 8 Systems, Inc.+ 1,898,784
97,350 MapInfo Corporation+ 3,954,844
48,500 MatrixOne, Inc.+ 1,970,313
76,850 MCSi, Inc.+ 1,988,494
174,950 Media 100, Inc.+ 4,504,962
72,350 National Instruments
Corporation+ 3,156,269
57,300 ScanSource, Inc.+ 2,227,537
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES
(CONTINUED)
79,200 SmartDisk Corporation+ $ 2,178,000
257,550 Zamba Corporation+ 1,416,525
221,850 Zomax, Inc.+ 2,911,781
------------
39,724,734
------------
DISTRIBUTORS -- 0.8%
84,800 Advance Paradigm, Inc.+ 1,738,400
------------
DRUGS & HEALTH CARE -- 3.5%
123,750 Noven Pharmaceuticals, Inc.+ 3,720,234
185,500 Texas Biotechnology
Corporation+ 3,524,500
------------
7,244,734
------------
ELECTRONICS -- 17.5%
106,300 CTS Corporation 4,783,500
50,400 Cymer, Inc.+ 2,406,600
41,400 DSP Group, Inc.+ 2,318,400
72,200 International Rectifier
Corporation+ 4,043,200
44,750 L-3 Communications Holding,
Inc.+ 2,553,547
114,650 MKS Instruments, Inc.+ 4,485,681
20,625 Orbotech Ltd., ADR+ 1,915,547
70,200 SBS Technologies, Inc.+ 2,593,013
102,325 Therma-Wave, Inc.+ 2,283,127
105,200 Trimble Navigation Ltd.+ 5,135,075
75,500 Varian, Inc.+ 3,482,437
------------
36,000,127
------------
ENTERTAINMENT -- 0.7%
69,300 World Wrestling Federation
Entertainment, Inc., Class
A+ 1,442,306
------------
HEALTH CARE PRODUCTS -- 2.4%
107,900 Biomatrix, Inc.+ 2,441,238
57,150 Titan Pharmaceuticals, Inc.+ 2,457,450
------------
4,898,688
------------
MACHINERY -- 3.1%
144,600 Applied Science and
Technology, Inc.+ 3,741,525
66,950 Helix Technology Corporation 2,611,050
------------
6,352,575
------------
</TABLE>
See Notes to Financial Statements.
29
<PAGE> 52
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEDICAL PRODUCTS -- 5.7%
100,800 Dendreon Corporation+ $ 1,669,500
74,850 Enzon, Inc.+ 3,181,125
212,150 Organogenesis, Inc.+ 2,426,466
35,350 Tanox, Inc.+ 1,672,497
195,350 Targeted Genetics
Corporation+ 2,905,831
------------
11,855,419
------------
MEDICAL SERVICES -- 4.9%
75,650 Allscripts, Inc.+ 1,739,950
101,700 Charles River Laboratories
International, Inc.+ 2,256,469
73,900 PolyMedica Corporation+ 3,196,175
84,000 Province Healthcare Company+ 3,034,500
------------
10,227,094
------------
MEDICAL SUPPLIES -- 2.6%
123,750 ADAC Laboratories+ 2,970,000
33,460 Molecular Devices
Corporation+ 2,315,014
------------
5,285,014
------------
OIL AND GAS EQUIPMENT AND SERVICES -- 2.7%
73,850 Core Laboratories NV+ 2,141,650
61,100 Hanover Compressor Company+ 2,321,800
36,900 National-Oilwell, Inc.+ 1,213,088
------------
5,676,538
------------
RETAIL -- 7.4%
192,250 Cutter & Buck, Inc.+ 1,525,984
53,075 Fossil, Inc.+ 1,031,645
254,250 Hollywood Entertainment
Corporation+ 2,002,219
43,200 Michaels Stores, Inc.+ 1,979,100
70,350 Pacific Sunwear of
California, Inc.+ 1,319,063
115,550 Rent-Way, Inc.+ 3,372,616
96,300 The Men's Wearhouse, Inc.+ 2,148,694
69,350 Ultimate Electronics, Inc.+ 1,858,363
------------
15,237,684
------------
STORAGE -- 1.3%
122,150 Mobile Mini, Inc.+ 2,694,934
------------
TECHNOLOGY -- 0.8%
47,850 Stratos Lightwave, Inc.+ 1,333,819
7,800 Symyx Technologies+ 332,353
------------
1,666,172
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
TELECOMMUNICATIONS -- 7.3%
66,200 ADTRAN, Inc.+ $ 3,963,725
53,350 Corsair Communications,
Inc.+ 1,533,813
88,700 Digital Microwave
Corporation+ 3,381,687
279,800 Glenayre Technologies, Inc.+ 2,955,387
81,200 LCC International, Inc.,
Class A+ 2,217,775
37,250 Vyyo, Inc.+ 1,005,750
------------
15,058,137
------------
TRANSPORTATION -- 1.8%
118,900 EGL, Inc.+ 3,656,175
------------
TOTAL COMMON STOCKS
(Cost $191,253,317) 206,267,780
------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C>
<C> <S> <C>
REPURCHASE AGREEMENT-- 3.6%
(Cost $7,388,000)
</TABLE>
<TABLE>
<C> <S> <C>
$7,388,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$7,391,909 on
07/03/2000,
collateralized by
$7,435,000 U.S.
Treasury Note, 6.625%
maturing 04/30/2002
(value $7,537,231) 7,388,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $46,088,978) 22.4% 46,088,978
----- ------------
TOTAL INVESTMENTS
(Cost $244,730,295*) 126.0% 259,744,758
OTHER ASSETS AND
LIABILITIES (NET) (26.0) (53,580,881)
----- ------------
NET ASSETS 100.0% $206,163,877
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $245,464,882.
** As of June 30, 2000, the market value of the securities on loan is
$43,443,411. Collateral received for securities loaned includes $480,000 in
U.S. Government securities and the remaining $45,608,978 is invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
30
<PAGE> 53
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 92.6%
BRAZIL -- 10.1%
45,000 Companhia Cervejaria
Brahma, ADR $ 765,000
26,750 Companhia Vale do Rio
Doce, ADR 754,963
40,000 Embratel Participacoes
SA, ADR 945,000
89,300 Tele Centro Oeste Celular
Participacoes SA, ADR 1,071,600
12,750 Tele Centro Sul
Participacoes SA, ADR 931,547
44,534 Tele Norte Leste
Participacoes SA, ADR 1,052,123
33,130 Uniao De Bancos
Brasileiros SA, GDR
(Unibanco) 952,487
89,950 Usinas Siderurgicas de
Minas Gerais SA, ADR 415,956
------------
6,888,676
------------
CHILE -- 1.2%
44,000 Antofagasta Holdings Plc 236,346
7,700 Chilectra SA, ADR 121,496
23,500 Compania
Telecomunicaciones de
Chile SA, ADR 425,938
------------
783,780
------------
CHINA\HONG KONG -- 9.2%
5,000,000 China Eastern Airlines
Corporation Ltd.+ 634,982
264,000 China Insurance
International Holdings
Company Ltd.+ 54,185
243,000 China Telecom (Hong Kong)
Ltd.+ 2,143,063
190,000 Citic Pacific Ltd. 996,857
470,000 Culturecom Holdings Ltd.+ 68,129
540,000 New World CyberBase Ltd.+ 34,635
4,000,000 PetroChina Company Ltd.,
Class H+ 831,249
2,300,000 Phoenix Satellite
Television Holdings
Ltd.+ 318,646
5,000 SINA.com, ADR+ 128,125
700,000 tom.com Ltd.+ 448,977
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
CHINA\HONG KONG (CONTINUED)
3,000,000 Yizheng Chemical Fibre
Company Ltd. $ 596,498
119,115 Yuxing Infotech Holdings
Ltd.+ 65,322
------------
6,320,668
------------
HUNGARY -- 2.0%
29,000 Magyar Tavkozlesi Rt, ADR 998,687
14,000 MOL Magyar Olaj-es
Gazipari Rt, GDR 193,900
3,700 OTP Bank Rt, GDR 192,400
------------
1,384,987
------------
INDIA -- 7.9%
140,000 Gujarat Ambuja Cements
Ltd., GDR 602,000
14,645 ICICI Ltd., ADR 274,594
93,000 Mahanagar Telephone Nigam
Ltd., GDR 947,437
209,750 Mahindra & Mahindra Ltd.,
GDR 983,203
33,675 Pentamedia Graphics Ltd.,
GDR 467,241
67,200 State Bank of India, GDR 663,600
91,890 Videsh Sanchar Nigam
Ltd., GDR 1,435,781
------------
5,373,856
------------
ISRAEL -- 2.1%
99,000 Bank Hapoalim Ltd., GDR 1,430,550
------------
MEXICO -- 12.3%
100,000 ALFA SA de CV 228,519
36,000 Cemex SA de CV, ADR 841,500
12,000 Fomento Economico
Mexicano SA de CV, ADR 516,750
40,000 Grupo Carso SA de CV,
ADR+ 283,568
43,000 Grupo Iusacell SA de CV,
ADR+ 671,875
131,111 Grupo Mexico SA 368,858
406,000 Grupo Televisa SA+ 1,393,744
145,000 Organizacion Soriana SA
de CV 577,290
38,200 Telefono de Mexico SA,
ADR 2,182,175
</TABLE>
See Notes to Financial Statements.
31
<PAGE> 54
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEXICO (CONTINUED)
52,500 Tubos de Acero de Mexico
SA, ADR $ 728,438
50,000 TV Azteca SA de CV, ADR 659,375
------------
8,452,092
------------
PERU -- 0.0%#
82 Ferreyros SA, ADR 522
------------
POLAND -- 3.4%
16,500 Elektrim Spolka Akcyjna
SA 189,464
17,500 KGHM Polska Miedz SA, GDR 260,312
109,410 Polski Koncern Naftowy
Orlen SA, GDR+ 1,019,701
10,500 ProKom, GDR 265,650
60,000 Telekomunikacja Polska
SA, GDR 414,300
33,000 Wielkopolski Bank
Kredytowy SA 192,495
------------
2,341,922
------------
RUSSIA -- 3.0%
17,000 Lukoil Holdings, ADR 869,040
35,400 RAO Unified Energy
Systems, GDR 407,100
59,000 Surgutneftegaz, ADR 786,175
------------
2,062,315
------------
SENEGAL -- 0.7%
11,782 Sonatel Communications
Corporation 445,898
------------
SINGAPORE -- 0.3%
20,000 Venture Manufacturing
Ltd. 203,822
------------
SLOVAKIA -- 0.0%#
2,000 Slovnaft AS, GDR 23,500
------------
SOUTH AFRICA -- 4.3%
1 Imperial Holdings Ltd. 8
19,510 Primedia Ltd. 15,815
540,000 Primedia Ltd. 401,916
127,245 Sappi Ltd. 956,447
643,450 Softline Ltd.+ 591,766
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
SOUTH AFRICA (CONTINUED)
187,000 Standard Bank Investment
Corporation Ltd. $ 730,361
29,035 Tiger Brands Ltd. 260,181
------------
2,956,494
------------
SOUTH KOREA -- 15.0%
5,000 Dacom Corporation 724,199
26,400 Housing & Commercial
Bank, Korea 617,959
33,000 Korea Electric Power
Corporation 1,024,013
10,000 Korea Telecom
Corporation, ADR 880,697
27,000 LG Electronics 755,499
5,610 Pohang Iron & Steel
Company Ltd. 475,959
9,571 Samsung Electronics 3,167,372
6,500 SK Telecom Company Ltd. 2,127,755
58 SK Telecom Company Ltd.,
ADR 2,106
26,400 Trigem Computer, Inc.+ 529,172
------------
10,304,731
------------
TAIWAN -- 11.6%
84 Asustek Computer, Inc.,
GDR 773
89,598 Asustek Computer, Inc.,
GDR 822,062
37,195 Far Eastern Textile Ltd.,
GDR+ 466,797
5,700 GigaMedia Ltd.+ 69,113
28,000 Hon Hai Precision
Industry Company Ltd.,
GDR+ 700,000
43,629 Macronix International
Company Ltd., ADR 1,115,276
78,050 Powerchip Semiconductor
Corporation, GDR 1,574,659
24,300 Synnex Technology
International
Corporation, GDR 522,450
78,000 Systex Corporation, GDR+ 830,700
18,512 Taiwan Semiconductor
Manufacturing Company
Ltd., ADR 717,340
39,736 Winbond Electronics
Corporation, GDR 1,142,410
------------
7,961,580
------------
</TABLE>
See Notes to Financial Statements.
32
<PAGE> 55
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
THAILAND -- 4.4%
236,600 Grammy Entertainment
Public Company Ltd. $ 609,996
545,000 Siam Makro Public Company
Ltd. 646,905
803,200 TelecomAsia Corporation
Public Company Ltd.+ 891,875
216,400 Total Access
Communication Public
Company Ltd.+ 869,928
------------
3,018,704
------------
TURKEY -- 2.0%
17,673,300 Carsi Buyuk Magazacilik
AS 512,753
2,816,950 Vestel Elektronik Sanayi
ve Ticaret AS+ 851,330
------------
1,364,083
------------
UNITED KINGDOM -- 1.7%
159,000 South African Breweries
Plc 1,185,763
------------
UNITED STATES -- 1.4%
17,300 DSP Group, Inc.+ 968,800
------------
TOTAL COMMON STOCKS
(Cost $60,745,834) 63,472,743
------------
PREFERRED STOCKS -- 1.4%
BRAZIL -- 1.3%
95,000 Companhia Paranaense de
Energia-Copel, ADR 884,687
417 Telecomunicacoes do Rio
de Janeiro SA 12
------------
884,699
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
SOUTH KOREA -- 0.1%
1,571 Shinsegae Department
Store Company $ 55,512
------------
TOTAL PREFERRED STOCKS
(Cost $932,879) 940,211
------------
INVESTMENT COMPANY SECURITIES -- 0.8%
(Cost $700,000)
SOUTH KOREA -- 0.8%
70,000 Korea Investment
Corporation+ 517,300
------------
WARRANTS -- 0.0%#
INDONESIA -- 0.0%#
20,000,000 PT Lippo Bank Tbk,
expires, 04/12/2002+ 0
------------
MEXICO -- 0.0%#
2,250 Cemex SA de CV, ADR,
expires, 12/13/2002+ 5,977
------------
TOTAL WARRANTS
(Cost $3,938) $ 5,977
------------
</TABLE>
See Notes to Financial Statements.
33
<PAGE> 56
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 6.1%
(Cost $4,213,000)
$ 4,213,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$4,215,229 on
07/03/2000,
collateralized by
$3,775,000 U.S.
Treasury Bond, 7.500%
maturing 11/15/2016
(value $4,298,781) 4,213,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $11,016,414) 16.1% $11,016,414
----- -----------
TOTAL INVESTMENTS
(Cost $77,612,065*) 117.0% 80,165,645
OTHER ASSETS AND
LIABILITIES (NET) (17.0) (11,646,184)
----- -----------
NET ASSETS 100.0% $68,519,461
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $77,952,022.
** As of June 30, 2000, the market value of the securities on loan is
$10,755,726. Collateral received for securities loaned consists of
$11,016,414 invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
34
<PAGE> 57
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
At June 30, 2000 sector diversification of the Munder Framlington Emerging
Markets Fund was as follows:
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
-------------------------
<S> <C> <C>
COMMON STOCKS:
21.0% $ 14,405,520
Telecommunications...........
14.3 9,811,312
Electronics..................
7.4 5,054,447
Banking and Financial
Services...................
7.0 4,756,466
Cellular Telecommunication
Services...................
5.4 3,723,565
Oil and Gas..................
5.0 3,423,978
Computer Hardware, Software
or Services................
3.4 2,371,764
Broadcasting and
Advertising................
3.2 2,171,937
Building and Building
Materials..................
2.9 2,005,480
Diversified..................
2.5 1,736,948
Retail.......................
2.3 1,552,609
Utilities....................
2.3 1,574,659
Private Placements...........
2.0 1,384,655
Metals and Mining............
2.0 1,352,007
Computers and Business
Equipment..................
1.9 1,281,750
Food and Beverages...........
1.7 1,185,763
Food and Beverage............
1.4 956,447
Paper and Forest Products....
1.4 983,203
Automobiles..................
1.3 891,915
Steel........................
</TABLE>
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
-------------------------
<S> <C> <C>
0.9% $ 609,996
Leisure Time.................
0.9 596,498
Chemicals....................
0.9 634,982
Air Travel...................
0.7 466,797
Apparel and Textiles.........
0.6 417,731
Multimedia...................
0.1 68,129
Printing and Publishing......
0.1 54,185
Insurance....................
----- ------------
92.6 63,472,743
TOTAL COMMON STOCKS..........
1.4 940,211
PREFERRED STOCKS.............
0.8 517,300
INVESTMENT COMPANY
SECURITY...................
0.0# 5,977
WARRANTS.....................
6.1 4,213,000
REPURCHASE AGREEMENTS........
16.1 11,016,414
OTHER INVESTMENTS............
----- ------------
117.0 80,165,645
TOTAL INVESTMENTS............
----- ------------
(17.0) (11,646,184)
OTHER ASSETS AND LIABILITIES
(NET)......................
----- ------------
100.0% $ 68,519,461
NET ASSETS...................
===== ============
</TABLE>
------------
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
35
<PAGE> 58
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- DOMESTIC -- 77.7%
BIOTECHNOLOGY -- 26.4%
21,000 Abegenix, Inc.+ $ 2,517,047
15,000 Affymetrix, Inc.+ 2,476,875
40,000 Alexion Pharmaceuticals,
Inc.+ 2,860,000
54,170 Corixa Corporation+ 2,325,924
60,000 Cubist Pharmaceuticals,
Inc.+ 2,955,000
60,000 CuraGen Corporation+ 2,283,750
120,000 Diacrin, Inc.+ 945,000
47,875 Exelixis, Inc.+ 1,597,828
60,000 Gene Logic+ 2,141,250
12,500 Genentech, Inc.+ 2,150,000
70,000 Genzyme Transgenics
Corporation+ 1,898,750
20,000 Gilead Sciences, Inc.+ 1,422,500
18,000 Human Genome Sciences,
Inc.+ 2,400,750
50,000 ICOS Corporation+ 2,200,000
108,500 Intermune
Pharmaceuticals, Inc.+ 4,482,406
200,000 Interpore International,
Inc.+ 1,937,500
32,700 Invitrogen Corporation+ 2,459,142
99,995 Lexicon Genetics, Inc.+ 3,437,328
15,300 Maxim Pharmaceuticals,
Inc.+ 786,038
20,000 Medarex, Inc.+ 1,690,000
26,000 Millennium
Pharmaceuticals, Inc.+ 2,908,750
50,125 Neose Technologies,
Inc.+ 2,108,383
80,000 Neurocrine Biosciences,
Inc.+ 2,845,000
87,500 NPS Pharmaceuticals,
Inc.+ 2,340,625
11,700 Onyx Pharmaceuticals,
Inc.+ 144,788
100,000 OSI Pharmaceuticals,
Inc.+ 2,881,250
43,000 Pharmacopeia, Inc.+ 1,994,125
45,000 Pharmacyclics, Inc.+ 2,745,000
81,175 PRAECIS Pharmaceuticals,
Inc.+ 2,262,753
72,775 Ribozyme
Pharmaceuticals, Inc.+ 1,878,505
60,000 TranskaryoticTherapies,
Inc.+ 2,205,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
BIOTECHNOLOGY (CONTINUED)
40,000 Trimeris, Inc.+ $ 2,797,500
38,000 Vical, Inc.+ 731,500
------------
72,810,267
------------
CONTRACT SALES AND RESEARCH ORGANIZATIONS -- 3.2%
75,000 Accredo Health, Inc.+ 2,592,187
46,000 Aurora Bioscience
Corporation+ 3,136,625
80,000 Pharmaceutical Product
Development, Inc.+ 1,680,000
100,000 Quintiles TransNational
Corporation+ 1,412,500
19,100 US Oncology, Inc.+ 95,500
------------
8,916,812
------------
DISTRIBUTION AND MARKETING SERVICES -- 4.7%
100,000 Advance Paradigm, Inc.+ 2,050,000
205,075 Genomic Solutions, Inc.+ 2,999,222
200,000 Omnicare, Inc. 1,812,500
25,000 Priority Healthcare
Corporation+ 1,857,813
47,525 Professional Detailing,
Inc.+ 1,618,820
20,000 Waters Corporation+ 2,496,250
------------
12,834,605
------------
DRUGS -- 18.4%
18,600 AVANT
Immunotherapeutics,
Inc.+ 196,463
63,000 Celgene Corporation+ 3,709,125
6,925 Cellegy Pharmaceuticals,
Inc.+ 55,152
40,000 Cephalon, Inc.+ 2,395,000
20,000 ChiRex, Inc.+ 400,000
45,000 Collagenex
Pharmaceuticals, Inc.+ 421,875
170,000 Connetics Corporation+ 2,496,875
175 Crescendo
Pharmaceuticals
Corporation + 3,522
30,000 CV Therapeutics, Inc.+ 2,079,375
55,000 CVS Corporation 2,200,000
90,600 Dendreon Corporation+ 1,500,563
15,000 Forest Laboratories,
Inc.+ 1,515,000
110,000 GelTex Pharmaceuticals,
Inc.+ 2,248,125
60,000 ILEX Oncology, Inc.+ 2,115,000
</TABLE>
See Notes to Financial Statements.
36
<PAGE> 59
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
DRUGS (CONTINUED)
61,000 Jones Medical
Industries, Inc. $ 2,436,187
67,500 King Pharmaceuticals,
Inc.+ 2,961,562
40,000 Medicis Pharmaceutical
Corporation+ 2,280,000
33,000 Medimmune, Inc.+ 2,442,000
175,000 Mid Atlantic Med
Services, Inc.+ 2,362,500
100,000 Neurogen Corporation+ 2,601,350
60,000 OXiGENE, Inc.+ 600,000
50,000 Pfizer, Inc. 2,400,000
47,599 Pharmacia Corporation 2,460,273
24,000 Sepracor, Inc.+ 2,895,000
60,000 Sybron International
Corporation+ 1,188,750
25,000 United Therapeutics
Corporation+ 2,709,375
30,000 Wellpoint Health
Networks, Inc.+ 2,173,125
------------
50,846,197
------------
DRUG DELIVERY -- 2.8%
40,000 ALZA Corporation+ 2,365,000
55,000 Anesta Corporation+ 1,368,125
20,000 Inhale Therapeutic
Systems+ 2,029,375
74,800 Valentis, Inc.+ 878,900
120,000 Valentis, Inc.+ 1,015,200
------------
7,656,600
------------
HOSPITAL/MEDICAL SERVICES -- 0.7%
40,000 American Healthcorp,
Inc.+ 205,000
33,000 Amsurg Corporation,
Class A+ 177,375
15,000 Amsurg Corporation,
Class B+ 81,562
23,000 Express Scripts, Inc.,
Class A+ 1,428,875
------------
1,892,812
------------
MANAGED HEALTH CARE -- 3.8%
10,000 Hanger Orthopedic Group+ 49,375
71,500 HCA -- The Healthcare
Company 2,171,812
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
MANAGED HEALTH CARE (CONTINUED)
300,000 HEALTHSOUTH Corporation+ $ 2,156,250
45,000 IMPATH, Inc.+ 2,441,250
100,000 ProMedCo Management
Company+ 109,375
90,000 Renal Care Group, Inc.+ 2,200,781
228,650 Res-Care, Inc.+ 1,228,994
------------
10,357,837
------------
MEDICAL DEVICES -- 11.1%
30,000 ATS Medical, Inc.+ 438,750
50,000 Biomet, Inc. 1,921,875
75,000 Cyberonics, Inc.+ 900,000
10,000 Cytyc Corporation+ 482,750
72,200 Endocardial Solutions,
Inc.+ 613,700
143,500 Endocardial Solutions,
Inc.+ 1,219,750
225,000 EndoSonics Corporation+ 1,265,625
100,000 EPIX Medical, Inc.+ 1,487,500
100,000 Gliatech, Inc.+ 2,025,000
50,000 Guidant Corporation+ 2,475,000
195,000 Kensey Nash Corporation+ 2,169,375
30,000 LJL Biosystems, Inc.+ 581,250
200,000 Micro Therapeutics,
Inc.+ 873,880
22,000 MiniMed, Inc.+ 2,596,000
40,000 Molecular Devices
Corporation+ 2,767,500
18,575 ORATEC Interventions,
Inc.+ 619,941
30,000 PE Corp-PE Biosystems
Group 1,976,250
100,000 ResMed, Inc.+ 2,675,000
38,150 Sonic Innovations, Inc.+ 708,159
100,000 VISX, Inc.+ 2,806,250
------------
30,603,555
------------
MEDICAL INFORMATION SYSTEMS -- 2.0%
70,000 Allscripts, Inc.+ 1,610,000
70,000 Cerner Corporation+ 1,907,500
20,000 Data Critical
Corporation+ 260,000
50,000 eBenX, Inc.+ 1,059,375
60,000 First Consulting Group,
Inc.+ 333,750
50,000 MedicaLogic, Inc.+ 462,500
------------
5,633,125
------------
</TABLE>
See Notes to Financial Statements.
37
<PAGE> 60
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
d}
MEDICAL SERVICES -- 4.6%
40,000 Cardinal Health, Inc. $ 2,960,000
350,000 Caremark Rx, Inc.+ 2,384,375
263,025 HealthStream, Inc.+ 1,446,638
80,000 MGI Pharma, Inc.+ 2,301,250
71,925 SonoSite, Inc.+ 2,072,339
30,000 Zoll Medical
Corporation+ 1,470,000
------------
12,634,602
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $170,503,745) 214,186,412
------------
COMMON STOCKS -- FOREIGN -- 15.0%
BIOTECHNOLOGY -- 5.7%
25,000 Cambridge Antibody
Technology Group Plc+ 1,119,694
90,000 Celltech Group Plc+ 1,743,091
20,000 Cerep+ 1,374,769
36,980 GPC Biotech AG+ 1,888,808
90,400 KS Biomedix Holdings+ 770,095
30,000 Maxim Pharmaceutical+ 1,564,626
20,000 NeuroSearch A/S+ 1,560,961
8,000 Nicox SA+ 446,800
200,000 Oxford Asymmetry
International Plc+ 1,504,021
650,000 Oxford BioMedica Plc+ 688,460
108,000 Peptide Therapeutics
Group+ 148,707
60,000 Pharming Group NV+ 776,171
2,000 Serono SA, Class B 1,667,382
37,500 Shield Diagnostics Group
Plc+ 405,700
------------
15,659,285
------------
CONTRACT SALES AND RESEARCH ORGANIZATIONS -- 1.0%
12,253 Evotec Biosystems AG+ 1,099,607
135,413 Medisys Plc+ 256,117
52,470 Medivir AB 1,400,984
------------
2,756,708
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
DRUGS -- 5.3%
6,000 Actelion Ltd.+ $ 1,956,722
64,000 AMRAD Corporation Ltd.+ 28,706
220,000 Bioglan Pharma Plc 1,870,796
110,000 Galen Holdings Plc 1,056,900
50,000 Karo Bio AB+ 1,859,410
293,000 Neurochem, Inc.+ 1,643,176
20,000 QLT PhotoTherapeutics,
Inc.+ 1,546,250
8,510 Rhein Biotech NV+ 1,121,181
53,000 Teva Pharmaceutical, ADR 2,938,188
30,000 Warner Chilcott
Laboratories, ADR+ 667,500
------------
14,688,829
------------
DRUG DELIVERY -- 0.9%
170,000 SR Pharma Plc+ 815,409
500,000 Weston Medical Group
Plc+ 1,588,755
------------
2,404,164
------------
MEDICAL DEVICES -- 1.7%
50,000 Chemunex SA + 77,331
196,870 Gyrus Group Plc+ 1,102,171
25,200 Jomed NV+ 996,383
15,000 QIAGEN NV, ADR+ 2,610,000
------------
4,785,885
------------
MEDICAL INFORMATION SYSTEMS -- 0.4%
85,820 PyroSequencing AB+ 992,476
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $34,245,629) 41,287,347
------------
WARRANTS -- 0.0%#
(Cost $0)
DRUGS -- 0.0%#
2,400 AVANT
Immunotherapeutics,
Inc., expires
08/24/03+ 13,800
------------
</TABLE>
See Notes to Financial Statements.
38
<PAGE> 61
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
(Continued)
---------------------------------------------------------------------
<TABLE>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 3.8%
(Cost $10,576,000)
$ 10,576,000 Agreement with State Street
Bank and Trust Company,
6.350% dated 06/30/2000, to
be repurchased at
$10,581,596 on 07/03/2000,
collateralized by
$10,340,000 U.S. Treasury
Note, 7.8750% maturing
08/15/2001 (value
$10,792,375) $ 10,576,000
--------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $61,861,438) 22.4% 61,861,438
----- ------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
---------------------------------------------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $277,186,812*) 118.9% $327,924,997
OTHER ASSETS AND
LIABILITIES (NET) (18.9) (52,092,504)
----- ------------
NET ASSETS 100.0% $275,832,493
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $277,186,812.
+ Non-income producing security.
** As of June 30, 2000, the market value of the securities on loan is
$60,094,859. Collateral received for securities loaned of $61,861,438 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
39
<PAGE> 62
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 95.8%
AUSTRALIA -- 1.6%
33,000 News Corporation Ltd. $ 453,920
22,000 Rio Tinto Ltd. 363,386
60,000 Telstra Corporation Ltd. 243,287
50,000 WMC Ltd. 223,461
-----------
1,284,054
-----------
BELGIUM -- 1.1%
21,000 Lernout & Hauspie Speech
Products NV+ 925,313
-----------
CHINA\HONG KONG -- 2.2%
50,000 China Telecom (Hong Kong)
Ltd.+ 440,959
60,000 Citic Pacific Ltd. 314,797
37,300 Hutchison Whampoa Ltd. 468,912
1,000,000 PetroChina Company Ltd.,
Class H+ 207,812
730,000 Phoenix Satellite Television
Holdings Ltd.+ 101,135
1,200 SINA.com, ADR+ 30,750
1,000,000 Yizheng Chemical Fibre
Company Ltd. 198,833
36,385 Yuxing Infotech Holdings
Ltd.+ 19,953
-----------
1,783,151
-----------
FINLAND -- 3.9%
42,400 Nokia AB Oyj 2,163,618
24,700 Sampo Insurance Oyj, A Shares 1,002,197
-----------
3,165,815
-----------
FRANCE -- 12.8%
16,000 Aventis SA 1,147,168
6,825 AXA 1,075,112
11,250 Banque Nationale de Paris 1,082,630
4,600 Castorama Dubois SA 1,137,430
17,300 Pechiney SA 721,763
1,700 Publicis SA 667,049
13,000 Sidel SA 1,054,324
13,500 STMicroelectronics NV 850,638
11,500 Total Fina SA, Class B 1,763,236
9,750 Vivendi 860,555
-----------
10,359,905
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
GERMANY -- 1.8%
14,600 Bayerische Hypo-Und
Vereinsbank AG $ 943,088
5,500 MobilCom AG 549,764
-----------
1,492,852
-----------
ITALY -- 2.8%
175,000 ENI SpA 1,010,789
90,000 Telecom Italia SpA 1,237,292
-----------
2,248,081
-----------
JAPAN -- 26.0%
5,700 Aiful Corporation 525,385
80,000 Asahi Bank, Ltd. 336,271
13,000 Computer Engineering &
Consulting Ltd. 214,410
18,800 Credit Saison Company Ltd. 435,870
30 DDI Corporation 288,394
8,000 Family Mart Company Ltd. 307,620
7,000 Fanuc Ltd. 711,842
27,000 FCC Company Ltd. 269,733
13,000 Fuji Machine MFG Company Ltd. 682,437
27,000 Fujisawa Pharmaceutical
Company Ltd. 1,091,655
17,000 Honda Motor Company Ltd. 578,389
2,900 Keyence Corporation 956,600
20,000 Kokuyo Company 327,789
120,000 Marubeni Corporation 412,799
35,000 Marui Company Ltd. 669,620
23,700 Meitec Corporation 938,127
117,000 Mitsubishi Chemical
Corporation 479,666
176,000 Mitsubishi Heavy Industries 779,605
11,900 Nichiei Company Ltd. 195,146
40,000 Nikko Securities Company Ltd. 395,834
200,000 Nippon Steel Corporation 420,338
27,000 Nomura Securities Company
Ltd. 660,336
61,000 NSK Ltd. 534,659
20 NTT Mobile Communications
Network, Inc. 540,974
40,000 Onward Kashiyama Company Ltd. 542,859
4,400 Orix Corporation 648,980
43,000 Ricoh Company Ltd. 909,806
3,500 Rohm Company 1,022,572
6,000 Shin-Etsu Chemical Company
Ltd. 304,227
1,500 Softbank Corporation 203,572
</TABLE>
See Notes to Financial Statements.
40
<PAGE> 63
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
7,000 Sony Corporation $ 653,127
28,000 Sumitomo Bank Ltd. 343,056
32,000 Sumitomo Electric Industries 548,287
41,000 Sumitomo Trust & Banking 291,739
20,000 The Bank of Tokyo-Mitsubishi
Ltd. 241,459
5,000 Tokyo Electron Ltd. 684,228
5,000 Tokyo Seimitsu Company, Ltd. 669,149
35,000 Toshiba Corporation 394,845
43,000 Ube-Nitto Kasei Company Ltd. 135,762
12,900 World Company Ltd. 559,257
47,000 Yamato Kogyo Company Ltd. 217,049
-----------
21,123,473
-----------
NETHERLANDS -- 4.5%
40,370 ABN AMRO Holdings NV 988,969
20,100 ASM Lithography Holding NV 863,910
10,200 Equant NV+ 414,447
15,000 ING Groep NV 1,013,892
14,100 United Pan-Europe
Communications NV+ 368,704
-----------
3,649,922
-----------
NEW ZEALAND -- 0.3%
57,000 Telecom Corporation of New
Zealand Ltd. 199,203
-----------
PORTUGAL -- 1.1%
176,500 Banco Comercial Portugues SA
(BCP) 918,350
-----------
SINGAPORE -- 0.5%
26,600 Datacraft Asia Ltd. 234,080
13,000 Singapore Airlines Ltd. 128,720
2,300 St Assembly Test Services
Ltd., Class A, ADR+ 59,225
-----------
422,025
-----------
SLOVAKIA -- 0.0%#
2,000 Slovnaft AS, GDR 23,500
-----------
SOUTH KOREA -- 1.3%
8,000 Korea Electric Power
Corporation 248,246
2,000 Pohang Iron & Steel Company
Ltd. 169,682
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
SOUTH KOREA (CONTINUED)
1,246 Samsung Electronics $ 412,344
700 SK Telecom Company Ltd. 229,143
-----------
1,059,415
-----------
SPAIN -- 5.2%
1 Banco Bilbao Vizcaya
Argentaria SA 15
80,000 Banco Santander Central
Hispano SA 843,955
46,000 Cortefiel SA 997,777
14,300 Sogecable SA+ 508,135
82,500 Sol Melia SA 921,525
44,568 Telefonica SA+ 957,354
-----------
4,228,761
-----------
SWEDEN -- 5.2%
100,000 Ericsson (L.M.) AB, Class B 1,978,458
165,000 Nordbanken Holding AB 1,244,048
37,500 Skandia Forsakrings AB 990,646
-----------
4,213,152
-----------
SWITZERLAND -- 6.8%
1,451 Adecco SA 1,232,812
750 Novartis AG 1,188,009
125 Roche Holdings AG 1,216,821
6,800 UBS AG -- Registered 996,261
1,750 Zurich Allied AG 864,648
-----------
5,498,551
-----------
THAILAND -- 0.6%
121,000 Total Access Communication
Public Company Ltd.+ 486,420
-----------
UNITED KINGDOM -- 18.1%
100,000 Aggreko Plc 605,996
40,000 Barclays Plc 994,409
147,277 BBA Group Plc 964,916
89,000 BP Amoco Plc 853,782
86,400 CGU Plc 1,438,050
250,000 Cookson Group Plc 834,096
150,000 Hays Plc 836,366
53,000 Ocean Group Plc 874,118
37,000 Pearson Plc 1,175,678
35,000 SEMA Group Plc 497,810
240,000 Spirent Plc 1,614,175
50,000 Standard Chartered Plc 622,640
</TABLE>
See Notes to Financial Statements.
41
<PAGE> 64
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
600,000 Vodafone Group Plc $ 2,423,986
110,000 Whitbread Plc 990,324
-----------
14,726,346
-----------
TOTAL COMMON STOCKS
(Cost $59,455,285) 77,808,289
-----------
PREFERRED STOCKS -- 2.6%
GERMANY -- 2.6%
17,000 Fresenius Medical Care AG 710,870
300 Porsche AG 816,269
3,075 SAP AG 566,591
-----------
2,093,730
-----------
TOTAL PREFERRED STOCKS
(Cost $1,854,303) 2,093,730
-----------
INVESTMENT COMPANY SECURITIES -- 0.6%
(Cost $700,000)
SOUTH KOREA -- 0.6%
70,000 Korea Investment Corporation+ 517,300
-----------
</TABLE>
<TABLE>
<CAPTION>
VALUE
---------------------------------------------------
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $1,039,500) 1.3% $ 1,039,500
-----------
TOTAL INVESTMENTS
(Cost $63,049,088*) 100.3% 81,458,819
OTHER ASSETS AND
LIABILITIES (NET) (0.3) (233,398)
----- -----------
NET ASSETS 100.0% $81,225,421
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $64,013,314.
** As of June 30, 2000 the market value of the securities on loan is $1,012,219.
Collateral received for securities loaned of $1,039,500 is invested in State
Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
42
<PAGE> 65
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
At June 30, 2000 sector diversification of the Munder Framlington International
Growth Fund was as follows:
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
------------------------
<S> <C> <C>
COMMON STOCKS:
Banking and Financial
Services.................. 16.7% $13,527,188
Telecommunications.......... 14.1 11,431,266
Electronics................. 11.5 9,375,103
Insurance................... 6.6 5,370,653
Drugs and Health Care....... 5.7 4,643,653
Oil and Gas................. 4.8 3,859,119
Machinery................... 4.3 3,481,282
Retail...................... 3.8 3,112,446
Diversified Industrial...... 2.7 2,163,563
Electric and Electrical
Equipment................. 2.6 2,146,327
Business Services........... 2.4 1,940,172
Holding Companies --
Diversified............... 1.8 1,490,475
Metal Processing............ 1.6 1,256,422
Communication Services...... 1.6 1,324,818
Private Placements.......... 1.5 1,232,812
Chemicals................... 1.4 1,118,488
Apparel and Textiles........ 1.4 1,102,116
Broadcasting................ 1.3 1,063,191
Restaurants................. 1.2 990,324
Computers................... 1.2 929,760
</TABLE>
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
------------------------
<S> <C> <C>
Air Travel.................. 1.2% $ 1,002,838
Hotels...................... 1.1 921,524
Automotive.................. 1.0 848,122
Building and Building
Materials................. 0.8 607,945
Advertising................. 0.8 667,049
Steel....................... 0.7 590,021
Metals and Mining........... 0.7 586,847
Forest Paper and Products... 0.4 327,788
Software.................... 0.3 214,410
Internet Content............ 0.3 234,322
Electric Utilities.......... 0.3 248,245
----- -----------
TOTAL COMMON STOCKS......... 95.8 77,808,289
PREFERRED STOCKS............ 2.6 2,093,730
INVESTMENT COMPANY
SECURITIES................ 0.6 517,300
OTHER INVESTMENTS........... 1.3 1,039,500
----- -----------
TOTAL INVESTMENTS........... 100.3 81,458,819
OTHER ASSETS AND LIABILITIES
(NET)..................... (0.3) (233,398)
----- -----------
NET ASSETS.................. 100.0% $81,225,421
===== ===========
</TABLE>
See Notes to Financial Statements.
43
<PAGE> 66
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER MUNDER
BALANCED EQUITY INCOME INTERNATIONAL MICRO-CAP
FUND FUND EQUITY FUND EQUITY FUND
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities........................................... $55,849,549 $184,108,431 $262,256,658 $158,327,290
Repurchase Agreements................................ 5,089,000 11,290,000 -- 4,657,000
----------- ------------ ------------ ------------
Total Investments........................................ 60,938,549 195,398,431 262,256,658 162,984,290
Cash..................................................... 924 234 -- 320
Interest receivable...................................... 162,983 1,991 -- 821
Dividends receivable..................................... 24,026 276,626 564,202 --
Receivable for investment securities sold................ 705,980 2,361,565 1,453,873 2,860,572
Receivable for Fund shares sold.......................... 394,676 601,129 2,874,793 907,598
Unamortized organization costs........................... -- -- -- --
Prepaid expenses and other assets........................ 8,501 21,050 18,014 17,047
----------- ------------ ------------ ------------
Total Assets....................................... 62,235,639 198,661,026 267,167,540 166,770,648
----------- ------------ ------------ ------------
LIABILITIES:
Due to custodian......................................... -- -- 920,328 --
Options written (a)...................................... -- -- -- --
Payable for Fund shares redeemed......................... 17,140 645,335 578,160 409,052
Payable for investment securities purchased.............. 971,889 -- 582,154 5,921,727
Payable upon return of securities loaned................. 11,097,500 3,903,140 48,390,828 28,964,596
Investment advisory fee payable.......................... 26,776 127,980 134,329 99,844
Administration fee payable............................... 4,845 38,380 32,210 18,039
Shareholder servicing fees payable....................... 4,991 24,949 24,767 1,254
Distribution fees payable................................ 12,535 5,518 8,016 56,132
Transfer agent fee payable............................... 5,927 40,599 42,021 4,229
Custodian fees payable................................... 3,354 14,203 13,858 10,123
Accrued Trustees'/Directors' fees and expenses........... 483 2,924 2,195 780
Accrued expenses and other payables...................... 9,714 11,098 19,398 125,957
----------- ------------ ------------ ------------
Total Liabilities.................................. 12,155,154 4,814,126 50,748,264 35,611,733
----------- ------------ ------------ ------------
NET ASSETS............................................... $50,080,485 $193,846,900 $216,419,276 $131,158,915
=========== ============ ============ ============
Investments, at cost..................................... $59,355,385 $190,579,419 $189,331,409 $140,580,896
=========== ============ ============ ============
</TABLE>
------------
(a) Munder Small-Cap Value Fund received premium of $123,731.
See Notes to Financial Statements.
44
<PAGE> 67
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER MUNDER FRAMLINGTON FRAMLINGTON FRAMLINGTON
MULTI-SEASON EQUITY INVESTMENT SMALL-CAP SMALL COMPANY EMERGING MARKETS HEALTHCARE INTERNATIONAL GROWTH
GROWTH FUND FUND VALUE FUND GROWTH FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$635,125,351 $61,015,068 $66,101,316 $252,356,758 $75,952,645 $317,348,997 $81,458,819
27,075,000 1,595,000 1,810,000 7,388,000 4,213,000 10,576,000 --
------------ ----------- ----------- ------------ ----------- ------------ -----------
662,200,351 62,610,068 67,911,316 259,744,758 80,165,645 327,924,997 81,458,819
2,150 582 728 219 161,636 2,258,321 614,263
4,776 281 319 1,303 743 1,880 --
325,967 419,992 56,396 3,189 111,308 11,212 143,586
1,441,752 1,964,362 -- 7,495,226 -- 1,422,087 38,547
2,300,205 423,672 944,857 466,899 1,484,253 8,351,632 339,290
-- -- -- -- 1,932 1,670 8,840
46,817 15,619 13,892 21,159 10,838 19,259 11,175
------------ ----------- ----------- ------------ ----------- ------------ -----------
666,322,018 65,434,576 68,927,508 267,732,753 81,936,355 339,991,058 82,614,520
------------ ----------- ----------- ------------ ----------- ------------ -----------
-- -- -- -- -- -- --
-- -- 60,937 -- -- -- --
1,489,044 7,900 2,106,204 7,444,732 137,190 513,921 53,884
-- 710,455 -- 7,746,716 2,087,854 1,336,550 164,839
20,719,484 -- 11,678,958 46,088,978 11,016,414 61,861,438 1,039,500
400,756 38,588 39,091 125,154 36,535 191,995 68,605
123,218 12,182 15,413 42,588 10,075 22,438 12,680
58,524 245 4,608 11,488 7,690 74 591
52,181 3,962 4,003 12,938 3,931 138,992 2,658
135,858 13,269 22,180 49,283 19,327 1,057 24,862
47,509 9,164 7,539 19,016 49,311 6,002 11,134
8,594 955 1,747 3,537 439 1,348 488
256,798 68,272 10,526 24,446 48,128 84,750 9,858
------------ ----------- ----------- ------------ ----------- ------------ -----------
23,291,966 864,992 13,951,206 61,568,876 13,416,894 64,158,565 1,389,099
------------ ----------- ----------- ------------ ----------- ------------ -----------
$643,030,052 $64,569,584 $54,976,302 $206,163,877 $68,519,461 $275,832,493 $81,225,421
============ =========== =========== ============ =========== ============ ===========
$471,455,140 $61,616,075 $68,240,513 $244,730,295 $77,612,065 $277,186,812 $63,049,088
============ =========== =========== ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
45
<PAGE> 68
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER
MUNDER MUNDER INTERNATIONAL MICRO-CAP
BALANCED EQUITY INCOME EQUITY EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
NET ASSETS CONSIST OF:
Undistributed net investment income/(loss)............... $ 614 $ 52,887 $ -- $ --
Accumulated net realized gain/(loss) on investments sold,
futures contracts and currency transactions............ 7,622,764 7,337,922 9,435,617 4,500,182
Net unrealized appreciation/(depreciation) of
investments, foreign currency and net other assets..... 1,583,164 4,819,012 72,925,685 22,403,394
Par value................................................ 4,130 16,375 11,974 46,138
Paid-in capital in excess of par value................... 40,869,813 181,620,704 134,046,000 104,209,201
----------- ------------ ------------ ------------
$50,080,485 $193,846,900 $216,419,276 $131,158,915
=========== ============ ============ ============
NET ASSETS:
Class A Shares........................................... $ 6,228,507 $ 5,120,916 $ 10,945,500 $ 35,959,933
=========== ============ ============ ============
Class B Shares........................................... $ 9,582,095 $ 3,960,998 $ 3,211,354 $ 45,480,312
=========== ============ ============ ============
Class C Shares........................................... $ 5,144,696 $ 1,072,603 $ 3,977,014 $ 20,588,474
=========== ============ ============ ============
Class K Shares........................................... $23,694,863 $110,257,422 $118,765,593 $ 6,393,332
=========== ============ ============ ============
Class Y Shares........................................... $ 5,430,324 $ 73,434,961 $ 79,519,815 $ 22,736,864
=========== ============ ============ ============
SHARES OUTSTANDING:
Class A Shares........................................... 513,401 432,707 606,036 1,248,747
=========== ============ ============ ============
Class B Shares........................................... 793,105 336,102 181,659 1,623,143
=========== ============ ============ ============
Class C Shares........................................... 424,308 91,036 222,738 734,626
=========== ============ ============ ============
Class K Shares........................................... 1,951,861 9,314,031 6,585,964 222,385
=========== ============ ============ ============
Class Y Shares........................................... 447,474 6,201,527 4,377,863 784,887
=========== ============ ============ ============
CLASS A SHARES:
Net asset value and redemption price per share........... $12.13 $11.83 $18.06 $28.80
=========== ============ ============ ============
Maximum sales charge..................................... 5.50% 5.50% 5.50% 5.50%
Maximum offering price per share......................... $12.84 $12.52 $19.11 $30.48
=========== ============ ============ ============
CLASS B SHARES:
Net asset value and offering price per share*............ $12.08 $11.79 $17.68 $28.02
=========== ============ ============ ============
CLASS C SHARES:
Net asset value and offering price per share*............ $12.12 $11.78 $17.86 $28.03
=========== ============ ============ ============
CLASS K SHARES:
Net asset value, offering price and redemption price per
share.................................................. $12.14 $11.84 $18.03 $28.75
=========== ============ ============ ============
CLASS Y SHARES:
Net asset value, offering price and redemption price per
share.................................................. $12.14 $11.84 $18.16 $28.97
=========== ============ ============ ============
</TABLE>
------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
46
<PAGE> 69
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ 24,221 $ -- $ 303,423 $ (96,169) $(1,089,342)
38,139,020 (9,463,096) (2,440,399) 3,443,015 (5,789,373) 2,659,253 5,790,926
190,745,211 993,994 (266,403) 15,014,463 2,554,686 50,748,511 18,413,641
310,907 53,250 45,150 10,267 54,186 98,904 51,429
413,834,914 72,985,436 57,613,723 187,696,132 71,397,539 222,421,994 58,058,767
------------ ----------- ----------- ------------ ----------- ------------ -----------
$643,030,052 $64,569,584 $54,976,302 $206,163,877 $68,519,461 $275,832,493 $81,225,421
============ =========== =========== ============ =========== ============ ===========
$ 65,569,349 $ 3,730,378 $ 3,468,548 $ 16,611,046 $ 3,636,850 $ 79,441,230 $ 1,714,640
============ =========== =========== ============ =========== ============ ===========
$ 36,433,076 $ 3,291,174 $ 2,741,350 $ 8,561,880 $ 3,012,294 $102,858,561 $ 1,637,733
============ =========== =========== ============ =========== ============ ===========
$ 10,166,021 $ 668,815 $ 1,275,164 $ 3,352,082 $ 807,137 $ 77,156,290 $ 1,117,727
============ =========== =========== ============ =========== ============ ===========
$280,338,861 $ 1,234,287 $15,570,859 $ 55,091,617 $41,166,723 $ 387,046 $ 2,839,047
============ =========== =========== ============ =========== ============ ===========
$250,522,745 $55,644,930 $31,920,381 $122,547,252 $19,896,457 $ 15,989,366 $73,916,274
============ =========== =========== ============ =========== ============ ===========
3,178,860 308,657 284,643 822,963 284,623 2,802,182 108,613
============ =========== =========== ============ =========== ============ ===========
1,866,348 272,021 227,357 456,605 240,607 3,721,025 105,619
============ =========== =========== ============ =========== ============ ===========
519,948 55,007 106,107 175,798 64,938 2,793,574 71,891
============ =========== =========== ============ =========== ============ ===========
13,586,990 102,052 1,279,454 2,770,698 3,261,381 13,670 180,224
============ =========== =========== ============ =========== ============ ===========
11,938,504 4,587,298 2,617,405 6,040,704 1,567,027 559,915 4,676,524
============ =========== =========== ============ =========== ============ ===========
$20.63 $12.09 $12.19 $20.18 $12.78 $28.35 $15.79
============ =========== =========== ============ =========== ============ ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$21.83 $12.79 $12.90 $21.35 $13.52 $30.00 $16.71
============ =========== =========== ============ =========== ============ ===========
$19.52 $12.10 $12.06 $18.75 $12.52 $27.64 $15.51
============ =========== =========== ============ =========== ============ ===========
$19.55 $12.16 $12.02 $19.07 $12.43 $27.62 $15.55
============ =========== =========== ============ =========== ============ ===========
$20.63 $12.09 $12.17 $19.88 $12.62 $28.31 $15.75
============ =========== =========== ============ =========== ============ ===========
$20.98 $12.13 $12.20 $20.29 $12.70 $28.56 $15.81
============ =========== =========== ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
47
<PAGE> 70
The Munder Funds
Statements of Operations, Year Ended June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY INTERNATIONAL MICRO-CAP
BALANCED INCOME EQUITY EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest.................................................... $ 819,853 $ 410,082 $ 210,885 $ 274,263
Dividends(a)................................................ 197,404 4,713,069 5,388,647 16,261
Securities lending.......................................... 19,472 17,917 381,472 81,778
----------- ------------ ----------- -----------
Total investment income............................... 1,036,729 5,141,068 5,981,004 372,302
----------- ------------ ----------- -----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares............................................ 6,781 14,052 20,809 52,367
Class B Shares............................................ 41,466 36,171 21,134 265,788
Class C Shares............................................ 14,537 10,898 29,497 117,226
Shareholder servicing fees:
Class K Shares............................................ 61,792 389,998 284,153 10,653
Investment advisory fee..................................... 260,611 1,483,572 1,637,127 852,143
Administration fee.......................................... 41,888 204,774 218,373 87,836
Transfer agent fee.......................................... 17,536 102,556 106,380 38,261
Custodian fees.............................................. 48,055 51,597 172,778 37,072
Legal and audit fees........................................ 3,411 18,319 16,165 4,806
Trustees'/Directors' fees and expenses...................... 1,669 9,258 8,038 2,383
Amortization of organization costs.......................... -- -- -- --
Registration and filing fees................................ 20,358 33,973 33,069 49,360
Other....................................................... 9,966 27,141 103,862 150,145
----------- ------------ ----------- -----------
Total Expenses........................................ 528,070 2,382,309 2,651,385 1,668,040
Fees waived and/or expenses reimbursed by investment advisor
and/or distributor........................................ -- -- -- (4,684)
----------- ------------ ----------- -----------
Net Expenses................................................ 528,070 2,382,309 2,651,385 1,663,356
----------- ------------ ----------- -----------
NET INVESTMENT INCOME/(LOSS)................................ 508,659 2,758,759 3,329,619 (1,291,054)
----------- ------------ ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions(b).................................. 11,883,004 10,054,573 27,454,443 12,536,936
Foreign currency transactions............................. -- -- 7,332 --
Net change in unrealized appreciation/(depreciation) of:
Securities................................................ (3,660,424) (50,766,777) 16,728,208 12,596,649
Forward foreign exchange contracts........................ -- -- -- --
Foreign currency and net other assets..................... -- -- 10,167 --
----------- ------------ ----------- -----------
Net realized and unrealized gain/(loss) on investments...... 8,222,580 (40,712,204) 44,200,150 25,133,585
----------- ------------ ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 8,731,239 $(37,953,445) $47,529,769 $23,842,531
=========== ============ =========== ===========
</TABLE>
------------
(a) Net of foreign withholding taxes of $8, $13,637, $377,264, $350, $189,
$69,882, $1,643, $144,597 for Munder Balanced Fund, Munder Equity Income
Fund, Munder International Equity Fund, Munder Multi-Season Growth Fund,
Munder Small Cap Value Fund, Munder Framlington Emerging Markets Fund,
Munder Framlington Healthcare Fund and Munder Framlington International
Growth Fund, respectively.
(b) Net of foreign capital gains taxes of $292,846 for Munder Framlington
Emerging Markets Fund.
See Notes to Financial Statements.
48
<PAGE> 71
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ 2,524,688 $ 66,290 $ 190,570 $ 438,447 $ 103,019 $ 370,199 $ 113,379
5,166,833 4,089,922 1,330,643 279,836 1,073,777 51,857 893,856
66,590 -- 26,178 206,874 35,594 92,520 51,570
------------ ----------- ------------ ------------ ----------- ----------- -----------
7,758,111 4,156,212 1,547,391 925,157 1,212,390 514,576 1,058,805
------------ ----------- ------------ ------------ ----------- ----------- -----------
138,000 7,030 10,020 41,740 4,275 55,424 6,907
672,504 37,020 28,323 85,145 21,671 302,508 10,623
113,212 8,021 14,296 33,388 7,425 202,310 4,721
735,886 4,000 112,970 216,511 92,560 356 5,843
6,501,672 493,473 716,497 1,874,829 773,463 819,735 787,367
724,377 69,012 98,907 258,496 62,437 80,784 79,480
342,985 33,247 55,091 127,129 37,861 35,561 47,130
133,829 23,087 37,640 79,087 202,686 45,588 155,498
60,013 5,931 10,117 23,397 3,755 3,854 2,190
26,464 3,075 5,304 11,902 1,907 1,951 2,425
-- 3,739 -- -- 1,595 1,350 6,166
57,236 27,076 35,871 34,952 37,279 97,212 36,530
362,049 61,638 53,556 107,530 45,004 50,347 33,401
------------ ----------- ------------ ------------ ----------- ----------- -----------
9,868,227 776,349 1,178,592 2,894,106 1,291,918 1,696,980 1,178,281
(1,250,000) -- -- -- (95,447) (15,128) (17,963)
------------ ----------- ------------ ------------ ----------- ----------- -----------
8,618,227 776,349 1,178,592 2,894,106 1,196,471 1,681,852 1,160,318
------------ ----------- ------------ ------------ ----------- ----------- -----------
(860,116) 3,379,863 368,799 (1,968,949) 15,919 (1,167,276) (101,513)
------------ ----------- ------------ ------------ ----------- ----------- -----------
61,239,228 (7,516,109) 1,342,783 70,138,282 8,453,023 4,416,636 11,096,615
-- -- -- -- (279,955) (97,999) (331,382)
(64,867,915) 2,964,104 (15,948,748) (28,128,105) (4,689,589) 52,218,855 8,149,026
-- -- 62,794 --
-- -- -- -- 6,322 10,330 9,695
------------ ----------- ------------ ------------ ----------- ----------- -----------
(3,628,687) (4,552,005) (14,543,171) 42,010,177 3,489,801 56,547,822 18,923,954
------------ ----------- ------------ ------------ ----------- ----------- -----------
$ (4,488,803) $(1,172,142) $(14,174,372) $ 40,041,228 $ 3,505,720 $55,380,546 $18,822,441
============ =========== ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
49
<PAGE> 72
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY INTERNATIONAL MICRO-CAP
BALANCED INCOME EQUITY EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
Net investment income/(loss).............................. $ 508,659 $ 2,758,759 $ 3,329,619 $ (1,291,054)
Net realized gain/(loss) on investments sold.............. 11,883,004 10,054,573 27,461,775 12,536,936
Net change in unrealized appreciation/(depreciation) of
investments............................................. (3,660,424) (50,766,777) 16,738,375 12,596,649
----------- ------------ ------------ ------------
Net increase/(decrease) in net assets resulting from
operations.............................................. 8,731,239 (37,953,445) 47,529,769 23,842,531
Dividends to shareholders from net investment income:
Class A Shares...................................... (35,509) (74,773) (116,429) --
Class B Shares...................................... (23,649) (20,833) (18,966) --
Class C Shares...................................... (8,353) (6,318) (26,336) --
Class K Shares...................................... (309,704) (2,014,101) (1,812,979) --
Class Y Shares...................................... (94,012) (493,800) (1,508,735) --
Distributions to shareholders from net realized gains:
Class A Shares...................................... (439,740) (226,313) (572,043) --
Class B Shares...................................... (640,901) (142,947) (157,754) --
Class C Shares...................................... (124,756) (52,897) (224,004) --
Class K Shares...................................... (6,544,611) (7,199,657) (10,135,297) --
Class Y Shares...................................... (1,916,915) (1,232,719) (8,856,940) --
Distributions to shareholders in excess of net investment
income:
Class A Shares...................................... (4,898) (10,170) -- --
Class B Shares...................................... (567) -- (8,177) --
Class C Shares...................................... (2,150) -- (10,710) --
Class K Shares...................................... -- -- -- --
Class Y Shares...................................... -- (75,525) -- --
Distributions to shareholders from capital:
Class A Shares...................................... -- -- -- --
Class B Shares...................................... -- -- -- --
Class C Shares...................................... -- -- -- --
Class K Shares...................................... -- -- -- --
Class Y Shares...................................... -- -- -- --
Net increase/(decrease) in net assets from Fund share
transactions:
Class A Shares...................................... 4,577,335 900,040 (6,263,646) 22,212,863
Class B Shares...................................... 7,531,586 1,129,629 1,968,885 24,574,121
Class C Shares...................................... 4,692,180 (27,739) 1,635,842 11,793,031
Class K Shares...................................... (2,272,713) (57,012,953) 1,373,389 2,043,407
Class Y Shares...................................... (9,815,949) 42,985,298 (30,401,418) (3,578,407)
----------- ------------ ------------ ------------
Net increase/(decrease) in net assets..................... 3,297,913 (61,529,223) (7,605,549) 80,887,546
NET ASSETS:
Beginning of period....................................... 46,782,572 255,376,123 224,024,825 50,271,369
----------- ------------ ------------ ------------
End of period............................................. $50,080,485 $193,846,900 $216,419,276 $131,158,915
=========== ============ ============ ============
Undistributed net investment income/(loss)................ $ 614 $ 52,887 $ -- $ --
=========== ============ ============ ============
</TABLE>
See Notes to Financial Statements.
50
<PAGE> 73
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MUNDER EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
MULTI-SEASON INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
GROWTH FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ (860,116) $ 3,379,863 $ 368,799 $ (1,968,949) $ 15,919 $ (1,167,276) $ (101,513)
61,239,228 (7,516,109) 1,342,783 70,138,282 8,173,068 4,318,637 10,765,233
(64,867,915) 2,964,104 (15,885,954) (28,128,105) (4,683,267) 52,229,185 8,158,721
------------- ------------ ------------ ------------- ----------- ------------ -----------
(4,488,803) (1,172,142) (14,174,372) 40,041,228 3,505,720 55,380,546 18,822,441
-- (138,385) (12,386) -- -- -- (9,646)
-- (151,331) -- -- -- -- --
-- (32,662) -- -- -- -- --
-- (75,780) (127,248) -- -- -- (11,891)
-- (2,985,444) (234,280) -- -- -- (527,869)
(2,340,098) -- -- -- -- -- (67,545)
(6,210,187) -- -- -- -- -- (25,644)
(814,812) -- -- -- -- -- (15,041)
(18,930,585) -- -- -- -- -- (80,150)
(18,414,803) -- -- -- -- -- (2,455,084)
-- -- (3,268) -- -- -- (5,901)
-- -- (2,012) -- -- -- --
-- -- (1,274) -- -- -- --
-- -- -- -- -- -- (7,274)
-- -- -- -- -- -- (322,954)
-- (29,506) -- -- -- -- --
-- (38,833) -- -- -- -- --
-- (8,413) -- -- -- -- --
-- (16,784) -- -- -- -- --
-- (606,058) -- -- -- -- --
17,543,143 332,659 (1,994,086) (13,216,788) 2,792,395 61,506,019 (1,956,763)
(54,309,385) (1,619,922) (296,282) (1,872,066) 2,019,479 75,598,289 989,607
(1,921,670) (472,776) (348,853) (1,054,201) 364,796 64,685,212 919,821
(26,479,278) (794,287) (50,818,873) (77,139,139) 2,839,507 199,401 581,615
(44,890,219) (8,871,294) (22,061,030) (66,076,243) 123,775 1,383,775 (962,967)
------------- ------------ ------------ ------------- ----------- ------------ -----------
(161,256,697) (16,680,958) (90,073,964) (119,317,209) 11,645,672 258,753,242 14,864,755
804,286,749 81,250,542 145,050,266 325,481,086 56,873,789 17,079,251 66,360,666
------------- ------------ ------------ ------------- ----------- ------------ -----------
$ 643,030,052 $ 64,569,584 $ 54,976,302 $ 206,163,877 $68,519,461 $275,832,493 $81,225,421
============= ============ ============ ============= =========== ============ ===========
$ -- $ -- $ 24,221 $ -- $ 302,423 $ (96,169) $(1,089,342)
============= ============ ============ ============= =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
51
<PAGE> 74
The Munder Funds
Statement of Changes in Net Assets, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY INTERNATIONAL MICRO-CAP
BALANCED INCOME EQUITY EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
Net investment income/(loss)................................ $ 1,237,873 $ 3,632,954 $ 2,457,024 $ (623,751)
Net realized gain/(loss) on investments sold................ 14,076,577 10,528,419 9,078,930 (6,696,854)
Net change in unrealized appreciation/(depreciation) of
investments............................................... (10,208,561) 1,735,753 10,045,666 10,124,607
------------ ------------ ------------ -----------
Net increase/(decrease) in net assets resulting from
operations................................................ 5,105,889 15,897,126 21,581,620 2,804,002
Dividends to shareholders from net investment income:
Class A Shares.......................................... (20,597) (75,395) (59,090) --
Class B Shares.......................................... (9,726) (11,422) (6,706) --
Class C Shares.......................................... (1,589) (4,869) (12,169) --
Class K Shares.......................................... (495,656) (2,515,841) (1,142,060) --
Class Y Shares.......................................... (653,889) (546,965) (1,239,749) --
Distributions to shareholders in excess of net investment
income:
Class A Shares.......................................... -- -- -- --
Class B Shares.......................................... -- -- -- --
Class C Shares.......................................... -- -- -- --
Class K Shares.......................................... -- -- -- --
Class Y Shares.......................................... -- -- -- --
Distributions to shareholders from net realized gains:
Class A Shares.......................................... (111,254) (453,417) (76,269) (158,713)
Class B Shares.......................................... (91,842) (202,291) (13,857) (282,930)
Class C Shares.......................................... (12,800) (66,154) (25,947) (123,793)
Class K Shares.......................................... (3,289,822) (18,732,778) (1,540,788) (44,400)
Class Y Shares.......................................... (3,992,119) (3,210,916) (1,475,693) (301,983)
Distributions to shareholders in excess of realized gains:
Class A Shares.......................................... -- -- -- --
Class B Shares.......................................... -- -- -- --
Class C Shares.......................................... -- -- -- --
Class K Shares.......................................... -- -- -- --
Class Y Shares.......................................... -- -- -- --
Distributions to shareholders from capital:
Class A Shares.......................................... -- -- -- --
Class B Shares.......................................... -- -- -- --
Class C Shares.......................................... -- -- -- --
Class K Shares.......................................... -- -- -- --
Class Y Shares.......................................... -- -- -- --
Net increase/(decrease) in net assets from Fund share
transactions:
Class A Shares.......................................... 701,203 (4,014,850) 8,893,119 (1,056,169)
Class B Shares.......................................... 1,149,209 1,998,157 (67,178) (2,329,218)
Class C Shares.......................................... 239,877 (421,392) 99,990 (1,095,036)
Class K Shares.......................................... (3,404,875) (2,066,361) (7,374,138) (354,975)
Class Y Shares.......................................... (28,897,431) 5,560,859 (10,808,955) 599,445
------------ ------------ ------------ -----------
Net increase/(decrease) in net assets....................... (33,785,422) (8,866,509) 6,732,130 (2,343,770)
NET ASSETS:
Beginning of period......................................... 80,567,994 264,242,632 217,292,695 52,615,139
------------ ------------ ------------ -----------
End of period............................................... $ 46,782,572 $255,376,123 $224,024,825 $50,271,369
============ ============ ============ ===========
Undistributed net investment income/(loss).................. $ 14,245 $ 30,504 $ 201,333 $ --
============ ============ ============ ===========
</TABLE>
See Notes to Financial Statements.
52
<PAGE> 75
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER MUNDER
MULTI- REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ (691,376) $ 4,085,199 $ 747,138 $ (1,192,489) $ 193,154 $ (307,022) $ 35,565
89,416,385 (1,754,780) (3,939,228) (59,134,679) (7,298,698) (472,670) 433,878
9,480,176 (9,497,908) (5,751,711) 16,665,056 19,150,617 (1,882,965) 3,799,029
------------ ------------ ------------ ------------ ----------- ----------- -----------
98,205,185 (7,167,489) (8,943,801) (43,662,112) 12,045,073 (2,662,657) 4,268,472
-- (148,737) (32,483) -- -- -- --
-- (229,771) (590) -- -- -- --
-- (51,338) (365) -- -- -- --
-- (90,219) (301,291) -- -- -- --
(345,882) (3,909,906) (420,084) -- -- -- --
-- -- (11,564) -- -- -- --
-- -- (4,201) -- -- -- --
-- -- (2,599) -- -- -- --
-- -- (26,396) -- -- -- --
-- -- -- (245,135) -- -- --
(2,451,617) (92,242) (182,203) (1,595,064) -- (34,003) (1,318)
(7,432,162) (173,403) (68,000) (920,567) -- (61,201) (264)
1,028,461) (39,951) (42,037) (370,434) -- (18,261) (92)
(22,000,121) (60,204) (1,344,886) (9,282,837) -- (1,180) (904)
(21,500,520) (2,367,839) (1,361,469) (12,457,292) -- (38,003) (31,731)
-- -- -- -- -- (6,191) --
-- -- -- -- -- (11,143) --
-- -- -- -- -- (3,325) --
-- -- -- -- -- (215) --
-- -- -- -- -- (6,919) --
-- (21,931) -- -- -- -- --
-- (38,530) -- -- -- -- --
-- (8,546) -- -- -- -- --
-- (12,479) -- -- -- -- --
-- (522,878) -- -- -- -- --
14,240,459 49,263 (1,568,355) 4,650,565 238,069 (995,684) 892,175
(4,872,510) (576,360) 337,976 (2,785,595) 479,951 (905,614) (36,560)
(1,410,384) (26,150) 116,967 (1,252,201) 277,007 (1,224,944) (27,499)
56,882,761 480,851 (2,862,277) (7,189,080) (3,994,617) (82,506) (479,640)
(60,956,845) (1,066,406) (5,824,485) (9,567,847) 429,997 483,685 (7,524,088)
------------ ------------ ------------ ------------ ----------- ----------- -----------
47,329,903 (16,074,265) (22,542,143) (84,677,599) 9,475,480 (5,568,161) (2,941,449)
756,956,846 97,324,807 167,592,409 410,158,685 47,398,309 22,647,412 69,302,115
------------ ------------ ------------ ------------ ----------- ----------- -----------
$804,286,749 $ 81,250,542 $145,050,266 $325,481,086 $56,873,789 $17,079,251 $66,360,666
============ ============ ============ ============ =========== =========== ===========
$ -- $ -- $ 16,492 $ -- $ -- $ (3,654) $ (104,043)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
53
<PAGE> 76
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER
MUNDER MUNDER MUNDER MUNDER MULTI-SEASON
BALANCED EQUITY INCOME INTERNATIONAL MICRO-CAP GROWTH
FUND FUND EQUITY FUND EQUITY FUND FUND
<S> <C> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold...................................... $ 6,785,992 $ 17,885,104 $ 130,393,083 $ 59,536,050 $ 513,714,095
Issued as reinvestment of dividends....... 423,006 190,347 421,615 -- 1,622,070
Redeemed.................................. (2,631,663) (17,175,411) (137,078,344) (37,323,187) (497,793,022)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease)................... $ 4,577,335 $ 900,040 $ (6,263,646) $ 22,212,863 $ 17,543,143
============ ============ ============= ============ =============
CLASS B SHARES:
Sold...................................... $ 11,281,387 $ 3,788,485 $ 2,925,877 $ 31,557,857 $ 8,989,177
Issued as reinvestment of dividends....... 446,010 94,294 87,976 -- 2,533,148
Redeemed.................................. (4,195,811) (2,753,150) (1,044,968) (6,983,736) (65,831,710)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease)................... $ 7,531,586 $ 1,129,629 $ 1,968,885 $ 24,574,121 $ (54,309,385)
============ ============ ============= ============ =============
CLASS C SHARES:
Sold...................................... $ 6,272,429 $ 1,915,035 $ 6,668,963 $ 15,874,755 $ 8,695,042
Issued as reinvestment of dividends....... 37,038 22,260 47,158 -- 63,532
Redeemed.................................. (1,617,287) (1,965,034) (5,080,279) (4,081,724) (10,680,244)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease)................... $ 4,692,180 $ (27,739) $ 1,635,842 $ 11,793,031 $ (1,921,670)
============ ============ ============= ============ =============
CLASS K SHARES:
Sold...................................... $ 9,507,694 $ 32,241,968 $ 26,029,127 $ 2,957,481 $ 100,039,514
Issued as reinvestment of dividends....... 55 1,274 7,074 -- 120,400
Redeemed.................................. (11,780,462) (89,256,195) (24,662,812) (914,074) (126,639,192)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease)................... $ (2,272,713) $(57,012,953) $ 1,373,389 $ 2,043,407 $ (26,479,278)
============ ============ ============= ============ =============
CLASS Y SHARES:
Sold...................................... $ 3,477,676 $ 64,716,280 $ 20,155,170 $ 5,799,452 $ 55,345,664
Issued as reinvestment of dividends....... 69,722 74,290 339,835 -- 890,964
Redeemed.................................. (13,363,347) (21,805,272) (50,896,423) (9,377,859) (101,126,847)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease)................... $ (9,815,949) $ 42,985,298 $ (30,401,418) $ (3,578,407) $ (44,890,219)
============ ============ ============= ============ =============
</TABLE>
See Notes to Financial Statements.
54
<PAGE> 77
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
REAL ESTATE MUNDER FRAMLINGTON MUNDER FRAMLINGTON
EQUITY MUNDER SMALL EMERGING FRAMLINGTON INTERNATIONAL
INVESTMENT SMALL-CAP COMPANY MARKETS HEALTHCARE GROWTH
FUND VALUE FUND GROWTH FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
$ 5,509,645 $ 30,898,974 $ 234,894,845 $ 17,842,469 $114,009,815 $ 35,461,783
101,435 12,611 -- -- -- 81,974
(5,278,421) (32,905,671) (248,111,633) (15,050,074) (52,503,796) (37,500,520)
------------ ------------ ------------- ------------ ------------ ------------
$ 332,659 $ (1,994,086) $ (13,216,788) $ 2,792,395 $ 61,506,019 $ (1,956,763)
============ ============ ============= ============ ============ ============
$ 1,256,958 $ 1,877,740 $ 4,274,224 $ 3,636,847 $ 86,631,009 $ 1,915,311
60,909 788 -- -- -- 21,092
(2,937,789) (2,174,810) (6,146,290) (1,617,368) (11,032,720) (946,796)
------------ ------------ ------------- ------------ ------------ ------------
$ (1,619,922) $ (296,282) $ (1,872,066) 2,019,479 $ 75,598,289 $ 989,607
============ ============ ============= ============ ============ ============
$ 294,199 $ 1,895,677 $ 1,091,456 $ 1,291,302 $ 77,764,565 $ 2,952,059
16,290 329 -- -- -- 12,538
(783,265) (2,244,859) (2,145,657) (926,506) (13,079,353) (2,044,776)
------------ ------------ ------------- ------------ ------------ ------------
$ (472,776) $ (348,853) $ (1,054,201) $ 364,796 $ 64,685,212 $ 919,821
============ ============ ============= ============ ============ ============
$ 515,206 $ 8,012,910 $ 12,010,228 $ 19,415,665 $ 266,356 $ 906,040
-- 3 -- -- -- --
(1,309,493) (58,831,786) (89,149,367) (16,576,158) (66,955) (324,425)
------------ ------------ ------------- ------------ ------------ ------------
$ (794,287) $(50,818,873) $ (77,139,139) $ 2,839,507 $ 199,401 $ 581,615
============ ============ ============= ============ ============ ============
$ 10,185,335 $ 4,946,672 $ 10,817,914 $ 4,345,293 $ 2,249,416 $ 15,603,190
895,525 51,156 -- -- -- 653,463
(19,952,154) (27,058,858) (76,894,157) (4,221,518) (865,641) (17,219,620)
------------ ------------ ------------- ------------ ------------ ------------
$ (8,871,294) $(22,061,030) $ (66,076,243) $ 123,775 $ 1,383,775 $ (962,967)
============ ============ ============= ============ ============ ============
</TABLE>
See Notes to Financial Statements.
55
<PAGE> 78
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY INTERNATIONAL MICRO-CAP
BALANCED INCOME EQUITY EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold........................................................ 573,561 1,353,999 7,476,474 2,277,491
Issued as reinvestment of dividends......................... 42,595 14,803 24,122 --
Redeemed.................................................... (224,043) (1,308,309) (7,883,249) (1,570,774)
---------- ---------- ---------- ----------
Net increase/(decrease)..................................... 392,113 60,493 (382,653) 706,717
========== ========== ========== ==========
CLASS B SHARES:
Sold........................................................ 967,112 295,320 166,521 1,127,659
Issued as reinvestment of dividends......................... 45,432 7,316 5,092 --
Redeemed.................................................... (360,945) (214,318) (59,073) (278,599)
---------- ---------- ---------- ----------
Net increase/(decrease)..................................... 651,599 88,318 112,540 849,060
========== ========== ========== ==========
CLASS C SHARES:
Sold........................................................ 533,678 149,072 398,845 544,186
Issued as reinvestment of dividends......................... 3,676 1,730 2,696 --
Redeemed.................................................... (140,887) (151,398) (309,976) (164,363)
---------- ---------- ---------- ----------
Net increase/(decrease)..................................... 396,467 (596) 91,565 379,823
========== ========== ========== ==========
CLASS K SHARES:
Sold........................................................ 917,665 2,423,138 1,464,258 108,126
Issued as reinvestment of dividends......................... 5 99 401 --
Redeemed.................................................... (1,061,539) (6,803,659) (1,419,008) (36,672)
---------- ---------- ---------- ----------
Net increase/(decrease)..................................... (143,869) (4,380,422) 45,651 71,454
========== ========== ========== ==========
CLASS Y SHARES:
Sold........................................................ 328,836 5,188,493 1,122,569 220,593
Issued as reinvestment of dividends......................... 7,050 5,894 19,435 --
Redeemed.................................................... (1,106,771) (1,617,766) (2,812,103) (396,083)
---------- ---------- ---------- ----------
Net increase/(decrease)..................................... (770,885) 3,576,621 (1,670,099) (175,490)
========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
56
<PAGE> 79
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
REAL ESTATE SMALL FRAMLINGTON MUNDER FRAMLINGTON
MUNDER EQUITY MUNDER COMPANY EMERGING FRAMLINGTON INTERNATIONAL
MULTI-SEASON INVESTMENT SMALL-CAP GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND VALUE FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
25,012,439 469,917 2,563,278 13,709,941 1,279,182 4,728,263 2,331,129
84,111 9,076 1,063 -- -- -- 5,463
(24,167,485) (446,640) (2,738,693) (14,443,294) (1,076,756) (2,249,531) (2,452,293)
----------- ---------- ---------- ----------- ---------- ---------- ----------
929,065 32,353 (174,352) (733,353) 202,426 2,478,732 (115,701)
=========== ========== ========== =========== ========== ========== ==========
521,602 110,304 163,847 274,349 266,496 3,611,591 124,884
139,044 5,440 67 -- -- -- 1,427
(3,521,855) (261,713) (188,778) (374,437) (123,621) (541,233) (64,165)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(2,861,209) (145,969) (24,864) (100,088) 142,875 3,070,358 62,146
=========== ========== ========== =========== ========== ========== ==========
445,824 26,071 162,336 65,170 91,285 3,218,602 190,324
3,469 1,447 28 -- -- -- 839
(548,588) (70,123) (198,110) (129,796) (69,682) (585,906) (132,942)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(99,295) (42,605) (35,746) (64,626) 21,603 2,632,696 58,221
=========== ========== ========== =========== ========== ========== ==========
4,951,349 44,831 700,764 710,435 1,477,128 10,918 56,790
6,277 -- -- -- -- -- --
(6,222,757) (120,909) (5,099,704) (5,397,897) (1,355,839) (3,023) (20,413)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(1,265,131) (76,078) (4,398,940) (4,687,462) 121,289 7,895 36,377
=========== ========== ========== =========== ========== ========== ==========
2,735,182 880,145 419,031 606,082 364,320 96,887 988,803
45,772 79,956 4,340 -- -- -- 43,422
(4,922,987) (1,753,350) (2,331,059) (4,300,727) (330,824) (41,900) (1,114,434)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(2,142,033) (793,249) (1,907,688) (3,694,645) 33,496 54,987 (82,209)
=========== ========== ========== =========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
57
<PAGE> 80
The Munder Funds
Statement of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY INTERNATIONAL MICRO-CAP
BALANCED INCOME EQUITY EQUITY
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold..................................................... $ 1,140,908 $ 36,363,414 $ 154,582,825 $ 9,475,953
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 110,159 289,589 76,045 111,618
Redeemed................................................. (549,864) (40,667,853) (145,765,751) (10,643,740)
------------ ------------ ------------- ------------
Net increase/(decrease).................................. $ 701,203 $ (4,014,850) $ 8,893,119 $ (1,056,169)
============ ============ ============= ============
CLASS B SHARES:
Sold..................................................... $ 1,373,486 $ 2,903,698 $ 419,856 $ 4,873,253
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 25,182 82,783 8,577 127,867
Redeemed................................................. (249,459) (988,324) (495,611) (7,330,338)
------------ ------------ ------------- ------------
Net increase/(decrease).................................. $ 1,149,209 $ 1,998,157 $ (67,178) $ (2,329,218)
============ ============ ============= ============
CLASS C SHARES:
Sold..................................................... $ 365,546 $ 5,675,166 $ 784,962 $ 2,511,654
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 3,270 22,089 2,507 41,160
Redeemed................................................. (128,939) (6,118,647) (687,479) (3,647,850)
------------ ------------ ------------- ------------
Net increase/(decrease).................................. $ 239,877 $ (421,392) $ 99,990 $ (1,095,036)
============ ============ ============= ============
CLASS K SHARES:
Sold..................................................... $ 9,051,179 $ 43,942,687 $ 16,375,849 $ 874,607
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... -- 2,558 862 325
Redeemed................................................. (12,456,054) (46,011,606) (23,750,849) (1,229,907)
------------ ------------ ------------- ------------
Net increase/(decrease).................................. $ (3,404,875) $ (2,066,361) $ (7,374,138) $ (354,975)
============ ============ ============= ============
CLASS Y SHARES:
Sold..................................................... $ 10,363,069 $ 64,513,627 $ 11,617,421 $ 5,619,141
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 25,568 87,471 84,636 174,800
Redeemed................................................. (39,286,068) (59,040,239) (22,511,012) (5,194,496)
------------ ------------ ------------- ------------
Net increase/(decrease).................................. $(28,897,431) $ 5,560,859 $ (10,808,955) $ 599,445
============ ============ ============= ============
</TABLE>
See Notes to Financial Statements.
58
<PAGE> 81
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ 785,755,717 $ 3,097,125 $ 204,932,864 $ 516,745,495 $ 1,420,206 $ 882,935 $ 18,526,567
3,645,184 -- -- -- -- -- --
1,788,540 126,652 147,666 857,595 -- 13,738 1,313
(776,948,982) (3,174,514) (206,648,885) (512,952,525) (1,182,137) (1,892,357) (17,635,705)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ 14,240,459 $ 49,263 $ (1,568,355) $ 4,650,565 $ 238,069 $ (995,684) $ 892,175
============= ============ ============= ============= ============ =========== ============
$ 11,477,272 $ 1,967,281 $ 1,605,943 $ 8,733,728 $ 1,650,573 $ 1,720,586 $ 462,021
423,609 -- -- -- -- -- --
2,980,135 137,336 29,154 350,225 -- 39,333 203
(19,753,526) (2,680,977) (1,297,121) (11,869,548) (1,170,622) (2,665,533) (498,784)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ (4,872,510) $ (576,360) $ 337,976 $ (2,785,595) $ 479,951 $ (905,614) $ (36,560)
============= ============ ============= ============= ============ =========== ============
$ 14,691,587 $ 689,276 $ 1,563,402 $ 2,114,641 $ 481,365 $ 402,803 $ 181,063
27,285 -- -- -- -- -- --
69,569 25,554 15,741 77,875 -- 3,123 77
(16,198,825) (740,980) (1,462,176) (3,444,717) (204,358) (1,630,870) (208,639)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ (1,410,384) $ (26,150) $ 116,967 $ (1,252,201) $ 277,007 $(1,224,944) $ (27,499)
============= ============ ============= ============= ============ =========== ============
$ 110,054,804 $ 1,114,941 $ 30,619,211 $ 57,197,271 $ 17,037,605 $ 43,800 $ 502,556
30,893,203 -- -- -- -- -- --
147,907 -- 87 18,166 -- -- --
(84,213,153) (634,090) (33,481,575) (64,404,517) (21,032,222) (126,306) (982,196)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ 56,882,761 $ 480,851 $ (2,862,277) $ (7,189,080) $ (3,994,617) $ (82,506) $ (479,640)
============= ============ ============= ============= ============ =========== ============
$ 61,127,513 $ 18,204,684 $ 60,951,348 $ 96,528,187 $ 6,623,826 $ 1,004,715 $ 8,894,961
8,653,859 -- -- -- -- -- --
1,623,598 1,286,467 302,524 1,414,591 -- 17,579 8,595
(132,361,815) (20,557,557) (67,078,357) (107,510,625) (6,193,829) (538,609) (16,427,644)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ (60,956,845) $ (1,066,406) $ (5,824,485) $ (9,567,847) $ 429,997 $ 483,685 $ (7,524,088)
============= ============ ============= ============= ============ =========== ============
</TABLE>
See Notes to Financial Statements.
59
<PAGE> 82
The Munder Funds
Statement of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER
MUNDER MUNDER MUNDER MICRO-CAP
BALANCED EQUITY INCOME INTERNATIONAL EQUITY
FUND FUND EQUITY FUND FUND
<S> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold..................................................... 94,099 2,500,882 9,829,257 593,060
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 9,486 21,050 5,276 7,866
Redeemed................................................. (44,882) (2,760,800) (9,262,579) (695,471)
---------- ------------- ------------- ---------
Net increase/(decrease).................................. 58,703 (238,868) 571,954 (94,545)
========== ============= ============= =========
CLASS B SHARES:
Sold..................................................... 111,387 201,879 27,512 324,276
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 2,172 6,054 599 9,133
Redeemed................................................. (20,174) (68,980) (34,578) (507,788)
---------- ------------- ------------- ---------
Net increase/(decrease).................................. 93,385 138,953 (6,467) (174,379)
========== ============= ============= =========
CLASS C SHARES:
Sold..................................................... 29,333 396,608 51,188 166,176
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 283 1,617 168 2,938
Redeemed................................................. (10,311) (420,836) (47,992) (256,106)
---------- ------------- ------------- ---------
Net increase/(decrease).................................. 19,305 (22,611) 3,364 (86,922)
========== ============= ============= =========
CLASS K SHARES:
Sold..................................................... 745,255 3,015,495 1,116,407 57,922
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... -- 186 60 23
Redeemed................................................. (1,002,737) (3,158,624) (1,623,278) (86,489)
---------- ------------- ------------- ---------
Net increase/(decrease).................................. (257,482) (142,943) (506,811) (28,544)
========== ============= ============= =========
CLASS Y SHARES:
Sold..................................................... 865,614 4,418,808 792,809 402,801
Issued in connection with Fund reorganization............ -- -- -- --
Issued as reinvestment of dividends...................... 2,203 6,324 5,889 12,267
Redeemed................................................. (3,153,292) (4,027,938) (1,509,586) (354,262)
---------- ------------- ------------- ---------
Net increase/(decrease).................................. (2,285,475) 397,194 (710,888) 60,806
========== ============= ============= =========
</TABLE>
See Notes to Financial Statements.
60
<PAGE> 83
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY MUNDER SMALL EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT SMALL-CAP COMPANY MARKETS HEALTHCARE GROWTH
FUND FUND VALUE FUND GROWTH FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
38,411,153 240,492 17,282,016 31,110,553 136,734 81,639 1,557,057
189,419 -- -- -- -- -- --
92,718 10,178 12,700 53,566 -- 1,298 113
(37,949,040) (248,777) (17,290,366) (30,655,150) (124,885) (181,202) (1,467,146)
------------ ---------- ----------- ----------- ---------- ----------- -------------
744,250 1,893 4,350 508,969 11,849 (98,265) 90,024
============ ========== =========== =========== ========== =========== =============
597,140 155,151 131,184 563,596 186,048 164,817 38,471
22,939 -- -- -- -- -- --
11,127 2,515 22,966 -- 3,771 18
161,175 (214,152) (109,601) (761,308) (145,442) (258,818) (44,954)
------------ ---------- ----------- ----------- ---------- ----------- -------------
(234,761) (47,874) 24,098 (174,746) 40,606 (90,230) (6,465)
============ ========== =========== =========== ========== =========== =============
750,825 54,141 129,366 131,826 52,223 38,586 14,652
1,474 -- -- -- -- -- --
3,756 2,053 1,361 5,021 -- 299 7
(832,142) (59,643) (125,088) (221,158) (23,616) (166,856) (17,543)
------------ ---------- ----------- ----------- ---------- ----------- -------------
(76,087) (3,449) 5,639 (84,311) 28,607 (127,971) (2,884)
============ ========== =========== =========== ========== =========== =============
4,506,451 87,288 2,569,270 3,443,786 2,088,599 3,932 43,933
1,608,086 -- -- -- -- -- --
7,679 -- 8 1,135 -- -- --
(4,127,521) (52,699) (2,834,248) (3,995,528) (2,485,396) (11,980) (90,573)
------------ ---------- ----------- ----------- ---------- ----------- -------------
1,994,695 34,589 (264,970) (550,607) (396,797) (8,048) (46,640)
============ ========== =========== =========== ========== =========== =============
4,819,485 1,409,073 5,090,624 5,745,898 708,935 94,073 779,551
444,900 -- -- -- -- -- --
83,310 103,706 25,949 87,075 -- 1,657 740
(6,599,730) (1,656,986) (5,589,940) (6,419,767) (768,253) (51,824) (1,433,472)
------------ ---------- ----------- ----------- ---------- ----------- -------------
(1,252,035) (144,207) (473,367) (586,794) (59,318) 43,906 (653,181)
============ ========== =========== =========== ========== =========== =============
</TABLE>
See Notes to Financial Statements.
61
<PAGE> 84
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 12.96 $13.48 $13.01 $12.35 $10.77
------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.15 0.21 0.30 0.29 0.27
Net realized and unrealized gain on investments... 2.40 1.02 1.66 1.30 1.55
------- ------ ------ ------ ------
Total from investment operations.................. 2.55 1.23 1.96 1.59 1.82
------- ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.13) (0.23) (0.32) (0.27) (0.24)
Distributions in excess of net investment
income.......................................... (0.02) -- -- -- --
Distributions from net realized gains............. (3.23) (1.52) (1.17) (0.66) --
------- ------ ------ ------ ------
Total distributions............................... (3.38) (1.75) (1.49) (0.93) (0.24)
------- ------ ------ ------ ------
Net asset value, end of period.................... $ 12.13 $12.96 $13.48 $13.01 $12.35
======= ====== ====== ====== ======
TOTAL RETURN (B).................................. 27.17% 10.76% 15.93% 13.63% 17.06%
======= ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $ 6,229 $1,572 $ 844 $ 382 $ 375
Ratio of operating expenses to average net
assets.......................................... 1.26% 1.22% 1.17% 1.22% 1.15%
Ratio of net investment income to average net
assets.......................................... 1.33% 1.73% 2.41% 2.30% 2.29%
Portfolio turnover rate........................... 176% 116% 79% 125% 197%
Ratio of operating expenses to average net assets
without waivers................................. 1.26% 1.22% 1.17% 1.22% 1.26%
</TABLE>
------------
(a) The Munder Balanced Fund Class A Shares and Class B Shares commenced
operations on April 30, 1993 and June 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) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
62
<PAGE> 85
<TABLE>
<CAPTION>
B SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$ 12.92 $13.44 $12.97 $12.33 $10.76
------- ------ ------ ------ ------
0.07 0.12 0.21 0.19 0.18
2.38 1.01 1.64 1.30 1.56
------- ------ ------ ------ ------
2.45 1.13 1.85 1.49 1.74
------- ------ ------ ------ ------
(0.06) (0.13) (0.21) (0.19) (0.17)
(0.00)(e) -- -- -- --
(3.23) (1.52) (1.17) (0.66) --
------- ------ ------ ------ ------
(3.29) (1.65) (1.38) (0.85) (0.17)
------- ------ ------ ------ ------
$ 12.08 $12.92 $13.44 $12.97 $12.33
======= ====== ====== ====== ======
26.22% 9.96% 15.11% 12.73% 16.24%
======= ====== ====== ====== ======
$ 9,582 $1,829 $ 647 $ 199 $ 75
2.01% 1.97% 1.92% 1.97% 1.90%
0.58% 0.94% 1.66% 1.55% 1.54%
176% 116% 79% 125% 197%
2.01% 1.97% 1.92% 1.97% 2.01%
</TABLE>
See Notes to Financial Statements.
63
<PAGE> 86
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
C SHARES
YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $ 12.95 $13.45 $12.99 $12.35 $11.67
------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................ 0.07 0.12 0.22 0.18 0.05
Net realized and unrealized gain on
investments.................................... 2.39 1.03 1.62 1.32 0.67
------- ------ ------ ------ ------
Total from investment operations................. 2.46 1.15 1.84 1.50 0.72
------- ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............. (0.05) (0.13) (0.21) (0.20) (0.04)
Distributions in excess of net investment
income......................................... (0.01) -- -- -- --
Distributions from net realized gains............ (3.23) (1.52) (1.17) (0.66) --
------- ------ ------ ------ ------
Total distributions.............................. (3.29) (1.65) (1.38) (0.86) (0.04)
------- ------ ------ ------ ------
Net asset value, end of period................... $ 12.12 $12.95 $13.45 $12.99 $12.35
======= ====== ====== ====== ======
TOTAL RETURN (B)................................. 26.33% 10.11% 15.00% 12.84% 6.20%
======= ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............. $ 5,145 $ 360 $ 115 $ 73 $ 3
Ratio of operating expenses to average net
assets......................................... 2.01% 1.97% 1.92% 1.97% 1.90%(c)
Ratio of net investment income to average net
assets......................................... 0.58% 0.94% 1.66% 1.55% 1.54%(c)
Portfolio turnover rate.......................... 176% 116% 79% 125% 197%
Ratio of operating expenses to average net assets
without waivers................................ 2.01% 1.97% 1.92% 1.97% 2.01%(c)
</TABLE>
------------
(a) The Munder Balanced Fund Class C Shares and Class Y Shares commenced
operations on January 24, 1996 and April 13, 1993 respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
64
<PAGE> 87
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$ 12.98 $ 13.48 $ 13.01 $ 12.35 $ 10.77
------- ------- ------- ------- -------
0.18 0.26 0.37 0.31 0.30
2.39 1.02 1.62 1.31 1.55
------- ------- ------- ------- -------
2.57 1.28 1.99 1.62 1.85
------- ------- ------- ------- -------
(0.18) (0.26) (0.35) (0.30) (0.27)
-- -- -- -- --
(3.23) (1.52) (1.17) (0.66) --
------- ------- ------- ------- -------
(3.41) (1.78) (1.52) (0.96) (0.27)
------- ------- ------- ------- -------
$ 12.14 $ 12.98 $ 13.48 $ 13.01 $ 12.35
======= ======= ======= ======= =======
27.33% 11.21% 16.23% 13.91% 17.35%
======= ======= ======= ======= =======
$ 5,430 $15,816 $47,215 $70,314 $57,637
1.01% 0.97% 0.92% 0.97% 0.90%
1.58% 2.09% 2.66% 2.55% 2.54%
176% 116% 79% 125% 197%
1.01% 0.97% 0.92% 0.97% 1.01%
</TABLE>
See Notes to Financial Statements.
65
<PAGE> 88
Munder Equity Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period................. $14.98 $15.62 $15.21 $13.04 $11.14
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................................ 0.18 0.20 0.29 0.31 0.32
Net realized and unrealized gain on investments...... (2.58) 0.73 2.96 3.14 1.98
------ ------ ------ ------ ------
Total from investment operations..................... (2.40) 0.93 3.25 3.45 2.30
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income................. (0.16) (0.18) (0.28) (0.32) (0.31)
Distributions in excess of net investment income..... (0.02) -- -- -- --
Distributions from net realized gains................ (0.57) (1.39) (2.56) (0.96) (0.09)
------ ------ ------ ------ ------
Total distributions.................................. (0.75) (1.57) (2.84) (1.28) (0.40)
------ ------ ------ ------ ------
Net asset value, end of period....................... $11.83 $14.98 $15.62 $15.21 $13.04
====== ====== ====== ====== ======
TOTAL RETURN (B)..................................... (16.45)% 6.96% 23.03% 28.10% 20.90%
====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)................. $5,121 $5,578 $9,545 $3,662 $1,025
Ratio of operating expenses to average net assets.... 1.23% 1.21% 1.19% 1.20% 1.21%
Ratio of net investment income to average net
assets............................................. 1.37% 1.44% 1.78% 2.28% 2.56%
Portfolio turnover rate.............................. 91% 50% 73% 62% 37%
Ratio of operating expenses to average net assets
without waivers.................................... 1.23% 1.21% 1.19% 1.20% 1.28%
</TABLE>
------------
(a) The Munder Equity Income Fund Class A Shares and Class B Shares commenced
operations on August 8, 1994 and August 9, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
66
<PAGE> 89
<TABLE>
<CAPTION>
B SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
$14.93 $15.57 $15.17 $13.02 $11.13
------ ------ ------ ------ ------
0.08 0.10 0.17 0.21 0.23
(2.57) 0.72 2.95 3.13 1.99
------ ------ ------ ------ ------
(2.49) 0.82 3.12 3.34 2.22
------ ------ ------ ------ ------
(0.08) (0.07) (0.16) (0.23) (0.24)
-- -- -- -- --
(0.57) (1.39) (2.56) (0.96) (0.09)
------ ------ ------ ------ ------
(0.65) (1.46) (2.72) (1.19) (0.33)
------ ------ ------ ------ ------
$11.79 $14.93 $15.57 $15.17 $13.02
====== ====== ====== ====== ======
(17.07)% 6.18% 22.09% 27.16% 20.09%
====== ====== ====== ====== ======
$3,961 $3,700 $1,694 $ 641 $ 228
1.98% 1.97% 1.94% 1.95% 1.96%
0.62% 0.69% 1.03% 1.53% 1.81%
91% 50% 73% 62% 37%
1.98% 1.97% 1.94% 1.95% 2.03%
</TABLE>
See Notes to Financial Statements.
67
<PAGE> 90
Munder Equity Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
C SHARES
YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 14.91 $15.55 $15.16 $13.01 $12.60
------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.............................. 0.08 0.09 0.16 0.19 0.14
Net realized and unrealized gain on investments.... (2.56) 0.73 2.95 3.15 0.55
------- ------ ------ ------ ------
Total from investment operations................... (2.48) 0.82 3.11 3.34 0.69
------- ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............... (0.08) (0.07) (0.16) (0.23) (0.19)
Distributions in excess of net investment income... -- -- -- -- --
Distributions from net realized gains.............. (0.57) (1.39) (2.56) (0.96) (0.09)
------- ------ ------ ------ ------
Total distributions................................ (0.65) (1.46) (2.72) (1.19) (0.28)
------- ------ ------ ------ ------
Net asset value, end of period..................... $ 11.78 $14.91 $15.55 $15.16 $13.01
------- ------ ------ ------ ------
TOTAL RETURN (B)................................... (17.02)% 6.18% 22.05% 27.17% 5.57%
======= ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............... $ 1,073 $1,366 $1,776 $ 766 $ 31
Ratio of operating expenses to average net
assets........................................... 1.98% 1.97% 1.94% 1.95% 1.96%(c)
Ratio of net investment income to average net
assets........................................... 0.62% 0.69% 1.03% 1.53% 1.81%(c)
Portfolio turnover rate............................ 91% 50% 73% 62% 37%
Ratio of operating expenses to average net assets
without waivers.................................. 1.98% 1.97% 1.94% 1.95% 2.03%(c)
</TABLE>
------------
(a) The Munder Equity Income Fund Class C Shares and Class Y Shares commenced
operations on December 5, 1995 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
68
<PAGE> 91
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$ 15.00 $ 15.64 $ 15.23 $ 13.05 $ 11.14
------- ------- ------- ------- -------
0.21 0.25 0.32 0.35 0.35
(2.59) 0.72 2.97 3.14 1.98
------- ------- ------- ------- -------
(2.38) 0.97 3.29 3.49 2.33
------- ------- ------- ------- -------
(0.18) (0.22) (0.32) (0.35) (0.33)
(0.03) -- -- -- --
(0.57) (1.39) (2.56) (0.96) (0.09)
------- ------- ------- ------- -------
(0.78) (1.61) (2.88) (1.31) (0.42)
------- ------- ------- ------- -------
$ 11.84 $ 15.00 $ 15.64 $ 15.23 $ 13.05
------- ------- ------- ------- -------
(16.28)% 7.22% 23.32% 28.43% 21.26%
======= ======= ======= ======= =======
$73,435 $39,368 $34,840 $29,674 $20,464
0.98% 0.96% 0.94% 0.95% 0.96%
1.62% 1.69% 2.03% 2.53% 2.81%
91% 50% 73% 62% 37%
0.98% 0.96% 0.94% 0.95% 1.03%
</TABLE>
See Notes to Financial Statements.
69
<PAGE> 92
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 16.21 $ 15.03 $15.73 $15.09 $13.42
------- ------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.25 0.20 0.15 0.14 0.15
Net realized and unrealized gain/(loss) on
investments..................................... 3.47 1.38 0.34 2.30 1.64
------- ------- ------ ------ ------
Total from investment operations.................. 3.72 1.58 0.49 2.44 1.79
------- ------- ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.28) (0.17) (0.19) (0.21) (0.12)
Distributions in excess of net investment
income.......................................... -- -- -- -- --
Distributions from net realized gains............. (1.59) (0.23) (1.00) (1.59) --
Distributions from capital........................ -- -- -- -- --
------- ------- ------ ------ ------
Total distributions............................... (1.87) (0.40) (1.19) (1.80) (0.12)
------- ------- ------ ------ ------
Net asset value, end of period.................... $ 18.06 $ 16.21 $15.03 $15.73 $15.09
======= ======= ====== ====== ======
TOTAL RETURN (B).................................. 23.86% 10.80% 4.30% 17.98% 13.37%
======= ======= ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $10,946 $16,024 $6,264 $6,710 $4,767
Ratio of operating expenses to average net
assets.......................................... 1.30% 1.29% 1.25% 1.26% 1.26%
Ratio of net investment income to average net
assets.......................................... 1.44% 1.33% 1.03% 0.98% 1.07%
Portfolio turnover rate........................... 18% 23% 41% 46% 75%
Ratio of operating expenses to average net assets
without waivers................................. 1.30% 1.29% 1.25% 1.26% 1.33%
</TABLE>
------------
(a) The Munder International Equity Fund Class A Shares and Class B Shares,
commenced operations on November 30, 1992 and March 9, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
70
<PAGE> 93
<TABLE>
<CAPTION>
B SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$15.97 $14.83 $15.57 $14.91 $13.35
------ ------ ------ ------ ------
0.12 0.05 0.05 0.03 0.05
3.36 1.42 0.32 2.28 1.62
------ ------ ------ ------ ------
3.48 1.47 0.37 2.31 1.67
------ ------ ------ ------ ------
(0.13) (0.10) (0.11) (0.06) (0.11)
(0.05) -- -- -- --
(1.59) (0.23) (1.00) (1.59) --
-- -- -- -- --
------ ------ ------ ------ ------
(1.77) (0.33) (1.11) (1.65) (0.11)
------ ------ ------ ------ ------
$17.68 $15.97 $14.83 $15.57 $14.91
====== ====== ====== ====== ======
22.51% 10.08% 3.54% 17.18% 12.53%
====== ====== ====== ====== ======
$3,211 $1,104 $1,121 $1,151 $ 957
2.05% 2.04% 2.00% 2.01% 2.01%
0.69% 0.34% 0.28% 0.23% 0.32%
18% 23% 41% 46% 75%
2.05% 2.04% 2.00% 2.01% 2.08%
</TABLE>
See Notes to Financial Statements.
71
<PAGE> 94
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
C SHARES
YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $16.09 $14.95 $15.68 $15.02 $14.13
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................ 0.12 0.05 0.04 0.03 0.04
Net realized and unrealized gain/(loss) on
investments.................................... 3.42 1.42 0.34 2.30 0.95
------ ------ ------ ------ ------
Total from investment operations................. 3.54 1.47 0.38 2.33 0.99
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............. (0.13) (0.10) (0.11) (0.08) (0.10)
Distributions in excess of net investment
income......................................... (0.05) -- -- -- --
Distributions from net realized gains............ (1.59) (0.23) (1.00) (1.59) --
Distributions from capital....................... -- -- -- -- --
------ ------ ------ ------ ------
Total distributions.............................. (1.77) (0.33) (1.11) (1.67) (0.10)
------ ------ ------ ------ ------
Net asset value, end of period................... $17.86 $16.09 $14.95 $15.68 $15.02
====== ====== ====== ====== ======
TOTAL RETURN (B)................................. 22.66% 10.07% 3.50% 17.18% 7.06%
====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............. $3,977 $2,111 $1,911 $2,259 $1,584
Ratio of operating expenses to average net
assets......................................... 2.05% 2.04% 2.00% 2.01% 2.01%(c)
Ratio of net investment income to average net
assets......................................... 0.69% 0.36% 0.28% 0.23% 0.32%(c)
Portfolio turnover rate.......................... 18% 23% 41% 46% 75%
Ratio of operating expenses to average net assets
without waivers................................ 2.05% 2.04% 2.00% 2.01% 2.08%(c)
</TABLE>
------------
(a) The Munder International Equity Fund Class C Shares and Class Y Shares
commenced operations on September 29, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
72
<PAGE> 95
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$ 16.32 $ 15.10 $15.80 $ 15.15 $ 13.45
------- ------- ------- -------- -------
0.30 0.19 0.19 0.18 0.19
3.44 1.46 0.33 2.32 1.64
------- ------- ------- -------- -------
3.74 1.65 0.52 2.50 1.83
------- ------- ------- -------- -------
(0.31) (0.20) (0.22) (0.26) (0.13)
-- -- -- -- --
(1.59) (0.23) (1.00) (1.59) --
-- -- -- -- --
------- ------- ------- -------- -------
(1.90) (0.43) (1.22) (1.85) (0.13)
------- ------- ------- -------- -------
$ 18.16 $ 16.32 $15.10 $ 15.80 $ 15.15
======= ======= ======= ======== =======
23.79% 11.30% 4.48% 18.35% 13.63%
======= ======= ======= ======== =======
$79,520 $98,681 $102,081 $107,831 $89,435
1.05% 1.04% 1.00% 1.01% 1.01%
1.69% 1.32% 1.28% 1.23% 1.32%
18% 23% 41% 46% 75%
1.05% 1.04% 1.00% 1.01% 1.08%
</TABLE>
See Notes to Financial Statements.
73
<PAGE> 96
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $ 18.16 $17.00 $ 12.81 $10.00
------- ------ ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss...................................... (0.32) (0.18) (0.17) (0.05)
Net realized and unrealized gain on investments.......... 10.96 1.64 5.00 2.86
------- ------ ------- ------
Total from investment operations......................... 10.64 1.46 4.83 2.81
------- ------ ------- ------
LESS DISTRIBUTIONS:
Distributions from net realized gains.................... -- (0.30) (0.64) --
------- ------ ------- ------
Total distributions...................................... -- (0.30) (0.64) --
------- ------ ------- ------
Net asset value, end of period........................... $ 28.80 $18.16 $ 17.00 $12.81
======= ====== ======= ======
TOTAL RETURN (B)......................................... 58.59% 9.10% 38.01% 28.10%
======= ====== ======= ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)..................... $35,960 $9,844 $10,821 $ 184
Ratio of operating expenses to average net assets........ 1.68% 1.53% 1.53% 1.50%(c)
Ratio of net investment loss to average net assets....... (1.23)% (1.21)% (0.97)% (0.88)(c)
Portfolio turnover rate.................................. 187% 184% 172% 68%
Ratio of operating expenses to average net assets without
expenses reimbursed.................................... 1.68% 1.64% 1.78% 7.90%(c)
</TABLE>
------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares and Class C
Shares commenced operations on December 26, 1996, February 24, 1997 and
March 31, 1997, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
74
<PAGE> 97
<TABLE>
<CAPTION>
B SHARES C SHARES
YEAR YEAR YEAR PERIOD YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 06/30/00(D) 6/30/99(D) 6/30/98(D)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 17.84 $ 16.83 $ 12.79 $11.00 $ 17.85 $16.84 $12.79
------- ------- ------- ------ ------- ------ ------
(0.50) (0.28) (0.29) (0.05) (0.50) (0.28) (0.29)
10.68 1.59 4.97 1.84 10.68 1.59 4.98
------- ------- ------- ------ ------- ------ ------
10.18 1.31 4.68 1.79 10.18 1.31 4.69
------- ------- ------- ------ ------- ------ ------
-- (0.30) (0.64) -- -- (0.30) (0.64)
------- ------- ------- ------ ------- ------ ------
-- (0.30) (0.64) -- -- (0.30) (0.64)
------- ------- ------- ------ ------- ------ ------
$ 28.02 $ 17.84 $ 16.83 $12.79 $ 28.03 $17.85 $16.84
======= ======= ======= ====== ======= ====== ======
57.06% 8.29% 36.87% 16.27% 56.97% 8.29% 36.95%
======= ======= ======= ====== ======= ====== ======
$45,480 $13,811 $15,965 $ 442 $20,588 $6,333 $7,441
2.43% 2.28% 2.28% 2.25%(c) 2.43% 2.28% 2.28%
(1.98)% (1.96)% (1.72)% (1.63)%(c) (1.98)% (1.96)% (1.72)%
187% 184% 172% 68% 187% 184% 172%
2.43% 2.39% 2.53% 8.65%(c) 2.43% 2.39% 2.53%
<CAPTION>
C SHARES
PERIOD
ENDED
6/30/97(D)
<S> <C>
$10.13
------
(0.03)
2.69
------
2.66
------
--
------
--
------
$12.79
======
26.26%
======
$ 111
2.25%(c)
(1.63)%(c)
68%
8.65%(c)
</TABLE>
See Notes to Financial Statements.
75
<PAGE> 98
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $ 18.27 $ 17.05 $ 12.83 $10.00
------- ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss...................................... (0.25) (0.14) (0.13) (0.03)
Net realized and unrealized gain on investments.......... 10.95 1.66 4.99 2.86
------- ------- ------- ------
Total from investment operations......................... 10.70 1.52 4.86 2.83
------- ------- ------- ------
LESS DISTRIBUTIONS:
Distributions from net realized gains.................... -- (0.30) (0.64) --
------- ------- ------- ------
Total distributions...................................... -- (0.30) (0.64) --
------- ------- ------- ------
Net asset value, end of period........................... $ 28.97 $ 18.27 $ 17.05 $12.83
======= ======= ======= ======
TOTAL RETURN(B).......................................... 58.57% 9.43% 38.19% 28.30%
======= ======= ======= ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)..................... $22,737 $17,543 $15,337 $2,279
Ratio of operating expenses to average net assets........ 1.43% 1.28% 1.28% 1.25%(c)
Ratio of net investment loss to average net assets....... (1.02)% (0.94)% (0.72)% (0.63)%(c)
Portfolio turnover rate.................................. 187% 184% 172% 68%
Ratio of operating expenses to average net assets without
expenses reimbursed.................................... 1.43% 1.39% 1.53% 7.65%(c)
</TABLE>
------------
(a) The Munder Micro-Cap Equity Fund Class Y Shares commenced operations on
December 26, 1996.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
76
<PAGE> 99
[This Page Intentionally Left Blank]
77
<PAGE> 100
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98(C) 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............ $ 22.05 $ 21.46 $ 18.02 $ 14.83 $12.02
------- ------- ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss).................... (0.03) (0.03) 0.00(d) 0.04 0.06
Net realized and unrealized gain/(loss) on
investments................................... (0.02) 2.20 4.37 3.90 3.20
------- ------- ------- ------- ------
Total from investment operations................ (0.05) 2.17 4.37 3.94 3.26
------- ------- ------- ------- ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- -- (0.01) -- (0.05)
Distributions from net realized gains........... (1.37) (1.58) (0.92) (0.75) (0.40)
------- ------- ------- ------- ------
Total distributions............................. (1.37) (1.58) (0.93) (0.75) (0.45)
------- ------- ------- ------- ------
Net asset value, end of period.................. $ 20.63 $ 22.05 $ 21.46 $ 18.02 $14.83
======= ======= ======= ======= ======
TOTAL RETURN(B)................................. 0.22% 11.34% 25.02% 27.57% 27.56%
======= ======= ======= ======= ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............ $65,569 $49,602 $32,311 $16,693 $9,544
Ratio of operating expenses to average net
assets........................................ 1.24% 1.22% 1.21% 1.25% 1.26%
Ratio of net investment income/(loss) to average
net assets.................................... (0.14)% (0.14)% -- %(d) 0.25% 0.44%
Portfolio turnover rate......................... 44% 53% 34% 33% 54%
Ratio of operating expenses to average net
assets without waivers........................ 1.42% 1.38% 1.39% 1.50% 1.51%
</TABLE>
------------
(a) The Munder Multi-Season Growth Fund Class A Shares and Class B Shares,
commenced operations on August 4, 1993 and April 29, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
78
<PAGE> 101
<TABLE>
<CAPTION>
B SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98(C) 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
$ 21.09 $20.70 $ 17.54 $ 14.56 $ 11.85
------- ------- -------- ------- -------
(0.17) (0.18) (0.14) (0.08) (0.04)
(0.03) 2.15 4.22 3.81 3.15
------- ------- -------- ------- -------
(0.20) 1.97 4.08 3.73 3.11
------- ------- -------- ------- -------
-- -- -- -- --
(1.37) (1.58) (0.92) (0.75) (0.40)
------- ------- -------- ------- -------
(1.37) (1.58) (0.92) (0.75) (0.40)
$ 19.52 $21.09 $ 20.70 $ 17.54 $ 14.56
======= ======= ======== ======= =======
(0.51)% 10.66% 24.12% 26.61% 26.66%
======= ======= ======== ======= =======
$36,433 $99,696 $102,700 $84,865 $66,630
1.99% 1.97% 1.96% 2.00% 2.01%
(0.89)% (0.83)% (0.75)% (0.50)% (0.31)%
44% 53% 34% 33% 54%
2.17% 2.14% 2.14% 2.25% 2.26%
</TABLE>
See Notes to Financial Statements.
79
<PAGE> 102
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
C SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98(C) 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 21.12 $ 20.73 $ 17.56 $14.57 $11.86
------- ------- ------- ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)................... (0.17) (0.19) (0.14) (0.08) (0.04)
Net realized and unrealized gain/(loss) on
investments.................................. (0.03) 2.16 4.23 3.82 3.15
------- ------- ------- ------ ------
Total from investment operations............... (0.20) 1.97 4.09 3.74 3.11
------- ------- ------- ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income........... -- -- -- -- --
Distributions from net realized gains.......... (1.37) (1.58) (0.92) (0.75) (0.40)
------- ------- ------- ------ ------
Total distributions............................ (1.37) (1.58) (0.92) (0.75) (0.40)
Net asset value, end of period................. $ 19.55 $ 21.12 $ 20.73 $17.56 $14.57
======= ======= ======= ====== ======
TOTAL RETURN(B)................................ (0.51)% 10.70% 24.09% 26.66% 26.64%
======= ======= ======= ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........... $10,166 $13,076 $14,411 $9,253 $5,605
Ratio of operating expenses to average net
assets....................................... 1.99% 1.97% 1.96% 2.00% 2.01%
Ratio of net investment income/(loss) to
average net assets........................... (0.89)% (0.83)% (0.75)% (0.50)% (0.31)%
Portfolio turnover rate........................ 44% 53% 34% 33% 54%
Ratio of operating expenses to average net
assets without waivers....................... 2.17% 2.13% 2.14% 2.25% 2.26%
</TABLE>
------------
(a) The Munder Multi-Season Growth Fund Class C Shares and Class Y Shares
commenced operations on September 20, 1993 and August 16, 1993,
respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
80
<PAGE> 103
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98(C) 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
$ 22.34 $ 21.66 $ 18.17 $ 14.94 $ 12.10
-------- -------- -------- -------- --------
0.02 0.04 0.05 0.08 0.09
(0.01) 2.25 4.38 3.94 3.22
-------- -------- -------- -------- --------
0.01 2.29 4.43 4.02 3.31
-------- -------- -------- -------- --------
-- (0.03) (0.02) (0.04) (0.07)
(1.37) (1.58) (0.92) (0.75) (0.40)
-------- -------- -------- -------- --------
(1.37) (1.61) (0.94) (0.79) (0.47)
$ 20.98 $ 22.34 $ 21.66 $ 18.17 $ 14.94
======== ======== ======== ======== ========
0.50% 11.70% 25.28% 27.96% 27.85%
======== ======== ======== ======== ========
$250,523 $314,558 $332,156 $176,027 $130,129
0.99% 0.97% 0.96% 1.00% 1.01%
0.11% 0.17% 0.25% 0.50% 0.69%
44% 53% 34% 33% 54%
1.17% 1.14% 1.14% 1.25% 1.26%
</TABLE>
See Notes to Financial Statements.
81
<PAGE> 104
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 12.78 $ 14.94 $ 14.40 $11.22 $ 10.09
------- ------- ------- ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.56 0.57 0.64 0.44 0.45
Net realized and unrealized gain/(loss) on
investments..................................... (0.57) (1.63) 0.66 3.26 1.12
------- ------- ------- ------ -------
Total from investment operations.................. (0.01) (1.06) 1.30 3.70 1.57
------- ------- ------- ------ -------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.56) (0.60) (0.62) (0.48) (0.44)
Distributions in excess of net investment
income.......................................... -- -- -- (0.01) --
Distributions from net realized gains............. -- (0.14) -- -- --
Distributions from capital........................ (0.12) (0.11) -- (0.03) --
------- ------- ------- ------ -------
Total distributions............................... (0.68) (1.10) (0.76) (0.52) (0.44)
------- ------- ------- ------ -------
Net asset value, end of period.................... $ 12.09 $ 12.78 $ 14.94 $14.40 $ 11.22
======= ======= ======= ====== =======
TOTAL RETURN (B).................................. 0.63% (6.66)% 8.93% 33.51% 15.92%
======= ======= ======= ====== =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $ 3,730 $ 3,530 $ 4,099 $1,426 $ 267
Ratio of operating expenses to average net
assets.......................................... 1.33% 1.27% 1.28% 1.35% 1.25%
Ratio of net investment income to average net
assets.......................................... 4.90% 4.40% 4.15% 3.80% 4.25%
Portfolio turnover rate........................... 15% 22% 15% 15% 17%
Ratio of operating expenses to average net assets
without waivers................................. 1.33% 1.27% 1.28% 1.38% 1.52%
</TABLE>
------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares and Class B
Shares commenced operations on September 30, 1994 and October 3, 1994,
respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
82
<PAGE> 105
<TABLE>
<CAPTION>
B SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$ 12.77 $ 14.93 $ 14.40 $11.22 $ 10.09
------- ------- ------- ------ -------
0.47 0.47 0.53 0.36 0.38
(0.54) (1.63) 0.65 3.24 1.11
------- ------- ------- ------ -------
(0.07) (1.16) 1.18 3.60 1.49
------- ------- ------- ------ -------
(0.48) (0.51) (0.51) (0.38) (0.36)
-- -- -- (0.01) --
-- (0.14) -- -- --
(0.12) (0.10) -- (0.03) --
------- ------- ------- ------ -------
(0.60) (1.00) (0.65) (0.42) (0.36)
------- ------- ------- ------ -------
$ 12.10 $ 12.77 $ 14.93 $14.40 $ 11.22
======= ======= ======= ====== =======
(0.04)% (7.37)% 8.12% 32.52% 15.05%
======= ======= ======= ====== =======
$ 3,291 $ 5,337 $ 6,956 $4,606 $ 1,707
2.08% 2.02% 2.03% 2.10% 2.00%
4.15% 3.70% 3.40% 3.05% 3.50%
15% 22% 15% 15% 17%
2.08% 2.02% 2.03% 2.13% 2.27%
</TABLE>
See Notes to Financial Statements.
83
<PAGE> 106
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
C SHARES
---------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $12.82 $14.98 $14.44 $11.25 $10.76
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... 0.48 0.48 0.53 0.36 0.18
Net realized and unrealized gain/(loss) on
investments................................. (0.54) (1.64) 0.66 3.26 0.47
------ ------ ------ ------ ------
Total from investment operations.............. (0.06) (1.16) 1.19 3.62 0.65
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... (0.48) (0.51) (0.51) (0.39) (0.16)
Distributions in excess of net investment
income...................................... -- -- -- 0.01) --
Distributions from net realized gains......... -- (0.39) (0.14) -- --
Distributions from capital.................... (0.12) (0.10) -- (0.03) --
------ ------ ------ ------ ------
Total distributions........................... (0.60) (1.00) (0.65) (0.43) (0.16)
------ ------ ------ ------ ------
Net asset value, end of period................ $12.16 $12.82 $14.98 $14.44 $11.25
====== ====== ====== ====== ======
TOTAL RETURN (B).............................. 0.04% (7.34)% 8.17% 32.57% 6.08%
====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $ 669 $1,251 $1,513 $ 537 $ 4
Ratio of operating expenses to average net
assets...................................... 2.08% 2.02% 2.03% 2.10% 2.00%(c)
Ratio of net investment income to average net
assets...................................... 4.15% 3.73% 3.40% 3.05% 3.50%(c)
Portfolio turnover rate....................... 15% 22% 15% 15% 17%
Ratio of operating expenses to average net
assets without waivers...................... 2.08% 2.02% 2.03% 2.13% 2.27%(c)
</TABLE>
------------
(a) The Munder Real Estate Equity Investment Fund Class C and Class Y Shares
commenced operations on January 5, 1996 and October 3, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
84
<PAGE> 107
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$ 12.80 $ 14.95 $ 14.40 $ 11.22 $ 10.09
------- ------- ------- ------- -------
0.59 0.60 0.68 0.51 0.47
(0.55) (1.62) 0.66 3.22 1.13
------- ------- ------- ------- -------
0.04 (1.02) 1.34 3.73 1.60
------- ------- ------- ------- -------
(0.59) (0.64) (0.65) (0.51) (0.47)
-- -- -- (0.01) --
-- (0.39) (0.14) -- --
(0.12) (0.10) -- (0.03) --
------- ------- ------- ------- -------
(0.71) (1.13) (0.79) (0.55) (0.47)
------- ------- ------- ------- -------
$ 12.13 $ 12.80 $ 14.95 $ 14.40 $ 11.22
======= ======= ======= ======= =======
0.96% (6.35)% 9.24% 33.79% 16.20%
======= ======= ======= ======= =======
$55,645 $68,856 $82,611 $48,206 $19,125
1.08% 1.02% 1.03% 1.10% 1.00%
5.15% 4.73% 4.40% 4.05% 4.50%
15% 22% 15% 15% 17%
1.08% 1.02% 1.03% 1.13% 1.27%
</TABLE>
See Notes to Financial Statements.
85
<PAGE> 108
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $13.10 $14.24 $12.04 $10.22
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)............................. 0.04 0.06 0.08 0.09
Net realized and unrealized gain/(loss) on investments... (0.89) (0.86) 2.82 1.77
------ ------ ------ ------
Total from investment operations......................... (0.85) (0.80) 2.90 1.86
------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income..................... (0.05) (0.05) (0.06) (0.04)
Distributions in excess of net investment income......... (0.01) (0.02) -- --
Distributions from net realized capital gains............ -- (0.27) (0.64) --
------ ------ ------ ------
Total distributions...................................... (0.06) (0.34) (0.70) (0.04)
------ ------ ------ ------
Net asset value, end of period........................... $12.19 $13.10 $14.24 $12.04
====== ====== ====== ======
TOTAL RETURN (B)......................................... (6.57)% (5.19)% 24.36% 18.20%
====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)..................... $3,469 $6,015 $6,474 $1,164
Ratio of operating expenses to average net assets........ 1.31% 1.23% 1.27% 1.38%(c)
Ratio of net investment income/(loss) to average net
assets................................................. 0.31% 0.49% 0.56% 1.93%(c)
Portfolio turnover rate.................................. 76% 69% 53% 73%
Ratio of operating expenses to average net assets without
waivers................................................ 1.31% 1.23% 1.27% 1.51%(c)
</TABLE>
------------
(a) The Munder Small-Cap Fund Class A Shares, Class B Shares, and Class C Shares
commenced operations on January 10, 1997, February 11, 1997 and January 13,
1997, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
86
<PAGE> 109
<TABLE>
<CAPTION>
B SHARES C SHARES
YEAR YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/00(D) 6/30/99(D) 6/30/98(D)
<S> <C> <C> <C> <C> <C> <C> <C>
$13.03 $14.19 $12.03 $10.76 $13.00 $14.18 $12.02
------ ------ ------ ------ ------ ------ ------
(0.05) (0.03) (0.03) 0.05 (0.05) (0.03) (0.03)
(0.91) (0.84) 2.83 1.24 (0.92) (0.86) 2.83
------ ------ ------ ------ ------ ------ ------
(0.96) (0.87) 2.80 1.29 (0.97) (0.89) 2.80
------ ------ ------ ------ ------ ------ ------
-- (0.00)(e) -- (0.02) -- (0.00)(e) --
(0.01) (0.02) -- -- (0.01) (0.02) --
-- (0.27) (0.64) -- -- (0.27) (0.64)
------ ------ ------ ------ ------ ------ ------
(0.01) (0.29) (0.64) (0.02) (0.01) (0.29) (0.64)
------ ------ ------ ------ ------ ------ ------
$12.06 $13.03 $14.19 $12.03 $12.02 $13.00 $14.18
====== ====== ====== ====== ====== ====== ======
(7.38)% (5.85)% 23.58% 12.03% (7.47)% (6.00)% 23.60%
====== ====== ====== ====== ====== ====== ======
$2,741 $3,287 $3,237 $ 373 $1,275 $1,845 $1,932
2.06% 1.98% 2.02% 2.13%(c) 2.06% 1.98% 2.02%
(0.44)% (0.27)% (0.19)% 1.18%(c) (0.44)% (0.27)% (0.19)%
76% 69% 53% 73% 76% 69% 53%
2.06% 1.98% 2.02% 2.26%(c) 2.06% 1.98% 2.02%
<CAPTION>
C SHARES
PERIOD
ENDED
6/30/97(D)
<S> <C>
$10.22
------
0.05
1.78
------
1.83
------
(0.03)
--
--
------
(0.03)
------
$12.02
======
17.92%
======
$ 197
2.13%(c)
1.18%(c)
73%
2.26%(c)
</TABLE>
See Notes to Financial Statements.
87
<PAGE> 110
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
<S> <C> <C> <C> <C>
Net asset value, beginning of period.................... $ 13.13 $ 14.25 $ 12.04 $ 10.00
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)............................ 0.07 0.09 0.11 0.12
Net realized and unrealized gain/(loss) on
investments........................................... (0.92) (0.85) 2.84 1.96
------- ------- ------- -------
Total from investment operations........................ (0.85) (0.76) 2.95 2.08
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income.................... (0.08) (0.09) (0.10) (0.04)
Distributions in excess of net investment income........ -- -- -- --
Distributions from net realized capital gains........... -- (0.27) (0.64) --
------- ------- ------- -------
Total distributions..................................... (0.08) (0.36) (0.74) (0.04)
------- ------- ------- -------
Net asset value, end of period.......................... $ 12.20 $ 13.13 $ 14.25 $ 12.04
======= ======= ======= =======
TOTAL RETURN (B)........................................ (6.45)% (5.01)% 24.84% 20.86%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).................... $31,920 $59,432 $71,251 $18,271
Ratio of operating expenses to average net assets....... 1.06% 0.98% 1.02% 1.13%(c)
Ratio of net investment income/(loss) to average net
assets................................................ 0.56% 0.72% 0.81% 2.18%(c)
Portfolio turnover rate................................. 76% 69% 53% 73%
Ratio of operating expenses to average net assets
without waivers....................................... 1.06% 0.98% 1.02% 1.26%(c)
</TABLE>
------------
(a) The Munder Small-Cap Fund Class Y Shares commenced operations on December
26, 1996.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
88
<PAGE> 111
[This Page Intentionally Left Blank]
89
<PAGE> 112
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98(C) 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 16.53 $ 19.96 $ 21.61 $ 21.08 $15.28
------- ------- ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss......................... (0.15) (0.07) (0.13) (0.12) (0.12)
Net realized and unrealized gain/(loss) on
investments............................... 3.80 (2.15) 2.59 3.64 7.16
------- ------- ------- ------- ------
Total from investment operations............ 3.65 (2.22) 2.46 3.52 7.04
------- ------- ------- ------- ------
LESS DISTRIBUTIONS:
Distributions from net realized capital
gains..................................... -- (1.21) (4.11) (2.99) (1.24)
------- ------- ------- ------- ------
Total distributions......................... -- (1.21) (4.11) (2.99) (1.24)
Net asset value, end of period.............. $ 20.18 $ 16.53 $ 19.96 $ 21.61 $21.08
======= ======= ======= ======= ======
TOTAL RETURN (B)............................ 22.26% (10.92)% 12.41% 18.88% 48.28%
======= ======= ======= ======= ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's)........ $16,611 $25,729 $20,909 $11,646 $4,832
Ratio of operating expenses to average net
assets.................................... 1.26% 1.22% 1.20% 1.22% 1.21%
Ratio of net investment loss to average net
assets.................................... (0.89)% (0.44)% (0.57)% (0.62)% (0.66)%
Portfolio turnover rate..................... 158% 108% 123% 98% 98%
Ratio of operating expenses to average net
assets without waivers.................... 1.26% 1.22% 1.20% 1.22% 1.28%
</TABLE>
------------
(a) The Munder Small Company Growth Fund Class A Shares and Class B Shares
commenced operations on November 23, 1992 and April 28, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
90
<PAGE> 113
<TABLE>
<CAPTION>
B SHARES
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98(C) 6/30/97(C) 6/30/96(C)
<S> <C> <C> <C> <C> <C>
$15.71 $19.16 $ 21.05 $20.74 $15.15
------ ------ ------- ------ ------
(0.26) (0.19) (0.28) (0.25) (0.26)
3.30 (2.05) 2.50 3.55 7.09
------ ------ ------- ------ ------
3.04 (2.24) 2.22 3.30 6.83
------ ------ ------- ------ ------
-- (1.21) (4.11) (2.99) (1.24)
------ ------ ------- ------ ------
-- (1.21) (4.11) (2.99) (1.24)
$18.75 $15.71 $ 19.16 $21.05 $20.74
====== ====== ======= ====== ======
19.49% (11.55)% 11.51% 18.06% 47.26%
====== ====== ======= ====== ======
$8,562 $8,745 $14,013 $5,735 $ 990
2.01% 1.97% 1.95% 1.97% 1.96%
(1.64)% (1.19)% (1.32)% (1.37)% (1.41)%
158% 108% 123% 98% 98%
2.01% 1.97% 1.95% 1.97% 2.03%
</TABLE>
See Notes to Financial Statements.
91
<PAGE> 114
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
C SHARES
YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $15.97 $19.46 $21.32 $20.93 $17.05
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss........................ (0.26) (0.19) (0.28) (0.25) (0.21)
Net realized and unrealized gain/(loss) on
investments.............................. 3.36 (2.09) 2.53 3.63 5.33
------ ------ ------ ------ ------
Total from investment operations........... 3.10 (2.28) 2.25 3.38 5.12
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends in excess of net investment
income................................... -- -- -- -- --
Distributions from net realized capital
gains.................................... -- (1.21) (4.11) (2.99) (1.24)
------ ------ ------ ------ ------
Total distributions........................ -- (1.21) (4.11) (2.99) (1.24)
Net asset value, end of period............. $19.07 $15.97 $19.46 $21.32 $20.93
====== ====== ====== ====== ======
TOTAL RETURN (B) 19.49% (11.58)% 11.50% 18.26% 31.97%
====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's)....... $3,352 $3,839 $6,319 $2,271 $ 76
Ratio of operating expenses to average net
assets................................... 2.01% 1.97% 1.95% 1.97% 1.96%(c)
Ratio of net investment loss to average net
assets................................... (1.64)% (1.19)% (1.32)% (1.37)% (1.41)(c)
Portfolio turnover rate.................... 158% 108% 123% 98% 98%
Ratio of operating expenses to average net
assets without waivers................... 2.01% 1.97% 1.95% 1.97% 2.03%(c)
</TABLE>
-------------------------
(a) The Munder Small Company Growth Fund Class C and Y Shares commenced
operations on September 26, 1995 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
92
<PAGE> 115
<TABLE>
<CAPTION>
Y SHARES
YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
$ 16.83 $ 20.26 $ 21.84 $ 21.21 $ 15.33
-------- -------- -------- -------- --------
(0.11) (0.03) (0.07) (0.07) (0.07)
3.57 (2.17) 2.60 3.69 7.19
-------- -------- -------- -------- --------
3.46 (2.20) 2.53 3.62 7.12
-------- -------- -------- -------- --------
-- (0.02) -- -- --
-- (1.21) (4.11) (2.99) (1.24)
-------- -------- -------- -------- --------
-- (1.23) (4.11) (2.99) (1.24)
$ 20.29 $ 16.83 $ 20.26 $ 21.84 $ 21.21
======== ======== ======== ======== ========
20.63% (10.62)% 12.57% 19.26% 48.65%
======== ======== ======== ======== ========
$122,547 $163,827 $209,081 $152,772 $107,492
1.01% 0.97% 0.95% 0.97% 0.96%
(0.64)% (0.19)% (0.32)% (0.37)% (0.41)%
158% 108% 123% 98% 98%
1.01% 0.97% 0.95% 0.97% 1.03%
</TABLE>
See Notes to Financial Statements.
93
<PAGE> 116
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $11.69 $ 8.99 $12.92 $10.18
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)............................... -- 0.03 0.11 0.05
Net realized and unrealized gain/(loss) on investments..... 1.09 2.67 (3.73) 2.71
------ ------ ------ ------
Total from investment operations........................... 1.09 2.70 (3.62) 2.76
------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... -- -- (0.04) (0.02)
Distributions from net realized gains...................... -- -- (0.05) --
Distributions in excess of net realized gains.............. -- -- (0.22) --
------ ------ ------ ------
Total distributions........................................ -- -- (0.31) (0.02)
------ ------ ------ ------
Net asset value, end of period............................. $12.78 $11.69 $ 8.99 $12.92
====== ====== ====== ======
TOTAL RETURN (B)........................................... 9.32% 30.03% (28.34)% 27.16%
====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $3,637 $ 961 $ 632 $ 532
Ratio of operating expenses to average net assets.......... 1.98% 1.85% 1.89% 1.79%(c)
Ratio of net investment income/(loss) to average net
assets................................................... (0.02)% 0.39% 0.93% 1.14%(c)
Portfolio turnover rate.................................... 177% 159% 94% 46%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 2.14% 2.12% 2.14% 5.43%(c)
</TABLE>
------------
(a) The Munder Framlington Emerging Markets Fund Class A Shares, Class B Shares,
and Class C Shares commenced operations on January 14, 1997, February 25,
1997, and March 3, 1997, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
94
<PAGE> 117
<TABLE>
<CAPTION>
B SHARES C SHARES
YEAR YEAR YEAR PERIOD YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/00(D) 6/30/99(D) 6/30/98(D)
<S> <C> <C> <C> <C> <C> <C> <C>
$11.47 $ 8.95 $12.91 $11.13 $11.47 $ 8.96 $12.92
------ ------ ------ ------ ------ ------ ------
(0.10) (0.03) 0.02 0.01 (0.10) (0.03) 0.02
1.15 2.55 (3.71) 1.79 1.06 2.54 (3.71)
------ ------ ------ ------ ------ ------ ------
1.05 2.52 (3.69) 1.80 0.96 2.51 (3.69)
------ ------ ------ ------ ------ ------ ------
-- -- (0.00)(e) (0.02) -- -- (0.00)(e)
-- -- (0.05) -- -- -- (0.05)
-- -- (0.22) -- -- -- (0.22)
------ ------ ------ ------ ------ ------ ------
-- -- (0.27) (0.02) -- -- (0.27)
------ ------ ------ ------ ------ ------ ------
$12.52 $11.47 $ 8.95 $12.91 $12.43 $11.47 $ 8.96
====== ====== ====== ====== ====== ====== ======
9.15% 28.16% (28.90)% 16.21% 8.37% 28.01% (28.88)%
====== ====== ====== ====== ====== ====== ======
$3,012 $1,121 $ 511 $ 134 $ 807 $ 497 $ 132
2.73% 2.60% 2.64% 2.54%(c) 2.73% 2.60% 2.64%
(0.77)% (0.36)% 0.18% 0.39%(c) (0.77)% (0.36)% 0.18%
177% 159% 94% 46% 177% 159% 94%
2.88% 2.87% 2.89% 6.18%(c) 2.89% 2.87% 2.89%
<CAPTION>
C SHARES
PERIOD
ENDED
6/30/97(D)
<S> <C>
$10.95
------
0.01
1.96
------
1.97
------
(0.00)(e)
--
--
------
(0.00)(e)
------
$12.92
======
18.03%
======
$ 24
2.54%(c)
0.39%(c)
46%
6.18%(c)
</TABLE>
See Notes to Financial Statements.
95
<PAGE> 118
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
-------------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/99(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 11.64 $ 9.00 $ 12.92 $10.00
------- ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)............................... 0.03 0.05 0.13 0.07
Net realized and unrealized gain/(loss) on investments..... 1.03 2.59 (3.72) 2.88
------- ------- ------- ------
Total from investment operations........................... 1.06 2.64 (3.59) 2.95
------- ------- ------- ------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... -- -- (0.06) (0.03)
Distributions from net realized gains...................... -- -- (0.05) --
Distributions in excess of net realized gains.............. -- -- (0.22) --
------- ------- ------- ------
Total distributions........................................ -- -- (0.33) (0.03)
------- ------- ------- ------
Net asset value, end of period............................. $ 12.70 $ 11.64 $ 9.00 $12.92
======= ======= ======= ======
TOTAL RETURN (B)........................................... 9.11% 29.33% (28.12)% 29.51%
======= ======= ======= ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $19,896 $17,857 $14,332 $4,826
Ratio of operating expenses to average net assets.......... 1.73% 1.60% 1.64% 1.54%(c)
Ratio of net investment income/(loss) to average net
assets................................................... 0.23% 0.64% 1.18% 1.39%(c)
Portfolio turnover rate.................................... 177% 159% 94% 46%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 1.89% 1.87% 1.89% 5.18%(c)
</TABLE>
------------
(a) The Munder Framlington Emerging Markets Fund Class Y Shares commenced
operations on December 31, 1996.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
96
<PAGE> 119
[This Page Intentionally Left Blank]
97
<PAGE> 120
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
----------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 10.46 $11.82 $10.89 $11.30
------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss........................................ (0.22) (0.13) (0.15) (0.01)
Net realized and unrealized gain/(loss) on investments..... 18.11 (1.13) 1.08 (0.40)
------- ------ ------ ------
Total from investment operations........................... 17.89 (1.26) 0.93 (0.41)
------- ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from net realized gains...................... -- (0.08) -- --
Distributions in excess of net realized gains.............. -- (0.02) -- --
------- ------ ------ ------
Total distributions........................................ -- (0.10) -- --
------- ------ ------ ------
Net asset value, end of period............................. $ 28.35 $10.46 $11.82 $10.89
======= ====== ====== ======
TOTAL RETURN (B)........................................... 171.03% (10.69)% 8.54% (3.63)%
======= ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $79,441 $3,382 $4,984 $ 664
Ratio of operating expenses to average net assets.......... 1.61% 1.61% 1.62% 1.55%(c)
Ratio of net investment loss to average net assets......... (1.01)% (1.27)% (1.20)% (0.95)(c)
Portfolio turnover rate.................................... 60% 49% 47% 14%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 1.63% 1.92% 2.40% 7.33%(c)
</TABLE>
------------
(a) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares and
Class C Shares commenced operations on February 14, 1997, January 31, 1997
and January 13, 1997, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
98
<PAGE> 121
<TABLE>
<CAPTION>
B SHARES C SHARES
---------------------------------------------------------- ----------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97 6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 10.27 $11.69 $10.85 $11.02 $ 10.27 $11.69 $10.86 $10.40
-------- ------ ------ ------ ------- ------ ------ ------
(0.37) (0.21) (0.23) (0.02) (0.40) (0.21) (0.23) (0.01)
17.74 (1.11) 1.07 (0.15) 17.75 (1.11) 1.06 0.47
-------- ------ ------ ------ ------- ------ ------ ------
17.37 (1.32) 0.84 (0.17) 17.35 (1.32) 0.83 0.46
-------- ------ ------ ------ ------- ------ ------ ------
-- (0.08) -- -- -- (0.08) -- --
-- (0.02) -- -- -- (0.02) -- --
-------- ------ ------ ------ ------- ------ ------ ------
-- (0.10) -- -- -- (0.10) -- --
-------- ------ ------ ------ ------- ------ ------ ------
$ 27.64 $10.27 $11.69 $10.85 $ 27.62 $10.27 $11.69 $10.86
======== ====== ====== ====== ======= ====== ====== ======
169.13% (11.40)% 7.83% (1.54)% 168.94% (11.40)% 7.73% 4.42%
======== ====== ====== ====== ======= ====== ====== ======
$102,859 $6,682 $8,664 $1,063 $77,156 $1,652 $3,378 $ 164
2.36% 2.36% 2.37% 2.30%(c) 2.36% 2.36% 2.37% 2.30%(c)
(1.75)% (2.02)% (1.95)% (1.70)(c) (1.75)% (2.02)% (1.95)% (1.70)(c)
60% 49% 47% 14% 60% 49% 47% 14%
2.38% 2.67% 3.15% 8.08%(c) 2.38% 2.67% 3.15% 8.08%(c)
</TABLE>
See Notes to Financial Statements.
99
<PAGE> 122
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
----------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97
----------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 10.50 $11.84 $10.89 $10.00
------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss........................................ (0.13) (0.11) (0.11) (0.03)
Net realized and unrealized gain/(loss) on investments..... 18.19 (1.13) 1.06 0.92
------- ------ ------ ------
Total from investment operations........................... 18.06 (1.24) 0.95 0.89
------- ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from net realized gains...................... -- (0.08) -- --
Distributions in excess of net realized gains.............. -- (0.02) -- --
------- ------ ------ ------
Total distributions........................................ -- (0.10) -- --
------- ------ ------ ------
Net asset value, end of period............................. $ 28.56 $10.50 $11.84 $10.89
======= ====== ====== ======
TOTAL RETURN(B)............................................ 171.74% (10.42)% 8.72% 8.90%
======= ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $15,989 $5,303 $5,458 $2,086
Ratio of operating expenses to average net assets.......... 1.36% 1.36% 1.37% 1.30%(c)
Ratio of net investment loss to average net assets......... (0.76)% (1.03)% (0.95)% (0.70)(c)
Portfolio turnover rate.................................... 60% 49% 47% 14%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 1.38% 1.67% 2.15% 7.08%(c)
</TABLE>
------------
(a) The Munder Framlington Healthcare Fund Class Y Shares commenced operations
on December 31, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
100
<PAGE> 123
[This Page Intentionally Left Blank]
101
<PAGE> 124
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
-------------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $12.79 $11.92 $11.35 $10.10
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)............................... (0.05) (0.02) 0.02 0.05
Net realized and unrealized gain on investments............ 3.72 0.90 0.61 1.20
------ ------ ------ ------
Total from investment operations........................... 3.67 0.88 0.63 1.25
------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... (0.08) -- (0.02) --
Distributions in excess of net investment income........... (0.05) -- -- --
Distributions from net realized gains...................... (0.54) (0.01) (0.03) --
Distributions in excess of net realized gains.............. -- -- (0.01) --
------ ------ ------ ------
Total distributions........................................ (0.67) (0.01) (0.06) --
------ ------ ------ ------
Net asset value, end of period............................. $15.79 $12.79 $11.92 $11.35
====== ====== ====== ======
TOTAL RETURN (B)........................................... 28.89% 7.36% 5.60% 12.38%
====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $1,715 $2,869 $1,601 $1,103
Ratio of operating expenses to average net assets.......... 1.69% 1.60% 1.62% 1.55%(c)
Ratio of net investment income/(loss) to average net
assets................................................... (0.34)% (0.16)% 0.21% 1.01%(c)
Portfolio turnover rate.................................... 65% 66% 38% 15%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 1.71% 1.75% 1.82% 2.56%(c)
</TABLE>
------------
(a) The Munder Framlington International Growth Fund Class A Shares, Class B
Shares and Class C Shares commenced operations on February 20, 1997, March
19, 1997 and February 13, 1997 respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
102
<PAGE> 125
<TABLE>
<CAPTION>
B SHARES C SHARES
------------------------------------------------------------- --------------------------------------------
YEAR YEAR YEAR PERIOD YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/00(D) 6/30/99(D) 6/30/98(D)
<S> <C> <C> <C> <C> <C> <C> <C>
$12.56 $11.83 $11.32 $ 9.85 $12.58 $11.86 $11.33
------ ------ ------ ------ ------ ------ ------
(0.17) (0.10) (0.06) 0.01 (0.17) (0.10) (0.06)
3.66 0.84 0.61 1.46 3.68 0.83 0.63
------ ------ ------ ------ ------ ------ ------
3.49 0.74 0.55 1.47 3.51 0.73 0.57
------ ------ ------ ------ ------ ------ ------
-- -- -- -- -- -- --
-- -- -- -- -- -- --
(0.54) (0.01) (0.03) -- (0.54) (0.01) (0.03)
-- -- (0.01) -- -- -- (0.01)
------ ------ ------ ------ ------ ------ ------
(0.54) (0.01) (0.04) -- (0.54) (0.01) (0.04)
------ ------ ------ ------ ------ ------ ------
$15.51 $12.56 $11.83 $11.32 $15.55 $12.58 $11.86
====== ====== ====== ====== ====== ====== ======
27.96% 6.23% 4.88% 14.92% 28.07% 6.13% 5.05%
====== ====== ====== ====== ====== ====== ======
$1,638 $ 546 $ 591 $ 128 $1,118 $ 172 $ 196
2.44% 2.36% 2.37% 2.30%(c) 2.44% 2.36% 2.37%
(1.09)% (0.92)% (0.54)% 0.26%(c) (1.09)% 0.92% (0.54)%
65% 66% 38% 15% 65% 66% 38%
2.46% 2.51% 2.57% 3.31%(c) 2.46% 2.51% 2.58%
<CAPTION>
C SHARES
----------
PERIOD
ENDED
6/30/97(D)
<S> <C>
$10.03
------
0.01
1.29
------
1.30
------
--
--
--
--
------
--
------
$11.33
======
12.96%
======
$ 62
2.30%(c)
0.26%(c)
15%
3.31%(c)
</TABLE>
See Notes to Financial Statements.
103
<PAGE> 126
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
-------------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 12.81 $ 11.94 $ 11.35 $ 10.00
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)............................... (0.01) 0.01 0.05 0.07
Net realized and unrealized gain on investments............ 3.74 0.87 0.61 1.28
------- ------- ------- -------
Total from investment operations........................... 3.73 0.88 0.66 1.35
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... (0.12) -- (0.03) --
Distributions in excess of net investment income........... (0.07) -- -- --
Distributions from net realized gains...................... (0.54) (0.01) (0.03) --
Distributions in excess of net realized gains.............. -- -- (0.01) --
------- ------- ------- -------
Total distributions........................................ (0.73) (0.01) (0.07) --
------- ------- ------- -------
Net asset value, end of period............................. $ 15.81 $ 12.81 $ 11.94 $ 11.35
======= ======= ======= =======
TOTAL RETURN (B)........................................... 29.34% 7.35% 5.86% 13.50%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $73,916 $60,940 $64,643 $23,831
Ratio of operating expenses to average net assets.......... 1.44% 1.36% 1.37% 1.30%(c)
Ratio of net investment income/(loss) to average net
assets................................................... (0.09)% 0.08% 0.46% 1.26%(c)
Portfolio turnover rate.................................... 65% 66% 38% 15%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 1.46% 1.51% 1.57% 2.31%(c)
</TABLE>
------------
(a) The Munder Framlington International Growth Fund Class Y Shares commenced
operations on December 31, 1996.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
104
<PAGE> 127
The Munder Funds
Notes To Financial Statements, June 30, 2000
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Funds, Inc. ("MFI") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company, and was organized as a Maryland corporation on November 18, 1992. The
Munder Funds Trust ("MFT") is registered under the 1940 Act as an open-end
management investment company, and was organized as a Massachusetts business
trust on August 30, 1989. The Munder Framlington Funds Trust ("Framlington") is
registered under the 1940 Act as an open-end management investment company, and
was organized as a Massachusetts business trust on October 30, 1996. MFI, MFT
and Framlington consist of 32 portfolios currently in operation. Information
presented in these financial statements pertains only to the equity funds set
forth below (each a "Fund", and collectively, the "Funds"). The financial
statements for the other remaining funds of MFI, MFT and the Framlington are
presented in separate reports.
EQUITY FUNDS
MFI:
Munder Micro-Cap Equity Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
MFT:
Munder Balanced Fund
Munder Equity Income Fund (formerly Munder Growth & Income
Fund)
Munder International Equity Fund
Munder Small Company Growth Fund
FRAMLINGTON:
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
The Funds offer five classes of shares -- Class A, Class B, Class C, Class
K and Class Y Shares. The Financial Highlights of Class K Shares of the Funds
are presented in a separate annual report. On February 14, 2000, the Munder
Growth & Income Fund changed its name to the Munder Equity Income Fund. Each
Fund is classified as a diversified management investment company under the 1940
Act.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: Securities (including financial futures, if any) traded
on a recognized stock exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the last sale price on the securities exchange on which
such securities are primarily traded or at the last sale price on the national
securities market as of the close of business on the date of the valuation.
Securities traded on a national securities exchange or on NASDAQ for which there
were no sales on the date of valuation and securities traded on over-the-counter
markets, including listed securities for which the primary market is believed to
be over-the-counter, are valued at the mean between the most recently quoted bid
and asked prices. Restricted securities, and securities and assets for which
market quotations are not readily available, are valued at fair
105
<PAGE> 128
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
value by Munder Capital Management (the "Advisor") or World Asset Management
("World"), a wholly owned subsidiary of Munder Capital Management, and under
certain circumstances by a pricing committee, under the guidelines approved by
the Boards of Trustees and Directors. Portfolio securities primarily traded on
the London Stock Exchange are generally valued at the mean price between the
current bid and asked prices. Portfolio securities that are primarily traded on
foreign securities exchanges, other than the London Stock Exchange, are
generally valued at the last sale price of such securities on their respective
exchanges, except when an occurrence subsequent to the time a value was so
established is likely to have changed such value. In such an event, the fair
value of those securities will be determined through the consideration of other
factors by or in accordance with guidelines approved by the Boards of Trustees
and Directors. Debt securities with remaining maturities of 60 days or less at
the time of purchase are valued on an amortized cost basis, unless the Boards of
Trustees and Directors determine that such valuation does not constitute fair
value at that time. Thereafter, a constant proportionate amortization of any
discount or premium is recorded until maturity of the security.
Forward Foreign Currency Exchange Contracts: Each of the Funds (except Real
Estate Equity Investment Fund) may engage in forward foreign currency exchange
contracts in an effort to reduce the level of volatility caused by changes in
foreign currency exchange rates. A Fund may use forward foreign currency
exchange contracts to facilitate transactions in foreign securities and to
manage currency exposure. Forward foreign currency exchange contracts are valued
at the exchange rate and are marked-to-market daily. The change in market value
is recorded as an unrealized gain or loss. When the contract is closed, a Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
The use of forward foreign currency exchange contracts does not eliminate
fluctuations in the underlying prices of a Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency exchange contracts limit the risk of loss due to a
decline in the value of the hedged currency, they also limit any potential gain
that might result should the value of the currency increase. In addition, a Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts.
Foreign Currency: The books and records of Munder International Equity
Fund, Munder Framlington Emerging Markets Fund and Munder Framlington
International Growth Fund are maintained in U.S. dollars. Foreign currencies,
investments and other assets and liabilities are translated into U.S. dollars at
the exchange rates prevailing at the end of the period. Purchases and sales of
investment securities and items of income and expense are translated on the
respective dates of such transactions. Unrealized gains and losses, not relating
to securities, which result from changes in foreign currency exchange rates have
been included in the unrealized appreciation/(depreciation) of foreign currency
and net other assets. Net realized foreign currency gains and losses resulting
from changes in exchange rates include foreign currency gains and losses between
trade date and settlement date on investment security transactions and foreign
currency transactions, and the difference between the amounts of interest and
dividends recorded on the books of a Fund and the amounts actually received. The
portion of foreign currency gains and losses related to fluctuation in exchange
rates between the initial purchase trade date and subsequent sale trade date is
included in realized gains and losses on investment securities sold.
Futures Contracts: Each of the Funds may enter into futures contracts for
the purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order to
maintain liquidity. Upon entering into a futures contract, a Fund is required to
deposit with the broker an amount of cash or cash equivalents equal to a certain
percentage of the contract amount. This is known as the "initial margin."
Subsequent payments ("variation margin") are made or received by a Fund each
day, depending on the daily fluctuation of the value
106
<PAGE> 129
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
of the contract. The daily changes in the contract are recorded as unrealized
gains or losses. A Fund recognizes a realized gain or loss when the contract is
closed. The net unrealized appreciation/(depreciation), if any, is shown in the
financial statements.
There are several risks in connection with the use of futures contracts as
a hedging device. The change in value of futures contracts primarily corresponds
with the value of their underlying instruments, which may not correlate with the
change in value of the hedged investments. In addition, there is the risk that a
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
Repurchase Agreements: Each of the Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, a Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and a Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during a Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during a 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, a Fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to a Fund in the event a Fund is delayed or
prevented from exercising its right to dispose of the collateral securities,
including the risk of a possible decline in the value of the collateral
securities during the period during which a Fund seeks to assert its rights. The
Advisor or World reviews the value of the collateral and the creditworthiness of
those banks and dealers with which a Fund enters into repurchase agreements to
evaluate potential risks.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a Fund's total assets. Each loan is
secured by collateral adjusted daily to have a market value at least equal to
the current market value of the securities loaned. These loans are terminable at
any time and a Fund will receive any interest or dividends paid on the loaned
securities. A Fund may share with the borrower some of the income received on
the collateral for the loan or a Fund will be paid a premium for the loan. This
income is reflected as other income on the Statement of Operations. If the
borrower defaults and the value of the portfolio securities increases in excess
of the collateral received or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities loaned
may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use of
the specific identification method for both financial reporting and income tax
purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as a Fund is informed of the ex-dividend date.
General expenses of the Munder Funds are allocated to each Fund based upon
relative net assets of each Fund. Operating expenses of each Fund are prorated
among the share classes based on the relative average net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis may
be settled a month or more after the trade date. Interest income is not accrued
until settlement date. Each Fund instructs the custodian to segregate assets
with a current value at least equal to the amount of its when-issued purchase
commitments.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid at least annually by Munder International Equity
Fund, Munder Multi-Season Growth Fund, Munder Micro-Cap Equity Fund, Munder
Small-Cap Value Fund, Munder Framlington Emerging Markets Fund, Munder
Framlington Healthcare Fund and Munder Framlington International Growth Fund;
quarterly (if available) by Munder Balanced Fund, Munder Equity
107
<PAGE> 130
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
Income Fund, and Munder Small Company Growth Fund; and monthly by Munder Real
Estate Equity Investment Fund. Each Fund's net realized capital gains (including
net short-term capital gains), if any, are declared and distributed at least
annually. Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by a Fund,
timing differences and differing characterization of distributions made by a
Fund as a whole. The Munder Equity Income Fund and Munder Multi-Season Growth
Fund also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax purposes.
As determined on June 30, 2000, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year-end. These reclassifications had no effect
on net investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no Federal
income or excise tax provision is required.
2. INVESTMENT ADVISORS, SUB-ADVISOR AND OTHER RELATED PARTY TRANSACTIONS
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, based on the average daily net
assets of the respective Fund, at the following annual rates:
<TABLE>
<CAPTION>
FEES ON ASSETS FEES ON ASSETS
UP TO $500 MILLION EXCEEDING $500 MILLION
------------------ ----------------------
<S> <C> <C>
Munder Multi-Season Growth
Fund..................... 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
FEES ON ASSETS FEES ON ASSETS
UP TO $250 MILLION EXCEEDING $250 MILLION
------------------ ----------------------
<S> <C> <C>
Munder Framlington
Healthcare Fund and
Munder Framlington
International Growth
Fund..................... 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
FEES ON AVERAGE
DAILY NET ASSETS
----------------
<S> <C>
Munder Micro-Cap Equity......................... 1.00%
Munder Equity Income Fund, Munder Small-Cap
Value Fund, and Munder Small Company Growth
Fund.......................................... 0.75%
Munder Real Estate Equity Investment Fund....... 0.74%
Munder Balanced Fund............................ 0.65%
Munder Framlington Emerging Markets Fund........ 1.25%
</TABLE>
108
<PAGE> 131
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
For its advisory services, World is entitled to receive from the Fund a
fee, computed daily and payable monthly, based on the average daily net assets
of the Fund, at the following annual rate:
<TABLE>
<CAPTION>
FEES ON AVERAGE
DAILY NET ASSETS
----------------
<S> <C>
Munder International Equity Fund................ 0.75%
</TABLE>
The Advisor voluntarily waived fees and reimbursed expenses for the year
ended June 30, 2000, for the following Funds:
<TABLE>
<CAPTION>
EXPENSES
FUND FEES WAIVED REIMBURSED
---- ----------- ----------
<S> <C> <C>
Munder Micro-Cap Equity Fund........... -- $ 4,684
Munder Multi-Season Growth Fund........ $1,250,000 --
Munder Framlington Emerging Markets
Fund................................. -- 95,447
Munder Framlington Healthcare Fund..... -- 15,128
Munder Framlington International Growth
Fund................................. -- 17,963
</TABLE>
Pursuant to a sub-advisory agreement with the Advisor, Framlington Overseas
Investment Management Limited (the "Sub-Advisor") provides sub-advisory services
to The Munder Framlington Funds and is responsible for the management of each
Fund's portfolio, including all decisions regarding purchases and sales of
portfolio securities. For its services with regard to the Munder Framlington
Healthcare Fund and the Munder Framlington International Growth Fund, the
Advisor pays the Sub-Advisor a monthly fee equal on an annual basis of up to
0.50% of each Fund's average daily net assets up to $250 million, reduced to
0.375% of each Fund's average daily net assets in excess of $250 million. For
its services with regard to the Munder Framlington Emerging Markets Fund, the
Advisor pays the Sub-Advisor a monthly fee equal on an annual basis of up to
0.625% of the Fund's average daily net assets. The Advisor indirectly owns a 49%
interest in the Sub-Advisor.
Comerica Inc. ("Comerica"), through its wholly owned subsidiary Comerica
Bank, owns approximately 95% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder services
provided to the Funds, Comerica receives a fee of 0.01% of the aggregate average
daily net assets of the Funds beneficially owned by Comerica and its customers.
Comerica earned $160,533 for its shareholder services to the Funds for the year
ended June 30, 2000.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFT, MFI, Framlington
and St. Clair Funds, Inc. The fee consists of a $35,000 annual retainer ($43,750
for the Chairman) for services in such capacity plus $3,500 for each Board
meeting attended, plus out-of-pocket expenses related to attendance at such
meetings. No officer, director or employee of the Advisor, World, Sub-Advisor or
Comerica received any compensation from MFI, MFT or Framlington.
3. DISTRIBUTION AND SERVICE PLANS
The Funds have adopted Service Plans and Distribution and Service Plans
(collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act, with
respect to the Class A, Class B and Class C Shares. Under the Plans, the
Distributor uses the service fees primarily to pay ongoing trail commissions to
securities dealers and other financial institutions and
109
<PAGE> 132
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
organizations (collectively, the "Service Organizations") who provide
shareholder services for the Funds. The Class B and Class C Plans also permit
payments to be made by each Fund to the Distributor or directly to other service
providers for expenditures incurred by the Distributor or other service
providers in connection with the distribution of Fund shares to investors and
provision of certain shareholder services (which include but are not limited to
the payment of compensation, including compensation to Service Organizations to
obtain various distribution related services for the Funds). The Funds have also
adopted Shareholder Servicing Plans (the "Class K Plans") for the Class K Shares
of each Fund. Under the Class K Plans, the Funds are permitted to enter into
agreements with institutions that provide shareholder services to their
customers.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among the
Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of the Advisor. For the year ended June 30, 2000, the Distributor paid
$13,559 and $35,068 to Comerica Securities and LPM, respectively for shareholder
services provided to the Funds.
For the year ended June 30, 2000, the effective rates, as a percentage of
average daily net assets, under the Plans and Class K Plans were as follows:
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS K
SHARES SHARES SHARES SHARES
12B-1 FEES 12B-1 FEES 12B-1 FEES SERVICE FEES
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
The Funds........................................... 0.25% 1.00% 1.00% 0.25%
</TABLE>
4. SECURITIES TRANSACTIONS
For the year ended June 30, 2000, purchases and sales of securities, other
than short-term investments and U.S. Government securities, were as follows:
<TABLE>
<CAPTION>
COST OF PURCHASES PROCEEDS FROM SALES
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund.............................. $ 67,075,202 $ 75,056,625
Munder Equity Income Fund......................... 174,383,164 190,039,181
Munder International Equity Fund.................. 37,736,744 80,037,467
Munder Micro-Cap Equity Fund...................... 210,579,113 153,691,838
Munder Multi-Season Growth Fund................... 292,323,222 462,555,400
Munder Real Estate Equity Investment Fund......... 10,187,009 23,639,539
Munder Small-Cap Value Fund....................... 70,945,484 140,191,986
Munder Small Company Growth Fund.................. 383,850,123 527,504,643
Munder Framlington Emerging Markets Fund.......... 109,646,926 105,147,914
Munder Framlington Healthcare Fund................ 230,446,372 47,936,351
Munder Framlington International Growth Fund...... 49,109,696 52,653,491
</TABLE>
For the year ended June 30, 2000, purchases and sales of U.S. Government
securities, excluding short-term investments, were as follows:
<TABLE>
<CAPTION>
COST OF PURCHASES PROCEEDS FROM SALES
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund.............................. $6,729,011 $3,515,810
</TABLE>
110
<PAGE> 133
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
At June 30, 2000, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an excess
of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
TAX BASIS TAX BASIS
UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION
------------ ------------
<S> <C> <C>
Munder Balanced Fund....................................... $ 4,190,525 $ 2,805,187
Munder Equity Income Fund.................................. 15,184,016 10,312,117
Munder International Equity Fund........................... 85,212,971 12,928,455
Munder Micro-Cap Equity Fund............................... 27,667,715 5,787,907
Munder Multi-Season Growth Fund............................ 207,123,368 17,289,340
Munder Real Estate Equity Investment Fund.................. 4,779,877 3,785,883
Munder Small-Cap Value Fund................................ 4,648,330 5,348,284
Munder Small Company Growth Fund........................... 37,419,814 23,139,938
Munder Framlington Emerging Markets Fund................... 10,115,184 7,901,561
Munder Framlington Healthcare Fund......................... 63,197,493 12,459,303
Munder Framlington International Growth Fund............... 21,380,267 3,934,762
</TABLE>
5. GEOGRAPHIC AND INDUSTRY CONCENTRATION
The Munder International Equity Fund primarily invests in foreign
securities and Munder Framlington International Growth Fund and Munder
Framlington Emerging Markets Fund each intend to invest at least 65% of their
total net assets in foreign securities. Investing in securities of foreign
companies and/or foreign governments involves special risks and considerations
not typically associated with investing in U.S. companies and/or U.S. Government
securities. These risks include revaluation of currencies and future adverse
political and economic developments. Moreover, securities of many foreign
companies and foreign governments and their markets may be less liquid and their
prices more volatile than those of securities of U.S. companies and the U.S.
Government.
The Munder Real Estate Equity Investment Fund primarily invests in equity
securities of United States companies which are principally engaged in the real
estate industry or which own significant real estate assets, and accordingly, is
more susceptible to factors adversely affecting the U.S. real estate industry.
The Munder Framlington Healthcare Fund primarily invests in securities of
companies in healthcare industries. These industries are characterized by
rapidly changing technology and extensive government regulation.
6. ORGANIZATIONAL COSTS
Expenses incurred prior to June 30, 1998 in connection with the
organization of the Funds, including the fees and expenses of registering and
qualifying their shares for distribution under Federal securities regulations,
have been capitalized and are being amortized on a straight-line basis over a
period of 5 years from commencement of operations.
7. REVOLVING LINE OF CREDIT
The Munder Micro-Cap Equity Fund and other Munder Funds have established a
revolving line of credit with State Street Bank and Trust Company. Borrowings
under the line may not exceed the lesser of $75,000,000 or 15% of the value of
the total assets of the fund for which a loan is extended. Interest is payable
on outstanding borrowings at the Federal Funds Rate plus .50%. Additionally, the
line of credit includes an annual commitment fee equal to .09% per annum on
111
<PAGE> 134
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
the daily amount of the unused commitment. During the year ended June 30, 2000
these funds did not utilize the revolving line of credit. Total commitment fees
for the Munder Micro-Cap Equity Fund were $246.
8. INCOME TAX INFORMATION
As determined at June 30, 2000 the following Munder Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
EXPIRING EXPIRING
2007 2008
---------- ----------
<S> <C> <C>
Munder Real Estate Equity Investment Fund................... -- $3,739,801
Munder Small-Cap Value Fund................................. $ 979,369 --
Munder Framlington Emerging Markets Fund.................... 5,449,416 --
</TABLE>
Certain capital and net foreign currency losses realized after October 31
within the taxable year may be deferred and treated as occurring on the first
day of the following tax year. The following Munder Funds have elected to defer
net capital and currency losses arising between November 1, 1999 and June 30,
2000 as follows:
<TABLE>
<CAPTION>
AMOUNT
----------
<S> <C>
Munder Real Estate Equity Investment Fund................... $5,723,295
Munder Small-Cap Value Fund................................. 1,066,052
Munder Framlington Healthcare Fund.......................... 96,169
Munder Framlington International Growth Fund................ 126,401
</TABLE>
112
<PAGE> 135
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
The Munder Framlington Funds Trust
We have audited the accompanying statements of assets and liabilities of the
Munder Balanced Fund, Munder Equity Income Fund, Munder International Equity
Fund and Munder Small Company Growth Fund (four of the portfolios constituting
The Munder Funds Trust), the Munder Micro-Cap Equity Fund, Munder Multi-Season
Growth Fund, Munder Real Estate Equity Investment Fund, Munder Small-Cap Value
Fund (four of the portfolios constituting The Munder Funds, Inc.), and the
Munder Framlington Emerging Markets Fund, Munder Framlington Healthcare Fund and
Munder Framlington International Growth Fund (three of the portfolios
constituting The Munder Framlington Funds Trust) (collectively, the "Funds"),
including the portfolios of investments, as of June 30, 2000, and the related
statements of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended and the financial
highlights for each of the periods indicated therein. These financial statements
and financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000 by correspondence with the
custodian and brokers or other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios referred to above constituting The Munder Funds
Trust, The Munder Funds, Inc., and The Munder Framlington Funds Trust at June
30, 2000, the results of their operations for the year then ended, changes in
their net assets for each of the two years in the period then ended, and their
financial highlights for each of the indicated periods, in conformity with
accounting principles generally accepted in the United States.
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
August 15, 2000
113
<PAGE> 136
The Munder Funds
Tax Information, June 30, 2000 (Unaudited)
The percentages of total net assets invested in U.S. Government and U.S.
Government Agency obligations at June 30, 2000, were as follows:
<TABLE>
<S> <C>
Munder Balanced Fund
Federal Home Loan Mortgage Corporation.................... 2.4%
Federal National Mortgage Association..................... 1.0%
Government Agency Debentures.............................. 0.5%
Government National Mortgage Association.................. 0.3%
U.S. Treasury Bond........................................ 3.5%
U.S. Treasury Notes....................................... 9.5%
</TABLE>
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for the
dividend received deduction available to corporate shareholders:
<TABLE>
<S> <C>
Munder Balanced Fund........................................ 1.5%
Munder Equity Income Fund................................... 100.0%
Munder Micro-Cap Equity Fund................................ 0.9%
Munder Real Estate Equity Investment Fund................... 15.2%
Munder Small-Cap Value Fund................................. 100.0%
Munder Small Company Growth Fund............................ 20.7%
Munder Framlington Healthcare Fund.......................... 8.38%
</TABLE>
The following amounts have been designated as capital gains dividends for
the purpose of the dividends paid deduction:
<TABLE>
<S> <C>
Munder Balanced Fund.................................... $ 7,481,521
Munder Equity Income Fund............................... 11,628,878
Munder International Equity Fund........................ 20,356,388
Munder Multi-Season Growth Fund......................... 65,579,851
Munder Small Company Growth Fund........................ 3,748,963
Munder Framlington International Growth Fund............ 2,530,754
</TABLE>
The following amounts have been designated as foreign tax credits and
foreign source income for regular Federal income tax purposes:
<TABLE>
<CAPTION>
FOREIGN FOREIGN
TAX SOURCE
CREDITS INCOME
------- -------
<S> <C> <C>
Munder International Equity Fund.................... $362,728 $1,925,128
Munder Framlington Emerging Markets Fund............ 69,882 696,845
Munder Framlington International Growth Fund........ 144,597 1,014,580
</TABLE>
114
<PAGE> 137
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
James C. Robinson, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Michael T. Monahan, Vice President
Mary Ann Shumaker, Assistant Secretary
Libby E. Wilson, Assistant Secretary and Treasurer
Bradford E. Smith, Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
4400 Computer Drive
Westborough, MA 01581
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
The Munder Funds
<PAGE> 138
ANNEQUITY600
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc. [UNION LOGO]
<PAGE> 139
CLASS A, B, C & Y SHARES
(TM)
[THE MUNDER FUNDS LOGO]
Investments
for all seasons
Annual
Report
JUNE 30, 2000
THE MUNDER INCOME FUNDS
Bond
Intermediate Bond
International Bond
U.S. Government Income
Michigan Tax-Free Bond
Tax-Free Bond
Tax-Free Short-Intermediate Bond
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Money Market
Tax-Free Money Market
U.S. Treasury Money Market
<PAGE> 140
D
"During the past six months, both the bond and stock markets have
experienced volatility and a significant rotation from one sector to
another."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages you will find
the most recent financial information for your
investment in The Munder Income and Money Market
Funds. I hope that you are pleased with the
performance and operations of the Funds.
During the past six months, both the
bond and stock markets have experienced volatility
and a significant rotation from one sector to
another. In the fixed income market, volatility was
largely due to the Federal Reserve which tightened
monetary policy three times during the first half of
the year. The Treasury sector of the bond market dominated in performance
during the first quarter of 2000, but gave way to mortgage-backed
securities during the second quarter of 2000.
In the stock market, the momentum in performance of technology
stocks prior to and during the first quarter of 2000, finally died. The
technology sector dropped into negative territory for the second quarter of
2000. It was more painful for technology investors in the second quarter as
the market leaders began to decline and momentum investors rushed to sell
stocks at the same time. Throughout all market environments, we pay more
attention to valuation and earnings growth than to momentum. Valuation,
when combined with a focus on growth, helps to keep a portfolio grounded in
reality. Our continued focus on valuation and other fundamentals has been
particularly important given the wide diversity between top and bottom
performers both between and within sectors.
If you have any questions about any of these mutual fund
offerings, or your current investments, please call your financial advisor.
You may also contact the Fund at 1-800-4MUNDER or through our website at
www.munder.com. Thank you for your confidence in Munder Capital Management
and The Munder Family of Mutual Funds. We value the opportunity to work
with you towards meeting your investment objectives.
Very truly yours,
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
<PAGE> 141
Table of
Contents
---------------------------------------------------------------------
FIXED INCOME FUNDS OVERVIEW
III Munder Bond Fund
IV Munder Intermediate Bond Fund
IV Munder International Bond Fund
V Munder U.S. Government Income Fund
VI Munder Michigan Tax-Free Bond Fund
VI Munder Tax-Free Bond Fund
VII Munder Tax-Free Short-Intermediate Bond Fund
VIII HYPOTHETICALS AND TOTAL RETURNS
PORTFOLIO OF INVESTMENTS --
INCOME FUNDS:
1 Munder Bond Fund
3 Munder Intermediate Bond Fund
6 Munder International Bond Fund
9 Munder U.S. Government Income Fund
11 Munder Michigan Tax-Free Bond Fund
15 Munder Tax-Free Bond Fund
21 Munder Tax-Free Short-Intermediate Bond Fund
MONEY MARKET FUNDS:
28 Munder Cash Investment Fund
30 Munder Money Market Fund
32 Munder Tax-Free Money Market Fund
42 Munder U.S. Treasury Money Market Fund
44 FINANCIAL STATEMENTS
66 FINANCIAL HIGHLIGHTS
103 NOTES TO FINANCIAL STATEMENTS
REPORT OF ERNST & YOUNG LLP, INDEPENDENT
AUDITORS
---------------------------------------------------------------------
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY ANY BANK AND ARE NOT FEDERALLY INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY
OTHER AGENCY. ALL MUTUAL FUND SHARES INVOLVE CERTAIN RISKS, INCLUDING
POSSIBLE LOSS OF PRINCIPAL.
i
<PAGE> 142
Management's Discussion of
Fund Performance
---------------------------------------------------------------------
THE INVESTMENT ENVIRONMENT
The first calendar quarter of 2000 continued the pattern we have seen for
some time now. Economic growth was strong. Labor markets were tight. Inflation,
at least through February, was moderate. The current expansion, which began in
March 1991, has now gone into the record books as the longest expansion in
post-war history.
Consumer spending continued to drive economic growth during the first
quarter of 2000. Since the consumer sector accounted for approximately 68% of
total economic activity, it was key to the strength of the economy. Consumer
spending had been fueled by employment and income gains, increased debt levels,
positive consumer sentiment and stock market wealth. At the end of the first
quarter, stock market wealth was estimated to have increased by $8.7 trillion
since 1994. The consumer sentiment reading published by the University of
Michigan was 107.1% in March, down somewhat from February's level but still
close to a record high. With consumer sentiment strong and the stock market up,
consumers appeared willing to increase debt levels to help finance spending.
Signs of moderation in economic growth appeared during the second quarter
of 2000. Over the past several quarters, these signs have quickly given way to a
rebound in the economy. This time, a growing number of analysts are viewing the
moderation as real and sustainable. The rate increases engineered by the Federal
Reserve may finally be having the intended effect of slowing the pace of the
economy. One reason for greater confidence that the slowdown can be sustained is
the fact that, during the second quarter, the moderation in demand was
concentrated in domestic demand rather than the more volatile trade and
inventory sectors. Most important, there is evidence that consumer spending is
finally slowing, with weakness seen in both new vehicle sales and chain store
sales. Income growth is finally beginning to outpace increases in consumer
spending.
One sector that has not yet shown signs of moderation is business
investment in technology. The continued focus on technology-related spending
bodes well for future productivity and should help to dampen inflationary
pressures.
The purchasing managers' index, which reflects activity in the industrial
sector of the economy, has fallen every month from March through June. This
decline, coupled with the 51.8% June reading, reflects positive but decelerating
economic activity. (Any reading above 50 reflects growth.) The unemployment
report for June was weaker than expected, contributing to the picture of
moderating economic strength.
As the economy slows, analysts have become divided on whether the Federal
Reserve will tighten monetary policy yet another notch at its August 22 meeting.
The relative strength or weakness of economic data reported up to that meeting
will be scrutinized for its potential impact on the decision of the Federal
Reserve. In the meantime, if a sustainable moderation in economic growth appears
to be unfolding, the concerns of market watchers are likely to focus less on
interest rate increases and more on the impact of slower economic growth on
corporate earnings.
ii
<PAGE> 143
---------------------------------------------------------------------
THE BOND MARKET
On May 16, the Federal Reserve announced a 50 basis points (0.50 percentage
point) increase in interest rates. With preliminary signs that the pace of
economic growth was beginning to slow, the Federal Reserve left interest rates
unchanged in the wake of their June meeting. They did, however, signal a
readiness to increase rates at their August meeting if signs of slowing growth
and moderate inflation do not continue through the summer months.
Rates ended the second quarter of 2000 at almost the same levels as where
they began at the beginning of the quarter, with the 10-year Treasury bond
yielding 6.03% on March 31 and 6.04% on June 30. In between these starting and
ending points, rates experienced a fair amount of volatility as the yield on the
10-year Treasury bond hit a high of 6.6% and a low of 5.8%. Throughout the
quarter, yields on short-term and intermediate-term Treasury securities remained
higher than yields on longer-term Treasury bonds. As a result, we are finding
the best relative values in the intermediate-term sector of the bond market.
Treasury securities had the strongest performance through early May but
exhibited relatively weaker returns in June. For the quarter as a whole,
Treasuries' run as the best performing bond market sector came to an end.
Mortgages took over the top spot with strong relative performance in both May
and June. We continue to favor mortgage-related bonds as a high quality source
of yield relative to Treasury bonds. Agency securities trailed mortgages for the
quarter but generated stronger performance than Treasuries.
One of the most noteworthy facts about the second quarter of 2000 was the
continuation of the remarkably wide gap between the yields on Treasury bonds and
comparable corporate securities. High quality corporate bonds have historically
yielded about 0.40 percentage point more than their U.S. Treasury counterparts.
Now that difference is over one percentage point -- about triple the historical
average. We view the relatively high yields and low prices of corporate bonds as
a good opportunity to purchase high quality bonds at attractive valuations. We
continue to focus on the bonds of companies that maintain conservative balance
sheets and consistently generate strong cash flow.
The following paragraphs detail the performance of The Munder Funds. Each
Fund offers its shares to investors in several classes. These classes have
different sales charges and expenses, which affect performance. Performance
figures in the following narrative discussion represent the performance of Class
Y shares, net of Fund expenses.
[Please note: In some of the following commentary, the Munder bond funds are
compared to Lehman indices. It is important to remember that the returns for the
Munder bond funds are reported after the deduction of all expenses. Since the
Lehman indices are not actual funds, there are no expenses netted against their
returns.]
MUNDER BOND FUND
FUND MANAGERS: ANNE K. KENNEDY AND PETER G. ROOT
The Fund earned a 2.94% return for the year ended June 30, 2000, compared
to the 4.31% return for the Lehman Government/Corporate Bond Index and the 3.01%
average return for the
iii
<PAGE> 144
---------------------------------------------------------------------
Lipper universe of corporate debt A-rated mutual funds. The Fund has earned
average or above-average returns for the one-month, six-month, one-year,
two-year, three-year and five-year time periods ending June 30.
The remarkably wide gap between the yield on Treasury bonds and comparable
corporate securities continued during the second quarter of 2000. At the end of
the quarter, the yield on high quality corporate bonds was 1.2 percentage points
higher than the yield on corresponding Treasuries. This was triple the
historical differential of 0.4 percentage point. In our view, this has created
unusually attractive valuations in the corporate market. As a result, we added
to our positions in high quality corporate bonds during the quarter.
The corporate sector of the bond market generated strong returns in June
but not enough to offset its weakness in April and the first half of May. For
the second quarter of 2000, our relatively heavy weighting in mortgage-backed
securities provided a slight boost to returns. The overweighting in corporate
bonds, however, offset this positive for the quarter as a whole.
MUNDER INTERMEDIATE BOND FUND
FUND MANAGERS: ANNE K. KENNEDY AND PETER G. ROOT
The Fund generated a return of 4.06% for the year ended June 30, 2000,
relative to the 4.22% return for the Lehman Intermediate Government/Corporate
Bond Index and a 3.90% average return for the Lipper universe of short
intermediate investment grade debt mutual funds. The Fund has earned average or
above-average returns for the one-month, three-month, six-month, one-year and
three-year time periods ending June 30.
The intermediate-term segment of the bond market had strong relative
performance during the second quarter of 2000 and this is reflected in the
absolute return of the Fund. During the quarter, we added to the Fund's position
in high quality corporate bonds to take advantage of what we viewed as unusually
attractive valuations in that sector of the bond market. The yields on corporate
bonds, typically 0.40 percentage point higher than the yield on corresponding
Treasury bonds, were over 1.2 percentage points higher than Treasuries during
the quarter. As the gap between Treasury and corporate yields revert to more
normal levels, the performance of high quality corporate bonds should benefit.
While the relatively heavy weighting in corporate bonds and mortgage-backed
securities held back performance in April and May, this was offset by strong
performance in June.
MUNDER INTERNATIONAL BOND FUND
FUND MANAGERS: SHARON E. FAYOLLE AND PETER G. ROOT
The Fund earned a return of 0.57% for the year ended June 30, 2000 relative
to the 2.41% return for the Salomon Brothers Non-U.S. $ World Government Bond
Index and the 0.45% average return for the Lipper universe of international
income mutual funds. The Fund has earned average or above-average returns for
the one-year, two-year and three-year time periods ending June 30.
Calculated in local currencies, returns in global bond markets were
positive for the second quarter of 2000. The dollar-bloc countries (the U.K.,
Canada and Australia) were the strongest performers.
iv
<PAGE> 145
---------------------------------------------------------------------
Combining bond market returns and the impact of currency movements resulted
in a more mixed picture. The U.S. dollar strengthened against all currencies
early in the quarter in anticipation of additional increases in U.S. interest
rates. As the second quarter of 2000 progressed, European interest rates were
increased and investors came to expect fewer rate increases in the U.S. As a
result, the euro began to strengthen and went on to outperform the U.S. dollar.
The dollar-bloc currencies did not join the euro in its recovery and finished
the quarter 2% to 5% lower than the U.S. dollar.
The Japanese yen weakened sharply during the second quarter of 2000 as
mixed economic data failed to confirm a solid economic recovery. News reports of
the potential for higher interest rates in Japan increased pessimism about the
country's growth prospects and further weakened the currency.
On a total return basis, combining both local bond market returns and the
impact of currency movements, the Eurozone countries were the best performers
for the second quarter of 2000. This relative strength was the result of
positive bond market returns combined with the strengthening of the euro.
Canada, the U.K. and Japan generated the weakest total returns for the quarter.
Funds which are classified as international bond funds but which hold
positions in U.S. bonds were helped by their U.S. positions during the second
quarter of 2000. The Fund's slight overweighting in Japan and slight
underweighting in the Eurozone countries held back the relative performance of
the Fund during the quarter. The negative impact of these weightings was
partially offset by the Fund's underweighting of the dollar-bloc countries. The
Fund currently has a neutral weighting relative to the euro and is slightly
overweighted in the Japanese yen.
MUNDER U.S. GOVERNMENT INCOME FUND
FUND MANAGERS: PETER G. ROOT AND ANNE K. KENNEDY
The Fund exhibited a return of 4.00% for the year ended June 30, 2000,
relative to the 4.98% return for the Lehman Government Bond Index and the 3.60%
average return for the Lipper universe of general U.S. government mutual funds.
The Fund has earned above-average returns for the one-year, two-year,
three-year, five-year and ten-year time periods ending June 30.
The Fund was significantly underweighted in Treasuries during the second
quarter of 2000, with a corresponding overweighting in other government
securities, such as agency bonds and government-related mortgage securities.
Given the strong relative performance of Treasury bonds in April and May, this
held back the performance of the Fund during the earlier part of the quarter. In
June, however, Treasuries had weak relative performance while mortgage-related
securities generated the strongest returns in the government sector of the bond
market. This reversal in relative performance helped to boost the Fund's return
for the quarter. The maturity structure of the Fund was more focused on
intermediate-term securities, especially in June, and this also helped to boost
the Fund's relative performance.
THE MUNICIPAL BOND MARKET
Strong performance in June 2000 helped municipal market indices to end the
second quarter of 2000 with positive returns. Positive price momentum was the
result of strong demand, relatively low supply and a pause in the Federal
Reserve's rate increases. Municipal yields showed a fair
v
<PAGE> 146
---------------------------------------------------------------------
amount of volatility during the quarter but ended the quarter relatively
unchanged from March 31 levels.
Investors were focused on intermediate-term securities and this segment of
the market provided the best risk-adjusted returns for the second quarter of
2000. High quality and easily traded bonds continued their strong relative
showing. All bond market sectors generated positive returns for the quarter.
Among the weaker sectors were the housing and healthcare sectors. The prices of
housing bonds tend to rise less than other bonds when interest rates decline.
The sector therefore benefited less than other municipal sectors from the rate
decline experienced in June. Healthcare bonds struggled as healthcare
institutions continue to be negatively impacted by competitive pressures, high
cost structures and declining Federal reimbursements. As a result, the pace of
credit quality downgrades in the healthcare sector is significantly faster than
in other municipal market sectors. This is a trend that credit rating agencies
expect to continue. Airport bonds showed slight underperformance with investor
perceptions of this sector being negatively impacted by rising fuel costs.
We continue to focus on high quality, well-structured bonds. In our view,
these are the investments that will hold their value in a volatile bond market
and reward long-term investors with favorable performance.
MUNDER MICHIGAN TAX-FREE BOND FUND
FUND MANAGERS: TALMADGE D. GUNN AND ROGER A. SODERSTROM
The Munder Michigan Tax-Free Bond Fund earned a return of 2.84% for the
year ended June 30, 2000, relative to the 3.56% return for the Lehman Municipal
20-year Index and the 1.07% average return for the Lipper universe of Michigan
municipal debt mutual funds. The Fund has earned average or above-average
returns for the one-month, three-month, six-month, one-year, two-year,
three-year and five-year time periods ending June 30.
Strong performance in June of 2000 helped municipal market indices to end
the quarter with positive returns. Positive price momentum was the result of
strong demand, relatively low supply and a pause in the Federal Reserve's rate
increases. Municipal yields showed a fair amount of volatility during the
quarter but ended the second quarter of 2000 relatively unchanged from March 31
levels.
We continue to focus on high quality, well-structured bonds. In our view,
these are the investments that will hold their value in a volatile bond market
and reward long-term investors with favorable performance.
MUNDER TAX-FREE BOND FUND
FUND MANAGERS: TALMADGE D. GUNN AND ROGER A. SODERSTROM
The Munder Tax-Free Bond Fund earned a return of 2.98% for the year ended
June 30, 2000, relative to the 3.56% return for the Lehman Municipal 20-year
Index and the 0.98% average return for the Lipper universe of general municipal
debt mutual funds. The Fund has earned average or above-average returns for the
one-month, three-month, six-month, one-year, two-year, three-year, five-year and
ten-year time periods ending June 30.
vi
<PAGE> 147
---------------------------------------------------------------------
The Fund's underweighting in healthcare bonds was a positive for Fund
performance during the second quarter of 2000. Healthcare bonds struggled as
healthcare institutions continue to be negatively impacted by competitive
pressures, high cost structures and declining Federal reimbursements. As a
result, the pace of credit quality downgrades in the healthcare sector is
significantly faster than in other municipal market sectors.
High quality and easily traded bonds continued their strong relative
showing. As a result, the Fund's overweighted positions in pre-refunded bonds
and its focus on high quality also helped to boost the Fund's performance for
the second quarter of 2000. Slightly offsetting these positives were the Fund's
underweighting in California bonds and its overweighting of higher coupon bonds.
We continue to focus on high quality, well-structured bonds. In our view,
these are the investments that will hold their value in a volatile bond market
and reward long-term investors with favorable performance.
MUNDER TAX-FREE SHORT-INTERMEDIATE BOND FUND
FUND MANAGERS: TALMADGE D. GUNN AND ROGER A. SODERSTROM
The Fund earned a return of 3.04% for the year ended June 30, 2000,
relative to the 3.91% return of the Lehman Mutual Fund Intermediate/Short Muni
Index and the 2.57% average return for the Lipper universe of short intermediate
municipal debt mutual funds. The Fund has earned average or above-average
returns for the one-month, three-month, six-month, one-year, two-year,
three-year and five-year time periods ending June 30.
High quality and easily traded bonds continued their strong relative
showing. As a result, the Fund's focus on high quality bonds boosted performance
for the second quarter of 2000. An overweighted position in pre-refunded bonds
and an underweighted position in healthcare bonds was also a positive for
returns. Healthcare bonds struggled as healthcare institutions continue to be
negatively impacted by competitive pressures, high cost structures and declining
Federal reimbursements. As a result, the pace of credit quality downgrades in
the healthcare sector is significantly faster than in other municipal market
sectors.
These positives were partially offset by the Fund's underweighting in the
intermediate-term sector of the municipal market. Investors were focused on
intermediate-term securities and this segment of the market provided the best
risk-adjusted returns for the second quarter of 2000.
vii
<PAGE> 148
Hypotheticals and Total Returns
---------------------------------------------------------------------
The following graphs represent the performance of the Funds since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately sixty-five months) and a period of time when the Funds
were managed by the predecessor. The chart following each line graph sets forth
performance information and the growth of a hypothetical $10,000 investment for
the class(es) of each Fund shown in the line graph as well as certain other
classes of shares offered by the Fund. These classes have different sales
charges and expenses than the class(es) shown in the line graph, which affect
performance. The Lipper mutual fund averages were derived from a universe of
only those mutual funds that were in existence as of the inception date of the
Funds and are comprised of mutual funds which are categorized under the Fund's
respective objectives by Lipper Analytical Services, Inc.
BOND FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT -- CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN GOV'T/CORP BOND LIPPER CORP. DEBT A
CLASS Y INDEX RATED FUNDS AVERAGE
------- ---------------------- -------------------
<S> <C> <C> <C>
12/1/91 10000.00 10000.00 10000.00
10400.00 10337.00 10359.00
10168.00 10184.00 10195.00
2/29/92 10270.00 10238.00 10246.00
10253.00 10182.00 10194.00
10331.00 10242.00 10251.00
10513.00 10441.00 10460.00
10672.00 10594.00 10613.00
10892.00 10865.00 10895.00
10925.00 10962.00 10986.00
10576.00 11112.00 11128.00
10381.00 10942.00 10944.00
10373.00 10933.00 10944.00
10518.00 11121.00 11128.00
10727.00 11362.00 11365.00
2/28/93 10962.00 11598.00 11621.00
11049.00 11638.00 11663.00
11135.00 11727.00 11739.00
11099.00 11721.00 11745.00
11343.00 11987.00 12007.00
11404.00 12064.00 12102.00
11671.00 12341.00 12381.00
11730.00 12384.00 12418.00
11801.00 12434.00 12476.00
11659.00 12294.00 12310.00
11693.00 12347.00 12376.00
11870.00 12533.00 12562.00
2/28/94 11580.00 12261.00 12287.00
11306.00 11961.00 11962.00
11200.00 11862.00 11837.00
11190.00 11840.00 11801.00
11184.00 11812.00 11760.00
11353.00 12048.00 11971.00
11364.00 12053.00 11972.00
11212.00 11870.00 11788.00
11179.00 11857.00 11758.00
11151.00 11836.00 11737.00
11224.00 11914.00 11823.00
11416.00 12143.00 12027.00
2/28/95 11661.00 12424.00 12299.00
11727.00 12508.00 12389.00
11880.00 12682.00 12560.00
12329.00 13214.00 13069.00
6/30/95 12416.00 13319.00 13156.00
12395.00 13268.00 13102.00
12539.00 13438.00 13287.00
12667.00 13574.00 13429.00
12836.00 13774.00 13620.00
13019.00 14000.00 13832.00
13218.00 14207.00 14044.00
13297.00 14295.00 14112.00
13032.00 13992.00 13807.00
12951.00 13874.00 13701.00
12856.00 13779.00 13597.00
12828.00 13756.00 13576.00
6/30/96 12976.00 13940.00 13745.00
13004.00 13973.00 13771.00
12963.00 13938.00 13742.00
13184.00 14186.00 13988.00
13461.00 14517.00 14309.00
13713.00 14784.00 14586.00
13577.00 14620.00 14430.00
13583.00 14637.00 14458.00
13608.00 14668.00 14504.00
13449.00 14494.00 14313.00
13636.00 14706.00 14508.00
13738.00 14843.00 14637.00
6/30/97 13882.00 15021.00 14827.00
14272.60 15480.60 15283.70
14125.60 15307.30 15101.80
14329.00 15547.60 15338.90
14565.50 15796.30 15538.30
14628.10 15880.10 15605.10
14762.70 16046.80 15754.90
14988.50 16273.10 15955.00
14946.60 16240.50 15923.10
14981.00 16290.90 15974.00
15060.40 16372.30 16042.70
15230.50 16547.50 16209.60
6/30/98 15370.70 16716.30 16363.30
15386.80 16728.60 16368.20
15697.60 17054.80 16566.20
16102.60 17542.60 16942.30
15952.90 17418.10 16752.50
16013.50 17522.60 16889.90
16079.20 17564.60 16949.00
16175.60 17689.30 17072.80
15800.40 17268.30 16683.50
15901.50 17354.70 16790.30
15923.70 17398.00 16825.50
15753.40 17218.80 16633.70
6/30/99 15676.20 17165.50 16543.90
15626.00 17117.40 16476.10
15568.20 17103.70 16429.90
15720.80 17257.70 16584.40
15717.60 17302.50 16601.00
15708.20 17292.10 16601.00
15607.60 17186.70 16509.70
15588.90 17181.50 16461.80
15749.50 17396.30 16633.00
16015.60 17646.80 16854.20
15868.30 17560.30 16719.40
15750.90 17544.50 16652.50
6/30/00 16117.90 17902.40 17000.50
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LEHMAN LIPPER CORP. ONE ONE FIVE
CLASS AND WITH WITHOUT GOV'T/CORP. DEBT A RATED YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD BOND INDEX FUNDS AVG. W/LOAD W/OUT LOAD W/LOAD
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 12/9/92 $14,616* $15,224 $ 17,902 $ 17,001 (1.52)%* 2.57% 4.27%*
Class B -- 3/13/96 $11,789+ $11,980 $ 12,903 $ 12,314 (2.90)%* 1.90% N/A
Class C -- 3/25/96 N/A $11,928 $ 12,903 $ 12,314 0.83 %* 1.79% N/A
Class Y -- 12/1/91 N/A $16,136 $ 17,902 $ 17,001 N/A 2.94% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 12/9/92 5.12% 5.15%* 5.72%
Class B -- 3/13/96 N/A 3.90%+ 4.29%
Class C -- 3/25/96 N/A N/A 4.22%
Class Y -- 12/1/91 5.40% N/A 5.73%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining Contingent Deferred Sales Charge ("CDSC") schedule as
defined in the prospectus, figures reflect the deduction of a 2.00% back-end
load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index is a weighted composite of
(i) Lehman Brothers Government Bond Index, which is comprised of all publicly
issued, non-convertible debt of the U.S. Government or any agency thereof,
quasi-federal corporations, and corporate debt guaranteed by the U.S.
Government and (ii) Lehman Brothers Corporate Bond Index, which is comprised
of all public fixed-rate, non-convertible investment-grade domestic corporate
debt, excluding collateralized mortgage obligations.
viii
<PAGE> 149
---------------------------------------------------------------------
INTERMEDIATE BOND FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN INT.GOV'T/CORP LIPPER SHORT INVST. GRADE
CLASS Y BOND INDEX DEBT FUNDS AVERAGE
------- --------------------- -------------------------
<S> <C> <C> <C>
12/1/91 10000.00 10000.00 10000.00
10180.00 10244.00 10139.00
10130.00 10151.00 10124.00
2/29/92 10172.00 10191.00 10162.00
10158.00 10151.00 10159.00
10237.00 10240.00 10232.00
10356.00 10399.00 10327.00
10498.00 10553.00 10427.00
10679.00 10763.00 10547.00
10781.00 10870.00 10623.00
10935.00 11018.00 10710.00
10814.00 10875.00 10650.00
10755.00 10837.00 10643.00
10871.00 10979.00 10725.00
11058.00 11192.00 10847.00
2/28/93 11246.00 11369.00 10952.00
11295.00 11414.00 10996.00
11377.00 11506.00 11058.00
11339.00 11480.00 11060.00
11510.00 11661.00 11149.00
11547.00 11689.00 11189.00
11730.00 11874.00 11287.00
11780.00 11924.00 11323.00
11807.00 11956.00 11359.00
11699.00 11889.00 11357.00
11747.00 11943.00 11410.00
11893.00 12076.00 11485.00
2/28/94 11670.00 11897.00 11417.00
11444.00 11701.00 11333.00
11338.00 11621.00 11289.00
11340.00 11629.00 11299.00
11332.00 11631.00 11309.00
11453.00 11798.00 11397.00
11492.00 11835.00 11437.00
11378.00 11726.00 11422.00
11368.00 11725.00 11441.00
11337.00 11672.00 11427.00
11393.00 11713.00 11408.00
11554.00 11910.00 11515.00
2/28/95 11761.00 12157.00 11647.00
11824.00 12227.00 11709.00
11948.00 12378.00 11814.00
12304.00 12752.00 12014.00
6/30/95 12363.00 12838.00 12081.00
12358.00 12839.00 12119.00
12470.00 12956.00 12199.00
12563.00 13050.00 12266.00
12697.00 13195.00 12365.00
12852.00 13369.00 12470.00
12994.00 13509.00 12565.00
13084.00 13626.00 12661.00
12930.00 13466.00 12612.00
12845.00 13396.00 12602.00
12787.00 13349.00 12612.00
12759.00 13339.00 12636.00
6/30/96 12893.00 13480.00 12722.00
12920.00 13521.00 12776.00
12933.00 13532.00 12822.00
13098.00 13720.00 12941.00
13308.00 13963.00 13077.00
13475.00 14147.00 13188.00
13401.00 14056.00 13191.00
13455.00 14111.00 13254.00
13476.00 14138.00 13298.00
13372.00 14040.00 13285.00
13529.00 14205.00 13388.00
13630.00 14323.00 13476.00
6/30/97 13744.00 14454.00 13570.00
13992.10 14747.40 13787.10
13944.50 14673.70 13747.10
14086.70 14843.90 13883.20
14230.40 15008.70 13987.40
14258.90 15041.70 14015.30
14365.80 15162.00 14106.40
14523.80 15360.60 14261.60
14519.50 15348.30 14260.20
14573.20 15397.50 14314.40
14649.00 15474.50 14377.30
14751.50 15587.40 14467.90
6/30/98 14840.00 15687.20 14538.80
14872.70 15742.10 14586.80
15080.90 15989.20 14721.00
15373.50 16390.60 14984.50
15353.50 16226.70 14963.50
15358.10 16225.00 14989.00
15401.10 16289.90 15047.40
15488.90 16379.50 15122.70
15281.30 16138.70 14969.90
15406.70 16259.80 15085.20
15432.80 16310.20 15130.40
15317.10 16184.60 15038.20
6/30/99 15297.20 16195.90 15036.60
15283.40 16181.30 15026.10
15286.50 16194.30 15032.10
15424.00 16344.90 15156.90
15448.70 16387.40 15191.80
15467.30 16407.10 15223.70
15433.20 16352.90 15213.00
15385.40 16292.40 15161.30
15506.90 16426.00 15270.40
15683.70 16596.80 15414.00
15633.50 16558.70 15392.40
15644.50 16585.20 15404.70
6/30/00 15918.30 16877.10 15638.90
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LEHMAN INT. LIPPER SHORT ONE ONE FIVE
CLASS AND WITH WITHOUT GOV'T/CORP INVST. GRADE YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD BOND INDEX DEBT FUNDS AVG. W/LOAD W/OUT LOAD W/LOAD
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 11/24/92 $13,923* $14,508 $ 15,967 $ 14,676 (0.50)%* 3.68% 4.07%*
Class B -- 10/25/94 $13,174+ $13,272 $ 14,758 $ 13,633 (1.87)%* 3.03% 3.83%
Class C -- 4/19/96 N/A $11,953 $ 12,962 $ 12,363 2.39 %* 3.37% N/A
Class Y -- 12/1/91 N/A $15,918 $ 16,877 $ 15,639 N/A 4.06% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 11/24/92 4.93% 4.45%* 5.02%
Class B -- 10/25/94 4.16% 4.97%+ 5.11%
Class C -- 4/19/96 N/A N/A 4.34%
Class Y -- 12/1/91 5.19% N/A 5.55%
</TABLE>
INTERNATIONAL BOND FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT -- CLASS
Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
SALOMON BROS NON-US$ LIPPER INTERNATIONAL
CLASS Y WORLD GOV'T BOND INCOME FUNDS AVERAGE
------- -------------------- --------------------
<S> <C> <C> <C>
10/2/96 10000.00 10000.00 10000.00
10150.00 10169.00 10194.00
10300.00 10285.00 10361.00
10243.00 10212.00 10351.00
9860.00 9797.00 10091.00
9800.00 9683.00 10049.00
9679.00 9622.00 9963.00
9517.00 9426.00 9876.00
9779.00 9773.00 10090.00
6/30/97 9910.00 9894.00 10254.00
9728.55 9635.77 10142.20
9718.82 9679.13 10153.40
9959.85 9914.33 10412.30
10121.20 10136.40 10484.10
9859.06 9876.92 10376.20
9744.69 9777.16 10349.20
9806.08 9843.65 10405.10
9960.04 9982.44 10534.10
9826.57 9817.73 10485.60
10011.30 10033.70 10641.90
10052.40 10017.70 10670.60
6/30/98 10021.20 9981.60 10630.20
10074.00 9992.66 10706.80
10322.90 10266.50 10722.80
10976.30 10939.90 11236.40
11434.00 11433.30 11421.80
11184.80 11200.10 11418.40
11464.40 11515.90 11624.00
11325.70 11335.10 11612.30
10931.50 10937.30 11262.80
10920.60 10958.00 11280.80
10920.60 10941.60 11325.90
10717.50 10720.60 11119.80
6/30/99 10445.30 10465.40 10915.20
10765.90 10832.80 11090.90
10798.20 10902.10 11044.40
10928.90 11104.90 11154.80
10961.70 11092.70 11135.80
10829.00 10940.70 10996.60
10842.00 10929.80 11018.60
10436.50 10600.80 10749.80
10290.40 10435.40 10722.90
10661.90 10802.70 10958.80
10200.20 10330.60 10615.80
10323.70 10436.00 10710.30
6/30/00 10503.30 10716.80 10924.50
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPER
SALOMON BROS. INTERNATIONAL
CLASS AND WITH WITHOUT NON-U.S. $ INCOME FUNDS
INCEPTION DATE LOAD LOAD WORLD GOV'T BOND AVERAGE
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A -- 10/17/96 $10,009* $10,430 $ 10,539 $ 10,739
Class B -- 6/9/97 $ 9,994+ $10,275 $ 11,296 $ 10,820
Class C -- 6/3/98 N/A $10,172 $ 10,738 $ 10,317
Class Y -- 10/2/96 N/A $10,503 $ 10,717 $ 10,924
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE ONE SINCE SINCE
CLASS AND YEAR YEAR INCEPTION INCEPTION
INCEPTION DATE W/LOAD W/OUT LOAD W/LOAD W/OUT LOAD
-------------------- ------------------------------------------------
<S> <C> <C> <C> <C>
Class A -- 10/17/96 (3.71)%* 0.35 % 0.02 %* 1.14%
Class B -- 6/9/97 (5.19)%* (0.44)% (0.02)%+ 0.89%
Class C -- 6/3/98 (1.29)%* (0.34)% N/A 0.82%
Class Y -- 10/2/96 N/A 0.57 % N/A 1.32%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 1.00% back-end load for the Intermediate Bond Fund
and 3.00% for the International Bond Fund.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
The Lehman Brothers Intermediate Government/Corporate Bond Index is a weighted
composite of (i) Lehman Brothers Intermediate Government Bond Index, which is
comprised of all publicly issued, non-convertible debt of the U.S. Government
or any agency thereof, quasi-Federal corporations and corporate debt
guaranteed by the U.S. Government with a maturity of between one and ten years
and (ii) Lehman Brothers Corporate Bond Index. The Salomon Brothers Non-U.S.
World Government Bond Index is a market-weighted index that includes the
government bond markets that are freely open to investors (excluding the
United States) and have a total market capitalization of at least $20 billion,
Dm30 billion and Y2.5 trillion.
ix
<PAGE> 150
---------------------------------------------------------------------
U.S. GOVERNMENT INCOME FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN GOV'T/CORP BOND LIPPER U.S. GOV'T DEBT
CLASS Y INDEX FUNDS AVERAGE
------- ---------------------- ----------------------
<S> <C> <C> <C>
7/5/94 10000.00 10000.00 10000.00
10130.00 10199.00 10168.00
10128.00 10204.00 10165.00
9978.00 10049.00 10009.00
9957.00 10038.00 9982.00
9935.00 10020.00 9962.00
10002.00 10086.00 10034.00
10161.00 10280.00 10213.00
2/28/95 10385.00 10518.00 10442.00
10451.00 10589.00 10494.00
10577.00 10736.00 10623.00
10991.00 11186.00 11033.00
6/30/95 11075.00 11276.00 11103.00
11035.00 11232.00 11048.00
11167.00 11376.00 11185.00
11276.00 11491.00 11301.00
11430.00 11660.00 11462.00
11607.00 11852.00 11636.00
11751.00 12027.00 11807.00
11795.00 12102.00 11860.00
11578.00 11845.00 11582.00
11507.00 11746.00 11475.00
11444.00 11665.00 11385.00
11426.00 11645.00 11344.00
6/30/96 11582.00 11801.00 11477.00
11600.00 11829.00 11496.00
11593.00 11800.00 11455.00
11783.00 12009.00 11650.00
12059.00 12290.00 11909.00
12240.00 12516.00 12128.00
12119.00 12377.00 11987.00
12136.00 12391.00 12001.00
12185.00 12417.00 12015.00
12042.00 12270.00 11860.00
12229.00 12449.00 12038.00
12330.00 12565.00 12138.00
6/30/97 12480.00 12716.00 12281.00
12816.80 13105.10 12622.40
12695.10 12958.30 12487.40
12884.20 13161.80 12674.70
13077.50 13372.40 12871.10
13081.40 13443.20 12923.90
13209.60 13584.40 13057.00
13373.40 13775.90 13224.10
13352.00 13748.40 13192.40
13409.40 13791.00 13225.40
13455.00 13860.00 13278.30
13615.10 14008.30 13408.40
6/30/98 13724.10 14151.10 13529.70
13710.80 15759.40 13543.20
13993.30 16066.70 13830.30
14245.20 16526.20 14147.00
14088.50 16408.90 14035.30
14139.20 16507.30 14066.10
14198.60 16546.90 14102.70
14263.90 16664.40 14173.20
14064.20 16267.80 13854.30
14195.00 16349.10 13916.70
14210.60 16390.00 13950.10
14108.30 16221.20 13806.40
6/30/99 14047.60 16170.90 13724.90
14043.40 16125.60 13654.90
13929.60 16112.70 13619.40
14098.20 16257.80 13770.60
14146.10 16300.00 13794.00
14156.00 16290.20 13770.60
14073.90 16190.90 13678.30
14021.90 16186.00 13633.20
14135.40 16388.30 13804.90
14398.40 16624.30 14017.50
14304.80 16542.90 13968.50
14293.30 16528.00 13948.90
6/30/00 14609.20 16865.20 14212.60
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LEHMAN LIPPER U.S. ONE ONE FIVE
CLASS AND WITH WITHOUT GOV'T/CORP GOV'T DEBT YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD BOND INDEX FUND AVG. W/LOAD W/OUT LOAD W/LOAD
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 7/28/94 $13,798* $14,376 $ 16,535 $ 13,985 (0.33)%* 3.84% 4.61%*
Class B -- 9/6/95 $12,237+ $12,427 $ 14,824 $ 12,736 (1.91)%* 2.97% N/A
Class C -- 8/12/96 N/A $11,899 $ 14,258 $ 12,371 1.89 %* 2.87% N/A
Class Y -- 7/5/94 N/A $14,610 $ 16,865 $ 14,213 N/A 4.00% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 7/28/94 5.46% 5.58%* 6.32%
Class B -- 9/6/95 N/A 4.28%+ 4.61%
Class C -- 8/12/96 N/A N/A 4.58%
Class Y -- 7/5/94 5.70% N/A 6.54%
</TABLE>
MICHIGAN TAX-FREE BOND FUND
CLASS A SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS A
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
CLASS A - 4.0% FRONT-END LEHMAN MUNI BOND 20 LIPPER MICHIGAN MUNI
LOAD YR. INDEX DEBT FUNDS AVERAGE
------------------------ ------------------- --------------------
<S> <C> <C> <C>
2/15/94 9600.00 10000.00 10000.00
2/28/94 9407.00 10000.00 10000.00
8940.00 9473.00 9854.00
9010.00 9550.00 9636.00
9075.00 9664.00 9723.00
9012.00 9567.00 9661.00
9181.00 9786.00 9834.00
9206.00 9813.00 9861.00
9060.00 9617.00 9696.00
8889.00 9363.00 9492.00
8721.00 9140.00 9291.00
8883.00 9431.00 9535.00
9148.00 9800.00 9840.00
2/28/95 9392.00 10155.00 10123.00
9485.00 10272.00 10198.00
9484.00 10270.00 10195.00
9772.00 10657.00 10518.00
6/30/95 9658.00 10493.00 10380.00
9712.00 10548.00 10440.00
9838.00 10693.00 10563.00
9930.00 10778.00 10635.00
10086.00 11007.00 10816.00
10254.00 11251.00 11018.00
10362.00 11409.00 11140.00
10426.00 11467.00 11201.00
10298.00 11336.00 11103.00
10114.00 11156.00 10913.00
10048.00 11111.00 10865.00
10036.00 11125.00 10859.00
6/30/96 10166.00 11282.00 10979.00
10274.00 11393.00 11084.00
10262.00 11375.00 11081.00
10425.00 11605.00 11244.00
10533.00 11744.00 11358.00
10747.00 11989.00 11557.00
10686.00 11918.00 11505.00
10680.00 11905.00 11499.00
10786.00 12033.00 11600.00
10599.00 11843.00 11449.00
10684.00 11975.00 11542.00
10848.00 12190.00 11708.00
6/30/97 10967.00 12344.00 11827.00
11339.70 12758.80 12159.30
11177.50 12601.80 12021.90
11323.90 12775.70 12157.80
11412.30 12869.00 12229.50
11484.20 12973.20 12299.20
11703.50 13209.30 12492.30
11812.30 13357.30 12598.50
11785.20 13347.90 12597.30
11782.80 13366.60 12603.50
11721.50 13298.50 12530.50
11930.20 13539.20 12728.40
6/30/98 11973.10 13600.10 12535.10
11981.20 13440.90 12555.10
12198.10 13673.40 12743.40
12379.80 13866.20 12896.40
12301.80 13821.90 12848.70
12349.80 13885.40 12892.30
12351.00 13916.00 12897.50
12528.90 14064.90 13038.10
12427.40 14005.80 12962.50
12421.20 14054.80 12965.00
12437.30 14092.80 12992.30
12299.30 13987.10 12894.80
6/30/99 12050.80 13760.50 12696.30
12095.40 13777.00 12721.60
11961.20 13555.20 12571.50
11952.80 13511.80 12541.40
11808.20 13232.10 12388.30
11939.20 13429.30 12493.70
11833.00 13265.50 12372.50
11776.20 13172.60 12280.90
11908.10 13424.20 12435.70
12217.70 13857.80 12704.30
12128.50 13726.20 12616.60
12020.50 13617.70 12534.60
6/30/00 12394.40 14065.70 12861.70
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LEHMAN LIPPER MI AVERAGE ANNUAL TOTAL RETURNS
MUNI MUNI ONE ONE FIVE
CLASS AND WITH WITHOUT 20-YEAR DEBT YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD INDEX FUND AVG. W/LOAD W/OUT LOAD W/LOAD
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 2/15/94 $12,394* $12,876 $14,065 $ 12,861 (1.52)%* 2.59% 4.20%*
Class B -- 7/5/94 $13,073+ $13,173 $14,818 $ 13,568 (3.10)%* 1.82% 4.01%++
Class C -- 10/4/96 N/A $11,453 $12,341 $ 11,649 0.84 %* 1.82% N/A
Class Y -- 1/3/94 N/A $13,046 $14,066 $ 12,862 N/A 2.84% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
------------------- -------------------------------------
<S> <C> <C> <C>
Class A -- 2/15/94 5.06% 3.39%* 4.05%
Class B -- 7/5/94 4.34% 4.58%+ 4.71%
Class C -- 10/4/96 N/A N/A 3.69%
Class Y -- 1/3/94 5.36% N/A 4.18%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 2.00% back-end load for the U.S. Government Income
Fund and 1.00% for the Michigan Tax-Free Bond Fund.
++ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 2.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index is a weighted composite
of (i) Lehman Brothers Government Bond Index, which is comprised of all
publicly issued, non-convertible debt of the U.S. Government or any agency
thereof, quasi-federal corporations, and corporate debt guaranteed by the
U.S. Government and (ii) Lehman Brothers Corporate Bond Index, which is
comprised of all public fixed-rate, non-convertible investment-grade domestic
corporate debt, excluding collateralized mortgage obligations. The Lehman
Brothers 20-year Municipal Bond Index is a performance benchmark for the
long-term investment grade tax-exempt bond market.
x
<PAGE> 151
---------------------------------------------------------------------
TAX-FREE BOND FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN MUNI BOND 20 LIPPER MUNI BOND DEBT
CLASS Y YR. INDEX FUNDS AVERAGE
------- ------------------- ---------------------
<S> <C> <C> <C>
7/21/94 10000.00 10000.00 10000.00
10070.00 10000.00 10000.00
10110.00 10028.00 10025.00
9992.00 9827.00 9860.00
9893.00 9568.00 9670.00
9717.00 9344.00 9465.00
9918.00 9637.00 9698.00
10145.00 10014.00 9988.00
2/28/95 10408.00 10377.00 10282.00
10522.00 10496.00 10377.00
10542.00 10494.00 10376.00
10852.00 10890.00 10697.00
6/30/95 10738.00 10723.00 10579.00
10824.00 10779.00 10646.00
10953.00 10927.00 10762.00
11015.00 11013.00 10825.00
11162.00 11248.00 10991.00
11386.00 11497.00 11205.00
11512.00 11658.00 11332.00
11577.00 11718.00 11389.00
11482.00 11584.00 11299.00
11289.00 11399.00 11120.00
11204.00 11354.00 11070.00
11194.00 11368.00 11077.00
6/30/96 11317.00 11529.00 11178.00
11417.00 11642.00 11278.00
11396.00 11623.00 11272.00
11529.00 11859.00 11433.00
11651.00 12001.00 11558.00
11876.00 12251.00 11761.00
11786.00 12178.00 11712.00
11799.00 12166.00 11713.00
11925.00 12296.00 11816.00
11699.00 12102.00 11665.00
11804.00 12236.00 11759.00
12025.00 12457.00 11927.00
6/30/97 12154.00 12613.00 12063.00
12596.50 13036.80 12424.90
12389.90 12876.40 12278.30
12567.10 13054.10 12429.30
12651.30 13149.40 12506.40
12722.20 13255.90 12577.60
12980.40 13497.20 12777.60
13121.90 13648.40 12897.70
13073.40 13638.80 12890.00
13038.10 13657.90 12892.60
12906.40 13588.30 12812.60
13187.70 13834.20 13020.20
6/30/98 13211.50 13896.50 13075.50
13228.00 13927.90 13093.80
13483.30 14168.80 13296.70
13691.00 14368.60 13455.00
13629.30 14322.60 13403.80
13674.30 14388.50 13445.40
13703.00 14420.20 13468.20
13910.00 14574.50 13619.10
13755.50 14513.30 13531.90
13756.90 14564.10 13533.30
13780.30 14603.40 13564.40
13639.80 14493.90 13457.20
6/30/99 13354.70 14259.10 13223.10
13405.40 14276.20 13242.90
13292.80 14046.30 13077.40
13286.20 14001.40 13042.10
13121.40 13711.50 12842.50
13276.30 13915.90 12969.70
13178.00 13746.10 12838.70
13120.00 13649.90 12734.70
13264.40 13910.60 12904.10
13599.90 14359.90 13197.00
13492.50 14223.50 13105.90
13379.20 14111.10 13007.60
6/30/00 13755.10 14575.40 13341.90
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LEHMAN LIPPER MUNI ONE ONE FIVE
CLASS AND WITH WITHOUT MUNI BOND DEBT FUNDS YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD 20-YEAR INDEX AVG. W/LOAD W/OUT LOAD W/LOAD
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 10/9/95 $11,788* $12,282 $ 14,375 $ 12,320 (1.30)%* 2.83% N/A
Class B -- 12/6/94 $13,091+ $13,191 $ 15,600 $ 14,095 (3.01)%* 1.87% 3.69%++
Class C -- 7/7/97 N/A $10,874 $ 11,179 $ 13,336 1.30 %* 2.28% N/A
Class Y -- 7/21/94 N/A $13,755 $ 14,575 $ 13,342 N/A 2.98% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE LOAD W/LOAD W/OUT LOAD
------------------- ------------------------------
<S> <C> <C> <C>
Class A -- 10/9/95 N/A 3.54%* 4.44%
Class B -- 12/6/94 4.02% 4.96%+ 5.10%
Class C -- 7/7/97 N/A N/A 2.85%
Class Y -- 7/21/94 5.07% N/A 5.50%
</TABLE>
TAX-FREE SHORT-INTERMEDIATE BOND FUND
CLASS Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN MUTUAL FUND LIPPER SHORT-INT. MUNI
CLASS Y INT.-SHORT MUNI INDEX DEBT FUNDS AVERAGE
------- --------------------- ----------------------
<S> <C> <C> <C>
12/17/92 10000.00 10000.00 10000.00
10038.00 10070.00 10000.00
10115.00 10178.80 10115.00
2/28/93 10368.00 10444.40 10421.00
10266.00 10326.40 10306.00
10311.00 10392.50 10391.00
10334.00 10428.90 10431.00
10447.00 10569.70 10579.00
10451.00 10577.00 10578.00
10581.00 10738.90 10768.00
10647.00 10833.40 10890.00
10661.00 10858.30 10911.00
10624.00 10792.10 10842.00
10747.00 10965.80 11026.00
10840.00 11073.30 11138.00
2/28/94 10642.00 10868.40 10903.00
10402.00 10611.90 10599.00
10488.00 10689.40 10654.00
10548.00 10747.10 10737.00
10505.00 10733.20 10701.00
10609.00 10866.20 10838.00
10657.00 10915.10 10882.00
10572.00 10832.20 10771.00
10476.00 10746.60 10650.00
10339.00 10633.80 10494.00
10494.00 10759.20 10661.00
10664.00 10924.90 10874.00
2/28/95 10891.00 11130.30 11112.00
10985.00 11245.00 11210.00
11013.00 11277.60 11232.00
11268.00 11534.70 11498.00
6/30/95 11265.00 11532.40 11450.00
11382.00 11673.10 11562.00
11478.00 11794.50 11676.00
11482.00 11837.00 11729.00
11553.00 11924.50 11847.00
11660.00 12039.00 11983.00
11723.00 12099.20 12061.00
11830.00 12210.50 12160.00
11781.00 12182.50 12122.00
11676.00 12093.50 11991.00
11661.00 12083.80 11970.00
11645.00 12075.40 11969.00
6/30/96 11709.00 12159.90 12042.00
11795.00 12249.90 12151.00
11791.00 12259.70 12152.00
11879.00 12359.00 12259.00
11967.00 12473.90 12377.00
12124.00 12647.30 12562.00
12094.00 12623.30 12526.00
12125.00 12672.50 12555.00
12215.00 12762.50 12647.00
12058.00 12891.40 12515.00
12101.00 12955.90 12582.00
12251.00 13101.00 12735.00
6/30/97 12341.00 13205.80 12850.00
12573.50 13450.10 13130.10
12496.80 13381.50 13022.50
12599.30 13504.60 13156.60
12653.50 13574.80 13217.10
12683.80 13619.60 13266.00
12804.30 13753.10 13431.80
12919.60 13872.70 13544.70
12924.70 13893.60 13550.10
12918.30 13903.30 13551.40
12860.10 13851.80 13479.60
13000.30 14019.40 13669.70
6/30/98 13043.20 14065.70 13709.90
13078.40 14110.70 13755.20
13231.40 14288.50 13881.70
13361.10 14431.40 14130.20
13382.50 14474.70 14110.40
13410.60 14509.40 14134.40
13434.70 14548.60 14189.50
13582.50 14713.00 14260.50
13543.10 14680.60 14116.40
13541.80 14686.50 14225.10
13572.90 14727.60 14267.80
13509.10 14680.50 14180.80
6/30/99 13356.50 14526.30 14179.40
13429.90 14610.60 14241.80
13420.50 14604.80 14223.20
13455.40 14657.30 14257.40
13436.60 14626.60 14227.40
13491.70 14712.80 14295.70
13455.30 14674.60 14267.10
13449.90 14667.30 14244.30
13478.10 14724.50 14295.60
13584.60 14867.30 14408.50
13557.40 14843.50 14386.90
13538.40 14831.60 14365.30
6/30/00 13763.20 15088.20 14565.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LEHMAN LIPPER AVERAGE ANNUAL TOTAL RETURNS
MUTUAL FUND SHORT-INT. ONE ONE FIVE
CLASS AND WITH WITHOUT INT. SHORT MUNI DEBT YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD MUNI INDEX FUNDS AVG. W/LOAD W/OUT LOAD W/LOAD
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class
A -- 11/30/92 $13,014* $13,552 $ 15,059 $ 14,565 (1.46)%* 2.68% 3.00%*
Class
B -- 5/16/96 $11,130+ $11,323 $ 12,472 $ 12,042 (3.09)%* 1.82% N/A
Class C -- 7/8/98 N/A $10,374 $ 10,673 $ 10,529 0.83 %* 1.81% N/A
Class
Y -- 12/17/92 N/A $13,763 $ 14,565 $ 12,694 N/A 3.04% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
----------------- -----------------------------------
<S> <C> <C> <C>
Class
A -- 11/30/92 3.84% 3.53%* 4.09%
Class
B -- 5/16/96 N/A 2.63%+ 3.06%
Class C -- 7/8/98 N/A N/A 1.87%
Class
Y -- 12/17/92 4.09% N/A 4.31%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 1.00% back-end load, for the Tax-Free Bond Fund
and 2.00% for the Tax-Free Short-Intermediate Bond Fund.
++ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 2.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers 20-year Municipal Bond Index is a performance benchmark
for the long-term investment grade tax-exempt bond market. The Lehman Mutual
Fund Intermediate Short Muni Index is an unmanaged index that covers multiple
sectors of the municipal bond universe with maturities between one and 10
years.
xi
<PAGE> 152
[This Page Intentionally Left Blank]
<PAGE> 153
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Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES -- 11.4%
$5,345,000 Ford Credit Auto Owner
Trust, Series 1999 D
Class A5,
6.520% due 09/15/2003 $ 5,294,276
5,000,000 Sovereign Bank, Series
2000-1 Class A2 144A,
12.180% due 06/30/2020 5,067,400
5,940,000 Standard Credit Card
Master Trust, Class A,
Series 1994-2,
7.250% due 04/07/2008 5,903,469
2,200,000 WFS Financial Owner Trust,
Series 2000 B Class A3,
7.750% due 11/20/2004 2,210,340
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $18,593,708) 18,475,485
------------
CORPORATE BONDS AND NOTES -- 42.4%
DRUGS -- 4.1%
6,400,000 Eli Lilly and Company,
8.375% due 02/07/2005 6,628,160
------------
FINANCE -- 13.7%
3,830,000 Block Financial
Corporation,
6.750% due 11/01/2004 3,669,891
4,750,000 Countrywide Capital III,
Subordinated Capital
Income, Secs Series B,
8.050% due 06/15/2027++ 4,085,641
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 4,895,237
4,800,000 Household Finance
Corporation,
8.000% due 05/09/2005 4,837,997
4,520,000 Pitney Bowes Credit
Corporation,
8.625% due 02/15/2008 4,692,686
------------
22,181,452
------------
FOOD AND BEVERAGE -- 2.0%
3,115,000 Coca-Cola Enterprises,
8.500% due 02/01/2022 3,295,119
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
INDUSTRIAL -- 14.8%
$4,250,000 American Greetings
Corporation,
6.100% due 08/01/2028 $ 3,800,252
3,895,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,309,502
6,725,000 Harris Corporation
Delaware,
6.350% due 02/01/2028 6,027,100
5,000,000 IBM Corporation,
7.500% due 06/15/2013 5,093,555
4,750,000 Racers-Kellogg, Series
1998 144A,
5.750% due 02/02/2001++ 4,704,737
------------
23,935,146
------------
TELECOMMUNICATIONS -- 2.9%
5,000,000 AT&T Corp. -- Liberty
Media Group,
8.250% due 02/01/2030 4,591,315
------------
UTILITY -- ELECTRIC -- 4.9%
4,100,000 National Rural Utilities
Cooperative Finance,
Note,
6.125% due 05/15/2005 3,891,417
4,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 4,079,722
------------
7,971,139
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $74,597,921) 68,602,331
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 26.9%
COLLATERALIZED MORTGAGE OBLIGATIONS (CMO) -- 9.8%
Federal Home Loan Mortgage
Corporation:
5,000,000 Series 1541, Class F,
6.250% due 05/15/2019 4,952,100
1,925,000 Series 1702-A, Class PD,
6.500% due 04/15/2022 1,868,752
Federal National Mortgage
Association:
7,000,000 Remic Trust 1994 30 Class
H,
6.250% due 11/25/2022 6,722,660
2,280,085 Remic Trust 1997 G1 Class
K,
6.750% due 02/18/2004 2,256,600
------------
15,800,112
------------
</TABLE>
See Notes to Financial Statements.
1
<PAGE> 154
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS
(CONTINUED)
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 0.4%
FHLMC:
$ 749,794 Pool #E62394, Gold,
7.500% due 09/01/2010 $ 748,937
25,410 Pool #200021,
10.500% due 11/01/2000 25,593
------------
774,530
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 7.3%
FNMA:
4,734,523 Pool #455598,
5.500% due 12/01/2028 4,193,627
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,383,500
1,355,663 Pool #303105,
11.000% due 11/01/2020 1,472,652
1,577,903 Pool #100081,
11.500% due 08/20/2016 1,745,555
------------
11,795,334
------------
GOVERNMENT AGENCY DEBENTURES -- 5.5%
5,055,000 Federal National Mortgage
Association, Benchmark
Note,
5.250% due 01/15/2009 4,435,995
4,600,000 Tennessee Valley
Authority,
6.375% due 06/15/2005 4,471,490
------------
8,907,485
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 3.9%
GNMA:
1,355,398 Pool #780584,
7.000% due 06/15/2027 1,326,962
4,896,697 Pool #520556,
8.000% due 02/15/2030 4,948,616
------------
6,275,578
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $45,070,435) 43,553,039
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 17.5%
U.S. TREASURY BONDS -- 8.7%
$6,248,280 3.875% due 04/15/2029,
TIPS $ 6,230,710
4,000,000 5.250% due 02/15/2029 3,548,752
3,600,000 8.000% due 11/15/2021 4,344,750
------------
14,124,212
------------
U.S. TREASURY NOTES -- 8.8%
6,350,000 6.500% due 02/15/2010 6,556,198
7,360,000 7.000% due 07/15/2006 7,624,504
------------
14,180,702
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $27,793,768) 28,304,914
------------
REPURCHASE AGREEMENT -- 0.5%
(Cost $779,000)
779,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at $779,412
on 07/03/2000,
collateralized by
$650,000 U.S. Treasury
Bond, 8.125% maturing
05/15/2021 (value
$799,500) 779,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $14,046,850) 8.7% 14,046,850
----- ------------
TOTAL INVESTMENTS
(Cost $180,881,682*) 107.4% 173,761,619
OTHER ASSETS AND
LIABILITIES (NET) (7.4) (11,981,119)
----- ------------
NET ASSETS 100% $161,780,500
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $181,131,445.
** As of June 30, 2000, the market value of the securities on loan is
$13,889,710. Collateral received for securities loaned of $14,046,850 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATION:
TIPS -- Treasury Inflation-Protection Security
See Notes to Financial Statements.
2
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Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES -- 11.1%
$ 5,000,000 American Express Credit
Account Master, Series
96 Class A,
6.800% due 12/15/2003 $ 4,981,250
12,000,000 Carco Auto Loan Master
Trust, Series 1999
Class A1,
5.650% due 03/15/2003 11,880,480
5,000,000 Chase Manhattan Credit
Card Master, Series
1996-3 Class A,
7.040% due 02/15/2005 4,991,400
10,000,000 Chemical Master Credit
Card, Trust 1,
6.230% due 06/15/2003 9,980,400
5,405,000 Contimortgage Home Equity
Loan, 1997 2 Pass thru
Certificate Class A9,
7.090% due 04/15/2028 5,312,358
5,000,000 First Security Auto Owner
Trust, Series 2000-1
Class A3,
7.300% due 07/15/2004 5,005,000
3,700,000 Keycorp, Series 2000-Cl
Class A1,
7.617% due 06/15/2009 3,713,690
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $46,632,556) 45,864,578
------------
CORPORATE BONDS AND NOTES -- 47.3%
BANKING AND FINANCIAL SERVICES -- 21.3%
10,000,000 America Express Bank,
Ltd.,
6.430% due 02/10/2004+ 9,881,500
10,000,000 American General Finance
Corporation,
6.850% due 07/12/2004 9,762,659
2,570,000 Associates Corporation of
North America, MTN,
8.250% due 10/15/2004 2,626,052
10,000,000 Countrywide Home Loans,
Inc., MTN,
6.850% due 06/15/2004 9,748,520
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
BANKING AND FINANCIAL SERVICES (CONTINUED)
Ford Motor Credit
Corporation:
$ 1,000,000 6.700% due 07/16/2004 $ 965,325
2,400,000 6.500% due 02/15/2006 2,259,084
4,900,000 General Motors Acceptance
Corporation,
7.625% due 06/15/2004 4,902,386
5,275,000 Household Finance
Corporation,
8.000% due 05/09/2005 5,316,757
11,000,000 IBM Credit Corporation,
MTN,
6.350% due 08/30/2001 10,887,162
5,000,000 John Hancock Global
Funding II, MTN 144A,
7.900% due 07/02/2010++ 5,044,450
10,000,000 SunAmerica Institutional,
MTN,
5.750% due 02/16/2009 8,757,500
3,360,000 Swiss Bank Corporation,
7.250% due 09/01/2006 3,305,676
483,531 Textron Financial
Corporation
Receivables,
6.050% due 03/16/2009 481,785
10,000,000 Transamerica Finance
Corporation, MTN,
6.370% due 05/14/2004 9,506,650
4,000,000 U.S. Leasing
International, MTN,
9.880% due 03/06/2001 4,062,416
------------
87,507,922
------------
FINANCE -- FOREIGN -- 2.4%
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 9,670,000
------------
INDUSTRIAL -- 18.8%
2,500,000 American Greetings
Corporation,
6.100% due 08/01/2028 2,235,442
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,622,619
6,000,000 Avon Products, Inc.,
7.150% due 11/15/2009 5,745,954
</TABLE>
See Notes to Financial Statements.
3
<PAGE> 156
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
INDUSTRIAL (CONTINUED)
$ 3,224,160 Chevron Corporation,
Trust Fund,
8.110% due 12/01/2004 $ 3,293,479
10,000,000 DaimlerChrysler NA
Holding Corporation,
MTN,
6.840% due 10/15/2002 9,868,810
10,000,000 National Fuel Gas
Company, MTN,
7.300% due 02/18/2003 9,955,900
4,000,000 Pitney Bowes, Inc.,
5.950% due 02/01/2005 3,831,252
10,000,000 Racers-Kellogg, Series
1998-1 144A,
5.750% due 02/02/2001++ 9,904,710
5,505,000 Ryder System, Inc., MTN,
6.910% due 06/18/2002 5,320,511
9,425,000 Textron, Inc.,
6.750% due 09/15/2002 9,359,562
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 3,954,155
10,140,000 Tyco International Group
SA,
5.875% due 11/01/2004 9,477,128
------------
77,569,522
------------
TELECOMMUNICATIONS -- FOREIGN -- 3.5%
4,500,000 AT&T Canada, Inc., 144A,
7.625% due 03/15/2005++ 4,481,330
10,000,000 Deutsche Telekom
International,
8.000% due 06/15/2010 10,046,920
------------
14,528,250
------------
UTILITY -- ELECTRIC -- 1.3%
5,925,000 National Rural Utilities,
MTN,
5.540% due 12/15/2005 5,412,173
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $200,350,251) 194,687,867
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
-----------------------------------------------------
-----------------------------------------------------
<C> <S> <C>
PREFERRED STOCKS -- 1.9%
(Cost $7,991,676)
CORPORATE -- 1.9%
308,000 AT&T Corporation $ 7,911,750
------------
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 31.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 3.6%
FHLMC:
$ 1,836,996 8.000% due 03/01/2028 1,847,908
2,624,739 Pool #A00813,
9.000% due 10/01/2020 2,696,365
543,091 Pool #E61740,
9.000% due 04/01/2010 562,551
2,276,756 Pool #F70013, Gold,
7.000% due 12/01/2011 2,245,896
7,850,000 Series 1650 Class 1650 J,
6.500% due 06/15/2023 7,461,268
------------
14,813,988
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 10.0%
FNMA:
9,085,795 6.000% due 02/01/2013 8,605,883
9,956,465 6.000% due 06/01/2013 9,430,564
11,406,605 6.000% due 05/01/2018 10,643,731
5,379,912 5.819% due 12/01/2028 5,154,629
1,716,266 Pool #070225,
7.500% due 08/01/2018 1,706,422
5,741,453 Pool #250550,
6.500% due 05/01/2026 5,491,009
------------
41,032,238
------------
GOVERNMENT AGENCY DEBENTURES -- 14.9%
17,000,000 AID-Israel,
0.010% due 02/15/2004 13,445,111
8,500,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,121,682
10,250,000 FHLMC,
6.000% due 07/20/2001 10,152,707
10,500,000 FNMA, Benchmark Note,
5.250% due 01/15/2009 9,214,233
</TABLE>
See Notes to Financial Statements.
4
<PAGE> 157
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (CONTINUED)
GOVERNMENT AGENCY DEBENTURES (CONTINUED)
$10,950,000 SallieMae Student Loan
Trust, Class A2,
6.414% due 01/25/2010+ $ 10,726,839
10,000,000 Tennessee Valley
Authority,
6.375% due 06/15/2005 9,720,630
------------
61,381,202
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 2.3%
GNMA:
1,465,667 Pool #780077,
8.000% due 03/15/2025 1,481,081
8,853,046 Pool #781008,
6.000% due 03/15/2029 8,179,514
------------
9,660,595
------------
SMALL BUSINESS ADMINISTRATION (SBA) -- 0.4%
1,492,070 SBA, Pool #502796,
7.000% due 11/25/2019 1,491,399
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $132,132,717) 128,379,422
------------
U.S. TREASURY OBLIGATIONS -- 7.0%
U.S. TREASURY NOTES -- 7.0%
U.S. Treasury Notes:
18,000,000 5.875% due 11/15/2004 17,719,096
4,690,000 7.875% due 11/15/2004 4,962,870
3,800,000 6.750% due 05/15/2005 3,889,064
2,000,000 7.000% due 07/15/2006 2,071,876
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $28,429,957) 28,642,906
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 0.5%
(Cost $2,127,000)
$ 2,127,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$2,128,126 on
07/03/2000,
collateralized by
$1,630,000 U.S.
Treasury Bond, 9.250%
maturing 02/15/2016
(value $2,171,975) $ 2,127,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $35,801,351) 8.7% 35,801,351
----- ------------
TOTAL INVESTMENTS
(Cost $453,465,508*) 107.7% 443,414,874
OTHER ASSETS AND
LIABILITIES (NET) (7.7) (31,835,994)
----- ------------
NET ASSETS 100.0% $411,578,880
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes $453,483,590.
** As of June 30, 2000 the market value of the securities on loan is
$35,261,191. Collateral received for securities loaned of $35,801,351 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Floating rate note. The interest rate shown reflects the rate currently in
effect.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration
to qualified institutional buyers.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
5
<PAGE> 158
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Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FOREIGN BONDS AND NOTES -- 89.0%
AUSTRIA -- 4.8%
GOVERNMENT -- 4.8%
JPY 150,000,000 Republic of Austria,
4.500% due 09/28/2005 $ 1,656,072
-----------
BELGIUM -- 4.8%
GOVERNMENT -- 4.8%
EUR 1,725,000 Kingdom of Belgium, Series 35,
5.750% due 09/28/2010 1,667,115
-----------
CANADA -- 2.6%
GOVERNMENT -- 2.6%
CAD 1,250,000 Government of Canada,
7.000% due 12/01/2006 890,355
-----------
FINLAND -- 1.6%
GOVERNMENT -- 1.6%
EUR 504,564 Republic of Finland,
9.500% due 03/15/2004 548,529
-----------
FRANCE -- 5.3%
GOVERNMENT -- 5.3%
Government of France:
EUR 1,205,103 5.500% due 04/25/2007 1,160,982
548,816 8.500% due 12/26/2012 667,519
-----------
1,828,501
-----------
GERMANY -- 9.3%
FINANCE -- 3.6%
EUR 1,329,359 Bayerische Vereinsbank New York, Global Bond,
4.500% due 06/24/2002 1,251,054
GOVERNMENT -- 5.7%
478,230 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 484,691
1,750,000 Federal Republic of Germany, Series 98,
4.750% due 07/04/2028 1,492,793
-----------
3,228,538
-----------
ITALY -- 6.1%
GOVERNMENT -- 6.1%
Government of Italy:
EUR 750,000 6.750% due 02/01/2007 766,004
1,291,140 8.500% due 04/01/2004 1,362,820
-----------
2,128,824
-----------
</TABLE>
See Notes to Financial Statements.
6
<PAGE> 159
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FOREIGN BONDS AND NOTES (CONTINUED)
JAPAN -- 31.7%
GOVERNMENT -- 20.6%
Government of Japan:
JPY 525,000,000 1.900% due 03/20/2008 $ 5,039,467
200,000,000 3.100% due 03/20/2006 2,075,182
SUPRANATIONAL -- 11.1%
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 2,411,336
130,000,000 World Bank,
4.750% due 12/20/2004 1,431,096
-----------
10,957,081
-----------
LUXEMBOURG -- 2.8%
SUPRANATIONAL -- 2.8%
EUR 1,000,000 European Investment Bank,
5.250% due 04/15/2004 953,507
-----------
NETHERLANDS -- 3.1%
GOVERNMENT -- 3.1%
EUR 1,100,000 Government of Netherlands,
5.500% due 07/15/2010 1,061,198
-----------
SPAIN -- 4.7%
GOVERNMENT -- 4.7%
EUR 1,750,000 Kingdom of Spain,
5.150% due 07/30/2009 1,628,070
-----------
SWEDEN -- 3.6%
GOVERNMENT -- 3.6%
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,264,417
-----------
UNITED STATES -- 8.6%
SUPRANATIONAL -- 8.6%
GBP 1,000,000 KFW International Finance,
7.625% due 12/30/2003 1,558,493
JPY 150,000,000 McDonald's Corporation, Series MTN,
2.000% due 03/09/2010 1,413,725
-----------
2,972,218
-----------
TOTAL FOREIGN BONDS AND NOTES
(Cost $32,046,350) 30,784,425
-----------
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 160
Munder International Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
GOVERNMENT AGENCY OBLIGATIONS -- 8.0%
GBP 600,000 Federal National Mortgage Association, Global Bond,
6.875% due 06/07/2002 $ 913,761
EUR 3,700,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 1,868,934
-----------
2,782,695
-----------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $3,300,974) 2,782,695
-----------
REPURCHASE AGREEMENT -- 1.1%
(Cost $387,000)
U.S.$ 387,000 Agreement with State Street Bank and Trust Company,
6.350% dated 06/30/2000, to be repurchased at
$387,205 on 07/03/2000, collateralized by
$315,000 U.S. Treasury Bond, 8.750% maturing on
05/15/2017 (value $400,050) 387,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $35,734,324*) 98.1% $33,954,120
OTHER ASSETS AND LIABILITIES (NET) 1.9 655,501
----- -----------
NET ASSETS 100.0% $34,609,621
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
CAD -- Canadian Dollar
EUR -- Euro Currency
GBP -- Great British Pound
JPY -- Japanese Yen
SEK -- Swedish Krona
USD -- United States Dollar
See Notes to Financial Statements.
8
<PAGE> 161
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 90.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 53.9%
FHLMC:
$ 1,276,752 Pool #A01048, Gold,
8.500% due 02/01/2020 $ 1,300,705
3,952,226 Pool #E00160, Gold,
7.000% due 11/01/2007 3,919,487
793,559 Pool #G00479, Gold,
9.000% due 04/01/2025 815,525
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 5,636,846
5,000,000 Series 1531, Class M,
6.000% due 06/15/2008 4,623,100
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 4,898,400
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 8,979,718
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 4,746,850
4,000,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,860,000
4,550,000 Series 1617, Class C,
6.500% due 02/15/2023 4,338,106
11,585,000 Series 1633, Class PL,
6.500% due 03/15/2023 11,009,341
5,000,000 Series 1638, Class H,
6.500% due 12/15/2023 4,640,000
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,632,572
8,000,000 Series 1676, Class H,
6.500% due 10/15/2022 7,772,160
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,562,361
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,309,877
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 976,450
1,200,000 Series 1722, Class PH,
6.500% due 08/15/2022 1,139,170
2,385,000 Series 1848, Class PE,
7.000% due 09/15/2025 2,240,355
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 8,457,004
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
(CONTINUED)
$ 4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 $ 3,938,977
7,000,000 Series 1870, Class VB,
6.500% due 04/15/2007 6,851,250
1,645,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,596,236
2,942,531 Series 43, Class D,
10.000% due 06/15/2020 3,044,723
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,357,200
------------
118,646,413
------------
FEDERAL HOUSING AUTHORITY/VETERANS ADMINISTRATION
(FHA/VA) -- 0.0%
207 FHA, Azalea Garden,
8.500% due 09/01/2030 199
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 29.3%
FNMA:
56,020 Pool #040305,
11.500% due 02/01/2014 61,388
27,511 Pool #058255,
11.500% due 11/01/2010 30,151
41,877 Pool #081585,
11.500% due 07/01/2012 45,898
964,806 Pool #100081,
11.500% due 08/20/2016 1,067,317
122,522 Pool #210448,
11.500% due 11/01/2015 134,329
908,057 Pool #303105,
11.000% due 11/01/2020 986,419
158,959 Pool #336457,
10.500% due 11/01/2020 170,927
2,950,000 Pool #375618,
6.420% due 12/01/2007 2,795,125
2,255,169 Series 1990-117, Class
E,
8.950% due 10/25/2020 2,314,328
4,722,471 Series 1990-45, Class J,
9.500% due 05/25/2020 4,911,467
7,500,000 Series 1993-203 Class
PL,
6.500% due 10/25/2023 7,047,675
2,000,000 Series 1993-160, Class
BC,
6.500% due 09/25/2022 1,932,400
</TABLE>
See Notes to Financial Statements.
9
<PAGE> 162
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS
(CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
(CONTINUED)
$ 5,100,000 Series 1993-163, Class
BJ,
7.000% due 07/25/2006 $ 4,985,352
3,000,000 Series 1993-198, Class
T,
6.500% due 10/25/2023 2,749,180
10,319,600 Series 1993-226, Class
PN,
9.000% due 05/25/2022 10,922,574
2,000,000 Series 1993-83, Class
VE,
6.600% due 12/25/2005 1,926,420
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,437,000
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,454,055
1,600,000 Series 1994-60, Class
PJ,
7.000% due 04/25/2024 1,504,848
7,634,900 Series 1996-28, Class
PJ,
6.500% due 12/25/2024 7,192,657
5,150,000 Series 1996-70, Class
PJ,
6.500% due 02/25/2026 4,904,076
6,250,000 Series 1999-17, Class
PC,
6.000% due 12/25/2022 5,943,312
------------
64,516,898
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 7.0%
GNMA:
10,100,000 Series 1996-11, Class
PD,
7.000% due 06/20/2025 9,729,815
6,000,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 5,789,757
------------
15,519,572
------------
SMALL BUSINESS ADMINISTRATION (SBA) -- 0.1%
275,771 SBA, Pool #503548,
6.125% due
11/25/2021+++ 273,162
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $205,916,253) 198,956,244
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 8.3%
U.S. TREASURY BONDS -- 8.3%
U.S. Treasury Bonds:
$ 2,500,000 10.375% due 11/15/2012 $ 3,076,563
4,000,000 8.125% due 08/15/2019 4,825,000
8,500,000 8.000% due 11/15/2021 10,258,437
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $18,456,242) 18,160,000
------------
REPURCHASE AGREEMENT -- 1.4%
(Cost $3,172,000)
3,172,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000 to be
repurchased at
$3,173,679 on
07/3/2000,
collateralized by
$2,585,000 U.S.
Treasury Bond, 8.125%
maturing 05/15/2021
(value $3,237,713) 3,172,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $14,965,000) 6.8% $ 14,965,000
----- ------------
TOTAL INVESTMENTS
(Cost $242,509,495*) 106.8% 235,253,244
OTHER ASSETS AND
LIABILITIES (NET) (6.8) (14,979,344)
----- ------------
NET ASSETS 100.0% $220,273,900
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $242,688,636.
** As of June 30, 2000, the market value of the securities on loan is
$14,705,920. Collateral received for securities loaned of $14,965,000 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
See Notes to Financial Statements.
10
<PAGE> 163
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.5%
MICHIGAN -- 98.5%
$1,000,000 Auburn Hills, Michigan, Building Authority, Refunding,
(AMBAC Insured),
5.000% due 11/01/2017 AAA Aaa $ 925,530
1,000,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2008 AA+ Aa2 1,114,800
625,000 Cadillac, Michigan, Area Public Schools, Pre-refunded,
5.375% due 05/01/2012 AAA Aaa 641,100
1,000,000 Central Michigan University Revenue, (FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,037,710
515,000 Clinton Township, Michigan Building Authority,
Refunding, (AMBAC Insured),
4.750% due 11/01/2012 AAA NR 486,860
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 584,130
De Witt, Michigan, Public Schools, GO:
750,000 4.700% due 05/01/2012 AAA Aaa 707,040
1,055,000 AMBAC Insured, Q-SBLF,
5.500% due 05/01/2011 AAA Aaa 1,090,627
700,000 Dearborn School District, Michigan, GO, (MBIA
Insured),
5.000% due 05/01/2014 AAA Aaa 674,695
Detroit, Michigan, Water Supply Systems, Revenue:
500,000 Series A,
5.000% due 07/01/2027 AAA Aaa 442,045
375,000 Series A,
5.750% due 07/01/2011 AAA Aaa 395,160
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 946,860
1,000,000 East Grand Rapids, Michigan, Public School District,
GO,
5.750% due 05/01/2018 AA+ Aa1 1,002,770
750,000 Fowlerville, Michigan, Community School District,
Refunding, (FSA Insured),
4.500% due 05/01/2015 AAA Aaa 665,888
Grand Rapids, Michigan:
500,000 Building Authority,
4.550% due 04/01/2010 AA- Aa3 470,925
705,000 Building Authority,
5.000% due 04/01/2016 AA- Aa3 663,158
1,000,000 Community College Refunding, GO, (MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 967,050
</TABLE>
See Notes to Financial Statements.
11
<PAGE> 164
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$1,000,000 Grand Traverse County, Michigan Hospital, Munson
Healthcare, Series A, Pre-refunded,
6.250% due 07/01/2022 AAA Aaa $ 1,048,660
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 631,349
1,100,000 Ingham County Michigan, Refunding, (FSA Insured),
5.125% due 11/01/2012 AAA Aaa 1,091,101
610,000 Kalamazoo, Michigan, Building Authority,
5.250% due 10/01/2017 AAA Aaa 596,324
1,000,000 Kalamazoo, Michigan, City School District, GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,049,620
760,000 Kent County, Michigan, Airport Facility Revenue,
4.750% due 01/01/2016 AAA Aa1 689,685
515,000 Lansing, Michigan, Water Supply, Steam & Electric
Utility System, Series A,
5.500% due 07/01/2009 AA Aa3 530,929
500,000 Lincoln, Michigan, Consolidate School District, FSA
Insured,
5.000% due 05/01/2018 AAA Aaa 459,430
1,000,000 Lincoln, Michigan, School District, Refunding,
5.000% due 05/01/2011 AAA Aaa 987,170
1,000,000 Mattawan, Michigan Consolidate School District, GO,
(FSA Insured, Q-SBLF),
5.750% due 05/01/2025 AAA Aaa 1,000,140
1,100,000 Michigan Public Power Agency Revenue, (Belle River
Project), Series A,
5.250% due 01/01/2018 AA- A1 1,036,145
Michigan State Building Authority Revenue:
1,000,000 Facilities Project, Series 1,
5.000% due 10/15/2014 AA Aa2 958,250
1,000,000 Refunding Facilities Program, Series 1,
4.750% due 10/15/2021 AA Aa2 855,340
1,200,000 Michigan State Environmental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 1,313,100
Michigan State Hospital Finance Authority Revenue:
1,000,000 Genesys Health System, Series A,
7.500% due 10/01/2027 AAA Baa2 1,118,690
500,000 Hackley Hospital, Series A,
4.800% due 05/01/2005 NR A3 473,310
1,000,000 Mercy Health Services, Series S,
5.500% due 08/15/2020 AA- Aa3 923,000
715,000 Saint John Hospital & Medical Center, Series A,
6.000% due 05/15/2010 AAA Aaa 767,188
</TABLE>
See Notes to Financial Statements.
12
<PAGE> 165
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
Michigan State Housing Development Authority:
$ 935,000 Series A, (AMBAC Insured),
6.450% due 12/01/2014 AA+ NR $ 958,852
500,000 Series A, AMT, (AMBAC Insured),
6.050% due 12/01/2027 AAA Aaa 494,090
1,000,000 Michigan State Housing Development Rental Revenue,
Series C, AMT,
5.050% due 10/01/2015 AAA Aaa 918,530
750,000 Michigan State Housing Single Family Mortgage,
Series B, AMT,
5.200% due 12/01/2018 AAA Aaa 689,482
1,000,000 Michigan State Trunk Line, Series A,
5.250% due 11/01/2011 AA Aa3 1,008,880
1,000,000 Michigan State Trunk Line Highway Revenue,
Pre-refunding, Series A, (FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,041,770
1,000,000 Milan Michigan Area Schools, GO, Series A,
(FGIC Insured, Q-SBLF),
5.500% due 05/01/2013 NR Aaa 1,018,430
500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 543,170
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 478,675
700,000 Oakland County Michigan, Detroit Country Day School
Project,
4.950% due 10/01/2018 NR Aaa 631,064
1,000,000 Plainwell, Michigan Community School District,
Refunding, (FSA Insured),
5.000% due 05/01/2018 AAA Aaa 919,960
Redford, Michigan Unified School District, GO:
500,000 AMBAC Insured, Q-SBLF,
5.500% due 05/01/2014 AAA Aaa 512,500
1,000,000 Pre-Refunded, FGIC Insured, Q-SBLF,
5.750% due 05/01/2011 AAA Aaa 1,052,130
1,500,000 Refunding, AMBAC Insured, Q-SBLF,
5.000% due 05/01/2022 AAA Aaa 1,366,305
750,000 Rochester Community School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2019 AAA Aaa 696,240
750,000 Rockford Michigan Public Schools, (FGIC Insured),
6.500% due 05/01/2009 AAA Aaa 827,310
</TABLE>
See Notes to Financial Statements.
13
<PAGE> 166
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$1,000,000 Saint Johns, Michigan, Public Schools District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa $ 1,043,000
1,000,000 South Lake, Michigan, Public Schools System, (FGIC
Insured),
5.125% due 05/01/2014 AAA Aaa 984,570
1,000,000 South Redford, Michigan, School District, GO, (FGIC
Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,025,160
750,000 Three Rivers, Michigan, Community Schools,
Pre-refunded,
5.600% due 05/01/2010 AAA Aaa 783,458
1,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 1,032,130
1,000,000 Williamston, Michigan, Community School District,
(MBIA Insured),
5.500% due 05/01/2025 AAA Aaa 981,390
500,000 Willow Run, Michigan, Community Schools, GO, (AMBAC
Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 472,140
-----------
TOTAL MUNICIPAL BONDS AND NOTES
47,825,015
(Cost $49,061,968)
-----------
SHARES
----------
SHORT-TERM INVESTMENTS -- 0.7%
(Cost $326,320)
326,320 Valiant Fund Tax Exempt Money Market 326,320
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $49,388,288*) 99.2% 48,151,335
OTHER ASSETS AND LIABILITIES (NET) 0.8 411,135
----- -----------
NET ASSETS 100.0% $48,562,470
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes $49,395,728.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Insurance
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
14
<PAGE> 167
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 97.7%
ARIZONA -- 1.9%
$1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,740,256
1,000,000 Tempe, Arizona, High School District Number 213,
(FGIC Insured),
4.500% due 07/01/2010 AAA Aaa 956,780
------------
2,697,036
------------
CALIFORNIA -- 2.8%
2,905,000 Perris, California Community Facilities Revenue, ETM,
8.750% due 10/01/2021 AAA Aaa 3,984,120
------------
DISTRICT OF COLUMBIA -- 1.5%
2,500,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 2,158,100
------------
FLORIDA -- 12.6%
2,000,000 Dade County, Florida, GO, (FGIC Insured),
12.000% due 10/01/2001 AAA Aaa 2,172,260
2,000,000 Florida State, Board of Education,
Administrative Capital Revenue,
8.400% due 06/01/2007 AA+ Aa2 2,388,900
3,000,000 Gainesville, Florida, Utility Systems Revenue, Series
A,
6.500% due 10/01/2012 AA Aa3 3,360,240
2,500,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 2,841,275
3,050,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa2 3,470,991
3,000,000 Port Everglades, Florida, Port Authority Revenue,
ETM,
7.125% due 11/01/2016 AAA Aaa 3,488,220
------------
17,721,886
------------
GEORGIA -- 7.0%
2,000,000 Atlanta, Georgia, Water & Sewer Revenue, (FGIC
Insured),
5.250% due 01/01/2027 AAA Aaa 2,051,960
Georgia State, GO:
2,500,000 7.400% due 08/01/2007 AAA Aaa 2,869,625
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,189,760
2,500,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 2,653,575
------------
9,764,920
------------
</TABLE>
See Notes to Financial Statements.
15
<PAGE> 168
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
HAWAII -- 1.6%
$2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA- Aa3 $ 2,296,740
------------
ILLINOIS -- 9.4%
1,000,000 Addison, Illinois, Single-family Mortgage Revenue,
ETM,
7.500% due 04/01/2011 AAA NR 1,130,500
2,500,000 Chicago, Illinois, Wastewater Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,504,750
2,500,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,457,950
2,000,000 Illinois State, GO, (MBIA Insured),
5.500% due 04/01/2025 AAA Aaa 1,903,880
2,500,000 Illinois State, Sales Tax Revenue, Series Y,
5.250% due 06/15/2009 AAA Aa2 2,523,450
1,700,000 Metropolitan Pier & Exposition Authority, Illinois,
McCormick Place Expansion Project, (FGIC Insured),
5.500% due 12/15/2024 AAA Aaa 1,601,995
1,000,000 Regional Transport Authority, Illinois, (FGIC
Insured),
6.000% due 06/01/2015 AAA Aaa 1,051,180
------------
13,173,705
------------
INDIANA -- 3.7%
3,000,000 Indiana State Office Building Capital Revenue,
(MBIA Insured),
7.400% due 07/01/2015 AAA Aaa 3,590,100
1,525,000 Indiana Transportation Finance Airport Lease,
Refunding Series A, (AMBAC Insured),
6.000% due 11/01/2010 AAA Aaa 1,635,837
------------
5,225,937
------------
LOUISIANA -- 0.8%
1,100,000 Shreveport, Louisiana, Refunding,
5.000% due 02/01/2013 AAA Aaa 1,072,522
------------
MARYLAND -- 1.5%
2,000,000 Baltimore, Maryland, Series A, (FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 2,132,760
------------
</TABLE>
See Notes to Financial Statements.
16
<PAGE> 169
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MASSACHUSETTS -- 5.6%
$3,500,000 Massachusetts Bay Transport Authority, General
Transportation Systems, Series A, (MBIA Insured),
5.500% due 03/01/2011 AAA Aaa $ 3,600,625
1,150,000 Massachusetts State, Series C,
5.250% due 08/01/2010 AA- Aa3 1,161,972
1,000,000 Massachusetts State Port Authority Revenue,
Refunding Series A,
5.750% due 07/01/2012 AA- Aa3 1,046,430
2,000,000 Massachusetts State, Grant Anticipation Notes, Series
A,
5.250% due 12/15/2012 NR Aa3 1,999,240
------------
7,808,267
------------
MICHIGAN -- 17.3%
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,366,260
1,500,000 Detroit, Michigan, City School District, GO, Series
C,
(FGIC Insured),
5.250% due 05/01/2011 AAA Aaa 1,511,580
2,000,000 Grand Valley, Michigan State University Revenue,
(FGIC Insured),
5.500% due 02/01/2018 AAA NR 1,988,500
1,625,000 Jenison, Michigan, Public Schools, Pre-refunded,
5.250% due 05/01/2015 AAA Aaa 1,611,285
2,120,000 Kent County, Michigan, Building Authority, GO,
4.875% due 06/01/2012 AAA Aaa 2,054,831
5,000,000 Michigan State Environmental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 5,471,250
Michigan State, Hospital Finance Authority Revenue:
2,250,000 Henry Ford Health System, (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,390,063
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2009 NR A1 952,140
1,000,000 Saint John Hospital & Medical Center, Series A,
(AMBAC Insured),
6.000% due 05/15/2010 AAA Aaa 1,072,990
1,000,000 Michigan State, Housing Development Rental Revenue,
AMT, Series C,
5.050% due 10/01/2015 AAA Aaa 918,530
2,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 2,320,800
1,500,000 South Lake, Michigan, Public Schools System, (FGIC
Insured),
5.125% due 05/01/2014 AAA Aaa 1,476,855
</TABLE>
See Notes to Financial Statements.
17
<PAGE> 170
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$1,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa $ 1,049,770
------------
24,184,854
------------
MINNESOTA -- 1.8%
2,500,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa2 2,457,125
------------
NEVADA -- 2.7%
Nevada State:
1,000,000 Refunding,
6.000% due 05/15/2010 AA Aa2 1,066,130
2,500,000 Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,660,950
------------
3,727,080
------------
NEW MEXICO -- 0.7%
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 1,026,270
------------
NORTH CAROLINA -- 1.8%
2,500,000 North Carolina, Municipal Power Agency, Catawba
Electric Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,530,700
------------
OHIO -- 4.6%
1,350,000 Cleveland, Ohio, Waterworks Revenue, (MBIA Insured),
5.500% due 01/01/2021 AAA Aaa 1,331,964
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,400,100
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,175,060
585,000 University Cincinnati, Ohio, General Receipts, Series
AA,
5.500% due 06/01/2012 A-1 Aa 590,388
------------
6,497,512
------------
OKLAHOMA -- 0.8%
940,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue,
(Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,071,666
------------
</TABLE>
See Notes to Financial Statements.
18
<PAGE> 171
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
OREGON -- 0.7%
$1,025,000 Tualatin Hills, Oregon, Park and Recreational
District, GO,
(FGIC Insured),
4.600% due 03/01/2011 AAA Aaa $ 961,307
------------
RHODE ISLAND -- 0.7%
1,000,000 Rhode Island Depositors Economic Protection, ETM,
5.800% due 08/01/2012 AAA Aaa 1,052,910
------------
SOUTH CAROLINA -- 0.7%
1,000,000 South Carolina State, State Institution, GO, Series
A,
5.400% due 03/01/2019 AAA Aaa 972,320
------------
TENNESSEE -- 1.7%
1,475,000 Johnson City, Tennessee, Water & Sewer, (FGIC
Insured),
4.750% due 06/01/2013 AAA Aaa 1,379,110
1,000,000 Williamson County, Tennessee, Refunding, GO,
5.500% due 09/01/2014 NR Aa1 1,013,430
------------
2,392,540
------------
TEXAS -- 9.9%
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,031,840
2,750,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,931,170
San Antonio, Texas, Electric & Gas Revenue:
995,000 Series A,
5.000% due 02/01/2012 AA Aa1 975,737
5,000 Series A, ETM,
5.000% due 02/01/2012 AA Aa1 4,905
2,000,000 Spring, Texas, Independent School District Authority,
GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,230,720
2,000,000 Texas State, Refunding Water Financial Assistance,
Series C,
5.000% due 08/01/2018 AA Aa1 1,825,880
1,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 880,800
------------
13,881,052
------------
UTAH -- 1.5%
2,000,000 Utah State, Building Ownership Authority,
5.500% due 05/15/2009 AAA Aaa 2,043,800
------------
</TABLE>
See Notes to Financial Statements.
19
<PAGE> 172
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
WASHINGTON -- 2.9%
$1,815,000 Douglas County, Washington, Public Utility District
No. 1, GO, (Wells Hydroelectric Project),
Pre-refunded,
8.750% due 09/01/2018 AA- Aa3 $ 2,256,299
1,000,000 King County, Washington, Series B, (MBIA Insured),
4.750% due 01/01/2020 AAA Aaa 863,860
1,000,000 Vancouver, Washington, Water & Sewer Revenue, (MBIA
Insured),
4.250% due 06/01/2009 AAA Aaa 906,640
------------
4,026,799
------------
WISCONSIN -- 1.5%
Wisconsin State, Transportation Revenue:
1,000,000 Series A,
5.500% due 07/01/2011 AA- A1 1,027,830
1,000,000 Series A,
5.500% due 07/01/2012 AA- A1 1,025,250
------------
2,053,080
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $137,766,222) 136,915,008
------------
SHARES
----------
SHORT-TERM INVESTMENTS -- 0.9%
(Cost $1,192,770)
1,192,770 Valiant Fund Tax Exempt Money Market 1,192,770
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $138,958,992*) 98.6% 138,107,778
OTHER ASSETS AND LIABILITIES (NET) 1.4 1,993,208
----- ------------
NET ASSETS 100.0% $140,100,986
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes $138,959,356.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
20
<PAGE> 173
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.2%
ALABAMA -- 2.2%
$3,500,000 Alabama State Public School and College Authority
Revenue, Series A,
5.750% due 08/01/2003 AA Aa3 $ 3,592,715
1,000,000 Huntsville, Alabama Health Care, Series B, (MBIA
Insured), Pre-refunded,
6.625% due 06/01/2023 AAA Aaa 1,082,300
------------
4,675,015
------------
ARIZONA -- 4.9%
2,500,000 Maricopa County, Arizona, School District 48, Series D,
6.250% due 07/01/2008 AA Aa2 2,700,550
Phoenix, Arizona:
3,000,000 Pre-refunded, GO,
7.500% due 07/01/2004 AA+ Aa1 3,286,140
1,840,000 Pre-refunded, GO, Series A,
5.500% due 07/01/2015 AA+ Aa1 1,911,024
2,500,000 Tempe, Arizona, High School District, GO,
6.250% due 07/01/2004 AAA Aaa 2,630,075
------------
10,527,789
------------
CALIFORNIA -- 4.1%
3,000,000 Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue, Series
B, (AMBAC Insured),
8.000% due 07/01/2003 AAA Aaa 3,298,230
5,070,000 Sacramento County, California, Sanitation District
Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa3 5,598,345
------------
8,896,575
------------
DELAWARE -- 1.2%
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,516,125
------------
FLORIDA -- 3.7%
4,000,000 Dade County, Florida, School District, (MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,201,560
3,650,000 Jacksonville, Florida, Electric Authority Revenue, St.
John's River Power Park System, Series 10,
6.500% due 10/01/2003 AA Aa2 3,841,406
------------
8,042,966
------------
GEORGIA -- 1.0%
1,975,000 Georgia State, Series C,
7.250% due 07/01/2006 AAA Aaa 2,218,419
------------
</TABLE>
See Notes to Financial Statements.
21
<PAGE> 174
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
HAWAII -- 1.4%
$3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 $ 3,089,640
------------
ILLINOIS -- 10.4%
4,500,000 Chicago, Illinois, Metropolitan Water District, Capital
Improvement,
6.700% due 01/01/2003 AA Aa1 4,698,090
6,000,000 Illinois Educational Facilities Authority Revenues,
Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 5,937,480
2,000,000 Illinois Health Facilities Authority Revenue,
Pre-refunded,
5.500% due 05/15/2023 AAA Aaa 2,075,600
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 AAA Aa2 4,052,920
4,525,000 Lake County, Illinois, Adalai E. Stevenson School
District, No. 125,
5.500% due 01/01/2003 NR Aa1 4,596,857
1,000,000 Waukegan, Illinois, Series A, (FGIC Insured),
Pre-refunded,
6.750% due 11/15/2013 AAA Aaa 1,093,710
------------
22,454,657
------------
INDIANA -- 2.9%
1,900,000 IPS School Building Corporation, First Mortgage,
6.050% due 01/15/2014 AAA NR 2,016,641
4,000,000 Kokomo, Indiana, Hospital Authority Revenue, Saint
Joseph's Hospital, Pre-refunded,
6.350% due 08/15/2013 AAA Aaa 4,268,360
------------
6,285,001
------------
MAINE -- 1.0%
2,000,000 Maine State, GO,
5.750% due 06/15/2008 AA+ Aa2 2,096,100
------------
MARYLAND -- 5.0%
Maryland State:
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,071,460
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,301,435
5,000,000 Prince George's County, Maryland, Consolidated Public
Improvement, GO, (MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,293,550
------------
10,666,445
------------
</TABLE>
See Notes to Financial Statements.
22
<PAGE> 175
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MASSACHUSETTS -- 0.7%
$1,500,000 Boston, Massachusetts, GO, Series A,
5.250% due 02/01/2009 AA- Aa3 $ 1,522,905
------------
MICHIGAN -- 23.1%
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,583,866
2,500,000 Caledonia, Michigan, Community Schools, (AMBAC
Insured), Pre-refunded,
6.700% due 05/01/2022 AAA Aaa 2,635,100
1,410,000 Detroit, Michigan, Sewage Disposal Revenue, Series A,
(FGIC Insured), Pre-refunded,
5.700% due 07/01/2013 AAA NR 1,472,181
2,000,000 Detroit, Michigan, Water Supply Systems Revenue, Senior
Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,031,340
2,000,000 Farmington Hills, Michigan, Hospital Authority Revenue,
Botsford General Hospital, Series A, (MBIA Insured),
6.500% due 02/15/2022 AAA Aaa 2,094,360
3,075,000 Goodrich, Michigan, Area School District, (AMBAC
Insured), Pre-refunded,
5.875% due 05/01/2024 AAA Aaa 3,264,420
1,000,000 Lake Orion, Michigan, Community School District, (AMBAC
Insured), Pre-refunded,
7.000% due 05/01/2020 AAA Aaa 1,101,520
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2022 AAA Aaa 2,094,280
Michigan State, Building Authority Revenue,
Series I:
2,500,000 6.500% due 10/01/2004 AA Aa2 2,660,775
2,500,000 AMBAC Insured,
6.000% due 10/01/2006 AAA Aaa 2,640,150
2,500,000 AMBAC Insured,
6.250% due 10/01/2003 AAA Aaa 2,610,350
1,000,000 Michigan State, Hospital Finance Authority Revenue,
McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 963,590
1,450,000 Michigan State, Housing Development Authority, Rental
Housing Revenue, Series A, AMT,
5.000% due 10/01/2003 AAA Aaa 1,449,464
1,095,000 Michigan State, Housing Single Family Mortgage, Series
A, AMT,
5.300% due 12/01/2006 AAA Aaa 1,096,916
</TABLE>
See Notes to Financial Statements.
23
<PAGE> 176
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$2,000,000 Michigan State, Municipal Bond Authority Revenue, Local
Government Loan,
3.750% due 11/01/2002 A NR $ 1,932,660
Michigan State, Trunk Line Highway Revenue:
2,500,000 Series A,
5.500% due 11/15/2009 AA- Aa3 2,612,625
3,000,000 Series A,
5.625% due 10/01/2003 AA- Aa3 3,076,740
3,500,000 Michigan State, Underground Storage Tank Financial
Assurance Authority, Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,684,625
1,700,000 Oakland County, Michigan, Economic Development
Obligation, Cranbrook Educational Community, Series
B,
6.375% due 11/01/2014 NR Aaa 1,802,510
2,000,000 Redford, Michigan, Union School District, (FGIC
Insured), Pre-refunded,
5.950% due 05/01/2015 AAA Aaa 2,124,320
1,510,000 Wayne County, Michigan Transportation Fund Series A,
5.000% due 10/01/2007 AA- Aa3 1,511,631
5,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 5,160,650
------------
49,604,073
------------
MISSISSIPPI -- 0.5%
1,000,000 Mississippi State, Capital Improvement, GO, Series I,
5.750% due 11/01/2009 AA NR 1,050,190
------------
MISSOURI -- 1.7%
3,500,000 Missouri State Regional Convention and Sport, Series A,
Pre-refunded,
6.900% due 08/15/2021 AAA Aaa 3,716,930
------------
NEW JERSEY -- 1.8%
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,766,525
------------
NEW YORK -- 1.1%
2,500,000 New York State Thruway Authority, Highway & Bridge
Transportation Fund, Series B, (FGIC Insured),
4.000% due 04/01/2004 AAA Aaa 2,405,350
------------
</TABLE>
See Notes to Financial Statements.
24
<PAGE> 177
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
OHIO -- 2.0%
$1,500,000 Cleveland Ohio, Waterworks Revenue, Series I,
5.000% due 01/01/2008 AAA NR $ 1,499,040
2,500,000 Warren Ohio Hospital Revenue, Warren General Hospital
Project, Series B, Pre-refunded,
7.300% due 11/15/2014 AAA NR 2,739,875
------------
4,238,915
------------
OKLAHOMA -- 1.6%
3,250,000 Tulsa Oklahoma Industrial Authority Hospital Revenue,
Tulsa Regional Medical Center, Pre-refunded,
7.200% due 06/01/2017 AAA NR 3,521,895
------------
OREGON -- 1.0%
2,000,000 Washington County Oregon, Unified Sewer Agency, Agency
Sewer Revenue, Pre-refunded,
6.125% due 10/01/2012 AAA Aaa 2,103,440
------------
PENNSYLVANIA -- 1.5%
1,000,000 Intragovernmental Cooperative, Philadelphia Funding
Program, (FGIC Insured), Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 1,084,850
2,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA Aa3 2,074,120
------------
3,158,970
------------
RHODE ISLAND -- 1.0%
2,000,000 Rhode Island Depositors Economic Protection
Corporation, Special Obligation, Series A,
Pre-refunded,
6.950% due 08/01/2022 AAA Aaa 2,124,820
------------
SOUTH CAROLINA -- 1.0%
2,000,000 South Carolina, State School Facilities, GO, Series A,
5.750% due 01/01/2010 AAA Aaa 2,109,700
------------
TENNESSEE -- 2.7%
1,000,000 Knox County, Tennessee, Public Improvement, GO,
5.200% due 05/01/2010 AA Aa2 1,005,560
2,000,000 Tennergy Corporation, Tennessee, Gas Revenue, (MBIA
Insured),
4.500% due 06/01/2004 AAA Aaa 1,908,560
2,775,000 Tennessee State, GO, Series A,
5.600% due 03/01/2011 AAA Aaa 2,887,165
------------
5,801,285
------------
</TABLE>
See Notes to Financial Statements.
25
<PAGE> 178
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
TEXAS -- 15.6%
Austin, Texas, Independent School District:
$2,820,000 7.000% due 08/01/2006 AAA Aaa $ 3,114,690
680,000 PSFG,
7.000% due 08/01/2006 AAA Aaa 755,664
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 2,883,705
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,262,330
5,070,000 Dallas, Texas, Waterworks and Sewer Authority Revenue,
7.750% due 04/01/2003 AA Aa2 5,458,108
2,000,000 Harris County, Texas, Series A, (AMBAC Insured),
Pre-refunded,
6.500% due 08/15/2017 AAA Aaa 2,110,500
2,000,000 Harris County, Texas, Housing Finance Corporation,
7.000% due 03/01/2007 AAA Aaa 2,233,340
2,000,000 Houston, Texas, Water & Sewer Systems Revenue, Series
A, (MBIA Insured), Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,131,760
2,175,000 Plano, Texas, Independent School District, GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,369,924
Texas State, GO:
2,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 2,543,050
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa1 2,017,680
2,400,000 Series A, Pre-refunded, Public Finance Authority,
5.900% due 10/01/2012 AA Aa1 2,510,448
3,250,000 University of Texas, Permanent University Funding,
(PSFG),
5.000% due 07/01/2004 AAA Aaa 3,276,812
------------
33,668,011
------------
VIRGINIA -- 2.2%
1,000,000 Fairfax County, Virginia, Water Authority Revenue,
Pre-refunded,
6.000% due 04/01/2022 AAA Aaa 1,079,210
2,500,000 Hampton, Virginia, Public Improvement Revenue, Series
C,
6.000% due 08/01/2003 AA Aa3 2,588,900
1,140,000 Virginia State Public School Authority, Series I,
5.250% due 08/01/2008 AA+ Aa1 1,159,540
------------
4,827,650
------------
</TABLE>
See Notes to Financial Statements.
26
<PAGE> 179
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
WISCONSIN -- 2.9%
Wisconsin State:
$1,500,000 5.000% due 11/01/2007 AA Aa2 $ 1,501,665
2,000,000 6.000% due 05/01/2003 AA Aa2 2,065,080
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,690,239
------------
6,256,984
------------
TOTAL MUNICIPAL BONDS AND NOTES
211,346,375
(Cost $212,604,595)
------------
SHORT-TERM INVESTMENTS -- 0.4%
(Cost $969,731)
969,731 Valiant Fund Tax Exempt Money Market 969,731
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $213,574,326*) 98.6% 212,316,106
OTHER ASSETS AND LIABILITIES (NET) 1.4 2,926,107
----- ------------
NET ASSETS 100.0% $215,242,213
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
See Notes to Financial Statements.
27
<PAGE> 180
Munder Cash Investment Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL ------------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 18.1%
$20,000,000 Banque Nationale De Paris
6.700% due 02/20/2001 A1/A+ P1/Aa3 $ 19,993,919
15,000,000 Bayerische Hypo-Und Vereinsbank AG
6.710% due 02/13/2001 A1/A+ P1/Aa3 14,996,461
25,000,000 Canadian Imperial Commerce Bank
7.030% due 06/21/2001 A1+/AA- P1/Aa3 25,000,000
25,000,000 Deutsche Bank AG
6.710% due 03/19/2001+ A1+/AA P1/Aa3 24,993,217
5,000,000 Rabobank Nederland
6.000% due 08/16/2000+ A1+/AAA P1/Aaa 4,999,699
25,000,000 Royal Bank of Canada (NY)
6.730% due 03/23/2001 A1+/AA- P1/Aa2 24,993,112
Societe Generale:
20,000,000 5.700% due 07/25/2000+ A1+/AA- P1/Aa3 20,000,000
20,000,000 7.100% due 06/18/2001+ A1+/AA- P1/Aa3 20,000,000
50,000,000 Union Bank of California
6.780% due 09/05/2000+, +++ A2/A- P1/A1 50,000,000
--------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $204,976,408) 204,976,408
--------------
COMMERCIAL PAPER -- 52.3%
50,000,000 AT&T Corporation
6.639% due 06/14/2001 A1+/AA P1/A1 50,000,000
50,000,000 Corporate Receivables Corporation
6.620% due 09/22/2000+ A1+/NR P1/NR 49,236,861
40,000,000 Gannett Company, Inc.
6.500% due 07/21/2000 A1+/AA- P1/A1 39,855,556
50,000,000 General Electric Capital Corporation
6.080% due 07/05/2000+ A1+/AAA P1/Aaa 49,966,222
50,000,000 GTE Corporation
6.590% due 07/20/2000+++ A1/A+ P2/Baa1 49,826,097
50,000,000 Heller Financial, Inc.
6.720% due 07/05/2000+++ A2/A- P2/A3 49,962,667
50,000,000 Koch Industries, Inc.
6.890% due 07/03/2000+ A1+/AA+ P1/NR 49,980,861
Lexington Parker Capital Corporation:
25,000,000 6.550% due 07/18/2000+, +++ A1/NR NR/NR 24,922,674
25,000,000 6.650% due 08/24/2000+, +++ A1/NR NR/NR 24,750,625
50,000,000 Moat Funding LLC
6.760% due 11/17/2000+, +++ A1+/NR P1/NR 48,694,944
50,000,000 New Center Asset Trust
7.040% due 07/03/2000 A1+/NR P1/NR 49,980,444
</TABLE>
See Notes to Financial Statements.
28
<PAGE> 181
Munder Cash Investment Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL ------------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
$50,000,000 SBC Communications, Inc.
6.570% due 09/05/2000+ A1+/AA- P1/Aa3 $ 49,397,750
25,000,000 Sheffield Receivables Corporation
6.900% due 07/05/2000+ A1+/NR P1/NR 24,980,833
30,000,000 Superior Funding Capital Corporation
6.550% due 07/12/2000 A1+/NR P1/NR 29,939,958
--------------
TOTAL COMMERCIAL PAPER
(Cost $591,495,492) 591,495,492
--------------
CORPORATE BONDS AND NOTES -- 21.7%
25,000,000 Allstate Funding Agreement
6.780% due 05/15/2001++ NR/AA+ NR/Aa2 25,000,000
50,000,000 Associates Corporation of North America
6.550% due 06/16/2001 A1+/A+ P1/Aa3 49,977,560
40,000,000 Beta Finance, Inc.
6.644% due 03/02/2001 A1+/AAA P1/NR 40,000,000
25,000,000 Citigroup, Inc.
6.623% due 04/04/2001 A1+/AA- P1/Aa3 25,000,000
35,000,000 Household Finance Corporation
7.010% due 09/14/2000++ A1/A P1/A2 34,995,697
25,000,000 Jackson National Life Insurance
6.360% due 09/25/2000++ NR/AA NR/Aa3 25,000,000
20,000,000 Keycorp
6.510% due 10/23/2000++, +++ A2/A- P1/A1 20,000,000
25,000,000 Sears Roebuck Acceptance Corporation
6.669% due 11/07/2000++, +++ A2/A- P2/A3 24,986,967
--------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $244,960,224) 244,960,224
--------------
REPURCHASE AGREEMENTS -- 6.5%
(Cost $73,680,923)
$73,680,923 Agreement with Lehman Brothers Holdings Inc.,
6.550% dated 06/30/2000, to be repurchased at
$73,721,140 on 07/03/2000, collateralized by,
$10,275,000 U.S. Treasury Note, 5.870%,
maturing 11/15/2004 (value $10,186,674), and
$63,839,000 U.S. Treasury Note, 6.500%,
maturing 05/15/2005 (value $64,956,505). 73,680,923
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $1,115,113,047*) 98.6% 1,115,113,047
OTHER ASSETS AND LIABILITIES (NET) 1.4 16,317,103
----- --------------
NET ASSETS 100.0% $1,131,430,150
===== ==============
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by Duff and
Phelps, or both, and thus are defined as being eligible securities under
Rule 2a7.
See Notes to Financial Statements.
29
<PAGE> 182
Munder Money Market Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL ------------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 5.0%
(Cost $5,000,000)
$ 5,000,000 Canadian Imperial Bank Commerce
7.030% due 06/21/2001 A1+/AA- P1/Aa3 $ 5,000,000
COMMERCIAL PAPER -- DISCOUNT -- 60.4%
5,000,000 AT&T Corporation
6.638% due 06/14/2001 A1+/AA P1/A1 5,000,000
5,000,000 Enterprise Funding Corporation
6.650% due 07/27/2000+ A1+/NR P1/NR 4,975,986
5,000,000 Gannett Company, Inc.
6.600% due 07/25/2000 A1+/AA P1/A1 4,978,000
5,000,000 GTE Corporation
6.590% due 07/27/2000+++ A1/A+ P2/Baa1 4,976,203
5,000,000 Heller Financial, Inc.
6.620% due 07/24/2000+++ A2/A- P2/A3 4,978,853
5,000,000 International Lease Finance Corporation
6.540% due 09/21/2000+ A1+/A+ P1/A1 4,925,517
5,000,000 Lexington Parker Capital Corporation
6.550% due 07/18/2000+++ A1/NR NR/NR 4,984,535
5,000,000 Liberty Street Funding Corporation
6.630% due 09/15/2000+ A1/NR P1/NR 4,930,017
5,000,000 Moat Funding LLC
6.590% due 07/28/2000+, +++ A1+/NR P1/NR 4,975,287
5,350,000 Sigma Finance, Inc.
6.590% due 08/11/2000 A1+/AAA P1/Aaa 5,309,847
5,000,000 Sony Capital Corporation
6.770% due 07/07/2000 A1/A+ P1/Aa3 4,994,358
5,000,000 Tribune Company
6.630% due 08/15/2000 A1/A P1/A2 4,958,562
------------
TOTAL COMMERCIAL PAPER -- DISCOUNT
(Cost $59,987,165) 59,987,165
------------
CORPORATE NOTES -- 6.3%
1,288,000 Capital One Funding Corporation
6.700% due 04/01/2009++ A1+/A+ P1/NR 1,288,000
5,000,000 Household Finance Corporation
7.010% due 09/14/2000++ A1/A P1/A2 4,999,385
------------
TOTAL CORPORATE NOTES
(Cost $6,287,385) 6,287,385
------------
</TABLE>
See Notes to Financial Statements.
30
<PAGE> 183
Munder Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL ------------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
REPURCHASE AGREEMENTS -- 55.5%
$30,182,186 Agreement with Lehman Brothers Holdings Inc.,
6.550% dated 06/30/2000, to be repurchased at
$30,198,660 on 07/03/2000 collateralized by,
$30,555,063 U.S. Treasury Note, 5.870%,
maturing 11/15/2004 (value $30,783,087) A1/A P2/A3 $ 30,182,186
25,000,000 Agreement with State Street Bank and Trust
Company, 6.350% dated 06/30/2000, to be
repurchased at $25,013,229 on 07/03/2000,
collateralized by, $24,955,000 U.S. Treasury
Note, 6.500%, maturing 02/28/2002 (value
$25,500,890) A1+/AA- P1/A1 25,000,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL REPURCHASE AGREEMENTS
(Cost $55,182,186) 55,182,186
------------
TOTAL INVESTMENTS (Cost $126,456,736*) 127.2% 126,456,736
OTHER ASSETS AND LIABILITIES (NET) (27.2) (27,069,710)
----- ------------
NET ASSETS 100.0% $ 99,387,026
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by Duff
and Phelps, or both, and thus are defined as being eligible securities
under Rule 2a7.
See Notes to Financial Statements.
31
<PAGE> 184
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.5%
ALABAMA -- 1.7%
$ 5,500,000 Mobile, Alabama, Industrial Development Board Dock &
Wharf Revenue, Refunding Holnam, Inc. Project,
Series B, (Wachovia Bank, LOC),
4.750% due 06/01/2032+ A-1+ VMIG1 $ 5,500,000
------------
ARIZONA -- 6.9%
3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue, (Tucson
Electric - 83C), (Society Generale, LOC),
4.700% due 12/15/2018+ A-1+ VMIG1 3,400,000
1,290,000 Central Arizona Water Conservation Revenue, Central
Arizona Project, Pre-refunded,
7.000% due 11/01/2003 AA- NR 1,318,591
2,000,000 Maricopa County Arizona School District No. 69, Series
B, Pre-refunded,
6.500% due 07/01/2008 A+ A1 2,038,973
Maricopa County, Arizona, Pollution Control:
6,400,000 El Paso A, Rmkt,
4.900% due 08/27/2000+ NR VMIG1 6,400,000
4,400,000 El Paso Elec-Palo Verdes,
4.900% due 12/01/2014+ NR Aa2 4,400,000
3,000,000 Pima County, Arizona Industrial Development Authority,
(Tucson Electric), (Toronto Dominion, LOC),
4.850% due 12/01/2022+ AA VMIG1 3,000,000
2,000,000 Salt River Arizona Electric Systems Revenue,
Agriculture Improvement & Power District, Series A,
(AMBAC-TCRS Insured), Pre-refunded,
6.500% due 01/01/2022 AAA Aaa 2,062,611
------------
22,620,175
------------
ARKANSAS -- 1.8%
6,000,000 Arkansas Hospital Equipment Finance Authority, Baptist
Health Project, (MBIA Insured) (SBPA - Credit Suisse
exp 3/26/01),
4.820% due 11/01/2010+ A-1+ VMIG1 6,000,000
------------
CALIFORNIA -- 2.2%
7,325,000 Los Angeles California Regional Airport Lease, Societe
Generale, LOC (exp 11/10/00),
4.550% due 12/01/2025+ A-1+ A1 7,325,000
------------
COLORADO -- 4.3%
1,700,000 Denver, Colorado City & County, Series A,
Pre-refunded,
6.200% due 08/01/2006 AAA Aa2 1,720,168
</TABLE>
See Notes to Financial Statements.
32
<PAGE> 185
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
COLORADO (CONTINUED)
$ 2,770,000 Jefferson County, Colorado, Rocky Mountain Butterfly
Project, (Wells Fargo, LOC),
4.750% due 06/01/2010+ A-1+ NR $ 2,770,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
(Bank of America, LOC),
4.850% due 10/01/2035+ A-1+ NR 6,500,000
3,000,000 Superior Metropolitan District Company Revenue, (U.S.
Bank, NA, LOC),
4.200% due 12/01/2018+ NA NA 3,000,000
------------
13,990,168
------------
DELAWARE -- 0.7%
2,400,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire, (First Union, LOC),
4.750% due 08/15/2020 A-1 NR 2,400,000
------------
FLORIDA -- 2.1
2,500,000 Broward County, Florida, Multifamily Housing, Southern
Pointe Project,
4.850% due 05/15/2027+ A-1+ NR 2,500,000
4,500,000 Palm Beach County Florida Revenue, Community
Foundation Palm Beach Project, (Northern Trust
Company, LOC),
4.700% due 07/01/2034+ A-1+ NR 4,500,000
------------
7,000,000
------------
GEORGIA -- 5.3%
5,425,000 Clayton County, Georgia, Multifamily Housing Revenue,
Rivers Edge Development, (Wachovia, LOC),
4.850% due 08/01/2006+ NR VMIG1 5,425,000
8,500,000 DeKalb County, Georgia, Development Authority
Pollution Control Revenue, General Motors
Corporation Project,
5.100% due 11/01/2003+ NR A2 8,500,000
3,400,000 Richmond County, Georgia, Board of Education,
4.500% due 09/01/2000 AA- Aa2 3,404,199
------------
17,329,199
------------
ILLINOIS -- 15.3%
Chicago, Illinois Multifamily Housing Revenue:
2,700,000 Waveland Association, (UBS, LOC),
4.850% due 11/01/2010+ NR VMIG1 2,700,000
2,000,000 Waveland Association, (UBS, LOC),
4.850% due 11/01/2010+ NR Aaa 2,000,000
</TABLE>
See Notes to Financial Statements.
33
<PAGE> 186
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
ILLINOIS (CONTINUED)
$ 3,165,000 Illinois Development Finance Authority Limited,
Obligation Revenue, Decatur Mental Health Center
Project, (First of America Bank, LOC),
4.850% due 05/01/2018+ NR NR $ 3,165,000
Illinois Development Finance Authority Revenue:
4,000,000 Chicago Symphony Project, (Bank One, LOC),
4.650% due 12/01/2033+ A-1 NR 4,000,000
3,000,000 Lifesource Project (PNC Bank NA, LOC),
4.850% due 06/01/2020+ NA VMIG1 3,000,000
2,225,000 Illinois Development Finance Authority, Industrial
Revenue, Tajon Warehouse, Series B, (National City
Bank, PA, LOC),
4.800% due 01/01/2010+ A-1+ NR 2,225,000
Illinois Educational Facilities Authority Revenues:
5,200,000 Art Institute of Chicago, (Bank of America, LOC),
4.750% due 03/01/2027+ A-1+ VMIG1 5,200,000
1,480,000 University Pooled Financing Program, (FGIC Insured),
(Bank One, SBPA),
4.700% due 12/01/2005+ AAA Aaa 1,480,000
3,700,000 Trinity International University Project, (Firstar
Bank NA, LOC exp 4/6/05),
4.800% due 10/01/2030+ A-1 NA 3,700,000
Illinois Health Facilities Authority:
11,010,000 Advocate Health Care, Series B, (Multi LOC's),
4.900% due 08/15/2022+ A-1+ VMIG1 11,010,000
2,500,000 Gottlieb Health Resources Inc., (Harris Bank, LOC),
4.700% due 11/15/2024+ NR VMIG1 2,500,000
2,000,000 Illinois State Development Finance Authority,
Industrial Development Authority Revenue, (Lake
Forest Academy Project), (Northern Trust Company,
LOC),
4.800% due 12/01/2024+ A-1+ NR 2,000,000
4,000,000 Orland Hills, Illinois, Multifamily Mortgage Revenue,
(Lasalle National Bank, LOC),
4.800% due 12/01/2004+ A-1+ NR 4,000,000
1,520,000 Palatine Illinois, Refunding Public Improvement Bonds,
4.750% due 12/01/2000 AAA Aa2 1,524,988
1,500,000 Will County Illinois Community School District No.
201-U Crete-Monee, Tax Anticipation Warrants,
5.850% due 03/01/2001 NR NR 1,505,648
------------
50,010,636
------------
</TABLE>
See Notes to Financial Statements.
34
<PAGE> 187
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
INDIANA -- 3.1%
$ 1,230,000 Allen County Indiana Economic Development Revenue,
(Golden Years Homestead Project) (Norwest Bank,
Minnesota, LOC),
4.750% due 08/01/2021+ A-1+ NR $ 1,230,000
2,940,000 Indiana Educational Facilities Authority Revenue,
Franklin College, (Bank One, Indiana, LOC),
4.800% due 10/01/2019+ A-1 NR 2,940,000
6,000,000 Indiana Municipal Power Supply Systems Revenue,
Refunding Series A, (Toronto-Dominion Bank, LOC),
4.750% due 01/01/2018+ A-1+ VMIG1 6,000,000
------------
10,170,000
------------
KANSAS -- 0.3%
1,000,000 Johnson County, Kansas Unified School District No.
229, School Improvement Revenue,
7.800% due 09/01/2000 AA Aa1 1,005,964
------------
LOUISIANA -- 2.3%
3,190,000 Houma-Terrebonne Public Trust Financing Authority,
Single Family Mortgage Revenue, Pre-refunded,
(Hibernia National Bank, LOC),
10.750% due 11/01/2011 NR Aaa 3,258,034
1,000,000 Louisiana Local Government Environmental Facilities,
Community Development Authority Revenue,
Construction Notes,
4.250% due 10/15/2000 NR MIG1 1,001,124
3,100,000 Louisiana Public Facilities Authority Hospital
Revenue, Hospital Equipment Financing & Refunding,
Series A, (Rabobank, LOC),
4.850% due 12/01/2010+ A-1+ NR 3,100,000
------------
7,359,158
------------
MARYLAND -- 1.4%
3,100,000 Baltimore County, Maryland, Revenue Bonds, Sheppard &
Enoch Pratt Hospital, (Societe Generale, LOC),
4.700% due 07/01/2022+ NR VMIG1 3,100,000
1,500,000 Maryland State, GO,
6.100% due 07/15/2000 AAA Aaa 1,501,189
------------
4,601,189
------------
MASSACHUSETTS -- 0.3%
1,000,000 Boston, Massachusetts, Series A, (MBIA Insured),
10.000% due 07/01/2000 AAA Aaa 1,000,000
------------
</TABLE>
See Notes to Financial Statements.
35
<PAGE> 188
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN -- 2.8%
$ 2,000,000 Comstock Park, Michigan, Public Schools, Student Aid
Notes,
4.750% due 10/20/2000 NR NR $ 2,003,783
3,000,000 Kalamazoo County, Michigan, Economic Development
Revenue, (Old Kent Bank, LOC),
4.850% due 09/01/2015+ NR Aa2 3,000,000
Michigan State Hospital Finance Authority Revenue:
1,000,000 Henry Ford Health System, Series A, Pre-refunded,
7.000% due 04/01/2010 AAA A1 1,020,000
2,000,000 Chelsea Community Hospital (National City Bank, LOC),
4.800% due 05/15/2031+ A-1 NR 2,000,000
1,000,000 Saline, Michigan, Economic Development Obligation,
Brecon Village Project, (Bank One, LOC),
4.750% due 11/01/2025+ A-1+ NR 1,000,000
------------
9,023,783
------------
MINNESOTA -- 2.1%
1,500,000 Eagan, Minnesota Multifamily Revenue, Aspenwoods of
Eagan, Housing Project, (Firstar, LOC),
4.850% due 01/01/2026+ A-1 NR 1,500,000
2,100,000 Mendota Heights, Minnesota, Multifamily Revenue,
(Norwest Bank, Minnesota, LOC),
4.600% due 11/01/2031 A-1+ NR 2,100,000
1,000,000 Minneapolis & St Paul, Minnesota Housing &
Redevelopment Authority Health Care, Health One
Obligated Group, Series B, Pre-refunded,
8.000% due 08/15/2014 AAA Aaa 1,024,997
2,200,000 St Paul, Minnesota Housing & Redevelopment Authority,
Science Museum, Series A, (First Bank, LOC),
4.750% due 05/01/2027+ NR VMIG1 2,200,000
------------
6,824,997
------------
MISSOURI -- 0.6%
2,000,000 Columbia, Missouri, Special Obligation Reserve, Series
A, (Toronto Dominion Bank, LOC),
4.750% due 06/01/2008+ NR VMIG1 2,000,000
------------
NEVADA -- 1.2%
1,325,000 Clark County, Nevada, Transportation Revenue, Series
A,
5.000% due 12/01/2000 AA Aa2 1,329,530
2,570,000 Reno, Nevada Economic Development Revenue, University
of Nevada, Student Aid Fund, (Wells Fargo, LOC)
4.850% due 05/01/2018+ NR NR 2,570,000
------------
3,899,530
------------
</TABLE>
See Notes to Financial Statements.
36
<PAGE> 189
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
NEW MEXICO -- 2.5%
$ 2,125,000 Albuquerque, New Mexico, Educational Facilities
Revenue, (Wells Fargo, LOC),
4.850% due 06/01/2018+ NR NR $ 2,125,000
5,000,000 Farmington, New Mexico, Pollution Control Revenue, (El
Paso Electric Co.), Series A, (Barclays Bank, LOC),
4.900% due 11/01/2013+ NR Aa2 5,000,000
1,000,000 Santa Fe New Mexico Public School District,
3.750% due 08/01/2000 NR Aa3 999,996
------------
8,124,996
------------
NORTH CAROLINA -- 0.9%
3,000,000 North Carolina Medical Care Commission, Hospital
Revenue, Series B, (Wachovia, LOC),
4.800% due 06/01/2022+ A-1+ VMIG1 3,000,000
------------
NORTH DAKOTA -- 1.5%
5,000,000 Grand Forks, North Dakota, Hospital Facilities
Revenue, (Lasalle National, LOC),
4.550% due 12/01/2016+ NR VMIG1 5,000,000
------------
OHIO -- 6.4%
1,505,000 Columbus Ohio, GO, Tax - Series, Pre-refunded,
5.500% due 06/15/2001 AAA Aaa 1,517,637
1,100,000 Cuyahoga County, Ohio,
4.100% due 09/14/2000 NR Aa2 1,100,759
1,870,000 Franklin County, Ohio, Hospital Revenue, US Health
Corporation, Series A, (Morgan Guaranty, LOC),
4.730% due 12/01/2021+ NR VMIG1 1,870,000
3,055,000 Indian Hill, Ohio, Economic Development, Cincinnati
County Day School, (Fifth Third, LOC),
4.960% due 05/01/2019+ NR NR 3,055,000
4,800,000 Middleburg Heights Ohio Hospital Revenue, Southwest
General Health, (Keybank NA, LOC),
4.800% due 08/15/2022+ A-1 NR 4,800,000
3,650,000 Montgomery County, Ohio, Society Saint Vincent DePaul,
(Nat City, LOC),
4.800% due 12/01/2010+ A-1 NR 3,650,000
5,000,000 Ohio State Air Quality Development Authority, Ohio
Edison Project, Series A, (Toronto Dominion, LOC),
4.100% due 02/01/2015+ A-1+ Aa2 4,995,284
------------
20,988,680
------------
</TABLE>
See Notes to Financial Statements.
37
<PAGE> 190
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
OREGON -- 2.7%
$ 1,425,000 Eugene Oregon GO,
4.500% due 12/01/2000 NR Aa3 $ 1,426,470
2,700,000 Multnomah County, Oregon,
4.300% due 10/01/2000 NR Aa1 2,703,620
4,550,000 Portland, Oregon Multifamily Revenue, (Harris Trust
and Savings Bank, LOC),
5.050% due 12/01/2011+ AA- NR 4,550,000
------------
8,680,090
------------
PENNSYLVANIA -- 8.3%
2,000,000 Delaware Valley, Pennsylvania, Registered Finance,
Series A, (Credit Suisse, LOC),
4.750% due 12/01/2017+ A-1+ VMIG1 2,000,000
6,500,000 Pennsylvania State Higher Educational, Facilities
Authority, Association of Independent Colleges,
Series F1, (PNC Bank NA, LOC),
4.850% due 05/01/2020+ NR VMIG1 6,500,000
5,500,000 Philadelphia, Pennsylvania, Hospital & Higher
Education, Health Systems, Series B,
4.375% due 03/27/2001+ A-1+ NR 5,500,000
7,300,000 Schuylkill County, Pennsylvania Industrial Development
Authority, Gilbertown Power Project, (Mellon Bank,
LOC),
4.750% due 12/01/2002+ A-1+ NR 7,300,000
1,000,000 Venango County, Pennsylvania, Pre-refunded,
7.000% due 07/15/2015 AAA Aaa 1,001,167
4,765,000 York County, Pennsylvania, Industrial Development
Authority, Industrial Development Revenue, (New
Edgecomb Corporation Project), (Wells Fargo, LOC),
4.650% due 07/01/2009+ NR Aa3 4,765,000
------------
27,066,167
------------
SOUTH CAROLINA -- 0.9%
3,000,000 South Carolina State Public Authority, Refunding
Series A,
4.500% due 01/01/2001 AA- Aa2 3,005,535
------------
SOUTH DAKOTA -- 0.4%
1,250,000 Sioux Fall South Dakota School District Number 49-5,
Capital Outlay Certificates,
4.000% due 07/01/2000 NR Aa3 1,250,000
------------
</TABLE>
See Notes to Financial Statements.
38
<PAGE> 191
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
TENNESSEE -- 3.4%
$ 2,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, Industrial Development Board Revenue,
Multifamily Housing, (Arbor Crest Apartments),
Series B,
4.800% due 12/01/2007+ NR VMIG1 $ 2,000,000
3,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, GO,
4.750% due 05/15/2001 AA Aa2 3,004,224
6,135,000 Shelby County, Tennessee, Health Educational & Housing
Facilities Board Revenue, Refunding, Multifamily
Housing-Wyndridge, (Credit Suisse, LOC),
4.850% due 11/01/2019+ A-1+ NR 6,135,000
------------
11,139,224
------------
TEXAS -- 5.3%
5,120,000 Bexar County, Texas, Health Facilities Development
Company, Retirement Community, Air Force, Series B,
(Rabobank, LOC),
4.800% due 03/01/2012+ A-1+ NR 5,120,000
1,455,000 Lubbock Texas Independent School District, Series A,
(PSFG), Pre-refunded,
6.000% due 08/15/2009 NR NR 1,458,432
8,800,000 Port Corpus Christi, Texas, Nueces County Marine Term
Revenue, (West Deutsche, LOC),
4.600% due 09/01/2014+ A-1+ NR 8,800,000
1,000,000 Spring Branch Texas Independent School District, GO,
8.000% due 02/01/2001 AAA Aaa 1,018,981
1,000,000 Tarrant County, Texas, Certificates Obligation,
4.750% due 07/15/2000 AA+ Aa1 1,000,238
------------
17,397,651
------------
UTAH -- 2.0%
6,500,000 Intermountain Power Agency Utah Power Supply Revenue,
Series 1, Pre-refunded,
2.527% due 07/01/2000 AAA Aaa 6,500,000
------------
VIRGINIA -- 3.4%
2,950,000 Arlington County Virginia Revenue, Ballston Public
Parking, (Citibank, N.A., LOC),
5.050% due 08/01/2017+ A-1+ NR 2,950,000
1,640,000 Richmond, Virginia, Redevelopment & Housing Authority,
Stony Point Project, (First Union, LOC),
4.800% due 04/01/2029+ A-1 NR 1,640,000
</TABLE>
See Notes to Financial Statements.
39
<PAGE> 192
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
VIRGINIA (CONTINUED)
$ 2,000,000 Roanoke Virginia Industrial Development Authority
Hospital Revenue, Roanoke Memorial Hospital
Projects-Carilion Health System, MBIA, Pre-refunded,
6.500% due 07/01/2025+ AAA Aaa $ 2,000,000
1,570,000 Virginia Beach Virginia, Series 1993,
4.650% due 07/15/2000 AA Aa1 1,570,614
2,825,000 Virginia State Public School Authority, Series B,
6.000% due 08/01/2000 AAA Aa2 2,830,241
------------
10,990,855
------------
WASHINGTON -- 2.5%
1,220,000 Seattle, Washington, Library Facilities, Series A,
4.500% due 12/01/2000 AA+ Aaa 1,221,596
Washington State:
2,950,000 Series B, Pre-refunded,
6.375% due 08/01/2010 AA+ Aa1 2,955,797
1,000,000 Series B, Pre-refunded,
6.750% due 08/01/2002 AA+ Aa1 1,002,333
2,100,000 Series B, Pre-refunded,
6.800% due 08/01/2005 AA+ Aa1 2,104,987
1,000,000 Washington State Public Power Supply, Series C,
Pre-refunded,
8.000% due 07/01/2017 AAA Aaa 1,020,000
------------
8,304,713
------------
WISCONSIN -- 3.1%
2,350,000 Delafield, Wisconsin Community Development Authority
Revenue, University Lake School Project, (Firstar
Bank N.A., LOC),
4.600% due 03/01/2035+ A-1 NR 2,350,000
3,000,000 Kenosha, Wisconsin Unified School District Number 001,
Tax & Revenue Anticipation Notes, Series A,
4.150% due 10/06/2000 NR MIG1 3,003,062
1,000,000 Milwaukee Wisconsin Metropolitan Sewage District, GO,
Series A, Pre-refunded,
6.700% due 10/01/2000 NR Aa1 1,005,228
2,850,000 Milwaukee, Wisconsin, Corporation Purpose, Series P,
5.000% due 12/15/2000 AA+ Aa1 2,862,864
1,000,000 Wisconsin Rural Water Construction Loan, Bond
Anticipation Notes, (GIC-FGIC Insured),
4.250% due 09/15/2000 NR MIG1 1,000,388
------------
10,221,542
------------
</TABLE>
See Notes to Financial Statements.
40
<PAGE> 193
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
WYOMING -- 0.8%
Wyoming State Farm Loan Board Capital Facilities
Revenue:
$ 1,000,000 7.375% due 10/01/2000 AA- NR $ 1,006,681
1,600,000 Pre-refunded,
7.375% due 10/01/2020 AA- NR 1,612,714
------------
2,619,395
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $322,348,647) 322,348,647
------------
SHARES
-----------
SHORT-TERM INVESTMENTS -- 0.5%
1,438,072 Dreyfus Tax-Exempt Cash Management 1,438,072
50,726 Valiant Fund Tax Exempt Money Market 50,726
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,488,798) 1,488,798
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $323,837,445*) 99.0% 323,837,445
OTHER ASSETS AND LIABILITIES (NET) 1.0 3,316,482
------ -------------
NET ASSETS 100.0% $ 327,153,927
====== =============
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
+ Variable rate security. The interest rate shown reflects the rate currently in
effect.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GIC -- Guaranteed Investment Contract
GO -- Government Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
SBPA -- Stand by Purchase Agreement
See Notes to Financial Statements.
41
<PAGE> 194
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------------------------------------------------------------------------------------------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 51.6%
U.S. TREASURY BILLS -- 30.9%
$15,000,000 5.000% due 07/13/2000 $14,975,000
-----------
U.S. TREASURY NOTES -- 20.7%
5,000,000 5.375% due 07/31/2000 4,997,893
5,000,000 5.750% due 11/15/2000 5,000,588
-----------
9,998,481
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $24,973,481) 24,973,481
-----------
REPURCHASE AGREEMENTS -- 48.9%
10,627,284 Agreement with Lehman Brothers Holding Inc., 6.55% dated
06/30/2000, to be repurchased at $10,633,084 on
07/03/2000, collateralized by $7,705,000 U.S. Treasury
Bond, 14.0% maturing 11/15/2011 (value $10,842,399) 10,627,284
2,000,000 Agreement with Merrill Lynch and Company Inc., 6.35% dated
06/30/2000, to be repurchased at $2,001,058 on 07/03/2000,
collateralized by $1,995,000 U.S. Treasury Note, 6.3800%
maturing 08/15/2002 (value $2,028,553) 2,000,000
11,000,000 Agreement State Street Bank and Trust Company, 6.350% dated
06/30/2000, to be repurchased at $11,005,821 on
07/03/2000, collateralized by $10,980,000 U.S. Treasury
Note, 6.500% maturing 02/28/2002 (value $11,220,188) 11,000,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $23,627,284) 23,627,284
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $48,600,765*) 100.5% 48,600,765
OTHER ASSETS AND LIABILITIES (NET) (0.5) (264,298)
----- -----------
NET ASSETS 100.0% $48,336,467
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
42
<PAGE> 195
[This Page Intentionally Left Blank]
43
<PAGE> 196
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities............................... $172,982,619 $441,287,874 $33,567,120 $232,081,244 $48,151,335
Repurchase Agreements.................... 779,000 2,127,000 387,000 3,172,000 --
------------ ------------ ----------- ------------ -----------
Total Investments............................ 173,761,619 443,414,874 33,954,120 235,253,244 48,151,335
Cash......................................... 75 14 806 361 --
Interest receivable.......................... 2,480,524 4,557,345 764,433 1,444,221 566,394
Receivable for investment securities sold.... -- 10,118,739 -- 977,895 --
Receivable for Fund shares sold.............. 38,958 733,789 -- 393,713 6,500
Unamortized organization costs............... -- -- 8,902 -- --
Prepaid expenses and other assets............ 19,656 34,352 17,392 21,660 3,378
------------ ------------ ----------- ------------ -----------
Total Assets........................... 176,300,832 458,859,113 34,745,653 238,091,094 48,727,607
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Payable for Fund shares redeemed............. 247,021 957,519 59,587 2,563,073 57,663
Payable for investment securities
purchased.................................. -- 10,042,900 -- -- --
Payable upon return of securities loaned..... 14,046,850 35,801,351 -- 14,965,000 --
Dividends payable............................ -- -- -- -- 8,696
Investment advisory fee payable.............. 66,521 171,462 14,371 90,910 19,996
Administration fee payable................... 34,326 54,228 7,579 45,141 9,846
Shareholder servicing fees payable........... 7,090 56,765 10 36,744 9,272
Distribution fees payable.................... 3,842 7,207 296 6,439 706
Transfer agent fee payable................... 45,440 97,569 9,911 53,646 12,394
Custodian fees payable....................... 14,111 37,924 13,557 20,627 10,960
Accrued Trustees'/Directors' fees and
expenses................................... 2,910 6,209 609 3,320 837
Accrued expenses and other payables.......... 52,221 47,099 30,112 32,294 34,747
------------ ------------ ----------- ------------ -----------
Total Liabilities...................... 14,520,332 47,280,233 136,032 17,817,194 165,137
------------ ------------ ----------- ------------ -----------
NET ASSETS................................... $161,780,500 $411,578,880 $34,609,621 $220,273,900 $48,562,470
============ ============ =========== ============ ===========
Investments, at cost......................... $180,881,682 $453,465,508 $35,734,324 $242,509,495 $49,388,288
============ ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
44
<PAGE> 197
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH MONEY TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MARKET MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
$138,107,778 $212,316,106 $1,041,432,124 $ 71,274,550 $323,837,445 $24,973,481
-- -- 73,680,923 55,182,186 -- 23,627,284
------------ ------------ -------------- ------------ ------------ -----------
$138,107,778 212,316,106 1,115,113,047 126,456,736 323,837,445 48,600,765
-- -- -- -- -- --
2,412,333 3,633,193 5,461,262 58,707 2,523,462 153,171
-- -- -- -- -- --
68,513 79,400 28,755,821 2,546,041 6,912,691 53,039
-- -- -- -- -- --
14,101 23,622 109,380 49,842 24,598 7,410
------------ ------------ -------------- ------------ ------------ -----------
140,602,725 216,052,321 1,149,439,510 129,111,326 333,298,196 48,814,385
------------ ------------ -------------- ------------ ------------ -----------
296,222 541,391 12,139,294 29,534,212 28,222 272,394
-- -- -- -- 5,030,319 --
-- -- -- -- -- --
-- -- 4,911,975 35,066 734,207 130,740
61,573 89,078 327,044 38,929 96,565 14,603
27,810 42,435 115,072 11,844 63,968 10,516
28,953 42,153 100,268 -- 27,119 1,643
1,329 2,592 25,004 42,276 13,815 4,089
32,532 49,907 304,248 31,536 75,521 13,070
16,724 23,100 72,518 15,502 33,628 11,879
2,061 3,221 8,861 2,769 4,092 733
34,535 16,231 5,076 12,166 36,813 18,251
------------ ------------ -------------- ------------ ------------ -----------
501,739 810,108 18,009,360 29,724,300 6,144,269 477,918
------------ ------------ -------------- ------------ ------------ -----------
$140,100,986 $215,242,213 $1,131,430,150 $ 99,387,026 $327,153,927 $48,336,467
============ ============ ============== ============ ============ ===========
$138,958,992 $213,574,326 $1,115,113,047 $126,456,736 $323,837,445 $48,600,765
============ ============ ============== ============ ============ ===========
</TABLE>
See Notes to Financial Statements.
45
<PAGE> 198
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
NET ASSETS CONSIST OF:
Undistributed net investment income/(loss)... $ 628,603 $ 805,996 $ (718,007) $ 660,634 $ 29,252
Accumulated net realized gain/(loss) on
investments sold........................... (11,700,979) (30,665,348) (477,036) (2,722,342) (725,998)
Net unrealized depreciation of investments
and foreign currency transactions.......... (7,120,063) (10,050,634) (1,800,764) (7,256,251) (1,236,953)
Par value.................................... 17,509 45,329 37,088 22,502 5,136
Paid-in capital in excess of par value....... 179,955,430 451,443,537 37,568,340 229,569,357 50,491,033
------------ ------------ ----------- ------------ -----------
$161,780,500 $411,578,880 $34,609,621 $220,273,900 $48,562,470
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares............................... $ 2,652,461 $ 7,473,943 $ 410,107 $ 3,988,368 $ 1,082,586
============ ============ =========== ============ ===========
Class B Shares............................... $ 3,513,846 $ 5,645,312 $ 222,696 $ 5,269,794 $ 491,723
============ ============ =========== ============ ===========
Class C Shares............................... $ 338,206 $ 1,795,774 $ 28,008 $ 1,228,379 $ 110,322
============ ============ =========== ============ ===========
Class K Shares............................... $ 40,104,743 $268,000,685 $ 43,938 $177,334,058 $45,515,219
============ ============ =========== ============ ===========
Class Y Shares............................... $115,171,244 $128,663,166 $33,904,872 $ 32,453,301 $ 1,362,620
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares............................... 287,239 821,835 44,156 407,250 114,656
============ ============ =========== ============ ===========
Class B Shares............................... 380,593 622,429 24,124 538,319 51,930
============ ============ =========== ============ ===========
Class C Shares............................... 36,474 197,208 3,014 125,670 11,665
============ ============ =========== ============ ===========
Class K Shares............................... 4,341,681 29,520,114 4,727 18,115,252 4,814,190
============ ============ =========== ============ ===========
Class Y Shares............................... 12,462,570 14,167,746 3,632,764 3,315,347 144,024
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption price per
share...................................... $9.23 $9.09 $9.29 $9.79 $9.44
============ ============ =========== ============ ===========
Maximum sales charge......................... 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share............. $9.61 $9.47 $9.68 $10.20 $9.83
============ ============ =========== ============ ===========
CLASS B SHARES:
Net asset value and offering price per
share*..................................... $9.23 $9.07 $9.23 $9.79 $9.47
============ ============ =========== ============ ===========
CLASS C SHARES:
Net asset value and offering price per
share*..................................... $9.27 $9.11 $9.29 $9.77 $9.46
============ ============ =========== ============ ===========
CLASS K SHARES:
Net asset value, offering price and
redemption price per share................. $9.24 $9.08 $9.29 $9.79 $9.45
============ ============ =========== ============ ===========
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share................. $9.24 $9.08 $9.33 $9.79 $9.46
============ ============ =========== ============ ===========
</TABLE>
------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
46
<PAGE> 199
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH MONEY TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MARKET MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
$ 80,970 $ 121,835 $ -- $ -- $ -- $ --
(1,275,978) (3,570) 1 (4,679) (110,444) 41,582
(851,214) (1,258,220) -- -- -- --
14,312 21,419 1,131,433 993,924 327,287 48,295
142,132,896 216,360,749 1,130,298,716 98,397,781 326,937,084 48,246,590
------------ ------------ -------------- ----------- ------------ ------------
$140,100,986 $215,242,213 $1,131,430,150 $99,387,026 $327,153,927 $ 48,336,467
============ ============ ============== =========== ============ ============
$ 1,873,122 $ 5,744,679 $ 122,692,897 $37,244,712 $ 80,887,188 $ 20,630,728
============ ============ ============== =========== ============ ============
$ 963,727 $ 1,377,392 -- $25,004,668 -- --
============ ============ ============== =========== ============ ============
$ 206,831 $ 248,252 -- $ 9,196,085 -- --
============ ============ ============== =========== ============ ============
$134,676,196 $201,005,221 $ 811,581,529 -- $229,725,805 $ 13,439,859
============ ============ ============== =========== ============ ============
$ 2,381,110 $ 6,866,669 $ 197,155,724 $27,941,561 $ 16,540,934 $ 14,265,880
============ ============ ============== =========== ============ ============
191,423 571,706 122,692,349 37,247,462 80,886,206 20,629,020
============ ============ ============== =========== ============ ============
98,610 137,277 -- 25,005,843 -- --
============ ============ ============== =========== ============ ============
21,102 24,573 -- 9,196,657 -- --
============ ============ ============== =========== ============ ============
13,757,244 20,002,681 811,583,158 -- 229,846,078 13,423,215
============ ============ ============== =========== ============ ============
243,382 682,886 197,157,152 27,942,466 16,554,378 14,242,651
============ ============ ============== =========== ============ ============
$9.79 $10.05 $1.00 $1.00 $1.00 $1.00
============ ============ ============== =========== ============ ============
4.00% 4.00% -- -- -- --
$10.20 $10.47 $1.00 $1.00 $1.00 $1.00
============ ============ ============== =========== ============ ============
$9.77 $10.03 N/A $1.00 N/A N/A
============ ============ ============== =========== ============ ============
$9.80 $10.10 N/A $1.00 N/A N/A
============ ============ ============== =========== ============ ============
$9.79 $10.05 $1.00 N/A $1.00 $1.00
============ ============ ============== =========== ============ ============
$9.78 $10.06 $1.00 $1.00 $1.00 $1.00
============ ============ ============== =========== ============ ============
</TABLE>
See Notes to Financial Statements.
47
<PAGE> 200
The Munder Funds
Statements of Operations, Year Ended June 30, 2000
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding taxes of
$1,633 for the Munder International Bond
Fund)......................................... $15,175,560 $ 30,883,198 $ 1,842,943 $18,254,460 $ 2,899,200
Securities lending.............................. 79,388 187,111 -- 32,920 --
----------- ------------ ----------- ----------- -----------
Total investment income......................... 15,254,948 31,070,309 1,842,943 18,287,380 2,899,200
----------- ------------ ----------- ----------- -----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares................................ 6,407 23,737 931 14,228 3,097
Class B Shares................................ 31,465 52,872 1,544 48,689 4,878
Class C Shares................................ 4,054 7,507 524 13,976 1,545
Shareholder servicing fees:
Class K Shares................................ 115,036 740,287 107 473,861 132,203
Investment advisory fee......................... 1,077,348 2,355,369 224,829 1,299,092 280,550
Administration fee.............................. 222,750 462,659 46,528 268,798 58,080
Transfer agent fee.............................. 111,827 237,834 23,970 131,756 29,620
Custodian fees.................................. 64,551 128,921 50,026 69,650 38,340
Legal and audit fees............................ 18,919 40,647 4,010 22,005 4,981
Trustees'/Directors' fees and expenses.......... 9,820 20,500 2,011 11,194 --
Amortization of organization costs.............. -- -- 6,371 -- --
Registration and filing fees.................... 33,317 42,161 33,288 32,580 2,145
Other........................................... 45,209 62,657 15,893 39,974 20,609
----------- ------------ ----------- ----------- -----------
Total Expenses............................ 1,740,703 4,175,151 410,032 2,425,803 578,537
----------- ------------ ----------- ----------- -----------
NET INVESTMENT INCOME........................... 13,514,245 26,895,158 1,432,911 15,861,577 2,320,663
----------- ------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions......................... (9,711,501) (9,924,872) (1,327,736) (2,918,816) (714,614)
Foreign currency transactions................. -- -- (103,323) -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities.................................... 938,086 (175,443) 484,875 (4,547,469) (648,736)
Foreign currency and net other assets......... -- -- 18,528 -- --
----------- ------------ ----------- ----------- -----------
Net realized and unrealized gain/(loss) on
investments................................... (8,773,415) (10,100,315) (927,656) (7,466,285) (1,363,350)
----------- ------------ ----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS.................................... $ 4,740,830 $ 16,794,843 $ 505,255 $ 8,395,292 $ 957,313
=========== ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
48
<PAGE> 201
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH MONEY TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MARKET MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
$ 8,083,070 $ 11,514,470 $77,189,782 $6,921,760 $13,465,591 $3,427,740
-- -- -- -- -- --
----------- --------------- ----------- ---------- ----------- ----------
8,083,070 11,514,470 77,189,782 6,921,760 13,465,591 3,427,740
----------- --------------- ----------- ---------- ----------- ----------
5,108 13,533 340,566 77,597 203,692 40,320
11,148 12,688 -- 209,739 -- --
1,676 2,757 -- 74,390 -- --
371,102 576,508 1,378,278 -- 392,618 31,560
771,797 1,220,097 4,653,012 488,797 1,275,367 222,962
159,709 252,467 1,259,803 116,098 376,795 65,569
83,184 121,907 845,071 85,843 181,877 34,849
59,165 79,725 267,804 30,391 91,450 29,027
13,533 21,180 84,255 14,085 28,022 5,890
6,896 10,835 45,425 6,553 13,851 2,501
-- -- -- -- -- --
32,294 36,157 57,939 37,094 28,840 16,567
28,426 16,800 106,042 12,782 42,296 10,297
----------- --------------- ----------- ---------- ----------- ----------
1,544,038 2,364,654 9,038,195 1,153,369 2,634,808 459,542
----------- --------------- ----------- ---------- ----------- ----------
6,539,032 9,149,816 68,151,587 5,768,391 10,830,783 2,968,198
----------- --------------- ----------- ---------- ----------- ----------
(1,275,615) 201,891 4 (4,778) (43,381) --
-- -- -- -- -- --
(1,643,941) (3,196,894) -- -- -- --
-- -- -- -- -- --
----------- --------------- ----------- ---------- ----------- ----------
(2,919,556) (2,995,003) 4 (4,778) (43,381) --
----------- --------------- ----------- ---------- ----------- ----------
$ 3,619,476 $ 6,154,813 $68,151,591 $5,763,613 $10,787,402 $2,968,198
=========== =============== =========== ========== =========== ==========
</TABLE>
See Notes to Financial Statements.
49
<PAGE> 202
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 2000
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
Net investment income...................... $ 13,514,245 $ 26,895,158 $ 1,432,911 $ 15,861,577 $ 2,320,663
Net realized gain/(loss) on investments
sold..................................... (9,711,501) (9,924,872) (1,431,059) (2,918,816) (714,614)
Net change in unrealized
appreciation/(depreciation) of
investments.............................. 938,086 (175,443) 503,403 (4,547,469) (648,736)
------------ ------------- ------------ ------------ ------------
Net increase in net assets resulting from
operations............................... 4,740,830 16,794,843 505,255 8,395,292 957,313
Dividends to shareholders from net
investment income:
Class A Shares........................... (155,711) (530,123) (18,709) (353,971) (50,360)
Class B Shares........................... (168,744) (266,276) (6,250) (257,459) (16,967)
Class C Shares........................... (20,947) (36,716) (3,487) (74,204) (5,210)
Class K Shares........................... (2,779,527) (16,783,321) (1,754) (11,504,061) (2,212,954)
Class Y Shares........................... (10,236,657) (9,406,185) (2,663,379) (3,652,125) (60,109)
Distributions to shareholders from net
realized gains:
Class A Shares........................... (16,459) -- -- (41) --
Class B Shares........................... (18,891) -- -- (35) --
Class C Shares........................... (3,023) -- -- (10) --
Class K Shares........................... (297,938) -- -- (1,260) --
Class Y Shares........................... (1,136,861) -- -- (486) --
Distributions in excess of net realized
capital gains:
Class A Shares........................... -- -- -- (208) --
Class B Shares........................... -- -- -- (174) --
Class C Shares........................... -- -- -- (49) --
Class K Shares........................... -- -- -- (6,320) --
Class Y Shares........................... -- -- -- (2,435) --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares........................... 228,993 (2,654,569) 68,356 (351,394) (1,324,211)
Class B Shares........................... 1,033,108 1,966,814 90,665 703,511 (124,604)
Class C Shares........................... (73,187) 1,197,812 (45,045) 75,591 (5,241)
Class K Shares........................... (9,287,513) (65,340,627) 19,851 (31,082,946) (17,243,110)
Class Y Shares........................... (77,801,740) (61,060,827) (15,128,858) (38,640,959) (125,359)
------------ ------------- ------------ ------------ ------------
Net decrease in net assets................. (95,994,267) (136,119,175) (17,183,355) (76,753,743) (20,210,812)
NET ASSETS:
Beginning of period........................ 257,774,767 547,698,055 51,792,976 297,027,643 68,773,262
------------ ------------- ------------ ------------ ------------
End of period.............................. $161,780,500 $ 411,578,880 $ 34,609,621 $220,273,900 $ 48,562,470
============ ============= ============ ============ ============
Undistributed net investment
income/(loss)............................ $ 628,603 $ 805,996 $ (718,007) $ 660,634 $ 29,252
============ ============= ============ ============ ============
</TABLE>
See Notes to Financial Statements.
50
<PAGE> 203
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH MONEY TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MARKET MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
$ 6,539,032 $ 9,149,816 $ 68,151,587 $ 5,768,391 $ 10,830,783 $ 2,968,198
(1,275,615) 201,891 4 (4,778) (43,381) --
(1,643,941) (3,196,894) -- -- -- --
------------ ------------ -------------- ------------- ------------- ------------
3,619,476 6,154,813 68,151,591 5,763,613 10,787,402 2,968,198
(86,986) (201,394) (6,872,015) (1,537,795) (2,381,327) (743,504)
(39,137) (39,295) -- (871,448) -- --
(5,827) (7,806) -- (318,281) -- --
(6,343,987) (8,715,124) (46,952,145) -- (7,794,988) (971,941)
(118,009) (261,441) (14,327,427) (3,040,867) (654,468) (1,252,753)
(15,960) (22,864) -- -- -- --
(6,652) (6,027) -- -- -- --
(2,012) (515) -- -- -- --
(1,280,935) (1,267,334) -- -- -- --
(22,655) (30,994) -- -- -- --
-- (1,669) -- -- -- --
-- (295) -- -- -- --
-- -- -- -- -- --
-- (801) -- -- -- --
-- (962) -- -- -- --
(396,261) 175,550 (13,012,440) 19,783,558 13,057,990 (6,409,708)
217,487 115,449 -- 14,872,505 -- --
(206,371) 98,309 -- 6,872,857 -- --
(35,045,197) (63,740,501) (58,127,959) -- (59,787,068) (8,337,133)
(372,967) (127,041) (160,968,839) (111,445,328) (5,246,658) (19,701,415)
------------ ------------ -------------- ------------- ------------- ------------
(40,105,993) (67,879,942) (232,109,234) (69,921,186) (52,019,117) (34,448,256)
180,206,979 283,122,155 1,363,539,384 169,308,212 379,173,044 82,784,723
------------ ------------ -------------- ------------- ------------- ------------
$140,100,986 $215,242,213 $1,131,430,150 $ 99,387,026 $327,153,927 $ 48,336,467
============ ============ ============== ============= ============= ============
$ 80,970 $ 121,835 $ -- $ -- $ -- $ --
============ ============ ============== ============= ============= ============
</TABLE>
See Notes to Financial Statements.
51
<PAGE> 204
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
Net investment income........................ $ 15,805,008 $ 31,114,588 $ 1,756,534 $ 17,445,233 $ 2,679,295
Net realized gain/(loss) on investments
sold....................................... 113,541 (638,020) 869,858 (332,111) 363,391
Net change in unrealized
appreciation/(depreciation) of
investments................................ (10,652,037) (13,474,110) (617,503) (10,742,077) (2,577,732)
------------ ------------ ----------- ------------ -----------
Net increase in net assets resulting from
operations................................. 5,266,512 17,002,458 2,008,889 6,371,045 464,954
Dividends to shareholders from net investment
income:
Class A Shares........................... (110,890) (467,224) (5,912) (213,866) (84,644)
Class B Shares........................... (76,952) (104,235) (1,778) (169,414) (20,266)
Class C Shares........................... (13,121) (10,373) (43) (33,137) (7,361)
Class K Shares........................... (2,596,504) (18,796,958) (1,327) (11,734,377) (2,518,676)
Class Y Shares........................... (12,260,301) (11,485,716) (1,019,898) (4,114,959) (43,650)
Distributions to shareholders from net
realized gains:
Class A Shares........................... -- -- (4,410) (4,336) (29,157)
Class B Shares........................... -- -- (1,957) (4,239) (10,432)
Class C Shares........................... -- -- (50) (976) (3,824)
Class K Shares........................... -- -- (1,083) (254,250) (1,053,829)
Class Y Shares........................... -- -- (732,896) (84,482) (15,888)
Distributions in excess of net realized
capital gains:
Class A Shares........................... -- -- -- (1,949) --
Class B Shares........................... -- -- -- (1,905) --
Class C Shares........................... -- -- -- (439) --
Class K Shares........................... -- -- -- (114,252) --
Class Y Shares........................... -- -- -- (37,964) --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares........................... 1,082,357 3,155,208 204,393 2,106,533 717,704
Class B Shares........................... 2,032,030 3,287,122 32,380 3,922,510 24,599
Class C Shares........................... 386,963 552,291 52,731 1,142,790 40,325
Class K Shares........................... 10,118,927 (7,527,036) (53,407) 1,090,361 9,613,181
Class Y Shares........................... (13,039,842) (28,657,896) 1,107,190 4,931,332 553,700
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets........ (9,210,821) (43,052,359) 1,582,822 2,794,026 7,626,736
NET ASSETS:
Beginning of period.......................... 266,985,588 590,750,414 50,210,154 294,233,617 61,146,546
------------ ------------ ----------- ------------ -----------
End of period................................ $257,774,767 $547,698,055 $51,792,976 $297,027,643 $68,773,282
============ ============ =========== ============ ===========
Undistributed net investment income.......... $ 591,759 $ 934,341 $ 1,501,834 $ 446,422 $ 53,564
============ ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
52
<PAGE> 205
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH MONEY TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MARKET MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
$ 7,648,203 $ 10,994,745 $ 59,625,542 $ 5,745,564 $ 8,687,533 $ 4,091,365
4,151,537 2,619,695 -- (204) 2,388 --
(9,789,711) (6,462,466) -- -- -- --
------------ ------------ -------------- ------------ ------------- ------------
2,010,029 7,151,974 59,625,542 5,745,360 8,689,921 4,091,365
(97,210) (232,599) (5,702,448) (787,647) (1,771,500) (462,365)
(23,614) (28,549) -- (166,881) -- --
(2,137) (1,046) -- (55,291) -- --
(7,417,078) (10,424,146) (38,263,538) -- (6,347,694) (2,092,400)
(144,808) (337,854) (15,659,556) (4,735,745) (568,339) (1,536,600)
(93,983) (57,554) -- -- -- --
(25,703) (9,614) -- -- -- --
(1,675) (136) -- -- -- --
(6,883,736) (2,598,200) -- -- -- --
(114,516) (78,091) -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
1,759 (822,519) 2,045,869 2,715,307 (4,164,201) 18,394,886
334,729 855,361 -- 9,475,555 -- --
383,951 155,186 -- 2,322,947 -- --
(7,856,749) (20,332,001) 196,865,078 -- 83,938,192 (19,470,068)
(1,103,133) (2,156,522) 30,706,000 70,697,768 1,392,428 (3,469,552)
------------ ------------ -------------- ------------ ------------- ------------
(21,033,874) (28,916,310) 229,616,947 85,211,373 81,168,807 (4,544,734)
201,240,853 312,038,465 1,133,922,437 84,096,839 298,004,237 87,329,457
------------ ------------ -------------- ------------ ------------- ------------
$180,206,979 $283,122,155 $1,363,539,384 $169,308,212 $379,173,044 $ 82,784,723
============ ============ ============== ============ ============= ============
$ 135,148 $ 197,079 $ -- $ -- $ -- $ --
============ ============ ============== ============ ============= ============
</TABLE>
See Notes to Financial Statements.
53
<PAGE> 206
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold.................................................... $ 2,605,086 $ 37,148,259 $ 96,210 $ 44,260,485
Issued as reinvestment of dividends..................... 127,590 408,605 14,944 195,354
Redeemed................................................ (2,503,683) (40,211,433) (42,798) (44,807,233)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ 228,993 $ (2,654,569) $ 68,356 $ (351,394)
============= ============= ============ ============
CLASS B SHARES:
Sold.................................................... $ 6,022,115 $ 14,238,146 $ 162,072 $ 12,657,887
Issued as reinvestment of dividends..................... 77,013 122,652 164 61,639
Redeemed................................................ (5,066,020) (12,393,984) (71,571) (12,016,015)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ 1,033,108 $ 1,966,814 $ 90,665 $ 703,511
============= ============= ============ ============
CLASS C SHARES:
Sold.................................................... $ 798,871 $ 7,537,340 $ 160,563 $ 4,635,777
Issued as reinvestment.................................. 5,919 9,885 41 43,040
Redeemed................................................ (877,977) (6,349,413) (205,649) (4,603,226)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ (73,187) $ 1,197,812 $ (45,045) $ 75,591
============= ============= ============ ============
CLASS K SHARES:
Sold.................................................... $ 12,226,310 $ 36,424,238 $ 82,295 $ 28,514,772
Issued as reinvestment.................................. 4,933 21,238 -- 4,528
Redeemed................................................ (21,518,756) (101,786,103) (62,444) (59,602,246)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ (9,287,513) $ (65,340,627) $ 19,851 $(31,082,946)
============= ============= ============ ============
CLASS Y SHARES:
Sold.................................................... $ 23,033,945 $ 26,253,862 $ 6,731,271 $ 16,598,813
Issued as reinvestment.................................. 188,714 149,075 1,058,142 21,115
Redeemed................................................ (101,024,399) (87,463,764) (22,918,271) (55,260,887)
------------- ------------- ------------ ------------
Net decrease............................................ $ (77,801,740) $ (61,060,827) $(15,128,858) $(38,640,959)
============= ============= ============ ============
</TABLE>
See Notes to Financial Statements.
54
<PAGE> 207
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND BOND FUND
<S> <C> <C> <C>
$ 1,336,396 $ 3,139,928 $ 8,678,726
35,958 39,488 117,637
(2,696,565) (3,575,677) (8,620,813)
------------ ------------ ------------
$ (1,324,211) $ (396,261) $ 175,550
============ ============ ============
$ 253,749 $ 2,410,885 $ 1,486,556
11,876 11,414 3,655
(390,229) (2,204,812) (1,374,762)
------------ ------------ ------------
$ (124,604) $ 217,487 $ 115,449
============ ============ ============
$ 275,141 $ 261,760 $ 950,416
224 4,073 2,002
(280,606) (472,204) (854,109)
------------ ------------ ------------
$ (5,241) $ (206,371) $ 98,309
============ ============ ============
$ 12,796,896 $ 20,430,210 $ 16,440,106
11 4,044 8,208
(30,040,017) (55,479,451) (80,188,815)
------------ ------------ ------------
$(17,243,110) $(35,045,197) $(63,740,501)
============ ============ ============
$ 92,272 $ 641,112 $ 2,300,953
15,087 5,308 1,687
(232,718) (1,019,387) (2,429,681)
------------ ------------ ------------
$ (125,359) $ (372,967) $ (127,041)
============ ============ ============
</TABLE>
See Notes to Financial Statements.
55
<PAGE> 208
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold........................................................ 279,833 4,075,019 10,344 4,516,890
Issued as reinvestment...................................... 13,693 44,823 1,536 19,965
Redeemed.................................................... (267,821) (4,407,700) (4,604) (4,580,049)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... 25,705 (287,858) 7,276 (43,194)
=========== ============ =========== ==========
CLASS B SHARES:
Sold........................................................ 646,693 1,566,878 17,530 1,293,521
Issued as reinvestment...................................... 8,298 13,515 17 6,301
Redeemed.................................................... (545,980) (1,366,347) (7,661) (1,229,162)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... 109,011 214,046 9,886 70,660
=========== ============ =========== ==========
CLASS C SHARES:
Sold........................................................ 85,317 830,592 16,718 475,106
Issued as reinvestment...................................... 631 1,088 4 4,402
Redeemed.................................................... (94,127) (700,068) (21,369) (472,264)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... (8,179) 131,612 (4,647) 7,244
=========== ============ =========== ==========
CLASS K SHARES:
Sold........................................................ 1,306,555 3,993,135 8,555 2,904,305
Issued as reinvestment...................................... 530 2,340 -- 463
Redeemed.................................................... (2,316,585) (11,152,959) (6,628) (6,054,794)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... (1,009,500) (7,157,484) 1,927 (3,150,026)
=========== ============ =========== ==========
CLASS Y SHARES:
Sold........................................................ 2,467,312 2,881,058 704,786 1,700,532
Issued as reinvestment of dividends......................... 20,382 16,358 108,433 2,154
Redeemed.................................................... (10,895,890) (9,610,294) (2,417,907) (5,696,135)
----------- ------------ ----------- ----------
Net decrease................................................ (8,408,196) (6,712,878) (1,604,688) (3,993,449)
=========== ============ =========== ==========
</TABLE>
See Notes to Financial Statements.
56
<PAGE> 209
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND BOND FUND
<S> <C> <C> <C>
143,714 324,697 866,469
3,837 4,068 11,692
(288,608) (370,490) (858,410)
----------- ----------- -----------
(141,057) (41,725) 19,751
=========== =========== ===========
27,090 249,673 147,572
1,269 1,175 364
(41,219) (228,402) (136,543)
----------- ----------- -----------
(12,860) 22,446 11,393
=========== =========== ===========
29,626 26,666 93,999
24 416 198
(29,956) (47,780) (84,420)
----------- ----------- -----------
(306) (20,698) 9,777
=========== =========== ===========
1,368,161 2,102,158 1,626,166
-- 417 815
(3,215,910) (5,684,563) (7,940,434)
----------- ----------- -----------
(1,847,749) (3,581,988) (6,313,453)
=========== =========== ===========
9,867 64,994 228,364
1,611 546 167
(24,746) (104,250) (239,551)
----------- ----------- -----------
(13,268) (38,710) (11,020)
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
57
<PAGE> 210
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
(Continued)
Since the Funds have sold, redeemed and reinvested shares only at a constant net
asset value of $1.00 per share, the number of shares represented by such sales,
redemptions and reinvestments are the same as the amounts shown below for such
transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER
CASH MONEY TAX-FREE U.S. TREASURY
INVESTMENT MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
CLASS A SHARES:
Sold........................................... $ 1,227,220,287 $ 1,481,616,119 $ 139,947,153 $ 151,524,118
Issued as reinvestment of dividends............ 6,422,322 926,429 2,379,403 717,919
Redeemed....................................... (1,246,655,049) (1,462,758,990) (129,268,566) (158,651,745)
--------------- --------------- ------------- -------------
Net increase/(decrease)........................ $ (13,012,440) $ 19,783,558 $ 13,057,990 $ (6,409,708)
=============== =============== ============= =============
CLASS B SHARES:
Sold........................................... $ 117,038,905
Issued as reinvestment of dividends............ 737,004
Redeemed....................................... (102,903,404)
---------------
Net increase................................... $ 14,872,505
===============
CLASS C SHARES:
Sold........................................... $ 115,644,584
Issued as reinvestment......................... 243,953
Redeemed....................................... (109,015,680)
---------------
Net increase................................... $ 6,872,857
===============
CLASS K SHARES:
Sold........................................... $ 916,613,795 $ 287,756,588 $ 62,056,995
Issued as reinvestment......................... 10,638 4,371 4
Redeemed....................................... (974,752,392) (347,548,027) (70,394,132)
--------------- ------------- -------------
Net decrease................................... $ (58,127,959) $ (59,787,068) $ (8,337,133)
=============== ============= =============
CLASS Y SHARES:
Sold........................................... $ 590,600,621 $ 60,582,876 $ 40,432,396 $ 44,899,569
Issued as reinvestment......................... 138,578 3,005,563 51,898 327,792
Redeemed....................................... (751,708,038) (175,033,767) (45,730,952) (64,928,776)
--------------- --------------- ------------- -------------
Net decrease................................... $ (160,968,839) $ (111,445,328) $ (5,246,658) $ (19,701,415)
=============== =============== ============= =============
</TABLE>
See Notes to Financial Statements.
58
<PAGE> 211
[This Page Intentionally Left Blank]
59
<PAGE> 212
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold...................................................... $ 2,106,920 $ 30,380,505 $ 1,205,890 $ 14,807,969
Issued as reinvestment of dividends....................... 79,742 351,589 10,601 115,866
Redeemed.................................................. (1,104,305) (27,576,886) (1,012,098) (12,817,302)
------------ ------------ ----------- ------------
Net increase/(decrease)................................... $ 1,082,357 $ 3,155,208 $ 204,393 $ 2,106,533
============ ============ =========== ============
CLASS B SHARES:
Sold...................................................... $ 4,553,570 $ 6,654,765 $ 68,173 $ 9,678,927
Issued as reinvestment of dividends....................... 16,294 37,461 243 17,266
Redeemed.................................................. (2,537,834) (3,405,104) (36,036) (5,773,683)
------------ ------------ ----------- ------------
Net increase.............................................. $ 2,032,030 $ 3,287,122 $ 32,380 $ 3,922,510
============ ============ =========== ============
CLASS C SHARES:
Sold...................................................... $ 718,929 $ 2,174,048 $ 112,666 $ 2,089,267
Issued as reinvestment of dividends....................... 2,201 3,281 92 10,851
Redeemed.................................................. (334,167) (1,625,038) (60,027) (957,328)
------------ ------------ ----------- ------------
Net increase.............................................. $ 386,963 $ 552,291 $ 52,731 $ 1,142,790
============ ============ =========== ============
CLASS K SHARES:
Sold...................................................... $ 20,031,702 $ 57,610,345 $ 8,061 $ 37,500,971
Issued as reinvestment of dividends....................... 4,085 17,103 -- 2,136
Redeemed.................................................. (9,916,860) (65,154,484) (61,468) (36,412,746)
------------ ------------ ----------- ------------
Net increase/(decrease)................................... $ 10,118,927 $ (7,527,036) $ (53,407) $ 1,090,361
============ ============ =========== ============
CLASS Y SHARES:
Sold...................................................... $ 32,488,800 $ 47,989,563 $ 2,744,051 $ 14,132,700
Issued as reinvestment of dividends....................... 93,684 193,082 677,932 48,621
Redeemed.................................................. (45,622,326) (76,840,541) (2,314,793) (9,249,989)
------------ ------------ ----------- ------------
Net increase/(decrease)................................... $(13,039,842) $(28,657,896) $ 1,107,190 $ 4,931,332
============ ============ =========== ============
</TABLE>
------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
See Notes to Financial Statements.
60
<PAGE> 213
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND BOND FUND(A)
<S> <C> <C> <C>
$ 2,571,027 $ 3,419,758 $ 4,563,388
43,931 74,814 156,463
(1,897,254) (3,492,813) (5,542,370)
------------ ------------ ------------
$ 717,704 $ 1,759 $ (822,519)
============ ============ ============
$ 216,428 $ 1,271,532 $ 2,012,200
24,024 4,047 3,282
(215,853) (940,850) (1,160,121)
------------ ------------ ------------
$ 24,599 $ 334,729 $ 855,361
============ ============ ============
$ 355,873 $ 436,399 $ 209,573
2,926 598 1,132
(318,474) (53,046) (55,519)
------------ ------------ ------------
$ 40,325 $ 383,951 $ 155,186
============ ============ ============
$ 22,921,774 $ 19,482,729 $ 33,941,440
-- 2,040 11,048
(13,308,593) (27,341,518) (54,284,489)
------------ ------------ ------------
$ 9,613,181 $ (7,856,749) $(20,332,001)
============ ============ ============
$ 763,455 $ 1,089,291 $ 1,944,090
27,277 11,185 3,242
(237,032) (2,203,609) (4,103,854)
------------ ------------ ------------
$ 553,700 $ (1,103,133) $ (2,156,522)
============ ============ ============
</TABLE>
See Notes to Financial Statements.
61
<PAGE> 214
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold........................................................ 211,326 3,209,933 120,716 1,462,472
Issued as reinvestment of dividends......................... 8,014 37,056 988 11,306
Redeemed.................................................... (110,897) (2,914,147) (101,387) (1,273,651)
---------- ----------- -------- ----------
Net increase/(decrease)..................................... 108,443 332,842 20,317 200,127
========== =========== ======== ==========
CLASS B SHARES:
Sold........................................................ 455,010 700,296 6,668 933,231
Issued as reinvestment of dividends......................... 1,638 3,973 22 1,687
Redeemed.................................................... (253,626) (358,948) (3,519) (560,693)
---------- ----------- -------- ----------
Net increase................................................ 203,022 345,321 3,171 374,225
========== =========== ======== ==========
CLASS C SHARES:
Sold........................................................ 71,841 230,747 10,495 201,382
Issued as reinvestment of dividends......................... 223 348 8 1,065
Redeemed.................................................... (33,737) (172,824) (6,077) (93,731)
---------- ----------- -------- ----------
Net increase................................................ 38,327 58,271 4,426 108,716
========== =========== ======== ==========
CLASS K SHARES:
Sold........................................................ 2,011,523 6,061,011 759 3,616,886
Issued as reinvestment of dividends......................... 409 1,801 -- 207
Redeemed.................................................... (992,995) (6,849,313) (5,962) (3,514,490)
---------- ----------- -------- ----------
Net increase/(decrease)..................................... 1,018,937 (786,501) (5,203) 102,603
========== =========== ======== ==========
CLASS Y SHARES
Sold........................................................ 3,257,465 5,048,703 258,271 1,362,880
Issued as reinvestment of dividends......................... 9,354 20,328 63,149 4,707
Redeemed.................................................... (4,555,297) (8,067,135) (230,301) (883,177)
---------- ----------- -------- ----------
Net increase/(decrease)..................................... (1,288,478) (2,998,104) 91,119 484,410
========== =========== ======== ==========
</TABLE>
------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
See Notes to Financial Statements.
62
<PAGE> 215
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND FUND(A)
<S> <C> <C> <C>
256,138 326,184 436,147
4,419 7,121 14,921
(189,320) (334,187) (525,554)
---------- ---------- -----------
71,237 (882) (74,486)
========== ========== ===========
21,223 119,587 191,087
2,394 388 316
(21,374) (89,391) (110,000)
---------- ---------- -----------
2,243 30,584 81,403
========== ========== ===========
35,318 42,972 19,998
291 59 109
(31,370) (5,081) (5,311)
---------- ---------- -----------
4,239 37,950 14,796
========== ========== ===========
2,272,829 1,845,545 3,238,883
-- 195 1,054
(1,335,639) (2,573,738) (5,175,469)
---------- ---------- -----------
937,190 (727,998) (1,935,532)
========== ========== ===========
78,010 104,036 185,468
2,719 1,062 309
(23,872) (207,087) (391,669)
---------- ---------- -----------
56,857 (101,989) (205,892)
========== ========== ===========
</TABLE>
See Notes to Financial Statements.
63
<PAGE> 216
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
(Continued)
Since the Funds have sold, redeemed and reinvested shares only at a constant net
asset value of $1.00 per share, the number of shares represented by such sales,
redemptions and reinvestments are the same as the amounts shown below for such
transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------------------------------------------------------
MUNDER MUNDER MUNDER MUNDER
CASH MONEY TAX-FREE U.S. TREASURY
INVESTMENT MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
CLASS A SHARES:
Sold......................................... $ 1,710,077,835 $ 917,191,375 $ 103,127,008 $ 89,754,036
Issued as reinvestment of dividends.......... 5,274,720 508,498 1,764,646 451,318
Redeemed..................................... (1,713,306,686) (914,984,566) (109,055,855) (71,810,468)
--------------- ------------- ------------- -------------
Net increase/(decrease)...................... $ 2,045,869 $ 2,715,307 $ (4,164,201) $ 18,394,886
=============== ============= ============= =============
CLASS B SHARES:
Sold......................................... $ 36,082,923
Issued as reinvestment of dividends.......... 129,646
Redeemed..................................... (26,737,014)
-------------
Net increase................................. $ 9,475,555
=============
CLASS C SHARES:
Sold......................................... $ 25,710,402
Issued as reinvestment of dividends.......... 45,751
Redeemed..................................... (23,433,206)
-------------
Net increase................................. $ 2,322,947
=============
CLASS K SHARES:
Sold......................................... $ 1,260,967,529 $ 458,825,126 $ 152,551,590
Issued as reinvestment of dividends.......... 39,799 3,581 3
Redeemed..................................... (1,064,142,250) (374,890,515) (172,021,661)
--------------- ------------- -------------
Net increase/(decrease)...................... $ 196,865,078 $ 83,938,192 $ (19,470,068)
=============== ============= =============
CLASS Y SHARES:
Sold......................................... $ 698,641,835 $ 516,444,454 $ 66,759,446 $ 88,111,377
Issued as reinvestment of dividends.......... 175,030 4,590,787 27,537 313,446
Redeemed..................................... (668,110,865) (450,337,473) (65,394,555) (91,894,375)
--------------- ------------- ------------- -------------
Net increase/(decrease)...................... $ 30,706,000 $ 70,697,768 $ 1,392,428 $ (3,469,552)
=============== ============= ============= =============
</TABLE>
See Notes to Financial Statements.
64
<PAGE> 217
[This Page Intentionally Left Blank]
65
<PAGE> 218
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
--------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period................... $ 9.62 $ 9.99 $ 9.58 $ 9.53 $ 9.70
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.................................. 0.57 0.57 0.59 0.60 0.61
Net realized and unrealized gain/(loss) on
investments.......................................... (0.33) (0.39) 0.39 0.03 (0.20)
------ ------ ------ ------ ------
Total from investment operations....................... 0.24 0.18 0.98 0.63 0.41
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income................... (0.57) (0.55) (0.57) (0.58) (0.58)
Distributions from net realized capital gain........... (0.06) -- -- -- --
------ ------ ------ ------ ------
Total distributions.................................... (0.63) (0.55) (0.57) (0.58) (0.58)
------ ------ ------ ------ ------
Net asset value, end of period......................... $ 9.23 $ 9.62 $ 9.99 $ 9.58 $ 9.53
====== ====== ====== ====== ======
TOTAL RETURN (B)....................................... 2.57% 1.72% 10.45% 6.84% 4.24%
====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)................... $2,652 $2,515 $1,529 $ 818 $ 895
Ratio of operating expenses to average net assets...... 0.99% 0.97% 0.96% 0.96% 0.95%
Ratio of net investment income to average net assets... 6.10% 5.77% 5.93% 6.34% 6.26%
Portfolio turnover rate................................ 205% 142% 222% 279% 507%
Ratio of operating expenses to average net assets
without waivers...................................... 0.99% 0.97% 0.96% 0.96% 1.04%
</TABLE>
------------
(a) The Munder Bond Fund Class A Shares, Class B Shares, Class C Shares
commenced operations on December 9, 1992, March 13, 1996 and March 25, 1996
respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
66
<PAGE> 219
<TABLE>
<CAPTION>
B SHARES C SHARES
-------------------------------------------------------------------- ------------------------------------------
YEAR YEAR YEAR YEAR PERIOD YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97 6/30/96 6/30/00(D) 6/30/99(D) 6/30/98(D)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.61 $ 9.99 $ 9.57 $ 9.53 $ 9.68 $ 9.66 $10.03 $ 9.60
------ ------ ------ ------ ------ ------ ------ ------
0.50 0.50 0.51 0.54 0.16 0.50 0.50 0.52
(0.32) (0.41) 0.40 0.02 (0.14) (0.33) (0.40) 0.40
------ ------ ------ ------ ------ ------ ------ ------
0.18 0.09 0.91 0.56 0.02 0.17 0.10 0.92
------ ------ ------ ------ ------ ------ ------ ------
(0.50) (0.47) (0.49) (0.52) (0.17) (0.50) (0.47) (0.49)
(0.06) -- -- -- -- (0.06) -- --
------ ------ ------ ------ ------ ------ ------ ------
(0.56) (0.47) (0.49) (0.52) (0.17) (0.56) (0.47) (0.49)
------ ------ ------ ------ ------ ------ ------ ------
$ 9.23 $ 9.61 $ 9.99 $ 9.57 $ 9.53 $ 9.27 $ 9.66 $10.03
====== ====== ====== ====== ====== ====== ====== ======
1.90% 0.86% 9.75% 5.97% 0.22% 1.79% 0.95% 9.84%
====== ====== ====== ====== ====== ====== ====== ======
$3,514 $2,610 $ 685 $ 559 $ 294 $ 338 $ 431 $ 63
1.74% 1.72% 1.72% 1.71% 1.70%(c) 1.74% 1.72% 1.72%
5.35% 5.02% 5.18% 5.59% 5.51%(c) 5.35% 5.02% 5.18%
205% 142% 222% 279% 507% 205% 142% 222%
1.74% 1.72% 1.72% 1.71% 1.79%(c) 1.74% 1.72% 1.72%
<CAPTION>
C SHARES
--------------------
YEAR PERIOD
ENDED ENDED
6/30/97 6/30/96
<S> <C> <C>
$ 9.52 $ 9.74
------ ------
0.66 0.16
(0.08) (0.21)
------ ------
0.58 (0.05)
------ ------
(0.50) (0.17)
-- --
------ ------
(0.50) (0.17)
------ ------
$ 9.60 $ 9.52
====== ======
6.19% (0.49)%
====== ======
$ 45 $ 51
1.71% 1.70%(c)
5.59% 5.51%(c)
279% 507%
1.71% 1.79%(c)
</TABLE>
See Notes to Financial Statements.
67
<PAGE> 220
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
--------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98(C) 6/30/97 6/30/96
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $ 9.62 $ 9.99 $ 9.58 $ 9.53 $ 9.70
-------- ---------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... 0.59 0.60 0.61 0.63 0.64
Net realized and unrealized gain/(loss) on
investments................................. (0.32) (0.40) 0.39 0.03 (0.21)
-------- ---------- -------- -------- --------
Total from investment operations.............. 0.27 0.20 1.00 0.66 0.43
-------- ---------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... (0.59) (0.57) (0.59) (0.61) (0.60)
Distributions from net realized capital
gain........................................ (0.06) -- -- -- --
-------- ---------- -------- -------- --------
Total distributions........................... (0.65) (0.57) (0.59) (0.61) (0.60)
-------- ---------- -------- -------- --------
Net asset value, end of period................ $ 9.24 $ 9.62 $ 9.99 $ 9.58 $ 9.53
======== ========== ======== ======== ========
TOTAL RETURN (B).............................. 2.94% 1.97% 10.72% 7.09% 4.50%
======== ========== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $115,171 $ 200,753 $221,427 $113,493 $113,020
Ratio of operating expenses to average net
assets...................................... 0.74% 0.72% 0.72% 0.71% 0.70%
Ratio of net investment income to average net
assets...................................... 6.35% 6.02% 6.18% 6.59% 6.51%
Portfolio turnover rate....................... 205% 142% 222% 279% 507%
Ratio of operating expenses to average net
assets without waivers...................... 0.74% 0.72% 0.72% 0.71% 0.79%
</TABLE>
------------
(a) The Munder Bond Fund Class Y Shares commenced operations on December 1,
1991.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
68
<PAGE> 221
[This Page Intentionally Left Blank]
69
<PAGE> 222
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 9.28 $ 9.51 $ 9.33 $ 9.31 $ 9.52
------ ------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.............................. 0.52 0.51 0.55 0.55 0.58
Net realized and unrealized gain/(loss) on
investments...................................... (0.19) (0.23) 0.16 0.02 (0.21)
------ ------- ------ ------ ------
Total from investment operations................... 0.33 0.28 0.71 0.57 0.37
------ ------- ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............... (0.52) (0.51) (0.53) (0.55) (0.58)
------ ------- ------ ------ ------
Total distributions................................ (0.52) (0.51) (0.53) (0.55) (0.58)
------ ------- ------ ------ ------
Net asset value, end of period..................... $ 9.09 $ 9.28 $ 9.51 $ 9.33 $ 9.31
====== ======= ====== ====== ======
TOTAL RETURN (B)................................... 3.68% 2.93% 7.84% 6.34% 3.92%
====== ======= ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............... $7,474 $10,293 $7,387 $6,104 $5,356
Ratio of operating expenses to average net
assets........................................... 0.96% 0.95% 0.93% 0.93% 0.94%
Ratio of net investment income to average net
assets........................................... 5.65% 5.38% 5.77% 5.91% 6.08%
Portfolio turnover rate............................ 130% 128% 194% 325% 494%
Ratio of operating expenses to average net assets
without waivers.................................. 0.96% 0.95% 0.93% 0.93% 1.02%
</TABLE>
------------
(a) The Munder Intermediate Bond Fund Class A Shares, Class B Shares and C
Shares commenced operations on November 24, 1992, October 25, 1994 and April
19, 1996 respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
70
<PAGE> 223
<TABLE>
<CAPTION>
B SHARES C SHARES
----------------------------------------------------------------------- ------------------------------------------
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/96 6/30/00(D) 6/30/99(D) 6/30/98(D)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.25 $ 9.49 $ 9.32 $ 9.30 $ 9.51 $ 9.26 $ 9.50 $ 9.35
------ ------ ------ ------ ------ ------ ------ ------
0.45 0.44 0.47 0.48 0.49 0.45 0.44 0.48
(0.18) (0.24) 0.16 0.03 (0.19) (0.15) (0.24) 0.13
------ ------ ------ ------ ------ ------ ------ ------
0.27 0.20 0.63 0.51 0.30 0.30 0.20 0.61
------ ------ ------ ------ ------ ------ ------ ------
(0.45) (0.44) (0.46) (0.49) (0.51) (0.45) (0.44) (0.46)
------ ------ ------ ------ ------ ------ ------ ------
(0.45) (0.44) (0.46) (0.49) (0.51) (0.45) (0.44) (0.46)
------ ------ ------ ------ ------ ------ ------ ------
$ 9.07 $ 9.25 $ 9.49 $ 9.32 $ 9.30 $ 9.11 $ 9.26 $ 9.50
====== ====== ====== ====== ====== ====== ====== ======
3.03% 2.06% 6.94% 5.60% 3.22% 3.37% 2.06% 6.69%
====== ====== ====== ====== ====== ====== ====== ======
$5,645 $3,779 $ 598 $ 464 $ 103 $1,796 $ 608 $ 70
1.71% 1.70% 1.68% 1.68% 1.69% 1.71% 1.70% 1.68%
4.90% 4.63% 5.02% 5.16% 5.33% 4.91% 4.63% 5.02%
130% 128% 194% 325% 494% 130% 128% 194%
1.71% 1.70% 1.68% 1.68% 1.77% 1.71% 1.70% 1.68%
<CAPTION>
C SHARES
-----------------------
YEAR PERIOD
ENDED ENDED
6/30/97(D) 6/30/96
<S> <C> <C>
$ 9.31 $ 9.40
------ ------
0.45 0.10
0.08 (0.06)
------ ------
0.53 0.04
------ ------
(0.49) (0.13)
------ ------
(0.49) (0.13)
------ ------
$ 9.35 $ 9.31
====== ======
5.77% 0.39%
====== ======
$ 58 $ 52
1.68% 1.69%(c)
5.16% 5.33%(c)
325% 494%
1.68% 1.77%(c)
</TABLE>
See Notes to Financial Statements.
71
<PAGE> 224
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
----------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/96
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $ 9.26 $ 9.50 $ 9.33 $ 9.31 $ 9.51
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... 0.54 0.54 0.57 0.57 0.60
Net realized and unrealized gain/(loss) on
investments................................. (0.18) (0.25) 0.16 0.03 (0.20)
-------- -------- -------- -------- --------
Total from investment operations.............. 0.36 0.29 0.73 0.60 0.40
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... (0.54) (0.53) (0.56) (0.58) (0.60)
-------- -------- -------- -------- --------
Total distributions........................... (0.54) (0.53) (0.56) (0.58) (0.60)
-------- -------- -------- -------- --------
Net asset value, end of period................ $ 9.08 $ 9.26 $ 9.50 $ 9.33 $ 9.31
======== ======== ======== ======== ========
TOTAL RETURN (B).............................. 4.06% 3.08% 7.99% 6.60% 4.29%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $128,663 $193,396 $226,856 $161,606 $182,937
Ratio of operating expenses to average net
assets...................................... 0.71% 0.70% 0.68% 0.68% 0.69%
Ratio of net investment income to average net
assets...................................... 5.90% 5.63% 6.02% 6.16% 6.33%
Portfolio turnover rate....................... 130% 128% 194% 825% 494%
Ratio of operating expenses to average net
assets without waivers...................... 0.71% 0.70% 0.68% 0.68% 0.77%
</TABLE>
------------
(a) The Munder Intermediate Bond Fund Class Y Shares commenced operations on
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) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
72
<PAGE> 225
[This Page Intentionally Left Blank]
73
<PAGE> 226
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES B SHARES
---------------------------------------------------- --------------------------
YEAR YEAR YEAR PERIOD YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97 6/30/00(D) 6/30/99(D)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................. $ 9.74 $ 9.66 $ 9.82 $ 9.98 $ 9.72 $ 9.66
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income....... 0.28 0.30 0.20 0.10 0.21 0.23
Net realized and unrealized
gain/(loss) on
investments............... (0.23) 0.11 (0.11) (0.18) (0.23) 0.11
------ ------ ------ ------ ------ ------
Total from investment
operations................ 0.05 0.41 0.09 (0.08) (0.02) 0.34
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income......... (0.50) (0.18) (0.23) (0.08) (0.47) (0.13)
Distributions from net
realized gains............ -- (0.15) (0.02) -- -- (0.15)
------ ------ ------ ------ ------ ------
Total distributions......... (0.50) (0.33) (0.25) (0.08) (0.47) (0.28)
------ ------ ------ ------ ------ ------
Net asset value, end of
period.................... $ 9.29 $ 9.74 $ 9.66 $ 9.82 $ 9.23 $ 9.72
====== ====== ====== ====== ====== ======
TOTAL RETURN (B)............ 0.35% 3.93% 0.86% (0.84)% (0.44)% 3.15%
====== ====== ====== ====== ====== ======
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's)................ $ 410 $ 359 $ 160 $ 168 $ 223 $ 138
Ratio of operating expenses
to average net assets..... 1.16% 1.14% 1.11% 1.14%(c) 1.91% 1.89%
Ratio of net investment
income to average net
assets.................... 2.94% 2.95% 3.53% 3.61%(c) 2.19% 2.24%
Portfolio turnover rate..... 138% 59% 81% 75% 138% 59%
Ratio of operating expenses
to average net assets
without waivers........... 1.16% 1.14% 1.11% 1.18%(c) 1.91% 1.89%
<CAPTION>
B SHARES
--------------------
YEAR PERIOD
ENDED ENDED
6/30/98 6/30/97
<S> <C> <C>
Net asset value, beginning
of period................. $ 9.83 $ 9.85
------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income....... 0.18 0.01
Net realized and unrealized
gain/(loss) on
investments............... (0.15) (0.03)
------ ------
Total from investment
operations................ 0.03 (0.02)
------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income......... (0.18) --
Distributions from net
realized gains............ (0.02) --
------ ------
Total distributions......... (0.20) --
------ ------
Net asset value, end of
period.................... $ 9.66 $ 9.83
====== ======
TOTAL RETURN (B)............ 0.26% (0.20)%
====== ======
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period
(in 000's)................ $ 107 $ 21
Ratio of operating expenses
to average net assets..... 1.86% 1.89%(c)
Ratio of net investment
income to average net
assets.................... 2.78% 2.86%(c)
Portfolio turnover rate..... 81% 75%
Ratio of operating expenses
to average net assets
without waivers........... 1.86% 1.93%(c)
</TABLE>
------------
(a) The Munder International Bond Fund Class A Shares, Class B Shares, Class C
Shares, and Class Y Shares commenced operations on October 17, 1996, June 9,
1997, June 4, 1998, 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.
See Notes to Financial Statements.
74
<PAGE> 227
<TABLE>
<CAPTION>
C SHARES Y SHARES
--------------------------------------- ----------------------------------------------------
YEAR YEAR PERIOD YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/00(D) 6/30/99(D) 6/30/98 6/30/97
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.77 $ 9.73 $ 9.84 $ 9.77 $ 9.68 $ 9.83 $ 10.00
-------- ------ ------ ------- ------- ------- -------
0.21 0.22 0.01 0.31 0.34 0.22 0.25
)
(0.22 0.10 (0.11) (0.24) 0.10 (0.11) (0.34)
-------- ------ ------ ------- ------- ------- -------
(0.01) 0.32 (0.10) 0.07 0.44 0.11 (0.09)
-------- ------ ------ ------- ------- ------- -------
)
(0.47 (0.13) (0.01) (0.51) (0.20) (0.24) (0.08)
-- (0.15) -- -- (0.15) (0.02) --
-------- ------ ------ ------- ------- ------- -------
(0.47) (0.28) (0.01) (0.51) (0.35) (0.26) (0.08)
-------- ------ ------ ------- ------- ------- -------
$ 9.29 $ 9.77 $ 9.73 $ 9.33 $ 9.77 $ 9.68 $ 9.83
======== ====== ====== ======= ======= ======= =======
(0.34)% 2.92% (0.84)% 0.57% 4.21% 1.12% (0.90)%
======== ====== ====== ======= ======= ======= =======
28
$ $ 75 $ 31 $33,905 $51,193 $49,834 $51,679
1.91% 1.89% 1.87%(c) 0.91% 0.89% 0.86% 0.89%(c)
2.19% 2.14% 2.79%(c) 3.20% 3.26% 3.78% 3.86%(c)
138% 59% 81% 138% 59% 81% 75%
1.91% 1.89% 1.87%(c) 0.91% 0.89% 0.86% 0.93%(c)
</TABLE>
See Notes to Financial Statements.
75
<PAGE> 228
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97 6/30/96(C)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $10.03 $10.38 $10.09 $ 9.98 $10.30
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.59 0.59 0.61 0.65 0.71
Net realized and unrealized gain/(loss) on
investments..................................... (0.23) (0.37) 0.35 0.07 (0.27)
------ ------ ------ ------ ------
Total from investment operations.................. 0.36 0.22 0.96 0.72 0.44
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.60) (0.55) (0.61) (0.61) (0.68)
Distributions from net realized gains............. (0.00)(d) (0.01) (0.06) (0.00)(d) (0.08)
Distributions in excess of net realized gains..... (0.00)(d) (0.01) -- -- --
------ ------ ------ ------ ------
Total distributions............................... (0.60) (0.57) (0.67) (0.61) (0.76)
------ ------ ------ ------ ------
Net asset value, end of period.................... $ 9.79 $10.03 $10.38 $10.09 $ 9.98
====== ====== ====== ====== ======
TOTAL RETURN (B).................................. 3.84% 2.12% 9.71% 7.50% 4.34%
====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $3,988 $4,516 $2,598 $1,226 $ 259
Ratio of operating expenses to average net
assets.......................................... 0.97% 0.96% 0.94% 0.96% 0.97%
Ratio of net investment income to average net
assets.......................................... 6.07% 5.76% 6.00% 6.51% 6.92%
Portfolio turnover rate........................... 15% 23% 85% 130% 133%
Ratio of operating expenses to average net assets
without waivers................................. 0.97% 0.96% 0.94% 0.96% 1.04%
</TABLE>
------------
(a) The Munder U.S. Government Income Fund Class A Shares, Class B Shares and
Class C Shares commenced operations on July 28, 1994, September 6, 1995 and
August 12, 1996 respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01 per share.
(e) Annualized.
See Notes to Financial Statements.
76
<PAGE> 229
<TABLE>
<CAPTION>
B SHARES C SHARES
------------------------------------------------------------------------ ---------------------------
YEAR YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97 6/30/96(C) 6/30/00(C) 6/30/99(C)
<S> <C> <C> <C> <C> <C> <C> <C>
$10.03 $10.38 $10.09 $ 9.98 $10.31 $10.02 $10.37
------ ------ ------ ------ ------ ------ ------
0.52 0.52 0.50 0.58 0.49 0.52 0.52
(0.24) (0.37) 0.38 0.07 (0.24) (0.25) (0.37)
------ ------ ------ ------ ------ ------ ------
0.28 0.15 0.88 0.65 0.25 0.27 0.15
------ ------ ------ ------ ------ ------ ------
(0.52) (0.48) (0.53) (0.54) (0.50) (0.52) (0.48)
(0.00)(d) (0.01) (0.06) (0.00)(d) (0.08) (0.00)(d) (0.01)
(0.00)(d) (0.01) -- -- -- (0.00)(d) (0.01)
------ ------ ------ ------ ------ ------ ------
(0.52) (0.50) (0.59) (0.54) (0.58) (0.52) (0.50)
------ ------ ------ ------ ------ ------ ------
$ 9.79 $10.03 $10.38 $10.09 $ 9.98 $ 9.77 $10.02
====== ====== ====== ====== ====== ====== ======
2.97% 1.36% 8.89% 6.77% 2.42% 2.87% 1.35%
====== ====== ====== ====== ====== ====== ======
$5,270 $4,690 $ 970 $1,596 $ 498 $1,228 $1,187
1.72% 1.71% 1.69% 1.71% 1.72%(e) 1.72% 1.71%
5.32% 5.01% 5.25% 5.76% 6.17%(e) 5.32% 5.01%
15% 23% 85% 130% 133% 15% 23%
1.72% 1.71% 1.69% 1.71% 1.79%(e) 1.72% 1.71%
<CAPTION>
C SHARES
---------------------
YEAR PERIOD
ENDED ENDED
6/30/98 6/30/97
<S> <C> <C>
$10.09 $10.11
------ ------
0.50 0.54
0.37 (0.06)
------ ------
0.87 0.48
------ ------
(0.53) (0.50)
(0.06) (0.00)(d)
-- --
------ ------
(0.59) (0.50)
------ ------
$10.37 $10.09
====== ======
8.82% 4.87%
====== ======
$ 101 $ 10
1.69% 1.71%(e)
5.25% 5.76%(e)
85% 130%
1.69% 1.71%(e)
</TABLE>
See Notes to Financial Statements.
77
<PAGE> 230
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97 6/30/96(C)
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............ $ 10.03 $ 10.38 $ 10.09 $ 9.98 $ 10.30
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income........................... 0.62 0.62 0.62 0.68 0.74
Net realized and unrealized gain/(loss) on
investments................................... (0.24) (0.37) 0.36 0.07 (0.27)
------- ------- ------- ------- -------
Total from investment operations................ 0.38 0.25 0.98 0.75 0.47
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income............ (0.62) (0.58) (0.63) (0.64) (0.71)
Distributions from net realized gains........... (0.00)(d) (0.01) (0.06) (0.00)(d) (0.08)
Distributions in excess of net realized gains... (0.00)(d) (0.01) -- -- --
------- ------- ------- ------- -------
Total distributions............................. (0.62) (0.60) (0.69) (0.64) (0.79)
------- ------- ------- ------- -------
Net asset value, end of period.................. $ 9.79 $ 10.03 $ 10.38 $ 10.09 $ 9.98
======= ======= ======= ======= =======
TOTAL RETURN (B) 4.00% 2.37% 9.97% 7.75% 4.58%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............ $32,453 $73,308 $70,842 $55,098 $46,695
Ratio of operating expenses to average net
assets........................................ 0.72% 0.71% 0.69% 0.71% 0.72%
Ratio of net investment income to average net
assets........................................ 6.32% 5.99% 6.25% 6.76% 7.17%
Portfolio turnover rate......................... 15% 23% 85% 130% 133%
Ratio of operating expenses to average net
assets without waivers........................ 0.72% 0.71% 0.69% 0.71% 0.79%
</TABLE>
------------
(a) The Munder U.S. Government Income Fund Class Y Shares commenced operations
on July 5, 1994.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
78
<PAGE> 231
[This Page Intentionally Left Blank]
79
<PAGE> 232
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
---------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period................ $ 9.60 $ 10.06 $ 9.64 $ 9.35 $ 9.34
------ ------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... 0.39 0.39 0.41 0.44 0.48
Net realized and unrealized gain/(loss) on
investments....................................... (0.15) (0.30) 0.45 0.28 0.01
------ ------- ------ ------ ------
Total from investment operations.................... 0.24 0.09 0.86 0.72 0.49
------ ------- ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income................ (0.40) (0.39) (0.42) (0.43) (0.48)
Distributions from net realized gains............... -- (0.16) (0.02) (0.00)(e) --
------ ------- ------ ------ ------
Total distributions................................. (0.40) (0.55) (0.44) (0.43) (0.48)
------ ------- ------ ------ ------
Net asset value, end of period...................... $ 9.44 $ 9.60 $10.06 $ 9.64 $ 9.35
====== ======= ====== ====== ======
TOTAL RETURN (B).................................... 2.59% 0.78% 9.01% 7.88% 5.25%
====== ======= ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)................ $1,083 $ 2,456 $1,855 $ 536 $ 446
Ratio of operating expenses to average net assets... 1.03% 1.00% 0.98% 0.88% 0.51%
Ratio of net investment income to average net
assets............................................ 4.14% 3.88% 4.29% 4.57% 5.01%
Portfolio turnover rate............................. 13% 33% 34% 19% 31%
Ratio of operating expenses to average net assets
without waivers................................... 1.03% 1.00% 0.98% 1.02% 1.09%
</TABLE>
------------
(a) The Munder Michigan Tax-Free Bond Fund Class A Shares, Class B Shares, Class
C Shares commenced operations on February 15, 1994, July 5, 1994, October,
1996 respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
80
<PAGE> 233
<TABLE>
<CAPTION>
B SHARES C SHARES
-------------------------------------------------------- -------------------------------------------
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D) 6/30/00 6/30/99(D) 6/30/98 6/30/97(D)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.63 $10.06 $ 9.64 $ 9.35 $ 9.34 $ 9.62 $10.05 $ 9.63 $ 9.56
------ ------ ------ ------ ------ ------ ------ ------ ------
0.32 0.32 0.35 0.36 0.41 0.32 0.32 0.34 0.26
(0.15) (0.28) 0.44 0.29 0.00(e) (0.15) (0.28) 0.44 0.07
------ ------ ------ ------ ------ ------ ------ ------ ------
0.17 0.04 0.79 0.65 0.41 0.17 0.04 0.78 0.33
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.33) (0.31) (0.35) (0.36) (0.40) (0.33) (0.31) (0.34) (0.26)
-- (0.16) (0.02) (0.00)(e) -- -- (0.16) (0.02) (0.00)(e)
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.33) (0.47) (0.37) (0.36) (0.40) (0.33) (0.47) (0.36) (0.26)
------ ------ ------ ------ ------ ------ ------ ------ ------
$ 9.47 $ 9.63 $10.06 $ 9.64 $ 9.35 $ 9.46 $ 9.62 $10.05 $ 9.63
====== ====== ====== ====== ====== ====== ====== ====== ======
1.82% 0.34% 8.23% 7.09% 4.46% 1.82% 0.34% 8.24% 3.57%
====== ====== ====== ====== ====== ====== ====== ====== ======
$ 492 $ 624 $ 629 $ 312 $ 251 $ 110 $ 115 $ 78 $ 90
1.78% 1.75% 1.73% 1.63% 1.26% 1.78% 1.75% 1.73% 1.63%(c)
3.39% 3.14% 3.54% 3.82% 4.26% 3.39% 3.13% 3.54% 3.82%(c)
13% 33% 34% 19% 31% 13% 33% 34% 19%
%
1.78 1.75% 1.73% 1.77% 1.84% 1.78% 1.75% 1.73% 1.77%(c)
</TABLE>
See Notes to Financial Statements.
81
<PAGE> 234
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 9.62 $10.06 $ 9.65 $ 9.35 $ 9.34
------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.42 0.42 0.40 0.46 0.44
Net realized and unrealized gain/(loss) on
investments..................................... (0.16) (0.28) 0.47 0.29 0.07
------- ------ ------ ------ ------
Total from investment operations.................. 0.26 0.14 0.87 0.75 0.51
------- ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.42) (0.42) (0.44) (0.45) (0.50)
Distributions from net realized gains............. -- (0.16) (0.02) (0.00)(e) --
------- ------ ------ ------ ------
Total distributions............................... (0.42) (0.58) (0.46) (0.45) (0.50)
------- ------ ------ ------ ------
Net asset value, end of period.................... $ 9.46 $ 9.62 $10.06 $ 9.65 $ 9.35
======= ====== ====== ====== ======
TOTAL RETURN (B).................................. 2.84% 1.24% 9.17% 8.26% 5.51%
======= ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $1,363 $1,513 $1,011 $ 652 $ 204
Ratio of operating expenses to average net
assets.......................................... 0.78% 0.75% 0.73% 0.63% 0.26%
Ratio of net investment income to average net
assets.......................................... 4.39% 4.14% 4.54% 4.82% 5.26%
Portfolio turnover rate........................... 13% 33% 34% 19% 31%
Ratio of operating expenses to average net assets
without waivers ................................ 0.78% 0.75% 0.73% 0.77% 0.84%
</TABLE>
------------
(a) The Munder Michigan Tax-Free Bond Fund Class A Shares, Class B Shares, Class
C Shares commenced operations on February 15, 1994, July 5, 1994, 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) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
82
<PAGE> 235
[This Page Intentionally Left Blank]
83
<PAGE> 236
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 10.02 $10.73 $10.50 $10.33 $10.49
------- ------- ------- ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.41 0.42 0.50 0.47 0.34
Net realized and unrealized gain/(loss) on
investments..................................... (0.14) (0.32) 0.38 0.25 (0.14)
------- ------- ------- ------ ------
Total from investment operations.................. 0.27 0.10 0.88 0.72 0.20
------- ------- ------- ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.42) (0.42) (0.49) (0.47) (0.35)
Distributions from net realized gains............. (0.08) (0.39) (0.16) (0.08) (0.01)
------- ------- ------- ------ ------
Total distributions............................... (0.50) (0.81) (0.65) (0.55) (0.36)
------- ------- ------- ------ ------
Net asset value, end of period.................... $ 9.79 $10.02 $10.73 $10.50 $10.33
======= ======= ======= ====== ======
TOTAL RETURN (B).................................. 2.83% 0.83% 8.54% 7.13% 1.87%
======= ======= ======= ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $ 1,873 $2,336 $2,510 $2,490 $1,141
Ratio of operating expenses to average net
assets.......................................... 1.00% 0.98% 0.93% 0.95% 0.98%(c)
Ratio of net investment income to average net
assets.......................................... 4.26% 3.94% 4.60% 4.52% 4.42%(c)
Portfolio turnover rate........................... 6% 32% 61% 45% 15%
Ratio of operating expenses to average net assets
without waivers................................. 1.00% 0.98% 0.93% 0.95% 1.06%(c)
</TABLE>
------------
(a) The Munder Tax-Free Bond Fund Class A Shares, Class B Shares and Class C
Shares commenced operations on October 9, 1995, December 6, 1994, and July
7, 1997, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
84
<PAGE> 237
<TABLE>
<CAPTION>
B SHARES C SHARES
--------------------------------------------------------------------- --------------------------------------
YEAR YEAR YEAR YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97(D) 6/30/96(D) 6/30/00(D) 6/30/99 6/30/98
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$10.02 $10.74 $10.52 $10.34 $10.29 $10.01 $10.73 $10.64
------ ------ ------ ------ ------ ------ ------ ------
0.34 0.34 0.41 0.32 0.40 0.34 0.34 0.41
(0.16) (0.33) 0.38 0.33 0.05 (0.12) (0.33) 0.25
------ ------ ------ ------ ------ ------ ------ ------
0.18 0.01 0.79 0.65 0.45 0.22 0.01 0.66
------ ------ ------ ------ ------ ------ ------ ------
(0.35) (0.34) (0.41) (0.39) (0.39) (0.35) (0.34) (0.41)
(0.08) (0.39) (0.16) (0.08) (0.01) (0.08) (0.39) (0.16)
------ ------ ------ ------ ------ ------ ------ ------
(0.43) (0.73) (0.57) (0.47) (0.40) (0.43) (0.73) (0.57)
------ ------ ------ ------ ------ ------ ------ ------
$ 9.77 $10.02 $10.74 $10.52 $10.34 $ 9.80 $10.01 $10.73
====== ====== ====== ====== ====== ====== ====== ======
1.87% (0.02)% 7.65% 6.43% 4.36% 2.28% (0.03)% 6.34%
====== ====== ====== ====== ====== ====== ====== ======
$ 964 $ 763 $ 490 $ 240 $ 5 $ 207 $ 419 $ 41
1.75% 1.73% 1.68% 1.70% 1.73% 1.75% 1.73% 1.68%(c)
3.51% 3.18% 3.85% 3.77% 3.67% 3.51% 3.19% 3.85%(c)
6% 32% 61% 45% 15% 6% 32% 61%
%
1.75 1.73% 1.68% 1.70% 1.81% 1.75% 1.73% 1.68%(c)
</TABLE>
See Notes to Financial Statements.
85
<PAGE> 238
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99 6/30/98 6/30/97(D) 6/30/96(D)
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $10.02 $10.73 $10.51 $10.34 $10.29
------ ------- ------- ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.44 0.45 0.52 0.50 0.49
Net realized and unrealized gain/(loss) on
investments..................................... (0.16) (0.32) 0.37 0.25 0.06
------ ------- ------- ------ ------
Total from investment operations.................. 0.28 0.13 0.89 0.75 0.55
------ ------- ------- ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.44) (0.45) (0.51) (0.50) (0.49)
Distributions from net realized gains............. (0.08) (0.39) (0.16) (0.08) (0.01)
------ ------- ------- ------ ------
Total distributions............................... (0.52) (0.84) (0.67) (0.58) (0.50)
------ ------- ------- ------ ------
Net asset value, end of period.................... $ 9.78 $10.02 $10.73 $10.51 $10.34
====== ======= ======= ====== ======
TOTAL RETURN (B).................................. 2.98% 1.08% 8.70% 7.40% 5.38%
====== ======= ======= ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $2,381 $2,827 $4,123 $3,946 $1,929
Ratio of operating expenses to average net
assets.......................................... 0.75% 0.73% 0.68% 0.70% 0.73%
Ratio of net investment income to average net
assets.......................................... 4.51% 4.19% 4.85% 4.77% 4.67%
Portfolio turnover rate........................... 6% 32% 61% 45% 15%
Ratio of operating expenses to average net assets
without waivers................................. 0.75% 0.73% 0.68% 0.70% 0.81%
</TABLE>
------------
(a) The Munder Tax-Free Bond Fund Class Y Shares commenced operations on July
21, 1994.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
86
<PAGE> 239
[This Page Intentionally Left Blank]
87
<PAGE> 240
Munder Tax-Free Short-Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
---------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 10.22 $ 10.46 $10.41 $10.34 $10.36
------- ------- ------- ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.38 0.38 0.43 0.41 0.41
Net realized and unrealized gain/(loss) on
investments..................................... (0.12) (0.14) 0.13 0.10 (0.02)
------- ------- ------- ------ ------
Total from investment operations.................. 0.26 0.24 0.56 0.51 0.39
------- ------- ------- ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.38) (0.38) (0.42) (0.41) (0.41)
Distributions from net realized gains............. (0.05) (0.10) (0.09) (0.03) --
Distributions in excess of net realized gains..... (0.00)(e) -- -- -- --
------- ------- ------- ------ ------
Total distributions............................... (0.43) (0.48) (0.51) (0.44) (0.41)
------- ------- ------- ------ ------
Net asset value, end of period.................... $ 10.05 $ 10.22 $10.46 $10.41 $10.34
======= ======= ======= ====== ======
TOTAL RETURN (B).................................. 2.68% 2.27% 5.44% 5.04% 3.79%
======= ======= ======= ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $ 5,745 $ 5,642 $6,554 $6,213 $5,012
Ratio of operating expenses to average net
assets.......................................... 0.97% 0.96% 0.94% 0.93% 0.96%
Ratio of net investment income to average net
assets.......................................... 3.75% 3.64% 4.07% 3.96% 3.91%
Portfolio turnover rate........................... 15% 25% 27% 31% 20%
Ratio of operating expenses to average net assets
without waivers................................. 0.97% 0.96% 0.94% 0.93% 1.04%
</TABLE>
------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class A Shares, Class B
Shares, and Class C Shares, commenced operations on November 30, 1992, May
16, 1996, and July 8, 1998, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
88
<PAGE> 241
<TABLE>
<CAPTION>
B SHARES C SHARES
--------------------------------------------------------------------------- ---------------------------
YEAR YEAR YEAR YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97(D) 6/30/96(D) 6/30/00(D) 6/30/99(D)
<S> <C> <C> <C> <C> <C> <C> <C>
$10.21 $10.45 $10.40 $10.34 $10.36 $10.28 $10.48
------ ------ ------ ------ ------ ------ ------
0.30 0.30 0.37 0.33 0.04 0.30 0.30
(0.12) (0.13) 0.11 0.10 -- (0.12) (0.09)
------ ------ ------ ------ ------ ------ ------
0.18 0.17 0.48 0.43 0.04 0.18 0.21
------ ------ ------ ------ ------ ------ ------
(0.31) (0.31) (0.34) (0.34) (0.06) (0.31) (0.31)
(0.05) (0.10) (0.09) (0.03) -- (0.05) (0.10)
(0.00)(e) -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------
(0.36) (0.41) (0.43) (0.37) (0.06) (0.36) (0.41)
------ ------ ------ ------ ------ ------ ------
$10.03 $10.21 $10.45 $10.40 $10.34 $10.10 $10.28
====== ====== ====== ====== ====== ====== ======
1.82% 1.51% 4.68% 4.24% 0.39% 1.81% 1.90%
====== ====== ====== ====== ====== ====== ======
$1,377 $1,285 $ 465 $ 272 $ 50 $ 248 $ 152
1.72% 1.71% 1.69% 1.68% 1.71%(c) 1.72% 1.71%(c)
3.00% 2.88% 3.32% 3.21% 3.16%(c) 3.00% 2.98%(c)
15%. 25% 27% 31% 20% 15% 25%
1.72% 1.71% 1.69% 1.68% 1.79%(c) 1.72% 1.71%(c)
</TABLE>
See Notes to Financial Statements.
89
<PAGE> 242
Munder Tax-Free Short-Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
---------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97(C) 6/30/96(C)
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $10.22 $10.47 $10.42 $10.34 $10.37
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.40 0.41 0.45 0.44 0.45
Net realized and unrealized gain/(loss) on
investments..................................... (0.10) (0.15) 0.14 0.11 (0.04)
------ ------ ------ ------ ------
Total from investment operations.................. 0.30 0.26 0.59 0.55 0.41
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income.............. (0.41) (0.41) (0.45) (0.44) (0.44)
Distributions from net realized gains............. (0.05) (0.10) (0.09) (0.03) --
Distributions in excess of net realized gains..... 0.00(d) -- -- -- --
------ ------ ------ ------ ------
Total distributions............................... (0.46) (0.51) (0.54) (0.47) (0.44)
------ ------ ------ ------ ------
Net asset value, end of period.................... $10.06 $10.22 $10.47 $10.42 $10.34
====== ====== ====== ====== ======
TOTAL RETURN (B).................................. 3.04% 2.42% 5.70% 5.40% 3.95%
====== ====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).............. $6,867 $7,905 $9,419 $7,511 $5,285
Ratio of operating expenses to average net
assets.......................................... 0.72% 0.71% 0.69% 0.68% 0.71%
Ratio of net investment income to average net
assets.......................................... 4.00% 3.88% 4.32% 4.21% 4.16%
Portfolio turnover rate........................... 15% 25% 27% 31% 20%
Ratio of operating expenses to average net assets
without waivers................................. 0.72% 0.71% 0.69% 0.68% 0.79%
</TABLE>
------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class Y Shares commenced
operations on December 17, 1992.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
90
<PAGE> 243
[This Page Intentionally Left Blank]
91
<PAGE> 244
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
-------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.............................. 0.050 0.045 0.049 0.047 0.049
-------- -------- -------- ------- --------
Total from investment operations................... 0.050 0.045 0.049 0.047 0.049
-------- -------- -------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income............... (0.050) (0.045) (0.049) (0.047) (0.049)
-------- -------- -------- ------- --------
Total distributions................................ (0.050) (0.045) (0.049) (0.047) (0.049)
-------- -------- -------- ------- --------
Net asset value, end of period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======= ========
TOTAL RETURN (B)................................... 5.13% 4.58% 5.04% 4.80% 5.02%
======== ======== ======== ======= ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............... $122,693 $135,705 $133,663 $96,192 $116,622
Ratio of operating expenses to average net
assets........................................... 0.80% 0.78% 0.76% 0.80% 0.78%
Ratio of net investment income to average net
assets........................................... 5.01% 4.48% 4.92% 4.71% 4.88%
Ratio of operating expenses to average net assets
without waivers.................................. 0.80% 0.78% 0.76% 0.80% 0.78%
</TABLE>
------------
(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.
See Notes to Financial Statements.
92
<PAGE> 245
<TABLE>
<CAPTION>
Y SHARES
--------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
0.053 0.047 0.051 0.050 0.051
-------- -------- -------- -------- --------
0.053 0.047 0.051 0.050 0.051
-------- -------- -------- -------- --------
(0.053) (0.047) (0.051) (0.050) (0.051)
-------- -------- -------- -------- --------
(0.053) (0.047) (0.051) (0.050) (0.051)
-------- -------- -------- -------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
5.39% 4.84% 5.30% 5.07% 5.27%
======== ======== ======== ======== ========
$197,156 $358,125 $327,417 $279,427 $317,825
0.55% 0.53% 0.51% 0.55% 0.53%
5.26% 4.72% 5.17% 4.96% 5.13%
0.55% 0.53% 0.51% 0.55% 0.53%
</TABLE>
See Notes to Financial Statements.
93
<PAGE> 246
Munder Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
---------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................................ 0.048 0.044 0.048 0.046 0.048
------- ------- ------- ------- -------
Total from investment operations..................... 0.048 0.044 0.048 0.046 0.048
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income................. (0.048) (0.044) (0.048) (0.046) (0.048)
------- ------- ------- ------- -------
Total distributions.................................. (0.048) (0.044) (0.048) (0.046) (0.048)
------- ------- ------- ------- -------
Net asset value, end of period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
TOTAL RETURN (B)..................................... 4.86% 4.45% 4.89% 4.72% 4.83%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)................. $37,245 $17,463 $14,749 $ 3,655 $ 23
Ratio of operating expenses to average net assets.... 0.90% 0.87% 0.89% 0.89% 0.87%(c)
Ratio of net investment income to average net
assets............................................. 4.77% 4.36% 4.78% 4.61% 4.84%(c)
Ratio of operating expenses to average net assets
without waivers.................................... 0.90% 0.87% 0.89% 0.89% 0.87%(c)
</TABLE>
------------
(a) The Munder Money Market Fund Class A Shares, Class B Shares and Class C
Shares commenced operations on July 3, 1995, February 16, 1994, and October
17, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
See Notes to Financial Statements.
94
<PAGE> 247
<TABLE>
<CAPTION>
B SHARES C SHARES
--------------------------------------------------------------- -------------------------------------------------
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96 6/30/00 6/30/99 6/30/98 6/30/97
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- ------- ------- -------
0.040 0.036 0.040 0.039 0.041 0.040 0.036 0.040 0.027
------- ------- ------- ------- ------- ------- ------- ------- -------
0.040 0.036 0.040 0.039 0.041 0.040 0.036 0.040 0.027
------- ------- ------- ------- ------- ------- ------- ------- -------
(0.040) (0.036) (0.040) (0.039) (0.041) (0.040) (0.036) (0.040) (0.027)
------- ------- ------- ------- ------- ------- ------- ------- -------
(0.040) (0.036) (0.040) (0.039) (0.041) (0.040) (0.036) (0.040) (0.027)
------- ------- ------- ------- ------- ------- ------- ------- -------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= ======= ======= =======
4.10% 3.67% 4.09% 3.92% 4.13% 4.10% 3.68% 4.10% 2.75%
======= ======= ======= ======= ======= ======= ======= ======= =======
$25,005 $10,133 $ 658 $ 451 $ 124 $9,196 $ 2,324 $ 1 $ 1,755
1.65% 1.62% 1.64% 1.64% 1.62% 1.65% 1.62% 1.64% 1.64%(c)
4.02% 3.49% 4.04% 3.86% 4.09% 4.02% 3.59% 4.03% 3.86%(c)
1.65% 1.62% 1.64% 1.64% 1.62% 1.65% 1.62% 1.64% 1.64%(c)
</TABLE>
See Notes to Financial Statements.
95
<PAGE> 248
Munder Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
(Continued)
<TABLE>
<CAPTION>
Y SHARES
---------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98(D) 6/30/97 6/30/96
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- -------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.............................. 0.050 0.046 0.050 0.049 0.051
------- -------- ------- -------- --------
Total from investment operations................... 0.050 0.046 0.050 0.049 0.051
------- -------- ------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income............... (0.050) (0.046) (0.050) (0.049) (0.051)
------- -------- ------- -------- --------
Total distributions................................ (0.050) (0.046) (0.050) (0.049) (0.051)
------- -------- ------- -------- --------
Net asset value, end of period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======== ======= ======== ========
TOTAL RETURN (B)................................... 5.13% 4.71% 5.14% 4.97% 5.17%
======= ======== ======= ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............... $27,942 $139,388 $68,689 $124,621 $223,396
Ratio of operating expenses to average net
assets........................................... 0.65% 0.62% 0.64% 0.64% 0.62%
Ratio of net investment income to average net
assets........................................... 5.02% 4.55% 5.03% 4.86% 5.09%
Ratio of operating expenses to average net assets
without waivers.................................. 0.65% 0.62% 0.64% 0.64% 0.62%
</TABLE>
------------
(a) The Munder Money Market Fund Class Y Shares commenced operations on August
18, 1993.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
See Notes to Financial Statements.
96
<PAGE> 249
[This Page Intentionally Left Blank]
97
<PAGE> 250
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
---------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................................ 0.029 0.025 0.028 0.028 0.029
------- ------- ------- ------ -------
Total from investment operations..................... 0.029 0.025 0.028 0.028 0.029
------- ------- ------- ------ -------
LESS DISTRIBUTIONS:
Dividends from net investment income................. (0.029) (0.025) (0.028) (0.028) (0.029)
------- ------- ------- ------ -------
Total distributions.................................. (0.029) (0.025) (0.028) (0.028) (0.029)
------- ------- ------- ------ -------
Net asset value, end of period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ====== =======
TOTAL RETURN (B)..................................... 2.94% 2.51% 2.87% 2.78% 2.89%
======= ======= ======= ====== =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)................. $80,887 $67,847 $72,007 $5,205 $10,582
Ratio of operating expenses to average net assets.... 0.81% 0.80% 0.79% 0.78% 0.78%
Ratio of net investment income to average net
assets............................................. 2.89% 2.48% 2.83% 2.76% 2.89%
Ratio of operating expenses to average net assets
without waivers.................................... 0.81% 0.80% 0.79% 0.78% 0.80%
</TABLE>
------------
(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.
See Notes to Financial Statements.
98
<PAGE> 251
<TABLE>
<CAPTION>
Y SHARES
-----------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/2000 6/30/1999 6/30/1998 6/30/97 6/30/1996
<S> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
0.032 0.027 0.031 0.030 0.031
------- ------- ------- ------- -------
0.032 0.027 0.031 0.030 0.031
------- ------- ------- ------- -------
(0.032) (0.027) (0.031) (0.030) (0.031)
------- ------- ------- ------- -------
(0.032) (0.027) (0.031) (0.030) (0.031)
------- ------- ------- ------- -------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
3.20% 2.76% 3.13% 3.04% 3.16%
======= ======= ======= ======= =======
$16,541 $21,791 $20,397 $22,951 $25,594
0.56% 0.55% 0.54% 0.53% 0.53%
3.14% 2.73% 3.08% 3.01% 3.14%
0.56% 0.55% 0.54% 0.53% 0.55%
</TABLE>
See Notes to Financial Statements.
99
<PAGE> 252
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
----------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
06/30/00 6/30/99 6/30/98 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.................................. 0.046 0.041 0.047 0.046 0.047
------- ------- ------- ------- -------
Total from investment operations....................... 0.046 0.041 0.047 0.046 0.047
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income................... (0.046) (0.041) (0.047) (0.046) (0.047)
------- ------- ------- ------- -------
Total distributions.................................... (0.046) (0.041) (0.047) (0.046) (0.047)
------- ------- ------- ------- -------
Net asset value, end of period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
TOTAL RETURN (B)....................................... 4.66% 4.23% 4.76% 4.66% 4.77%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)................... $20,631 $27,040 $ 8,646 $ 5,319 $ 1,620
Ratio of operating expenses to average net assets...... 0.86% 0.83% 0.82% 0.79% 0.79%
Ratio of net investment income to average net assets... 4.55% 4.10% 4.67% 4.54% 4.64%
Ratio of operating expenses to average net assets
without waivers...................................... 0.86% 0.83% 0.82% 0.79% 0.81%
</TABLE>
------------
(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.
See Notes to Financial Statements.
100
<PAGE> 253
<TABLE>
<CAPTION>
Y SHARES
------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
06/30/00 6/30/99 6/30/98 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------- --------
0.048 0.044 0.049 0.048 0.049
------- ------- ------- -------- --------
0.048 0.044 0.049 0.048 0.049
------- ------- ------- -------- --------
(0.048) (0.044) (0.049) (0.048) (0.049)
------- ------- ------- -------- --------
(0.048) (0.044) (0.049) (0.048) (0.049)
------- ------- ------- -------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======== ========
4.92% 4.33% 5.00% 4.91% 5.02%
======= ======= ======= ======== ========
$14,266 $33,967 $37,437 $233,549 $309,873
0.61% 0.58% 0.57% 0.54% 0.54%
4.80% 4.40% 4.92% 4.79% 4.89%
0.61% 0.58% 0.57% 0.54% 0.56%
</TABLE>
See Notes to Financial Statements.
101
<PAGE> 254
[This Page Intentionally Left Blank]
102
<PAGE> 255
The Munder Funds
Notes To Financial Statements, June 30, 2000
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Funds, Inc. ("MFI") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company, and was organized as a Maryland corporation on November 18, 1992. The
Munder Funds Trust ("MFT") is registered under the 1940 Act, as an open-end
management investment company, and was organized as a Massachusetts business
trust on August 30, 1989. MFI and MFT consist of 32 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 "Funds"). The financial statements for the remaining funds of
MFI and MFT are presented in separate reports.
MFI:
INCOME FUNDS
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 Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Short-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 Funds are presented in
separate annual reports. Each Fund is classified as a diversified management
investment company under the 1940 Act, other than the Munder Tax-Free
Short-Intermediate Bond Fund, Munder Michigan Tax-Free Bond Fund and Munder
International Bond Fund, which are 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,
103
<PAGE> 256
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
including listed securities for which the primary market is believed to be
over-the-counter, are valued at the mean between the most recently quoted bid
and asked prices. Restricted securities, and securities and assets for which
market quotations are not readily available, are valued at fair value by Munder
Capital Management (the "Advisor"), and under certain circumstances by a pricing
committee, under the guidelines approved by the Boards of Trustees and
Directors. Portfolio securities primarily traded on the London Stock Exchange
are generally valued at the mean price between the current bid and asked prices.
Portfolio securities that are primarily traded on foreign securities exchanges,
other than the London Stock Exchange, are generally valued at the last sale
price of such securities on their respective exchanges, except when an
occurrence subsequent to the time a value was so established is likely to have
changed such value. In such an event, the fair value of those securities will be
determined through the consideration of other factors by or in accordance with
guidelines approved by the Boards of Trustees and Directors. Debt securities
with remaining maturities of 60 days or less at the time of purchase are valued
on an amortized cost basis, unless the Boards of Trustees and Directors
determine that such valuation does not constitute fair value at that time. Debt
securities held by the Money Market Funds are also valued on an amortized cost
basis, which approximates current market value. Thereafter, a constant
proportionate amortization of any discount or premium is recorded until maturity
of the security. Regular review and monitoring of the valuation of securities
held by the Money Market Funds is performed pursuant to procedures established
by the Boards of Trustees and Directors. Each Money Market Fund seeks to
maintain a net asset value per share of $1.00.
Forward Foreign Currency Exchange Contracts: The Munder Bond Fund, Munder
Intermediate Bond Fund, Munder International Bond Fund and Munder U.S.
Government Income Fund may engage in forward foreign currency exchange contracts
in an effort to reduce the level of volatility caused by changes in foreign
currency exchange rates. A Fund may use forward foreign currency exchange
contracts to facilitate transactions in foreign securities and to manage
currency exposure. Forward foreign currency exchange contracts are valued at the
exchange rate and are marked-to-market daily. The change in market value is
recorded as an unrealized gain or loss. When the contract is closed, a Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
The use of forward foreign currency exchange contracts does not eliminate
fluctuations in the underlying prices of a Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency exchange contracts limit the risk of loss due to a
decline in the value of the hedged currency, they also limit any potential gain
that might result should the value of the currency increase. In addition, a Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts.
Foreign Currency: The books and records of Munder International Bond Fund
are maintained in U.S. dollars. Foreign currencies, investments and other assets
and liabilities are translated into U.S. dollars at the exchange rates
prevailing at the end of the period. Purchases and sales of investment
securities and items of income and expense are translated on the respective
dates of such transactions. Unrealized gains and losses, not relating to
securities, which result from changes in foreign currency exchange rates have
been included in the unrealized appreciation/(depreciation) of foreign currency
and net other assets. Net realized foreign currency gains and losses resulting
from changes in exchange rates include foreign currency gains and losses between
trade date and settlement date on investment security transactions and foreign
currency transactions, and the difference between the amounts of interest and
dividends recorded on the books of a Fund and the amounts actually received. The
portion of foreign currency gains and losses related to fluctuation in exchange
rates between the initial purchase trade date and subsequent sale trade date is
included in realized gains and losses on investment securities sold.
104
<PAGE> 257
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
Repurchase Agreements: Each of the Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, a Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and a Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during a Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during a 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, a Fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to a Fund in the event a Fund is delayed or
prevented from exercising its right to dispose of the collateral securities,
including the risk of a possible decline in the value of the collateral
securities during the period during which a Fund seeks to assert its rights. The
Advisor reviews the value of the collateral and the creditworthiness of those
banks and dealers with which a Fund enters into repurchase agreements to
evaluate potential risks.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a Fund's total assets. Each loan is
secured by collateral adjusted daily to have a market value at least equal to
the current market value of the securities loaned. These loans are terminable at
any time and a Fund will receive any interest or dividends paid on the loaned
securities. A Fund may share with the borrower some of the income received on
the collateral for the loan or a Fund will be paid a premium for the loan. This
income is reflected as other income on the Statement of Operations. If the
borrower defaults and the value of the portfolio securities increases in excess
of the collateral received or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities loaned
may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use of
the specific identification method for both financial reporting and income tax
purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as a Fund is informed of the ex-dividend date.
General expenses of the Munder Funds are allocated to each Fund based upon
relative net assets of each Fund. Operating expenses of each Fund are prorated
among the share classes based on the relative average net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis may
be settled a month or more after the trade date. Interest income is not accrued
until settlement date. Each Fund instructs the custodian to segregate assets
with a current value at least equal to the amount of its when-issued purchase
commitments.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid monthly by the Income Funds (excluding the Munder
International Bond Fund for which dividends are declared and paid quarterly);
and declared daily and paid monthly by the Money Market Funds. Each Fund's net
realized capital gains (including net short-term capital gains), if any, are
declared and distributed at least annually. Distributions to shareholders are
recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by a Fund,
timing differences and differing characterization of distributions made by a
Fund as a whole.
As determined on June 30, 2000, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were
105
<PAGE> 258
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
reclassified at year-end. These reclassifications had no effect on net
investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no Federal
income or excise tax provision is required.
2. INVESTMENT ADVISOR AND OTHER RELATED PARTY TRANSACTIONS
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, based on the average daily net
assets of the respective Fund, at the following annual rates:
<TABLE>
<CAPTION>
FEES ON 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>
Comerica Inc. ("Comerica"), through its wholly owned subsidiary Comerica
Bank, owns approximately 95% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder services
provided to the Funds, Comerica receives a fee of 0.01% of the aggregate average
daily net assets of the Funds beneficially owned by Comerica and its customers.
Comerica earned $300,459 for its shareholder services to the Funds for the year
ended June 30, 2000.
Each Trustee of MFT and each Director of MFI is paid an aggregate fee for
services provided as a Board member of MFT, MFI, The Munder Framlington Funds
Trust and St. Clair Funds, Inc. The fee consists of a $35,000 annual retainer
($43,750 for the Chairman) for services in such capacity plus $3,500 for each
Board meeting attended per year, plus out-of-pocket expenses related to
attendance at such meetings. No officer, director or employee of the Advisor or
Comerica received any compensation from MFI or MFT.
3. DISTRIBUTION AND SERVICE PLANS
The Funds have adopted Service Plans and Distribution and Service Plans
(collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act, with
respect to the Class A, Class B and Class C Shares. Under the Plans, the
Distributor uses the service fees primarily to pay ongoing trail commissions to
securities dealers and other financial institutions and organizations
(collectively, the "Service Organizations") who provide shareholder services for
the Funds. The Class B and Class C Plans also permit payments to be made by each
Fund to the Distributor or directly to other service providers for expenditures
incurred by the Distributor or other service providers in connection with the
distribution of Fund shares to investors and provision of certain shareholder
services (which include but are not limited to the payment of compensation,
including compensation to Service Organizations to obtain various distribution
related services for the Funds). The Funds have also adopted Shareholder
Servicing Plans (the "Class K Plans") for the Class K Shares of the Funds. Under
the Class K Plans, the Funds are permitted to enter into agreements with
institutions that provide shareholder services to their customers.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among the
Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate
106
<PAGE> 259
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
of the Advisor. For the year ended June 30, 2000, the Distributor paid $6,875
and $29,954 to Comerica Securities and LPM, respectively for shareholder
services provided to the Funds.
For the year ended June 30, 2000, the effective rates, as a percentage of
average daily net assets, under the Plans and Class K Plans were 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 (excluding Munder Money
Market Fund)................................ 0.25% N/A N/A 0.15%
Munder Money Market Fund...................... 0.25% 1.00% 1.00% N/A
</TABLE>
4. SECURITIES TRANSACTIONS
For the year ended June 30, 2000, purchases and sales of securities other
than short-term investments and U.S. Government securities were as follows:
<TABLE>
<CAPTION>
COST OF PURCHASES PROCEEDS FROM SALES
----------------- -------------------
<S> <C> <C>
Munder Bond Fund................................ $168,951,402 $203,908,981
Munder Intermediate Bond Fund................... 339,020,394 355,314,253
Munder International Bond Fund.................. 57,153,102 72,901,950
Munder Michigan Tax-Free Bond Fund.............. 7,257,530 25,692,672
Munder Tax-Free Bond Fund....................... 9,525,990 41,161,724
Munder Tax-Free Short-Intermediate Bond Fund.... 35,182,162 94,891,134
</TABLE>
For the year ended June 30, 2000, purchases and sales of U.S. Government
securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
COST OF PURCHASES PROCEEDS FROM SALES
----------------- -------------------
<S> <C> <C>
Munder Bond Fund................................ $251,673,953 $287,996,796
Munder Intermediate Bond Fund................... 263,220,952 349,335,498
Munder International Bond Fund.................. 1,457,109 1,435,547
Munder U.S. Government Income Fund.............. 37,176,446 103,091,140
</TABLE>
At June 30, 2000, 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.......................................... $ 751,233 $ 8,121,059
Munder Intermediate Bond Fund............................. 436,471 10,505,187
Munder International Bond Fund............................ 510,295 2,290,500
Munder U.S. Government Income Fund........................ 1,084,079 8,519,471
Munder Michigan Tax-Free Bond Fund........................ 492,083 1,736,476
Munder Tax-Free Bond Fund................................. 3,003,764 3,855,342
Munder Tax-Free Short-Intermediate Bond Fund.............. 1,139,124 2,397,344
</TABLE>
107
<PAGE> 260
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
5. CONCENTRATION
The Munder Tax-Free Short-Intermediate Bond Fund and Munder Michigan
Tax-Free Bond Fund primarily invest in debt obligations issued by the State of
Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various public
purposes. The two Funds are more susceptible to factors adversely affecting
issuers of Michigan municipal securities than 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 Funds hold investments that are insured by private insurers who
guarantee the payment of principal and interest in the event of default. At June
30, 2000, investments in these securities for the Munder Michigan Tax-Free Bond
Fund, Munder Tax-Free Bond Fund, and Munder Tax-Free Short-Intermediate Bond
Fund represented 48.5%, 28.3% and 23.2 % of holdings, respectively.
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 prior to June 30, 1998 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, 2000, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
FUND 2001 2002 2003 2005 2006 2007 2008
---- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Munder Bond Fund............... -- -- -- -- -- -- $3,087,443
Munder Intermediate Bond
Fund......................... -- -- $8,154,852 $11,240,318 -- -- 3,667,573
Munder International Bond
Fund......................... -- -- -- -- -- $11,521 165,567
Munder Michigan Tax-Free
Bond Fund.................... -- -- -- -- -- -- 456,326
Munder Tax-Free Bond Fund...... -- -- -- -- -- -- 515,029
Munder Money Market Fund....... -- -- -- -- $10 -- 287
Munder Tax-Free Money Market
Fund......................... $39,684 $15,088 12,291 -- -- -- 8,085
</TABLE>
108
<PAGE> 261
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
Certain capital and net foreign currency losses realized after October 31
within the taxable year may be deferred and treated as occurring on the first
day of the following tax year. The following Munder Funds have elected to defer
net capital and currency losses arising between November 1, 1999 and June 30,
2000 as follows:
<TABLE>
<CAPTION>
AMOUNT
------
<S> <C>
Munder Bond Fund............................................ $8,363,772
Munder Intermediate Bond Fund............................... 7,584,673
Munder International Bond Fund.............................. 1,017,955
Munder U.S. Government Income Fund.......................... 2,543,201
Munder Michigan Tax-Free Bond Fund.......................... 262,230
Munder Tax-Free Bond Fund................................... 760,586
Munder Tax-Free Short-Intermediate Bond Fund................ 3,903
Munder Money Market Fund.................................... 4,695
Munder Tax-Free Money Market Fund........................... 35,296
</TABLE>
109
<PAGE> 262
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
We have audited the accompanying statements of assets and liabilities of the
Munder Bond Fund, Munder Intermediate Bond Fund, Munder U.S. Government Income
Fund, Munder Michigan Tax-Free Bond Fund, Munder Tax-Free Bond Fund, Munder
Tax-Free Short-Intermediate Bond Fund, Munder Cash Investment Fund, Munder
Tax-Free Money Market Fund and Munder U.S. Treasury Money Market Fund (nine of
the portfolios constituting The Munder Funds Trust), and the Munder
International Bond Fund and Munder Money Market Fund (two of the portfolios
constituting The Munder Funds, Inc.) (collectively, the "Funds"), including the
portfolios of investments, as of June 30, 2000, and the related statements of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended and the financial highlights for
each of the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000 by correspondence with the
custodian and brokers or other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios referred to above constituting The Munder Funds
Trust and The Munder Funds, Inc. at June 30, 2000, the results of their
operations for the year then ended, the changes in their net assets for each of
the two years in the period then ended, and their financial highlights for each
of the indicated periods, in conformity with accounting principles generally
accepted in the United States.
ERNST & YOUNG LLP
Boston, Massachusetts
August 15, 2000
110
<PAGE> 263
The Munder Funds
Tax Information, June 30, 2000 (Unaudited)
The percentages of total net assets invested in U.S. Government and U.S.
Government Agency obligations at June 30, 2000, were as follows:
<TABLE>
<S> <C>
Munder Bond Fund
Federal Home Loan Mortgage Corporation.................... 4.6%
Federal National Mortgage Association..................... 12.9%
Government Agency Debentures.............................. 5.5%
Government National Mortgage Association.................. 3.9%
U.S. Treasury Bond........................................ 8.6%
U.S. Treasury Notes....................................... 8.8%
Munder Intermediate Bond Fund
Federal Home Loan Mortgage Corporation.................... 3.6%
Federal National Mortgage Association..................... 10%
Government Agency Debentures.............................. 14.9%
Government National Mortgage Association.................. 2.3%
Small Business Administration............................. 0.4%
U.S. Treasury Notes....................................... 7.0%
Munder U.S. Government Income Fund
Federal Home Loan Mortgage Corporation.................... 53.9%
Federal Housing Authority/Veterans Administration......... 6.0%
Federal National Mortgage Association..................... 29.3%
Government National Mortgage Association.................. 7.0%
Small Business Administration............................. 0.1%
U.S. Treasury Bond........................................ 8.3%
Munder U.S. Treasury Money Market Fund
U.S. Treasury Bills....................................... 30.9%
U.S. Treasury Notes....................................... 20.7%
</TABLE>
Of the distributions made from investment income, the following percentages
are tax exempt for regular Federal income tax purposes:
<TABLE>
<S> <C>
Munder Michigan Tax-Free Bond Fund.......................... 99.85%
Munder Tax-Free Bond Fund................................... 99.96%
Munder Tax-Free Short-Intermediate Bond Fund................ 99.99%
Munder Tax-Free Money Market Fund........................... 100%
</TABLE>
The following amounts have been designated as capital gains dividends for
the purpose of the dividends paid deduction:
<TABLE>
<S> <C>
Munder U.S. Government Income Fund.......................... $ 10,178
Munder Michigan Tax-Free Bond Fund.......................... 334
Munder Tax-Free Bond Fund................................... 1,328,101
Munder Tax-Free Short Intermediate Bond Fund................ 1,320,067
</TABLE>
111
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BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
James C. Robinson, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Michael T. Monahan, Vice President
Mary Ann Shumaker, Assistant Secretary
Libby E. Wilson, Assistant Secretary and Treasurer
Bradford E. Smith, Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
4400 Computer Drive
Westborough, MA 01581
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
The Munder Funds
<PAGE> 265
ANNINC & MM600
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc. [UNION LOGO]
<PAGE> 266
CLASS K SHARES
(TM)
[THE MUNDER FUNDS LOGO]
Investments
for all seasons
Annual
Report
JUNE 30, 2000
THE MUNDER EQUITY FUNDS
Balanced
Equity Income
Index 500
International Equity
Micro-Cap Equity
Multi-Season Growth
Real Estate Equity Investment
Small-Cap Value
Small Company Growth
THE MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
THE MUNDER INCOME FUNDS
Bond
Intermediate Bond
International Bond
U.S. Government Income
Michigan Tax-Free Bond
Tax-Free Bond
Tax-Free Short-Intermediate Bond
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Tax-Free Money Market
U.S. Treasury Money Market
<PAGE> 267
D
"During the past six months, both the bond and stock markets have
experienced volatility and a significant rotation from one sector to
another."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages you will find
the most recent financial information for your
investment in The Munder Funds. I hope that you are
pleased with the performance and operations of the
Funds.
During the first six months of 2000,
both the bond and stock markets have experienced
volatility and a significant rotation from one
sector to another. In the fixed income market,
volatility was largely due to the Federal Reserve
which tightened monetary policy three times during
the first half of the year. The Treasury sector of
the bond market dominated in performance during the
first quarter, but gave way to mortgage-backed
securities during the second quarter.
In the stock market, the momentum in performance of technology
stocks prior to and during the first quarter of 2000, finally died. The
technology sector dropped into negative territory for the second quarter.
It was more painful for technology investors in the second quarter as the
market leaders began to decline and momentum investors rushed to sell
stocks at the same time. Throughout all market environments, we pay more
attention to valuation and earnings growth than to momentum. Valuation,
when combined with a focus on growth, helps to keep a portfolio grounded in
reality. Our continued focus on valuation and other fundamentals has been
particularly important given the wide diversity between top and bottom
performers both between and within sectors.
If you have any questions about any of these mutual fund
offerings, or your current investments, please call your financial advisor.
You may also contact the Fund at 1-800-4MUNDER or through our website at
www.munder.com. Thank you for your confidence in Munder Capital Management
and The Munder Family of Mutual Funds. We value the opportunity to work
with you towards meeting your investment objectives.
Very truly yours
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
<PAGE> 268
Table of
Contents
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<TABLE>
<S> <C>
EQUITY FUNDS OVERVIEW
IV Munder Balanced Fund
V Munder Equity Income Fund
VI Munder Index 500 Fund
VI Munder International Equity Fund
VII Munder Micro-Cap Equity Fund
VIII Munder Multi-Season Growth Fund
VIII Munder Real Estate Equity Investment Fund
IX Munder Small-Cap Value Fund
IX Munder Small Company Growth Fund
X Munder Framlington Emerging Markets Fund
XI Munder Framlington Healthcare Fund
XII Munder Framlington International Growth Fund
FIXED INCOME FUNDS OVERVIEW
XIV Munder Bond Fund
XIV Munder Intermediate Bond Fund
XIV Munder International Bond Fund
XV Munder U.S. Government Income Fund
XVI Munder Michigan Tax-Free Bond Fund
XVII Munder Tax-Free Bond Fund
XVII Munder Tax-Free Short-Intermediate Bond Fund
XVIII HYPOTHETICALS AND TOTAL RETURNS
PORTFOLIO OF INVESTMENTS --
EQUITY FUNDS:
1 Munder Balanced Fund
7 Munder Equity Income Fund
9 Munder Index 500 Fund
19 Munder International Equity Fund
32 Munder Micro-Cap Equity Fund
34 Munder Multi-Season Growth Fund
36 Munder Real Estate Equity Investment Fund
37 Munder Small-Cap Value Fund
39 Munder Small Company Growth Fund
41 Munder Framlington Emerging Markets Fund
46 Munder Framlington Healthcare Fund
50 Munder Framlington International Growth Fund
</TABLE>
---------------------------------------------------------------------
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.
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<TABLE>
<S> <C>
INCOME FUNDS:
54 Munder Bond Fund
56 Munder Intermediate Bond Fund
59 Munder International Bond Fund
62 Munder U.S. Government Income Fund
64 Munder Michigan Tax-Free Bond Fund
68 Munder Tax-Free Bond Fund
74 Munder Tax-Free Short-Intermediate Bond Fund
MONEY MARKET FUNDS:
81 Munder Cash Investment Fund
83 Munder Tax-Free Money Market Fund
93 Munder U.S. Treasury Money Market Fund
94 FINANCIAL STATEMENTS
133 FINANCIAL HIGHLIGHTS
155 NOTES TO FINANCIAL STATEMENTS
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
</TABLE>
ii
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Management's Discussion of
Fund Performance
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THE INVESTMENT ENVIRONMENT
The first calendar quarter of 2000 continued the pattern we have seen for
some time now. Economic growth was strong. Labor markets were tight. Inflation,
at least through February, was moderate. The current expansion, which began in
March 1991, has now gone into the record books as the longest expansion in
post-war history.
Consumer spending continued to drive economic growth during the first
quarter of 2000. Since the consumer sector accounted for approximately 68% of
total economic activity, it was key to the strength of the economy. Consumer
spending had been fueled by employment and income gains, increased debt levels,
positive consumer sentiment and stock market wealth. At the end of the first
quarter, stock market wealth was estimated to have increased by $8.7 trillion
since 1994. The consumer sentiment reading published by the University of
Michigan was 107.1% in March, down somewhat from February's level but still
close to a record high. With consumer sentiment strong and the stock market up,
consumers appeared willing to increase debt levels to help finance spending.
Signs of moderation in economic growth appeared during the second quarter
of 2000. Over the past several quarters, these signs have quickly given way to a
rebound in the economy. This time, a growing number of analysts are viewing the
moderation as real and sustainable. The rate increases engineered by the Federal
Reserve may finally be having the intended effect of slowing the pace of the
economy. One reason for greater confidence that the slowdown can be sustained is
the fact that, during the second quarter, the moderation in demand was
concentrated in domestic demand rather than the more volatile trade and
inventory sectors. Most important, there is evidence that consumer spending is
finally slowing, with weakness seen in both new vehicle sales and chain store
sales. Income growth is finally beginning to outpace increases in consumer
spending.
One sector that has not yet shown signs of moderation is business
investment in technology. The continued focus on technology-related spending
bodes well for future productivity and should help to dampen inflationary
pressures.
The purchasing managers' index, which reflects activity in the industrial
sector of the economy, has fallen every month from March through June. This
decline, coupled with the 51.8% June reading, reflects positive but decelerating
economic activity. (Any reading above 50 reflects growth.) The unemployment
report for June was weaker than expected, contributing to the picture of
moderating economic strength.
As the economy slows, analysts have become divided on whether the Federal
Reserve will tighten monetary policy yet another notch at its August 22 meeting.
The relative strength or weakness of economic data reported up to that meeting
will be scrutinized for its potential impact on the decision of the Federal
Reserve. In the meantime, if a sustainable moderation in economic growth appears
to be unfolding, the concerns of market watchers are likely to focus less on
interest rate increases and more on the impact of slower economic growth on
corporate earnings.
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THE STOCK MARKET
Technology stocks were driven higher during the first quarter of 2000 by
the same factors that were at work in 1999 -- strong fundamentals, positive
earnings surprises and momentum investing. Momentum investors added to the
upward pressure on technology stocks as they concentrated on stocks whose prices
were increasing at an accelerating pace.
Volatility, negative returns and a refocusing on fundamentals were the
chief characteristics of the stock market during the second quarter of 2000.
Between sectors and within sectors there was a wide diversity between top and
bottom performers. This was a quarter when relative performance depended
critically on being in the right stocks and not simply in the right sectors.
Heightened worries about slower growth and higher interest rates hurt
economically sensitive stocks but were positive for stocks that tend to exhibit
a consistency in earnings over an economic cycle.
Most of the major stock market indices were negative for the second quarter
of 2000. The S&P 500 Index showed a return of -2.66% for the quarter, with
negative returns in both April and May only partially offset by a positive
return in June. For the first six months of 2000, the S&P 500 Index returned
-0.42% and for the year ended June 30, 2000, the Index returned 7.25%. The
healthcare sector was the strongest sector of the S&P 500 universe in the second
quarter. In fact, healthcare stocks generated positive and double-digit returns
across all size segments of the market. Other strong sectors of the S&P 500
universe included energy, utilities and consumer staples.
Technology fell from its pedestal of market leader, a position it had
enjoyed for over two years. Even with a sharp rebound in June, the sector fell
into negative territory for the second quarter. Earlier in the quarter, the
technology sell-off was fairly broad. Eventually, investors became more
discriminating -- in selling as well as in buying -- and quality technology
names pulled ahead of the pack. Other sectors of the S&P 500 universe generating
negative returns for the quarter included basic materials, communication
services, consumer cyclicals and technology.
The following paragraphs detail the performance of The Munder Funds. Each
Fund offers its shares to investors in several classes. These classes have
different sales charges and expenses, which affect performance. Performance
figures in the following narrative discussion represent the performance of Class
K shares, net of Fund expenses.
MUNDER BALANCED FUND
FUND MANAGER: THE MUNDER BALANCED FUND COMMITTEE
The Fund earned a return of 27.01% for the year ended June 30, 2000,
relative to 6.07% return for a 60%/40% blend of the S&P 500 Index and the Lehman
Government/Corporate Bond Index and the 4.40% average return for the Lipper
universe of balanced mutual funds. The Fund has earned above-average returns for
the one-month, six-month, one-year, two-year, three-year and five-year time
periods ending June 30.
The Munder Balanced Fund is a diversified portfolio with holdings ranging
from large company to small company stocks. The equity styles represented in the
Fund include both growth and value. Growth stocks are those selected largely
because of anticipated growth in earnings. Value stocks tend to be stocks whose
characteristics include relative valuation that is below that of the
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market. The fixed income portion of the Fund includes bonds from the corporate,
government and mortgage-related sectors of the market.
During the first quarter of 2000, performance was driven by the performance
of the small company growth stocks held in the Fund. Within this group of
stocks, performance among the computer software and services and
telecommunications stocks was especially strong. The strongest component of the
Fund during the second quarter of 2000 were the larger company growth stocks.
These stocks generated a positive return during a quarter when most of the major
stock market indices exhibited negative returns. The fixed income holdings of
the Fund earned a smaller but still positive return. In contrast, the value
stocks held in the Fund generated a negative return as a group. Within the value
component of the Fund, the smaller company value stocks earned a positive return
while the larger company value stocks ended the quarter in negative territory.
The weakest performance for the second quarter of 2000 came from the Fund's
holdings of small company growth stocks. Although these stocks earned a negative
return for the quarter, they were the top-performing component of the Fund on a
year-to-date basis, earning a double-digit positive return.
MUNDER EQUITY INCOME FUND (FORMERLY THE MUNDER GROWTH & INCOME FUND)
FUND MANAGERS: OTTO G. HINZMANN, JR. AND JOHN ADAMS, CFA
The Fund exhibited a return of -16.49% for the year ended June 30, 2000,
relative to the -8.92% return of the Russell 1000 Value Index and the -1.92%
average return for the Lipper universe of equity income mutual funds.
The first quarter of 2000 was a difficult period for the Fund. In fact, the
Fund's absolute and relative returns for the quarter were the worst in its
five-year history of generally above-average performance. Two themes dominated
performance during the quarter.
First, although the market had recently rotated into more attractively
valued non-technology stocks, the first quarter of 2000 was characterized by the
generally poor performance of stocks that were not related to technology. Given
investors' focus on technology-related growth funds, there have been large
redemptions from value-oriented mutual funds. Value managers have therefore been
forced to sell holdings to meet redemptions. In many cases, they have been
forced to sell stocks that they would have preferred to hold. In fact, the
climate for value funds has been so negative that some value managers have
actually changed to growth strategies. A second factor causing below average
relative performance was an unusual string of negative earnings surprises for
several of the Fund's holdings. In this environment of heavy selling pressure
for value stocks, these negative earnings announcements triggered dramatic price
declines.
The financial services sector is the largest sector of the Russell 1000
Value Index, accounting for 28% of the Index. The sector exhibited a negative
return of -2.2% for the second quarter of 2000. In contrast, the Fund's
financial services stocks, slightly overweighted in the Fund, were up by
approximately 1.0%. The Fund's strong relative return in this sector came from
insurance holdings
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(+15%) and holdings of REITs (Real Estate Investment Trusts) which rose by 12%.
Banks, which led the decline in the financial services sector, were
underweighted in the Fund.
MUNDER INDEX 500 FUND
FUND MANAGERS: TODD B. JOHNSON AND KEN A. SCHLUCHTER
The Fund earned a return of 6.63% for the year ended June 30, 2000,
compared to the 7.25% return of the S&P 500 Index and the 6.40% average return
for the Lipper universe of mutual funds with the objective of tracking the S&P
500 Index. The Fund has earned average or above-average returns for the
one-month, three-month, six-month, one-year, two-year, three-year, five-year and
ten-year time periods ending June 30.
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity
and industry group representation. It is a market value weighted index (stock
price times number of shares outstanding), with each stock's weight in the Index
proportionate to its market value. As of June 30, the market value of the
companies in the S&P 500 universe ranged from $470 million to $524 billion.
The S&P 500 Index generated a negative return for the second quarter of
2000. Healthcare was the strongest sector in the Index, earning a positive
double-digit return. Other positive sectors included utilities, consumer staples
and energy. Three S&P sectors earned negative double-digit returns for the
quarter, including basic materials, communication services and consumer
cyclicals. Technology fell from its leadership position and also generated
negative returns for the quarter.
The goal of the Fund is to track the total return of the S&P 500 Index. The
weight of each of the 500 holdings in the Fund is carefully monitored relative
to its weight in the S&P 500 Index.
Proprietary software is used to assist in the monitoring process. Cash
inflows are invested promptly in order to minimize their impact on the Fund's
return.
THE MUNDER INTERNATIONAL EQUITY FUND
FUND MANAGERS: THEODORE MILLER AND TODD B. JOHNSON
The Fund generated a return of 23.51% for the year ended June 30, 2000,
relative to the 18.59% return for the FT/S&P Actuaries World ex-U.S. Index and
the 24.48% average return for the Lipper universe of international equity mutual
funds. The Fund has earned above-average returns for the three-month, six-month,
one-year, two-year, three-year and five-year time periods ending June 30.
The Fund is a broadly diversified fund with over 620 issues representing 43
countries. This broad diversification has helped to reduce portfolio risk and
has been a key factor in the Fund's long-term strength.
During the second quarter of 2000, all international markets experienced
the same volatility in their technology and telecommunications stocks as seen in
the U.S. Some of the emerging markets, which are important manufacturers of
technology-related products, were particularly hard hit. Even with a rebound in
performance in June, most international stock markets exhibited negative returns
for the quarter as a whole.
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In the U.K., recent data has pointed to a slowdown in economic growth and a
moderate pace of inflation. The result was a significant drop in expectations
regarding future interest rate increases. As expectations about future rate
hikes declines, the British pound weakened.
In early June, 2000, the European Central Bank raised interest rates for
the fifth time since November. The move was made to help strengthen the euro and
to control inflation in the light of rising oil prices. Economic growth in the
Eurozone continues to be strong. Exports and investment have both played a major
role in the stronger Eurozone economy. Exports have been in large driven by
global demand and the weakness of the euro which helps to make Eurozone goods
more competitive. Business and consumer confidence remain high, boding well for
the continued expansion of the European economy.
MUNDER MICRO-CAP EQUITY FUND
FUND MANAGER: THE MUNDER MICRO-CAP EQUITY FUND COMMITTEE
The Fund earned a return of 58.40% for the year ended June 30, 2000,
relative to the 34.39% return for the Wilshire Micro-Cap Index and the 27.14%
average return for the Lipper universe of small-cap core mutual funds. The Fund
has earned above-average returns for the one-month, six-month, one-year,
two-year and three-year time periods ending June 30.
For the first time in five quarters, the Fund underperformed its Wilshire
Micro-Cap Index benchmark for the second quarter of 2000. The Fund ended the
quarter on a positive note, with a strong absolute return in June. The positive
return for the month came largely from good stock selection in a number of
sectors, with a more modest positive contribution from sector weightings. For
the second quarter as a whole, however, both stock selection and sector
weightings had a negative impact on returns. This was a reversal from the first
quarter of 2000, when both stock selection and sector weightings made
significant and positive contributions to the Fund's performance.
For the second quarter of 2000, the Fund's underweighting in utilities,
materials and processing, and consumer discretionary stocks helped to boost
returns. This positive contribution to performance was offset by an
underweighting in the healthcare sector, the strongest sector in all size
segments of the market. Given our bottom-up approach to stock selection, an
underweighting in any sector typically means that we could not find appropriate
candidates with strong fundamentals and attractive valuations.
Stock selection in the technology and producers durables sectors, which
added significantly to Fund performance in June, was negative for the second
quarter of 2000 as a whole. Stocks related to computer services, software and
systems were the weakest performers in the Fund. Other specific industries that
detracted from Fund performance included biotechnology, telecommunications and
semiconductor manufacturers. The latter group bounced back in June.
The micro-cap segment of the market tends to be characterized by
volatility. Our goal as Fund managers is to see through this volatility by
keeping focused on the longer-term performance of the Fund. To accomplish this,
we concentrate on the selection of companies with strong fundamentals, good
growth prospects, solid managements and reasonable valuations. We believe that
we can best
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deliver long-term competitive returns to shareholders by focusing on bottom-up
company analysis rather than on short-term performance.
MUNDER MULTI-SEASON GROWTH FUND
FUND MANAGERS: LEONARD J. BARR II, CFA AND JOHN P. RICHARDSON, CFA
The Fund generated a return of 0.27% for the year ended June 30, 2000,
relative to the -3.13% return for the S&P 500 Index and the 11.54% average
return for the Lipper universe of multi-cap core mutual funds. The Fund has
earned above-average returns for the one-month and three month time periods
ending June 30.
As uncertainty about economic growth and the course of monetary policy
increased, earnings and valuation came back to the forefront. Our investment
discipline, with its focus on above-average and consistent earnings growth and
reasonable valuations, paid off. In the absence of clear market leadership, the
diversity of the Fund and our emphasis on bottom-up stock selection were also
rewarded. This was reflected in the relative gains we made through our selection
of stocks in various sectors.
We were able to take advantage of the technology sell-off and purchase
technology companies with strong fundamentals that became available at
reasonable valuations. For the second quarter of 2000, our continued focus on
fundamentals resulted in our technology holdings outperforming the S&P 500
technology sector by a wide margin.
Our investment strategy led us to underweight some of the weakest sectors
of the market, including basic materials and communication services. Basic
materials companies (paper, chemicals, steel) typically do not exhibit the
consistency of earnings that we look for.
We were somewhat underweighted in the healthcare sector, the strongest
sector of the market during the second quarter of 2000. We are concerned about
the potential for legislation aimed at controlling drug prices. Until the
legislative picture becomes clearer, we are being very selective in our
healthcare holdings.
Energy and utilities were two other strong sectors that were underweighted
in our portfolios. Energy companies typically lack the consistency of earnings
growth that we look for. In the utility sector, it is difficult to find
companies with above-average growth. Our search for appropriate candidates in
these sectors led to the addition of a natural gas company in June.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
FUND MANAGER: ROBERT E. CROSBY, CFA
The Fund generated a return of 0.55% for the year ended June 30, 2000,
relative to the 3.03% return for the NAREIT Index (equity only) and the 2.10%
average return for the Lipper universe of real estate mutual funds. The Fund has
earned average or above-average returns for the one-month and three-year time
periods ending June 30.
The Fund provided a strong absolute return for the second quarter of 2000,
with an especially strong relative return in June. Fund performance in June was
helped by strong stock selection and an overweighting in the office and
industrial sector, one of the strongest sector for the month and
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the quarter. The Fund also benefited from its underweighting in the healthcare
sector, one of the weakest sectors for the month and the quarter.
We believe that the fundamentals continue to look solid for REITs. Strong
economic growth is driving a high demand for real estate. While there has been
new construction in many markets, strong demand has absorbed new supply while
maintaining occupancy and rents at healthy levels. These strong real estate
fundamentals allow cash flows and dividends for REITs to grow at attractive
rates. Although the REIT industry has provided attractive returns this year,
valuations are still compelling. The REIT market continues to trade at valuation
levels below the asset values of the underlying properties.
MUNDER SMALL-CAP VALUE FUND
FUND MANAGERS: JOHN S. ADAMS, CFA, JOHN P. RICHARDSON, CFA, RICHARD GIESEN AND
HEATHER S. WILLIAMS, CFA
The Fund earned a return of -6.73% for the year ended June 30, 2000,
relative to -0.95% return for the Russell 2000 Value Index and the 6.40% average
return for the Lipper universe of small-cap value mutual funds. The Fund has
earned average or above-average returns for the one-month and three-month time
periods ending June 30.
Small company value stocks generated positive performance for the second
quarter of 2000 in contrast to the negative returns of most of the major stock
market indices. Mutual fund inflows illustrate the renewed interest in the small
company segment of the market. During the first six months of 2000, a net inflow
of $17 billion was directed toward small company funds. This compares to the net
outflow of $8.7 billion experienced during the same period in 1999.
Good stock selection was a key factor in the strong relative performance of
the Fund for the second quarter of 2000. Stock selection was particularly strong
in the financials, consumer discretionary, energy and healthcare sectors. Top
performers in the consumer discretionary sector came from companies as diverse
as casual dining and post-secondary educational institutions. In the financials
sector, REITs (Real Estate Investment Trusts) led returns. Companies involved in
natural gas activities were among the top performers in the energy group.
Strength in these sectors more than offset weakness in the technology and
consumer staples groups.
We continue to invest in financially strong companies that are undervalued
and that we believe can deliver a consistent and sustainable level of earnings
growth. The Fund remains overweighted in both energy and technology stocks due
to our expectations for better-than-average quarterly earnings comparisons from
these sectors. Our energy holdings, for example, are projected to report, on
average, positive third quarter and 2000 fiscal earnings comparisons of 100% and
300% respectively.
MUNDER SMALL COMPANY GROWTH FUND
FUND MANAGER: THE MUNDER SMALL COMPANY GROWTH FUND COMMITTEE
The Fund generated a return of 20.33% for the year ended June 30, 2000,
compared to the 25.65% return for the Russell 2000 Growth Index and the 27.14%
average return for the Lipper universe of small-cap core mutual funds. The Fund
has earned above-average returns for the one-month, three-month, six-month,
one-year, five-year and ten-year time periods ending June 30.
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Our small company portfolios had strong performance during the second
quarter of 2000 relative to their Russell 2000 Growth Index benchmark. Both
sector weightings and stock selection within sectors boosted returns.
We were underweighted in the utilities, consumer discretionary and
healthcare sectors. The relatively low representation in these areas resulted
from a lack of candidates with strong fundamentals and attractive valuations.
Our underweighting in the utilities and consumer discretionary sectors, two of
the weakest sectors of the Russell 2000 Growth universe, helped to boost
returns. In fact, this boost to performance more than offset the negative impact
of our underweighting in the healthcare sector, the strongest sector of the
stock market during the quarter.
One of the biggest factors in the strong relative performance of our small
company portfolios during the second quarter of 2000 was stock selection in the
technology sector. The technology holdings in our portfolios significantly
outperformed the technology stocks in the Russell 2000 Growth universe. This was
largely due to our continued focus on valuation and profitability.
Holdings in the consumer discretionary and financials sectors also showed
strong relative performance. Among the leading performers in the consumer
discretionary area were a rent-to-own company and a company that provides ditch
and line services to utility companies. This company has benefited from
increased outsourcing by utilities. In the financials sector, top performers
included a company that provides back-office and technology services to banks.
Our mission is to find small and undiscovered companies that offer fast
growth at a reasonable price. To accomplish that, we continue to focus on
bottom-up company analysis. We stress portfolio diversification to help control
risk. Looking ahead, we have a positive outlook on the small company segment of
the market. The environment should be supportive of small company stocks and
valuations in this segment of the market remain attractive.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
FUND MANAGER: THE MUNDER FRAMLINGTON EMERGING MARKETS FUND COMMITTEE, HEADED BY
WILLIAM CALVERT
The Fund generated a return of 8.79% for the year ended June 30, 2000,
relative to the 9.47% return for the MSCI Emerging Markets Free Index and the
15.81% average return for the Lipper universe of emerging markets mutual funds.
The Fund has earned average or above-average returns for the two-year and
three-year time periods ending June 30.
During the second quarter of 2000, we saw considerable volatility in all
stock market sectors and emerging markets have been no exception. Following the
sharp correction in the technology-heavy NASDAQ market, the largest declines in
the emerging markets have been in the telecommunications and technology sectors.
Asian stock markets, with their relatively higher weightings in these sectors,
lost the most ground. Taiwan, India, Malaysia and Thailand led the decline.
The best performing region among emerging markets was Latin America. The
Brazilian market was the primary reason for the region's strong performance. The
combination of strong government finances, low inflation and a tight monetary
policy has reassured investors about that country's
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stability. Brazil was able to lower interest rates by one percentage point
recently without any negative impact on its currency. This suggests that further
declines in Brazilian interest rates are likely.
In Mexico, the comfortable presidential election victory by Vincente Fox
ended 71 years of PRI rule. This is positive since it should herald a period of
urgently needed economic reform. Furthermore, it is likely to prompt Standard
and Poor's to follow Moody's move and raise the country's credit rating to
investment grade.
In Asia there are clear signs that the Chinese economy is picking up after
nearly two years of a "growth recession". Exports remain a driving force in the
economy's growth, but retail sales and fixed asset investment are now showing
signs of improvement as well. Most encouraging of all is the fact that economic
recovery is being accompanied by initial attempts at structural reform. The
Chinese government has privatized a number of formerly state-owned companies,
including Petrochina and China Unicom. The privatization efforts have allowed
these companies to raise substantial sums of money and attain stock exchange
listings. With several similar deals in the pipeline, China should continue to
attract capital inflows. These privatization efforts have resulted in China
being re-weighted from less than 0.5% to over 6.0% of the MSCI EAFE benchmark.
Underlying business conditions in the technology sector in Asia remain very
favorable, with memory chip prices continuing to rise amid fears of shortages.
This should be reflected in very strong interim results for chip manufacturers,
particularly in Taiwan and Korea. This should help Asian economies and stock
markets to resume their upward trend in the second half of the year.
MUNDER FRAMLINGTON HEALTHCARE FUND
FUND MANAGER: ANTONY MILFORD
The Munder Framlington Healthcare Fund generated a 170.91% return for the
year ended June 30, 2000, compared to the 67.68% average return for the Lipper
universe of health/biotechnology mutual funds. The Fund has earned average or
above-average returns for the one-month, three-month, six-month, one-year,
two-year and three-year time periods ending June 30.
The biotech sector moved in concert with the NASDAQ correction until late
May of 2000. It then began to outperform as investors anticipated the
announcement of the near completion of the sequencing of the human genome. The
traditional healthcare stocks (drugs, devices and services) also had a strong
quarter, providing a solid base for the portfolio even while the biotech sector
was under pressure. Our temporary re-alignment of the portfolio in the first
quarter, with a reduction in biotech stocks and an increase in large
capitalization drug and service companies, paid off.
We began to put money back into biotech stocks in late April, 2000. During
the biotech correction, we were able to take positions in a number of initial
public offerings (IPOs) at favorable prices. During the last few weeks of the
quarter there has been an increase in IPOs on both sides of the Atlantic as
companies strive to take advantage of the re-opening of the financing window. We
are also seeing a number of interesting private placements in public companies,
which gives us an opportunity to take stakes in smaller capitalization
companies.
Our recent biotechnology stock purchases are focused on two principal
themes. The first is that the pharmaceutical industry is currently short of
products in late stage clinical trials. As a result,
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biotechnology companies with products ready for late stage trials are in a
strong negotiating position. The second theme emphasizes companies that can help
to turn genomic information into actual product.
Outside the biotech area, we expect the drug group to consolidate as
political posturing before the U.S. elections intensifies. There is some
nervousness that the Republicans may agree to a Medicare outpatient drug
coverage plan that involves a significant degree of Government influence on
pricing. Other "traditional" healthcare stocks, usually viewed as defensive
stocks, should continue to act well with growing signs of a slowdown in U.S.
economic growth. The healthcare service providers now appear to be less
vulnerable to political interference than the drug companies. In the device
area, orthopedic and diagnostic companies have generally been acting better than
the cardiovascular group, where there are fears of a sharp slowdown in the
growth of the coronary stent market.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
FUND MANAGER: THE MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND COMMITTEE, HEADED
BY SIMON KEY
The Fund generated a return of 28.98% for the year ended June 30, 2000,
relative to the 17.46% return for the Morgan Stanley EAFE Index and the 24.48%
average return for the Lipper universe of international equity mutual funds. The
Fund has earned above-average returns for the six-month, one-year, two-year and
three-year time periods ending June 30.
The global economic outlook appeared more favorable at the end of the
second quarter of 2000 than it did a month earlier. Europe and Asia (excluding
Japan) are showing signs of stronger economic growth. This improvement in the
economic outlook has been good for equity markets.
The Japanese market is showing a lack of direction. The economy continues
to disappoint despite some pick up over the past twelve months. During the
second quarter of 2000, heavy foreign selling of Japanese stocks continued as
U.S. mutual funds took profits after last year's rally in Japanese technology
and telecommunications stocks. The only strong buyers of Japanese stocks have
been domestic pension funds. With foreign ownership of Japanese stocks near
historically low levels, the foreign selling of Japanese stocks should ease or
reverse. In fact, U.S. mutual funds have recently shown some renewed interest in
the Japanese stock market. There is also the potential for the Japanese to move
their savings from short-term deposits to the equity market in search of a
better rate of return.
In the U.K., there are few catalysts to move the market upwards. While the
U.K. stock market had strong relative performance in June, it has shown weaker
relative performance over a longer time period. To maintain its recent strength,
interest rates in the U.K. must be reduced and companies must show strong
earnings.
In contrast, continental Europe offers upside potential because of the
growth in corporate earnings, the strengthening of the euro and continued
positive economic trends. Earnings forecasts are being revised upward, economic
growth is still strong across Europe and inflation remains low. The information
technology hardware sector has been the best performing sector in continental
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Europe. This has also had a positive impact on the companies producing capital
goods for information technology companies.
Emerging markets have fared relatively poorly recently. The technology
segments of their stock markets have fallen along with the U.S. NASDAQ market,
with investors paying little attention to positive news on economies,
restructuring and profitability. Given an improved perception of the U.S.
market, the emerging markets may begin to reflect their positive underlying
fundamentals.
THE BOND MARKET
On May 16, the Federal Reserve announced a 50 basis points (0.50 percentage
point) increase in interest rates. With preliminary signs that the pace of
economic growth was beginning to slow, the Federal Reserve left interest rates
unchanged in the wake of their June meeting. They did, however, signal a
readiness to increase rates at their August meeting if signs of slowing growth
and moderate inflation do not continue through the summer months.
Rates ended the second quarter of 2000 at almost the same levels as where
they began at the beginning of the quarter, with the 10-year Treasury bond
yielding 6.03% on March 31 and 6.04% on June 30. In between these starting and
ending points, rates experienced a fair amount of volatility as the yield on the
10-year Treasury bond hit a high of 6.6% and a low of 5.8%. Throughout the
quarter, yields on short-term and intermediate-term Treasury securities remained
higher than yields on longer-term Treasury bonds. As a result, we are finding
the best relative values in the intermediate-term sector of the bond market.
Treasury securities had the strongest performance through early May but
exhibited relatively weaker returns in June. For the quarter as a whole,
Treasuries' run as the best performing bond market sector came to an end.
Mortgages took over the top spot with strong relative performance in both May
and June. We continue to favor mortgage-related bonds as a high quality source
of yield relative to Treasury bonds. Agency securities trailed mortgages for the
quarter but generated stronger performance than Treasuries.
One of the most noteworthy facts about the second quarter of 2000 was the
continuation of the remarkably wide gap between the yields on Treasury bonds and
comparable corporate securities. High quality corporate bonds have historically
yielded about 0.40 percentage point more than their U.S. Treasury counterparts.
Now that difference is over one percentage point - about triple the historical
average. We view the relatively high yields and low prices of corporate bonds as
a good opportunity to purchase high quality bonds at attractive valuations. We
continue to focus on the bonds of companies that maintain conservative balance
sheets and consistently generate strong cash flow.
The following paragraphs detail the performance of The Munder Funds. Each
Fund offers its shares to investors in several classes. These classes have
different sales charges and expenses, which affect performance. Performance
figures in the following narrative discussion represent the performance of Class
K shares, net of Fund expenses.
[Please note: In some of the following commentary, the Munder bond funds are
compared to Lehman indices. It is important to remember that the returns for the
Munder bond funds are reported after the
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deduction of all expenses. Since the Lehman indices are not actual funds, there
are no expenses netted against their returns.]
MUNDER BOND FUND
FUND MANAGERS: ANNE K. KENNEDY AND PETER G. ROOT
The Fund earned a 2.68% return for the year ended June 30, 2000, compared
to the 4.31% return for the Lehman Government/Corporate Bond Index and the 3.01%
average return for the Lipper universe of corporate debt A-rated mutual funds.
The Fund has earned average or above-average returns for the one-month,
six-month, one-year, two-year, three-year and five-year time periods ending June
30.
The remarkably wide gap between the yield on Treasury bonds and comparable
corporate securities continued during the quarter. At the end of the second
quarter of 2000, the yield on high quality corporate bonds was 1.2 percentage
points higher than the yield on corresponding Treasuries. This was triple the
historical differential of 0.4 percentage point. In our view, this has created
unusually attractive valuations in the corporate market. As a result, we added
to our positions in high quality corporate bonds during the quarter.
The corporate sector of the bond market generated strong returns in June
but not enough to offset its weakness in April and the first half of May. For
the second quarter of 2000, our relatively heavy weighting in mortgage-backed
securities provided a slight boost to returns. The overweighting in corporate
bonds, however, offset this positive for the quarter as a whole.
MUNDER INTERMEDIATE BOND FUND
FUND MANAGERS: ANNE K. KENNEDY AND PETER G. ROOT
The Fund generated a return of 3.80% for the year ended June 30, 2000,
relative to the 4.22% return for the Lehman Intermediate Government/Corporate
Bond Index and a 3.90% average return for the Lipper universe of short
intermediate investment grade debt mutual funds. The Fund has earned average or
above-average returns for the one-month, three-month, six-month, one-year and
three-year time periods ending June 30.
The intermediate-term segment of the bond market had strong relative
performance during the quarter and this is reflected in the absolute return of
the Fund. During the second quarter of 2000, we added to the Fund's position in
high quality corporate bonds to take advantage of what we viewed as unusually
attractive valuations in that sector of the bond market. The yields on corporate
bonds, typically 0.40 percentage point higher than the yield on corresponding
Treasury bonds, were over 1.2 percentage points higher than Treasuries during
the quarter. As the gap between Treasury and corporate yields revert to more
normal levels, the performance of high quality corporate bonds should benefit.
While the relatively heavy weighting in corporate bonds and mortgage-backed
securities held back performance in April and May, this was offset by strong
performance in June.
MUNDER INTERNATIONAL BOND FUND
FUND MANAGERS: SHARON E. FAYOLLE AND PETER G. ROOT
The Fund earned a return of 0.24% for the year ended June 30, 2000 relative
to the 2.41% return for the Salomon Brothers Non-U.S. $ World Government Bond
Index and the 0.45% average
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return for the Lipper universe of international income mutual funds. The Fund
has earned average or above-average returns for the one-year, two-year and
three-year time periods ending June 30.
Calculated in local currencies, returns in global bond markets were
positive for the second quarter of 2000. The dollar-bloc countries (the U.K.,
Canada and Australia) were the strongest performers.
Combining bond market returns and the impact of currency movements resulted
in a more mixed picture. The U.S. dollar strengthened against all currencies
early in the quarter in anticipation of additional increases in U.S. interest
rates. As the second quarter of 2000 progressed, European interest rates were
increased and investors came to expect fewer rate increases in the U.S. As a
result, the euro began to strengthen and went on to outperform the U.S. dollar.
The dollar-bloc currencies did not join the euro in its recovery and finished
the quarter 2% to 5% lower than the U.S. dollar.
The Japanese yen weakened sharply during the second quarter of 2000 as
mixed economic data failed to confirm a solid economic recovery. News reports of
the potential for higher interest rates in Japan increased pessimism about the
country's growth prospects and further weakened the currency.
On a total return basis, combining both local bond market returns and the
impact of currency movements, the Eurozone countries were the best performers
for the second quarter of 2000. This relative strength was the result of
positive bond market returns combined with the strengthening of the euro.
Canada, the U.K. and Japan generated the weakest total returns for the quarter.
Funds which are classified as international bond funds but which hold
positions in U.S. bonds were helped by their U.S. positions during the second
quarter of 2000. The Fund's slight overweighting in Japan and slight
underweighting in the Eurozone countries held back the relative performance of
the Fund during the quarter. The negative impact of these weightings was
partially offset by the Fund's underweighting of the dollar-bloc countries. The
Fund currently has a neutral weighting relative to the euro and is slightly
overweighted in the Japanese yen.
MUNDER U.S. GOVERNMENT INCOME FUND
FUND MANAGERS: PETER G. ROOT AND ANNE K. KENNEDY
The Fund exhibited a return of 3.74% for the year ended June 30, 2000,
relative to the 4.98% return for the Lehman Government Bond Index and the 3.60%
average return for the Lipper universe of general U.S. government mutual funds.
The Fund has earned above-average returns for the one-year, two-year,
three-year, five-year and ten-year time periods ending June 30.
The Fund was significantly underweighted in Treasuries during the second
quarter of 2000, with a corresponding overweighting in other government
securities, such as agency bonds and government-related mortgage securities.
Given the strong relative performance of Treasury bonds in April and May, this
held back the performance of the Fund during the earlier part of the quarter. In
June, however, Treasuries had weak relative performance while mortgage-related
securities generated the strongest returns in the government sector of the bond
market. This reversal in relative performance helped to boost the Fund's return
for the quarter. The maturity structure of the Fund was more focused on
intermediate-term securities, especially in June, and this also helped to boost
the Fund's relative performance.
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THE MUNICIPAL BOND MARKET
Strong performance in June helped municipal market indices to end the
second quarter of 2000 with positive returns. Positive price momentum was the
result of strong demand, relatively low supply and a pause in the Federal
Reserve's rate increases. Municipal yields showed a fair amount of volatility
during the quarter but ended the quarter relatively unchanged from March 31
levels.
Investors were focused on intermediate-term securities and this segment of
the market provided the best risk-adjusted returns for the second quarter. High
quality and easily traded bonds continued their strong relative showing. All
bond market sectors generated positive returns for the quarter. Among the weaker
sectors were the housing and healthcare sectors. The prices of housing bonds
tend to rise less than other bonds when interest rates decline. The sector
therefore benefited less than other municipal sectors from the rate decline
experienced in June. Healthcare bonds struggled as healthcare institutions
continue to be negatively impacted by competitive pressures, high cost
structures and declining Federal reimbursements. As a result, the pace of credit
quality downgrades in the healthcare sector is significantly faster than in
other municipal market sectors. This is a trend that credit rating agencies
expect to continue. Airport bonds showed slight underperformance with investor
perceptions of this sector being negatively impacted by rising fuel costs.
We continue to focus on high quality, well-structured bonds. In our view,
these are the investments that will hold their value in a volatile bond market
and reward long-term investors with favorable performance.
MUNDER MICHIGAN TAX-FREE BOND FUND
FUND MANAGERS: TALMADGE D. GUNN AND ROGER A. SODERSTROM
The Munder Michigan Tax-Free Bond Fund earned a return of 2.48% for the
year ended June 30, 2000, relative to the 3.56% return for the Lehman Municipal
20-year Index and the 1.07% average return for the Lipper universe of Michigan
municipal debt mutual funds. The Fund has earned average or above-average
returns for the one-month, three-month, six-month, one-year, two-year,
three-year and five-year time periods ending June 30.
Strong performance in June of 2000 helped municipal market indices to end
the quarter with positive returns. Positive price momentum was the result of
strong demand, relatively low supply and a pause in the Federal Reserve's rate
increases. Municipal yields showed a fair amount of volatility during the
quarter but ended the second quarter of 2000 relatively unchanged from March 31
levels.
We continue to focus on high quality, well-structured bonds. In our view,
these are the investments that will hold their value in a volatile bond market
and reward long-term investors with favorable performance.
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MUNDER TAX-FREE BOND FUND
FUND MANAGERS: TALMADGE D. GUNN AND ROGER A. SODERSTROM
The Munder Tax-Free Bond Fund earned a return of 2.73% for the one year
time period ended June 30, 2000, relative to the 3.56% return for the Lehman
Municipal 20-year Index and the 0.98% average return for the Lipper universe of
general municipal debt mutual funds. The Fund has earned average or
above-average returns for the one-month, three-month, six-month, one-year, two-
year, three-year, five-year and ten-year time periods ending June 30.
The Fund's underweighting in healthcare bonds was a positive for Fund
performance during the second quarter of 2000. Healthcare bonds struggled as
healthcare institutions continue to be negatively impacted by competitive
pressures, high cost structures and declining Federal reimbursements. As a
result, the pace of credit quality downgrades in the healthcare sector is
significantly faster than in other municipal market sectors.
High quality and easily traded bonds continued their strong relative
showing. As a result, the Fund's overweighted positions in pre-refunded bonds
and its focus on high quality also helped to boost the Fund's performance for
the second quarter of 2000. Slightly offsetting these positives were the Fund's
underweighting in California bonds and its overweighting of higher coupon bonds.
We continue to focus on high quality, well-structured bonds. In our view,
these are the investments that will hold their value in a volatile bond market
and reward long-term investors with favorable performance.
MUNDER TAX-FREE SHORT-INTERMEDIATE BOND FUND
FUND MANAGERS: TALMADGE D. GUNN AND ROGER A. SODERSTROM
The Fund earned a return of 2.68% for the year ended June 30, 2000,
relative to the 3.91% return of the Lehman Mutual Fund Intermediate/Short Muni
Index and the 2.57% average return for the Lipper universe of short intermediate
municipal debt mutual funds. The Fund has earned average or above-average
returns for the one-month, three-month, six-month, one-year, two-year,
three-year and five-year time periods ending June 30.
High quality and easily traded bonds continued their strong relative
showing. As a result, the Fund's focus on high quality bonds boosted performance
for the second quarter of 2000. An overweighted position in pre-refunded bonds
and an underweighted position in healthcare bonds was also a positive for
returns. Healthcare bonds struggled as healthcare institutions continue to be
negatively impacted by competitive pressures, high cost structures and declining
Federal reimbursements. As a result, the pace of credit quality downgrades in
the healthcare sector is significantly faster than in other municipal market
sectors.
These positives were partially offset by the Fund's underweighting in the
intermediate-term sector of the municipal market. Investors were focused on
intermediate-term securities and this segment of the market provided the best
risk-adjusted returns for the second quarter of 2000.
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Hypotheticals and Total Returns
---------------------------------------------------------------------
The following graphs represent the performance of the Funds since inception (or
for the last 10 calendar years for Funds in existence greater than 10 years),
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately sixty-five months) and a period of time when the Funds
were managed by the predecessor. The Lipper mutual fund averages were derived
from a universe of only those mutual funds that were in existence as of the
inception date of the Funds and are comprised of mutual funds which are
categorized under the Funds' respective objectives by Lipper Analytical
Services, Inc.
BALANCED FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER
60% S&P 500/40% BALANCED/FUNDS
CLASS K S&P 500 LEHMAN GOV'T/CORP AVERAGE
------- ------- ----------------- --------------
<S> <C> <C> <C> <C>
4/16/93 10000.00 10000.00 10000.00 10000.00
9890.00 10000.00 10000.00 10157.00
10030.00 10267.00 10158.00 10273.00
10100.00 10297.00 10267.00 10294.00
10092.00 10255.00 10268.00 10602.00
10384.00 10644.00 10595.00 10638.00
10434.00 10562.00 10561.00 10739.00
10475.00 10780.00 10709.00 10589.00
10222.00 10678.00 10600.00 10774.00
10516.00 10807.00 10696.00 11033.00
10685.00 11174.00 10979.00 10822.00
2/28/94 10503.00 10871.00 10704.00 10422.00
10046.00 10398.00 10318.00 10440.00
9990.00 10531.00 10364.00 10483.00
9909.00 10703.00 10460.00 10291.00
9593.00 10441.00 10294.00 10522.00
9781.00 10784.00 10580.00 10794.00
10067.00 11225.00 10846.00 10593.00
9954.00 10950.00 10619.00 10650.00
10097.00 11196.00 10762.00 10390.00
9809.00 10789.00 10510.00 10489.00
9947.00 10949.00 10633.00 10626.00
9999.00 11232.00 10881.00 10952.00
2/28/95 10298.00 11670.00 11240.00 11149.00
10486.00 12013.00 11474.00 11346.00
10590.00 12367.00 11746.00 11719.00
10932.00 12861.00 12223.00 11959.00
6/30/95 11259.00 13159.00 12438.00 12240.00
11604.00 13595.00 12682.00 12343.00
11667.00 13629.00 12761.00 12622.00
11968.00 14204.00 13152.00 12585.00
11915.00 14153.00 13190.00 12974.00
12262.00 14773.00 13639.00 13144.00
12272.00 15058.00 13881.00 13383.00
12558.00 15570.00 14218.00 13436.00
12695.00 15715.00 14201.00 13487.00
12759.00 15866.00 14252.00 13631.00
12939.00 16100.00 14360.00 13800.00
13152.00 16514.00 14601.00 13811.00
6/30/96 13193.00 16577.00 14701.00 13415.00
12681.00 15845.00 14273.00 13663.00
12905.00 16180.00 14462.00 14171.00
13553.00 17090.00 15092.00 14436.00
13650.00 17561.00 15488.00 15098.00
14121.00 18887.00 16375.00 14934.00
13817.00 18513.00 16094.00 15366.00
14135.00 19669.00 16794.00 15374.00
13999.00 19824.00 16897.00 14937.00
13493.00 19011.00 16350.00 15361.00
13882.00 20144.00 17102.00 16047.00
14569.00 21376.00 17888.00 16529.00
6/30/97 14992.00 22326.00 18519.00 16430.00
15912.50 24103.20 19105.70 17350.10
15428.80 22753.40 18378.10 16897.20
16143.10 24000.30 19097.80 17530.90
15923.60 23198.70 18837.30 17229.40
16086.00 24272.80 19400.60 17484.30
16250.10 24690.20 19682.30 17713.40
16199.70 24964.30 19924.40 17823.20
16849.30 26764.20 20770.30 18557.50
17299.20 28134.60 21434.20 19079.00
17311.30 28418.70 21606.90 19201.10
17081.10 27929.90 21476.40 19007.20
6/30/98 17369.70 29063.90 22087.20 19290.40
16879.00 28755.80 21952.50 19006.80
15089.80 24597.70 20220.40 17341.80
15701.00 26174.40 21229.40 18045.90
16412.20 28302.40 22206.00 18762.30
16994.80 30017.50 23067.60 19430.30
17997.60 31746.50 23886.50 20085.10
18173.90 33073.50 24552.90 20400.40
17348.80 32045.00 23860.50 19843.50
17888.40 33326.80 24480.90 20291.90
18464.40 34616.50 25073.30 20933.20
18375.80 33799.60 24614.50 20652.70
6/30/99 19250.40 35675.40 25404.60 21193.80
19325.50 34562.40 24899.10 20808.00
18805.70 34389.50 24816.90 20537.50
18690.90 33447.30 24499.20 20266.40
18958.20 35564.50 25454.70 20833.90
20105.20 36286.40 25760.20 21106.80
21398.00 38423.70 26607.70 21780.10
21297.40 36494.80 25801.50 21187.70
23278.10 35805.10 25636.30 21194.10
25363.80 39306.80 27289.90 22344.90
24118.40 38123.70 26744.10 21944.90
23175.40 37342.10 26404.40 21692.60
6/30/00 24445.40 38264.50 27011.70 22080.80
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
60% S&P 500/ AGGREGATE ANNUAL TOTAL RETURNS
BALANCED 40% LEHMAN LIPPER BALANCED ONE FIVE SINCE
FUND S&P 500 GOV'T/CORP. FUNDS AVERAGE YEAR YEARS INCEPTION
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 24,445 $38,264 $ 27,012 $ 22,081 27.01% 16.78% 13.21%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an unmanaged
index of common stock prices, include reinvestment of dividends. The Lehman
Brothers Government/Corporate Bond Index is a weighted composite of (i) Lehman
Brothers Government Bond Index, which is comprised of all publicly issued,
non-convertible debt of the U.S. Government or any agency thereof, quasi-federal
corporations, and corporate debt guaranteed by the U.S. Government and (ii)
Lehman Brothers Corporate Bond Index, which is comprised of all public
fixed-rate, non-convertible investment-grade domestic corporate debt, excluding
collateralized mortgage obligations.
xviii
<PAGE> 286
---------------------------------------------------------------------
EQUITY INCOME FUND (FORMERLY GROWTH & INCOME FUND)
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER EQUITY INCOME
CLASS K S&P 500 FUNDS AVERAGE
------- ------- --------------------
<S> <C> <C> <C>
7/5/94 10000.00 10000.00 10000.00
10090.00 10328.00 10263.00
10190.00 10750.00 10591.00
10130.00 10487.00 10400.00
10154.00 10723.00 10459.00
9902.00 10333.00 10058.00
9944.00 10486.00 10131.00
10239.00 10757.00 10323.00
2/28/95 10594.00 11176.00 10654.00
10796.00 11506.00 10909.00
11052.00 11844.00 11156.00
11442.00 12317.00 11491.00
6/30/95 11502.00 12602.00 11643.00
11657.00 13020.00 11970.00
11709.00 13053.00 12102.00
12221.00 13603.00 12501.00
12242.00 13555.00 12363.00
12825.00 14149.00 12890.00
13321.00 14422.00 13209.00
13648.00 14912.00 13516.00
13606.00 15051.00 13635.00
13750.00 15195.00 13818.00
13633.00 15419.00 13987.00
13782.00 15816.00 14213.00
6/30/96 13914.00 15877.00 14232.00
13445.00 15176.00 13709.00
13765.00 15497.00 14065.00
14322.00 16368.00 14601.00
14740.00 16819.00 14932.00
15577.00 18089.00 15777.00
15433.00 17731.00 15693.00
16000.00 18838.00 16285.00
16325.00 18986.00 16464.00
15884.00 18208.00 15954.00
16350.00 19294.00 16421.00
17188.00 20473.00 17372.00
6/30/97 17826.00 21383.00 18016.00
19113.60 23085.10 19169.00
18375.80 21792.30 18618.90
19393.80 22986.50 19555.40
19147.50 22218.80 18970.70
19653.00 23247.50 19555.00
20376.20 23647.40 20018.40
20488.30 23909.90 20004.40
21420.50 25633.80 21126.70
22564.40 26946.20 22068.90
22341.00 27218.40 22073.30
21963.40 26750.20 21720.20
6/30/98 21923.90 27836.30 21854.80
21042.30 27541.20 21227.60
18729.80 23558.80 18599.60
19728.10 25068.90 19618.90
20615.80 27107.00 20794.10
21446.70 28749.60 21673.70
22407.50 30405.60 22239.30
22268.60 31676.60 22165.90
22034.70 30691.40 21680.50
23235.60 31919.10 22140.10
23235.60 33154.40 23707.70
22877.80 32371.90 23465.80
6/30/99 23452.00 34168.60 24186.20
23170.60 33102.50 23559.80
22264.60 32937.00 22961.40
21436.40 32034.50 22134.80
22533.90 34062.30 22871.90
21977.30 34753.80 22707.20
22324.60 36800.80 22959.30
21009.70 34953.40 22084.50
19120.90 34292.70 20772.70
20642.90 37646.60 22783.50
20675.90 36513.40 22740.20
20477.50 35764.90 23047.20
6/30/00 19584.70 36648.30 22547.10
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
EQUITY INCOME
FUND (FORMERLY LIPPER EQUITY
GROWTH & INCOME INCOME FUNDS ONE FIVE SINCE
FUND S&P 500 AVERAGE YEAR YEARS INCEPTION
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $19,585 $36,648 $22,547 (16.49)% 11.23% 11.87%
</TABLE>
INDEX 500 FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER S&P 500 FUNDS
CLASS K S&P 500 AVERAGE
------- ------- --------------------
<S> <C> <C> <C>
12/7/92 10000.00 10000.00 10000.00
10017.00 10122.00 10120.00
10109.00 10207.00 10198.00
2/28/93 10243.00 10346.00 10335.00
10457.00 10564.00 10550.00
10201.00 10309.00 10288.00
10470.00 10584.00 10557.00
10497.00 10615.00 10582.00
10450.00 10572.00 10535.00
10839.00 10972.00 10927.00
10757.00 10888.00 10843.00
10980.00 11113.00 11063.00
10870.00 11007.00 10953.00
10998.00 11140.00 11082.00
11371.00 11519.00 11451.00
2/28/94 11050.00 11206.00 11132.00
10574.00 10718.00 10646.00
10698.00 10856.00 10782.00
10864.00 11033.00 10953.00
10597.00 10763.00 10682.00
10936.00 11116.00 11028.00
11372.00 11571.00 11472.00
11084.00 11288.00 11189.00
11338.00 11542.00 11438.00
10928.00 11122.00 11021.00
11089.00 11287.00 11181.00
11365.00 11579.00 11468.00
2/28/95 11813.00 12030.00 11909.00
12154.00 12384.00 12254.00
12508.00 12749.00 12609.00
12997.00 13257.00 13104.00
6/30/95 13288.00 13565.00 13402.00
13731.00 14015.00 13839.00
13760.00 14050.00 13871.00
14331.00 14642.00 14448.00
14283.00 14590.00 14396.00
14902.00 15230.00 15021.00
15187.00 15523.00 15303.00
15697.00 16051.00 15816.00
15809.00 16200.00 15955.00
15961.00 16356.00 16110.00
16197.00 16597.00 16343.00
16597.00 17024.00 16759.00
6/30/96 16660.00 17089.00 16822.00
15928.00 16335.00 16076.00
16248.00 16680.00 16407.00
17154.00 17618.00 17323.00
17630.00 18104.00 17798.00
18935.00 19471.00 19130.00
18550.00 19085.00 18747.00
19681.00 20277.00 19906.00
19828.00 20436.00 20057.00
18993.00 19598.00 19226.00
20117.00 20767.00 20364.00
21337.00 22037.00 21594.00
6/30/97 22290.00 23016.00 22555.00
24046.40 24848.10 24330.10
22695.00 23456.60 22970.00
23918.30 24742.00 24210.40
23117.00 23915.60 23399.40
24164.20 25022.90 24459.30
24582.30 25453.30 24865.40
24840.40 25735.80 25136.40
26601.60 27591.40 26928.60
27947.60 29004.10 28288.50
28229.90 29297.00 28560.10
27735.90 28907.40 28057.40
6/30/98 28848.10 30081.00 29183.90
28530.80 29640.50 28865.80
24388.10 25354.50 24694.70
25956.20 26979.70 26270.20
28050.90 29173.20 28395.50
29719.90 30941.10 30104.90
31431.80 32723.30 31845.00
32726.80 34091.10 33141.00
31695.90 33030.90 32100.40
32935.20 34352.10 33371.60
34183.50 35681.60 34636.40
33366.50 34839.50 33801.60
6/30/99 35194.90 36773.10 35657.30
34089.80 35625.70 34534.10
33909.10 35447.60 34344.20
32963.10 34476.40 33389.40
35033.20 36658.70 35482.90
35716.30 37402.90 36174.90
37812.90 39605.90 38287.50
35884.40 37617.70 36350.10
35199.00 36906.70 35644.90
38620.40 40516.20 39106.10
37446.30 39296.60 37913.30
36652.40 38491.10 37113.40
6/30/00 37532.10 39441.80 37981.80
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPER AVERAGE ANNUAL TOTAL RETURNS
INDEX 500 S&P 500 ONE FIVE SINCE
FUND S&P 500 FUNDS AVERAGE YEAR YEARS INCEPTION
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $37,532 $39,442 $37,982 6.63% 23.07% 19.09%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends.
xix
<PAGE> 287
---------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
FT/S&P ACTUARIES WORLD LIPPER INTERNATIONAL
CLASS K INDEX EX U.S. FUNDS AVERAGE
------- ---------------------- --------------------
<S> <C> <C> <C>
11/23/92 10000.00 10000.00 10000.00
10134.00 10000.00 10000.00
10172.00 10031.40 10132.00
10044.00 10035.10 10172.00
2/28/93 10296.00 10375.70 10412.00
10634.00 11294.40 11013.00
10847.00 12340.30 10571.00
11050.00 12685.30 11819.00
10963.00 12374.70 11576.00
11331.00 12926.50 11929.00
11979.00 13534.60 12658.00
11882.00 13170.60 12575.00
12637.00 13522.90 13144.00
12250.00 12373.90 12644.00
13479.00 13259.00 13857.00
13856.00 14375.80 14699.00
2/28/94 13237.00 14353.90 14369.00
12231.00 13793.30 13721.00
12521.00 14364.10 14078.00
12628.00 14318.80 14052.00
12095.00 14492.00 13880.00
12657.00 14644.10 14283.00
13005.00 14994.90 14716.00
12618.00 14586.30 14345.00
12918.00 15052.60 14616.00
12453.00 14306.40 13923.00
12325.00 14367.80 13771.00
11741.00 13759.00 13113.00
2/28/95 11965.00 13650.80 13154.00
12296.00 14501.50 13589.00
12705.00 15082.60 14039.00
12891.00 14883.80 14171.00
6/30/95 13076.00 14615.50 14181.00
13690.00 15538.70 14956.00
13397.00 14973.70 14672.00
13758.00 15227.30 14911.00
13670.00 14829.70 14616.00
13738.00 15278.50 14791.00
14018.00 15869.00 15231.00
14156.00 16018.90 15566.00
14175.00 16007.20 15629.00
14372.00 16336.80 15892.00
14824.00 16858.70 16396.00
14745.00 16580.90 16348.00
6/30/96 14814.00 16662.00 16459.00
14333.00 16128.70 15862.00
14608.00 16222.90 16065.00
14873.00 16660.60 16412.00
14873.00 16513.70 16362.00
15452.00 17148.70 17095.00
15424.00 16899.50 17195.00
15258.00 16364.70 17122.00
15402.00 16674.50 17363.00
15336.00 16618.90 17420.00
15535.00 16718.30 17478.00
16707.00 17896.10 18509.00
6/30/97 17494.00 18814.60 19374.00
17849.70 19132.50 19902.90
16626.90 17699.50 18458.00
17450.00 18644.70 19596.80
16116.80 17186.70 18119.20
15794.50 16934.00 17950.70
15908.20 17032.20 18099.70
16425.20 17732.30 18525.00
17665.30 18877.80 19747.70
18315.40 19478.10 20756.80
18471.10 19577.40 21041.20
18206.90 19428.60 21062.20
6/30/98 18236.10 19337.30 20656.10
18101.60 19408.90 20955.60
15286.80 16814.00 17963.20
15167.60 16449.10 17316.50
16833.00 18200.90 18601.40
17550.10 19172.80 19563.10
17999.40 19792.10 20163.70
18433.20 19740.70 20320.90
18259.90 19296.50 19784.50
19065.10 20240.10 20474.90
19957.40 21260.20 21414.70
19115.20 20188.70 20534.60
6/30/99 20231.50 21044.70 21614.70
20381.20 21695.00 22172.40
20556.50 21938.00 22365.30
20712.70 22183.70 22450.30
21947.20 23040.00 23312.30
23637.20 23975.40 25112.10
25958.30 26090.00 28130.50
24351.50 24448.90 26544.00
25298.80 24813.20 28123.30
26191.80 25867.80 28345.50
24777.40 24569.20 26556.90
24063.90 23878.80 25696.50
6/30/00 24985.50 24955.80 26834.80
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURN
FT/S&P
INTERNATIONAL ACTUARIES LIPPER
EQUITY WORLD INDEX INTERNATIONAL ONE FIVE SINCE
FUND EX U.S. FUNDS AVERAGE YEAR YEARS INCEPTION
<S> <C> <C> <C> <C> <C> <C> <C>
Class K $ 24,986 $ 24,956 $ 26,835 23.51% 13.83% 12.80%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The FT/S&P Actuaries World Index ex U.S. is an unmanaged index used to portray
global equity markets excluding the U.S. The Index is weighted based on the
market capitalization of those stocks selected to represent each country and
includes gross reinvestment of dividends.
xx
<PAGE> 288
---------------------------------------------------------------------
MICRO-CAP EQUITY FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER MICRO-CAP FUND
CLASS K WILSHIRE MICRO-CAP INDEX AVERAGE
------- ------------------------ ---------------------
<S> <C> <C> <C>
12/31/96 10000.00 10000.00 10000.00
10464.00 10474.00 10421.00
10781.00 10253.00 10107.00
10010.00 9788.00 9494.00
9664.00 9474.00 9204.00
11117.00 10382.00 10343.00
6/30/97 12681.00 11052.00 11146.00
14491.20 11620.10 11936.30
15856.30 12119.70 12585.60
17844.70 13252.90 13785.00
17746.50 12791.70 13294.20
17478.60 12546.10 13066.90
17148.20 12419.40 12885.30
16891.00 12331.20 12748.70
18146.00 13083.40 13653.90
18793.80 13724.50 14419.80
18711.10 14016.90 14665.00
17537.90 13328.60 13861.30
6/30/98 17487.10 13266.00 13813.50
16488.50 12422.00 13020.60
12127.30 9807.18 10325.30
12517.80 10167.10 10882.90
12898.40 10380.60 11134.30
14759.60 11179.90 12258.90
16145.50 11497.40 13326.60
15924.30 12026.30 13833.00
15209.30 11202.50 12951.90
14715.00 10873.20 13060.70
16804.60 11862.60 14155.20
17550.70 12154.40 14616.60
6/30/99 19063.60 13146.20 15921.90
19179.80 13276.40 16097.00
19348.60 12875.40 16063.20
19064.20 12709.30 16074.50
19767.70 12642.00 16278.60
23685.60 14076.80 17471.80
28171.70 16194.00 19365.80
29642.20 17120.30 18966.80
37331.40 21816.40 21942.70
35472.30 19549.70 21622.40
29505.90 16316.20 20335.80
25304.20 14691.10 19221.40
6/30/00 30198.10 17667.50 21260.80
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LIPPER
MICRO-CAP WILSHIRE MICRO-CAP
EQUITY FUND MICRO-CAP INDEX FUNDS AVERAGE ONE YEAR SINCE INCEPTION
<S> <C> <C> <C> <C> <C> <C>
Class K $ 30,198 $ 17,667 $ 21,261 58.40% 37.10%
</TABLE>
MULTI-SEASON GROWTH FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER GROWTH FUNDS
CLASS K S&P 500 AVERAGE
------- ------- -------------------
<S> <C> <C> <C>
6/23/95 10000.00 10000.00 10000.00
6/30/95 9852.00 10000.00 10000.00
10189.00 10331.00 10484.70
10164.00 10357.00 10565.00
10598.00 10794.00 10869.00
10607.00 10755.00 10703.00
11221.00 11227.00 11075.00
11240.00 11443.00 11105.00
11714.00 11832.00 11348.00
11883.00 11942.00 11604.00
11958.00 12057.00 11702.00
12144.00 12235.00 12081.00
12382.00 12550.00 12398.00
6/30/96 12568.00 12598.00 12227.00
12059.00 12042.00 11500.00
12390.00 12296.00 11901.00
13250.00 12988.00 12585.00
13369.00 13346.00 12675.00
14182.00 14353.00 13438.00
13750.00 14069.00 13234.00
14258.00 14948.00 13918.00
14267.00 15065.00 13706.00
13652.00 14447.00 13070.00
14329.00 15309.00 13570.00
15380.00 16245.00 14563.00
6/30/97 16030.00 16967.00 15130.00
17259.00 18317.60 16402.40
16422.00 17291.80 15857.90
17392.50 18239.40 16741.20
16964.60 17630.20 16106.70
17356.50 18446.50 16377.30
17901.50 18763.70 16532.80
17704.60 18972.00 16610.60
19276.80 20339.90 17864.60
20155.80 21381.30 18657.80
20137.70 21597.30 18879.90
19547.60 21225.80 18326.70
6/30/98 20044.10 22087.60 18991.90
19511.80 21853.40 18551.30
16227.90 18693.40 15512.60
17201.60 19891.70 16432.50
18521.00 21508.90 17597.60
19343.30 22812.30 18665.80
20600.60 24126.30 20136.60
21037.30 25134.80 20960.20
20246.30 24353.10 20107.10
21106.80 25327.20 20987.80
21573.30 26307.40 21594.40
20964.90 25686.50 21197.00
6/30/99 22331.80 27112.10 22468.80
21673.00 26266.20 21882.40
21003.30 26134.90 21670.20
20812.20 25418.80 21152.20
21490.70 27027.80 22199.30
21673.30 27576.40 22969.60
22921.70 29200.70 24830.10
21108.60 27734.80 23906.40
20684.30 27210.60 24731.20
22506.60 29871.80 26348.60
22160.00 28972.70 25405.40
21583.90 28378.80 24747.40
6/30/00 22386.80 29079.70 25623.40
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
MULTI-SEASON LIPPER GROWTH AVERAGE ANNUAL TOTAL RETURNS
GROWTH FUND S&P 500 FUNDS AVERAGE ONE YEAR FIVE YEARS SINCE INCEPTION
<S> <C> <C> <C> <C> <C> <C> <C>
Class K $ 22,387 $29,080 $ 25,623 0.27% 17.84% 17.41%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The Wilshire Micro-Cap Index consists of all issues in the Wilshire 5000 Index
that rank below the 2,501st company based on size. The Wilshire 5000 Index
contains all publicly traded U.S. stocks, but excludes REITs and limited
partnerships. Figures for the S&P 500, an unmanaged index of common stock
prices, include reinvestment of dividends.
xxi
<PAGE> 289
---------------------------------------------------------------------
REAL ESTATE EQUITY INVESTMENT FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER REAL ESTATE FUNDS
CLASS K NAREIT AVERAGE
------- ------ ------------------------
<S> <C> <C> <C>
10/3/96 10000.00 10000.00 10000.00
10149.00 10297.00 10191.00
10640.00 10767.00 10641.00
11674.00 11885.00 11602.00
11798.00 12018.00 11798.00
11737.00 11994.00 11832.00
11809.00 11969.00 11797.00
11385.00 11641.00 11383.00
11629.00 11983.00 11786.00
6/30/97 12311.00 12566.00 12429.00
12864.10 12954.30 12974.60
12826.80 12923.20 12913.70
14115.90 14051.40 14114.60
13604.90 13672.00 13654.50
13781.80 13967.30 13818.30
14246.20 14297.00 14183.10
14061.00 14221.20 14004.40
13784.00 13979.40 13975.00
14135.50 14229.70 14297.80
13680.40 13765.80 13900.40
13535.40 13669.40 13703.00
6/30/98 13408.10 13576.40 13552.60
12499.20 12696.40 12711.00
11286.80 11497.80 11333.10
12142.30 12148.60 11879.30
11840.00 11923.90 11773.60
11938.20 12099.20 12037.30
11799.70 11794.30 11974.80
11537.80 11547.80 11710.10
11497.40 11276.40 11505.20
11265.20 11225.60 11417.80
12435.60 12291.00 12634.90
12695.50 12561.30 12893.90
6/30/99 12517.80 12357.80 12750.80
12025.80 11964.90 12300.70
11837.00 11812.90 12062.00
11233.30 11364.00 11584.40
10905.30 11084.50 11294.80
10802.80 10903.80 11146.80
11206.80 11249.40 11565.90
11153.00 11286.60 11467.60
10957.90 11152.30 11280.70
11386.30 11519.20 11773.70
12002.30 12293.30 12376.50
11989.10 12413.70 12496.50
6/30/00 12587.40 12732.80 13012.60
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
REAL ESTATE LIPPER AVERAGE ANNUAL TOTAL RETURNS
EQUITY REAL ESTATE ONE SINCE
INVESTMENT FUND NAREIT FUNDS AVERAGE YEAR INCEPTION
<S> <C> <C> <C> <C> <C> <C>
Class K $ 12,587 $12,733 $ 13,013 0.55% 6.34%
</TABLE>
SMALL-CAP VALUE FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER SMALL COMPANY
CLASS K RUSSELL 2000 GROWTH FUNDS AVERAGE
------- ------------ --------------------
<S> <C> <C> <C>
12/31/96 10000.00 10000.00 10000.00
10833.00 10200.00 10249.00
10833.00 9952.00 9818.00
10456.00 9483.00 9314.00
10446.00 9509.00 9250.00
11280.00 10567.00 10357.00
6/30/97 11985.00 11020.00 10899.00
12771.30 11532.40 11578.00
13418.80 11796.50 11789.90
14685.60 12660.00 12683.60
14206.80 12104.30 12120.40
14097.40 12025.60 11942.20
14417.50 12236.00 12042.50
14166.60 12042.70 11835.40
14951.40 12932.70 12756.20
15594.30 13465.50 13349.40
15834.50 13539.50 13458.80
15049.10 12809.80 12699.80
6/30/98 14925.70 12836.70 13665.00
14087.30 11799.70 12682.50
11416.40 9508.18 10143.50
11943.80 10252.70 10725.70
11860.20 10671.00 11153.60
12510.20 11230.10 11876.40
13460.90 11925.30 12748.10
13041.00 12083.90 12796.60
12319.80 11105.10 11751.10
12008.10 11278.30 11979.10
12719.00 12288.90 12746.90
13095.50 12468.30 12991.70
6/30/99 14126.10 13031.90 13856.20
13587.90 12674.80 13757.80
12434.30 12205.80 13391.90
12240.30 12208.30 13401.20
11712.70 12258.30 13571.40
12036.00 12990.10 14566.20
12758.20 14460.60 16145.20
11853.60 14227.80 15812.60
12554.20 16576.80 18293.60
12910.70 15484.40 18026.50
12781.60 14552.20 16953.90
12575.80 13703.80 16024.90
6/30/00 13176.90 14898.80 17725.10
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPERSMALL AVERAGE ANNUAL TOTAL RETURNS
SMALL CAP RUSSELL COMPANY GROWTH ONE SINCE
VALUE FUND 2000 FUNDS AVERAGE YEAR INCEPTION
<S> <C> <C> <C> <C> <C> <C>
Class K $ 13,177 $14,899 $ 17,725 (6.73)% 8.21%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
National Association of Real Estate Investment Trusts ("NAREIT") are equity real
estate investment trusts which are defined as those which derive more than 75%
of their income from equity investments in real estate assets. The NAREIT equity
index includes all tax qualified real estate investment trusts listed on the New
York Stock Exchange, the American Stock Exchange or the NASDAQ National Market
System. The Russell 2000 Index is a capitalization weighted total return index
which is comprised of 2,000 of the smallest capitalized U.S. domiciled companies
whose stock is traded in the United States on the New York Stock Exchange,
American Stock Exchange and the NASDAQ.
xxii
<PAGE> 290
---------------------------------------------------------------------
SMALL COMPANY GROWTH FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER SMALL COMPANY
CLASS K RUSSELL 2000 GROWTH FUNDS AVERAGE
------- ------------ --------------------
<S> <C> <C> <C>
11/23/92 10000.00 10000.00 10000.00
10187.00 10000.00 10000.00
10438.00 10348.00 10333.00
10739.00 10698.00 10574.00
2/28/93 10325.00 10451.00 10210.00
10731.00 10790.00 10570.00
10089.00 10494.00 10234.00
10511.00 10958.00 10775.00
10568.00 11027.00 10857.00
10552.00 11179.00 10926.00
10990.00 11662.00 11463.00
11412.00 11991.00 11828.00
11510.00 12300.00 12013.00
11080.00 11895.00 11623.00
11810.00 12302.00 12108.00
11777.00 12687.00 12432.00
2/28/94 11885.00 12641.00 12421.00
11157.00 11974.00 11765.00
11281.00 12045.00 11762.00
10983.00 11910.00 11557.00
10355.00 11505.00 11130.00
10529.00 11694.00 11332.00
11364.00 12346.00 12013.00
11455.00 12305.00 12061.00
11662.00 12256.00 12208.00
11050.00 11761.00 11759.00
11487.00 12077.00 12020.00
11098.00 11925.00 11891.00
2/28/95 11503.00 12421.00 12394.00
11926.00 12635.00 12717.00
11735.00 12916.00 12877.00
11909.00 13138.00 13077.00
6/30/95 12655.00 13819.00 13842.00
13789.00 14615.00 14865.00
13822.00 14918.00 15107.00
14303.00 15184.00 15514.00
14187.00 14505.00 15028.00
14609.00 15115.00 15580.00
14892.00 15513.00 15769.00
15007.00 15497.00 15669.00
15595.00 15980.00 16316.00
16574.00 16305.00 16709.00
18105.00 17177.00 17896.00
19093.00 17854.00 18582.00
6/30/96 18764.00 17121.00 17860.00
16859.00 15626.00 16298.00
17909.00 16533.00 17293.00
19298.00 17179.00 18194.00
18942.00 16914.00 17816.00
19805.00 17611.00 18378.00
20385.00 18073.00 18599.00
20581.00 18434.00 19074.00
19456.00 17987.00 18302.00
17990.00 17138.00 17342.00
17990.00 17186.00 17278.00
20591.00 19098.00 19293.00
6/30/97 22315.00 19917.00 20254.00
23687.80 20843.10 21515.80
24194.70 21320.40 21909.60
27032.80 22881.10 23570.30
25619.00 21876.60 22523.80
24855.50 21734.40 22192.70
25539.10 22114.80 22379.10
24673.30 21765.40 21994.20
26143.80 23373.80 23705.30
27262.80 24336.80 24807.60
27350.00 24470.70 25011.10
25151.10 23151.70 23600.40
6/30/98 25075.60 23200.30 25394.10
23528.50 21326.00 23568.20
18114.60 17184.50 18849.90
19784.70 18530.00 19931.80
20902.60 19286.00 20727.10
22296.80 20296.60 22070.20
23619.00 21553.00 23690.20
23524.50 21839.60 23780.20
20673.30 20070.60 21837.40
19645.90 20383.70 22261.00
20362.90 22210.10 23687.90
20863.90 22534.40 24142.80
6/30/99 22336.90 23552.90 25748.30
21823.10 22907.60 25565.40
20107.80 22060.00 24885.40
19770.00 22064.40 24902.80
19350.90 22154.90 25219.10
20674.50 23477.50 27067.60
24106.40 26135.20 30001.80
23484.50 25714.40 29383.70
28498.40 29959.80 33994.10
26891.10 27985.50 33497.70
24255.80 26300.80 31504.60
22094.60 24767.40 29778.20
6/30/00 26878.10 26927.10 32937.60
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
SMALL LIPPER SMALL
COMPANY RUSSELL COMPANY GROWTH
GROWTH FUND 2000 FUNDS AVERAGE
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class K $ 26,878 $26,927 $ 32,938
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE FIVE SINCE
YEAR YEARS INCEPTION
-------------------- -----------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class K 20.33% 16.26% 13.88%
</TABLE>
FRAMLINGTON EMERGING MARKETS FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
MSCI EMERGING MARKETS LIPPER EMERGING MARKETS
CLASS K INDEX FUNDS AVERAGE
------- --------------------- -----------------------
<S> <C> <C> <C>
1/10/97 10000.00 10000.00 10000.00
10526.80 10651.00 10798.00
10914.50 11081.30 11191.00
10984.10 10809.80 10957.20
11262.50 10886.60 11025.10
11988.10 11155.50 11471.60
6/30/97 12869.50 11800.20 12107.10
13188.30 12015.00 12467.90
12978.60 10627.30 11340.80
13387.40 10708.00 11794.50
11444.90 8950.85 9996.98
10996.20 8624.14 9637.09
11217.30 8831.99 9783.57
9927.28 8139.56 9078.18
11012.30 8989.33 9886.14
11431.90 9379.47 10260.80
11534.80 9277.23 10351.10
10276.30 8006.25 9027.21
6/30/98 9223.02 7166.39 8219.27
9366.08 7368.48 8496.26
6698.62 5210.25 6097.77
7221.78 5526.00 6286.19
7816.85 6101.25 6817.37
8103.73 6602.77 7199.14
8134.53 6482.60 7117.79
8175.20 6373.05 7015.30
8164.57 6430.41 6961.28
9077.37 7258.00 7686.64
10431.70 8145.65 8664.38
10349.30 8073.16 8588.14
6/30/99 11898.60 8972.50 9587.80
11334.60 8728.45 9381.66
11160.00 8807.88 9273.77
10575.30 8510.17 8936.21
11046.90 8691.44 9252.55
12493.00 9471.06 10269.40
15119.00 10675.80 12132.30
15292.90 10739.80 12018.20
15796.00 10881.60 12553.00
16031.30 10934.90 12608.30
13467.90 9898.29 11196.20
12298.90 9489.49 10575.90
6/30/00 12944.60 9823.52 11101.50
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LIPPER EMERGING
FRAMLINGTON MSCI EMERGING MARKETS
EMERGING FUND MARKETS INDEX FUNDS AVERAGE
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class K $ 12,945 $ 9,824 $ 11,102
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE SINCE
YEAR INCEPTION
---------------------- ------------------------------------------------
<S> <C> <C> <C> <C>
Class K 8.79% 7.72%
</TABLE>
---------------------------------------------------------------------
All figures cited her represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The Russell 2000 Index is a capitalization weighted total return index which is
comprised of 2,000 of the smallest capitalized U.S. domiciled companies whose
stock is traded in the United States on the New York Stock Exchange, American
Stock Exchange and the NASDAQ. Figures for the Morgan Stanley (MSCI) Emerging
Market Index, an unmanaged index used to portray the pattern of common stock
price movement in Europe, Australia, New Zealand and countries in the Far East,
include gross reinvestment of dividends.
xxiii
<PAGE> 291
---------------------------------------------------------------------
FRAMLINGTON HEALTHCARE FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER
S&P HEALTHCARE HEALTH/BIOTECHNOLOGY
CLASS K COMPOSITE FUNDS AVERAGE
------- -------------- --------------------
<S> <C> <C> <C>
4/1/97 10000.00 10000.00 10000.00
9555.60 10819.00 9989.00
10888.90 11481.10 11028.80
6/30/97 11523.80 12582.20 11597.90
11767.20 12827.50 11985.30
11756.60 11788.50 11691.70
13047.50 12471.00 12742.80
12370.30 12600.70 12346.50
12317.10 13135.00 12335.30
12296.20 13711.60 12381.00
12507.70 14668.70 12602.60
13311.90 15490.20 13371.40
13682.00 16032.30 13832.70
13650.50 16410.70 13879.70
12815.10 16094.00 13364.80
6/30/98 12497.30 17270.40 13584.00
11703.80 17361.90 13320.40
8846.88 15412.20 11125.20
10350.00 17241.60 12500.30
10805.40 17865.80 13019.00
11397.50 18957.40 13688.20
12431.30 19774.40 14818.90
12784.30 19871.30 14996.70
11417.70 20111.80 14390.80
10873.00 20648.80 14513.20
10649.00 19364.40 13999.40
10927.00 18808.70 14038.60
6/30/99 11161.90 19690.80 14663.30
11407.50 18572.30 14862.70
11899.10 19244.70 15209.00
11984.80 17732.00 14360.40
11664.80 19868.70 14861.60
13299.10 19940.30 15665.60
17230.30 18143.70 17182.00
20936.50 19303.00 18858.90
28894.50 17280.10 22679.80
25412.70 18223.60 20545.60
24292.00 19679.60 20299.10
23842.60 20744.30 20469.60
6/30/00 30241.90 22445.30 24311.70
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
FRAMLINGTON S&P LIPPER HEALTH/ AVERAGE ANNUAL TOTAL RETURNS
HEALTHCARE HEALTHCARE BIOTECHNOLOGY ONE SINCE
FUND COMPOSITE FUNDS AVERAGE YEAR INCEPTION
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 30,242 $ 22,445 $ 24,312 170.91% 40.57%
</TABLE>
FRAMLINGTON INTERNATIONAL GROWTH FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER INTERNATIONAL
CLASS K MSCI EAFE INDEX FUNDS AVERAGE
------- --------------- --------------------
<S> <C> <C> <C>
1/10/97 10000.00 10000.00 10000.00
10070.90 9650.00 9967.00
10202.60 9814.05 10107.50
10121.60 9852.32 10129.80
10162.10 9906.51 10150.00
10901.70 10553.40 10750.90
6/30/97 11499.40 11138.10 11248.70
11681.80 11320.70 11555.80
10922.50 10477.30 10716.80
11469.70 11066.20 11378.00
10587.70 10218.50 10520.10
10324.10 10116.30 10422.30
10339.50 10207.40 10508.80
10889.60 10676.90 10755.80
11602.90 11364.50 11465.70
12010.20 11716.80 12051.50
12162.70 11811.70 12216.70
12234.40 11757.40 12228.90
6/30/98 12142.70 11849.10 12134.70
12387.30 11972.30 12310.70
10665.40 10491.30 10552.70
10013.80 10172.40 10172.80
10757.80 11235.40 10927.60
11409.70 11814.00 11492.60
11925.50 12283.00 11845.40
12138.90 12249.90 11937.80
11670.30 11960.80 11622.60
12281.90 12463.10 12028.30
12699.50 12970.40 12580.40
12220.70 12305.00 12063.30
6/30/99 12995.50 12787.40 12697.80
13382.80 13171.00 13025.40
13687.90 13222.30 13138.80
13737.20 13358.50 13188.70
14411.60 13862.20 13695.10
15658.30 14347.30 14752.40
17314.90 15637.20 16525.60
16611.90 14645.80 15593.60
17686.70 15042.70 16521.40
17973.20 15629.30 16651.90
16898.40 14810.30 15601.20
16239.40 14451.90 15095.70
6/30/00 16760.70 15019.90 15764.50
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
FRAMLINGTON LIPPER AVERAGE ANNUAL TOTAL RETURNS
INTERNATIONAL MSCI EAFE INTERNATIONAL ONE SINCE
GROWTH FUND INDEX FUNDS AVERAGE YEAR INCEPTION
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 16,761 $ 15,020 $ 15,764 28.98% 16.04%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The S&P Healthcare Composite is a capitalization-weighted index of all of the
stocks in the S&P 500 that are involved in the business of health care related
products or services. Figures for the MSCI EAFE Index, an unmanaged index used
to portray the pattern of common stock price movement in Europe, Australia, New
Zealand and countries in the Far East, include gross reinvestment of dividends.
xxiv
<PAGE> 292
---------------------------------------------------------------------
BOND FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN GOV'T/CORP BOND LIPPER CORP DEBT
CLASS K INDEX A RATED FUNDS AVERAGE
------- ---------------------- ----------------------
<S> <C> <C> <C>
11/23/92 10000.00 10000.00 10000.00
9959.00 10000.00 10000.00
10098.00 10171.10 10168.00
10298.00 10392.00 10389.00
2/28/93 10524.00 10608.00 10625.00
10608.00 10644.00 10662.00
10690.00 10725.00 10731.00
10656.00 10720.00 10733.00
10890.00 10963.00 10977.00
10948.00 11033.00 11063.00
11204.00 11286.00 11324.00
11261.00 11326.00 11358.00
11329.00 11372.00 11412.00
11193.00 11244.00 11257.00
11226.00 11293.00 11315.00
11395.00 11463.00 11489.00
2/28/94 11115.00 11213.00 11231.00
10850.00 10939.00 10928.00
10761.00 10848.00 10812.00
10761.00 10828.00 10776.00
10726.00 10803.00 10739.00
10886.00 11019.00 10933.00
10895.00 11023.00 10934.00
10747.00 10856.00 10763.00
10713.00 10844.00 10735.00
10684.00 10825.00 10713.00
10749.00 10896.00 10795.00
10932.00 11106.00 10985.00
2/28/95 11163.00 11363.00 11237.00
11225.00 11439.00 11318.00
11369.00 11599.00 11475.00
11784.00 12085.00 11953.00
6/30/95 11865.00 12182.00 12031.00
11854.00 12135.00 11979.00
11990.00 12290.00 12144.00
12097.00 12415.00 12274.00
12269.00 12597.00 12451.00
12440.00 12805.00 12646.00
12628.00 12993.00 12844.00
12701.00 13074.00 12902.00
12445.00 12797.00 12613.00
12365.00 12689.00 12513.00
12272.00 12602.00 12417.00
12243.00 12581.00 12394.00
6/30/96 12381.00 12749.00 12549.00
12406.00 12779.00 12601.00
12364.00 12748.00 12570.00
12572.00 12974.00 12798.00
12834.00 13277.00 13098.00
13072.00 13522.00 13357.00
12939.00 13371.00 13210.00
12941.00 13387.00 13232.00
12963.00 13415.00 13274.00
12809.00 13256.00 13096.00
12985.00 13449.00 13277.00
13079.00 13575.00 13395.00
6/30/97 13214.00 13738.00 13571.00
13597.20 14158.40 13989.00
13454.40 13999.80 13822.50
13632.00 14219.60 14039.50
13867.90 14447.10 14222.00
13924.70 14523.70 14283.20
14050.00 14676.20 14420.30
14248.10 14883.10 14603.50
14219.70 14853.40 14574.20
14249.50 14899.40 14620.90
14322.20 14973.90 14683.80
14481.20 15134.10 14836.50
6/30/98 14610.00 15288.50 14961.10
14621.70 15300.70 14965.60
14914.20 15599.10 15146.70
15281.10 16045.20 15490.50
15135.90 15931.30 15317.00
15190.40 16026.90 15442.60
15249.60 16065.40 15496.60
15353.30 16179.40 15609.80
14994.00 15794.30 15253.90
15087.00 15873.30 15351.50
15105.10 15913.00 15383.70
14940.50 15749.10 15208.40
6/30/99 14864.30 15700.30 15126.20
14797.40 15656.30 15064.20
14754.50 15643.80 15022.00
14879.90 15784.60 15163.20
14888.80 15825.60 15178.40
14876.90 15816.10 15178.40
14778.70 15719.60 15094.90
14758.00 15714.90 15051.10
14907.10 15911.40 15207.70
15156.00 16140.50 15409.90
15013.60 16061.40 15286.70
14899.50 16047.00 15225.50
6/30/00 15227.20 16374.30 15543.70
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LEHMAN LIPPER CORP
BOND GOV'T/CORP DEBT A RATED
FUND BOND INDEX FUNDS AVERAGE
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class K $15,245 $ 16,374 $ 15,544
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
ONE FIVE SINCE
YEAR YEARS INCEPTION
---------------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C>
Class K 2.68% 5.16% 5.70%
</TABLE>
INTERMEDIATE BOND FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN INT. GOV'T/CORP LIPPER SHORT INVT.
CLASS K BOND INDEX GRADE DEBT FUNDS AVERAGE
------- ---------------------- -------------------------
<S> <C> <C> <C>
11/20/92 10000.00 10000.00 10000.00
9961.00 10000.00 10000.00
10069.00 10130.00 10075.00
10241.00 10327.00 10182.00
2/28/93 10415.00 10490.00 10277.00
10461.00 10532.00 10314.00
10537.00 10617.00 10371.00
10502.00 10593.00 10375.00
10660.00 10759.00 10452.00
10695.00 10786.00 10490.00
10864.00 10957.00 10578.00
10910.00 11002.00 10611.00
10935.00 11032.00 10644.00
10835.00 10970.00 10642.00
10879.00 11020.00 10688.00
11004.00 11143.00 10761.00
2/28/94 10805.00 10978.00 10697.00
10594.00 10797.00 10623.00
10495.00 10723.00 10583.00
10495.00 10731.00 10595.00
10483.00 10732.00 10605.00
10595.00 10887.00 10684.00
10628.00 10921.00 10722.00
10520.00 10820.00 10711.00
10512.00 10819.00 10731.00
10481.00 10769.00 10713.00
10528.00 10808.00 10707.00
10675.00 10990.00 10807.00
2/28/95 10864.00 11218.00 10932.00
10920.00 11282.00 10989.00
11034.00 11421.00 11088.00
11359.00 11766.00 11272.00
6/30/95 11411.00 11845.00 11338.00
11405.00 11847.00 11373.00
11506.00 11955.00 11445.00
11590.00 12041.00 11507.00
11710.00 12176.00 11597.00
11863.00 12336.00 11690.00
11980.00 12465.00 11778.00
12060.00 12573.00 11869.00
11916.00 12425.00 11827.00
11835.00 12361.00 11820.00
11779.00 12317.00 11830.00
11751.00 12308.00 11852.00
6/30/96 11872.00 12439.00 11934.00
11895.00 12476.00 11990.00
11904.00 12486.00 12033.00
12053.00 12660.00 12143.00
12244.00 12884.00 12270.00
12395.00 13054.00 12372.00
12324.00 12970.00 12377.00
12371.00 13020.00 12437.00
12389.00 13045.00 12475.00
12290.00 12955.00 12464.00
12432.00 13107.00 12559.00
12522.00 13216.00 12642.00
6/30/97 12624.00 13337.00 12726.00
12849.10 13607.70 12929.60
12802.80 13539.70 12892.10
12916.80 13696.80 13019.80
13060.10 13848.80 13117.40
13083.70 13879.30 13143.60
13179.20 13990.30 13229.10
13322.80 14173.60 13374.60
13316.20 14162.20 13373.20
13349.50 14207.50 13424.10
13430.90 14278.60 13483.10
13522.20 14382.80 13568.10
6/30/98 13599.30 14474.90 13634.60
13626.50 14525.50 13679.50
13814.50 14753.60 13805.40
14079.80 15123.90 14052.50
14058.60 15108.80 14032.90
14060.10 15107.30 14056.70
14096.60 15167.70 14111.50
14174.10 15251.10 14182.10
13981.40 15026.90 14038.80
14079.20 15139.60 14146.90
14114.50 15186.60 14189.40
14005.80 15069.60 14102.80
6/30/99 13984.80 15080.20 14101.40
13969.40 15066.60 14091.50
13954.00 15078.60 14097.20
14092.20 15218.90 14214.20
14111.90 15258.50 14246.90
14126.00 15276.80 14276.80
14092.10 15226.40 14266.80
14031.50 15170.00 14218.30
14155.00 15294.40 14320.70
14296.50 15453.50 14455.30
14263.60 15417.90 14435.00
14270.80 15442.60 14446.60
6/30/00 14517.70 15714.40 14666.20
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LEHMAN INT. LIPPER SHORT
INTERMEDIATE GOV'T/CORP INVT. GRADE DEBT
BOND FUND BOND INDEX FUNDS AVERAGE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class K $ 14,518 $ 15,714 $ 14,666
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE FIVE SINCE
YEAR YEARS INCEPTION
---------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C>
Class K 3.80% 4.93% 5.00%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The Lehman Brothers Government/Corporate Bond Index is a weighted composite of
(i) Lehman Brothers Government Bond Index, which is comprised of all publicly
issued, non-convertible debt of the U.S. Government or any agency thereof,
quasi-federal corporations, and corporate debt guaranteed by the U.S. Government
and (ii) Lehman Brothers Corporate Bond Index, which is comprised of all public
fixed-rate, non-convertible investment-grade domestic corporate debt, excluding
collateralized mortgage obligations. The Lehman Brothers Intermediate
Government/Corporate Bond Index is a weighted composite of (i) Lehman Brothers
Intermediate Government Bond Index, which is comprised of all publicly issued,
non-convertible debt of the U.S. Government or any agency thereof, quasi-Federal
corporations and corporate debt guaranteed by the U.S. Government with a
maturity of between one and ten years and (ii) Lehman Brothers Corporate Bond
Index.
xxv
<PAGE> 293
---------------------------------------------------------------------
INTERNATIONAL BOND FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
SALOMON BROS NON-US$ LIPPER INTERNATIONAL
CLASS K WORLD GOV'T BOND INCOME FUNDS AVERAGE
------- -------------------- --------------------
<S> <C> <C> <C>
3/25/97 10000.00 10000.00 10000.00
10062.90 9884.00 9909.00
9895.15 9683.35 9826.76
10167.70 10039.70 10034.10
6/30/97 10303.90 10163.20 10151.50
10104.70 9897.93 10040.90
10104.70 9942.47 10051.90
10349.30 10184.10 10308.20
10506.60 10412.20 10379.30
10233.40 10145.60 10272.40
10112.60 10043.20 10245.70
10166.20 10111.50 10301.00
10337.00 10254.00 10428.80
10187.20 10084.90 10380.80
10379.70 10306.70 10535.50
10411.90 10290.20 10563.90
6/30/98 10387.00 10253.20 10529.10
10429.40 10265.50 10604.90
10697.40 10546.80 10620.80
11368.20 11238.60 11129.50
11842.20 11745.50 11313.20
11573.40 11505.90 11309.80
11867.40 11830.40 11513.30
11713.10 11644.60 11501.80
11304.30 11235.90 11155.60
11293.00 11257.20 11173.50
11293.00 11240.40 11218.20
11071.60 11013.30 11014.00
6/30/99 10793.80 10751.20 10811.30
11114.30 11128.50 10985.40
11158.80 11199.80 10939.30
11287.10 11408.10 11048.70
11309.70 11395.50 11029.90
11183.00 11239.40 10892.00
11190.80 11228.20 10913.80
10760.00 10890.20 10647.50
10620.10 10720.30 10620.90
10992.90 11097.70 10854.50
10505.90 10612.70 10514.80
10634.10 10721.00 10608.40
6/30/00 10808.50 11009.30 10820.50
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
SALOMON BROS. LIPPER AVERAGE ANNUAL TOTAL RETURNS
INTERNATIONAL NON-US $ WORLD INTERNATIONAL ONE SINCE
BOND FUND GOV'T BOND INCOME FUNDS YEAR INCEPTION
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 10,808 $ 11,009 $ 10,821 0.24% 2.44%
</TABLE>
U.S. GOVERNMENT INCOME FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN GOV'T/CORP BOND LIPPER U.S. GOV'T GRADE
CLASS K INDEX DEBT FUNDS AVERAGE
------- ---------------------- -----------------------
<S> <C> <C> <C>
7/5/94 10000.00 10000.00 10000.00
10130.00 10199.00 10168.00
10126.00 10204.00 10165.00
9974.00 10049.00 10005.00
9951.00 10038.00 9977.00
9927.00 10020.00 9957.00
9989.00 10086.00 10030.00
10146.00 10280.00 10210.00
2/28/95 10368.00 10518.00 10440.00
10431.00 10589.00 10492.00
10555.00 10736.00 10621.00
10966.00 11186.00 11028.00
6/30/95 11047.00 11276.00 11095.00
11005.00 11232.00 11041.00
11135.00 11376.00 11178.00
11241.00 11491.00 11292.00
11391.00 11660.00 11453.00
11566.00 11852.00 11624.00
11707.00 12027.00 11795.00
11748.00 12102.00 11848.00
11541.00 11845.00 11582.00
11469.00 11746.00 11475.00
11392.00 11665.00 11385.00
11383.00 11645.00 11344.00
6/30/96 11525.00 11801.00 11477.00
11551.00 11829.00 11496.00
11542.00 11800.00 11455.00
11729.00 12009.00 11650.00
12001.00 12290.00 11909.00
12167.00 12516.00 12128.00
12044.00 12377.00 11987.00
12058.00 12391.00 12001.00
12105.00 12417.00 12015.00
11973.00 12270.00 11860.00
12155.00 12449.00 12038.00
12253.00 12565.00 12138.00
6/30/97 12388.00 12716.00 12281.00
12719.60 13105.10 12622.40
12595.00 12958.30 12487.40
12780.10 13161.80 12674.70
12969.30 13372.40 12871.10
12970.60 13443.20 12923.90
13095.10 13584.40 13057.00
13256.10 13775.90 13224.10
13232.30 13748.40 13192.40
13299.80 13791.00 13225.40
13329.00 13860.00 13278.30
13485.00 14008.30 13408.40
6/30/98 13590.20 14151.10 13530.40
13573.70 14162.50 13544.00
13850.60 14438.60 13831.10
14097.20 14851.60 14147.80
13939.30 14746.10 14036.10
13986.70 14834.60 14066.90
14042.60 14870.20 14103.50
14104.40 14975.80 14174.00
13905.50 14619.40 13855.10
14032.10 14692.50 13917.50
14044.70 14729.20 13950.90
13940.80 14577.50 13807.20
6/30/99 13878.00 14532.30 13725.70
13871.10 14491.60 13655.70
13769.90 14480.00 13620.20
13918.60 14610.30 13771.40
13977.00 14648.30 13794.80
13970.00 14639.50 13771.40
13884.80 14550.20 13679.10
13832.10 14545.90 13633.90
13941.30 14727.70 13805.70
14197.90 14939.80 14018.30
14102.70 14866.60 13969.30
14088.60 14853.20 13949.70
6/30/00 14397.20 15156.20 14213.40
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LIPPER
LEHMAN U.S. GOV'T
U.S. GOVERNMENT GOV'T/CORP GRADE DEBT ONE FIVE SINCE
INCOME FUND BOND INDEX FUNDS AVERAGE YEAR YEARS INCEPTION
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 14,397 $ 15,156 $ 14,213 3.74% 5.44% 6.27%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The Salomon Brothers Non-U.S. World Government Bond Index is a market-weighted
index that includes the government bond markets that are freely open to
investors (excluding the United States) and have a total market capitalization
of at least $20 billion, Dm30 billion and Y2.5 trillion. The Lehman Brothers
Government/Corporate Bond Index is a weighted composite of (i) Lehman Brothers
Government Bond Index, which is comprised of all publicly issued,
non-convertible debt of the U.S. Government or any agency thereof, quasi-federal
corporations, and corporate debt guaranteed by the U.S. Government and (ii)
Lehman Brothers Corporate Bond Index, which is comprised of all public
fixed-rate, non-convertible investment-grade domestic corporate debt, excluding
collateralized mortgage obligations.
xxvi
<PAGE> 294
---------------------------------------------------------------------
MICHIGAN TAX-FREE BOND FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN MUNI BOND 20 LIPPER MI MUNI DEBT
CLASS K YEAR INDEX FUNDS AVERAGE
------- ------------------- -------------------
<S> <C> <C> <C>
1/3/94 10000.00 10000.00 10000.00
10050.00 10125.80 10123.00
2/28/94 9752.00 9824.74 9856.00
9268.00 9306.80 9451.00
9341.00 9383.06 9490.00
9408.00 9494.17 9575.00
9343.00 9399.00 9517.00
9518.00 9615.00 9687.00
9534.00 9641.00 9711.00
9382.00 9448.00 9561.00
9215.00 9199.00 9364.00
9040.00 8984.00 9176.00
9209.00 9266.00 9412.00
9483.00 9628.00 9698.00
2/28/95 9736.00 9978.00 9975.00
9833.00 10092.00 10043.00
9832.00 10090.00 10040.00
10130.00 10471.00 10343.00
6/30/95 10013.00 10310.00 10201.00
10068.00 10363.00 10265.00
10199.00 10506.00 10384.00
10295.00 10589.00 10447.00
10445.00 10814.00 10626.00
10630.00 11054.00 10827.00
10742.00 11209.00 10948.00
10809.00 11266.00 11004.00
10676.00 11138.00 10912.00
10474.00 10960.00 10739.00
10416.00 10917.00 10695.00
10393.00 10930.00 10696.00
6/30/96 10527.00 11084.00 10804.00
10651.00 11193.00 10904.00
10627.00 11176.00 10904.00
10808.00 11402.00 11052.00
10919.00 11538.00 11159.00
11141.00 11779.00 11349.00
11067.00 11709.00 11301.00
11072.00 11697.00 11296.00
11170.00 11822.00 11395.00
10988.00 11636.00 11251.00
11077.00 11765.00 11341.00
11246.00 11977.00 11498.00
6/30/97 11370.00 12127.00 11610.00
11754.30 12534.50 11936.20
11582.70 12380.30 11801.40
11732.10 12551.10 11934.70
11821.30 12642.80 12005.10
11893.40 12745.20 12073.60
12130.10 12977.10 12263.10
12241.70 13122.50 12367.40
12211.00 13113.30 12366.10
12206.20 13131.60 12372.30
12128.00 13064.70 12300.50
12353.60 13301.10 12494.90
6/30/98 12395.60 13361.00 12538.60
12417.20 13389.10 12558.70
12642.00 13620.70 12747.10
12830.40 13812.70 12900.00
12749.50 13768.50 12852.30
12799.30 13831.90 12896.00
12800.50 13862.30 12901.10
12984.90 14010.60 13041.80
12879.70 13951.80 12966.10
12873.20 14000.60 12968.70
12902.90 14038.40 12996.00
12760.90 13933.10 12898.50
6/30/99 12517.20 13707.40 12699.90
12548.50 13723.90 12725.20
12405.40 13502.90 12575.10
12394.30 13459.70 12544.90
12241.80 13181.10 12391.90
12388.70 13377.50 12497.20
12262.40 13214.30 12376.00
12202.30 13121.80 12284.40
12336.50 13372.40 12439.20
12654.80 13804.30 12707.90
12558.60 13673.20 12620.20
12444.30 13565.20 12538.10
6/30/00 12828.80 14011.50 12865.40
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
MICHIGAN LEHMAN LIPPER MICHIGAN AVERAGE ANNUAL TOTAL RETURNS
TAX-FREE MUNI BOND MUNI DEBT ONE FIVE SINCE
BOND FUND 20 YEAR INDEX FUNDS AVERAGE YEAR YEARS INCEPTION
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 12,829 $ 14,011 $ 12,865 2.48% 5.08% 3.91%
</TABLE>
TAX-FREE BOND FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN MUNI BOND 20 LIPPER MUNI DEBT
CLASS K YEAR INDEX FUNDS AVERAGE
------- ------------------- ----------------
<S> <C> <C> <C>
7/5/94 10000.00 10000.00 10000.00
10130.00 10229.00 10177.00
10168.00 10257.00 10202.00
10048.00 10052.00 10032.00
9946.00 9787.00 9838.00
9778.00 9558.00 9630.00
9965.00 9858.00 9868.00
10201.00 10244.00 10164.00
2/28/95 10464.00 10615.00 10466.00
10577.00 10737.00 10561.00
10583.00 10735.00 10561.00
10903.00 11140.00 10892.00
6/30/95 10787.00 10969.00 10769.00
10871.00 11026.00 10839.00
10997.00 11177.00 10957.00
11057.00 11266.00 11022.00
11203.00 11506.00 11192.00
11425.00 11760.00 11409.00
11548.00 11925.00 11539.00
11611.00 11986.00 11596.00
11513.00 11850.00 11506.00
11318.00 11660.00 11324.00
11230.00 11614.00 11274.00
11219.00 11629.00 11282.00
6/30/96 11339.00 11793.00 11386.00
11437.00 11909.00 11484.00
11413.00 11890.00 11478.00
11544.00 12131.00 11643.00
11664.00 12276.00 11770.00
11886.00 12531.00 11977.00
11794.00 12457.00 11927.00
11804.00 12444.00 11928.00
11917.00 12578.00 12033.00
11700.00 12380.00 11880.00
11803.00 12517.00 11975.00
12009.00 12742.00 12147.00
6/30/97 12147.00 12902.00 12286.00
12574.60 13335.50 12654.60
12377.10 13171.50 12505.30
12551.70 13353.20 12659.10
12633.30 13450.70 12737.60
12700.20 13559.70 12810.20
12955.50 13806.50 13013.80
13095.40 13961.10 13136.20
13032.50 13951.30 13128.30
13007.80 13970.90 13130.90
12873.80 13899.60 13049.50
13151.90 14151.20 13260.90
6/30/98 13172.90 14214.90 13304.70
13185.00 14244.70 13323.30
13436.90 14491.10 13529.80
13641.10 14695.50 13690.80
13577.00 14648.50 13638.80
13605.50 14715.80 13681.10
13630.00 14748.20 13704.30
13845.30 14906.00 13857.80
13688.90 14843.40 13769.10
13673.80 14895.40 13770.50
13706.60 14935.60 13802.20
13550.40 14823.60 13693.10
6/30/99 13278.00 14583.40 13454.90
13312.50 14600.90 13475.10
13194.60 14365.90 13306.60
13185.40 14319.90 13270.70
13032.40 14023.50 13067.60
13183.60 14232.40 13197.00
13083.40 14058.80 13063.70
13010.10 13960.40 12957.90
13163.60 14227.00 13130.30
13479.60 14686.50 13428.30
13383.90 14547.00 13335.70
13254.00 14432.10 13235.60
6/30/00 13637.10 14906.90 13575.80
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
LEHMAN LIPPER AVERAGE ANNUAL TOTAL RETURNS
TAX-FREE MUNI BOND MUNI DEBT ONE FIVE SINCE
BOND FUND 20 YEAR INDEX FUNDS AVERAGE YEAR YEARS INCEPTION
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 13,637 $ 14,907 $ 13,576 2.73% 4.81% 5.32%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original costs.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The Lehman Brothers 20-year Municipal Bond Index is a performance benchmark for
the long-term investment grade tax-exempt bond market.
xxvii
<PAGE> 295
---------------------------------------------------------------------
TAX-FREE SHORT-INTERMEDIATE BOND FUND
CLASS K SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LEHMAN MUTUAL FUND LIPPER SHORT-INT. MUNI
CLASS K INT.-SHORT MUNI INDEX DEBT FUNDS AVERAGE
------- --------------------- ---------------------
<S> <C> <C> <C>
10473.00 10422.00 10204.00
10539.00 10517.90 10255.00
10550.00 10390.60 10246.00
10630.00 10466.50 10346.00
10641.00 10514.60 10401.00
10641.00 10484.10 10414.00
10730.00 10585.80 10551.00
10798.00 10677.90 10694.00
10769.00 10621.30 10624.00
10849.00 10651.10 10727.00
10919.00 10803.40 10864.00
10904.00 10688.90 10792.00
10839.00 10620.50 10772.00
10945.00 10803.10 10964.00
11035.00 10999.70 11134.00
11116.00 11120.70 11257.00
11229.00 11283.10 11383.00
11209.00 11239.10 11321.00
11205.00 11244.70 11303.00
11304.00 11343.70 11409.00
11408.00 11487.70 11561.00
11475.00 11580.80 11654.00
11467.00 11586.60 11602.00
2/28/90 11560.00 11673.50 11701.00
11628.00 11637.30 11701.00
11522.00 11598.90 11619.00
11688.00 11811.10 11840.00
11774.00 11897.40 11936.00
11894.00 12039.00 12093.00
11824.00 11998.00 11957.00
11898.00 12023.20 11993.00
12055.00 12200.00 12155.00
12252.00 12375.60 12363.00
12325.00 12421.40 12413.00
12461.00 12604.00 12564.00
2/28/91 12570.00 12718.70 12661.00
12585.00 12689.50 12679.00
12694.00 12848.10 12834.00
12787.00 12913.60 12931.00
12756.00 12909.70 12916.00
12761.00 13038.80 13059.00
12982.00 13207.00 13202.00
13091.00 13369.50 13361.00
13199.00 13471.10 13475.00
13269.00 13514.20 13507.00
13527.00 13818.30 13782.00
13610.00 13844.50 13807.00
2/29/92 13586.00 13852.80 13812.00
13543.00 13807.10 13790.00
13625.00 13928.60 13905.00
13746.00 14054.00 14069.00
13896.00 14256.30 14287.00
14169.00 14629.90 14729.00
14104.00 14520.10 14561.00
14186.00 14611.60 14647.00
14155.00 14564.90 14489.00
14360.00 14741.10 14765.00
14446.00 14844.30 14901.00
14581.00 15004.60 15082.00
2/28/93 14920.00 15396.20 15577.00
14774.00 15222.20 15382.00
14838.00 15319.70 15518.00
14871.00 15373.30 15580.00
15033.00 15580.80 15811.00
15039.00 15594.80 15808.00
15227.00 15833.40 16113.00
15321.00 15972.80 16312.00
15342.00 16009.50 16344.00
15288.00 15911.90 16220.00
15465.00 16168.00 16512.00
15585.00 16326.50 16686.00
2/28/94 15310.00 16024.50 16303.00
14963.00 15646.30 15810.00
15084.00 15760.50 15884.00
15163.00 15845.60 16017.00
15096.00 15825.00 15966.00
15245.00 16021.20 16171.00
15311.00 16093.30 16232.00
15185.00 15971.00 16057.00
15045.00 15844.80 15866.00
14845.00 15678.50 15616.00
15062.00 15863.50 15863.00
15302.00 16107.80 16178.00
2/28/95 15625.00 16410.60 16541.00
15757.00 16579.60 16691.00
15793.00 16627.70 16730.00
16140.00 17006.80 17133.00
16148.00 17003.40 17077.00
16312.00 17210.90 17240.00
16446.00 17389.80 17413.00
16449.00 17452.50 17501.00
16547.00 17581.60 17680.00
16697.00 17750.40 17877.00
16767.00 17839.10 18002.00
16917.00 18003.30 18163.00
2/29/96 16860.00 17961.80 18107.00
16691.00 17830.70 17895.00
16681.00 17816.50 17857.00
16655.00 17804.00 17849.00
6/30/96 16744.00 17928.60 17957.00
16864.00 18061.30 18134.00
16854.00 18075.70 18167.00
16976.00 18222.20 18295.00
17099.00 18391.60 18482.00
17320.00 18647.30 18767.00
17274.00 18611.80 18722.00
17314.00 18684.40 18560.00
17439.00 18817.10 18902.00
17212.00 19007.10 18702.00
17270.00 19102.20 18796.00
17463.00 19316.10 19040.00
6/30/97 17588.00 19470.60 19224.00
17915.80 19830.80 19643.10
17803.00 19729.70 19482.00
17963.20 19911.20 19682.70
18036.80 20014.80 19773.20
18076.50 20080.80 19846.40
18244.60 20277.60 20094.50
18407.00 20454.00 20263.20
18412.50 20484.70 20271.30
18399.70 20499.00 20273.40
18294.80 20423.20 20165.90
18508.80 20670.30 20450.30
6/30/98 18608.50 20807.00 20507.50
18658.80 20873.50 20575.20
18877.10 21136.50 20764.50
19062.10 21347.90 21136.20
19092.60 21412.00 21106.60
19132.70 21463.30 21142.50
19167.10 21521.30 21224.90
19377.90 21764.50 21331.00
19321.80 21716.60 21115.60
19319.80 21725.30 21278.20
19364.20 21786.10 21342.00
19273.20 21716.40 21211.80
6/30/99 18953.00 21488.40 21080.00
19051.60 21613.00 21172.80
19034.40 21604.40 21145.20
19080.10 21682.20 21196.00
19030.50 21636.60 21151.50
19123.70 21764.30 21253.00
19068.30 21712.00 21210.50
19037.80 21701.20 21176.50
19094.90 21785.80 21252.80
19241.90 21997.10 21420.70
19199.60 21962.00 21388.50
19168.90 21944.40 21356.50
6/30/00 19464.10 22324.00 21653.30
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURN
LEHMAN
TAX-FREE MUTUAL FUND LIPPER INT.
SHORT-INT. INT.-SHORT MUNI DEBT ONE FIVE TEN SINCE
BOND FUND MUNI INDEX FUNDS AVG. YEAR YEARS YEARS INCEPTION
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class K $ 19,464 $ 22,324 $ 21,653 2.68% 3.82% 5.15% 5.10%
</TABLE>
---------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming reinvestment
of dividends.
The Lehman Mutual Fund Intermediate Short Muni Index is an unmanaged index that
covers multiple sectors of the municipal bond universe with maturities between
one and 10 years.
xxviii
<PAGE> 296
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 63.9%
ADVERTISING -- 0.6%
4,400 Interpublic Group of
Companies, Inc. $ 189,200
1,400 Omnicom, Inc. 124,687
------------
313,887
------------
AUTOMOBILE PARTS AND EQUIPMENT -- 0.1%
1,000 Johnson Controls, Inc. 51,312
------------
BANKING AND FINANCIAL SERVICES -- 2.7%
3,450 Chase Manhattan
Corporation 158,916
2,600 Citigroup, Inc. 156,650
4,200 Firstar Corporation 88,462
9,300 FleetBoston Financial
Corporation 316,200
2,000 MBNA Corporation 54,250
1,700 Mellon Financial
Corporation 61,944
4,151 Metris Companies, Inc. 104,294
400 Morgan Stanley, Dean
Witter, Discover and
Company 33,300
1,075 Northern Trust
Corporation 69,942
3,000 PNC Bank Corporation 140,625
4,000 Wells Fargo & Company 155,000
------------
1,339,583
------------
BROADCASTING -- 0.6%
14,100 Spanish Broadcasting
Systems, Inc., Class
A+ 289,931
------------
BUILDING MATERIALS -- 0.2%
2,400 Masco Corporation 43,350
1,200 Southdown, Inc. 69,300
------------
112,650
------------
BUSINESS SERVICES -- 0.4%
9,450 Vicinity Corporation+ 185,456
------------
CHEMICALS -- SPECIALTY -- 0.1%
800 Avery Dennison
Corporation 53,700
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMERCIAL SERVICES -- 0.3%
5,100 Manitowoc Company,
Inc. $ 136,425
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 9.2%
12,150 Advanced Digital
Information
Corporation+ 193,641
4,980 Affiliated Computer
Services, Inc.+ 164,651
1,750 Computer Associates
International, Inc. 89,578
800 Computer Sciences
Corporation+ 59,750
6,750 Cybex Computer
Products Corporation 290,250
7,650 DSP Group, Inc.+ 428,400
4,000 EMC Corporation+ 307,750
1,600 Hewlett-Packard
Company 199,800
2,225 International Business
Machines Corporation 243,777
7,200 Level 8 Systems, Inc.+ 151,650
4,400 MCSi, Inc.+ 113,850
6,150 Microsoft Corporation+ 492,000
9,900 Optibase Ltd.+ 173,869
4,450 Oracle Corporation+ 374,078
9,400 OTG Software, Inc.+ 268,487
8,850 SBS Technologies,
Inc.+ 326,897
1,800 Sun Microsystems,
Inc.+ 163,688
2,450 VERITAS Software
Corporation+ 276,888
22,400 Zomax, Inc.+ 294,000
------------
4,613,004
------------
DIVERSIFIED -- 0.7%
7,050 Tyco International
Ltd. 333,994
------------
DRUGS -- 4.9%
2,100 American Home Products
Corporation 123,375
3,600 Amgen, Inc.+ 252,900
3,925 Cardinal Health, Inc. 290,450
13,600 Charles River
Laboratories
International, Inc.+ 301,750
23,650 Creative BioMolecules,
Inc.+ 331,100
</TABLE>
See Notes to Financial Statements.
1
<PAGE> 297
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
DRUGS (CONTINUED)
11,250 Dendreon Corporation+ $ 186,328
8,100 Enzon, Inc.+ 344,250
3,825 Merck & Co., Inc. 293,091
200 Protein Design Labs,
Inc.+ 32,991
525 QLT PhotoTherapeutics
Inc.+ 40,589
5,025 Schering-Plough
Corporation 253,762
------------
2,450,586
------------
ELECTRICAL EQUIPMENT -- 2.7%
11,500 C-Cube Microsystems,
Inc.+ 225,687
11,175 General Electric
Company 592,275
1,200 Honeywell
International, Inc. 40,425
5,950 ICOS Vision Systems
Corporation NV+ 217,175
34,700 Imatron, Inc.+ 81,328
2,500 Texas Instruments,
Inc. 171,719
------------
1,328,609
------------
ELECTRONICS -- 7.8%
229 Agilent Technologies,
Inc.+ 16,889
900 Applied Micro Circuits
Corporation+ 88,875
16,750 August Technology
Corporation+ 275,328
5,000 BTU International,
Inc.+ 60,000
10,750 CISCO Systems, Inc.+ 683,297
6,400 CTS Corporation 288,000
13,450 General Semiconductor,
Inc.+ 198,387
38,250 Genus, Inc.+ 313,172
5,550 International
Rectifier
Corporation+ 310,800
1,775 Jabil Circuit, Inc.+ 88,084
3,350 Kulicke & Soffa
Industries, Inc.+ 198,906
2,250 Lexmark International
Group, Inc.+ 151,313
11,600 Micro Component
Technology, Inc.+ 100,050
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
ELECTRONICS (CONTINUED)
4,200 SCI Systems, Inc.+ $ 164,588
1,600 Solectron Corporation+ 67,000
2,000 Teradyne, Inc.+ 147,000
7,500 Therma-Wave, Inc.+ 167,344
6,950 Trimble Navigation
Ltd.+ 339,247
14,600 Valence Technology,
Inc.+ 269,187
------------
3,927,467
------------
ENVIRONMENTAL -- 0.6%
17,900 Republic Services,
Inc.+ 286,400
------------
FINANCIAL SERVICES -- 2.0%
4,275 Automatic Data
Processing, Inc. 228,980
7,275 Federal Home Loan
Mortgage Corporation 294,638
7,850 Fiserv, Inc.+ 339,512
1,440 Lehman Brothers
Holdings, Inc. 136,170
------------
999,300
------------
FOOD AND BEVERAGES -- 1.6%
3,350 Anheuser-Busch
Companies, Inc. 250,203
1,800 Bestfoods 124,650
5,100 McCormick & Company,
Inc. 165,750
6,000 Sysco Corporation 252,750
------------
793,353
------------
GROCERY -- 0.4%
4,050 Safeway, Inc.+ 182,756
------------
HEALTH CARE -- 1.6%
56 Coram Healthcare
Corporation+ 20
6,600 Health Management
Associates, Inc.+ 86,213
5,900 Province Healthcare
Company+ 213,137
7,200 Tenet Healthcare
Corporation 194,400
5,900 Trigon Healthcare,
Inc.+ 304,219
------------
797,989
------------
</TABLE>
See Notes to Financial Statements.
2
<PAGE> 298
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INSURANCE -- 1.4%
8,000 Ace Ltd., ADR $ 224,000
1,558 American International
Group, Inc. 183,065
700 Marsh & McLennan
Companies, Inc. 73,106
1,400 MGIC Investment
Corporation 63,700
3,300 Radian Group, Inc. 170,775
------------
714,646
------------
INTERNET SOFTWARE -- 2.1%
19,800 ClickAction, Inc.+ 316,800
6,250 IntraNet Solutions,
Inc.+ 239,844
24,350 ProsoftTraining.com+ 409,384
675 webMethods, Inc.+ 106,102
------------
1,072,130
------------
MACHINERY AND HEAVY EQUIPMENT -- 1.1%
8,900 Applied Science and
Technology, Inc.+ 230,287
4,200 Deere & Company 155,400
4,490 Dover Corporation 182,126
------------
567,813
------------
MANUFACTURING -- 0.8%
9,300 Pall Corporation 172,050
9,700 Varco International,
Inc.+ 225,525
------------
397,575
------------
MEDICAL SERVICES AND SUPPLIES -- 3.4%
4,000 Abbott Laboratories 178,250
6,350 Baxter International,
Inc. 446,484
7,300 Bindley Western
Industries, Inc. 192,994
4,450 Biomet, Inc. 171,047
2,100 Johnson & Johnson
Company 213,937
13,400 Orthofix International
N.V., ADR+ 239,525
9,850 Sonic Innovations,
Inc.+ 182,841
1,050 UnitedHealth Group,
Inc. 90,038
------------
1,715,116
------------
METALS -- 0.3%
5,400 Alcoa, Inc. 156,600
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
OIL AND GAS -- 3.1%
21,350 Bellwether Exploration
Company+ $ 177,472
5,700 Burlington Resources,
Inc. 218,025
1,000 Coastal Corporation 60,875
3,800 El Paso Energy
Corporation 193,562
2,400 Exxon Mobil
Corporation 188,400
18,700 Key Energy Group,
Inc.+ 179,988
5,025 Noble Drilling
Corporation+ 206,967
6,100 Pride International,
Inc.+ 150,975
7,400 USX-Marathon Group 185,463
------------
1,561,727
------------
PAPER AND FOREST PRODUCTS -- 0.1%
2,100 International Paper
Company 62,606
------------
REAL ESTATE INVESTMENT TRUST -- 1.0%
2,000 Apartment Investment &
Management Company,
Class A 86,500
8,700 Duke-Weeks Realty
Corporation 194,663
7,500 Kilroy Realty
Corporation 194,531
------------
475,694
------------
REGIONAL MALLS -- 0.1%
3,200 Simon Property Group,
Inc. 71,000
------------
RESTAURANTS -- 0.8%
8,150 Brinker International,
Inc.+ 238,387
1,000 Outback Steakhouse,
Inc.+ 29,250
1,000 Papa John's
International, Inc.+ 24,500
2,175 Starbucks Corporation+ 83,058
1,500 Wendy's International,
Inc. 26,719
------------
401,914
------------
RETAIL -- 2.3%
21,650 Family Dollar Stores,
Inc. 423,528
11,250 Gadzooks, Inc.+ 130,605
5,000 Intimate Brands, Inc. 98,750
</TABLE>
See Notes to Financial Statements.
3
<PAGE> 299
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RETAIL (CONTINUED)
2,700 RadioShack Corporation $ 127,913
3,850 Wal-Mart Stores, Inc. 221,856
3,800 Walgreen Company 122,313
------------
1,124,965
------------
RETAIL -- BUILDING SUPPLIES -- 0.5%
3,875 Home Depot, Inc. 193,508
900 Lowe's Companies, Inc. 36,956
------------
230,464
------------
RETAIL -- SPECIALTY -- 0.5%
23,300 Oakley, Inc.+ 267,950
------------
SEMICONDUCTORS -- 3.3%
2,375 Altera Corporation+ 242,102
1,900 Applied Materials,
Inc.+ 172,187
6,650 Intel Corporation 889,022
1,600 Maxim Integrated
Products, Inc.+ 108,700
750 PMC-Sierra, Inc.+ 133,266
375 SDL, Inc.+ 106,945
------------
1,652,222
------------
TELECOMMUNICATIONS -- 6.2%
1,700 ADC
Telecommunications,
Inc.+ 142,587
2,625 Amdocs Ltd.+ 201,469
3,800 BellSouth Corporation 161,975
3,725 Comverse Technology,
Inc.+ 346,425
500 Corning, Inc. 134,937
9,950 Digital Microwave
Corporation+ 379,344
2,550 Exfo Electro-Optical
Engineering, Inc.+ 111,881
32,700 Glenayre Technologies,
Inc.+ 345,394
2,500 GTE Corporation 155,625
700 Lucent Technologies,
Inc. 41,475
2,950 Nortel Networks
Corporation 201,337
1,950 Qwest Communications
International Inc.+ 96,891
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
1,900 SBC Communications,
Inc. $ 82,175
2,700 Sprint Corporation 137,700
3,450 Stratos Lightwave,
Inc.+ 96,169
1,300 VoiceStream Wireless
Corporation+ 151,186
15,850 Westell Technologies,
Inc., Class A+ 237,750
2,200 WorldCom, Inc.+ 100,925
------------
3,125,245
------------
TRANSPORTATION -- 0.1%
375 Kansas City Southern
Industries, Inc. 33,258
------------
UTILITIES -- 0.3%
7,800 Northeast Utilities 169,650
------------
TOTAL COMMON STOCKS
(Cost $30,083,686) 31,996,977
------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
ASSET BACKED SECURITIES -- 0.6%
(Cost $299,984)
$ 300,000 WFS Financial Owner
Trust, Series 2000 B
Class A3, 7.750% due
11/20/2004 301,410
------------
COLLATERALIZED MORTGAGE OBLIGATIONS
(CMO) -- 2.2%
600,000 Federal Home Mortgage
Corporation,
Series 1541, Class
F,
6.250% due
05/15/2019 594,252
550,000 Federal Home Mortgage
Corporation, Series
1702-A, Class PD,
6.500% due
04/15/2022 533,929
------------
TOTAL COLLATERALIZED
MORTGAGE
OBLIGATIONS (CMO)
(Cost $1,133,719) 1,128,181
------------
</TABLE>
See Notes to Financial Statements.
4
<PAGE> 300
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS AND NOTES -- 7.0%
FINANCE -- 2.5%
$ 150,000 Bank of America
Corporation,
7.800% due
02/15/2010 $ 149,207
300,000 Block Financial
Corporation,
8.500% due
04/15/2007 302,887
250,000 Countrywide Capital
III,
8.050% due
06/15/2027 215,034
300,000 Household Finance
Corporation,
8.000% due
05/09/2005 302,375
300,000 Pitney Bowes Credit
Corporation,
8.625% due
02/15/2008 311,461
------------
1,280,964
------------
GOVERNMENT AGENCY -- 0.8%
400,000 Tennessee Valley
Authority,
6.375% due
06/15/2005 388,825
------------
INDUSTRIAL -- 1.5%
250,000 American Greetings
Corporation,
6.100% due
08/01/2028 223,544
300,000 Harris Corporation,
6.350% due
02/01/2028 268,867
250,000 Racers-Kellogg, Series
1998, 144A,
5.750% due
02/02/2001 247,618
------------
740,029
------------
TELECOMMUNICATIONS -- 1.2%
360,000 AT&T Corporation,
6.000% due
03/15/2009 320,990
300,000 WorldCom, Inc.,
7.875% due
05/15/2003 302,557
------------
623,547
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
UTILITY -- ELECTRIC -- 1.0%
$ 250,000 National Rural
Utilities
Cooperative Finance,
6.125% due
05/15/2005 $ 237,282
300,000 Puget Sound Energy,
Inc., 7.020% due
12/01/2027 260,408
------------
497,690
------------
TOTAL CORPORATE BONDS AND
NOTES
(Cost $3,721,094) 3,531,055
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
----------
<C> <S> <C>
PREFERRED STOCKS -- 0.6%
(Cost $311,364)
FINANCIAL SERVICES -- 0.6%
12,000 AT&T Corporation $ 308,250
------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 0.2%
FHLMC:
$ 83,625 Pool #E62394, Gold,
7.500% due
09/01/2010 83,530
12,705 Pool #200021,
10.500% due
11/01/2000 12,796
------------
96,326
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 1.0%
FNMA:
156,926 Pool #303105,
11.000% due
11/01/2020 170,468
288,758 Pool #100081,
11.500% due
08/20/2016 319,438
------------
489,906
------------
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 301
Munder Balanced Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (CONTINUED)
GOVERNMENT AGENCY -- 0.5%
$1,775,000 Resolution Funding
Corporation,
0.010% due
04/15/2030 $ 266,852
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 0.3%
147,618 Pool #780584,
7.000% due
06/15/2027 144,520
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $1,039,276) 997,604
------------
U.S. TREASURY OBLIGATIONS -- 13.0%
U.S. TREASURY BONDS -- 3.5%
400,000 3.875% due 04/15/2029 398,875
1,100,000 8.000% due 11/15/2021 1,327,563
------------
1,726,438
------------
U.S. TREASURY NOTES -- 9.5%
1,175,000 7.000% due 07/15/2006 1,217,227
3,350,000 7.875% due 11/15/2004 3,544,907
------------
4,762,134
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $6,579,762) 6,488,572
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 10.2%
(Cost $5,089,000)
$5,089,000 Agreement with State
Street Bank and
Trust Company,
6.350% dated
06/30/2000, to be
repurchased at
$5,091,692 on
07/03/2000,
collateralized by
$4,975,000 U.S.
Treasury Note,
7.875%, maturing
08/15/2001 (value
$5,192,656) $ 5,089,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $11,097,500) 22.2% 11,097,500
------------
TOTAL INVESTMENTS
(Cost $59,355,385*) 121.7% 60,938,549
OTHER ASSETS AND
LIABILITIES (NET) (21.7) (10,858,064)
----- ------------
NET ASSETS 100.0% $ 50,080,485
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $59,553,211.
** As of June 30, 2000 the market value of the securities on loan is
$10,844,977. Collateral received for securities loaned includes $225,400
invested in Government Securities and the remaining $10,872,100 invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
6
<PAGE> 302
Munder Equity Income Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 91.1%
AEROSPACE -- 1.6%
52,000 United Technologies
Corporation $ 3,061,500
------------
BANKING AND FINANCIAL SERVICES -- 16.7%
90,000 Chase Manhattan
Corporation 4,145,625
70,250 Citigroup, Inc. 4,232,563
114,000 Federal Home Loan
Mortgage Corporation 4,617,000
78,000 Firstar Corporation 1,642,875
26,300 Fiserv, Inc.+ 1,137,475
160,200 FleetBoston Financial
Corporation 5,446,800
44,370 Lehman Brothers
Holdings, Inc. 4,195,738
75,400 PNC Financial Services
Group 3,534,375
90,200 Wells Fargo & Company 3,495,250
------------
32,447,701
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 8.3%
116,600 Affiliated Computer
Services, Inc.+ 3,855,087
45,000 Computer Associates
International, Inc. 2,303,438
18,500 Hewlett-Packard Company 2,310,188
31,900 Intel Corporation 4,264,631
85,000 SCI Systems, Inc.+ 3,330,937
------------
16,064,281
------------
DIVERSIFIED MANUFACTURING -- 2.9%
81,200 Dover Corporation 3,293,675
127,500 Pall Corporation 2,358,750
------------
5,652,425
------------
DRUGS -- 1.1%
29,000 Merck & Co., Inc. 2,222,125
------------
DRUGS AND HEALTH CARE -- 1.2%
50,000 Abbott Laboratories 2,228,125
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
FOOD AND BEVERAGES -- 4.4%
25,300 Anheuser-Busch
Companies, Inc. $ 1,889,594
46,500 General Mills, Inc. 1,778,625
93,700 McCormick & Company,
Inc. 3,045,250
44,500 Sysco Corporation 1,874,562
------------
8,588,031
------------
HEALTH CARE -- 4.4%
39,000 CIGNA Corporation 3,646,500
110,000 HCA -- The Healthcare
Company 3,341,250
58,800 Tenet Healthcare
Corporation 1,587,600
------------
8,575,350
------------
HEAVY EQUIPMENT -- 1.7%
87,400 Deere & Company 3,233,800
------------
HOTELS AND RESTAURANTS -- 0.6%
38,650 Brinker International,
Inc.+ 1,130,513
------------
HOUSEHOLD FURNISHINGS AND APPLIANCES -- 0.9%
35,500 Whirlpool Corporation 1,655,187
------------
INSURANCE -- 5.5%
139,900 Ace Ltd. 3,917,200
49,000 American General
Corporation 2,989,000
83,000 MGIC Investment
Corporation 3,776,500
------------
10,682,700
------------
MEDICAL INSTRUMENTS, SERVICES, AND SUPPLIES --
3.7%
60,340 Baxter International,
Inc. 4,242,656
57,600 Trigon Healthcare, Inc.+ 2,970,000
------------
7,212,656
------------
METALS AND MINING -- 1.5%
97,000 Alcoa, Inc. 2,813,000
------------
NEWS AND PUBLISHING -- 0.4%
16,020 Knight-Ridder, Inc. 852,064
------------
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 303
Munder Equity Income Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
OIL AND PETROLEUM -- 12.0%
61,166 BP Amoco Plc, ADR $ 3,459,702
81,300 Burlington Resources,
Inc. 3,109,725
35,000 ENSCO International,
Inc. 1,253,437
102,126 Exxon Mobil Corporation 8,016,891
99,030 Tosco Corporation 2,803,787
58,948 Total Fina EIF SA, ADR 4,527,943
------------
23,171,485
------------
OIL EQUIPMENT AND SERVICES -- 1.2%
32,000 Schlumberger Ltd. 2,388,000
------------
REAL ESTATE -- 5.5%
71,100 Apartment Investment &
Management Company 3,075,075
82,300 Boston Properties, Inc. 3,178,837
81,140 Duke Realty Investments,
Inc. 1,815,508
40,000 General Growth
Properties, Inc. 1,270,000
32,000 Kimco Realty Corporation 1,312,000
------------
10,651,420
------------
RETAIL -- 2.2%
222,800 Family Dollar Stores,
Inc. 4,358,525
------------
TELECOMMUNICATIONS -- 9.8%
25,830 ALLTEL Corporation 1,599,846
59,000 Bell Atlantic
Corporation 2,997,938
80,500 BellSouth Corporation 3,431,312
33,900 GTE Corporation 2,110,275
76,800 Motorola, Inc. 2,232,000
73,000 SBC Communications, Inc. 3,157,250
67,400 Sprint Corporation 3,437,400
------------
18,966,021
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
UTILITIES -- NATURAL GAS -- 5.5%
121,562 El Paso Energy
Corporation $ 6,192,064
206,471 MCN Corporation Holding
Company 4,413,318
------------
10,605,382
------------
TOTAL COMMON STOCKS
(Cost $171,476,904) 176,560,291
------------
CONVERTIBLE PREFERRED STOCKS -- 1.9%
(Cost $3,909,375)
90,000 MediaOne Group, Inc.,
7.000% Conv. Pfd. 3,645,000
------------
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 5.8%
(Cost $11,290,000)
$11,290,000 Agreement with State
Street Bank and Trust
Company, 6.35% dated
06/30/2000, to be
repurchased at
$11,295,974 on
07/03/2000,
collateralized by
$10,115,000 U.S.
Treasury Bond, 7.500%
maturing 11/15/2016
(value $11,518,456) 11,290,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $3,903,140) 2.0% 3,903,140
----- ------------
TOTAL INVESTMENTS
(Cost $190,579,419*) 100.8% 195,398,431
OTHER ASSETS AND
LIABILITIES (NET) (0.8) (1,551,531)
----- ------------
NET ASSETS 100.0% $193,846,900
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $190,526,532.
** As of June 30, 2000, the market value of the securities on loan is
$3,663,313. Collateral received for securities loaned of $3,903,140 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
8
<PAGE> 304
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 98.5%
ADVERTISING -- 0.3%
36,100 Interpublic Group of
Companies, Inc. $ 1,552,300
21,600 Omnicom, Inc. 1,923,750
8,800 Young & Rubicam, Inc. 503,250
--------------
3,979,300
--------------
AEROSPACE -- 0.7%
108,598 Boeing Company 4,540,754
24,000 General Dynamics
Corporation 1,254,000
47,942 Lockheed Martin
Corporation 1,189,561
8,500 Northrop Grumman
Corporation 563,125
56,292 United Technologies
Corporation 3,314,191
--------------
10,861,631
--------------
AIRLINES -- 0.2%
18,200 AMR Corporation 481,163
14,900 Delta Air Lines, Inc. 753,381
59,412 Southwest Airlines
Company 1,125,115
8,100 US Airways Group, Inc.+ 315,900
--------------
2,675,559
--------------
APPAREL -- 0.1%
6,600 Liz Claiborne, Inc. 232,650
32,700 NIKE, Inc., Class B 1,301,868
6,900 Reebok International
Ltd.+ 109,969
13,900 V.F. Corporation 330,994
--------------
1,975,481
--------------
AUTOMOBILES -- 0.8%
144,300 Ford Motor Company 6,204,900
64,000 General Motors
Corporation 3,716,000
36,300 Harley-Davidson, Inc. 1,397,550
7,480 Navistar International
Corporation+ 232,347
--------------
11,550,797
--------------
AUTOMOBILE PARTS AND EQUIPMENT -- 0.2%
16,200 AutoZone, Inc.+ 356,400
5,000 Cummins Engine, Inc. 136,250
18,518 Dana Corporation 392,350
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
AUTOMOBILE PARTS AND EQUIPMENT (CONTINUED)
67,433 Delphi Automotive
Systems Corporation $ 981,993
21,425 Genuine Parts Company 428,500
10,500 Johnson Controls, Inc. 538,781
14,900 TRW, Inc. 646,288
15,569 Visteon Corporation+ 188,769
--------------
3,669,331
--------------
BANKS -- 4.6%
47,050 AmSouth Bancorporation 741,038
198,399 Bank of America
Corporation 8,531,157
88,300 Bank of New York, Inc. 4,105,950
137,305 Bank One Corporation 3,647,164
41,700 BB&T Corporation 995,588
25,300 Charter One Financial,
Inc. 581,900
148,002 Chase Manhattan
Corporation 6,817,342
18,950 Comerica, Inc. 850,381
37,125 Fifth Third
Bancorporation 2,348,156
117,334 First Union Corporation 2,911,350
116,074 Firstar Corporation 2,444,809
107,915 FleetBoston Financial
Corporation 3,669,110
26,993 Huntington Bancshares,
Inc. 426,827
52,000 KeyCorp 916,500
95,952 MBNA Corporation 2,602,698
19,700 Morgan (J.P.) & Company,
Inc. 2,169,462
135,478 Morgan Stanley, Dean
Witter, Discover and
Company 11,278,543
72,600 National City
Corporation 1,238,738
27,000 Northern Trust
Corporation 1,756,687
16,695 Old Kent Financial
Corporation 446,591
34,800 PNC Bank Corporation 1,631,250
20,500 Southtrust Corporation 463,813
19,600 State Street Corporation 2,078,825
21,300 Summit Bancorp 524,513
36,200 SunTrust Banks, Inc. 1,653,887
33,800 Synovus Financial
Corporation 595,725
89,979 U.S. Bancorp 1,732,096
16,400 Union Planters
Corporation 458,175
</TABLE>
See Notes to Financial Statements.
9
<PAGE> 305
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
BANKS (CONTINUED)
24,535 Wachovia Corporation $ 1,331,024
65,564 Washington Mutual, Inc. 1,893,160
--------------
70,842,459
--------------
BROADCASTING -- 0.5%
40,600 Clear Channel
Communications+ 3,045,000
73,700 MediaOne Group, Inc.+ 4,887,323
6,100 Meredith Corporation 205,875
--------------
8,138,198
--------------
BUILDING MATERIALS -- 1.1%
4,900 Armstrong Holdings, Inc. 75,031
7,300 Centex Corporation 171,550
7,375 Crane Company 179,305
276,919 Home Depot, Inc. 13,828,643
5,800 Kaufman & Broad Home
Corporation 114,913
53,700 Masco Corporation 969,956
15,033 Pall Corporation 278,110
5,000 Pulte Corporation 108,125
12,200 Vulcan Materials Company 520,787
--------------
16,246,420
--------------
BUSINESS EQUIPMENT AND SUPPLIES -- 1.8%
13,700 Avery Dennison
Corporation 919,613
212,200 International Business
Machines Corporation 23,249,162
30,800 Pitney Bowes, Inc. 1,232,000
79,700 Xerox Corporation 1,653,775
--------------
27,054,550
--------------
BUSINESS SERVICES -- 0.4%
86,313 Cendant Corporation+ 1,208,382
18,500 Convergys Corporation+ 959,687
8,900 Deluxe Corporation 209,706
35,580 IMS Health, Inc. 640,440
11,600 NCR Corporation+ 451,675
44,450 Paychex, Inc. 1,866,900
15,807 Sabre Holdings
Corporation, Class A 450,500
--------------
5,787,290
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
CHEMICALS AND PLASTICS -- 1.8%
27,800 Air Products &
Chemicals, Inc. $ 856,587
80,950 Dow Chemical Company 2,443,678
125,349 dupont (E.I.) de Nemours
& Company 5,484,019
9,275 Eastman Chemical Company 442,881
15,800 Ecolab, Inc. 617,187
15,350 Engelhard Corporation 261,909
3,700 FMC Corporation+ 214,600
6,600 Great Lakes Chemical
Corporation 207,900
13,000 Hercules, Inc. 182,813
11,437 Kerr-McGee Corporation 674,068
8,200 Mallinckrodt Group, Inc. 356,188
47,400 Minnesota Mining &
Manufacturing Company 3,910,500
151,979 Pharmacia Corporation 7,855,415
19,100 Praxair, Inc. 715,056
22,800 Rockwell International
Corporation 718,200
26,452 Rohm & Haas Company 912,594
10,312 Sigma-Aldrich
Corporation 301,626
16,300 Union Carbide
Corporation 806,850
8,200 W R Grace & Company+ 99,425
--------------
27,061,496
--------------
COAL -- 0.1%
26,500 CSX Corporation 561,469
3,300 Eastern Enterprises 207,900
9,200 Fluor Corporation 290,950
--------------
1,060,319
--------------
COMMUNICATION EQUIPMENT -- 1.4%
22,000 Cabletron Systems, Inc.+ 555,500
115,200 GTE Corporation 7,171,200
257,641 Motorola, Inc. 7,487,692
21,400 National Semiconductor
Corporation+ 1,214,450
19,200 Scientific-Atlanta, Inc. 1,430,400
49,000 Tellabs, Inc.+ 3,353,437
--------------
21,212,679
--------------
</TABLE>
See Notes to Financial Statements.
10
<PAGE> 306
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 16.4%
42,000 3COM Corporation+ $ 2,420,250
14,500 Adobe Systems, Inc. 1,885,000
18,600 Advanced Micro Devices,
Inc.+ 1,436,850
275,000 America Online, Inc.+ 14,506,250
39,400 Apple Computer, Inc.+ 2,063,575
7,100 Autodesk, Inc. 246,281
75,100 Automatic Data
Processing, Inc. 4,022,544
29,557 BMC Software, Inc.+ 1,078,369
17,600 Ceridian Corporation+ 423,500
832,600 Cisco Systems, Inc.+ 52,922,137
22,500 Citrix Systems, Inc.+ 426,094
203,223 Compaq Computer
Corporation 5,194,888
70,475 Computer Associates
International, Inc. 3,607,439
20,300 Computer Sciences
Corporation+ 1,516,156
43,100 Compuware Corporation+ 447,163
308,200 Dell Computer
Corporation+ 15,198,112
55,800 Electronic Data Systems
Corporation 2,301,750
38,500 Gateway 2000, Inc.+ 2,184,875
119,700 Hewlett Packard Company 14,947,538
95,550 Honeywell International,
Inc. 3,218,841
9,700 Mercury Interactive
Corporation+ 938,475
629,900 Microsoft Corporation+ 50,392,000
36,500 Network Appliance, Inc.+ 2,938,250
39,400 Novell, Inc.+ 364,450
339,750 Oracle Corporation+ 28,560,234
33,400 Parametric Technology
Corporation+ 367,400
32,987 Peoplesoft, Inc. 552,532
7,000 Sapient Corporation+ 748,563
27,200 Seagate Technologies,
Inc.+ 1,496,000
24,200 Siebel Systems, Inc.+ 3,958,213
189,900 Sun Microsystems, Inc.+ 17,269,031
37,300 Unisys Corporation+ 543,181
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES
(CONTINUED)
46,800 VERITAS Software
Corporation+ $ 5,289,131
65,000 Yahoo!, Inc.+ 8,051,875
--------------
251,516,947
--------------
COMPUTER -- SEMICONDUCTORS -- 5.9%
96,700 Applied Materials, Inc.+ 8,763,437
259,700 EMC Corporation+ 19,980,669
400,900 Intel Corporation 53,595,319
36,700 LSI Logic Corporation+ 1,986,387
66,400 Micron Technology, Inc.+ 5,847,350
--------------
90,173,162
--------------
CONSUMER NON-DURABLES -- 4.8%
33,443 Corning, Inc. 9,025,430
1,184,200 General Electric Company 62,762,600
11,400 Grainger (W.W.), Inc. 351,263
45,720 Lowe's Companies, Inc. 1,877,377
--------------
74,016,670
--------------
CONSUMER SERVICES -- 0.0%#
12,000 Block (H & R), Inc. 388,500
--------------
CONTAINERS -- 0.1%
3,700 Ball Corporation 119,094
15,700 Crown Cork & Seal
Company, Inc. 235,500
17,800 Owens-Illinois, Inc.+ 208,037
20,500 Pactiv Corporation+ 161,438
10,269 Sealed Air Corporation+ 537,839
--------------
1,261,908
--------------
COSMETICS -- TOILETRY -- 0.1%
6,800 Alberto-Culver Company,
Class B 207,825
28,800 Avon Products, Inc. 1,281,600
--------------
1,489,425
--------------
DIVERSIFIED -- 0.8%
19,200 Fortune Brands, Inc. 442,800
12,000 Loews Corporation 720,000
40,700 Raytheon Company, Class
B 783,475
17,500 Textron, Inc. 950,469
</TABLE>
See Notes to Financial Statements.
11
<PAGE> 307
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
DIVERSIFIED (CONTINUED)
18,900 Thermo Electron
Corporation+ $ 398,081
202,018 Tyco International Ltd 9,570,603
--------------
12,865,428
--------------
DRUGS AND HEALTH CARE -- 0.3%
18,000 Biogen, Inc.+ 1,161,000
25,300 MedImmune, Inc.+ 1,872,200
14,000 Quintiles Transnational
Corporation+ 197,750
11,700 Watson Pharmaceuticals,
Inc.+ 628,875
7,500 Wellpoint Health
Networks, Inc.+ 543,281
--------------
4,403,106
--------------
ELECTRICAL EQUIPMENT -- 1.1%
23,500 American Power
Conversion
Corporation+ 959,094
11,300 Cooper Industries, Inc. 367,956
23,800 Molex, Inc. 1,145,375
5,750 Tektronix, Inc. 425,500
195,900 Texas Instruments, Inc. 13,455,881
7,100 Thomas & Betts
Corporation 135,788
--------------
16,489,594
--------------
ELECTRONICS -- 2.9%
54,149 Agilent Technologies,
Inc.+ 3,993,489
24,100 Altera Corporation+ 2,456,694
42,400 Analog Devices, Inc.+ 3,222,400
31,000 Broadcom Corporation,
Class A+ 6,785,125
26,400 Conexant Systems, Inc.+ 1,283,700
8,800 Eaton Corporation 589,600
51,100 Emerson Electric Company 3,085,162
22,600 KLA-Tencor Corporation+ 1,323,513
15,600 Lexmark International
Group, Inc., Class A+ 1,049,100
37,200 Linear Technology
Corporation 2,378,475
33,800 Maxim Integrated
Products, Inc.+ 2,296,287
15,800 Novellus Systems, Inc.+ 893,688
88,700 QUALCOMM, Inc.+ 5,322,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
ELECTRONICS (CONTINUED)
18,000 Sanmina Corporation+ $ 1,539,000
71,400 Solectron Corporation+ 2,989,875
20,900 Teradyne, Inc.+ 1,536,150
38,500 Xilinx, Inc.+ 3,178,656
--------------
43,922,914
--------------
ENERGY AND RESOURCES -- 0.2%
26,165 Burlington Resources,
Inc. 1,000,811
35,395 Reliant Energy, Inc. 1,046,365
24,778 Sempra Energy 421,226
--------------
2,468,402
--------------
ENTERTAINMENT -- 1.5%
10,700 Brunswick Corporation 177,219
248,708 Disney (Walt) Company 9,652,979
8,700 Harcourt General
Corporation 473,063
20,950 Hasbro, Inc. 315,559
50,911 Mattel, Inc. 671,389
157,500 Time Warner, Inc. 11,970,000
--------------
23,260,209
--------------
FINANCIAL SERVICES -- 5.1%
159,900 American Express Company 8,334,787
30,128 American General
Corporation 1,837,808
87,150 Associates First Capital
Corporation 1,944,534
23,800 Capital One Financial
Corporation 1,062,075
162,959 Charles Schwab
Corporation 5,479,500
403,918 Citigroup, Inc. 24,336,059
13,800 Countrywide Credit
Industries 418,313
10,800 Dow Jones & Company,
Inc. 791,100
17,200 Equifax, Inc. 451,500
120,600 Fannie Mae 6,293,812
83,200 Federal Home Loan
Mortgage Corporation 3,369,600
49,392 First Data Corporation 2,451,078
56,606 Household International,
Inc. 2,352,687
14,700 Lehman Brothers
Holdings, Inc. 1,390,069
58,800 Mellon Financial
Corporation 2,142,525
</TABLE>
See Notes to Financial Statements.
12
<PAGE> 308
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
46,400 Merrill Lynch & Company,
Inc. $ 5,336,000
17,700 Paine Webber Group, Inc. 805,350
26,700 Regions Financial
Corporation 530,663
19,000 SLM Holding Corporation 711,313
14,700 T Rowe Price &
Associates, Inc. 624,750
6,400 Temple-Inland, Inc. 268,800
192,860 Wells Fargo & Company 7,473,325
--------------
78,405,648
--------------
FOOD AND BEVERAGES -- 3.9%
50,693 Albertson's, Inc. 1,685,542
54,100 Anheuser-Busch
Companies, Inc. 4,040,594
33,300 Bestfoods 2,306,025
50,600 Campbell Soup Company 1,473,725
296,300 Coca-Cola Company 17,018,731
50,300 Coca-Cola Enterprises,
Inc. 820,519
58,950 ConAgra, Inc. 1,123,735
4,500 Coors (Adolph) Company,
Class B 272,250
42,200 Heinz (H.J.) Company 1,846,250
16,700 Hershey Foods
Corporation 809,950
48,500 Kellogg Company 1,442,875
39,100 Nabisco Group Holdings
Corporation 1,014,156
172,500 PepsiCo, Inc. 7,665,469
273,700 Philip Morris Cos., Inc. 7,270,156
15,900 Quaker Oats Company 1,194,488
36,700 Ralston-Purina Company 731,706
104,100 Sara Lee Corporation 2,010,431
52,200 Seagram Company Ltd 3,027,600
68,432 Unilever NV 2,942,576
19,700 UST, Inc. 289,344
13,900 Wrigley (Wm) Jr. Company 1,114,606
--------------
60,100,728
--------------
FOOD DISTRIBUTION -- 0.4%
72,094 Archer-Daniels-Midland
Company 707,422
34,900 General Mills, Inc. 1,334,925
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
FOOD DISTRIBUTION (CONTINUED)
4,700 Great Atlantic & Pacific
Tea Company, Inc. $ 78,138
99,900 Kroger Company+ 2,204,044
16,000 Supervalu, Inc. 305,000
39,900 Sysco Corporation 1,680,787
17,600 Winn Dixie Stores, Inc. 251,900
--------------
6,562,216
--------------
GAS AND PIPELINE UTILITIES -- 0.1%
28,100 El Paso Energy
Corporation 1,431,344
--------------
GLASS PRODUCTS -- 0.1%
6,700 Owens Corning Fiberglass
Corporation 61,975
21,200 PPG Industries, Inc. 939,425
--------------
1,001,400
--------------
HEALTH CARE FACILITIES -- 0.2%
66,777 HCA-The Healthcare
Corporation 2,028,351
20,500 Humana, Inc.+ 99,938
12,550 Manor Care, Inc.+ 87,850
37,400 Tenet Healthcare
Corporation 1,009,800
--------------
3,225,939
--------------
HEALTH CARE PRODUCTS -- 4.4%
185,500 Abbott Laboratories 8,266,344
15,700 Allergan, Inc. 1,169,650
6,400 Bausch & Lomb, Inc. 495,200
30,600 Becton, Dickinson &
Company 877,837
275,200 Merck & Co, Inc. 21,087,200
753,425 Pfizer, Inc. 36,164,400
--------------
68,060,631
--------------
HOLDING COMPANIES -- 0.2%
17,300 Providian, LLC 1,557,000
26,300 Public Service
Enterprise 910,638
--------------
2,467,638
--------------
HOME APPLIANCES -- 0.2%
10,300 Black & Decker
Corporation 404,919
36,079 Illinois Tool Works,
Inc. 2,056,503
9,500 Maytag Corporation 350,313
7,150 Snap-On, Inc. 190,369
</TABLE>
See Notes to Financial Statements.
13
<PAGE> 309
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
HOME APPLIANCES (CONTINUED)
10,600 Stanley Works $ 251,750
8,900 Whirlpool Corporation 414,962
--------------
3,668,816
--------------
HOME FURNISHINGS AND HOUSEWARES -- 0.7%
156,100 American Home Products
Corporation 9,170,875
23,500 Leggett & Platt, Inc. 387,750
31,897 Newell Rubbermaid, Inc. 821,348
2,200 Springs Industries, Inc. 70,400
7,100 Tupperware Corporation 156,200
--------------
10,606,573
--------------
HOTELS AND RESTAURANTS -- 0.6%
15,000 Darden Restaurants, Inc. 243,750
14,800 Harrah's Entertainment
Corporation+ 309,875
44,100 Hilton Hotels
Corporation 413,437
29,100 Marriott International,
Inc. 1,049,419
159,900 McDonald's Corporation 5,266,706
22,300 Starbucks Corporation+ 851,581
17,940 Tricon Global
Restaurants, Inc.+ 506,805
13,800 Wendy's International,
Inc. 245,813
--------------
8,887,386
--------------
INSURANCE -- 2.7%
17,114 Aetna Life & Casualty
Company 1,098,505
32,200 AFLAC, Inc. 1,479,187
89,120 Allstate Corporation 1,982,920
184,445 American International
Group, Inc. 21,672,287
31,025 AON Corporation 963,714
21,199 Chubb Corporation 1,303,738
19,800 CIGNA Corporation 1,851,300
19,500 Cincinnati Financial
Corporation 613,031
38,898 Conseco, Inc. 379,256
26,100 Hartford Financial
Services Group, Inc. 1,459,969
12,550 Jefferson-Pilot
Corporation 708,291
23,300 Lincoln National
Corporation 841,713
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
32,700 Marsh & McLennan
Companies, Inc. $ 3,415,106
11,900 MBIA, Inc. 573,431
12,900 MGIC Investment
Corporation 586,950
8,900 Progressive Corporation 658,600
15,500 SAFECO Corporation 308,063
25,758 St. Paul Companies, Inc. 878,992
15,600 Torchmark, Inc. 385,125
28,796 UnumProvident
Corporation 577,720
--------------
41,737,898
--------------
INVESTMENT COMPANIES -- 0.1%
13,442 Bear Stearns Companies,
Inc. 559,523
29,600 Franklin Resources, Inc. 899,100
--------------
1,458,623
--------------
MACHINERY AND HEAVY EQUIPMENT -- 0.3%
41,700 Caterpillar, Inc. 1,412,587
28,000 Deere & Company 1,036,000
24,600 Dover Corporation 997,837
19,650 Ingersoll-Rand Company 790,913
13,650 Parker-Hannifin
Corporation 467,513
--------------
4,704,850
--------------
MANUFACTURING -- 0.3%
26,550 Alcan Aluminum Ltd. 823,050
48,800 Boston Scientific
Corporation+ 1,070,550
2,700 Briggs & Stratton
Corporation 92,475
8,400 Brown-Forman
Corporation, Class B 451,500
17,200 Danaher Corporation 850,325
9,340 PACCAR, Inc. 370,681
19,900 Sherwin-Williams Company 421,631
--------------
4,080,212
--------------
MEDICAL INSTRUMENTS, SERVICES, AND SUPPLIES --
2.2%
6,100 Bard (C.R.), Inc. 293,563
34,700 Baxter International,
Inc. 2,439,844
14,400 Biomet, Inc. 553,500
32,974 Cardinal Health, Inc. 2,440,076
36,700 Guidant Corporation+ 1,816,650
</TABLE>
See Notes to Financial Statements.
14
<PAGE> 310
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEDICAL INSTRUMENTS, SERVICES, AND SUPPLIES
(CONTINUED)
46,089 HEALTHSOUTH Corporation+ $ 331,265
166,500 Johnson & Johnson
Company 16,962,187
143,300 Medtronic, Inc. 7,138,131
10,150 St. Jude Medical, Inc.+ 465,631
19,700 UnitedHealth Group, Inc. 1,689,275
--------------
34,130,122
--------------
METALS AND MINING -- 0.4%
103,436 Alcoa, Inc. 2,999,644
47,400 Barrick Gold Corporation 862,087
19,400 Freeport McMoRan Copper
& Gold, Class B+ 179,450
31,200 Homestake Mining Company 214,500
22,100 Inco Ltd. 339,788
20,455 Newmont Mining
Corporation 442,339
9,515 Phelps Dodge Corporation 353,839
39,200 Placer Dome, Inc. 374,850
--------------
5,766,497
--------------
NATURAL GAS -- 0.4%
9,900 Columbia Energy Group 649,687
87,630 Enron Corporation 5,652,135
5,700 NICOR, Inc. 185,963
3,500 ONOEK, Inc. 90,781
--------------
6,578,566
--------------
NETWORKING PRODUCTS -- 0.0%#
12,500 Adaptec, Inc.+ 284,375
--------------
NEWS AND PUBLISHING -- 0.5%
31,900 Gannett Company, Inc. 1,908,019
66,494 Kimberly-Clark
Corporation 3,815,093
9,400 Knight-Ridder, Inc. 499,962
20,600 New York Times Company,
Class A 813,700
36,900 Tribune Company 1,291,500
--------------
8,328,274
--------------
OIL -- 4.9%
11,100 Amerada Hess Corporation 685,425
13,900 Apache Corporation 817,494
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
OIL (CONTINUED)
8,600 Ashland, Inc. $ 301,538
39,520 Baker Hughes, Inc. 1,264,640
78,000 Chevron Corporation 6,615,375
26,000 Coastal Corporation 1,582,750
74,726 Conoco, Inc., Class B 1,835,457
416,698 Exxon Mobil Corporation 32,710,793
53,100 Halliburton Company 2,505,656
12,600 Louisiana Land &
Exploration Company 137,025
7,300 McDermott International,
Inc. 64,331
44,100 Occidental Petroleum
Corporation 928,856
30,400 Phillips Petroleum
Company 1,540,900
256,700 Royal Dutch Petroleum
Company 15,803,094
10,700 Sunoco, Inc. 314,981
66,100 Texaco, Inc. 3,519,825
17,500 Tosco Corporation 495,469
30,100 Union Pacific
Corporation 1,119,344
30,155 Union Pacific Resources
Group 663,410
29,100 Unocal Corporation 963,938
37,300 USX-Marathon Group 934,831
--------------
74,805,132
--------------
OIL EQUIPMENT AND SERVICES -- 0.3%
68,130 Schlumberger Ltd. 5,084,201
--------------
PAPER AND FOREST PRODUCTS -- 0.3%
6,400 Bemis Company, Inc. 215,200
7,000 Boise Cascade
Corporation 181,125
25,025 Fort James Corporation 578,703
20,700 Georgia-Pacific Group 543,375
57,809 International Paper
Company 1,723,431
12,500 Mead Corporation 315,625
3,500 Potlatch Corporation 115,937
28,250 Weyerhaeuser Company 1,214,750
13,400 Willamette Industries,
Inc. 365,150
--------------
5,253,296
--------------
PERSONAL ITEMS -- 1.2%
69,000 Colgate-Palmolive
Company 4,131,375
124,920 Gillette Company 4,364,392
</TABLE>
See Notes to Financial Statements.
15
<PAGE> 311
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
PERSONAL ITEMS (CONTINUED)
12,500 International Flavors &
Fragrances, Inc. $ 377,344
156,500 Procter & Gamble Company 8,959,625
--------------
17,832,736
--------------
PETROLEUM REFINING -- 0.2%
15,600 Anadarko Petroleum
Corporation 769,275
11,400 Rowan Companies+ 346,275
52,900 Williams Companies, Inc. 2,205,269
--------------
3,320,819
--------------
PETROLEUM -- SERVICE AND
EQUIPMENT -- 0.1%
25,515 Transocean Sedco Forex,
Inc. 1,363,458
--------------
PHARMACEUTICALS -- 2.5%
12,420 ALZA Corporation+ 734,332
236,140 Bristol-Myers Squibb
Company 13,755,155
135,200 Lilly (Eli) & Company 13,503,100
33,747 McKesson HBOC, Inc. 706,578
175,200 Schering-Plough
Corporation 8,847,600
--------------
37,546,765
--------------
PHOTOGRAPHIC EQUIPMENT AND
SUPPLIES -- 0.1%
37,100 Eastman Kodak Company 2,207,450
5,450 Polaroid Corporation 98,441
--------------
2,305,891
--------------
PRINTING AND PUBLISHING -- 0.2%
7,900 American Greetings
Corporation, Class A 150,100
14,800 Donnelley (R.R.) & Sons
Company 333,925
19,640 Dun & Bradstreet
Corporation 562,195
23,600 McGraw-Hill, Inc. 1,274,400
12,250 Westvaco Corporation 303,953
--------------
2,624,573
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
RAILROADS -- 0.1%
13,500 Kansas City Southern
Industries, Inc. $ 1,197,281
45,900 Norfolk Southern
Corporation 682,763
--------------
1,880,044
--------------
RECREATION -- 0.1%
72,300 Carnival Corporation,
Class A 1,409,850
--------------
RESEARCH AND DEVELOPMENT -- 0.7%
122,900 Amgen, Inc.+ 8,633,725
25,200 PE Corp-PE Biosystems
Group 1,660,050
--------------
10,293,775
--------------
RETAIL -- STORE -- 4.1%
17,100 Bed Bath & Beyond, Inc.+ 619,875
24,800 Best Buy Company, Inc.+ 1,568,600
24,300 Circuit City Stores --
Circuit City Group 806,456
13,480 Consolidated Stores
Corporation+ 161,760
53,434 Costco Wholesale
Corporation+ 1,763,322
46,682 CVS Corporation 1,867,280
11,400 Dillard's, Inc. 139,650
39,381 Dollar General
Corporation 767,930
26,000 Federated Department
Stores+ 877,500
101,887 Gap, Inc. 3,183,969
57,600 K-mart Corporation+ 392,400
39,000 Kohls Corporation+ 2,169,375
51,464 Limited, Inc. 1,112,909
4,800 Long's Drug Stores
Company 104,400
39,750 May Department Stores
Company 954,000
16,300 Nordstrom, Inc. 393,238
37,800 Office Depot, Inc.+ 236,250
31,200 Penney (J.C.) Company,
Inc. 575,250
22,700 RadioShack Corporation 1,075,412
31,400 Rite Aid Corporation 206,063
4,000 Russell Corporation 80,000
59,400 Safeway, Inc.+ 2,680,425
42,200 Sears, Roebuck & Company 1,376,775
57,950 Staples, Inc.+ 890,981
</TABLE>
See Notes to Financial Statements.
16
<PAGE> 312
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RETAIL -- STORE (CONTINUED)
54,600 Target Corporation $ 3,166,800
8,800 Tiffany & Company 594,000
35,900 TJX Companies, Inc. 673,125
26,250 Toys R Us, Inc.+ 382,266
533,500 Wal-Mart Stores, Inc. 30,742,937
120,600 Walgreen Company 3,881,812
--------------
63,444,760
--------------
SAVINGS AND LOAN ASSOCIATIONS -- 0.0%#
19,200 Golden West Financial
Corporation 783,600
--------------
SOAPS AND DETERGENTS -- 0.1%
28,524 Clorox Company 1,278,232
--------------
STEEL -- 0.1%
10,113 Allegheny Technologies,
Inc. 182,034
16,000 Bethlehem Steel
Corporation+ 57,000
10,300 Nucor Corporation 341,831
7,400 Timken Company 137,825
10,840 USX-U.S.Steel Group,
Inc. 201,217
10,425 Worthington Industries,
Inc. 109,463
--------------
1,029,370
--------------
TECHNOLOGY -- 0.1%
10,800 ITT Industries 328,050
5,500 Millipore Corporation 414,563
6,000 PerkinElmer, Inc. 396,750
--------------
1,139,363
--------------
TELECOMMUNICATIONS -- 10.6%
40,400 ADC Telecommunications,
Inc.+ 3,388,550
37,766 ALLTEL Corporation 2,339,132
9,937 Andrew Corporation+ 333,511
379,090 AT&T Corporation 11,988,721
184,962 Bell Atlantic
Corporation 9,398,382
225,200 BellSouth Corporation 9,599,150
17,000 CenturyTel, Inc. 488,750
107,400 Comcast Corporation
Special, Class A
(non-voting) 4,349,700
18,600 Comverse Technology,
Inc.+ 1,729,800
105,520 Global Crossing Ltd.,
ADR+ 2,776,495
389,745 Lucent Technologies,
Inc. 23,092,391
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
90,800 NEXTEL Communications,
Inc.+ $ 5,555,825
354,600 Nortel Networks
Corporation 24,201,450
407,175 SBC Communications, Inc. 17,610,319
104,900 Sprint Corporation 5,349,900
109,500 Sprint PCS+ 6,515,250
60,758 US West, Inc. 5,209,998
182,566 Viacom, Inc., Class B+ 12,448,719
342,710 WorldCom, Inc.+ 15,721,821
--------------
162,097,864
--------------
TIRE AND RUBBER -- 0.1%
9,000 Cooper Tire & Rubber
Company 100,125
13,000 Goodrich (B.F.) Company 442,813
19,100 Goodyear Tire & Rubber
Company 382,000
--------------
924,938
--------------
TRANSPORTATION -- 0.2%
51,289 Burlington Northern
Santa Fe 1,176,441
34,660 FedEx Corporation+ 1,317,080
7,200 Ryder System, Inc. 136,350
--------------
2,629,871
--------------
UTILITIES -- 1.5%
51,000 AES Corporation+ 2,326,875
16,700 Ameren Corporation 563,625
38,540 American Electric Power
Company, Inc. 1,141,747
19,434 Cinergy Corporation 494,352
13,300 CMS Energy Corporation 294,263
25,700 Consolidated Edison
Company 761,363
18,250 Constellation Energy
Group 594,266
19,500 CP & L, Inc. 622,781
28,901 Dominion Resources, Inc. 1,239,130
17,300 DTE Energy Company 528,731
43,970 Duke Energy Company 2,478,809
39,800 Edison International 815,900
27,900 Entergy Corporation 758,531
28,027 FirstEnergy Corporation 655,131
12,000 Florida Progress
Corporation 562,500
21,600 FPL Group, Inc. 1,069,200
14,700 GPU, Inc. 397,819
</TABLE>
See Notes to Financial Statements.
17
<PAGE> 313
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UTILITIES (CONTINUED)
4,900 National Service
Industries, Inc. $ 95,550
14,100 New Century Energies,
Inc. 423,000
20,900 Niagara Mohawk Holdings,
Inc.+ 291,294
19,100 Northern States Power
Company 385,581
20,600 PECO Energy Company 830,438
4,300 People's Energy
Corporation 139,213
46,100 PG & E Corporation 1,135,212
10,400 Pinnacle West Capital
Corporation 352,300
17,500 PPL Corporation 383,906
77,600 Southern Company 1,809,050
32,015 TXU Corporation 944,442
21,600 Unicom Corporation 835,650
--------------
22,930,659
--------------
WASTE MANAGEMENT -- 0.1%
22,900 Allied Waste Industries,
Inc.+ 229,000
74,353 Waste Management, Inc. 1,412,707
--------------
1,641,707
--------------
TOTAL COMMON STOCKS
(Cost $996,424,754) 1,507,480,415
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
U.S. TREASURY BILLS -- 0.2%
(Cost $3,312,148)
$3,500,000 5.98%++ due 5/31/2001** $ 3,312,148
--------------
REPURCHASE AGREEMENT -- 0.3%
(Cost $4,216,000)
4,216,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$4,218,230 on
07/03/2000,
collateralized by
$4,000,000 U.S.
Treasury Note, 7.500%
maturing 02/15/2005
(value $4,305,000) 4,216,000
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $1,003,952,902*) 99.0% 1,515,008,563
OTHER ASSETS AND
LIABILITIES (NET) 1.0 15,595,921
----- --------------
NET ASSETS 100.0% $1,530,604,484
===== ==============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $1,009,472,920.
** Security pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
<TABLE>
<CAPTION>
NUMBER OF UNREALIZED
CONTRACTS DEPRECIATION
--------- ------------
<C> <S> <C>
FUTURES CONTRACTS -- LONG POSITION
70 S&P 500 Index June -- 2000 $179,262
========
</TABLE>
See Notes to Financial Statements.
18
<PAGE> 314
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 98.8%
ARGENTINA -- 0.4%
1,100 Alpargatas S.A.I.C., ADR+ $ 660
3,446 Banco de Galicia Bueno,
ADR 51,044
1,856 Banco Frances del Rio de
la Plata SA, ADR 40,136
5,000 Banco Rio de La Plata SA 73,125
9,000 Corporacion Mapfre, ADR 53,083
600 El Sitio, Inc.+ 4,275
615 IRSA Inversiones Y
Representaciones SA,
GDR 14,068
1,720 Metrogas SA, ADR 15,050
12,065 Perez Companc SA, ADR 95,365
1,100 Quilmes Industrial SA,
ADR 12,238
5,900 Telecom Argentina SA, ADR 162,250
7,000 Telefonica de Argentina,
ADR 222,250
2,200 Transportadora de Gas del
Sur SA, ADR 19,800
------------
763,344
------------
AUSTRALIA -- 2.5%
4,750 Amcor Ltd. 65,312
2,100 Ashton Mining Ltd., ADR 6,280
9,250 Australia & New Zealand
Bank, ADR 352,078
29,740 Broken Hill Proprietary
Ltd., ADR 706,325
2,800 Burns, Philip & Company
Ltd., ADR 4,220
14,500 Coca-Cola Amatil Ltd.,
ADR 56,366
4,300 Coles Myer Ltd., ADR 130,075
7,700 CSR Ltd., ADR 85,469
4,400 E-mail Partners Ltd., ADR 16,104
1,100 FH Faulding & Company,
ADR 21,536
7,352 Goldfields Ltd., ADR 28,948
9,500 Goodman Fielder Ltd., ADR 28,180
6,100 James Hardie Industries,
ADR 32,023
4,700 Kidston Gold Mines Ltd.,
ADR+ 1,321
1,400 Lihir Gold Ltd., ADR+ 11,375
24,300 M.I.M. Holdings Ltd., ADR 26,159
2,100 Mayne Nickless Ltd., ADR 21,539
8,800 National Australia Bank
Ltd., ADR 728,200
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
AUSTRALIA (CONTINUED)
23,100 News Corporation Ltd.,
ADR $ 1,258,950
5,139 Normandy Mining Ltd. 27,660
4,500 North Ltd., ADR 53,152
1,300 Orbital Engineering Ltd.,
ADR+ 11,212
4,200 Origin Energy Ltd., ADR 42,918
7,700 Pacific Dunlop Olympic
Ltd., ADR 26,950
1,700 Petsec Energy Ltd., ADR+ 534
4,470 Rio Tinto Ltd., ADR 295,334
4,500 Santos Ltd., ADR 54,000
600 Simsmetal Ltd., ADR 7,794
700 Sons of Gwalia, ADR 10,989
3,700 Southcorp Holdings Ltd.,
ADR 53,328
6,900 St. George Bank Ltd., ADR 94,093
24,600 Telstra Corporation Ltd. 508,912
11,300 Westpac Banking Ltd., ADR 403,975
8,500 WMC Ltd., ADR 153,000
19,100 Woodside Petroleum Ltd. 148,496
------------
5,472,807
------------
AUSTRIA -- 0.1%
12,400 Bank Austria
Aktiengeselschaft, ADR 120,798
5,220 EVN-Energie Versorgung
Niederoesterreich AG,
ADR 38,871
4,000 OMV AG, ADR 69,502
700 Wolford AG, ADR 4,264
------------
233,435
------------
BELGIUM -- 0.0%#
1,230 Dexia 0
900 Xeikon NV, ADR+ 13,838
------------
13,838
------------
BERMUDA -- 0.1%
400 ESG Re Ltd. 1,575
50 FLAG Telecom Holdings
Ltd.+ 744
400 Frontline Ltd., ADR+ 2,118
500 LaSalle Re Holdings Ltd.,
ADR 7,094
1,700 PartnerRe Ltd., ADR 60,244
3,100 XL Capital Ltd., Class A 167,787
------------
239,562
------------
</TABLE>
See Notes to Financial Statements.
19
<PAGE> 315
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
BRAZIL -- 0.6%
2,225 Aracruz Celulose SA, ADR $ 42,970
3,996 Cemig-Companhia
Energetica de Minas,
ADR 69,794
31,000 Centrais Eletricas
Brasileiras SA, ADR 317,992
2,710 Centrais Geradoras do
Suldo Brasil SA, ADR+ 15,921
3,900 Companhia Cervejaria
Brahma, ADR 47,775
2,100 Companhia Siderurgica
Nacional, ADR 64,706
3,400 Continental AG, ADR 56,805
6,300 Embratel Participacoes
SA, ADR 148,838
3,900 Panamerican Beverages
Inc., Class A, ADR 58,256
620 Tele Celular Sul
Participacoes SA 28,055
2,433 Tele Centro Oeste Celular
Participacoes SA, ADR 29,196
1,240 Tele Centro Sul
Participacoes SA, ADR 90,598
300 Tele Nordeste Celular
Participacoes SA, ADR 20,775
7,038 Tele Norte Leste
Participacoes SA, ADR 166,265
1,240 Tele Sudeste Celular
Participacoes SA, ADR 37,820
300 Telemig Celular
Participacoes SA, ADR 21,450
2,480 Telesp Celular
Participacoes SA, ADR 111,290
------------
1,328,506
------------
CANADA -- 4.2%
50 724 Solutions, Inc.+ 2,194
5,700 Abitibi-Consolidated,
Inc., ADR 53,437
1,600 Agnico Eagle Mines Ltd.,
ADR 10,300
600 Alliance Atlantis
Communications Corp.,
Class B+ 7,500
700 BAE Systems Canada, Inc. 10,063
7,950 Bank of Montreal, ADR 339,366
10,900 BCE Emergis, Inc.+ 665,047
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
CANADA (CONTINUED)
18,300 BCE, Inc., ADR $ 435,769
2,400 Bell Canada
International, Inc.+ 69,450
3,200 BioChem Pharmaceuticals,
Inc.+ 78,800
1,200 Biomira, Inc., ADR+ 11,025
1,400 Biovail Corporation+ 77,612
8,450 Brascan Corporation,
Class A 100,344
460 Campbell Resources, Inc.+ 805
11,800 Canadian Imperial Bank of
Commerce 323,025
5,700 Canadian National Railway
Company 166,369
4,100 Canadian Occidental
Petroleum, ADR 111,469
9,900 Canadian Pacific Ltd.,
ADR 259,256
14,000 Canadian Tire
Corporation, Ltd.,
Class A 210,946
3,800 Celestica, Inc.+ 188,575
4,600 Certicom Corporation+ 156,649
1,100 Clearnet Communications,
Inc., Class A, ADR+ 30,542
2,500 Cominco, ADR 34,531
1,800 Corel, ADR+ 7,088
1,800 Cott Corporation, ADR+ 10,800
1,300 Decoma International,
Inc. 9,831
5,500 Domatar, Inc., ADR 51,219
700 Dorel Industries, Inc.+ 15,663
4,600 Enbridge, Inc. 93,437
3,200 Encal Energy Ltd.+ 20,400
400 Fahnestock Viner
Holdings, Inc., ADR 7,500
1,600 Fairfax Financial
Holdings Ltd.+ 175,135
900 Four Seasons Hotels,
Inc., ADR 55,969
3,300 Global Thermoelectric,
Inc.+ 57,750
2,000 Goldcorp, Inc., Class A,
ADR+ 14,375
1,200 GSI Lumonics, Inc.+ 42,150
300 GT Group Telecom, Inc.,
Class B+ 4,744
10,406 Gulf Canada Resources,
ADR+ 50,079
12,600 Imperial Oil Ltd., ADR 307,125
700 Intertape Polymer Group
Inc., ADR 12,075
</TABLE>
See Notes to Financial Statements.
20
<PAGE> 316
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CANADA (CONTINUED)
1,200 Intrawest Corporation $ 22,800
1,250 Ipsco, Inc., ADR 15,781
300 Jetform Corporation, ADR+ 1,463
1,600 Loewen Group, Inc., ADR+ 887
2,400 Magna International,
Class A, ADR 113,400
18,000 Manulife Financial Corp. 320,625
5,200 Methanex Corporation,
ADR+ 17,712
1,600 Microcell
Telecommunications,
Inc.+ 57,800
3,500 Mitel Corporation, ADR+ 73,500
28,738 Nortel Networks
Corporation 1,961,368
2,750 NOVA Chemicals
Corporation 59,125
2,900 Numac Energy, Inc., ADR+ 9,606
5,000 Nurun, Inc.+ 142,736
1,600 Potash Corporation of
Saskatchewan, ADR 88,300
1,800 Rio Algom Ltd., ADR 20,925
500 Rogers Cantel Mobil
Communications, Class
B, ADR+ 16,813
6,300 Rothmans, Inc. 77,686
9,400 Royal Bank of Canada 485,862
2,000 Royal Group Technologies
Ltd.+ 47,750
4,300 Royal Oak Mines, ADR+ 0
200 Sun Life Financial
Services of Canada+ 3,375
6,600 Suncor Energy, Inc. 153,862
1,200 Supersol Ltd. 21,750
3,270 Talisman Energy, Inc.+ 108,319
4,100 Teleglobe, Inc. 86,356
2,100 Telesystem International
Wireless, Inc.+ 38,850
60,900 TransCanada PipeLines
Ltd. 464,980
13,352 TransCanada PipeLines
Ltd., ADR 101,809
4,300 Trizec Hahn Corporation,
ADR 76,862
3,400 West Coast Energy, Inc.,
ADR 52,700
6,200 Westport Innovations,
Inc. 59,068
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
CANADA (CONTINUED)
2,700 Wi-LAN, Inc.+ $ 76,074
------------
9,056,558
------------
CHILE -- 0.3%
500 AFP Provida, ADR 10,625
1,000 Banco de A. Edwards, ADR,
SER A 13,500
3,400 Banco Santander Chile,
ADR 54,400
2,800 Banco Santiago SA, ADR 50,050
1,900 Compania Cervecerias
Unidas SA, ADR 43,106
6,875 Compania de
Telecomunicaciones de
Chile SA, ADR 124,609
800 Cristalerias de Chile,
ADR 13,200
2,700 Distribucion y Servicio
D&S SA 46,913
2,000 Embotelladora Andina SA,
ADR 23,500
8,200 Empresa Nacional
Electricidad SA, ADR 90,712
4,060 Enersis S.A., ADR 80,946
2,500 Gener SA, ADR 36,719
500 Laboratorio Chile SA, ADR 9,594
1,900 Linea Aerea Nacional
Chile SA, ADR 13,775
1,100 Madeco, ADR 8,388
800 Maderas Y Sintelicos
Sociedad (Masisa), ADR 9,450
800 Quimica Minera Chile SA,
ADR 17,800
3,200 Quinenco SA, ADR 31,200
420 Telex-Chile SA, ADR+ 1,365
400 Vina Concha Y Toro SA,
ADR 14,575
------------
694,427
------------
CHINA\HONG KONG -- 3.9%
16,400 Amoy Properties Ltd., ADR 55,224
1,440 Asia Pulp & Paper Company
Ltd.+ 23
7,200 Asia Pulp & Paper Company
Ltd., ADR+ 36,450
1,200 Asia Satellite
Telecommunications
Holdings Ltd., ADR 41,100
39,448 Bank East Asia Ltd., ADR 92,098
</TABLE>
See Notes to Financial Statements.
21
<PAGE> 317
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
CHINA\HONG KONG (CONTINUED)
750 Beijing Yanhua
Petrochemical Company
Ltd., ADR $ 4,125
3,200 C.P. Pokphand, ADR+ 2,566
13,632 Cable & Wireless HKT
Ltd., ADR 293,088
19,400 Cathay Pacific Airways,
ADR 179,802
5,900 CDL Hotels International
Ltd., ADR 25,733
16,900 China Telecom (Hong Kong)
Ltd.+ 3,005,031
3,000 China Unicom Ltd., ADR+ 63,750
10,080 Dairy Farm International
Ltd., ADR 30,240
500 DSG International Ltd.,
ADR+ 2,500
579 Egana International
Holdings Ltd., ADR 5,259
13,700 First Pacific Company
Ltd., ADR 23,286
3,700 Glorious Sun Enterprises
Ltd. 10,323
1,300 Gold Peak Industries
Ltd., ADR 3,627
2,600 Guangshen Railway Company
Ltd., ADR 13,000
7,950 Hang Lung Development,
ADR 30,850
55,400 Hang Seng Bank Ltd., ADR 525,893
49,400 Henderson Land
Development Company
Ltd., ADR 217,359
148,397 Hong Kong and China Gas
Ltd., ADR 166,567
57,900 Hong Kong Electric
Holdings Ltd., ADR 186,427
14,900 Hong Kong Land Holdings,
ADR 119,200
25,100 Hopewell Holdings Ltd.,
ADR 10,464
1,100 Huaneng Power
International, ADR 14,644
14,800 Hysan Development Ltd.,
ADR 31,136
22,500 Jardine Matheson &
Company Ltd., ADR 98,437
17,400 Jardine Strategic
Holding, ADR 104,052
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
CHINA\HONG KONG (CONTINUED)
2,700 Johnson Electric
Holdings, ADR $ 255,436
30,400 New World Development
Company Ltd., ADR 67,855
500 Peak International Ltd.+ 3,500
84,000 PetroChina Company Ltd.,
ADR+ 1,758,750
2,600 Shandong Huaneng, ADR 10,888
4,367 Shanghai Chlor-Alkali
Chemical Company, ADR 8,297
1,600 Shanghai Erfangji Co.,
Ltd., ADR+ 2,976
4,000 Shanghai Petrochemicals
Ltd., ADR 55,250
3,190 Shanghai Tire & Rubber
Company Ltd., ADR+ 6,380
4,600 Shuntak Holdings Ltd.,
ADR 5,429
1,800 Singer Company, ADR+ 421
10,350 South China Morning Post,
ADR 40,163
68,600 Sun Hung Kai Properties
Ltd., ADR 492,797
27,000 Swire Pacific Ltd., ADR 154,661
6,200 Television Broadcasts
Ltd. 82,714
600 VTech Holdings Ltd., ADR 22,705
500 Yanzhou Coal Mining
Company Ltd., ADR 5,000
------------
8,365,476
------------
COLOMBIA -- 0.0%#
900 Banco Ganadero SA, ADR 5,287
1,500 Banco Industrial
Colombiano, ADR 3,188
------------
8,475
------------
DENMARK -- 0.3%
3,700 Novo Nordisk AS, Series
B, ADR 312,650
12,400 Tele Danmark, Series B,
ADR 421,600
------------
734,250
------------
FINLAND -- 3.3%
1,500 American Group Ltd., ADR 20,622
1,400 Instrumentarium
Corporation, ADR 17,150
4,062 Metso Oyj, ADR 47,728
</TABLE>
See Notes to Financial Statements.
22
<PAGE> 318
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
FINLAND (CONTINUED)
139,200 Nokia Oyj, ADR $ 6,951,300
3,220 Sonera Oyj, ADR 148,120
------------
7,184,920
------------
FRANCE -- 10.5%
10,700 Accor SA, ADR 219,271
32,793 Alcatel Alsthom Cie
Generale D'Electric,
ADR 2,180,734
6,400 Alstom 175,200
23,778 Aventis SA, ADR 1,725,391
1,000 Bouygues Offshore SA, ADR 24,875
1,000 Business Objects SA, ADR+ 88,125
18,000 Canal Plus, ADR 604,898
4,100 Cap Gemini SA 722,183
2,767 Clarins SA 57,007
900 Coflexip SA, ADR 54,450
800 Companie Generale de
Geophysique SA, ADR+ 10,900
3,400 Dassault Systemes SA, ADR 319,600
2,300 Etablissements
Economiques du Casino
Guichard-Perrachon SA 212,994
28,700 France Telecom SA 4,089,750
400 Galeries Lafayette 81,150
600 Genset, ADR+ 13,875
6,100 Groupe Danone 809,490
20,900 Groupe Danone, ADR 554,700
9,200 Lafarge SA, ADR 238,319
3,600 Lagardere Group, ADR 274,954
14,000 Louis Vuitton Moet
Hennessy, ADR 1,169,000
4,800 Pechiney SA, ADR 99,600
6,750 Pernod Ricard, ADR 91,830
5,950 PSA Peugeot Citroen, ADR 298,509
1,600 Rhodia SA, ADR 27,400
1,000 Scor SA, ADR 43,375
1,100 Sidel SA 89,212
56,800 Societe Generale, ADR 683,260
1,400 Societe Generale
d'Entreprises SA 58,141
25,500 STMicroelectronics NV 1,636,781
6,700 Suez Lyonnaise des Eaux,
SA 1,173,756
4,200 Thomson CSF, ADR 165,442
43,105 Total SA, ADR 3,311,003
2,400 Valeo SA 128,312
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
FRANCE (CONTINUED)
2,500 Valeo SA, ADR $ 133,658
70,900 Vivendi, ADR 1,251,556
------------
22,818,701
------------
GERMANY -- 6.1%
2,000 BASF AG, ADR 80,750
20,900 Bayer AG, ADR 814,092
927 Celanese AG 18,076
14,000 Commerzbank AG, ADR 498,545
28,771 Daimler Chrysler
Aerospace AG 1,497,890
15,300 Deutsche Bank AG, ADR 1,262,038
86,900 Deutsche Telekom, ADR 4,931,575
15,700 Dresdner Bank AG, ADR 650,514
14,400 E.On AG, ADR 718,200
2,100 Epcos AG, ADR+ 206,850
7,100 Fresenius Medical Care
AG, ADR 185,931
10,600 Infineon Technologies AG+ 840,050
228 Pfeiffer Vacuum
Technology AG, ADR 8,963
10,100 RWE AG, ADR 339,415
14,904 SAP AG, ADR 688,321
1,900 SGL Carbon AG, ADR+ 42,750
44,700 Volkswagen AG, ADR 341,401
------------
13,125,361
------------
GREECE -- 0.2%
400 Anangel -- American
Shipholdings Ltd., ADR+ 1,925
28,900 Hellenic
Telecommunication
Organization SA (OTE),
ADR 352,219
------------
354,144
------------
HUNGARY -- 0.1%
6,200 Magyar Tavkozlesi Rt.,
ADR 213,512
------------
INDIA -- 0.0%#
300 Rediff.com India Ltd.,
ADR+ 4,200
------------
INDONESIA -- 0.1%
2,600 Gulf Indonesia Resources
Ltd.+ 20,800
7,150 PT Indorayon Utama, ADR+ 919
3,083 PT Indosat, ADR 35,069
800 PT Pasifik Satelit
Nusantara, ADR+ 7,600
</TABLE>
See Notes to Financial Statements.
23
<PAGE> 319
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INDONESIA (CONTINUED)
14,440 PT Telekomunikasi
Indonesia, ADR $ 100,177
1,100 PT Tri Polyta Indonesia,
ADR+ 619
------------
165,184
------------
IRELAND -- 0.6%
12,400 Allied Irish Banks, ADR 220,100
7,700 Bank of Ireland, ADR 197,794
11,600 CRH, ADR 203,000
7,900 Elan Corporation Plc,
ADR+ 382,656
600 IONA Technologies Plc,
ADR+ 37,800
3,200 Jefferson Smurfit Group,
ADR 56,400
400 Riverdeep Group Plc, ADR+ 7,750
2,000 Ryanair Holdings Plc,
ADR+ 73,000
1,300 SmartForce Plc, ADR+ 62,400
500 Warner Chilcott
Laboratories, ADR+ 11,125
2,200 Waterford Wedgwood Plc,
ADR 22,550
------------
1,274,575
------------
ISRAEL -- 0.5%
200 American-Israeli Paper
Mills, ADR 13,200
1,000 Blue Square-Israel Ltd.,
ADR 10,000
2,400 Check Point Software
Technologies Ltd.+ 508,200
2,400 ECI Telecommunications
Ltd., ADR 85,800
600 Elbit Medical Imaging
Ltd., ADR 5,325
700 Elbit Systems Ltd., ADR 10,413
600 Elron Electronic
Industries Ltd., ADR 22,088
600 Gilat Satellite Network
Ltd., ADR+ 41,625
2,400 Koor Industries Ltd., ADR 51,000
100 M-Systems Flash Disk
Pioneers Ltd.+ 7,788
700 Magic Software
Enterprises Ltd.+ 7,481
400 Matav-Cable Systems Media
Ltd., ADR 16,025
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
ISRAEL (CONTINUED)
300 NICE-Systems Ltd., ADR+ $ 23,156
400 Orckit Communications
Ltd. 12,050
500 Partner Communications
Company Ltd., ADR+ 4,750
400 RADWARE Ltd.+ 10,600
1,300 Scitex Corporation, ADR+ 14,381
3,800 Teva Pharmaceutical, ADR 210,662
------------
1,054,544
------------
ITALY -- 2.4%
2,672 Benetton Group SpA, ADR 110,554
1,600 De Rigo SpA, ADR 10,400
4,000 Enel SpA, ADR 178,500
22,900 Ente Nazionale
Idrocarburi SpA, ADR 1,332,494
10,515 Fiat SpA 272,076
800 Fila Holding SpA, ADR+ 8,450
1,700 Industrie Natuzzi, ADR 20,187
13,400 Luxottica Group, ADR 163,312
14,261 Montedison SpA 256,698
500 SAES Getters SpA, ADR 3,688
20,086 San Paolo-IMI SpA, ADR 710,542
15,100 Telecom Italia SpA 2,077,194
------------
5,144,095
------------
JAPAN -- 19.9%
9,200 ADERANS Company Ltd. 425,729
14,700 AIWA Company Ltd. 235,244
40,000 ALPS Electric Company
Ltd. 742,661
8,570 Amway Japan Ltd., ADR 39,101
5,600 Bandai Company Ltd., ADR 51,722
134,095 Bank of Tokyo, ADR 1,625,902
25,000 Canon, Inc., ADR 1,259,375
1,900 CSK Corporation, ADR 56,050
10,200 Dai'El, Inc., ADR 71,400
4,800 Densei-Lambda KK 98,846
8,850 Eisai Company Ltd., ADR 283,587
14,800 Fuji Photo Film Company
Ltd., ADR 627,150
27,000 Fujita Kanko, Inc. 140,210
27,100 Heiwa Corporation+ 607,870
20,800 Hisamitsu Pharmaceutical
Co., Inc. 319,728
10,000 Hitachi Ltd., ADR 1,441,250
14,000 Honda Motor Company Ltd.,
ADR 962,500
</TABLE>
See Notes to Financial Statements.
24
<PAGE> 320
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
ADR+ $ 35,550
11,900 Ito-Yokado Ltd., ADR 737,056
25,500 Japan Airlines Company,
ADR 202,406
309,000 Kawasaki Heavy Industries
Ltd. 471,778
10,350 Kawasaki Heavy Industries
Ltd., ADR 63,209
9,700 Kawasaki Steel
Corporation, ADR 138,957
59,000 Kinden Corporation 370,331
3,100 Kirin Brewery Company,
ADR 394,475
16,300 Kobe Steel Ltd., ADR+ 56,072
7,250 Komatsu Ltd., ADR 203,892
2,100 Kubota Corporation, ADR 149,625
5,600 Kyocera Corporation, ADR 962,150
4,800 Makita Corporation, ADR 45,000
6,200 Matsushita Electric
Industrial Company
Ltd., ADR 1,593,400
35,000 Matsushita-Kotobuki
Electronics Industries
Ltd. 781,773
270,700 Mazda Motor Corporation 732,208
22,500 Mitsubishi Corporation,
ADR 406,720
2,400 Mitsui & Company Ltd.,
ADR 368,025
9,500 NEC Corporation, ADR 1,505,750
76,000 NGK Insulators Ltd. 941,181
50,000 NGK Spark Plug Company
Ltd. 773,291
31,200 Nippon Soda Company Ltd. 120,266
91,300 Nippon Telegraph &
Telephone Corporation,
ADR 6,242,638
36,000 Nissan Motor Company
Ltd., ADR 414,000
20,000 NTT DoCoMo, Inc., ADR 2,704,868
7,900 Olympus Optical Company,
ADR 141,538
4,680 Orix Corporation, ADR 351,878
16,200 Pasco Corporation 94,508
5,400 Pioneer Corporation, ADR 218,700
2,400 Q.P. Corporation, ADR 40,036
4,100 Ricoh Company Ltd., ADR 433,745
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
JAPAN (CONTINUED)
9,400 Royal Company Ltd. $ 94,704
31,300 Sanden Corporation 243,072
10,900 Sanyo Electric
Corporation, ADR 499,356
512 Sawako Corporation, ADR 2,316
11,500 Sega Enterprises, ADR 44,166
12,100 Shiseido Ltd., ADR 187,022
23,600 Sony Corporation, ADR 2,225,775
10,800 Sumitomo Metal
Industries, ADR+ 74,304
127,000 Sumitomo Metal Mining
Company 598,464
13,000 Sumitomo Special Metals
Company Ltd. 182,065
40,400 Sumitomo Trust & Banking
Company Ltd., ADR 287,470
29,800 Sumitomo Warehouse
Company Ltd. 86,503
32,800 Takara Standard Company
Ltd. 142,817
17,000 TAMURA Corporation 87,159
4,000 TDK Corporation, ADR 573,000
9,300 Tokio Marine & Fire
Insurance Ltd., ADR 553,350
11,200 Tokyo Ohka Kogyo Company,
Ltd. 262,834
54,070 Toyota Motor Corporation,
ADR 5,038,648
42,100 Uny Company Ltd. 581,278
900 Wacoal Corporation, ADR 47,250
43,800 Yamaguchi Bank Ltd. 310,837
11,100 York-Benimaru Company
Ltd. 313,840
------------
43,119,581
------------
KOREA -- 1.1%
36,000 Korea Electric Power
Corporation, ADR 663,750
16,500 Korea Telecom
Corporation, ADR 798,188
11,100 Pohang Iron & Steel
Company, Ltd., ADR 266,400
16,084 SK Telecom Company Ltd.,
ADR 584,050
------------
2,312,388
------------
</TABLE>
See Notes to Financial Statements.
25
<PAGE> 321
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
LUXEMBOURG -- 0.0%#
1,400 Espirito Santo Financial
Holdings, ADR $ 25,200
1,400 Millicom International
Cellular SA+ 49,000
------------
74,200
------------
MALAYSIA -- 0.1%
41,900 Amsteel Corporation
Berhad, ADR 5,624
39,500 Resorts World Berhad 108,105
------------
113,729
------------
MEXICO -- 1.0%
2,900 Altos Hornos de Mexico
SA, ADR+ 0
1,600 Apasco SA, Series A, ADR 45,907
800 Bufete Industries, ADR+ 250
8,600 Cemex SA de CV, ADR 201,025
800 Coca-Cola Femsa SA, ADR 15,100
250 Consorcio Grupo Dina SA,
ADR 719
500 Controladora Comercial
Mexican SA de CV, ADR 9,125
2,205 Desc de CV, Series C, ADR 28,389
3,100 Empresas Ica, ADR 5,231
13,000 Grupo Carso SA, ADR+ 92,160
1,100 Grupo Casa Autrey, ADR+ 10,038
1,100 Grupo Elektra, ADR 11,275
8,600 Grupo Financiero Bancomer
SA de CV, ADR 87,345
2,000 Grupo Imsa SA, ADR 28,875
800 Grupo Industrial Durango
SA, ADR+ 7,625
1,800 Grupo Industrial Maseca
SA, ADR 12,937
1,800 Grupo Iusacell SA de CV,
ADR+ 28,125
500 Grupo Radio Central, ADR 5,688
4,600 Grupo Telivisa SA, ADR+ 317,112
280 Grupo Tribasa SA de CV,
ADR+ 630
700 Industries Bachoco SA 4,638
4,200 Kimberly Clark, Inc., ADR 59,720
3,400 Savia SA de CV, ADR+ 65,875
17,200 Telefono de Mexico SA,
ADR 982,550
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
MEXICO (CONTINUED)
2,100 Tubos de Acero de Mexico,
ADR $ 29,137
3,000 Tv Azteca SA de CV, ADR 39,562
3,600 Vitro Sociedad Anomina,
ADR 11,475
------------
2,100,513
------------
NETHERLANDS -- 4.9%
41,500 ABN AMRO Holding, ADR 1,019,344
33,600 AEGON Insurance, ADR 1,197,000
8,500 Akzo Nobel, ADR 357,531
12,300 ASM Lithography Holdings
NV+ 542,737
6,100 Baan Company, ADR+ 16,012
1,600 Benckiser NV 62,400
4,400 CNH Global NV 40,700
11,500 DSM, ADR 92,224
10,000 Elsevier, ADR 246,875
6,100 Equant NV+ 262,300
1,800 Gucci Group, ADR 170,550
27,305 ING Groep NV 1,843,087
3,600 Ispat International NV,
Class A 34,200
1,575 KLM Royal Dutch Airlines
NV 41,836
18,060 Koninklijke Ahold, ADR 529,384
38,064 Koninklijke Philips
Electronics NV, ADR 1,808,040
400 Koninklijke Vopak NV, ADR 11,769
2,500 Koninklijke Wessanen NV,
CVA 27,448
100 KPNQwest NV+ 3,962
2,500 Oce Van Der Griten, ADR 40,000
1,000 QIAGEN NV, ADR+ 174,000
1,400 Royal Nedlloyd Group, ADR 13,560
27,366 Royal PTT Nederland, ADR 1,229,760
13,683 TNT Post Group NV, ADR 368,586
800 Toolex Alpha NV, ADR+ 12,800
5,700 VNU - Verenigde
Nederlandse
Uitgeversbedrijven
Verengd Bezit, ADR 294,401
8,400 Wolters Kluwer, ADR 223,744
------------
10,664,250
------------
</TABLE>
See Notes to Financial Statements.
26
<PAGE> 322
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
NEW ZEALAND -- 0.1%
1,025 Fletcher Challenge,
Building, ADR $ 10,763
1,025 Fletcher Challenge,
Energy, ADR 32,287
2,560 Fletcher Challenge,
Forest, ADR+ 9,280
1,950 Fletcher Challenge,
Paper, ADR 22,059
7,900 Telecommunications of New
Zealand Ltd., ADR 222,187
1,200 Tranz Rail Holdings Ltd.,
ADR 6,038
------------
302,614
------------
NORWAY -- 0.2%
1,800 Nera ASA, ADR 9,450
6,850 Norsk Hydro AS, ADR 288,128
2,700 Petroleum Geo-Services,
ADR+ 46,069
800 Smedvig ASA, ADR 14,451
------------
358,098
------------
PANAMA -- 0.0%#
600 Banco Latinoamericano de
Exportaciones SA 16,613
------------
PERU -- 0.0%#
500 Compania de Minas
Buenaventura SA, ADR 8,656
7,000 Telefonica del Peru SA,
ADR 79,625
------------
88,281
------------
PHILIPPINES -- 0.1%
3,600 Philippine Long Distance
Telephone Company, ADR 63,900
5,565 San Miguel Corporation,
Class B, ADR 68,839
------------
132,739
------------
PORTUGAL -- 0.4%
5,900 Banco Comercial Portugues
SA, ADR 152,663
9,000 Electricidade de Portugal
SA, ADR 312,187
28,500 Portugal Telecom SA, ADR 320,625
------------
785,475
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
RUSSIA -- 0.3%
5,000 Lukoil, ADR $ 255,600
500 Mobile Telesystems, ADR 12,275
7,600 Mosenergo, ADR 29,640
3,500 Rostelecom, ADR 47,687
13,600 Surgutneftegaz, ADR+ 181,220
11,800 Unified Energy Systems 135,700
800 Vimpel-Communications,
ADR+ 17,700
------------
679,822
------------
SINGAPORE -- 0.3%
6,500 Asia Pacific Resources
International Holdings
Ltd., Class A 7,719
200 Chartered Semiconductor
Manufacturing, ADR+ 18,000
1,300 China Yuchai, ADR+ 1,341
3,500 Cycle & Carriage Ltd.,
ADR 16,456
7,003 DBS Group Holdings Ltd.,
ADR 360,085
10,875 Keppel Corporation Ltd. 47,102
5,400 Neptune Orient Lines
Ltd., ADR+ 20,011
100 St Assembly Test Services
Ltd., ADR+ 2,575
15,100 United Overseas Bank
Ltd., ADR 197,603
------------
670,892
------------
SOUTH AFRICA -- 0.2%
3,400 Gold Fields of South
Africa Ltd., ADR 4,356
2,100 Harmony Gold Mining
Company Ltd., ADR 11,681
5,852 Imperial Holdings Ltd.,
ADR 47,609
7,700 Iscor Ltd., ADR 13,108
15,400 Liberty Group Ltd., ADR 210,372
3,300 Pepkor Ltd., ADR 23,735
17,400 Sasol Ltd., ADR 115,275
12,200 Wooltru Ltd., ADR 14,115
------------
440,251
------------
SPAIN -- 2.6%
83,833 Banco Bilbao Vizcaya
Argentaria SA 1,236,537
105,160 Banco Santander Central
Hispano SA, ADR 1,091,035
</TABLE>
See Notes to Financial Statements.
27
<PAGE> 323
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
SPAIN (CONTINUED)
35,100 Banesto Espanol de
Credito, ADR+ $ 261,378
27,400 Endesa SA, ADR 534,300
25,850 Repsol, ADR 512,153
31,216 Telefonica de Espana SA,
ADR 1,999,775
------------
5,635,178
------------
SWEDEN -- 2.6%
3,400 AGA AB, ADR 54,354
3,666 Atlas Copco, ADR 70,660
3,100 Autoliv, Inc., ADR 74,594
500 Biacore International AB,
ADR+ 21,500
5,300 Electrolux AB, ADR 166,950
219,600 Ericsson (L.M.) Telephone
Company, Class B, ADR 4,392,000
15,100 Forenings Sparbanken AB,
ADR 220,850
700 Pricer AB, ADR 171
7,750 Sandvik AB, ADR 162,557
3,300 SKF AB, ADR 54,862
6,000 Svenska Cellulosa AB, ADR 113,945
1,300 Swedish Match Company,
ADR 39,975
12,700 Volvo AB, ADR 277,812
------------
5,650,230
------------
SWITZERLAND -- 5.1%
3,900 Adecco SA, ADR 413,887
100 Carrier 1 International
SA, ADR+ 1,163
30,900 Credit Suisse Group, ADR 1,536,666
1,100 Mettler Toledo
International, Inc.+ 44,000
22,600 Nestle, ADR 2,261,662
73,532 Novartis, ADR 2,911,891
20,100 Roche Holdings Ltd. 1,956,648
3,000 Sulzer Medica, ADR 72,750
1,600 TAG Heuer International
SA, ADR 21,087
246,600 UBS AG, ADR 1,806,455
------------
11,026,209
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
TAIWAN -- 1.1%
150 GigaMedia Ltd.+ $ 1,819
6,585 Macronix International
Company Ltd., ADR 168,319
54,968 Taiwan Semiconductor
Manufacturing Company 2,130,010
------------
2,300,148
------------
THAILAND -- 0.0%#
7,000 Advanced Information
Services PCL, ADR+ 65,577
124 Shin Corporations PCL,
ADR+ 2,406
------------
67,983
------------
UNITED KINGDOM -- 22.4%
20,300 Abbey National Plc, ADR 482,547
2,800 Albert Fisher Group Plc,
ADR+ 3,707
30,000 Allied Domeq Plc, ADR 157,060
22,488 Allied Zurich AG, Plc,
ADR 533,077
4,000 Amvescap Plc, ADR 313,500
9,500 ARM Holdings Plc, ADR+ 312,312
50,936 Astra Zeneca Group Plc,
ADR 2,368,524
19,600 AXA, SA, ADR 1,559,425
30,500 BAA Plc, ADR 237,670
11,000 Barclays Plc, ADR 1,100,000
22,414 Bass Publishing Limited
Company Plc, ADR 259,162
800 Bespak Plc, ADR 5,841
20,192 BG Group Plc, ADR 658,764
22,300 Blue Circle Industries
Plc, ADR 143,910
7,300 BOC Group Plc, ADR 211,244
1,200 Body Shop International
Plc, ADR 10,894
92,600 BP Amoco Plc, ADR 5,237,687
900 Bright Station Plc, ADR+ 4,669
3,200 British Airways Plc, ADR 184,000
22,491 British American Tobacco
Plc, ADR 302,223
2,000 British Biotech Plc, ADR+ 7,000
8,600 British Sky Broadcasting
Group Plc, ADR 998,675
18,600 British
Telecommunications Plc,
ADR 2,459,850
3,200 Burmah Castrol Plc, ADR 131,200
</TABLE>
See Notes to Financial Statements.
28
<PAGE> 324
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
29,870 Cable & Wireless Plc, ADR $ 1,495,349
14,600 Cadbury Schweppes Plc,
ADR 383,250
3,400 Carlton Communications
Plc, ADR 221,000
1,700 Celltech Group Plc, ADR+ 64,387
7,050 Coats Viyella Plc, ADR 17,601
4,700 COLT Telecom Group Plc,
ADR+ 637,437
18,200 Compass Group Plc, ADR 233,204
1,370 Cordiant Communications
Group Plc 38,018
5,900 Corus Group Plc, ADR+ 84,812
1,700 Danka Business Systems
Plc, ADR+ 6,588
25,683 Diageo Plc, ADR 913,352
16,790 Dixons Group Plc, ADR 203,385
2,500 Eidos Plc, ADR+ 18,438
11,725 EMI Group Plc, ADR 222,314
5,000 Enterprise Oil Plc, ADR 123,750
3,150 Exel Plc, ADR 82,294
14,000 Freeserve Plc, ADR+ 701,750
5,000 Gallaher Group Plc, ADR 107,187
400 Gentia Software Plc+ 2,575
52,000 Glaxo Wellcome Plc, ADR 3,006,250
2,370 Hanson Plc 16,747
3,925 Hanson Trust Plc, ADR 138,356
26,600 HSBC Holdings Plc, ADR 1,508,746
300 ICON Plc, ADR+ 4,988
5,400 Imperial Chemical
Industries Plc, ADR 166,387
7,825 Imperial Tobacco Group
Plc, ADR 148,000
200 Independent Energy
Holdings Plc, ADR+ 1,663
50 interactive investor
international Plc, ADR+ 356
54,880 Invensys Plc, ADR 412,005
300 Jazztel Plc, ADR+ 7,875
19,100 Kingfisher Plc, ADR 342,467
9,600 LASMO Plc, ADR 61,800
1,800 Laura Ashley Holdings
Plc, ADR+ 2,587
2,000 London Pacific Group Ltd.
Plc, ADR 26,000
13,700 Marks & Spencer Plc, ADR 289,619
500 MERANT Plc, ADR+ 5,094
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
UNITED KINGDOM (CONTINUED)
8,570 National Grid Group Plc,
ADR $ 338,261
9,200 National Power Plc, ADR 234,600
16,900 Pearson Plc, ADR 529,132
9,000 Peninsular & Oriental
Steam Plc, ADR 158,240
4,800 Powergen Plc, ADR 168,000
4,100 Premier Farnell Plc, ADR 58,937
3,100 Premier Oil Plc, ADC+ 6,098
900 Provalis Plc+ 1,055
29,000 Prudential Plc, ADR 837,816
4,300 Racal Electronics Plc,
ADR 58,524
800 Ramco Energy Plc, ADR+ 4,700
11,500 Rank Group Plc, ADR 50,313
8,500 Reed International Plc,
ADR 297,500
8,600 Rentokil Initial Plc, ADR 195,645
7,053 Reuters Group Plc, ADR 704,859
12,911 Rexam Plc, ADR 47,609
7,900 Rio Tinto Plc, ADR 515,475
48,787 Royal Bank of Scotland
Group Plc 816,448
1,370 Saatchi & Saatchi Plc 43,840
1,200 Scottish & Southern
Energy Plc, ADR 102,952
8,900 Scottish Power Plc, ADR 301,440
1,700 Senetek Plc, ADR+ 3,559
47,500 Shell Transportation &
Trading Plc, ADR 2,372,031
1,400 Shire Pharmaceuticals
Group Plc, ADR+ 72,625
1,700 Signet Group Plc 41,225
300 Smallworldwide Plc, ADR+ 3,750
32,100 Smithkline Beecham Group
Plc, ADR 2,092,519
8,394 South African Breweries
Plc, ADR 62,599
600 Stolt Comex Seaway SA+ 7,125
1,850 Stolt-Nielsen SA Plc, ADR 33,184
3,400 Tate & Lyle Plc, ADR 67,908
800 Taylor Nelson Sofres Plc,
ADR 48,117
6,407 Telewest Communications
Plc, ADR+ 237,059
63,800 Tesco Plc, ADR 593,616
7,500 TI Group Plc, ADR 81,480
8,300 Tomkins Plc, ADR 106,344
2,100 Trinity Mirror Plc, ADR 37,495
</TABLE>
See Notes to Financial Statements.
29
<PAGE> 325
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
20,853 Unilever Plc, ADR $ 523,932
7,500 United News & Media Plc,
ADR 208,594
8,200 United Utilities Plc, ADR 166,306
156,049 Vodafone AirTouch Plc,
ADR 6,466,280
400 Wembley Plc, ADR 12,734
7,261 Williams Plc, ADR 126,895
4,600 WPP Group Plc, ADR 334,075
1,000 Xenova Group Plc, ADR 1,313
------------
48,550,781
------------
UNITED STATES -- 0.2%
393 ADC Telecommunications,
Inc.+ 32,963
1,000 Amdocs Ltd.+ 76,750
480 Magna Entertainment
Corporation, Class A+ 3,127
3,928 NTL, Inc.+ 235,203
------------
348,043
------------
VENEZUELA -- 0.0%#
1,700 Compania Anonima Nacional
Telefonos de Venezuela,
ADR 46,219
1,800 Mavesa SA, ADR 5,625
1,000 Sidervrgica/Venez/Sivensa,
ADR+ 2,360
------------
54,204
------------
TOTAL COMMON STOCKS
(Cost $140,823,148) $213,742,136
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
PREFERRED STOCKS -- 0.0%#
(Cost $116,820)
BRAZIL -- 0.0%#
6,300 Telesp-Telecomunicacoes
de Sao Paulo SA, ADR $ 116,550
------------
RIGHTS -- 0.0%#
(Cost $613)
SWEDEN -- 0.0%#
12,700 Volvo AB, Rights 7,144
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $48,390,828) 22.4% 48,390,828
----- ------------
TOTAL INVESTMENTS
(Cost $189,331,409*) 121.2% 262,256,658
OTHER ASSETS AND
LIABILITIES (NET) (21.2) (45,837,382)
----- ------------
NET ASSETS 100.0% $216,419,276
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $189,972,142
** As of December 31, 1999, the market value of the securities on loan is
$47,123,512. Collateral received for securities loaned of $48,378,368 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
30
<PAGE> 326
Munder International Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
At June 30, 2000 sector diversification of the Munder International Equity Fund
was as follows:
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
-------------------------
<CAPTION>
COMMON STOCKS:
<S> <C> <C>
<S> <C> <C>
Telecommunications...... 17.8% $ 38,511,315
Banking and Financial
Services.............. 12.4 26,934,825
Oil and Gas............. 8.5 18,393,255
Drugs and Health Care... 7.4 15,901,488
Electronics............. 5.7 12,364,948
Utilities............... 5.1 10,988,370
Automotive.............. 4.9 10,571,713
Business Services....... 4.4 9,558,618
Food and Beverages...... 3.5 7,539,678
Electric and Electrial
Equipment............. 3.3 7,097,702
Machinery and Heavy
Equipment............. 2.7 5,898,284
Retail.................. 2.3 4,920,645
Diversified............. 1.8 3,779,113
Printing and
Publishing............ 1.6 3,535,743
Metals and Mining....... 1.5 3,224,677
Manufacturing........... 1.5 3,247,148
Household Appliances and
Home Furnishings...... 1.5 3,322,183
Photography............. 1.2 2,501,808
Broadcasting and
Advertising........... 1.2 2,495,594
Chemicals............... 1 2,257,638
Software................ 0.9 1,863,562
Transportation.......... 0.8 1,824,133
Insurance............... 0.7 1,411,946
Building Construction... 0.6 1,231,898
Real Estate............. 0.5 1,040,209
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
<S> <C> <C>
Industrial Machinery.... 0.5% $ 1,115,539
Tobacco................. 0.4 882,266
Electronics --
Semiconductors........ 0.4 858,050
Building and Building
Materials............. 0.4 783,552
Leisure Time............ 0.3 610,997
Internet Service
Providers............. 0.3 720,512
Conglomerates........... 0.3 621,655
Apparel and Textiles.... 0.2 375,216
Telecommunications
Services.............. 0.1 239,395
Hotels and
Restaurants........... 0.1 140,210
Construction and Mining
Equipment............. 0.1 294,293
Computer Hardware,
Software or
Services.............. 0.1 184,336
Other................... 3.0 6,499,622
----- ------------
TOTAL COMMON STOCKS..... 98.8 213,742,136
PREFERRED STOCKS........ 0.0 116,550
RIGHTS.................. 0.0 7,144
OTHER INVESTMENTS....... 22.4 48,390,828
----- ------------
TOTAL INVESTMENTS....... 121.2 262,256,658
OTHER ASSETS AND
LIABILITIES (NET)..... (21.2) (45,837,382)
----- ------------
NET ASSETS.............. 100.0% $216,419,276
===== ============
</TABLE>
See Notes to Financial Statements.
31
<PAGE> 327
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 98.6%
BANKING AND FINANCIAL SERVICES -- 1.2%
47,900 ACE Cash Express, Inc.+ $ 568,813
47,300 Actrade International,
Ltd.+ 969,650
------------
1,538,463
------------
BUSINESS SERVICES -- 8.1%
107,200 Charles River Associates,
Inc.+ 1,889,400
266,450 ClickAction, Inc.+ 4,263,200
62,850 Hall, Kinion &
Associates, Inc.+ 2,093,691
65,750 Websense, Inc.+ 1,651,969
59,150 Workflow Management,
Inc.+ 702,406
------------
10,600,666
------------
COMMERCIAL SERVICES -- 1.9%
54,150 Insurance Auto Auctions,
Inc.+ 1,143,919
93,700 Koala Corporation+ 1,323,512
------------
2,467,431
------------
COMPUTERS AND BUSINESS EQUIPMENT -- 7.9%
80,150 CSP, Inc.+ 641,200
114,450 Integrated Measurement
Systems, Inc.+ 1,802,588
119,850 Media 100, Inc.+ 3,086,137
182,100 Qualstar Corporation+ 1,394,203
44,600 ScanSource, Inc.+ 1,733,825
97,000 Telxon Corporation 1,733,875
------------
10,391,828
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 19.0%
135,300 Accord Networks Ltd.+ 1,251,525
194,500 Blue Wave Systems, Inc.+ 2,005,781
82,200 Enlighten Software
Solutions, Inc.+ 308,250
77,750 Fundtech Ltd.+ 2,021,500
185,250 IKOS Systems, Inc.+ 2,003,016
84,450 Level 8 Systems, Inc.+ 1,778,728
78,225 MapInfo Corporation+ 3,177,891
57,650 MCSi, Inc.+ 1,491,694
76,500 Moldflow Corporation+ 1,238,344
188,000 Ontrack Data
International, Inc.+ 1,468,750
79,900 SBS Technologies, Inc.+ 2,951,306
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES
(CONTINUED)
110,700 TALX Corporation+ $ 1,895,737
56,750 Troy Group, Inc.+ 844,156
155,600 UniComp, Inc.+ 320,925
335,400 Zamba Corporation+ 1,844,700
29,600 Zomax, Inc.+ 388,500
------------
24,990,803
------------
ELECTRONICS -- 19.5%
125,050 August Technology
Corporation+ 2,055,509
77,500 BTU International, Inc.+ 930,000
100,800 Comptek Research, Inc.+ 1,789,200
66,750 Diodes, Inc.+ 2,861,906
79,900 Frequency Electronics,
Inc 2,287,137
99,000 Herley Industries, Inc.+ 1,868,625
67,500 ICOS Vision Systems
Corporation NV+ 2,463,750
74,550 Measurement Specialties,
Inc.+ 2,860,856
125,050 Micro Component
Technology, Inc.+ 1,070,741
143,100 Nova Measuring
Instruments Ltd.+ 2,298,544
125,000 Signal Technology
Corporation+ 3,125,000
141,300 Spectrum Control, Inc.+ 1,925,213
------------
25,536,481
------------
FOOD AND BEVERAGES -- 0.1%
43,650 Monterey Pasta Company+ 182,784
------------
HOUSEHOLD APPLIANCES & HOME FURNISHINGS -- 1.0%
225,000 Fedders Corporation 1,307,813
------------
INTERNET CONTENT -- 3.4%
262,750 ProsoftTraining.com+ 4,417,484
------------
MACHINERY -- 2.2%
113,100 Applied Science and
Technology, Inc.+ 2,926,463
------------
MANUFACTURING -- 4.0%
100,200 Applied Films
Corporation+ 3,669,825
150,500 Ceradyne, Inc.+ 1,542,625
------------
5,212,450
------------
</TABLE>
See Notes to Financial Statements.
32
<PAGE> 328
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEDICAL AND MEDICAL SERVICES -- 7.5%
247,250 Air Methods Corporation+ $ 780,383
271,650 CardioDynamics
International
Corporation+ 1,706,302
126,200 Dendreon Corporation+ 2,090,187
163,150 First Horizon
Pharmaceutical
Corporation+ 1,590,712
8,350 Integra LifeSciences
Holdings+ 82,978
208,400 Meridian Medical
Technologies, Inc.+ 2,344,500
69,850 Sonic Innovations, Inc.+ 1,296,591
------------
9,891,653
------------
OIL AND GAS -- 2.2%
134,550 Bellwether Exploration
Company+ 1,118,447
106,200 Pennaco Energy, Inc.+ 1,739,025
------------
2,857,472
------------
OIL EQUIPMENT AND SERVICES -- 2.3%
186,350 NATCO Group, Inc., Class
A+ 1,758,678
84,450 Offshore Logistics, Inc.+ 1,213,969
------------
2,972,647
------------
RETAIL -- 2.4%
130,400 Gadzooks, Inc.+ 1,513,862
92,800 Tropical Sportswear
International
Corporation 1,624,000
------------
3,137,862
------------
SEMICONDUCTORS -- 9.1%
359,200 Genus, Inc.+ 2,940,950
159,000 inSilicon Corporation+ 2,484,375
56,000 Parlex Corporation+ 2,359,000
329,600 White Electronic Designs
Corporation+ 4,181,800
------------
11,966,125
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS -- 6.4%
63,450 Arguss Communications,
Inc.+ $ 1,197,619
95,000 Gentner Communications
Corporation+ 1,330,000
28,500 Radyne ComStream, Inc.+ 413,250
77,200 SpectraLink Corporation+ 1,129,050
68,050 TESSCO Technologies,
Inc.+ 1,905,400
68,850 TTI Team Telecom
International Ltd.,
ADR+ 2,478,600
------------
8,453,919
------------
TOYS -- 0.4%
34,600 JAKKS Pacific, Inc.+ 510,350
------------
TOTAL COMMON STOCKS
(Cost $106,959,300) 129,362,694
------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 3.6%
(Cost $4,657,000)
$4,657,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$4,659,464 on
07/03/2000,
collateralized by
$4,175,000 U.S.
Treasury Bond, 7.500%
maturing 11/15/2016
(value $4,754,281) 4,657,000
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $28,964,596) 22.1% 28,964,596
----- ------------
TOTAL INVESTMENTS
(Cost $140,580,896*) 124.3% 162,984,290
OTHER ASSETS AND
LIABILITIES (NET) (24.3) (31,825,375)
----- ------------
NET ASSETS 100.0% $131,158,915
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $141,104,482.
** As of June 30, 2000, the market value of the securities on loan is
$28,077,560. Collateral received for securities loaned of $28,964,596 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
33
<PAGE> 329
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 95.6%
ADVERTISING -- 5.0%
370,000 Interpublic Group of
Companies, Inc. $ 15,910,000
181,350 Omnicom, Inc. 16,151,484
------------
32,061,484
------------
AUTOMOBILE PARTS AND EQUIPMENT -- 1.7%
216,550 Johnson Controls, Inc. 11,111,722
------------
BANKING AND FINANCIAL SERVICES -- 10.2%
324,150 Automatic Data Processing,
Inc. 17,362,284
50,000 Federal Home Loan Mortgage
Corporation 2,025,000
284,300 Firstar Corporation 5,988,069
163,500 Fiserv, Inc.+ 7,071,375
189,000 FleetBoston Financial
Corporation 6,426,000
300,000 MBNA Corporation 8,137,500
170,000 Mellon Financial Corporation 6,194,375
150,000 MGIC Investment Corporation 6,825,000
67,000 Morgan Stanley, Dean Witter,
Discover and Company 5,577,750
------------
65,607,353
------------
BUILDING MATERIALS -- 0.8%
300,000 Masco Corporation 5,418,750
------------
CHEMICALS -- 1.6%
150,000 Avery Dennison Corporation 10,068,750
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 13.9%
85,400 Computer Sciences
Corporation+ 6,378,313
100,000 EMC Corporation+ 7,693,750
85,000 Hewlett-Packard Company 10,614,375
90,000 International Business
Machines Corporation 9,860,625
75,000 Lexmark International Group,
Inc. 5,043,750
290,200 Microsoft Corporation+ 23,216,000
162,200 Oracle Corporation+ 13,634,937
85,000 Sun Microsystems, Inc.+ 7,729,687
43,499 VERITAS Software
Corporation+ 4,916,067
------------
89,087,504
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
DIVERSIFIED -- 3.8%
142,003 Honeywell International,
Inc. $ 4,783,726
420,292 Tyco International Ltd. 19,911,334
------------
24,695,060
------------
DRUGS -- 7.2%
136,000 Amgen, Inc.+ 9,554,000
150,000 Cardinal Health, Inc. 11,100,000
200,000 Merck & Co., Inc. 15,325,000
200,000 Schering-Plough Corporation 10,100,000
------------
46,079,000
------------
ELECTRICAL EQUIPMENT -- 3.1%
375,000 General Electric Company 19,875,000
------------
ELECTRONICS -- 5.0%
32,419 Agilent Technologies, Inc.+ 2,390,901
400,000 Cisco Systems, Inc.+ 25,425,000
100,000 Solectron Corporation+ 4,187,500
------------
32,003,401
------------
ENVIRONMENTAL SERVICES -- 0.9%
370,000 Republic Services, Inc.+ 5,920,000
------------
FOOD AND BEVERAGES -- 6.0%
200,000 Anheuser-Busch Companies,
Inc. 14,937,500
95,500 Bestfoods 6,613,375
410,000 SYSCO Corporation 17,271,250
------------
38,822,125
------------
INSURANCE -- 3.4%
88,866 American International
Group, Inc. 10,441,755
110,400 Marsh & McLennan Companies,
Inc. 11,529,900
------------
21,971,655
------------
MEDICAL SERVICES AND SUPPLIES -- 4.7%
124,700 Baxter International, Inc. 8,767,969
260,900 Biomet, Inc. 10,028,344
111,000 Johnson & Johnson Company 11,308,125
------------
30,104,438
------------
OIL AND GAS -- 0.9%
97,000 Coastal Corporation 5,904,875
------------
</TABLE>
See Notes to Financial Statements.
34
<PAGE> 330
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RESTAURANTS -- 1.9%
150,000 Brinker International, Inc.+ $ 4,387,500
142,000 Outback Steakhouse, Inc.+ 4,153,500
200,000 Wendy's International, Inc. 3,562,500
------------
12,103,500
------------
RETAIL-BUILDING SUPPLIES -- 1.6%
125,000 Home Depot, Inc. 6,242,188
100,000 Lowe's Companies, Inc. 4,106,250
------------
10,348,438
------------
RETAIL GROCERY -- 1.1%
150,000 Safeway, Inc.+ 6,768,750
------------
RETAIL -- STORE -- 2.8%
400,000 Family Dollar Stores, Inc. 7,825,000
171,800 Wal-Mart Stores, Inc. 9,899,975
------------
17,724,975
------------
SEMICONDUCTORS -- 8.8%
170,500 Altera Corporation+ 17,380,344
187,700 Intel Corporation 25,093,143
210,400 Maxim Integrated Products,
Inc.+ 14,294,050
------------
56,767,537
------------
TELECOMMUNICATIONS -- 11.2%
210,000 ADC Telecommunications,
Inc.+ 17,613,750
200,000 Comverse Technology, Inc.+ 18,600,000
105,000 Lucent Technologies, Inc. 6,221,250
124,400 Nortel Networks Corporation 8,490,300
200,000 SBC Communications 8,650,000
270,000 WorldCom, Inc.+ 12,386,250
------------
71,961,550
------------
TOTAL COMMON STOCKS
(Cost $423,660,656) 614,405,867
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 4.2%
(Cost $27,075,000)
</TABLE>
<TABLE>
<C> <S> <C>
$27,075,000 Agreement with State
Street Bank and
Trust Company,
6.350% dated
06/30/2000, to be
repurchased at
$27,089,327 on
07/03/2000,
collateralized by
$27,455,000 U.S.
Treasury Note,
5.500% maturing
08/31/2001 (value
$27,616,531) $ 27,075,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $20,719,484) 3.2% 20,719,484
----- ------------
TOTAL INVESTMENTS
(Cost $471,455,140*) 103.0% 662,200,351
OTHER ASSETS AND
LIABILITIES (NET) (3.0) (19,170,299)
----- ------------
NET ASSETS 100.0% $643,030,052
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $472,366,323.
** As of June 30, 2000, the market value of the securities on loan is
$20,663,767. Collateral received for securities loaned of $20,719,484 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
See Notes to Financial Statements.
35
<PAGE> 331
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 94.5%
APARTMENTS -- 18.9%
69,775 Apartment Investment &
Management Company $ 3,017,769
78,209 Avalon Bay Community, Inc. 3,265,226
71,700 Camden Property Trust 2,106,187
18,000 Charles E. Smith
Residential Realty, Inc. 710,455
67,450 Equity Residential
Properties Trust 3,102,700
-----------
12,202,337
-----------
BUSINESS SERVICES -- 1.2%
30,000 CoStar Group, Inc.+ 751,875
-----------
COMMUNITY SHOPPING CENTERS -- 10.1%
137,050 Bradley Real Estate, Inc. 2,920,878
30,200 Developers Diversified
Realty Corporation 451,113
76,375 Kimco Realty Corporation 3,131,375
-----------
6,503,366
-----------
HOTELS -- 2.8%
55,150 Starwood Hotels & Resorts
Worldwide, Inc. 1,795,822
-----------
OFFICE AND INDUSTRIAL -- 36.9%
87,825 AMB Property Corporation 2,003,508
80,625 Boston Properties, Inc. 3,114,141
62,200 CenterPoint Properties
Corporation 2,534,650
133,800 Corporate Office
Properties Trust, Inc. 1,229,287
151,825 Duke Realty Investments,
Inc. 3,397,084
97,544 Equity Office Properties
Trust 2,688,556
114,325 Kilroy Realty Corporation 2,965,305
25,800 Mack-Cali Realty
Corporation 662,737
106,875 Reckson Associates Realty
Corporation 2,538,281
28,307 Reckson Associates Realty
Corporation, Class B 720,060
43,325 Spieker Properties, Inc. 1,992,950
-----------
23,846,559
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
REGIONAL MALLS -- 10.4%
80,050 CBL & Associates
Properties, Inc. $ 1,996,247
73,500 General Growth Properties,
Inc. 2,333,625
105,825 Simon Property Group, Inc. 2,347,992
-----------
6,677,864
-----------
STORAGE -- 4.3%
119,200 Public Storage, Inc. 2,793,750
-----------
TELECOMMUNICATIONS -- 1.0%
18,350.. Crown Castle International
Corporation+ 669,775
-----------
OTHER -- 8.9%
185,300 Correctional Properties
Trust 1,945,650
25,000 Pinnacle Holdings, Inc.+ 1,350,000
3,526 Vornado Operating, Inc.+ 27,326
70,525 Vornado Realty Trust 2,450,744
-----------
5,773,720
-----------
TOTAL COMMON STOCKS
(Cost $60,219,767) 61,015,068
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 2.5%
(Cost $1,595,000)
$1,595,000 Agreement with State
Street Bank and Trust
Company, 6.350%
06/30/2000, to be
repurchased at
$1,595,844 on
07/03/2000,
collateralized by
$1,255,000 U.S.
Treasury Bond, 9.250%
maturing 02/15/2016
(value $1,632,313) 1,595,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $61,616,075) 97.0% 62,610,068
----- -----------
OTHER ASSETS AND LIABILITIES
(NET) 3.0 1,959,516
----- -----------
NET ASSETS 100.0% $64,569,584
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $61,616,074.
+ Non-income producing security
See Notes to Financial Statements.
36
<PAGE> 332
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 99.0%
APPAREL & TEXTILES -- 1.3%
58,000 Unifi, Inc.+ $ 717,750
-----------
AUTOMOBILE PARTS AND EQUIPMENT -- 7.4%
16,600 Borg Warner, Inc. 583,075
41,000 Dura Automotive Systems,
Inc.+ 443,313
42,300 Monaco Coach Corporation+ 576,337
27,600 Oshkosh Truck Corporation 986,700
67,500 Sonic Automotive, Inc.,
Class A+ 721,406
62,200 Tower Automotive, Inc.+ 777,500
-----------
4,088,331
-----------
BANKING AND FINANCIAL SERVICES -- 9.9%
44,600 American Capital
Strategies Ltd. 1,064,825
64,700 Financial Federal
Corporation+ 1,124,162
26,600 Metris Companies, Inc. 668,325
42,000 OceanFirst Financial
Corporation 774,375
21,300 Prosperity Bancshares,
Inc. 343,463
14,500 Silicon Valley Bancshares+ 618,062
22,100 Southwest Securities
Group, Inc. 823,225
-----------
5,416,437
-----------
BUILDING MATERIALS -- 1.9%
74,600 Universal Forest Products,
Inc. 1,025,750
-----------
CHEMICALS AND PLASTICS -- 5.8%
19,600 Cambrex Corporation 882,000
47,000 Olin Corporation 775,500
50,000 R.P.M., Inc. 506,250
37,000 Spartech Corporation 999,000
-----------
3,162,750
-----------
COMMERCIAL SERVICES -- 3.9%
28,300 Interim Services, Inc.+ 502,325
97,900 Mail-Well, Inc.+ 844,387
30,310 Manitowoc Company, Inc. 810,793
-----------
2,157,505
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 3.2%
21,800 InFocus Corporation+ $ 701,687
65,300 Nelvana Ltd.+ 1,080,980
-----------
1,782,667
-----------
COMPUTER / PERIPHERALS -- 1.4%
97,200 Qualstar Corporation+ 744,188
-----------
CONSUMER SERVICES -- 1.7%
49,600 Dollar Thrifty Automotive
Group, Inc.+ 914,500
-----------
DIVERSIFIED -- 4.2%
52,100 A.O. Smith Corporation 1,090,844
16,140 Lancaster Colony
Corporation 314,730
25,400 Pentair, Inc. 901,700
-----------
2,307,274
-----------
ELECTRONICS -- 10.1%
28,750 ACT Manufacturing, Inc.+ 1,335,078
16,500 CTS Corporation 742,500
9,200 DuPont Photomasks, Inc.+ 630,200
40,100 General Semiconductor,
Inc.+ 591,475
12,600 International Rectifier
Corporation+ 705,600
29,300 Methode Electronics, Inc.,
Class A 1,131,712
18,200 Therma-Wave, Inc.+ 406,088
-----------
5,542,653
-----------
FOOD AND BEVERAGES -- 3.4%
19,800 Canandaigua Brands, Inc.,
Class A+ 998,663
127,200 Del Monte Foods Company+ 866,550
-----------
1,865,213
-----------
HARDWARE -- 1.3%
21,500 Toro Company 708,156
-----------
HOME FURNISHINGS AND HOUSEWARES -- 2.8%
54,200 Furniture Brands
International, Inc.+ 819,775
139,300 Quaker Fabric Corporation+ 705,206
-----------
1,524,981
-----------
HOTELS AND RESTAURANTS -- 0.9%
17,300 Brinker International,
Inc.+ 506,025
-----------
</TABLE>
See Notes to Financial Statements.
37
<PAGE> 333
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
INDUSTRIAL MACHINERY -- 1.3%
74,800 NATCO Group, Inc., Class
A+ $ 705,925
-----------
INSURANCE -- 3.6%
78,900 MIIX Group, Inc. 946,800
20,500 Radian Group, Inc. 1,060,875
-----------
2,007,675
-----------
MEDICAL SERVICES AND SUPPLIES -- 1.0%
13,100 PolyMedica Corporation++ 566,575
-----------
MEDICAL SUPPLIES -- 1.4%
44,600 Orthofix International NV,
ADR+ 797,225
-----------
METALS AND METAL PROCESSING -- 1.3%
37,800 Reliance Steel & Aluminum
Company 722,925
-----------
OIL AND GAS -- 13.2%
49,800 Basin Exploration Inc.+ 890,175
34,100 CARBO Ceramics, Inc. 1,197,762
14,300 Equitable Resources, Inc. 689,975
77,200 Genesis Exploration Ltd.+ 573,784
18,500 HS Resources, Inc.+ 555,000
69,000 OSCA, Inc., Class A+ 1,164,375
81,900 Southwest Gas Corporation 1,433,250
32,800 Tom Brown, Inc.+ 756,450
-----------
7,260,771
-----------
REAL ESTATE -- 14.8%
51,000 CenterPoint Properties
Corporation 2,078,250
145,100 Correctional Properties
Trust 1,523,550
89,700 Kilroy Realty Corporation 2,326,594
93,800 Reckson Associates Realty
Corporation 2,227,750
-----------
8,156,144
-----------
RESTAURANTS -- 2.3%
12,600 Papa John's International,
Inc.+ 308,700
75,800 Ruby Tuesday, Inc. 952,238
-----------
1,260,938
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
RETAIL -- 0.9%
24,000 Chico's FAS, Inc.+ $ 480,000
-----------
TOTAL COMMON STOCKS
(Cost $54,751,555) 54,422,358
-----------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C>
REPURCHASE AGREEMENT -- 3.3%
(Cost $1,810,000)
$1,810,000 Agreement with State
Street Bank and Trust
Company, 6.350%
06/30/2000, to be
repurchased at
$1,810,958 on
07/03/2000,
collateralized by
$1,625,000 U.S. Treasury
Bond, 7.125% maturing
02/15/2023 (value
$1,850,469) 1,810,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $11,678,958) 21.2% 11,678,958
----- -----------
TOTAL INVESTMENTS
(Cost $68,240,513*) 123.5% 67,911,316
OTHER ASSETS AND
LIABILITIES (NET) (23.5) (12,935,014)
----- -----------
NET ASSETS 100.0% $54,976,302
===== ===========
</TABLE>
OPEN OPTION CONTRACTS WRITTEN
<TABLE>
<CAPTION>
Name of Number of Exercise Expiration
Issuer Contracts Price Date Value
------- --------- -------- ---------- -------
<S> <C> <C> <C> <C>
PolyMedica Corporation,
Call Options 130 $50 9/16/00 $60,937
</TABLE>
No written options were exercised or expired during the year.
------------
* Aggregate cost for Federal tax purposes is $68,611,270.
** As of June 30, 2000, the market value of the securities on loan is
$11,153,436. Collateral received for securities loaned includes $66,912 in
U.S. Government securities and the remaining $11,612,046 is invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ 13,000 shares pledged as collateral for open option contracts written.
See Notes to Financial Statements.
38
<PAGE> 334
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 100.0%
BANKING AND FINANCIAL SERVICES -- 3.2%
122,150 Financial Federal
Corporation+ $ 2,122,356
46,200 Silicon Valley Bancshares+ 1,969,275
118,900 Southwest Bancorporation of
Texas, Inc.+ 2,467,175
------------
6,558,806
------------
BROADCASTING -- 1.0%
101,550 Spanish Broadcasting
Systems, Inc., Class A+ 2,088,122
------------
BUSINESS SERVICES -- 7.8%
120,700 AppNet, Inc.+ 4,345,200
121,150 Charles River Associates,
Inc.+ 2,135,269
234,050 ProsoftTraining.com+ 3,934,966
145,012 Tetra Tech, Inc.+ 3,317,149
120,650 Vicinity Corporation+ 2,367,756
------------
16,100,340
------------
CHEMICALS -- 5.2%
64,700 Cabot Microelectronics
Corporation+ 2,960,025
96,800 Cambrex Corporation 4,356,000
101,250 Diversa Corporation+ 3,353,906
------------
10,669,931
------------
COMMERCIAL SERVICES -- 1.0%
78,200 Manitowoc Company, Inc. 2,091,850
------------
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 19.3%
148,750 Advanced Digital Information
Corporation+ 2,370,703
146,450 Caldera Systems, Inc.+ 1,913,003
58,600 Concord Communications,
Inc.+ 2,336,675
105,450 Cybex Computer Products
Corporation 4,468,444
93,400 Fundtech Ltd., ADR+ 2,428,400
90,150 Level 8 Systems, Inc.+ 1,898,784
97,350 MapInfo Corporation+ 3,954,844
48,500 MatrixOne, Inc.+ 1,970,313
76,850 MCSi, Inc.+ 1,988,494
174,950 Media 100, Inc.+ 4,504,962
72,350 National Instruments
Corporation+ 3,156,269
57,300 ScanSource, Inc.+ 2,227,537
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES
(CONTINUED)
79,200 SmartDisk Corporation+ $ 2,178,000
257,550 Zamba Corporation+ 1,416,525
221,850 Zomax, Inc.+ 2,911,781
------------
39,724,734
------------
DISTRIBUTORS -- 0.8%
84,800 Advance Paradigm, Inc.+ 1,738,400
------------
DRUGS & HEALTH CARE -- 3.5%
123,750 Noven Pharmaceuticals, Inc.+ 3,720,234
185,500 Texas Biotechnology
Corporation+ 3,524,500
------------
7,244,734
------------
ELECTRONICS -- 17.5%
106,300 CTS Corporation 4,783,500
50,400 Cymer, Inc.+ 2,406,600
41,400 DSP Group, Inc.+ 2,318,400
72,200 International Rectifier
Corporation+ 4,043,200
44,750 L-3 Communications Holding,
Inc.+ 2,553,547
114,650 MKS Instruments, Inc.+ 4,485,681
20,625 Orbotech Ltd., ADR+ 1,915,547
70,200 SBS Technologies, Inc.+ 2,593,013
102,325 Therma-Wave, Inc.+ 2,283,127
105,200 Trimble Navigation Ltd.+ 5,135,075
75,500 Varian, Inc.+ 3,482,437
------------
36,000,127
------------
ENTERTAINMENT -- 0.7%
69,300 World Wrestling Federation
Entertainment, Inc., Class
A+ 1,442,306
------------
HEALTH CARE PRODUCTS -- 2.4%
107,900 Biomatrix, Inc.+ 2,441,238
57,150 Titan Pharmaceuticals, Inc.+ 2,457,450
------------
4,898,688
------------
MACHINERY -- 3.1%
144,600 Applied Science and
Technology, Inc.+ 3,741,525
66,950 Helix Technology Corporation 2,611,050
------------
6,352,575
------------
</TABLE>
See Notes to Financial Statements.
39
<PAGE> 335
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
b}
MEDICAL PRODUCTS -- 5.7%
100,800 Dendreon Corporation+ $ 1,669,500
74,850 Enzon, Inc.+ 3,181,125
212,150 Organogenesis, Inc.+ 2,426,466
35,350 Tanox, Inc.+ 1,672,497
195,350 Targeted Genetics
Corporation+ 2,905,831
------------
11,855,419
------------
MEDICAL SERVICES -- 4.9%
75,650 Allscripts, Inc.+ 1,739,950
101,700 Charles River Laboratories
International, Inc.+ 2,256,469
73,900 PolyMedica Corporation+ 3,196,175
84,000 Province Healthcare Company+ 3,034,500
------------
10,227,094
------------
MEDICAL SUPPLIES -- 2.6%
123,750 ADAC Laboratories+ 2,970,000
33,460 Molecular Devices
Corporation+ 2,315,014
------------
5,285,014
------------
OIL AND GAS EQUIPMENT AND SERVICES -- 2.7%
73,850 Core Laboratories NV+ 2,141,650
61,100 Hanover Compressor Company+ 2,321,800
36,900 National-Oilwell, Inc.+ 1,213,088
------------
5,676,538
------------
RETAIL -- 7.4%
192,250 Cutter & Buck, Inc.+ 1,525,984
53,075 Fossil, Inc.+ 1,031,645
254,250 Hollywood Entertainment
Corporation+ 2,002,219
43,200 Michaels Stores, Inc.+ 1,979,100
70,350 Pacific Sunwear of
California, Inc.+ 1,319,063
115,550 Rent-Way, Inc.+ 3,372,616
96,300 The Men's Wearhouse, Inc.+ 2,148,694
69,350 Ultimate Electronics, Inc.+ 1,858,363
------------
15,237,684
------------
STORAGE -- 1.3%
122,150 Mobile Mini, Inc.+ 2,694,934
------------
TECHNOLOGY -- 0.8%
47,850 Stratos Lightwave, Inc.+ 1,333,819
7,800 Symyx Technologies+ 332,353
------------
1,666,172
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
TELECOMMUNICATIONS -- 7.3%
66,200 ADTRAN, Inc.+ $ 3,963,725
53,350 Corsair Communications,
Inc.+ 1,533,813
88,700 Digital Microwave
Corporation+ 3,381,687
279,800 Glenayre Technologies, Inc.+ 2,955,387
81,200 LCC International, Inc.,
Class A+ 2,217,775
37,250 Vyyo, Inc.+ 1,005,750
------------
15,058,137
------------
TRANSPORTATION -- 1.8%
118,900 EGL, Inc.+ 3,656,175
------------
TOTAL COMMON STOCKS
(Cost $191,253,317) 206,267,780
------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C>
<C> <S> <C>
B}
REPURCHASE AGREEMENT-- 3.6%
(Cost $7,388,000)
</TABLE>
<TABLE>
<C> <S> <C>
$7,388,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$7,391,909 on
07/03/2000,
collateralized by
$7,435,000 U.S.
Treasury Note, 6.625%
maturing 04/30/2002
(value $7,537,231) 7,388,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $46,088,978) 22.4% 46,088,978
----- ------------
TOTAL INVESTMENTS
(Cost $244,730,295*) 126.0% 259,744,758
OTHER ASSETS AND
LIABILITIES (NET) (26.0) (53,580,881)
----- ------------
NET ASSETS 100.0% $206,163,877
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $245,464,882.
** As of June 30, 2000, the market value of the securities on loan is
$43,443,411. Collateral received for securities loaned includes $480,000 in
U.S. Government securities and the remaining $45,608,978 is invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
40
<PAGE> 336
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 92.6%
BRAZIL -- 10.1%
45,000 Companhia Cervejaria
Brahma, ADR $ 765,000
26,750 Companhia Vale do Rio
Doce, ADR 754,963
40,000 Embratel Participacoes
SA, ADR 945,000
89,300 Tele Centro Oeste Celular
Participacoes SA, ADR 1,071,600
12,750 Tele Centro Sul
Participacoes SA, ADR 931,547
44,534 Tele Norte Leste
Participacoes SA, ADR 1,052,123
33,130 Uniao De Bancos
Brasileiros SA, GDR
(Unibanco) 952,487
89,950 Usinas Siderurgicas de
Minas Gerais SA, ADR 415,956
------------
6,888,676
------------
CHILE -- 1.2%
44,000 Antofagasta Holdings Plc 236,346
7,700 Chilectra SA, ADR 121,496
23,500 Compania
Telecomunicaciones de
Chile SA, ADR 425,938
------------
783,780
------------
CHINA\HONG KONG -- 9.2%
5,000,000 China Eastern Airlines
Corporation Ltd.+ 634,982
264,000 China Insurance
International Holdings
Company Ltd.+ 54,185
243,000 China Telecom (Hong Kong)
Ltd.+ 2,143,063
190,000 Citic Pacific Ltd. 996,857
470,000 Culturecom Holdings Ltd.+ 68,129
540,000 New World CyberBase Ltd.+ 34,635
4,000,000 PetroChina Company Ltd.,
Class H+ 831,249
2,300,000 Phoenix Satellite
Television Holdings
Ltd.+ 318,646
5,000 SINA.com, ADR+ 128,125
700,000 tom.com Ltd.+ 448,977
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
CHINA\HONG KONG (CONTINUED)
3,000,000 Yizheng Chemical Fibre
Company Ltd. $ 596,498
119,115 Yuxing Infotech Holdings
Ltd.+ 65,322
------------
6,320,668
------------
HUNGARY -- 2.0%
29,000 Magyar Tavkozlesi Rt, ADR 998,687
14,000 MOL Magyar Olaj-es
Gazipari Rt, GDR 193,900
3,700 OTP Bank Rt, GDR 192,400
------------
1,384,987
------------
INDIA -- 7.9%
140,000 Gujarat Ambuja Cements
Ltd., GDR 602,000
14,645 ICICI Ltd., ADR 274,594
93,000 Mahanagar Telephone Nigam
Ltd., GDR 947,437
209,750 Mahindra & Mahindra Ltd.,
GDR 983,203
33,675 Pentamedia Graphics Ltd.,
GDR 467,241
67,200 State Bank of India, GDR 663,600
91,890 Videsh Sanchar Nigam
Ltd., GDR 1,435,781
------------
5,373,856
------------
ISRAEL -- 2.1%
99,000 Bank Hapoalim Ltd., GDR 1,430,550
------------
MEXICO -- 12.3%
100,000 ALFA SA de CV 228,519
36,000 Cemex SA de CV, ADR 841,500
12,000 Fomento Economico
Mexicano SA de CV, ADR 516,750
40,000 Grupo Carso SA de CV,
ADR+ 283,568
43,000 Grupo Iusacell SA de CV,
ADR+ 671,875
131,111 Grupo Mexico SA 368,858
406,000 Grupo Televisa SA+ 1,393,744
145,000 Organizacion Soriana SA
de CV 577,290
38,200 Telefono de Mexico SA,
ADR 2,182,175
</TABLE>
See Notes to Financial Statements.
41
<PAGE> 337
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEXICO (CONTINUED)
52,500 Tubos de Acero de Mexico
SA, ADR $ 728,438
50,000 TV Azteca SA de CV, ADR 659,375
------------
8,452,092
------------
PERU -- 0.0%#
82 Ferreyros SA, ADR 522
------------
POLAND -- 3.4%
16,500 Elektrim Spolka Akcyjna
SA 189,464
17,500 KGHM Polska Miedz SA, GDR 260,312
109,410 Polski Koncern Naftowy
Orlen SA, GDR+ 1,019,701
10,500 ProKom, GDR 265,650
60,000 Telekomunikacja Polska
SA, GDR 414,300
33,000 Wielkopolski Bank
Kredytowy SA 192,495
------------
2,341,922
------------
RUSSIA -- 3.0%
17,000 Lukoil Holdings, ADR 869,040
35,400 RAO Unified Energy
Systems, GDR 407,100
59,000 Surgutneftegaz, ADR 786,175
------------
2,062,315
------------
SENEGAL -- 0.7%
11,782 Sonatel Communications
Corporation 445,898
------------
SINGAPORE -- 0.3%
20,000 Venture Manufacturing
Ltd. 203,822
------------
SLOVAKIA -- 0.0%#
2,000 Slovnaft AS, GDR 23,500
------------
SOUTH AFRICA -- 4.3%
1 Imperial Holdings Ltd. 8
19,510 Primedia Ltd. 15,815
540,000 Primedia Ltd. 401,916
127,245 Sappi Ltd. 956,447
643,450 Softline Ltd.+ 591,766
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
SOUTH AFRICA (CONTINUED)
187,000 Standard Bank Investment
Corporation Ltd. $ 730,361
29,035 Tiger Brands Ltd. 260,181
------------
2,956,494
------------
SOUTH KOREA -- 15.0%
5,000 Dacom Corporation 724,199
26,400 Housing & Commercial
Bank, Korea 617,959
33,000 Korea Electric Power
Corporation 1,024,013
10,000 Korea Telecom
Corporation, ADR 880,697
27,000 LG Electronics 755,499
5,610 Pohang Iron & Steel
Company Ltd. 475,959
9,571 Samsung Electronics 3,167,372
6,500 SK Telecom Company Ltd. 2,127,755
58 SK Telecom Company Ltd.,
ADR 2,106
26,400 Trigem Computer, Inc.+ 529,172
------------
10,304,731
------------
TAIWAN -- 11.6%
84 Asustek Computer, Inc.,
GDR 773
89,598 Asustek Computer, Inc.,
GDR 822,062
37,195 Far Eastern Textile Ltd.,
GDR+ 466,797
5,700 GigaMedia Ltd.+ 69,113
28,000 Hon Hai Precision
Industry Company Ltd.,
GDR+ 700,000
43,629 Macronix International
Company Ltd., ADR 1,115,276
78,050 Powerchip Semiconductor
Corporation, GDR 1,574,659
24,300 Synnex Technology
International
Corporation, GDR 522,450
78,000 Systex Corporation, GDR+ 830,700
18,512 Taiwan Semiconductor
Manufacturing Company
Ltd., ADR 717,340
39,736 Winbond Electronics
Corporation, GDR 1,142,410
------------
7,961,580
------------
</TABLE>
See Notes to Financial Statements.
42
<PAGE> 338
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
THAILAND -- 4.4%
236,600 Grammy Entertainment
Public Company Ltd. $ 609,996
545,000 Siam Makro Public Company
Ltd. 646,905
803,200 TelecomAsia Corporation
Public Company Ltd.+ 891,875
216,400 Total Access
Communication Public
Company Ltd.+ 869,928
------------
3,018,704
------------
TURKEY -- 2.0%
17,673,300 Carsi Buyuk Magazacilik
AS 512,753
2,816,950 Vestel Elektronik Sanayi
ve Ticaret AS+ 851,330
------------
1,364,083
------------
UNITED KINGDOM -- 1.7%
159,000 South African Breweries
Plc 1,185,763
------------
UNITED STATES -- 1.4%
17,300 DSP Group, Inc.+ 968,800
------------
TOTAL COMMON STOCKS
(Cost $60,745,834) 63,472,743
------------
PREFERRED STOCKS -- 1.4%
BRAZIL -- 1.3%
95,000 Companhia Paranaense de
Energia-Copel, ADR 884,687
417 Telecomunicacoes do Rio
de Janeiro SA 12
------------
884,699
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
SOUTH KOREA -- 0.1%
1,571 Shinsegae Department
Store Company $ 55,512
------------
TOTAL PREFERRED STOCKS
(Cost $932,879) 940,211
------------
INVESTMENT COMPANY SECURITIES -- 0.8%
(Cost $700,000)
SOUTH KOREA -- 0.8%
70,000 Korea Investment
Corporation+ 517,300
------------
WARRANTS -- 0.0%#
INDONESIA -- 0.0%#
20,000,000 PT Lippo Bank Tbk,
expires, 04/12/2002+ 0
------------
MEXICO -- 0.0%#
2,250 Cemex SA de CV, ADR,
expires, 12/13/2002+ 5,977
------------
TOTAL WARRANTS
(Cost $3,938) $ 5,977
------------
</TABLE>
See Notes to Financial Statements.
43
<PAGE> 339
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
~PrincipalAMOUNT VALUE
------------------------------------------------------------
<C> <S> <C>
]}
REPURCHASE AGREEMENT -- 6.1%
(Cost $4,213,000)
$ 4,213,000 Agreement with State Street
Bank and Trust Company,
6.350% dated 06/30/2000, to
be repurchased at $4,215,229
on 07/03/2000, collateralized
by $3,775,000 U.S. Treasury
Bond, 7.500% maturing
11/15/2016 (value $4,298,781) $ 4,213,000
-------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $11,016,414) 16.1% 11,016,414
----- ------------
TOTAL INVESTMENTS
(Cost $77,612,065*) 117.0% 80,165,645
OTHER ASSETS AND LIABILITIES
(NET) (17.0) (11,646,184)
----- ------------
NET ASSETS 100.0% $ 68,519,461
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $77,952,022.
** As of June 30, 2000, the market value of the securities on loan is
$10,755,726. Collateral received for securities loaned consists of
$11,016,414 invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration
to qualified institutional buyers.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
44
<PAGE> 340
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
At June 30, 2000 sector diversification of the Munder Framlington Emerging
Markets Fund was as follows:
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
-------------------------
<S> <C> <C>
COMMON STOCKS:
Telecommunications........... 21.0% $ 14,405,520
Electronics.................. 14.3 9,811,312
Banking and Financial
Services................... 7.4 5,054,447
Cellular Telecommunication
Services................... 7.0 4,756,466
Oil and Gas.................. 5.4 3,723,565
Computer Hardware, Software
or Services................ 5.0 3,423,978
Broadcasting and
Advertising................ 3.4 2,371,764
Building and Building
Materials.................. 3.2 2,171,937
Diversified.................. 2.9 2,005,480
Retail....................... 2.5 1,736,948
Utilities.................... 2.3 1,552,609
Private Placements........... 2.3 1,574,659
Metals and Mining............ 2.0 1,384,655
Computers and Business
Equipment.................. 2.0 1,352,007
Food and Beverages........... 1.9 1,281,750
Food and Beverage............ 1.7 1,185,763
Paper and Forest Products.... 1.4 956,447
Automobiles.................. 1.4 983,203
Steel........................ 1.3 891,915
</TABLE>
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
-------------------------
<S> <C> <C>
Leisure Time................. 0.9% $ 609,996
Chemicals.................... 0.9 596,498
Air Travel................... 0.9 634,982
Apparel and Textiles......... 0.7 466,797
Multimedia................... 0.6 417,731
Printing and Publishing...... 0.1 68,129
Insurance.................... 0.1 54,185
----- ------------
TOTAL COMMON STOCKS.......... 92.6 63,472,743
PREFERRED STOCKS............. 1.4 940,211
INVESTMENT COMPANY
SECURITY................... 0.8 517,300
WARRANTS..................... 0.0# 5,977
REPURCHASE AGREEMENTS........ 6.1 4,213,000
OTHER INVESTMENTS............ 16.1 11,016,414
----- ------------
TOTAL INVESTMENTS............ 117.0 80,165,645
----- ------------
OTHER ASSETS AND LIABILITIES
(NET)...................... (17.0) (11,646,184)
----- ------------
NET ASSETS................... 100.0% $ 68,519,461
===== ============
</TABLE>
------------
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
45
<PAGE> 341
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- DOMESTIC -- 77.7%
BIOTECHNOLOGY -- 26.4%
21,000 Abegenix, Inc.+ $ 2,517,047
15,000 Affymetrix, Inc.+ 2,476,875
40,000 Alexion Pharmaceuticals,
Inc.+ 2,860,000
54,170 Corixa Corporation+ 2,325,924
60,000 Cubist Pharmaceuticals,
Inc.+ 2,955,000
60,000 CuraGen Corporation+ 2,283,750
120,000 Diacrin, Inc.+ 945,000
47,875 Exelixis, Inc.+ 1,597,828
60,000 Gene Logic+ 2,141,250
12,500 Genentech, Inc.+ 2,150,000
70,000 Genzyme Transgenics
Corporation+ 1,898,750
20,000 Gilead Sciences, Inc.+ 1,422,500
18,000 Human Genome Sciences,
Inc.+ 2,400,750
50,000 ICOS Corporation+ 2,200,000
108,500 Intermune
Pharmaceuticals, Inc.+ 4,482,406
200,000 Interpore International,
Inc.+ 1,937,500
32,700 Invitrogen Corporation+ 2,459,142
99,995 Lexicon Genetics, Inc.+ 3,437,328
15,300 Maxim Pharmaceuticals,
Inc.+ 786,038
20,000 Medarex, Inc.+ 1,690,000
26,000 Millennium
Pharmaceuticals, Inc.+ 2,908,750
50,125 Neose Technologies,
Inc.+ 2,108,383
80,000 Neurocrine Biosciences,
Inc.+ 2,845,000
87,500 NPS Pharmaceuticals,
Inc.+ 2,340,625
11,700 Onyx Pharmaceuticals,
Inc.+ 144,788
100,000 OSI Pharmaceuticals,
Inc.+ 2,881,250
43,000 Pharmacopeia, Inc.+ 1,994,125
45,000 Pharmacyclics, Inc.+ 2,745,000
81,175 PRAECIS Pharmaceuticals,
Inc.+ 2,262,753
72,775 Ribozyme
Pharmaceuticals, Inc.+ 1,878,505
60,000 TranskaryoticTherapies,
Inc.+ 2,205,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
BIOTECHNOLOGY (CONTINUED)
40,000 Trimeris, Inc.+ $ 2,797,500
38,000 Vical, Inc.+ 731,500
------------
72,810,267
------------
CONTRACT SALES AND RESEARCH ORGANIZATIONS -- 3.2%
75,000 Accredo Health, Inc.+ 2,592,187
46,000 Aurora Bioscience
Corporation+ 3,136,625
80,000 Pharmaceutical Product
Development, Inc.+ 1,680,000
100,000 Quintiles TransNational
Corporation+ 1,412,500
19,100 US Oncology, Inc.+ 95,500
------------
8,916,812
------------
DISTRIBUTION AND MARKETING SERVICES -- 4.7%
100,000 Advance Paradigm, Inc.+ 2,050,000
205,075 Genomic Solutions, Inc.+ 2,999,222
200,000 Omnicare, Inc. 1,812,500
25,000 Priority Healthcare
Corporation+ 1,857,813
47,525 Professional Detailing,
Inc.+ 1,618,820
20,000 Waters Corporation+ 2,496,250
------------
12,834,605
------------
DRUGS -- 18.4%
18,600 AVANT
Immunotherapeutics,
Inc.+ 196,463
63,000 Celgene Corporation+ 3,709,125
6,925 Cellegy Pharmaceuticals,
Inc.+ 55,152
40,000 Cephalon, Inc.+ 2,395,000
20,000 ChiRex, Inc.+ 400,000
45,000 Collagenex
Pharmaceuticals, Inc.+ 421,875
170,000 Connetics Corporation+ 2,496,875
175 Crescendo
Pharmaceuticals
Corporation + 3,522
30,000 CV Therapeutics, Inc.+ 2,079,375
55,000 CVS Corporation 2,200,000
90,600 Dendreon Corporation+ 1,500,563
15,000 Forest Laboratories,
Inc.+ 1,515,000
110,000 GelTex Pharmaceuticals,
Inc.+ 2,248,125
60,000 ILEX Oncology, Inc.+ 2,115,000
</TABLE>
See Notes to Financial Statements.
46
<PAGE> 342
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
DRUGS (CONTINUED)
61,000 Jones Medical
Industries, Inc. $ 2,436,187
67,500 King Pharmaceuticals,
Inc.+ 2,961,562
40,000 Medicis Pharmaceutical
Corporation+ 2,280,000
33,000 Medimmune, Inc.+ 2,442,000
175,000 Mid Atlantic Med
Services, Inc.+ 2,362,500
100,000 Neurogen Corporation+ 2,601,350
60,000 OXiGENE, Inc.+ 600,000
50,000 Pfizer, Inc. 2,400,000
47,599 Pharmacia Corporation 2,460,273
24,000 Sepracor, Inc.+ 2,895,000
60,000 Sybron International
Corporation+ 1,188,750
25,000 United Therapeutics
Corporation+ 2,709,375
30,000 Wellpoint Health
Networks, Inc.+ 2,173,125
------------
50,846,197
------------
DRUG DELIVERY -- 2.8%
40,000 ALZA Corporation+ 2,365,000
55,000 Anesta Corporation+ 1,368,125
20,000 Inhale Therapeutic
Systems+ 2,029,375
74,800 Valentis, Inc.+ 878,900
120,000 Valentis, Inc.+ 1,015,200
------------
7,656,600
------------
HOSPITAL/MEDICAL SERVICES -- 0.7%
40,000 American Healthcorp,
Inc.+ 205,000
33,000 Amsurg Corporation,
Class A+ 177,375
15,000 Amsurg Corporation,
Class B+ 81,562
23,000 Express Scripts, Inc.,
Class A+ 1,428,875
------------
1,892,812
------------
MANAGED HEALTH CARE -- 3.8%
10,000 Hanger Orthopedic Group+ 49,375
71,500 HCA -- The Healthcare
Company 2,171,812
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
MANAGED HEALTH CARE (CONTINUED)
300,000 HEALTHSOUTH Corporation+ $ 2,156,250
45,000 IMPATH, Inc.+ 2,441,250
100,000 ProMedCo Management
Company+ 109,375
90,000 Renal Care Group, Inc.+ 2,200,781
228,650 Res-Care, Inc.+ 1,228,994
------------
10,357,837
------------
MEDICAL DEVICES -- 11.1%
30,000 ATS Medical, Inc.+ 438,750
50,000 Biomet, Inc. 1,921,875
75,000 Cyberonics, Inc.+ 900,000
10,000 Cytyc Corporation+ 482,750
72,200 Endocardial Solutions,
Inc.+ 613,700
143,500 Endocardial Solutions,
Inc.+ 1,219,750
225,000 EndoSonics Corporation+ 1,265,625
100,000 EPIX Medical, Inc.+ 1,487,500
100,000 Gliatech, Inc.+ 2,025,000
50,000 Guidant Corporation+ 2,475,000
195,000 Kensey Nash Corporation+ 2,169,375
30,000 LJL Biosystems, Inc.+ 581,250
200,000 Micro Therapeutics,
Inc.+ 873,880
22,000 MiniMed, Inc.+ 2,596,000
40,000 Molecular Devices
Corporation+ 2,767,500
18,575 ORATEC Interventions,
Inc.+ 619,941
30,000 PE Corp-PE Biosystems
Group 1,976,250
100,000 ResMed, Inc.+ 2,675,000
38,150 Sonic Innovations, Inc.+ 708,159
100,000 VISX, Inc.+ 2,806,250
------------
30,603,555
------------
MEDICAL INFORMATION SYSTEMS -- 2.0%
70,000 Allscripts, Inc.+ 1,610,000
70,000 Cerner Corporation+ 1,907,500
20,000 Data Critical
Corporation+ 260,000
50,000 eBenX, Inc.+ 1,059,375
60,000 First Consulting Group,
Inc.+ 333,750
50,000 MedicaLogic, Inc.+ 462,500
------------
5,633,125
------------
</TABLE>
See Notes to Financial Statements.
47
<PAGE> 343
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEDICAL SERVICES -- 4.6%
40,000 Cardinal Health, Inc. $ 2,960,000
350,000 Caremark Rx, Inc.+ 2,384,375
263,025 HealthStream, Inc.+ 1,446,638
80,000 MGI Pharma, Inc.+ 2,301,250
71,925 SonoSite, Inc.+ 2,072,339
30,000 Zoll Medical
Corporation+ 1,470,000
------------
12,634,602
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $170,503,745) 214,186,412
------------
COMMON STOCKS -- FOREIGN -- 15.0%
BIOTECHNOLOGY -- 5.7%
25,000 Cambridge Antibody
Technology Group Plc+ 1,119,694
90,000 Celltech Group Plc+ 1,743,091
20,000 Cerep+ 1,374,769
36,980 GPC Biotech AG+ 1,888,808
90,400 KS Biomedix Holdings+ 770,095
30,000 Maxim Pharmaceutical+ 1,564,626
20,000 NeuroSearch A/S+ 1,560,961
8,000 Nicox SA+ 446,800
200,000 Oxford Asymmetry
International Plc+ 1,504,021
650,000 Oxford BioMedica Plc+ 688,460
108,000 Peptide Therapeutics
Group+ 148,707
60,000 Pharming Group NV+ 776,171
2,000 Serono SA, Class B 1,667,382
37,500 Shield Diagnostics Group
Plc+ 405,700
------------
15,659,285
------------
CONTRACT SALES AND RESEARCH ORGANIZATIONS -- 1.0%
12,253 Evotec Biosystems AG+ 1,099,607
135,413 Medisys Plc+ 256,117
52,470 Medivir AB 1,400,984
------------
2,756,708
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
DRUGS -- 5.3%
6,000 Actelion Ltd.+ $ 1,956,722
64,000 AMRAD Corporation Ltd.+ 28,706
220,000 Bioglan Pharma Plc 1,870,796
110,000 Galen Holdings Plc 1,056,900
50,000 Karo Bio AB+ 1,859,410
293,000 Neurochem, Inc.+ 1,643,176
20,000 QLT PhotoTherapeutics,
Inc.+ 1,546,250
8,510 Rhein Biotech NV+ 1,121,181
53,000 Teva Pharmaceutical, ADR 2,938,188
30,000 Warner Chilcott
Laboratories, ADR+ 667,500
------------
14,688,829
------------
DRUG DELIVERY -- 0.9%
170,000 SR Pharma Plc+ 815,409
500,000 Weston Medical Group
Plc+ 1,588,755
------------
2,404,164
------------
MEDICAL DEVICES -- 1.7%
50,000 Chemunex SA + 77,331
196,870 Gyrus Group Plc+ 1,102,171
25,200 Jomed NV+ 996,383
15,000 QIAGEN NV, ADR+ 2,610,000
------------
4,785,885
------------
MEDICAL INFORMATION SYSTEMS -- 0.4%
85,820 PyroSequencing AB+ 992,476
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $34,245,629) 41,287,347
------------
WARRANTS -- 0.0%#
(Cost $0)
DRUGS -- 0.0%#
2,400 AVANT
Immunotherapeutics,
Inc., expires
08/24/03+ 13,800
------------
</TABLE>
See Notes to Financial Statements.
48
<PAGE> 344
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 3.8%
(Cost $10,576,000)
$10,576,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$10,581,596 on
07/03/2000,
collateralized by
$10,340,000 U.S.
Treasury Note, 7.8750%
maturing 08/15/2001
(value $10,792,375) $ 10,576,000
------------
</TABLE>
OTHER INVESTMENTS**
(Cost $61,861,438) 22.4% 61,861,438
----- ------------
<TABLE>
<CAPTION>
VALUE
---------------------------------------------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $277,186,812*) 118.9% $327,924,997
OTHER ASSETS AND
LIABILITIES (NET) (18.9) (52,092,504)
----- ------------
NET ASSETS 100.0% $275,832,493
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $277,186,812.
+ Non-income producing security.
** As of June 30, 2000, the market value of the securities on loan is
$60,094,859. Collateral received for securities loaned of $61,861,438 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
49
<PAGE> 345
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 95.8%
AUSTRALIA -- 1.6%
33,000 News Corporation Ltd. $ 453,920
22,000 Rio Tinto Ltd. 363,386
60,000 Telstra Corporation Ltd. 243,287
50,000 WMC Ltd. 223,461
-----------
1,284,054
-----------
BELGIUM -- 1.1%
21,000 Lernout & Hauspie Speech
Products NV+ 925,313
-----------
CHINA\HONG KONG -- 2.2%
50,000 China Telecom (Hong Kong)
Ltd.+ 440,959
60,000 Citic Pacific Ltd. 314,797
37,300 Hutchison Whampoa Ltd. 468,912
1,000,000 PetroChina Company Ltd.,
Class H+ 207,812
730,000 Phoenix Satellite Television
Holdings Ltd.+ 101,135
1,200 SINA.com, ADR+ 30,750
1,000,000 Yizheng Chemical Fibre
Company Ltd. 198,833
36,385 Yuxing Infotech Holdings
Ltd.+ 19,953
-----------
1,783,151
-----------
FINLAND -- 3.9%
42,400 Nokia AB Oyj 2,163,618
24,700 Sampo Insurance Oyj, A Shares 1,002,197
-----------
3,165,815
-----------
FRANCE -- 12.8%
16,000 Aventis SA 1,147,168
6,825 AXA 1,075,112
11,250 Banque Nationale de Paris 1,082,630
4,600 Castorama Dubois SA 1,137,430
17,300 Pechiney SA 721,763
1,700 Publicis SA 667,049
13,000 Sidel SA 1,054,324
13,500 STMicroelectronics NV 850,638
11,500 Total Fina SA, Class B 1,763,236
9,750 Vivendi 860,555
-----------
10,359,905
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
GERMANY -- 1.8%
14,600 Bayerische Hypo-Und
Vereinsbank AG $ 943,088
5,500 MobilCom AG 549,764
-----------
1,492,852
-----------
ITALY -- 2.8%
175,000 ENI SpA 1,010,789
90,000 Telecom Italia SpA 1,237,292
-----------
2,248,081
-----------
JAPAN -- 26.0%
5,700 Aiful Corporation 525,385
80,000 Asahi Bank, Ltd. 336,271
13,000 Computer Engineering &
Consulting Ltd. 214,410
18,800 Credit Saison Company Ltd. 435,870
30 DDI Corporation 288,394
8,000 Family Mart Company Ltd. 307,620
7,000 Fanuc Ltd. 711,842
27,000 FCC Company Ltd. 269,733
13,000 Fuji Machine MFG Company Ltd. 682,437
27,000 Fujisawa Pharmaceutical
Company Ltd. 1,091,655
17,000 Honda Motor Company Ltd. 578,389
2,900 Keyence Corporation 956,600
20,000 Kokuyo Company 327,789
120,000 Marubeni Corporation 412,799
35,000 Marui Company Ltd. 669,620
23,700 Meitec Corporation 938,127
117,000 Mitsubishi Chemical
Corporation 479,666
176,000 Mitsubishi Heavy Industries 779,605
11,900 Nichiei Company Ltd. 195,146
40,000 Nikko Securities Company Ltd. 395,834
200,000 Nippon Steel Corporation 420,338
27,000 Nomura Securities Company
Ltd. 660,336
61,000 NSK Ltd. 534,659
20 NTT Mobile Communications
Network, Inc. 540,974
40,000 Onward Kashiyama Company Ltd. 542,859
4,400 Orix Corporation 648,980
43,000 Ricoh Company Ltd. 909,806
3,500 Rohm Company 1,022,572
6,000 Shin-Etsu Chemical Company
Ltd. 304,227
1,500 Softbank Corporation 203,572
</TABLE>
See Notes to Financial Statements.
50
<PAGE> 346
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
7,000 Sony Corporation $ 653,127
28,000 Sumitomo Bank Ltd. 343,056
32,000 Sumitomo Electric Industries 548,287
41,000 Sumitomo Trust & Banking 291,739
20,000 The Bank of Tokyo-Mitsubishi
Ltd. 241,459
5,000 Tokyo Electron Ltd. 684,228
5,000 Tokyo Seimitsu Company, Ltd. 669,149
35,000 Toshiba Corporation 394,845
43,000 Ube-Nitto Kasei Company Ltd. 135,762
12,900 World Company Ltd. 559,257
47,000 Yamato Kogyo Company Ltd. 217,049
-----------
21,123,473
-----------
NETHERLANDS -- 4.5%
40,370 ABN AMRO Holdings NV 988,969
20,100 ASM Lithography Holding NV 863,910
10,200 Equant NV+ 414,447
15,000 ING Groep NV 1,013,892
14,100 United Pan-Europe
Communications NV+ 368,704
-----------
3,649,922
-----------
NEW ZEALAND -- 0.3%
57,000 Telecom Corporation of New
Zealand Ltd. 199,203
-----------
PORTUGAL -- 1.1%
176,500 Banco Comercial Portugues SA
(BCP) 918,350
-----------
SINGAPORE -- 0.5%
26,600 Datacraft Asia Ltd. 234,080
13,000 Singapore Airlines Ltd. 128,720
2,300 St Assembly Test Services
Ltd., Class A, ADR+ 59,225
-----------
422,025
-----------
SLOVAKIA -- 0.0%#
2,000 Slovnaft AS, GDR 23,500
-----------
SOUTH KOREA -- 1.3%
8,000 Korea Electric Power
Corporation 248,246
2,000 Pohang Iron & Steel Company
Ltd. 169,682
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
SOUTH KOREA (CONTINUED)
1,246 Samsung Electronics $ 412,344
700 SK Telecom Company Ltd. 229,143
-----------
1,059,415
-----------
SPAIN -- 5.2%
1 Banco Bilbao Vizcaya
Argentaria SA 15
80,000 Banco Santander Central
Hispano SA 843,955
46,000 Cortefiel SA 997,777
14,300 Sogecable SA+ 508,135
82,500 Sol Melia SA 921,525
44,568 Telefonica SA+ 957,354
-----------
4,228,761
-----------
SWEDEN -- 5.2%
100,000 Ericsson (L.M.) AB, Class B 1,978,458
165,000 Nordbanken Holding AB 1,244,048
37,500 Skandia Forsakrings AB 990,646
-----------
4,213,152
-----------
SWITZERLAND -- 6.8%
1,451 Adecco SA 1,232,812
750 Novartis AG 1,188,009
125 Roche Holdings AG 1,216,821
6,800 UBS AG -- Registered 996,261
1,750 Zurich Allied AG 864,648
-----------
5,498,551
-----------
THAILAND -- 0.6%
121,000 Total Access Communication
Public Company Ltd.+ 486,420
-----------
UNITED KINGDOM -- 18.1%
100,000 Aggreko Plc 605,996
40,000 Barclays Plc 994,409
147,277 BBA Group Plc 964,916
89,000 BP Amoco Plc 853,782
86,400 CGU Plc 1,438,050
250,000 Cookson Group Plc 834,096
150,000 Hays Plc 836,366
53,000 Ocean Group Plc 874,118
37,000 Pearson Plc 1,175,678
35,000 SEMA Group Plc 497,810
240,000 Spirent Plc 1,614,175
50,000 Standard Chartered Plc 622,640
</TABLE>
See Notes to Financial Statements.
51
<PAGE> 347
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
600,000 Vodafone Group Plc $ 2,423,986
110,000 Whitbread Plc 990,324
-----------
14,726,346
-----------
TOTAL COMMON STOCKS
(Cost $59,455,285) 77,808,289
-----------
PREFERRED STOCKS -- 2.6%
GERMANY -- 2.6%
17,000 Fresenius Medical Care AG 710,870
300 Porsche AG 816,269
3,075 SAP AG 566,591
-----------
2,093,730
-----------
TOTAL PREFERRED STOCKS
(Cost $1,854,303) 2,093,730
-----------
INVESTMENT COMPANY SECURITIES -- 0.6%
(Cost $700,000)
SOUTH KOREA -- 0.6%
70,000 Korea Investment Corporation+ 517,300
-----------
</TABLE>
<TABLE>
<CAPTION>
VALUE
-----------------------------------------------------
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $1,039,500) 1.3% $ 1,039,500
-----------
TOTAL INVESTMENTS
(Cost $63,049,088*) 100.3% 81,458,819
OTHER ASSETS AND
LIABILITIES (NET) (0.3) (233,398)
----- -----------
NET ASSETS 100.0% $81,225,421
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $64,013,314.
** As of June 30, 2000 the market value of the securities on loan is $1,012,219.
Collateral received for securities loaned of $1,039,500 is invested in State
Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
52
<PAGE> 348
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
At June 30, 2000 sector diversification of the Munder Framlington International
Growth Fund was as follows:
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
------------------------
<S> <C> <C>
COMMON STOCKS:
Banking and Financial
Services.................. 16.7% $13,527,188
Telecommunications.......... 14.1 11,431,266
Electronics................. 11.5 9,375,103
Insurance................... 6.6 5,370,653
Drugs and Health Care....... 5.7 4,643,653
Oil and Gas................. 4.8 3,859,119
Machinery................... 4.3 3,481,282
Retail...................... 3.8 3,112,446
Diversified Industrial...... 2.7 2,163,563
Electric and Electrial
Equipment................. 2.6 2,146,327
Business Services........... 2.4 1,940,172
Holding Companies --
Diversified............... 1.8 1,490,475
Metal Processing............ 1.6 1,256,422
Communication Services...... 1.6 1,324,818
Private Placements.......... 1.5 1,232,812
Chemicals................... 1.4 1,118,488
Apparel and Textiles........ 1.4 1,102,116
Broadcasting................ 1.3 1,063,191
Restaurants................. 1.2 990,324
Computers................... 1.2 929,760
</TABLE>
<TABLE>
<CAPTION>
% OF
NET ASSETS VALUE
------------------------
<S> <C> <C>
Air Travel.................. 1.2% $ 1,002,838
Hotels...................... 1.1 921,524
Automotive.................. 1.0 848,122
Building and Building
Materials................. 0.8 607,945
Advertising................. 0.8 667,049
Steel....................... 0.7 590,021
Metals and Mining........... 0.7 586,847
Forest Paper and Products... 0.4 327,788
Software.................... 0.3 214,410
Internet Content............ 0.3 234,322
Electric Utilities.......... 0.3 248,245
----- -----------
TOTAL COMMON STOCKS......... 95.8 77,808,289
PREFERRED STOCKS............ 2.6 2,093,730
INVESTMENT COMPANY
SECURITIES................ 0.6 517,300
OTHER INVESTMENTS........... 1.3 1,039,500
----- -----------
TOTAL INVESTMENTS........... 100.3 81,458,819
OTHER ASSETS AND LIABILITIES
(NET)..................... (0.3) (233,398)
----- -----------
NET ASSETS.................. 100.0% $81,225,421
===== ===========
</TABLE>
See Notes to Financial Statements.
53
<PAGE> 349
Munder Bond Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES -- 11.4%
$5,345,000 Ford Credit Auto Owner
Trust, Series 1999 D
Class A5,
6.520% due 09/15/2003 $ 5,294,276
5,000,000 Sovereign Bank, Series
2000-1 Class A2 144A,
12.180% due 06/30/2020 5,067,400
5,940,000 Standard Credit Card
Master Trust, Class A,
Series 1994-2,
7.250% due 04/07/2008 5,903,469
2,200,000 WFS Financial Owner Trust,
Series 2000 B Class A3,
7.750% due 11/20/2004 2,210,340
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $18,593,708) 18,475,485
------------
CORPORATE BONDS AND NOTES -- 42.4%
DRUGS -- 4.1%
6,400,000 Eli Lilly and Company,
8.375% due 02/07/2005 6,628,160
------------
FINANCE -- 13.7%
3,830,000 Block Financial
Corporation,
6.750% due 11/01/2004 3,669,891
4,750,000 Countrywide Capital III,
Subordinated Capital
Income, Secs Series B,
8.050% due 06/15/2027++ 4,085,641
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 4,895,237
4,800,000 Household Finance
Corporation,
8.000% due 05/09/2005 4,837,997
4,520,000 Pitney Bowes Credit
Corporation,
8.625% due 02/15/2008 4,692,686
------------
22,181,452
------------
FOOD AND BEVERAGE -- 2.0%
3,115,000 Coca-Cola Enterprises,
8.500% due 02/01/2022 3,295,119
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
INDUSTRIAL -- 14.8%
$4,250,000 American Greetings
Corporation,
6.100% due 08/01/2028 $ 3,800,252
3,895,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,309,502
6,725,000 Harris Corporation
Delaware,
6.350% due 02/01/2028 6,027,100
5,000,000 IBM Corporation,
7.500% due 06/15/2013 5,093,555
4,750,000 Racers-Kellogg, Series
1998 144A,
5.750% due 02/02/2001++ 4,704,737
------------
23,935,146
------------
TELECOMMUNICATIONS -- 2.9%
5,000,000 AT&T Corp. -- Liberty
Media Group,
8.250% due 02/01/2030 4,591,315
------------
UTILITY -- ELECTRIC -- 4.9%
4,100,000 National Rural Utilities
Cooperative Finance,
Note,
6.125% due 05/15/2005 3,891,417
4,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 4,079,722
------------
7,971,139
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $74,597,921) 68,602,331
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 26.9%
COLLATERALIZED MORTGAGE OBLIGATIONS (CMO) -- 9.8%
Federal Home Loan Mortgage
Corporation:
5,000,000 Series 1541, Class F,
6.250% due 05/15/2019 4,952,100
1,925,000 Series 1702-A, Class PD,
6.500% due 04/15/2022 1,868,752
Federal National Mortgage
Association:
7,000,000 Remic Trust 1994 30 Class
H,
6.250% due 11/25/2022 6,722,660
2,280,085 Remic Trust 1997 G1 Class
K,
6.750% due 02/18/2004 2,256,600
------------
15,800,112
------------
</TABLE>
See Notes to Financial Statements.
54
<PAGE> 350
Munder Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS
(CONTINUED)
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 0.4%
FHLMC:
$ 749,794 Pool #E62394, Gold,
7.500% due 09/01/2010 $ 748,937
25,410 Pool #200021,
10.500% due 11/01/2000 25,593
------------
774,530
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 7.3%
FNMA:
4,734,523 Pool #455598,
5.500% due 12/01/2028 4,193,627
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,383,500
1,355,663 Pool #303105,
11.000% due 11/01/2020 1,472,652
1,577,903 Pool #100081,
11.500% due 08/20/2016 1,745,555
------------
11,795,334
------------
GOVERNMENT AGENCY DEBENTURES -- 5.5%
5,055,000 Federal National Mortgage
Association, Benchmark
Note,
5.250% due 01/15/2009 4,435,995
4,600,000 Tennessee Valley
Authority,
6.375% due 06/15/2005 4,471,490
------------
8,907,485
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 3.9%
GNMA:
1,355,398 Pool #780584,
7.000% due 06/15/2027 1,326,962
4,896,697 Pool #520556,
8.000% due 02/15/2030 4,948,616
------------
6,275,578
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $45,070,435) 43,553,039
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 17.5%
U.S. TREASURY BONDS -- 8.7%
$6,248,280 3.875% due 04/15/2029,
TIPS $ 6,230,710
4,000,000 5.250% due 02/15/2029 3,548,752
3,600,000 8.000% due 11/15/2021 4,344,750
------------
14,124,212
------------
U.S. TREASURY NOTES -- 8.8%
6,350,000 6.500% due 02/15/2010 6,556,198
7,360,000 7.000% due 07/15/2006 7,624,504
------------
14,180,702
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $27,793,768) 28,304,914
------------
REPURCHASE AGREEMENT -- 0.5%
(Cost $779,000)
779,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at $779,412
on 07/03/2000,
collateralized by
$650,000 U.S. Treasury
Bond, 8.125% maturing
05/15/2021 (value
$799,500) 779,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $14,046,850) 8.7% 14,046,850
----- ------------
TOTAL INVESTMENTS
(Cost $180,881,682*) 107.4% 173,761,619
OTHER ASSETS AND
LIABILITIES (NET) (7.4) (11,981,119)
----- ------------
NET ASSETS 100% $161,780,500
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $181,131,445.
** As of June 30, 2000, the market value of the securities on loan is
$13,889,710. Collateral received for securities loaned of $14,046,850 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATIONS:
MTN -- Medium Term Note
TIPS -- Treasury Inflation-Protection Security
See Notes to Financial Statements.
55
<PAGE> 351
Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES -- 11.1%
$ 5,000,000 American Express Credit
Account Master, Series
96 Class A,
6.800% due 12/15/2003 $ 4,981,250
12,000,000 Carco Auto Loan Master
Trust, Series 1999
Class A1,
5.650% due 03/15/2003 11,880,480
5,000,000 Chase Manhattan Credit
Card Master, Series
1996-3 Class A,
7.040% due 02/15/2005 4,991,400
10,000,000 Chemical Master Credit
Card, Trust 1,
6.230% due 06/15/2003 9,980,400
5,405,000 Contimortgage Home Equity
Loan, 1997 2 Pass thru
Certificate Class A9,
7.090% due 04/15/2028 5,312,358
5,000,000 First Security Auto Owner
Trust, Series 2000-1
Class A3,
7.300% due 07/15/2004 5,005,000
3,700,000 Keycorp, Series 2000-Cl
Class A1,
7.617% due 06/15/2009 3,713,690
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $46,632,556) 45,864,578
------------
CORPORATE BONDS AND NOTES -- 47.3%
BANKING AND FINANCIAL SERVICES -- 21.3%
10,000,000 America Express Bank,
Ltd.,
6.430% due 02/10/2004+ 9,881,500
10,000,000 American General Finance
Corporation,
6.850% due 07/12/2004 9,762,659
2,570,000 Associates Corporation of
North America, MTN,
8.250% due 10/15/2004 2,626,052
10,000,000 Countrywide Home Loans,
Inc., MTN,
6.850% due 06/15/2004 9,748,520
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
BANKING AND FINANCIAL SERVICES (CONTINUED)
Ford Motor Credit
Corporation:
$ 1,000,000 6.700% due 07/16/2004 $ 965,325
2,400,000 6.500% due 02/15/2006 2,259,084
4,900,000 General Motors Acceptance
Corporation,
7.625% due 06/15/2004 4,902,386
5,275,000 Household Finance
Corporation,
8.000% due 05/09/2005 5,316,757
11,000,000 IBM Credit Corporation,
MTN,
6.350% due 08/30/2001 10,887,162
5,000,000 John Hancock Global
Funding II, MTN 144A,
7.900% due 07/02/2010++ 5,044,450
10,000,000 SunAmerica Institutional,
MTN,
5.750% due 02/16/2009 8,757,500
3,360,000 Swiss Bank Corporation,
7.250% due 09/01/2006 3,305,676
483,531 Textron Financial
Corporation
Receivables,
6.050% due 03/16/2009 481,785
10,000,000 Transamerica Finance
Corporation, MTN,
6.370% due 05/14/2004 9,506,650
4,000,000 U.S. Leasing
International, MTN,
9.880% due 03/06/2001 4,062,416
------------
87,507,922
------------
FINANCE -- FOREIGN -- 2.4%
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 9,670,000
------------
INDUSTRIAL -- 18.8%
2,500,000 American Greetings
Corporation,
6.100% due 08/01/2028 2,235,442
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,622,619
6,000,000 Avon Products, Inc.,
7.150% due 11/15/2009 5,745,954
</TABLE>
See Notes to Financial Statements.
56
<PAGE> 352
Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
INDUSTRIAL (CONTINUED)
$ 3,224,160 Chevron Corporation,
Trust Fund,
8.110% due 12/01/2004 $ 3,293,479
10,000,000 DaimlerChrysler NA
Holding Corporation,
MTN,
6.840% due 10/15/2002 9,868,810
10,000,000 National Fuel Gas
Company, MTN,
7.300% due 02/18/2003 9,955,900
4,000,000 Pitney Bowes, Inc.,
5.950% due 02/01/2005 3,831,252
10,000,000 Racers-Kellogg, Series
1998-1 144A,
5.750% due 02/02/2001++ 9,904,710
5,505,000 Ryder System, Inc., MTN,
6.910% due 06/18/2002 5,320,511
9,425,000 Textron, Inc.,
6.750% due 09/15/2002 9,359,562
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 3,954,155
10,140,000 Tyco International Group
SA,
5.875% due 11/01/2004 9,477,128
------------
77,569,522
------------
TELECOMMUNICATIONS -- FOREIGN -- 3.5%
4,500,000 AT&T Canada, Inc., 144A,
7.625% due 03/15/2005++ 4,481,330
10,000,000 Deutsche Telekom
International,
8.000% due 06/15/2010 10,046,920
------------
14,528,250
------------
UTILITY -- ELECTRIC -- 1.3%
5,925,000 National Rural Utilities,
MTN,
5.540% due 12/15/2005 5,412,173
------------
TOTAL CORPORATE BONDS
AND NOTES
(Cost $200,350,251) 194,687,867
------------
<CAPTION>
SHARES VALUE
-----------------------------------------------------
<C> <S> <C>
PREFERRED STOCKS -- 1.9%
(Cost $7,991,676)
CORPORATE -- 1.9%
308,000 AT&T Corporation $ 7,911,750
------------
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 31.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 3.6%
FHLMC:
$ 1,836,996 8.000% due 03/01/2028 1,847,908
2,624,739 Pool #A00813,
9.000% due 10/01/2020 2,696,365
543,091 Pool #E61740,
9.000% due 04/01/2010 562,551
2,276,756 Pool #F70013, Gold,
7.000% due 12/01/2011 2,245,896
7,850,000 Series 1650 Class 1650 J,
6.500% due 06/15/2023 7,461,268
------------
14,813,988
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 10.0%
FNMA:
9,085,795 6.000% due 02/01/2013 8,605,883
9,956,465 6.000% due 06/01/2013 9,430,564
11,406,605 6.000% due 05/01/2018 10,643,731
5,379,912 5.819% due 12/01/2028 5,154,629
1,716,266 Pool #070225,
7.500% due 08/01/2018 1,706,422
5,741,453 Pool #250550,
6.500% due 05/01/2026 5,491,009
------------
41,032,238
------------
GOVERNMENT AGENCY DEBENTURES -- 14.9%
17,000,000 AID-Israel,
0.010% due 02/15/2004 13,445,111
8,500,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,121,682
10,250,000 FHLMC,
6.000% due 07/20/2001 10,152,707
10,500,000 FNMA, Benchmark Note,
5.250% due 01/15/2009 9,214,233
</TABLE>
See Notes to Financial Statements.
57
<PAGE> 353
Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS (CONTINUED)
GOVERNMENT AGENCY DEBENTURES (CONTINUED)
$10,950,000 SallieMae Student Loan
Trust, Class A2,
6.414% due 01/25/2010+ $ 10,726,839
10,000,000 Tennessee Valley
Authority,
6.375% due 06/15/2005 9,720,630
------------
61,381,202
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 2.3%
GNMA:
1,465,667 Pool #780077,
8.000% due 03/15/2025 1,481,081
8,853,046 Pool #781008,
6.000% due 03/15/2029 8,179,514
------------
9,660,595
------------
SMALL BUSINESS ADMINISTRATION (SBA) -- 0.4%
1,492,070 SBA, Pool #502796,
7.000% due 11/25/2019 1,491,399
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $132,132,717) 128,379,422
------------
U.S. TREASURY OBLIGATIONS -- 7.0%
U.S. TREASURY NOTES -- 7.0%
U.S. Treasury Notes:
18,000,000 5.875% due 11/15/2004 17,719,096
4,690,000 7.875% due 11/15/2004 4,962,870
3,800,000 6.750% due 05/15/2005 3,889,064
2,000,000 7.000% due 07/15/2006 2,071,876
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $28,429,957) 28,642,906
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT -- 0.5%
(Cost $2,127,000)
$ 2,127,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$2,128,126 on
07/03/2000,
collateralized by
$1,630,000 U.S.
Treasury Bond, 9.250%
maturing 02/15/2016
(value $2,171,975) $ 2,127,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $35,801,351) 8.7% 35,801,351
----- ------------
TOTAL INVESTMENTS
(Cost $453,465,508*) 107.7% 443,414,874
OTHER ASSETS AND
LIABILITIES (NET) (7.7) (31,835,994)
----- ------------
NET ASSETS 100.0% $411,578,880
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes $453,483,590.
** As of June 30, 2000 the market value of the securities on loan is
$35,261,191. Collateral received for securities loaned of $35,801,351 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Floating rate note. The interest rate shown reflects the rate currently in
effect.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration
to qualified institutional buyers.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
58
<PAGE> 354
Munder International Bond Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FOREIGN BONDS AND NOTES -- 89.0%
AUSTRIA -- 4.8%
GOVERNMENT -- 4.8%
JPY 150,000,000 Republic of Austria,
4.500% due 09/28/2005 $ 1,656,072
-----------
BELGIUM -- 4.8%
GOVERNMENT -- 4.8%
EUR 1,725,000 Kingdom of Belgium, Series 35,
5.750% due 09/28/2010 1,667,115
-----------
CANADA -- 2.6%
GOVERNMENT -- 2.6%
CAD 1,250,000 Government of Canada,
7.000% due 12/01/2006 890,355
-----------
FINLAND -- 1.6%
GOVERNMENT -- 1.6%
EUR 504,564 Republic of Finland,
9.500% due 03/15/2004 548,529
-----------
FRANCE -- 5.3%
GOVERNMENT -- 5.3%
Government of France:
EUR 1,205,103 5.500% due 04/25/2007 1,160,982
548,816 8.500% due 12/26/2012 667,519
-----------
1,828,501
-----------
GERMANY -- 9.3%
FINANCE -- 3.6%
EUR 1,329,359 Bayerische Vereinsbank New York, Global Bond,
4.500% due 06/24/2002 1,251,054
GOVERNMENT -- 5.7%
478,230 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 484,691
1,750,000 Federal Republic of Germany, Series 98,
4.750% due 07/04/2028 1,492,793
-----------
3,228,538
-----------
ITALY -- 6.1%
GOVERNMENT -- 6.1%
Government of Italy:
EUR 750,000 6.750% due 02/01/2007 766,004
1,291,140 8.500% due 04/01/2004 1,362,820
-----------
2,128,824
-----------
</TABLE>
See Notes to Financial Statements.
59
<PAGE> 355
Munder International Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FOREIGN BONDS AND NOTES (CONTINUED)
JAPAN -- 31.7%
GOVERNMENT -- 20.6%
Government of Japan:
JPY 525,000,000 1.900% due 03/20/2008 $ 5,039,467
200,000,000 3.100% due 03/20/2006 2,075,182
SUPRANATIONAL -- 11.1%
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 2,411,336
130,000,000 World Bank,
4.750% due 12/20/2004 1,431,096
-----------
10,957,081
-----------
LUXEMBOURG -- 2.8%
SUPRANATIONAL -- 2.8%
EUR 1,000,000 European Investment Bank,
5.250% due 04/15/2004 953,507
-----------
NETHERLANDS -- 3.1%
GOVERNMENT -- 3.1%
EUR 1,100,000 Government of Netherlands,
5.500% due 07/15/2010 1,061,198
-----------
SPAIN -- 4.7%
GOVERNMENT -- 4.7%
EUR 1,750,000 Kingdom of Spain,
5.150% due 07/30/2009 1,628,070
-----------
SWEDEN -- 3.6%
GOVERNMENT -- 3.6%
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,264,417
-----------
UNITED STATES -- 8.6%
SUPRANATIONAL -- 8.6%
GBP 1,000,000 KFW International Finance,
7.625% due 12/30/2003 1,558,493
JPY 150,000,000 McDonald's Corporation, Series MTN,
2.000% due 03/09/2010 1,413,725
-----------
2,972,218
-----------
TOTAL FOREIGN BONDS AND NOTES
(Cost $32,046,350) 30,784,425
-----------
</TABLE>
See Notes to Financial Statements.
60
<PAGE> 356
Munder International Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
GOVERNMENT AGENCY OBLIGATIONS -- 8.0%
GBP 600,000 Federal National Mortgage Association, Global Bond,
6.875% due 06/07/2002 $ 913,761
EUR 3,700,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 1,868,934
-----------
2,782,695
-----------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $3,300,974) 2,782,695
-----------
REPURCHASE AGREEMENT -- 1.1%
(Cost $387,000)
U.S.$ 387,000 Agreement with State Street Bank and Trust Company,
6.350% dated 06/30/2000, to be repurchased at
$387,205 on 07/03/2000, collateralized by
$315,000 U.S. Treasury Bond, 8.750% maturing on
05/15/2017 (value $400,050) 387,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $35,734,324*) 98.1% $33,954,120
OTHER ASSETS AND LIABILITIES (NET) 1.9 655,501
----- -----------
NET ASSETS 100.0% $34,609,621
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
CAD -- Canadian Dollar
EUR -- Euro Currency
GBP -- Great British Pound
JPY -- Japanese Yen
SEK -- Swedish Krona
USD -- United States Dollar
See Notes to Financial Statements.
61
<PAGE> 357
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 90.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) -- 53.9%
FHLMC:
$ 1,276,752 Pool #A01048, Gold,
8.500% due 02/01/2020 $ 1,300,705
3,952,226 Pool #E00160, Gold,
7.000% due 11/01/2007 3,919,487
793,559 Pool #G00479, Gold,
9.000% due 04/01/2025 815,525
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 5,636,846
5,000,000 Series 1531, Class M,
6.000% due 06/15/2008 4,623,100
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 4,898,400
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 8,979,718
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 4,746,850
4,000,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,860,000
4,550,000 Series 1617, Class C,
6.500% due 02/15/2023 4,338,106
11,585,000 Series 1633, Class PL,
6.500% due 03/15/2023 11,009,341
5,000,000 Series 1638, Class H,
6.500% due 12/15/2023 4,640,000
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,632,572
8,000,000 Series 1676, Class H,
6.500% due 10/15/2022 7,772,160
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,562,361
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,309,877
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 976,450
1,200,000 Series 1722, Class PH,
6.500% due 08/15/2022 1,139,170
2,385,000 Series 1848, Class PE,
7.000% due 09/15/2025 2,240,355
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 8,457,004
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
(CONTINUED)
$ 4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 $ 3,938,977
7,000,000 Series 1870, Class VB,
6.500% due 04/15/2007 6,851,250
1,645,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,596,236
2,942,531 Series 43, Class D,
10.000% due 06/15/2020 3,044,723
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,357,200
------------
118,646,413
------------
FEDERAL HOUSING AUTHORITY/VETERANS ADMINISTRATION
(FHA/VA) -- 0.0%
207 FHA, Azalea Garden,
8.500% due 09/01/2030 199
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA) -- 29.3%
FNMA:
56,020 Pool #040305,
11.500% due 02/01/2014 61,388
27,511 Pool #058255,
11.500% due 11/01/2010 30,151
41,877 Pool #081585,
11.500% due 07/01/2012 45,898
964,806 Pool #100081,
11.500% due 08/20/2016 1,067,317
122,522 Pool #210448,
11.500% due 11/01/2015 134,329
908,057 Pool #303105,
11.000% due 11/01/2020 986,419
158,959 Pool #336457,
10.500% due 11/01/2020 170,927
2,950,000 Pool #375618,
6.420% due 12/01/2007 2,795,125
2,255,169 Series 1990-117, Class
E,
8.950% due 10/25/2020 2,314,328
4,722,471 Series 1990-45, Class J,
9.500% due 05/25/2020 4,911,467
7,500,000 Series 1993-203 Class
PL,
6.500% due 10/25/2023 7,047,675
2,000,000 Series 1993-160, Class
BC,
6.500% due 09/25/2022 1,932,400
</TABLE>
See Notes to Financial Statements.
62
<PAGE> 358
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS
(CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
(CONTINUED)
$ 5,100,000 Series 1993-163, Class
BJ,
7.000% due 07/25/2006 $ 4,985,352
3,000,000 Series 1993-198, Class
T,
6.500% due 10/25/2023 2,749,180
10,319,600 Series 1993-226, Class
PN,
9.000% due 05/25/2022 10,922,574
2,000,000 Series 1993-83, Class
VE,
6.600% due 12/25/2005 1,926,420
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,437,000
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,454,055
1,600,000 Series 1994-60, Class
PJ,
7.000% due 04/25/2024 1,504,848
7,634,900 Series 1996-28, Class
PJ,
6.500% due 12/25/2024 7,192,657
5,150,000 Series 1996-70, Class
PJ,
6.500% due 02/25/2026 4,904,076
6,250,000 Series 1999-17, Class
PC,
6.000% due 12/25/2022 5,943,312
------------
64,516,898
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) -- 7.0%
GNMA:
10,100,000 Series 1996-11, Class
PD,
7.000% due 06/20/2025 9,729,815
6,000,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 5,789,757
------------
15,519,572
------------
SMALL BUSINESS ADMINISTRATION (SBA) -- 0.1%
275,771 SBA, Pool #503548,
6.125% due
11/25/2021+++ 273,162
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $205,916,253) 198,956,244
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 8.3%
U.S. TREASURY BONDS -- 8.3%
U.S. Treasury Bonds:
$ 2,500,000 10.375% due 11/15/2012 $ 3,076,563
4,000,000 8.125% due 08/15/2019 4,825,000
8,500,000 8.000% due 11/15/2021 10,258,437
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $18,456,242) 18,160,000
------------
REPURCHASE AGREEMENT -- 1.4%
(Cost $3,172,000)
3,172,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000 to be
repurchased at
$3,173,679 on
07/3/2000,
collateralized by
$2,585,000 U.S.
Treasury Bond, 8.125%
maturing 05/15/2021
(value $3,237,713) 3,172,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
OTHER INVESTMENTS**
(Cost $14,965,000) 6.8% 14,965,000
----- ------------
TOTAL INVESTMENTS
(Cost $242,509,495*) 106.8% 235,253,244
OTHER ASSETS AND
LIABILITIES (NET) (6.8) (14,979,344)
----- ------------
NET ASSETS 100.0% $220,273,900
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $242,688,636.
** As of June 30, 2000, the market value of the securities on loan is
$14,705,920. Collateral received for securities loaned of $14,965,000 is
invested in State Street Navigator Securities Lending Trust-Prime Portfolio.
+++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
See Notes to Financial Statements.
63
<PAGE> 359
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.5%
MICHIGAN -- 98.5%
$1,000,000 Auburn Hills, Michigan, Building Authority, Refunding,
(AMBAC Insured),
5.000% due 11/01/2017 AAA Aaa $ 925,530
1,000,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2008 AA+ Aa2 1,114,800
625,000 Cadillac, Michigan, Area Public Schools, Pre-refunded,
5.375% due 05/01/2012 AAA Aaa 641,100
1,000,000 Central Michigan University Revenue, (FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,037,710
515,000 Clinton Township, Michigan Building Authority,
Refunding, (AMBAC Insured),
4.750% due 11/01/2012 AAA NR 486,860
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 584,130
De Witt, Michigan, Public Schools, GO:
750,000 4.700% due 05/01/2012 AAA Aaa 707,040
1,055,000 AMBAC Insured, Q-SBLF,
5.500% due 05/01/2011 AAA Aaa 1,090,627
700,000 Dearborn School District, Michigan, GO, (MBIA
Insured),
5.000% due 05/01/2014 AAA Aaa 674,695
Detroit, Michigan, Water Supply Systems, Revenue:
500,000 Series A,
5.000% due 07/01/2027 AAA Aaa 442,045
375,000 Series A,
5.750% due 07/01/2011 AAA Aaa 395,160
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 946,860
1,000,000 East Grand Rapids, Michigan, Public School District,
GO,
5.750% due 05/01/2018 AA+ Aa1 1,002,770
750,000 Fowlerville, Michigan, Community School District,
Refunding, (FSA Insured),
4.500% due 05/01/2015 AAA Aaa 665,888
Grand Rapids, Michigan:
500,000 Building Authority,
4.550% due 04/01/2010 AA- Aa3 470,925
705,000 Building Authority,
5.000% due 04/01/2016 AA- Aa3 663,158
1,000,000 Community College Refunding, GO, (MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 967,050
</TABLE>
See Notes to Financial Statements.
64
<PAGE> 360
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$1,000,000 Grand Traverse County, Michigan Hospital, Munson
Healthcare, Series A, Pre-refunded,
6.250% due 07/01/2022 AAA Aaa $ 1,048,660
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 631,349
1,100,000 Ingham County Michigan, Refunding, (FSA Insured),
5.125% due 11/01/2012 AAA Aaa 1,091,101
610,000 Kalamazoo, Michigan, Building Authority,
5.250% due 10/01/2017 AAA Aaa 596,324
1,000,000 Kalamazoo, Michigan, City School District, GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,049,620
760,000 Kent County, Michigan, Airport Facility Revenue,
4.750% due 01/01/2016 AAA Aa1 689,685
515,000 Lansing, Michigan, Water Supply, Steam & Electric
Utility System, Series A,
5.500% due 07/01/2009 AA Aa3 530,929
500,000 Lincoln, Michigan, Consolidate School District, FSA
Insured,
5.000% due 05/01/2018 AAA Aaa 459,430
1,000,000 Lincoln, Michigan, School District, Refunding,
5.000% due 05/01/2011 AAA Aaa 987,170
1,000,000 Mattawan, Michigan Consolidate School District, GO,
(FSA Insured, Q-SBLF),
5.750% due 05/01/2025 AAA Aaa 1,000,140
1,100,000 Michigan Public Power Agency Revenue, (Belle River
Project), Series A,
5.250% due 01/01/2018 AA- A1 1,036,145
Michigan State Building Authority Revenue:
1,000,000 Facilities Project, Series 1,
5.000% due 10/15/2014 AA Aa2 958,250
1,000,000 Refunding Facilities Program, Series 1,
4.750% due 10/15/2021 AA Aa2 855,340
1,200,000 Michigan State Environmental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 1,313,100
Michigan State Hospital Finance Authority Revenue:
1,000,000 Genesys Health System, Series A,
7.500% due 10/01/2027 AAA Baa2 1,118,690
500,000 Hackley Hospital, Series A,
4.800% due 05/01/2005 NR A3 473,310
1,000,000 Mercy Health Services, Series S,
5.500% due 08/15/2020 AA- Aa3 923,000
715,000 Saint John Hospital & Medical Center, Series A,
6.000% due 05/15/2010 AAA Aaa 767,188
</TABLE>
See Notes to Financial Statements.
65
<PAGE> 361
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
Michigan State Housing Development Authority:
$ 935,000 Series A, (AMBAC Insured),
6.450% due 12/01/2014 AA+ NR $ 958,852
500,000 Series A, AMT, (AMBAC Insured),
6.050% due 12/01/2027 AAA Aaa 494,090
1,000,000 Michigan State Housing Development Rental Revenue,
Series C, AMT,
5.050% due 10/01/2015 AAA Aaa 918,530
750,000 Michigan State Housing Single Family Mortgage,
Series B, AMT,
5.200% due 12/01/2018 AAA Aaa 689,482
1,000,000 Michigan State Trunk Line, Series A,
5.250% due 11/01/2011 AA Aa3 1,008,880
1,000,000 Michigan State Trunk Line Highway Revenue,
Pre-refunding, Series A, (FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,041,770
1,000,000 Milan Michigan Area Schools, GO, Series A,
(FGIC Insured, Q-SBLF),
5.500% due 05/01/2013 NR Aaa 1,018,430
500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 543,170
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 478,675
700,000 Oakland County Michigan, Detroit Country Day School
Project,
4.950% due 10/01/2018 NR Aaa 631,064
1,000,000 Plainwell, Michigan Community School District,
Refunding, (FSA Insured),
5.000% due 05/01/2018 AAA Aaa 919,960
Redford, Michigan Unified School District, GO:
500,000 AMBAC Insured, Q-SBLF,
5.500% due 05/01/2014 AAA Aaa 512,500
1,000,000 Pre-Refunded, FGIC Insured, Q-SBLF,
5.750% due 05/01/2011 AAA Aaa 1,052,130
1,500,000 Refunding, AMBAC Insured, Q-SBLF,
5.000% due 05/01/2022 AAA Aaa 1,366,305
750,000 Rochester Community School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2019 AAA Aaa 696,240
750,000 Rockford Michigan Public Schools, (FGIC Insured),
6.500% due 05/01/2009 AAA Aaa 827,310
</TABLE>
See Notes to Financial Statements.
66
<PAGE> 362
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$1,000,000 Saint Johns, Michigan, Public Schools District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa $ 1,043,000
1,000,000 South Lake, Michigan, Public Schools System, (FGIC
Insured),
5.125% due 05/01/2014 AAA Aaa 984,570
1,000,000 South Redford, Michigan, School District, GO, (FGIC
Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,025,160
750,000 Three Rivers, Michigan, Community Schools,
Pre-refunded,
5.600% due 05/01/2010 AAA Aaa 783,458
1,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 1,032,130
1,000,000 Williamston, Michigan, Community School District,
(MBIA Insured),
5.500% due 05/01/2025 AAA Aaa 981,390
500,000 Willow Run, Michigan, Community Schools, GO, (AMBAC
Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 472,140
-----------
TOTAL MUNICIPAL BONDS AND NOTES
47,825,015
(Cost $49,061,968) -----------
SHARES
----------
SHORT-TERM INVESTMENTS -- 0.7%
(Cost $326,320)
326,320 Valiant Fund Tax Exempt Money Market 326,320
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $49,388,288*) 99.2% 48,151,335
OTHER ASSETS AND LIABILITIES (NET) 0.8 411,135
----- -----------
NET ASSETS 100.0% $48,562,470
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes $49,395,728.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Insurance
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
67
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Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 97.7%
ARIZONA -- 1.9%
$1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,740,256
1,000,000 Tempe, Arizona, High School District Number 213,
(FGIC Insured),
4.500% due 07/01/2010 AAA Aaa 956,780
------------
2,697,036
------------
CALIFORNIA -- 2.8%
2,905,000 Perris, California Community Facilities Revenue, ETM,
8.750% due 10/01/2021 AAA Aaa 3,984,120
------------
DISTRICT OF COLUMBIA -- 1.5%
2,500,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 2,158,100
------------
FLORIDA -- 12.6%
2,000,000 Dade County, Florida, GO, (FGIC Insured),
12.000% due 10/01/2001 AAA Aaa 2,172,260
2,000,000 Florida State, Board of Education,
Administrative Capital Revenue,
8.400% due 06/01/2007 AA+ Aa2 2,388,900
3,000,000 Gainesville, Florida, Utility Systems Revenue, Series
A,
6.500% due 10/01/2012 AA Aa3 3,360,240
2,500,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 2,841,275
3,050,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa2 3,470,991
3,000,000 Port Everglades, Florida, Port Authority Revenue,
ETM,
7.125% due 11/01/2016 AAA Aaa 3,488,220
------------
17,721,886
------------
GEORGIA -- 7.0%
2,000,000 Atlanta, Georgia, Water & Sewer Revenue, (FGIC
Insured),
5.250% due 01/01/2027 AAA Aaa 2,051,960
Georgia State, GO:
2,500,000 7.400% due 08/01/2007 AAA Aaa 2,869,625
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,189,760
2,500,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 2,653,575
------------
9,764,920
------------
</TABLE>
See Notes to Financial Statements.
68
<PAGE> 364
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
HAWAII -- 1.6%
$2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA- Aa3 $ 2,296,740
------------
ILLINOIS -- 9.4%
1,000,000 Addison, Illinois, Single-family Mortgage Revenue,
ETM,
7.500% due 04/01/2011 AAA NR 1,130,500
2,500,000 Chicago, Illinois, Wastewater Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,504,750
2,500,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,457,950
2,000,000 Illinois State, GO, (MBIA Insured),
5.500% due 04/01/2025 AAA Aaa 1,903,880
2,500,000 Illinois State, Sales Tax Revenue, Series Y,
5.250% due 06/15/2009 AAA Aa2 2,523,450
1,700,000 Metropolitan Pier & Exposition Authority, Illinois,
McCormick Place Expansion Project, (FGIC Insured),
5.500% due 12/15/2024 AAA Aaa 1,601,995
1,000,000 Regional Transport Authority, Illinois, (FGIC
Insured),
6.000% due 06/01/2015 AAA Aaa 1,051,180
------------
13,173,705
------------
INDIANA -- 3.7%
3,000,000 Indiana State Office Building Capital Revenue,
(MBIA Insured),
7.400% due 07/01/2015 AAA Aaa 3,590,100
1,525,000 Indiana Transportation Finance Airport Lease,
Refunding Series A, (AMBAC Insured),
6.000% due 11/01/2010 AAA Aaa 1,635,837
------------
5,225,937
------------
LOUISIANA -- 0.8%
1,100,000 Shreveport, Louisiana, Refunding,
5.000% due 02/01/2013 AAA Aaa 1,072,522
------------
MARYLAND -- 1.5%
2,000,000 Baltimore, Maryland, Series A, (FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 2,132,760
------------
</TABLE>
See Notes to Financial Statements.
69
<PAGE> 365
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MASSACHUSETTS -- 5.6%
$3,500,000 Massachusetts Bay Transport Authority, General
Transportation Systems, Series A, (MBIA Insured),
5.500% due 03/01/2011 AAA Aaa $ 3,600,625
1,150,000 Massachusetts State, Series C,
5.250% due 08/01/2010 AA- Aa3 1,161,972
1,000,000 Massachusetts State Port Authority Revenue,
Refunding Series A,
5.750% due 07/01/2012 AA- Aa3 1,046,430
2,000,000 Massachusetts State, Grant Anticipation Notes, Series
A,
5.250% due 12/15/2012 NR Aa3 1,999,240
------------
7,808,267
------------
MICHIGAN -- 17.3%
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,366,260
1,500,000 Detroit, Michigan, City School District, GO, Series
C,
(FGIC Insured),
5.250% due 05/01/2011 AAA Aaa 1,511,580
2,000,000 Grand Valley, Michigan State University Revenue,
(FGIC Insured),
5.500% due 02/01/2018 AAA NR 1,988,500
1,625,000 Jenison, Michigan, Public Schools, Pre-refunded,
5.250% due 05/01/2015 AAA Aaa 1,611,285
2,120,000 Kent County, Michigan, Building Authority, GO,
4.875% due 06/01/2012 AAA Aaa 2,054,831
5,000,000 Michigan State Environmental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 5,471,250
Michigan State, Hospital Finance Authority Revenue:
2,250,000 Henry Ford Health System, (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,390,063
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2009 NR A1 952,140
1,000,000 Saint John Hospital & Medical Center, Series A,
(AMBAC Insured),
6.000% due 05/15/2010 AAA Aaa 1,072,990
1,000,000 Michigan State, Housing Development Rental Revenue,
AMT, Series C,
5.050% due 10/01/2015 AAA Aaa 918,530
2,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 2,320,800
1,500,000 South Lake, Michigan, Public Schools System, (FGIC
Insured),
5.125% due 05/01/2014 AAA Aaa 1,476,855
</TABLE>
See Notes to Financial Statements.
70
<PAGE> 366
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$1,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa $ 1,049,770
------------
24,184,854
------------
MINNESOTA -- 1.8%
2,500,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa2 2,457,125
------------
NEVADA -- 2.7%
Nevada State:
1,000,000 Refunding,
6.000% due 05/15/2010 AA Aa2 1,066,130
2,500,000 Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,660,950
------------
3,727,080
------------
NEW MEXICO -- 0.7%
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 1,026,270
------------
NORTH CAROLINA -- 1.8%
2,500,000 North Carolina, Municipal Power Agency, Catawba
Electric Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,530,700
------------
OHIO -- 4.6%
1,350,000 Cleveland, Ohio, Waterworks Revenue, (MBIA Insured),
5.500% due 01/01/2021 AAA Aaa 1,331,964
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,400,100
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,175,060
585,000 University Cincinnati, Ohio, General Receipts, Series
AA,
5.500% due 06/01/2012 A-1 Aa 590,388
------------
6,497,512
------------
OKLAHOMA -- 0.8%
940,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue,
(Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,071,666
------------
</TABLE>
See Notes to Financial Statements.
71
<PAGE> 367
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
OREGON -- 0.7%
$1,025,000 Tualatin Hills, Oregon, Park and Recreational
District, GO,
(FGIC Insured),
4.600% due 03/01/2011 AAA Aaa $ 961,307
------------
RHODE ISLAND -- 0.7%
1,000,000 Rhode Island Depositors Economic Protection, ETM,
5.800% due 08/01/2012 AAA Aaa 1,052,910
------------
SOUTH CAROLINA -- 0.7%
1,000,000 South Carolina State, State Institution, GO, Series
A,
5.400% due 03/01/2019 AAA Aaa 972,320
------------
TENNESSEE -- 1.7%
1,475,000 Johnson City, Tennessee, Water & Sewer, (FGIC
Insured),
4.750% due 06/01/2013 AAA Aaa 1,379,110
1,000,000 Williamson County, Tennessee, Refunding, GO,
5.500% due 09/01/2014 NR Aa1 1,013,430
------------
2,392,540
------------
TEXAS -- 9.9%
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,031,840
2,750,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,931,170
San Antonio, Texas, Electric & Gas Revenue:
995,000 Series A,
5.000% due 02/01/2012 AA Aa1 975,737
5,000 Series A, ETM,
5.000% due 02/01/2012 AA Aa1 4,905
2,000,000 Spring, Texas, Independent School District Authority,
GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,230,720
2,000,000 Texas State, Refunding Water Financial Assistance,
Series C,
5.000% due 08/01/2018 AA Aa1 1,825,880
1,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 880,800
------------
13,881,052
------------
UTAH -- 1.5%
2,000,000 Utah State, Building Ownership Authority,
5.500% due 05/15/2009 AAA Aaa 2,043,800
------------
</TABLE>
See Notes to Financial Statements.
72
<PAGE> 368
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
WASHINGTON -- 2.9%
$1,815,000 Douglas County, Washington, Public Utility District
No. 1, GO, (Wells Hydroelectric Project),
Pre-refunded,
8.750% due 09/01/2018 AA- Aa3 $ 2,256,299
1,000,000 King County, Washington, Series B, (MBIA Insured),
4.750% due 01/01/2020 AAA Aaa 863,860
1,000,000 Vancouver, Washington, Water & Sewer Revenue, (MBIA
Insured),
4.250% due 06/01/2009 AAA Aaa 906,640
------------
4,026,799
------------
WISCONSIN -- 1.5%
Wisconsin State, Transportation Revenue:
1,000,000 Series A,
5.500% due 07/01/2011 AA- A1 1,027,830
1,000,000 Series A,
5.500% due 07/01/2012 AA- A1 1,025,250
------------
2,053,080
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $137,766,222) 136,915,008
------------
SHARES
----------
SHORT-TERM INVESTMENTS -- 0.9%
(Cost $1,192,770)
1,192,770 Valiant Fund Tax Exempt Money Market 1,192,770
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $138,958,992*) 98.6% 138,107,778
OTHER ASSETS AND LIABILITIES (NET) 1.4 1,993,208
----- ------------
NET ASSETS 100.0% $140,100,986
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes $138,959,356.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
73
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Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.2%
ALABAMA -- 2.2%
$3,500,000 Alabama State Public School and College Authority
Revenue, Series A,
5.750% due 08/01/2003 AA Aa3 $ 3,592,715
1,000,000 Huntsville, Alabama Health Care, Series B, (MBIA
Insured), Pre-refunded,
6.625% due 06/01/2023 AAA Aaa 1,082,300
------------
4,675,015
------------
ARIZONA -- 4.9%
2,500,000 Maricopa County, Arizona, School District 48, Series D,
6.250% due 07/01/2008 AA Aa2 2,700,550
Phoenix, Arizona:
3,000,000 Pre-refunded, GO,
7.500% due 07/01/2004 AA+ Aa1 3,286,140
1,840,000 Pre-refunded, GO, Series A,
5.500% due 07/01/2015 AA+ Aa1 1,911,024
2,500,000 Tempe, Arizona, High School District, GO,
6.250% due 07/01/2004 AAA Aaa 2,630,075
------------
10,527,789
------------
CALIFORNIA -- 4.1%
3,000,000 Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue, Series
B, (AMBAC Insured),
8.000% due 07/01/2003 AAA Aaa 3,298,230
5,070,000 Sacramento County, California, Sanitation District
Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa3 5,598,345
------------
8,896,575
------------
DELAWARE -- 1.2%
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,516,125
------------
FLORIDA -- 3.7%
4,000,000 Dade County, Florida, School District, (MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,201,560
3,650,000 Jacksonville, Florida, Electric Authority Revenue, St.
John's River Power Park System, Series 10,
6.500% due 10/01/2003 AA Aa2 3,841,406
------------
8,042,966
------------
GEORGIA -- 1.0%
1,975,000 Georgia State, Series C,
7.250% due 07/01/2006 AAA Aaa 2,218,419
------------
</TABLE>
See Notes to Financial Statements.
74
<PAGE> 370
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
HAWAII -- 1.4%
$3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 $ 3,089,640
------------
ILLINOIS -- 10.4%
4,500,000 Chicago, Illinois, Metropolitan Water District, Capital
Improvement,
6.700% due 01/01/2003 AA Aa1 4,698,090
6,000,000 Illinois Educational Facilities Authority Revenues,
Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 5,937,480
2,000,000 Illinois Health Facilities Authority Revenue,
Pre-refunded,
5.500% due 05/15/2023 AAA Aaa 2,075,600
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 AAA Aa2 4,052,920
4,525,000 Lake County, Illinois, Adalai E. Stevenson School
District, No. 125,
5.500% due 01/01/2003 NR Aa1 4,596,857
1,000,000 Waukegan, Illinois, Series A, (FGIC Insured),
Pre-refunded,
6.750% due 11/15/2013 AAA Aaa 1,093,710
------------
22,454,657
------------
INDIANA -- 2.9%
1,900,000 IPS School Building Corporation, First Mortgage,
6.050% due 01/15/2014 AAA NR 2,016,641
4,000,000 Kokomo, Indiana, Hospital Authority Revenue, Saint
Joseph's Hospital, Pre-refunded,
6.350% due 08/15/2013 AAA Aaa 4,268,360
------------
6,285,001
------------
MAINE -- 1.0%
2,000,000 Maine State, GO,
5.750% due 06/15/2008 AA+ Aa2 2,096,100
------------
MARYLAND -- 5.0%
Maryland State:
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,071,460
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,301,435
5,000,000 Prince George's County, Maryland, Consolidated Public
Improvement, GO, (MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,293,550
------------
10,666,445
------------
</TABLE>
See Notes to Financial Statements.
75
<PAGE> 371
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MASSACHUSETTS -- 0.7%
$1,500,000 Boston, Massachusetts, GO, Series A,
5.250% due 02/01/2009 AA- Aa3 $ 1,522,905
------------
MICHIGAN -- 23.1%
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,583,866
2,500,000 Caledonia, Michigan, Community Schools, (AMBAC
Insured), Pre-refunded,
6.700% due 05/01/2022 AAA Aaa 2,635,100
1,410,000 Detroit, Michigan, Sewage Disposal Revenue, Series A,
(FGIC Insured), Pre-refunded,
5.700% due 07/01/2013 AAA NR 1,472,181
2,000,000 Detroit, Michigan, Water Supply Systems Revenue, Senior
Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,031,340
2,000,000 Farmington Hills, Michigan, Hospital Authority Revenue,
Botsford General Hospital, Series A, (MBIA Insured),
6.500% due 02/15/2022 AAA Aaa 2,094,360
3,075,000 Goodrich, Michigan, Area School District, (AMBAC
Insured), Pre-refunded,
5.875% due 05/01/2024 AAA Aaa 3,264,420
1,000,000 Lake Orion, Michigan, Community School District, (AMBAC
Insured), Pre-refunded,
7.000% due 05/01/2020 AAA Aaa 1,101,520
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2022 AAA Aaa 2,094,280
Michigan State, Building Authority Revenue,
Series I:
2,500,000 6.500% due 10/01/2004 AA Aa2 2,660,775
2,500,000 AMBAC Insured,
6.000% due 10/01/2006 AAA Aaa 2,640,150
2,500,000 AMBAC Insured,
6.250% due 10/01/2003 AAA Aaa 2,610,350
1,000,000 Michigan State, Hospital Finance Authority Revenue,
McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 963,590
1,450,000 Michigan State, Housing Development Authority, Rental
Housing Revenue, Series A, AMT,
5.000% due 10/01/2003 AAA Aaa 1,449,464
1,095,000 Michigan State, Housing Single Family Mortgage, Series
A, AMT,
5.300% due 12/01/2006 AAA Aaa 1,096,916
</TABLE>
See Notes to Financial Statements.
76
<PAGE> 372
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$2,000,000 Michigan State, Municipal Bond Authority Revenue, Local
Government Loan,
3.750% due 11/01/2002 A NR $ 1,932,660
Michigan State, Trunk Line Highway Revenue:
2,500,000 Series A,
5.500% due 11/15/2009 AA- Aa3 2,612,625
3,000,000 Series A,
5.625% due 10/01/2003 AA- Aa3 3,076,740
3,500,000 Michigan State, Underground Storage Tank Financial
Assurance Authority, Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,684,625
1,700,000 Oakland County, Michigan, Economic Development
Obligation, Cranbrook Educational Community, Series
B,
6.375% due 11/01/2014 NR Aaa 1,802,510
2,000,000 Redford, Michigan, Union School District, (FGIC
Insured), Pre-refunded,
5.950% due 05/01/2015 AAA Aaa 2,124,320
1,510,000 Wayne County, Michigan Transportation Fund Series A,
5.000% due 10/01/2007 AA- Aa3 1,511,631
5,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 5,160,650
------------
49,604,073
------------
MISSISSIPPI -- 0.5%
1,000,000 Mississippi State, Capital Improvement, GO, Series I,
5.750% due 11/01/2009 AA NR 1,050,190
------------
MISSOURI -- 1.7%
3,500,000 Missouri State Regional Convention and Sport, Series A,
Pre-refunded,
6.900% due 08/15/2021 AAA Aaa 3,716,930
------------
NEW JERSEY -- 1.8%
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,766,525
------------
NEW YORK -- 1.1%
2,500,000 New York State Thruway Authority, Highway & Bridge
Transportation Fund, Series B, (FGIC Insured),
4.000% due 04/01/2004 AAA Aaa 2,405,350
------------
</TABLE>
See Notes to Financial Statements.
77
<PAGE> 373
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Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
OHIO -- 2.0%
$1,500,000 Cleveland Ohio, Waterworks Revenue, Series I,
5.000% due 01/01/2008 AAA NR $ 1,499,040
2,500,000 Warren Ohio Hospital Revenue, Warren General Hospital
Project, Series B, Pre-refunded,
7.300% due 11/15/2014 AAA NR 2,739,875
------------
4,238,915
------------
OKLAHOMA -- 1.6%
3,250,000 Tulsa Oklahoma Industrial Authority Hospital Revenue,
Tulsa Regional Medical Center, Pre-refunded,
7.200% due 06/01/2017 AAA NR 3,521,895
------------
OREGON -- 1.0%
2,000,000 Washington County Oregon, Unified Sewer Agency, Agency
Sewer Revenue, Pre-refunded,
6.125% due 10/01/2012 AAA Aaa 2,103,440
------------
PENNSYLVANIA -- 1.5%
1,000,000 Intragovernmental Cooperative, Philadelphia Funding
Program, (FGIC Insured), Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 1,084,850
2,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA Aa3 2,074,120
------------
3,158,970
------------
RHODE ISLAND -- 1.0%
2,000,000 Rhode Island Depositors Economic Protection
Corporation, Special Obligation, Series A,
Pre-refunded,
6.950% due 08/01/2022 AAA Aaa 2,124,820
------------
SOUTH CAROLINA -- 1.0%
2,000,000 South Carolina, State School Facilities, GO, Series A,
5.750% due 01/01/2010 AAA Aaa 2,109,700
------------
TENNESSEE -- 2.7%
1,000,000 Knox County, Tennessee, Public Improvement, GO,
5.200% due 05/01/2010 AA Aa2 1,005,560
2,000,000 Tennergy Corporation, Tennessee, Gas Revenue, (MBIA
Insured),
4.500% due 06/01/2004 AAA Aaa 1,908,560
2,775,000 Tennessee State, GO, Series A,
5.600% due 03/01/2011 AAA Aaa 2,887,165
------------
5,801,285
------------
</TABLE>
See Notes to Financial Statements.
78
<PAGE> 374
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
TEXAS -- 15.6%
Austin, Texas, Independent School District:
$2,820,000 7.000% due 08/01/2006 AAA Aaa $ 3,114,690
680,000 PSFG,
7.000% due 08/01/2006 AAA Aaa 755,664
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 2,883,705
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,262,330
5,070,000 Dallas, Texas, Waterworks and Sewer Authority Revenue,
7.750% due 04/01/2003 AA Aa2 5,458,108
2,000,000 Harris County, Texas, Series A, (AMBAC Insured),
Pre-refunded,
6.500% due 08/15/2017 AAA Aaa 2,110,500
2,000,000 Harris County, Texas, Housing Finance Corporation,
7.000% due 03/01/2007 AAA Aaa 2,233,340
2,000,000 Houston, Texas, Water & Sewer Systems Revenue, Series
A, (MBIA Insured), Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,131,760
2,175,000 Plano, Texas, Independent School District, GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,369,924
Texas State, GO:
2,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 2,543,050
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa1 2,017,680
2,400,000 Series A, Pre-refunded, Public Finance Authority,
5.900% due 10/01/2012 AA Aa1 2,510,448
3,250,000 University of Texas, Permanent University Funding,
(PSFG),
5.000% due 07/01/2004 AAA Aaa 3,276,812
------------
33,668,011
------------
VIRGINIA -- 2.2%
1,000,000 Fairfax County, Virginia, Water Authority Revenue,
Pre-refunded,
6.000% due 04/01/2022 AAA Aaa 1,079,210
2,500,000 Hampton, Virginia, Public Improvement Revenue, Series
C,
6.000% due 08/01/2003 AA Aa3 2,588,900
1,140,000 Virginia State Public School Authority, Series I,
5.250% due 08/01/2008 AA+ Aa1 1,159,540
------------
4,827,650
------------
</TABLE>
See Notes to Financial Statements.
79
<PAGE> 375
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL -------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
WISCONSIN -- 2.9%
Wisconsin State:
$1,500,000 5.000% due 11/01/2007 AA Aa2 $ 1,501,665
2,000,000 6.000% due 05/01/2003 AA Aa2 2,065,080
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,690,239
------------
6,256,984
------------
TOTAL MUNICIPAL BONDS AND NOTES
211,346,375
(Cost $212,604,595) ------------
SHORT-TERM INVESTMENTS -- 0.4%
(Cost $969,731)
969,731 Valiant Fund Tax Exempt Money Market 969,731
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $213,574,326*) 98.6% 212,316,106
OTHER ASSETS AND LIABILITIES (NET) 1.4 2,926,107
----- ------------
NET ASSETS 100.0% $215,242,213
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
See Notes to Financial Statements.
80
<PAGE> 376
Munder Cash Investment Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL ------------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 18.1%
$20,000,000 Banque Nationale De Paris
6.700% due 02/20/2001 A1/A+ P1/Aa3 $ 19,993,919
15,000,000 Bayerische Hypo-Und Vereinsbank AG
6.710% due 02/13/2001 A1/A+ P1/Aa3 14,996,461
25,000,000 Canadian Imperial Commerce Bank
7.030% due 06/21/2001 A1+/AA- P1/Aa3 25,000,000
25,000,000 Deutsche Bank AG
6.710% due 03/19/2001+ A1+/AA P1/Aa3 24,993,217
5,000,000 Rabobank Nederland
6.000% due 08/16/2000+ A1+/AAA P1/Aaa 4,999,699
25,000,000 Royal Bank of Canada (NY)
6.730% due 03/23/2001 A1+/AA- P1/Aa2 24,993,112
Societe Generale:
20,000,000 5.700% due 07/25/2000+ A1+/AA- P1/Aa3 20,000,000
20,000,000 7.100% due 06/18/2001+ A1+/AA- P1/Aa3 20,000,000
50,000,000 Union Bank of California
6.780% due 09/05/2000+, +++ A2/A- P1/A1 50,000,000
--------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $204,976,408) 204,976,408
--------------
COMMERCIAL PAPER -- 52.3%
50,000,000 AT&T Corporation
6.639% due 06/14/2001 A1+/AA P1/A1 50,000,000
50,000,000 Corporate Receivables Corporation
6.620% due 09/22/2000+ A1+/NR P1/NR 49,236,861
40,000,000 Gannett Company, Inc.
6.500% due 07/21/2000 A1+/AA- P1/A1 39,855,556
50,000,000 General Electric Capital Corporation
6.080% due 07/05/2000+ A1+/AAA P1/Aaa 49,966,222
50,000,000 GTE Corporation
6.590% due 07/20/2000+++ A1/A+ P2/Baa1 49,826,097
50,000,000 Heller Financial, Inc.
6.720% due 07/05/2000+++ A2/A- P2/A3 49,962,667
50,000,000 Koch Industries, Inc.
6.890% due 07/03/2000+ A1+/AA+ P1/NR 49,980,861
Lexington Parker Capital Corporation:
25,000,000 6.550% due 07/18/2000+, +++ A1/NR NR/NR 24,922,674
25,000,000 6.650% due 08/24/2000+, +++ A1/NR NR/NR 24,750,625
50,000,000 Moat Funding LLC
6.760% due 11/17/2000+, +++ A1+/NR P1/NR 48,694,944
50,000,000 New Center Asset Trust
7.040% due 07/03/2000 A1+/NR P1/NR 49,980,444
</TABLE>
See Notes to Financial Statements.
81
<PAGE> 377
Munder Cash Investment Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL ------------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
$50,000,000 SBC Communications, Inc.
6.570% due 09/05/2000+ A1+/AA- P1/Aa3 $ 49,397,750
25,000,000 Sheffield Receivables Corporation
6.900% due 07/05/2000+ A1+/NR P1/NR 24,980,833
30,000,000 Superior Funding Capital Corporation
6.550% due 07/12/2000 A1+/NR P1/NR 29,939,958
--------------
TOTAL COMMERCIAL PAPER
(Cost $591,495,492) 591,495,492
--------------
CORPORATE BONDS AND NOTES -- 21.7%
25,000,000 Allstate Funding Agreement
6.780% due 05/15/2001++ NR/AA+ NR/Aa2 25,000,000
50,000,000 Associates Corporation of North America
6.550% due 06/16/2001 A1+/A+ P1/Aa3 49,977,560
40,000,000 Beta Finance, Inc.
6.644% due 03/02/2001 A1+/AAA P1/NR 40,000,000
25,000,000 Citigroup, Inc.
6.623% due 04/04/2001 A1+/AA- P1/Aa3 25,000,000
35,000,000 Household Finance Corporation
7.010% due 09/14/2000++ A1/A P1/A2 34,995,697
25,000,000 Jackson National Life Insurance
6.360% due 09/25/2000++ NR/AA NR/Aa3 25,000,000
20,000,000 Keycorp
6.510% due 10/23/2000++, +++ A2/A- P1/A1 20,000,000
25,000,000 Sears Roebuck Acceptance Corporation
6.669% due 11/07/2000++, +++ A2/A- P2/A3 24,986,967
--------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $244,960,224) 244,960,224
--------------
REPURCHASE AGREEMENTS -- 6.5%
(Cost $73,680,923)
$73,680,923 Agreement with Lehman Brothers Holdings Inc.,
6.550% dated 06/30/2000, to be repurchased at
$73,721,140 on 07/03/2000, collateralized by,
$10,275,000 U.S. Treasury Note, 5.870%,
maturing 11/15/2004 (value $10,186,674), and
$63,839,000 U.S. Treasury Note, 6.500%,
maturing 05/15/2005 (value $64,956,505). 73,680,923
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $1,115,113,047*) 98.6% 1,115,113,047
OTHER ASSETS AND LIABILITIES (NET) 1.4 16,317,103
----- --------------
NET ASSETS 100.0% $1,131,430,150
===== ==============
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by Duff and
Phelps, or both, and thus are defined as being eligible securities under
Rule 2a7.
See Notes to Financial Statements.
82
<PAGE> 378
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.5%
ALABAMA -- 1.7%
$ 5,500,000 Mobile, Alabama, Industrial Development Board Dock &
Wharf Revenue, Refunding Holnam, Inc. Project,
Series B, (Wachovia Bank, LOC),
4.750% due 06/01/2032+ A-1+ VMIG1 $ 5,500,000
------------
ARIZONA -- 6.9%
3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue, (Tucson
Electric - 83C), (Society Generale, LOC),
4.700% due 12/15/2018+ A-1+ VMIG1 3,400,000
1,290,000 Central Arizona Water Conservation Revenue, Central
Arizona Project, Pre-refunded,
7.000% due 11/01/2003 AA- NR 1,318,591
2,000,000 Maricopa County Arizona School District No. 69, Series
B, Pre-refunded,
6.500% due 07/01/2008 A+ A1 2,038,973
Maricopa County, Arizona, Pollution Control:
6,400,000 El Paso A, Rmkt,
4.900% due 08/27/2000+ NR VMIG1 6,400,000
4,400,000 El Paso Elec-Palo Verdes,
4.900% due 12/01/2014+ NR Aa2 4,400,000
3,000,000 Pima County, Arizona Industrial Development Authority,
(Tucson Electric), (Toronto Dominion, LOC),
4.850% due 12/01/2022+ AA VMIG1 3,000,000
2,000,000 Salt River Arizona Electric Systems Revenue,
Agriculture Improvement & Power District, Series A,
(AMBAC-TCRS Insured), Pre-refunded,
6.500% due 01/01/2022 AAA Aaa 2,062,611
------------
22,620,175
------------
ARKANSAS -- 1.8%
6,000,000 Arkansas Hospital Equipment Finance Authority, Baptist
Health Project, (MBIA Insured) (SBPA - Credit Suisse
exp 3/26/01),
4.820% due 11/01/2010+ A-1+ VMIG1 6,000,000
------------
CALIFORNIA -- 2.2%
7,325,000 Los Angeles California Regional Airport Lease, Societe
Generale, LOC (exp 11/10/00),
4.550% due 12/01/2025+ A-1+ A1 7,325,000
------------
COLORADO -- 4.3%
1,700,000 Denver, Colorado City & County, Series A,
Pre-refunded,
6.200% due 08/01/2006 AAA Aa2 1,720,168
</TABLE>
See Notes to Financial Statements.
83
<PAGE> 379
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
COLORADO (CONTINUED)
$ 2,770,000 Jefferson County, Colorado, Rocky Mountain Butterfly
Project, (Wells Fargo, LOC),
4.750% due 06/01/2010+ A-1+ NR $ 2,770,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
(Bank of America, LOC),
4.850% due 10/01/2035+ A-1+ NR 6,500,000
3,000,000 Superior Metropolitan District Company Revenue, (U.S.
Bank, NA, LOC),
4.200% due 12/01/2018+ NA NA 3,000,000
------------
13,990,168
------------
DELAWARE -- 0.7%
2,400,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire, (First Union, LOC),
4.750% due 08/15/2020 A-1 NR 2,400,000
------------
FLORIDA -- 2.1%
2,500,000 Broward County, Florida, Multifamily Housing, Southern
Pointe Project,
4.850% due 05/15/2027+ A-1+ NR 2,500,000
4,500,000 Palm Beach County Florida Revenue, Community
Foundation Palm Beach Project, (Northern Trust
Company, LOC),
4.700% due 07/01/2034+ A-1+ NR 4,500,000
------------
7,000,000
------------
GEORGIA -- 5.3%
5,425,000 Clayton County, Georgia, Multifamily Housing Revenue,
Rivers Edge Development, (Wachovia, LOC),
4.850% due 08/01/2006+ NR VMIG1 5,425,000
8,500,000.. DeKalb County, Georgia, Development Authority
Pollution Control Revenue, General Motors Corporation
Project,
5.100% due 11/01/2003+ NR A2 8,500,000
3,400,000 Richmond County, Georgia, Board of Education,
4.500% due 09/01/2000 AA- Aa2 3,404,199
------------
17,329,199
------------
ILLINOIS -- 15.3%
Chicago, Illinois Multifamily Housing Revenue:
2,700,000 Waveland Association, (UBS, LOC),
4.850% due 11/01/2010+ NR VMIG1 2,700,000
2,000,000 Waveland Association, (UBS, LOC),
4.850% due 11/01/2010+ NR Aaa 2,000,000
</TABLE>
See Notes to Financial Statements.
84
<PAGE> 380
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
ILLINOIS (CONTINUED)
$ 3,165,000 Illinois Development Finance Authority Limited,
Obligation Revenue, Decatur Mental Health Center
Project, (First of America Bank, LOC),
4.850% due 05/01/2018+ NR NR $ 3,165,000
Illinois Development Finance Authority Revenue:
4,000,000 Chicago Symphony Project, (Bank One, LOC),
4.650% due 12/01/2033+ A-1 NR 4,000,000
3,000,000 Lifesource Project (PNC Bank NA, LOC),
4.850% due 06/01/2020+ NA VMIG1 3,000,000
2,225,000 Illinois Development Finance Authority, Industrial
Revenue, Tajon Warehouse, Series B, (National City
Bank, PA, LOC),
4.800% due 01/01/2010+ A-1+ NR 2,225,000
Illinois Educational Facilities Authority Revenues:
5,200,000 Art Institute of Chicago, (Bank of America, LOC),
4.750% due 03/01/2027+ A-1+ VMIG1 5,200,000
1,480,000 University Pooled Financing Program, (FGIC Insured),
(Bank One, SBPA),
4.700% due 12/01/2005+ AAA Aaa 1,480,000
3,700,000 Trinity International University Project, (Firstar
Bank NA, LOC exp 4/6/05),
4.800% due 10/01/2030+ A-1 NA 3,700,000
Illinois Health Facilities Authority:
11,010,000 Advocate Health Care, Series B, (Multi LOC's),
4.900% due 08/15/2022+ A-1+ VMIG1 11,010,000
2,500,000 Gottlieb Health Resources Inc., (Harris Bank, LOC),
4.700% due 11/15/2024+ NR VMIG1 2,500,000
2,000,000 Illinois State Development Finance Authority,
Industrial Development Authority Revenue, (Lake
Forest Academy Project), (Northern Trust Company,
LOC),
4.800% due 12/01/2024+ A-1+ NR 2,000,000
4,000,000 Orland Hills, Illinois, Multifamily Mortgage Revenue,
(Lasalle National Bank, LOC),
4.800% due 12/01/2004+ A-1+ NR 4,000,000
1,520,000 Palatine Illinois, Refunding Public Improvement Bonds,
4.750% due 12/01/2000 AAA Aa2 1,524,988
1,500,000 Will County Illinois Community School District No.
201-U Crete-Monee, Tax Anticipation Warrants,
5.850% due 03/01/2001 NR NR 1,505,648
------------
50,010,636
------------
</TABLE>
See Notes to Financial Statements.
85
<PAGE> 381
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
INDIANA -- 3.1%
$ 1,230,000 Allen County Indiana Economic Development Revenue,
(Golden Years Homestead Project) (Norwest Bank,
Minnesota, LOC),
4.750% due 08/01/2021+ A-1+ NR $ 1,230,000
2,940,000 Indiana Educational Facilities Authority Revenue,
Franklin College, (Bank One, Indiana, LOC),
4.800% due 10/01/2019+ A-1 NR 2,940,000
6,000,000 Indiana Municipal Power Supply Systems Revenue,
Refunding Series A, (Toronto-Dominion Bank, LOC),
4.750% due 01/01/2018+ A-1+ VMIG1 6,000,000
------------
10,170,000
------------
KANSAS -- 0.3%
1,000,000 Johnson County, Kansas Unified School District No.
229, School Improvement Revenue,
7.800% due 09/01/2000 AA Aa1 1,005,964
------------
LOUISIANA -- 2.3%
3,190,000 Houma-Terrebonne Public Trust Financing Authority,
Single Family Mortgage Revenue, Pre-refunded,
(Hibernia National Bank, LOC),
10.750% due 11/01/2011 NR Aaa 3,258,034
1,000,000 Louisiana Local Government Environmental Facilities,
Community Development Authority Revenue,
Construction Notes,
4.250% due 10/15/2000 NR MIG1 1,001,124
3,100,000 Louisiana Public Facilities Authority Hospital
Revenue, Hospital Equipment Financing & Refunding,
Series A, (Rabobank, LOC),
4.850% due 12/01/2010+ A-1+ NR 3,100,000
------------
7,359,158
------------
MARYLAND -- 1.4%
3,100,000 Baltimore County, Maryland, Revenue Bonds, Sheppard &
Enoch Pratt Hospital, (Societe Generale, LOC),
4.700% due 07/01/2022+ NR VMIG1 3,100,000
1,500,000 Maryland State, GO,
6.100% due 07/15/2000 AAA Aaa 1,501,189
------------
4,601,189
------------
MASSACHUSETTS -- 0.3%
1,000,000 Boston, Massachusetts, Series A, (MBIA Insured),
10.000% due 07/01/2000 AAA Aaa 1,000,000
------------
</TABLE>
See Notes to Financial Statements.
86
<PAGE> 382
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN -- 2.8%
$ 2,000,000 Comstock Park, Michigan, Public Schools, Student Aid
Notes,
4.750% due 10/20/2000 NR NR $ 2,003,783
3,000,000 Kalamazoo County, Michigan, Economic Development
Revenue, (Old Kent Bank, LOC),
4.850% due 09/01/2015+ NR Aa2 3,000,000
Michigan State Hospital Finance Authority Revenue:
1,000,000 Henry Ford Health System, Series A, Pre-refunded,
7.000% due 04/01/2010 AAA A1 1,020,000
2,000,000 Chelsea Community Hospital (National City Bank, LOC),
4.800% due 05/15/2031+ A-1 NR 2,000,000
1,000,000 Saline, Michigan, Economic Development Obligation,
Brecon Village Project, (Bank One, LOC),
4.750% due 11/01/2025+ A-1+ NR 1,000,000
------------
9,023,783
------------
MINNESOTA -- 2.1%
1,500,000 Eagan, Minnesota Multifamily Revenue, Aspenwoods of
Eagan, Housing Project, (Firstar, LOC),
4.850% due 01/01/2026+ A-1 NR 1,500,000
2,100,000 Mendota Heights, Minnesota, Multifamily Revenue,
(Norwest Bank, Minnesota, LOC),
4.600% due 11/01/2031 A-1+ NR 2,100,000
1,000,000 Minneapolis & St Paul, Minnesota Housing &
Redevelopment Authority Health Care, Health One
Obligated Group, Series B, Pre-refunded,
8.000% due 08/15/2014 AAA Aaa 1,024,997
2,200,000 St Paul, Minnesota Housing & Redevelopment Authority,
Science Museum, Series A, (First Bank, LOC),
4.750% due 05/01/2027+ NR VMIG1 2,200,000
------------
6,824,997
------------
MISSOURI -- 0.6%
2,000,000 Columbia, Missouri, Special Obligation Reserve, Series
A, (Toronto Dominion Bank, LOC),
4.750% due 06/01/2008+ NR VMIG1 2,000,000
------------
NEVADA -- 1.2%
1,325,000 Clark County, Nevada, Transportation Revenue, Series
A,
5.000% due 12/01/2000 AA Aa2 1,329,530
2,570,000 Reno, Nevada Economic Development Revenue, University
of Nevada, Student Aid Fund, (Wells Fargo, LOC)
4.850% due 05/01/2018+ NR NR 2,570,000
------------
3,899,530
------------
</TABLE>
See Notes to Financial Statements.
87
<PAGE> 383
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
NEW MEXICO -- 2.5%
$ 2,125,000 Albuquerque, New Mexico, Educational Facilities
Revenue, (Wells Fargo, LOC),
4.850% due 06/01/2018+ NR NR $ 2,125,000
5,000,000 Farmington, New Mexico, Pollution Control Revenue, (El
Paso Electric Co.), Series A, (Barclays Bank, LOC),
4.900% due 11/01/2013+ NR Aa2 5,000,000
1,000,000 Santa Fe New Mexico Public School District,
3.750% due 08/01/2000 NR Aa3 999,996
------------
8,124,996
------------
NORTH CAROLINA -- 0.9%
3,000,000 North Carolina Medical Care Commission, Hospital
Revenue, Series B, (Wachovia, LOC),
4.800% due 06/01/2022+ A-1+ VMIG1 3,000,000
------------
NORTH DAKOTA -- 1.5%
5,000,000 Grand Forks, North Dakota, Hospital Facilities
Revenue, (Lasalle National, LOC),
4.550% due 12/01/2016+ NR VMIG1 5,000,000
------------
OHIO -- 6.4%
1,505,000 Columbus Ohio, GO, Tax - Series, Pre-refunded,
5.500% due 06/15/2001 AAA Aaa 1,517,637
1,100,000 Cuyahoga County, Ohio,
4.100% due 09/14/2000 NR Aa2 1,100,759
1,870,000 Franklin County, Ohio, Hospital Revenue, US Health
Corporation, Series A, (Morgan Guaranty, LOC),
4.730% due 12/01/2021+ NR VMIG1 1,870,000
3,055,000 Indian Hill, Ohio, Economic Development, Cincinnati
County Day School, (Fifth Third, LOC),
4.960% due 05/01/2019+ NR NR 3,055,000
4,800,000 Middleburg Heights Ohio Hospital Revenue, Southwest
General Health, (Keybank NA, LOC),
4.800% due 08/15/2022+ A-1 NR 4,800,000
3,650,000 Montgomery County, Ohio, Society Saint Vincent DePaul,
(Nat City, LOC),
4.800% due 12/01/2010+ A-1 NR 3,650,000
5,000,000 Ohio State Air Quality Development Authority, Ohio
Edison Project, Series A, (Toronto Dominion, LOC),
4.100% due 02/01/2015+ A-1+ Aa2 4,995,284
------------
20,988,680
------------
</TABLE>
See Notes to Financial Statements.
88
<PAGE> 384
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
OREGON -- 2.7%
$ 1,425,000 Eugene Oregon GO,
4.500% due 12/01/2000 NR Aa3 $ 1,426,470
2,700,000 Multnomah County, Oregon,
4.300% due 10/01/2000 NR Aa1 2,703,620
4,550,000 Portland, Oregon Multifamily Revenue, (Harris Trust
and Savings Bank, LOC),
5.050% due 12/01/2011+ AA- NR 4,550,000
------------
8,680,090
------------
PENNSYLVANIA -- 8.3%
2,000,000 Delaware Valley, Pennsylvania, Registered Finance,
Series A, (Credit Suisse, LOC),
4.750% due 12/01/2017+ A-1+ VMIG1 2,000,000
6,500,000 Pennsylvania State Higher Educational, Facilities
Authority, Association of Independent Colleges,
Series F1, (PNC Bank NA, LOC),
4.850% due 05/01/2020+ NR VMIG1 6,500,000
5,500,000 Philadelphia, Pennsylvania, Hospital & Higher
Education, Health Systems, Series B,
4.375% due 03/27/2001+ A-1+ NR 5,500,000
7,300,000 Schuylkill County, Pennsylvania Industrial Development
Authority, Gilbertown Power Project, (Mellon Bank,
LOC),
4.750% due 12/01/2002+ A-1+ NR 7,300,000
1,000,000 Venango County, Pennsylvania, Pre-refunded,
7.000% due 07/15/2015 AAA Aaa 1,001,167
4,765,000 York County, Pennsylvania, Industrial Development
Authority, Industrial Development Revenue, (New
Edgecomb Corporation Project), (Wells Fargo, LOC),
4.650% due 07/01/2009+ NR Aa3 4,765,000
------------
27,066,167
------------
SOUTH CAROLINA -- 0.9%
3,000,000 South Carolina State Public Authority, Refunding
Series A,
4.500% due 01/01/2001 AA- Aa2 3,005,535
------------
SOUTH DAKOTA -- 0.4%
1,250,000 Sioux Fall South Dakota School District Number 49-5,
Capital Outlay Certificates,
4.000% due 07/01/2000 NR Aa3 1,250,000
------------
</TABLE>
See Notes to Financial Statements.
89
<PAGE> 385
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
TENNESSEE -- 3.4%
$ 2,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, Industrial Development Board Revenue,
Multifamily Housing, (Arbor Crest Apartments),
Series B,
4.800% due 12/01/2007+ NR VMIG1 $ 2,000,000
3,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, GO,
4.750% due 05/15/2001 AA Aa2 3,004,224
6,135,000 Shelby County, Tennessee, Health Educational & Housing
Facilities Board Revenue, Refunding, Multifamily
Housing-Wyndridge, (Credit Suisse, LOC),
4.850% due 11/01/2019+ A-1+ NR 6,135,000
------------
11,139,224
------------
TEXAS -- 5.3%
5,120,000 Bexar County, Texas, Health Facilities Development
Company, Retirement Community, Air Force, Series B,
(Rabobank, LOC),
4.800% due 03/01/2012+ A-1+ NR 5,120,000
1,455,000 Lubbock Texas Independent School District, Series A,
(PSFG), Pre-refunded,
6.000% due 08/15/2009 NR NR 1,458,432
8,800,000 Port Corpus Christi, Texas, Nueces County Marine Term
Revenue, (West Deutsche, LOC),
4.600% due 09/01/2014+ A-1+ NR 8,800,000
1,000,000 Spring Branch Texas Independent School District, GO,
8.000% due 02/01/2001 AAA Aaa 1,018,981
1,000,000 Tarrant County, Texas, Certificates Obligation,
4.750% due 07/15/2000 AA+ Aa1 1,000,238
------------
17,397,651
------------
UTAH -- 2.0%
6,500,000 Intermountain Power Agency Utah Power Supply Revenue,
Series 1, Pre-refunded,
2.527% due 07/01/2000 AAA Aaa 6,500,000
------------
VIRGINIA -- 3.4%
2,950,000 Arlington County Virginia Revenue, Ballston Public
Parking, (Citibank, N.A., LOC),
5.050% due 08/01/2017+ A-1+ NR 2,950,000
1,640,000 Richmond, Virginia, Redevelopment & Housing Authority,
Stony Point Project, (First Union, LOC),
4.800% due 04/01/2029+ A-1 NR 1,640,000
</TABLE>
See Notes to Financial Statements.
90
<PAGE> 386
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
VIRGINIA (CONTINUED)
$ 2,000,000 Roanoke Virginia Industrial Development Authority
Hospital Revenue, Roanoke Memorial Hospital
Projects-Carilion Health System, MBIA, Pre-refunded,
6.500% due 07/01/2025+ AAA Aaa $ 2,000,000
1,570,000 Virginia Beach Virginia, Series 1993,
4.650% due 07/15/2000 AA Aa1 1,570,614
2,825,000 Virginia State Public School Authority, Series B,
6.000% due 08/01/2000 AAA Aa2 2,830,241
------------
10,990,855
------------
WASHINGTON -- 2.5%
1,220,000 Seattle, Washington, Library Facilities, Series A,
4.500% due 12/01/2000 AA+ Aaa 1,221,596
Washington State:
2,950,000 Series B, Pre-refunded,
6.375% due 08/01/2010 AA+ Aa1 2,955,797
1,000,000 Series B, Pre-refunded,
6.750% due 08/01/2002 AA+ Aa1 1,002,333
2,100,000 Series B, Pre-refunded,
6.800% due 08/01/2005 AA+ Aa1 2,104,987
1,000,000 Washington State Public Power Supply, Series C,
Pre-refunded,
8.000% due 07/01/2017 AAA Aaa 1,020,000
------------
8,304,713
------------
WISCONSIN -- 3.1%
2,350,000 Delafield, Wisconsin Community Development Authority
Revenue, University Lake School Project, (Firstar
Bank N.A., LOC),
4.600% due 03/01/2035+ A-1 NR 2,350,000
3,000,000 Kenosha, Wisconsin Unified School District Number 001,
Tax & Revenue Anticipation Notes, Series A,
4.150% due 10/06/2000 NR MIG1 3,003,062
1,000,000 Milwaukee Wisconsin Metropolitan Sewage District, GO,
Series A, Pre-refunded,
6.700% due 10/01/2000 NR Aa1 1,005,228
2,850,000 Milwaukee, Wisconsin, Corporation Purpose, Series P,
5.000% due 12/15/2000 AA+ Aa1 2,862,864
1,000,000 Wisconsin Rural Water Construction Loan, Bond
Anticipation Notes, (GIC-FGIC Insured),
4.250% due 09/15/2000 NR MIG1 1,000,388
------------
10,221,542
------------
</TABLE>
See Notes to Financial Statements.
91
<PAGE> 387
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING (UNAUDITED)
PRINCIPAL --------------------
AMOUNT S&P MOODY'S VALUE
-------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
WYOMING -- 0.8%
Wyoming State Farm Loan Board Capital Facilities
Revenue:
$ 1,000,000 7.375% due 10/01/2000 AA- NR $ 1,006,681
1,600,000 Pre-refunded,
7.375% due 10/01/2020 AA- NR 1,612,714
------------
2,619,395
------------
TOTAL MUNICIPAL BONDS AND NOTES
322,348,647
(Cost $322,348,647) ------------
SHARES
-----------
SHORT-TERM INVESTMENTS -- 0.5%
1,438,072 Dreyfus Tax-Exempt Cash Management 1,438,072
50,726 Valiant Fund Tax Exempt Money Market 50,726
------------
TOTAL SHORT-TERM INVESTMENTS
1,488,798
(Cost $1,488,798) ------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $323,837,445*) 99.0% 323,837,445
OTHER ASSETS AND LIABILITIES (NET) 1.0 3,316,482
----- ------------
NET ASSETS 100.0% $327,153,927
===== ============
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
+ Variable rate security. The interest rate shown reflects the rate currently in
effect.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GIC -- Guaranteed Investment Contract
GO -- Government Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
SBPA -- Stand by Purchase Agreement
See Notes to Financial Statements.
92
<PAGE> 388
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------------------------------------------------------------------------------------------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 51.6%
U.S. TREASURY BILLS -- 30.9%
$15,000,000 5.000% due 07/13/2000 $14,975,000
-----------
U.S. TREASURY NOTES -- 20.7%
5,000,000 5.375% due 07/31/2000 4,997,893
5,000,000 5.750% due 11/15/2000 5,000,588
-----------
9,998,481
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $24,973,481) 24,973,481
-----------
REPURCHASE AGREEMENTS -- 48.9%
10,627,284 Agreement with Lehman Brothers Holding Inc., 6.55% dated
06/30/2000, to be repurchased at $10,633,084 on
07/03/2000, collateralized by $7,705,000 U.S. Treasury
Bond, 14.0% maturing 11/15/2011 (value $10,842,399) 10,627,284
2,000,000 Agreement with Merrill Lynch and Company Inc., 6.35% dated
06/30/2000, to be repurchased at $2,001,058 on 07/03/2000,
collateralized by $1,995,000 U.S. Treasury Note, 6.3800%
maturing 08/15/2002 (value $2,028,553) 2,000,000
11,000,000 Agreement State Street Bank and Trust Company, 6.350% dated
06/30/2000, to be repurchased at $11,005,821 on
07/03/2000, collateralized by $10,980,000 U.S. Treasury
Note, 6.500% maturing 02/28/2002 (value $11,220,188) 11,000,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $23,627,284) 23,627,284
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $48,600,765*) 100.5% 48,600,765
OTHER ASSETS AND LIABILITIES (NET) (0.5) (264,298)
----- -----------
NET ASSETS 100.0% $48,336,467
===== ===========
</TABLE>
------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
93
<PAGE> 389
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER
BALANCED EQUITY INCOME INDEX 500 INTERNATIONAL MICRO-CAP
FUND FUND FUND EQUITY FUND EQUITY FUND
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities............................. $55,849,549 $184,108,431 $1,510,792,563 $262,256,658 $158,327,290
Repurchase Agreements.................. 5,089,000 11,290,000 4,216,000 -- 4,657,000
----------- ------------ -------------- ------------ ------------
Total Investments.......................... 60,938,549 195,398,431 1,515,008,563 262,256,658 162,984,290
Cash....................................... 924 234 5,911 -- 320
Interest receivable........................ 162,983 1,991 744 -- 821
Dividends receivable....................... 24,026 276,626 1,162,250 564,202 --
Receivable for investment securities
sold..................................... 705,980 2,361,565 19,193,384 1,453,873 2,860,572
Receivable for Fund shares sold............ 394,676 601,129 8,621,805 2,874,793 907,598
Unamortized organization costs............. -- -- -- -- --
Receivable for future variation margin..... -- -- 104,100 -- --
Prepaid expenses and other assets.......... 8,501 21,050 89,262 18,014 17,047
----------- ------------ -------------- ------------ ------------
Total Assets......................... 62,235,639 198,661,026 1,544,186,019 267,167,540 166,770,648
----------- ------------ -------------- ------------ ------------
LIABILITIES:
Due to custodian........................... -- -- -- 920,328 --
Options written (a)........................ -- -- -- -- --
Payable for Fund shares redeemed........... 17,140 645,335 3,979,801 578,160 409,052
Payable for investment securities
purchased................................ 971,889 -- 8,211,162 582,154 5,921,727
Payable upon return of securities loaned... 11,097,500 3,903,140 -- 48,390,828 28,964,596
Investment advisory fee payable............ 26,776 127,980 126,280 134,329 99,844
Administration fee payable................. 4,845 38,380 292,691 32,210 18,039
Shareholder servicing fees payable......... 4,991 24,949 67,980 24,767 1,254
Distribution fees payable.................. 12,535 5,518 223,131 8,016 56,132
Transfer agent fee payable................. 5,927 40,599 252,618 42,021 4,229
Custodian fees payable..................... 3,354 14,203 107,205 13,858 10,123
Accrued Trustees'/Directors' fees and
expenses................................. 483 2,924 13,489 2,195 780
Accrued expenses and other payables........ 9,714 11,098 307,178 19,398 125,957
----------- ------------ -------------- ------------ ------------
Total Liabilities.................... 12,155,154 4,814,126 13,581,535 50,748,264 35,611,733
----------- ------------ -------------- ------------ ------------
NET ASSETS................................. $50,080,485 $193,846,900 $1,530,604,484 $216,419,276 $131,158,915
=========== ============ ============== ============ ============
Investments, at cost....................... $59,355,385 $190,579,419 $1,003,952,902 $189,331,409 $140,580,896
=========== ============ ============== ============ ============
</TABLE>
------------
(a) Munder Small-Cap Value Fund received premium of $123,731.
See Notes to Financial Statements.
94
<PAGE> 390
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER MUNDER FRAMLINGTON FRAMLINGTON FRAMLINGTON
MULTI-SEASON EQUITY INVESTMENT SMALL-CAP SMALL COMPANY EMERGING MARKETS HEALTHCARE INTERNATIONAL GROWTH
GROWTH FUND FUND VALUE FUND GROWTH FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$635,125,351 $ 61,015,068 $66,101,316 $252,356,758 $ 75,952,645 $317,348,997 $ 81,458,819
27,075,000 1,595,000 1,810,000 7,388,000 4,213,000 10,576,000 --
------------ ------------- ----------- ------------ ------------ ------------ ------------
662,200,351 62,610,068 67,911,316 259,744,758 80,165,645 327,924,997 81,458,819
2,150 582 728 219 161,636 2,258,321 614,263
4,776 281 319 1,303 743 1,880 --
325,967 419,992 56,396 3,189 111,308 11,212 143,586
1,441,752 1,964,362 -- 7,495,226 -- 1,422,087 38,547
2,300,205 423,672 944,857 466,899 1,484,253 8,351,632 339,290
-- -- -- -- 1,932 1,670 8,840
-- -- -- -- -- -- --
46,817 15,619 13,892 21,159 10,838 19,259 11,175
------------ ------------- ----------- ------------ ------------ ------------ ------------
666,322,018 65,434,576 68,927,508 267,732,753 81,936,355 339,991,058 82,614,520
------------ ------------- ----------- ------------ ------------ ------------ ------------
-- -- -- -- -- -- --
-- -- 60,937 -- -- -- --
1,489,044 7,900 2,106,204 7,444,732 137,190 513,921 53,884
-- 710,455 -- 7,746,716 2,087,854 1,336,550 164,839
20,719,484 -- 11,678,958 46,088,978 11,016,414 61,861,438 1,039,500
400,756 38,588 39,091 125,154 36,535 191,995 68,605
123,218 12,182 15,413 42,588 10,075 22,438 12,680
58,524 245 4,608 11,488 7,690 74 591
52,181 3,962 4,003 12,938 3,931 138,992 2,658
135,858 13,269 22,180 49,283 19,327 1,057 24,862
47,509 9,164 7,539 19,016 49,311 6,002 11,134
8,594 955 1,747 3,537 439 1,348 488
256,798 68,272 10,526 24,446 48,128 84,750 9,858
------------ ------------- ----------- ------------ ------------ ------------ ------------
23,291,966 864,992 13,951,206 61,568,876 13,416,894 64,158,565 1,389,099
------------ ------------- ----------- ------------ ------------ ------------ ------------
$643,030,052 $ 64,569,584 $54,976,302 $206,163,877 $ 68,519,461 $275,832,493 $ 81,225,421
============ ============= =========== ============ ============ ============ ============
$471,455,140 $ 61,616,075 $68,240,513 $244,730,295 $ 77,612,065 $277,186,812 $ 63,049,088
============ ============= =========== ============ ============ ============ ============
</TABLE>
See Notes to Financial Statements.
95
<PAGE> 391
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities............................... $172,982,619 $441,287,874 $33,567,120 $232,081,244 $48,151,335
Repurchase Agreements.................... 779,000 2,127,000 387,000 3,172,000 --
------------ ------------ ----------- ------------ -----------
Total Investments............................ 173,761,619 443,414,874 33,954,120 235,253,244 48,151,335
Cash......................................... 75 14 806 361 --
Interest receivable.......................... 2,480,524 4,557,345 764,433 1,444,221 566,394
Receivable for investment securities sold.... -- 10,118,739 -- 977,895 --
Receivable for Fund shares sold.............. 38,958 733,789 -- 393,713 6,500
Unamortized organization costs............... -- -- 8,902 -- --
Prepaid expenses and other assets............ 19,656 34,352 17,392 21,660 3,378
------------ ------------ ----------- ------------ -----------
Total Assets........................... 176,300,832 458,859,113 34,745,653 238,091,094 48,727,607
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Payable for Fund shares redeemed............. 247,021 957,519 59,587 2,563,073 57,663
Payable for investment securities
purchased.................................. -- 10,042,900 -- -- --
Payable upon return of securities loaned..... 14,046,850 35,801,351 -- 14,965,000 --
Dividends payable............................ -- -- -- -- 8,696
Investment advisory fee payable.............. 66,521 171,462 14,371 90,910 19,996
Administration fee payable................... 34,326 54,228 7,579 45,141 9,846
Shareholder servicing fees payable........... 7,090 56,765 10 36,744 9,272
Distribution fees payable.................... 3,842 7,207 296 6,439 706
Transfer agent fee payable................... 45,440 97,569 9,911 53,646 12,394
Custodian fees payable....................... 14,111 37,924 13,557 20,627 10,960
Accrued Trustees'/Directors' fees and
expenses................................... 2,910 6,209 609 3,320 837
Accrued expenses and other payables.......... 52,221 47,099 30,112 32,294 34,747
------------ ------------ ----------- ------------ -----------
Total Liabilities...................... 14,520,332 47,280,233 136,032 17,817,194 165,137
------------ ------------ ----------- ------------ -----------
NET ASSETS................................... $161,780,500 $411,578,880 $34,609,621 $220,273,900 $48,562,470
============ ============ =========== ============ ===========
Investments, at cost......................... $180,881,682 $453,465,508 $35,734,324 $242,509,495 $49,388,288
============ ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
96
<PAGE> 392
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
$138,107,778 $212,316,106 $1,041,432,124 $323,837,445 $24,973,481
-- -- 73,680,923 -- 23,627,284
------------ ------------ -------------- ------------ -----------
$138,107,778 212,316,106 1,115,113,047 323,837,445 48,600,765
-- -- -- -- --
2,412,333 3,633,193 5,461,262 2,523,462 153,171
-- -- -- -- --
68,513 79,400 28,755,821 6,912,691 53,039
-- -- -- -- --
14,101 23,622 109,380 24,598 7,410
------------ ------------ -------------- ------------ -----------
140,602,725 216,052,321 1,149,439,510 333,298,196 48,814,385
------------ ------------ -------------- ------------ -----------
296,222 541,391 12,139,294 28,222 272,394
-- -- -- 5,030,319 --
-- -- -- -- --
-- -- 4,911,975 734,207 130,740
61,573 89,078 327,044 96,565 14,603
27,810 42,435 115,072 63,968 10,516
28,953 42,153 100,268 27,119 1,643
1,329 2,592 25,004 13,815 4,089
32,532 49,907 304,248 75,521 13,070
16,724 23,100 72,518 33,628 11,879
2,061 3,221 8,861 4,092 733
34,535 16,231 5,076 36,813 18,251
------------ ------------ -------------- ------------ -----------
501,739 810,108 18,009,360 6,144,269 477,918
------------ ------------ -------------- ------------ -----------
$140,100,986 $215,242,213 $ 99,387,026 $327,153,927 $48,336,467
============ ============ ============== ============ ===========
$138,958,992 $213,574,326 $1,115,113,047 $323,837,445 $48,600,765
============ ============ ============== ============ ===========
</TABLE>
See Notes to Financial Statements.
97
<PAGE> 393
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER
MUNDER MUNDER MUNDER INTERNATIONAL MICRO-CAP
BALANCED EQUITY INCOME INDEX 500 EQUITY EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
NET ASSETS CONSIST OF:
Undistributed net investment
income/(loss)............................ $ 614 $ 52,887 $ -- $ -- $ --
Accumulated net realized gain/(loss) on
investments sold, futures contracts and
currency transactions.................... 7,662,764 7,337,922 7,622,890 9,435,617 4,500,182
Net unrealized appreciation/(depreciation)
of investments, foreign currency and net
other assets............................. 1,583,164 4,819,012 510,876,399 72,925,685 22,403,394
Par value.................................. 4,130 16,375 49,827 11,974 46,138
Paid-in capital in excess of par value..... 40,869,813 181,620,704 1,012,055,368 134,046,000 104,209,201
----------- ------------ -------------- ------------ ------------
$50,080,485 $193,846,900 $1,530,604,484 $216,419,276 $131,158,915
=========== ============ ============== ============ ============
NET ASSETS:
Class A Shares............................. $ 6,228,507 $ 5,120,916 $ 504,843,185 $ 10,945,500 $ 35,959,933
=========== ============ ============== ============ ============
Class B Shares............................. $ 9,582,095 $ 3,960,998 $ 402,570,154 $ 3,211,354 $ 45,480,312
=========== ============ ============== ============ ============
Class C Shares............................. $ 5,144,696 $ 1,072,603 $ -- $ 3,977,014 $ 20,588,474
=========== ============ ============== ============ ============
Class K Shares............................. $23,694,863 $110,257,422 $ 328,059,097 $118,765,593 $ 6,393,332
=========== ============ ============== ============ ============
Class Y Shares............................. $ 5,430,324 $ 73,434,961 $ 295,132,048 $ 79,519,815 $ 22,736,864
=========== ============ ============== ============ ============
SHARES OUTSTANDING:
Class A Shares............................. 513,401 432,707 16,436,652 606,036 1,248,747
=========== ============ ============== ============ ============
Class B Shares............................. 793,105 336,102 13,107,845 181,659 1,623,143
=========== ============ ============== ============ ============
Class C Shares............................. 424,308 91,036 -- 222,738 734,626
=========== ============ ============== ============ ============
Class K Shares............................. 1,951,861 9,314,031 10,688,688 6,585,964 222,385
=========== ============ ============== ============ ============
Class Y Shares............................. 447,474 6,201,527 9,593,814 4,377,863 784,887
=========== ============ ============== ============ ============
CLASS A SHARES:
Net asset value and redemption price per
share.................................... $12.13 $11.83 $30.71 $18.06 $28.80
=========== ============ ============== ============ ============
Maximum sales charge....................... 5.50% 5.50% 2.50% 5.50% 5.50%
Maximum offering price per share........... $12.84 $12.52 $31.50 $19.11 $30.48
=========== ============ ============== ============ ============
CLASS B SHARES:
Net asset value and offering price per
share*................................... $12.08 $11.79 $30.71 $17.68 $28.02
=========== ============ ============== ============ ============
CLASS C SHARES:
Net asset value and offering price per
share*................................... $12.12 $11.78 N/A $17.86 $28.03
=========== ============ ============== ============ ============
CLASS K SHARES:
Net asset value, offering price and
redemption price per share............... $12.14 $11.84 $30.69 $18.03 $28.75
=========== ============ ============== ============ ============
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share............... $12.14 $11.84 $30.76 $18.16 $28.97
=========== ============ ============== ============ ============
</TABLE>
------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
98
<PAGE> 394
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ 24,221 $ -- $ 302,423 $ (96,169) $(1,089,342)
38,139,020 (9,463,096) (2,440,399) 3,443,015 (5,789,373) 2,659,253 5,790,926
190,745,211 993,994 (266,403) 15,014,463 2,554,686 50,748,511 18,413,641
310,907 53,250 45,150 10,267 54,186 98,904 51,429
413,834,914 72,985,436 57,613,733 187,696,132 71,397,539 222,421,994 58,058,767
------------ ----------- ----------- ------------ ----------- ------------ -----------
$643,030,052 $64,569,584 $54,976,302 $206,163,877 $68,519,461 $275,832,493 $81,225,421
============ =========== =========== ============ =========== ============ ===========
$ 65,569,349 $ 3,730,378 $ 3,468,548 $ 16,611,046 $ 3,636,850 $ 79,441,230 $ 1,714,640
============ =========== =========== ============ =========== ============ ===========
$ 36,433,076 $ 3,291,174 $ 2,741,350 $ 8,561,880 $ 3,012,294 $102,858,561 $ 1,637,733
============ =========== =========== ============ =========== ============ ===========
$ 10,166,021 $ 668,815 $ 1,275,164 $ 3,352,082 $ 807,137 $ 77,156,290 $ 1,117,727
============ =========== =========== ============ =========== ============ ===========
$280,338,861 $ 1,234,287 $15,570,859 $ 55,091,617 $41,166,723 $ 387,046 $ 2,839,047
============ =========== =========== ============ =========== ============ ===========
$250,522,745 $55,644,930 $31,920,381 $122,547,252 $19,896,457 $ 15,989,366 $73,916,274
============ =========== =========== ============ =========== ============ ===========
3,178,860 308,657 284,643 822,963 284,623 2,802,182 108,613
============ =========== =========== ============ =========== ============ ===========
1,866,348 272,021 227,357 456,605 240,607 3,721,025 105,619
============ =========== =========== ============ =========== ============ ===========
519,948 55,007 106,107 175,798 64,938 2,793,574 71,891
============ =========== =========== ============ =========== ============ ===========
13,586,990 102,052 1,279,454 2,770,698 3,261,381 13,670 180,224
============ =========== =========== ============ =========== ============ ===========
11,938,504 4,587,298 2,617,405 6,040,704 1,567,027 559,915 4,676,524
============ =========== =========== ============ =========== ============ ===========
$20.63 $12.09 $12.19 $20.18 $12.78 $28.35 $15.79
============ =========== =========== ============ =========== ============ ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$21.83 $12.79 $12.90 $21.35 $13.52 $30.00 $16.71
============ =========== =========== ============ =========== ============ ===========
$19.52 $12.10 $12.06 $18.75 $12.52 $27.64 $15.51
============ =========== =========== ============ =========== ============ ===========
$19.55 $12.16 $12.02 $19.07 $12.43 $27.62 $15.55
============ =========== =========== ============ =========== ============ ===========
$20.63 $12.09 $12.17 $19.88 $12.62 $28.31 $15.75
============ =========== =========== ============ =========== ============ ===========
$20.98 $12.13 $12.20 $20.29 $12.70 $28.56 $15.81
============ =========== =========== ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
99
<PAGE> 395
The Munder Funds
Statements of Assets and Liabilities, June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
NET ASSETS CONSIST OF:
Undistributed net investment income/(loss)... $ 628,603 $ 805,996 $ (718,007) $ 660,634 $ 29,252
Accumulated net realized gain/(loss) on
investments sold........................... (11,700,979) (30,665,348) (477,036) (2,722,342) (725,998)
Net unrealized depreciation of investments
and foreign currency transactions.......... (7,120,063) (10,050,634) (1,800,764) (7,256,251) (1,236,953)
Par value.................................... 17,509 45,329 37,088 22,502 5,136
Paid-in capital in excess of par value....... 179,955,430 451,443,537 37,568,340 229,569,357 50,491,033
------------ ------------ ----------- ------------ -----------
$161,780,500 $411,578,880 $34,609,621 $220,273,900 $48,562,470
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares............................... $ 2,652,461 $ 7,473,943 $ 410,107 $ 3,988,368 $ 1,082,586
============ ============ =========== ============ ===========
Class B Shares............................... $ 3,513,846 $ 5,645,312 $ 222,696 $ 5,269,794 $ 491,723
============ ============ =========== ============ ===========
Class C Shares............................... $ 338,206 $ 1,795,774 $ 28,008 $ 1,228,379 $ 110,322
============ ============ =========== ============ ===========
Class K Shares............................... $ 40,104,743 $268,000,685 $ 43,938 $177,334,058 $45,515,219
============ ============ =========== ============ ===========
Class Y Shares............................... $115,171,244 $128,663,166 $33,904,872 $ 32,453,301 $ 1,362,620
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares............................... 287,239 821,835 44,156 407,250 114,656
============ ============ =========== ============ ===========
Class B Shares............................... 380,593 622,429 24,124 538,319 51,930
============ ============ =========== ============ ===========
Class C Shares............................... 36,474 197,208 3,014 125,670 11,665
============ ============ =========== ============ ===========
Class K Shares............................... 4,341,681 29,520,114 4,727 18,115,252 4,814,190
============ ============ =========== ============ ===========
Class Y Shares............................... 12,462,570 14,167,746 3,632,764 3,315,347 144,024
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption price per
share...................................... $9.23 $9.09 $9.29 $9.79 $9.44
============ ============ =========== ============ ===========
Maximum sales charge......................... 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share............. $9.61 $9.47 $9.68 $10.20 $9.83
============ ============ =========== ============ ===========
CLASS B SHARES:
Net asset value and offering price per
share*..................................... $9.23 $9.07 $9.23 $9.79 $9.47
============ ============ =========== ============ ===========
CLASS C SHARES:
Net asset value and offering price per
share*..................................... $9.27 $9.11 $9.29 $9.77 $9.46
============ ============ =========== ============ ===========
CLASS K SHARES:
Net asset value, offering price and
redemption price per share................. $9.24 $9.08 $9.29 $9.79 $9.45
============ ============ =========== ============ ===========
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share................. $9.24 $9.08 $9.33 $9.79 $9.46
============ ============ =========== ============ ===========
</TABLE>
------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
100
<PAGE> 396
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
$ 80,970 $ 121,835 $ -- $ -- $ --
(1,275,978) (3,570) 1 110,444 41,582
(851,214) (1,258,220) -- -- --
14,312 21,419 1,131,433 327,287 48,295
142,132,896 216,360,749 1,130,298,716 326,937,084 48,246,590
------------ ------------ -------------- ------------ ------------
$140,100,986 $215,242,213 $1,131,430,150 $327,153,927 $ 48,336,467
============ ============ ============== ============ ============
$ 1,873,122 $ 5,744,679 $ 122,692,897 $80,887,188 $ 20,630,728
============ ============ ============== ============ ============
$ 963,727 $ 1,377,392 -- -- --
============ ============ ============== ============ ============
$ 206,831 $ 248,252 -- -- --
============ ============ ============== ============ ============
$134,676,196 $201,005,221 $ 811,581,529 $229,725,805 $ 13,439,859
============ ============ ============== ============ ============
$ 2,381,110 $ 6,866,669 $ 197,155,724 $16,540,934 $ 14,265,880
============ ============ ============== ============ ============
191,423 571,706 122,692,349 80,886,206 20,629,020
============ ============ ============== ============ ============
98,610 137,277 -- -- --
============ ============ ============== ============ ============
21,102 24,573 -- -- --
============ ============ ============== ============ ============
13,757,244 20,002,681 811,583,158 229,846,078 13,423,215
============ ============ ============== ============ ============
243,382 682,886 197,157,152 16,554,378 14,242,651
============ ============ ============== ============ ============
$9.79 $10.05 $1.00 $1.00 $1.00
============ ============ ============== ============ ============
4.00% 4.00% -- -- --
$10.20 $10.47 $1.00 $1.00 $1.00
============ ============ ============== ============ ============
$9.77 $10.03 N/A N/A N/A
============ ============ ============== ============ ============
$9.80 $10.10 N/A N/A N/A
============ ============ ============== ============ ============
$9.79 $10.05 $1.00 $1.00 $1.00
============ ============ ============== ============ ============
$9.78 $10.06 $1.00 $1.00 $1.00
============ ============ ============== ============ ============
</TABLE>
See Notes to Financial Statements.
101
<PAGE> 397
The Munder Funds
Statements of Operations, Year Ended June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY MUNDER INTERNATIONAL MICRO-CAP
BALANCED INCOME INDEX 500 EQUITY EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest..................................... $ 819,853 $ 410,082 $ 2,048,406 $ 210,885 $ 274,263
Dividends(a)................................. 197,404 4,713,069 16,659,890 5,388,647 16,261
Securities lending........................... 19,472 17,917 -- 381,472 81,778
----------- ------------ ----------- ----------- -----------
Total investment income................ 1,036,729 5,141,068 18,708,296 5,981,004 372,302
----------- ------------ ----------- ----------- -----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares............................. 6,781 14,052 1,143,992 20,809 52,367
Class B Shares............................. 41,466 36,171 3,593,936 21,134 265,788
Class C Shares............................. 14,537 10,898 -- 29,497 117,226
Shareholder servicing fees:
Class K Shares............................. 61,792 389,998 753,891 284,153 10,653
Investment advisory fee...................... 260,611 1,483,572 1,457,304 1,637,127 852,143
Administration fee........................... 41,888 204,774 1,483,642 218,373 87,836
Transfer agent fee........................... 17,536 102,556 771,566 106,380 38,261
Custodian fees............................... 48,055 51,597 314,238 172,778 37,072
Legal and audit fees......................... 3,411 18,319 95,057 16,165 4,806
Trustees'/Directors' fees and expenses....... 1,669 9,258 46,941 8,038 2,383
Amortization of organization costs........... -- -- -- -- --
Registration and filing fees................. 20,358 33,973 97,480 33,069 49,360
Other........................................ 9,966 27,141 860,315 103,862 150,145
----------- ------------ ----------- ----------- -----------
Total Expenses......................... 528,070 2,382,309 10,618,362 2,651,385 1,668,040
Fees waived and/or expenses reimbursed by
investment advisor and/or distributor...... -- -- (2,311,983) -- (4,684)
----------- ------------ ----------- ----------- -----------
Net Expenses................................. 528,070 2,382,309 8,306,379 2,651,385 1,663,356
----------- ------------ ----------- ----------- -----------
NET INVESTMENT INCOME/(LOSS)................. 508,659 2,758,759 10,401,917 3,329,619 (1,291,054)
----------- ------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions(b)................... 11,883,004 10,054,573 13,782,755 27,454,443 12,536,936
Futures contracts.......................... -- -- (781,584) -- --
Foreign currency transactions.............. -- -- 37 7,332 --
Net change in unrealized
appreciation/(depreciation) of:
Securities................................. (3,660,424) (50,766,777) 75,266,450 16,728,208 12,596,649
Forward foreign exchange contracts......... -- -- -- -- --
Futures contracts.......................... -- -- (1,148,700) -- --
Foreign currency and net other assets...... -- -- -- 10,167 --
----------- ------------ ----------- ----------- -----------
Net realized and unrealized gain/(loss) on
investments................................ 8,222,580 (40,712,204) 87,118,958 44,200,150 25,133,585
----------- ------------ ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.................. $ 8,731,239 $(37,953,445) $97,520,875 $47,529,769 $23,842,531
=========== ============ =========== =========== ===========
</TABLE>
------------
(a) Net of foreign withholding taxes of $8, $13,637, $82,123, $377,264, $350,
$189, $69,882, $1,643, $144,597 for Munder Balanced Fund, Munder Equity
Income Fund, Munder Index 500 Fund, Munder International Equity Fund, Munder
Multi-Season Growth Fund, Munder Small Cap Value Fund, Munder Framlington
Emerging Markets Fund, Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund, respectively.
(b) Net of foreign capital gains taxes of $292,846 for Munder Framlington
Emerging Markets Fund.
See Notes to Financial Statements.
102
<PAGE> 398
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ 2,524,688 $ 66,290 $ 190,570 $ 438,447 $ 103,019 $ 370,199 $ 113,379
5,166,833 4,089,922 1,330,643 279,836 1,073,777 51,857 893,856
66,590 -- 26,178 206,874 35,594 92,520 51,570
------------ ----------- ------------ ------------ ----------- ----------- -----------
7,758,111 4,156,212 1,547,391 925,157 1,212,390 514,576 1,058,805
------------ ----------- ------------ ------------ ----------- ----------- -----------
138,000 7,030 10,020 41,740 4,275 55,424 6,907
672,504 37,020 28,323 85,145 21,671 302,508 10,623
113,212 8,021 14,296 33,388 7,425 202,310 4,721
735,886 4,000 112,970 216,511 92,560 356 5,843
6,501,672 493,473 716,497 1,874,829 773,463 819,735 787,367
724,377 69,012 98,907 258,496 62,437 80,784 79,480
342,985 33,247 55,091 127,129 37,861 35,561 47,130
133,829 23,087 37,640 79,087 202,686 45,588 155,498
60,013 5,931 10,117 23,397 3,755 3,854 2,190
26,464 3,075 5,304 11,902 1,907 1,951 2,425
-- 3,739 -- -- 1,595 1,350 6,166
57,236 27,076 35,871 34,952 37,279 97,212 36,530
362,049 61,638 53,556 107,530 45,004 50,347 33,401
------------ ----------- ------------ ------------ ----------- ----------- -----------
9,868,227 776,349 1,178,592 2,894,106 1,291,918 1,696,980 1,178,281
(1,250,000) -- -- -- (95,447) (15,128) (17,963)
------------ ----------- ------------ ------------ ----------- ----------- -----------
8,618,227 776,349 1,178,592 2,894,106 1,196,471 1,681,852 1,160,318
------------ ----------- ------------ ------------ ----------- ----------- -----------
(860,116) 3,379,863 368,799 (1,968,949) 15,919 (1,167,276) (101,513)
------------ ----------- ------------ ------------ ----------- ----------- -----------
61,239,228 (7,516,109) 1,342,783 70,138,282 8,453,023 4,416,636 11,096,615
-- -- -- -- -- -- --
-- -- -- -- (279,955) (97,999) (331,382)
(64,867,915) 2,964,104 (15,948,748) (28,128,105) (4,689,589) 52,218,855 8,149,026
-- -- 62,794 --
-- -- -- -- -- -- --
-- -- -- -- 6,322 10,330 9,695
------------ ----------- ------------ ------------ ----------- ----------- -----------
(3,628,687) (4,552,005) (14,543,171) 42,010,177 3,489,801 56,547,822 18,923,954
------------ ----------- ------------ ------------ ----------- ----------- -----------
$ (4,488,803) $(1,172,142) $(14,174,372) $ 40,041,228 $ 3,505,720 $55,380,546 $18,822,441
============ =========== ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
103
<PAGE> 399
The Munder Funds
Statements of Operations, Year Ended June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding taxes of
$1,633 for the Munder International Bond
Fund)......................................... $15,175,560 $ 30,883,198 $ 1,842,943 $18,254,460 $ 2,899,200
Securities lending.............................. 79,388 187,111 -- 32,920 --
----------- ------------ ----------- ----------- -----------
Total investment income......................... 15,254,948 31,070,309 1,842,943 18,287,380 2,899,200
----------- ------------ ----------- ----------- -----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares................................ 6,407 23,737 931 14,228 3,097
Class B Shares................................ 31,465 52,872 1,544 48,689 4,878
Class C Shares................................ 4,054 7,507 524 13,976 1,545
Shareholder servicing fees:
Class K Shares................................ 115,036 740,287 107 473,861 132,203
Investment advisory fee......................... 1,077,348 2,355,369 224,829 1,299,092 280,550
Administration fee.............................. 222,750 462,659 46,528 268,798 58,080
Transfer agent fee.............................. 111,827 237,834 23,970 131,756 29,620
Custodian fees.................................. 64,551 128,921 50,026 69,650 38,340
Legal and audit fees............................ 18,919 40,647 4,010 22,005 4,981
Trustees'/Directors' fees and expenses.......... 9,820 20,500 2,011 11,194 --
Amortization of organization costs.............. -- -- 6,371 -- --
Registration and filing fees.................... 33,317 42,161 33,288 32,580 2,145
Other........................................... 45,209 62,657 15,893 39,974 20,609
----------- ------------ ----------- ----------- -----------
Total Expenses............................ 1,740,703 4,175,151 410,032 2,425,803 578,537
----------- ------------ ----------- ----------- -----------
NET INVESTMENT INCOME........................... 13,514,245 26,895,158 1,432,911 15,861,577 2,320,663
----------- ------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions......................... (9,711,501) (9,924,872) (1,327,736) (2,918,816) (714,614)
Foreign currency transactions................. -- -- (103,323) -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities.................................... 938,086 (175,443) 484,875 (4,547,469) (648,736)
Foreign currency and net other assets......... -- -- 18,528 -- --
----------- ------------ ----------- ----------- -----------
Net realized and unrealized gain/(loss) on
investments................................... (8,773,415) (10,100,315) (927,656) (7,466,285) (1,363,350)
----------- ------------ ----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS.................................... $ 4,740,830 $ 16,794,843 $ 505,255 $ 8,395,292 $ 957,313
=========== ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
104
<PAGE> 400
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
$ 8,083,070 $ 11,514,470 $77,189,782 $13,465,591 $3,427,740
-- -- -- -- --
----------- --------------- ----------- ----------- ----------
8,083,070 11,514,470 77,189,782 13,465,591 3,427,740
----------- --------------- ----------- ----------- ----------
5,108 13,533 340,566 203,692 40,320
11,148 12,688 -- -- --
1,676 2,757 -- -- --
371,102 576,508 1,378,278 392,618 31,560
771,797 1,220,097 4,653,012 1,275,367 222,962
159,709 252,467 1,259,803 376,795 65,569
83,184 121,907 845,071 181,877 34,849
59,165 79,725 267,804 91,450 29,027
13,533 21,180 84,255 28,022 5,890
6,896 10,835 45,425 13,851 2,501
-- -- -- -- --
32,294 36,157 57,939 28,840 16,567
28,426 16,800 106,042 42,296 10,297
----------- --------------- ----------- ----------- ----------
1,544,038 2,364,654 9,038,195 2,634,808 459,542
----------- --------------- ----------- ----------- ----------
6,539,032 9,149,816 68,151,587 10,830,783 2,968,198
----------- --------------- ----------- ----------- ----------
(1,275,615) 201,891 4 (43,381) --
-- -- -- -- --
(1,643,941) (3,196,894) -- -- --
-- -- -- -- --
----------- --------------- ----------- ----------- ----------
(2,919,556) (2,995,003) 4 (43,381) --
----------- --------------- ----------- ----------- ----------
$ 3,619,476 $ 6,154,813 $68,151,591 $10,787,402 $2,968,198
=========== =============== =========== =========== ==========
</TABLE>
See Notes to Financial Statements.
105
<PAGE> 401
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY MUNDER INTERNATIONAL MICRO-CAP
BALANCED INCOME INDEX 500 EQUITY EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Net investment income/(loss)............... $ 508,659 $ 2,758,759 $ 10,401,917 $ 3,329,619 $ (1,291,054)
Net realized gain/(loss) on investments
sold..................................... 11,883,004 10,054,573 13,001,208 27,461,775 12,536,936
Net change in unrealized
appreciation/(depreciation) of
investments.............................. (3,660,424) (50,766,777) 74,117,750 16,738,375 12,596,649
----------- ------------ -------------- ------------ ------------
Net increase/(decrease) in net assets
resulting from operations................ 8,731,239 (37,953,445) 97,520,875 47,529,769 23,842,531
Dividends to shareholders from net
investment income:
Class A Shares....................... (35,509) (74,773) (3,448,048) (116,429) --
Class B Shares....................... (23,649) (20,833) (1,887,341) (18,966) --
Class C Shares....................... (8,353) (6,318) -- (26,336) --
Class K Shares....................... (309,704) (2,014,101) (2,073,776) (1,812,979) --
Class Y Shares....................... (94,012) (493,800) (2,825,328) (1,508,735) --
Distributions to shareholders from net
realized gains:
Class A Shares....................... (439,740) (226,313) (4,022,664) (572,043) --
Class B Shares....................... (640,901) (142,947) (3,182,924) (157,754) --
Class C Shares....................... (124,756) (52,897) -- (224,004) --
Class K Shares....................... (6,544,611) (7,199,657) (2,699,949) (10,135,297) --
Class Y Shares....................... (1,916,915) (1,232,719) (3,123,424) (8,856,940) --
Distributions to shareholders in excess of
net investment income:
Class A Shares....................... (4,898) (10,170) -- -- --
Class B Shares....................... (567) -- -- (8,177) --
Class C Shares....................... (2,150) -- -- (10,710) --
Class K Shares....................... -- -- -- -- --
Class Y Shares....................... -- (75,525) -- -- --
Distributions to shareholders from capital:
Class A Shares....................... -- -- -- -- --
Class B Shares....................... -- -- -- -- --
Class C Shares....................... -- -- -- -- --
Class K Shares....................... -- -- -- -- --
Class Y Shares....................... -- -- -- -- --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares....................... 4,577,335 900,040 87,458,635 (6,263,646) 22,212,863
Class B Shares....................... 7,531,586 1,129,629 78,191,942 1,968,885 24,574,121
Class C Shares....................... 4,692,180 (27,739) -- 1,635,842 11,793,031
Class K Shares....................... (2,272,713) (57,012,953) 40,275,346 1,373,389 2,043,407
Class Y Shares....................... (9,815,949) 42,985,298 (53,016,506) (30,401,418) (3,578,407)
----------- ------------ -------------- ------------ ------------
Net increase/(decrease) in net assets...... 3,297,913 (61,529,223) 227,166,838 (7,605,549) 80,887,546
NET ASSETS:
Beginning of period........................ 46,782,572 255,376,123 1,303,437,646 224,024,825 50,271,369
----------- ------------ -------------- ------------ ------------
End of period.............................. $50,080,485 $193,846,900 $1,530,604,484 $216,419,276 $131,158,915
=========== ============ ============== ============ ============
Undistributed net investment
income/(loss)............................ $ 614 $ 52,887 $ -- $ -- $ --
=========== ============ ============== ============ ============
</TABLE>
See Notes to Financial Statements.
106
<PAGE> 402
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MUNDER EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
MULTI-SEASON INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
GROWTH FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ (860,116) $ 3,379,863 $ 368,799 $ (1,968,949) $ 15,919 $ (1,167,276) $ (101,513)
61,239,228 (7,516,109) 1,342,783 70,138,282 8,173,068 4,318,637 10,765,233
(64,867,915) 2,964,104 (15,885,954) (28,128,105) (4,683,267) 52,229,185 8,158,721
------------- ------------ ------------ ------------- ----------- ------------ -----------
(4,488,803) (1,172,142) (14,174,372) 40,041,228 3,505,720 55,380,546 18,822,441
-- (138,385) (12,386) -- -- -- (9,646)
-- (151,331) -- -- -- -- --
-- (32,662) -- -- -- -- --
-- (75,780) (127,248) -- -- -- (11,891)
-- (2,985,444) (234,280) -- -- -- (527,869)
(2,340,098) -- -- -- -- -- (67,545)
(6,210,187) -- -- -- -- -- (25,644)
(814,812) -- -- -- -- -- (15,041)
(18,930,585) -- -- -- -- -- (80,150)
(18,414,803) -- -- -- -- -- (2,455,084)
-- -- (3,268) -- -- -- (5,901)
-- -- (2,012) -- -- -- --
-- -- (1,274) -- -- -- --
-- -- -- -- -- -- (7,274)
-- -- -- -- -- -- (322,954)
-- (29,506) -- -- -- -- --
-- (38,833) -- -- -- -- --
-- (8,413) -- -- -- -- --
-- (16,784) -- -- -- -- --
-- (606,058) -- -- -- -- --
17,543,143 332,659 (1,994,086) (13,216,788) 2,792,395 61,506,019 (1,956,763)
(54,309,385) (1,619,922) (296,282) (1,872,066) 2,019,479 75,598,289 989,607
(1,921,670) (472,776) (348,853) (1,054,201) 364,796 64,685,212 919,821
(26,479,278) (794,287) (50,818,873) (77,139,139) 2,839,507 199,401 581,615
(44,890,219) (8,871,294) (22,061,030) (66,076,243) 123,775 1,383,775 (962,967)
------------- ------------ ------------ ------------- ----------- ------------ -----------
(161,256,697) (16,680,958) (90,073,964) (119,317,209) 11,645,672 258,753,242 14,864,755
804,286,749 81,250,542 145,050,266 325,481,086 56,873,789 17,079,251 66,360,666
------------- ------------ ------------ ------------- ----------- ------------ -----------
$ 643,030,052 $ 64,569,584 $ 54,976,302 $ 206,163,877 $68,519,461 $275,832,493 $81,225,421
============= ============ ============ ============= =========== ============ ===========
$ -- $ -- $ 24,221 $ -- $ 302,423 $ (96,169) $(1,089,342)
============= ============ ============ ============= =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
107
<PAGE> 403
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
Net investment income...................... $ 13,514,245 $ 26,895,158 $ 1,432,911 $ 15,861,577 $ 2,320,663
Net realized gain/(loss) on investments
sold..................................... (9,711,501) (9,924,872) (1,431,059) (2,918,816) (714,614)
Net change in unrealized
appreciation/(depreciation) of
investments.............................. 938,086 (175,443) 503,403 (4,547,469) (648,736)
------------ ------------- ------------ ------------ ------------
Net increase in net assets resulting from
operations............................... 4,740,830 16,794,843 505,255 8,395,292 957,313
Dividends to shareholders from net
investment income:
Class A Shares........................... (155,711) (530,123) (18,709) (353,971) (50,360)
Class B Shares........................... (168,744) (266,276) (6,250) (257,459) (16,967)
Class C Shares........................... (20,947) (36,716) (3,487) (74,204) (5,210)
Class K Shares........................... (2,779,527) (16,783,321) (1,754) (11,504,061) (2,212,954)
Class Y Shares........................... (10,236,657) (9,406,185) (2,663,379) (3,652,125) (60,109)
Distributions to shareholders from net
realized gains:
Class A Shares........................... (16,459) -- -- (41) --
Class B Shares........................... (18,891) -- -- (35) --
Class C Shares........................... (3,023) -- -- (10) --
Class K Shares........................... (297,938) -- -- (1,260) --
Class Y Shares........................... (1,136,861) -- -- (486) --
Distributions in excess of net realized
capital gains:
Class A Shares........................... -- -- -- (208) --
Class B Shares........................... -- -- -- (174) --
Class C Shares........................... -- -- -- (49) --
Class K Shares........................... -- -- -- (6,320) --
Class Y Shares........................... -- -- -- (2,435) --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares........................... 228,993 (2,654,569) 68,356 (351,394) (1,324,211)
Class B Shares........................... 1,033,108 1,966,814 90,665 703,511 (124,604)
Class C Shares........................... (73,187) 1,197,812 (45,045) 75,591 (5,241)
Class K Shares........................... (9,287,513) (65,340,627) 19,851 (31,082,946) (17,243,110)
Class Y Shares........................... (77,801,740) (61,060,827) (15,128,858) (38,640,959) (125,359)
------------ ------------- ------------ ------------ ------------
Net decrease in net assets................. (95,994,267) (136,119,175) (17,183,355) (76,753,743) (20,210,812)
NET ASSETS:
Beginning of period........................ 257,774,767 547,698,055 51,792,976 297,027,643 68,773,262
------------ ------------- ------------ ------------ ------------
End of period.............................. $161,780,500 $ 411,578,880 $ 34,609,621 $220,273,900 $ 48,562,470
============ ============= ============ ============ ============
Undistributed net investment
income/(loss)............................ $ 628,603 $ 805,996 $ (718,007) $ 660,634 $ 29,252
============ ============= ============ ============ ============
</TABLE>
See Notes to Financial Statements.
108
<PAGE> 404
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
$ 6,539,032 $ 9,149,816 $ 68,151,587 $10,830,783 $ 2,968,198
(1,275,615) 201,891 4 (43,381) --
(1,643,941) (3,196,894) -- -- --
------------ --------------- -------------- ------------ ------------
3,619,476 6,154,813 68,151,591 10,787,402 2,968,198
(86,986) (201,394) (6,872,015) (2,381,327) (743,504)
(39,137) (39,295) -- -- --
(5,827) (7,806) -- -- --
(6,343,987) (8,715,124) (46,952,145) (7,794,988) (971,941)
(118,009) (261,441) (14,327,427) (654,468) (1,252,753)
(15,960) (22,864) -- -- --
(6,652) (6,027) -- -- --
(2,012) (515) -- -- --
(1,280,935) (1,267,334) -- -- --
(22,655) (30,994) -- -- --
-- (1,669) -- -- --
-- (295) -- -- --
-- -- -- -- --
-- (801) -- -- --
-- (962) -- -- --
(396,261) 175,550 (13,012,440) 13,057,990 (6,409,708)
217,487 115,449 -- -- --
(206,371) 98,309 -- -- --
(35,045,197) (63,740,501) (58,127,959) (59,787,068) (8,337,133)
(372,967) (127,041) (160,968,839) (5,246,658) (19,701,415)
------------ --------------- -------------- ------------ ------------
(40,105,993) (67,879,942) (232,109,234) (52,019,117) (34,448,256)
180,206,979 283,122,155 1,363,539,384 379,173,044 82,784,723
------------ --------------- -------------- ------------ ------------
$140,100,986 $ 215,242,213 $1,131,430,150 $327,153,927 $ 48,336,467
============ =============== ============== ============ ============
$ 80,970 $ 121,835 $ -- $ -- $ --
============ =============== ============== ============ ============
</TABLE>
See Notes to Financial Statements.
109
<PAGE> 405
The Munder Funds
Statement of Changes in Net Assets, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY MUNDER INTERNATIONAL MICRO-CAP
BALANCED INCOME INDEX 500 EQUITY EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Net investment income/(loss)......................... $ 1,237,873 $ 3,632,954 $ 10,065,348 $ 2,457,024 $ (623,751)
Net realized gain/(loss) on investments sold......... 14,076,577 10,528,419 16,041,464 9,078,930 (6,696,854)
Net change in unrealized appreciation/(depreciation)
of investments..................................... (10,208,561) 1,735,753 180,563,695 10,045,666 10,124,607
------------ ------------ -------------- ------------ -----------
Net increase/(decrease) in net assets resulting from
operations......................................... 5,105,889 15,897,126 206,670,507 21,581,620 2,804,002
Dividends to shareholders from net investment income:
Class A Shares................................... (20,597) (75,395) (2,632,324) (59,090) --
Class B Shares................................... (9,726) (11,422) (1,254,520) (6,706) --
Class C Shares................................... (1,589) (4,869) -- (12,169) --
Class K Shares................................... (495,656) (2,515,841) (1,806,046) (1,142,060) --
Class Y Shares................................... (653,889) (546,965) (3,323,108) (1,239,749) --
Distributions to shareholders in excess of net
investment income:
Class A Shares................................... -- -- -- -- --
Class B Shares................................... -- -- -- -- --
Class C Shares................................... -- -- -- -- --
Class K Shares................................... -- -- -- -- --
Class Y Shares................................... -- -- -- -- --
Distributions to shareholders from net realized
gains:
Class A Shares................................... (111,254) (453,417) (2,169,071) (76,269) (158,713)
Class B Shares................................... (91,842) (202,291) (1,537,617) (13,857) (282,930)
Class C Shares................................... (12,800) (66,154) -- (25,947) (123,793)
Class K Shares................................... (3,289,822) (18,732,778) (1,904,925) (1,540,788) (44,400)
Class Y Shares................................... (3,992,119) (3,210,916) (2,728,139) (1,475,693) (301,983)
Distributions to shareholders in excess of realized
gains:
Class A Shares................................... -- -- -- -- --
Class B Shares................................... -- -- -- -- --
Class C Shares................................... -- -- -- -- --
Class K Shares................................... -- -- -- -- --
Class Y Shares................................... -- -- -- -- --
Distributions to shareholders from capital:
Class A Shares................................... -- -- -- -- --
Class B Shares................................... -- -- -- -- --
Class C Shares................................... -- -- -- -- --
Class K Shares................................... -- -- -- -- --
Class Y Shares................................... -- -- -- -- --
Net increase/(decrease) in net assets from Fund share
transactions:
Class A Shares................................... 701,203 (4,014,850) 134,515,408 8,893,119 (1,056,169)
Class B Shares................................... 1,149,209 1,998,157 134,033,626 (67,178) (2,329,218)
Class C Shares................................... 239,877 (421,392) -- 99,990 (1,095,036)
Class K Shares................................... (3,404,875) (2,066,361) 61,622,699 (7,374,138) (354,975)
Class Y Shares................................... (28,897,431) 5,560,859 (43,886,978) (10,808,955) 599,445
------------ ------------ -------------- ------------ -----------
Net increase/(decrease) in net assets................ (33,785,422) (8,866,509) 475,599,512 6,732,130 (2,343,770)
NET ASSETS:
Beginning of period.................................. 80,567,994 264,242,632 827,838,134 217,292,695 52,615,139
------------ ------------ -------------- ------------ -----------
End of period........................................ $ 46,782,572 $255,376,123 $1,303,437,646 $224,024,825 $50,271,369
============ ============ ============== ============ ===========
Undistributed net investment income/(loss)........... $ 14,245 $ 30,504 $ -- $ 201,333 $ --
============ ============ ============== ============ ===========
</TABLE>
See Notes to Financial Statements.
110
<PAGE> 406
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER MUNDER
MULTI- REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ (691,376) $ 4,085,199 $ 747,138 $ (1,192,489) $ 193,154 $ (307,022) $ 35,565
89,416,385 (1,754,780) (3,939,228) (59,134,679) (7,298,698) (472,670) 433,878
9,480,176 (9,497,908) (5,751,711) 16,665,056 19,150,617 (1,882,965) 3,799,029
------------ ------------ ------------ ------------ ----------- ----------- -----------
98,205,185 (7,167,489) (8,943,801) (43,662,112) 12,045,073 (2,662,657) 4,268,472
-- (148,737) (32,483) -- -- -- --
-- (229,771) (590) -- -- -- --
-- (51,338) (365) -- -- -- --
-- (90,219) (301,291) -- -- -- --
(345,882) (3,909,906) (420,084) -- -- -- --
-- -- (11,564) -- -- -- --
-- -- (4,201) -- -- -- --
-- -- (2,599) -- -- -- --
-- -- (26,396) -- -- -- --
-- -- -- (245,135) -- -- --
(2,451,617) (92,242) (182,203) (1,595,064) -- (34,003) (1,318)
(7,432,162) (173,403) (68,000) (920,567) -- (61,201) (264)
1,028,461) (39,951) (42,037) (370,434) -- (18,261) (92)
(22,000,121) (60,204) (1,344,886) (9,282,837) -- (1,180) (904)
(21,500,520) (2,367,839) (1,361,469) (12,457,292) -- (38,003) (31,731)
-- -- -- -- -- (6,191) --
-- -- -- -- -- (11,143) --
-- -- -- -- -- (3,325) --
-- -- -- -- -- (215) --
-- -- -- -- -- (6,919) --
-- (21,931) -- -- -- -- --
-- (38,530) -- -- -- -- --
-- (8,546) -- -- -- -- --
-- (12,479) -- -- -- -- --
-- (522,878) -- -- -- -- --
14,240,459 49,263 (1,568,355) 4,650,565 238,069 (995,684) 892,175
(4,872,510) (576,360) 337,976 (2,785,595) 479,951 (905,614) (36,560)
(1,410,384) (26,150) 116,967 (1,252,201) 277,007 (1,224,944) (27,499)
56,882,761 480,851 (2,862,277) (7,189,080) (3,994,617) (82,506) (479,640)
(60,956,845) (1,066,406) (5,824,485) (9,567,847) 429,997 483,685 (7,524,088)
------------ ------------ ------------ ------------ ----------- ----------- -----------
47,329,903 (16,074,265) (22,542,143) (84,677,599) 9,475,480 (5,568,161) (2,941,449)
756,956,846 97,324,807 167,592,409 410,158,685 47,398,309 22,647,412 69,302,115
------------ ------------ ------------ ------------ ----------- ----------- -----------
$804,286,749 $ 81,250,542 $145,050,266 $325,481,086 $56,873,789 $17,079,251 $66,360,666
============ ============ ============ ============ =========== =========== ===========
$ -- $ -- $ 16,492 $ -- $ -- $ (3,654) $ (104,043)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
111
<PAGE> 407
The Munder Funds
Statement of Changes in Net Assets, Year Ended June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S. MUNDER
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT MICHIGAN
BOND BOND BOND INCOME TAX-FREE
FUND FUND FUND FUND BOND FUND
<S> <C> <C> <C> <C> <C>
Net investment income........................ $ 15,805,008 $ 31,114,588 $ 1,756,534 $ 17,445,233 $ 2,679,295
Net realized gain/(loss) on investments
sold....................................... 113,541 (638,020) 869,858 (332,111) 363,391
Net change in unrealized
appreciation/(depreciation) of
investments................................ (10,652,037) (13,474,110) (617,503) (10,742,077) (2,577,732)
------------ ------------ ----------- ------------ -----------
Net increase in net assets resulting from
operations................................. 5,266,512 17,002,458 2,008,889 6,371,045 464,954
Dividends to shareholders from net investment
income:
Class A Shares........................... (110,890) (467,224) (5,912) (213,866) (84,644)
Class B Shares........................... (76,952) (104,235) (1,778) (169,414) (20,266)
Class C Shares........................... (13,121) (10,373) (43) (33,137) (7,361)
Class K Shares........................... (2,596,504) (18,796,958) (1,327) (11,734,377) (2,518,676)
Class Y Shares........................... (12,260,301) (11,485,716) (1,019,898) (4,114,959) (43,650)
Distributions to shareholders from net
realized gains:
Class A Shares........................... -- -- (4,410) (4,336) (29,157)
Class B Shares........................... -- -- (1,957) (4,239) (10,432)
Class C Shares........................... -- -- (50) (976) (3,824)
Class K Shares........................... -- -- (1,083) (254,250) (1,053,829)
Class Y Shares........................... -- -- (732,896) (84,482) (15,888)
Distributions in excess of net realized
capital gains:
Class A Shares........................... -- -- -- (1,949) --
Class B Shares........................... -- -- -- (1,905) --
Class C Shares........................... -- -- -- (439) --
Class K Shares........................... -- -- -- (114,252) --
Class Y Shares........................... -- -- -- (37,964) --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares........................... 1,082,357 3,155,208 204,393 2,106,533 717,704
Class B Shares........................... 2,032,030 3,287,122 32,380 3,922,510 24,599
Class C Shares........................... 386,963 552,291 52,731 1,142,790 40,325
Class K Shares........................... 10,118,927 (7,527,036) (53,407) 1,090,361 9,613,181
Class Y Shares........................... (13,039,842) (28,657,896) 1,107,190 4,931,332 553,700
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets........ (9,210,821) (43,052,359) 1,582,822 2,794,026 7,626,736
NET ASSETS:
Beginning of period.......................... 266,985,588 590,750,414 50,210,154 294,233,617 61,146,546
------------ ------------ ----------- ------------ -----------
End of period................................ $257,774,767 $547,698,055 $51,792,976 $297,027,643 $68,773,282
============ ============ =========== ============ ===========
Undistributed net investment income.......... $ 591,759 $ 934,341 $ 1,501,834 $ 446,422 $ 53,564
============ ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
112
<PAGE> 408
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER MUNDER MUNDER
TAX-FREE TAX-FREE SHORT- CASH TAX-FREE U.S. TREASURY
BOND INTERMEDIATE INVESTMENT MONEY MARKET MONEY MARKET
FUND BOND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
$ 7,648,203 $ 10,994,745 $ 59,625,542 $ 8,687,533 $ 4,091,365
4,151,537 2,619,695 -- 2,388 --
(9,789,711) (6,462,466) -- -- --
------------ ------------ -------------- ------------ ------------
2,010,029 7,151,974 59,625,542 8,689,921 4,091,365
(97,210) (232,599) (5,702,448) (1,771,500) (462,365)
(23,614) (28,549) -- -- --
(2,137) (1,046) -- -- --
(7,417,078) (10,424,146) (38,263,538) (6,347,694) (2,092,400)
(144,808) (337,854) (15,659,556) (568,339) (1,536,600)
(93,983) (57,554) -- -- --
(25,703) (9,614) -- -- --
(1,675) (136) -- -- --
(6,883,736) (2,598,200) -- -- --
(114,516) (78,091) -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
1,759 (822,519) 2,045,869 (4,164,201) 18,394,886
334,729 855,361 -- -- --
383,951 155,186 -- -- --
(7,856,749) (20,332,001) 196,865,078 83,938,192 (19,470,068)
(1,103,133) (2,156,522) 30,706,000 1,392,428 (3,469,552)
------------ ------------ -------------- ------------ ------------
(21,033,874) (28,916,310) 229,616,947 81,168,807 (4,544,734)
201,240,853 312,038,465 1,133,922,437 298,004,237 87,329,457
------------ ------------ -------------- ------------ ------------
$180,206,979 $283,122,155 $1,363,539,384 $379,173,044 $ 82,784,723
============ ============ ============== ============ ============
$ 135,148 $ 197,079 $ -- $ -- $ --
============ ============ ============== ============ ============
</TABLE>
See Notes to Financial Statements.
113
<PAGE> 409
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER
MUNDER MUNDER MUNDER MUNDER MUNDER MULTI-SEASON
BALANCED EQUITY INCOME INDEX 500 INTERNATIONAL MICRO-CAP GROWTH
FUND FUND FUND EQUITY FUND EQUITY FUND FUND
<S> <C> <C> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold........................ $ 6,785,992 $ 17,885,104 $ 447,283,520 $ 130,393,083 $ 59,536,050 $ 513,714,095
Issued as reinvestment of
dividends................. 423,006 190,347 4,390,167 421,615 -- 1,622,070
Redeemed.................... (2,631,663) (17,175,411) (364,215,052) (137,078,344) (37,323,187) (497,793,022)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease)..... $ 4,577,335 $ 900,040 $ 87,458,635 $ (6,263,646) $ 22,212,863 $ 17,543,143
============ ============ ============= ============= ============ =============
CLASS B SHARES:
Sold........................ $ 11,281,387 $ 3,788,485 $ 143,839,281 $ 2,925,877 $ 31,557,857 $ 8,989,177
Issued as reinvestment of
dividends................. 446,010 94,294 2,618,170 87,976 -- 2,533,148
Redeemed.................... (4,195,811) (2,753,150) (68,265,509) (1,044,968) (6,983,736) (65,831,710)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease)..... $ 7,531,586 $ 1,129,629 $ 78,191,942 $ 1,968,885 $ 24,574,121 $ (54,309,385)
============ ============ ============= ============= ============ =============
CLASS C SHARES:
Sold........................ $ 6,272,429 $ 1,915,035 $ -- $ 6,668,963 $ 15,874,755 $ 8,695,042
Issued as reinvestment of
dividends................. 37,038 22,260 -- 47,158 -- 63,532
Redeemed.................... (1,617,287) (1,965,034) -- (5,080,279) (4,081,724) (10,680,244)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease)..... $ 4,692,180 $ (27,739) $ -- $ 1,635,842 $ 11,793,031 $ (1,921,670)
============ ============ ============= ============= ============ =============
CLASS K SHARES:
Sold........................ $ 9,507,694 $ 32,241,968 $ 97,028,005 $ 26,029,127 $ 2,957,481 $ 100,039,514
Issued as reinvestment of
dividends................. 55 1,274 9,206 7,074 -- 120,400
Redeemed.................... (11,780,462) (89,256,195) (56,761,865) (24,662,812) (914,074) (126,639,192)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease)..... $ (2,272,713) $(57,012,953) $ 40,275,346 $ 1,373,389 $ 2,043,407 $ (26,479,278)
============ ============ ============= ============= ============ =============
CLASS Y SHARES:
Sold........................ $ 3,477,676 $ 64,716,280 $ 68,492,176 $ 20,155,170 $ 5,799,452 $ 55,345,664
Issued as reinvestment of
dividends................. 69,722 74,290 225,817 339,835 -- 890,964
Redeemed.................... (13,363,347) (21,805,272) (121,734,499) (50,896,423) (9,377,859) (101,126,847)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease)..... $ (9,815,949) $ 42,985,298 $ (53,016,506) $ (30,401,418) $ (3,578,407) $ (44,890,219)
============ ============ ============= ============= ============ =============
</TABLE>
See Notes to Financial Statements.
114
<PAGE> 410
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
REAL ESTATE MUNDER FRAMLINGTON MUNDER FRAMLINGTON
EQUITY MUNDER SMALL EMERGING FRAMLINGTON INTERNATIONAL
INVESTMENT SMALL-CAP COMPANY MARKETS HEALTHCARE GROWTH
FUND VALUE FUND GROWTH FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C>
$ 5,509,645 $ 30,898,974 $ 234,894,845 $ 17,842,469 $114,009,815 $ 35,461,783
101,435 12,611 -- -- -- 81,974
(5,278,421) (32,905,671) (248,111,633) (15,050,074) (52,503,796) (37,500,520)
------------ ------------ ------------- ------------ ------------ ------------
$ 332,659 $ (1,994,086) $ (13,216,788) $ 2,792,395 $ 61,506,019 $ (1,956,763)
============ ============ ============= ============ ============ ============
$ 1,256,958 $ 1,877,740 $ 4,274,224 $ 3,636,847 $ 86,631,009 $ 1,915,311
60,909 788 -- -- -- 21,092
(2,937,789) (2,174,810) (6,146,290) (1,617,368) (11,032,720) (946,796)
------------ ------------ ------------- ------------ ------------ ------------
$ (1,619,922) $ (296,282) $ (1,872,066) 2,019,479 $ 75,598,289 $ 989,607
============ ============ ============= ============ ============ ============
$ 294,199 $ 1,895,677 $ 1,091,456 $ 1,291,302 $ 77,764,565 $ 2,952,059
16,290 329 -- -- -- 12,538
(783,265) (2,244,859) (2,145,657) (926,506) (13,079,353) (2,044,776)
------------ ------------ ------------- ------------ ------------ ------------
$ (472,776) $ (348,853) $ (1,054,201) $ 364,796 $ 64,685,212 $ 919,821
============ ============ ============= ============ ============ ============
$ 515,206 $ 8,012,910 $ 12,010,228 $ 19,415,665 $ 266,356 $ 906,040
-- 3 -- -- -- --
(1,309,493) (58,831,786) (89,149,367) (16,576,158) (66,955) (324,425)
------------ ------------ ------------- ------------ ------------ ------------
$ (794,287) $(50,818,873) $ (77,139,139) $ 2,839,507 $ 199,401 $ 581,615
============ ============ ============= ============ ============ ============
$ 10,185,335 $ 4,946,672 $ 10,817,914 $ 4,345,293 $ 2,249,416 $ 15,603,190
895,525 51,156 -- -- -- 653,463
(19,952,154) (27,058,858) (76,894,157) (4,221,518) (865,641) (17,219,620)
------------ ------------ ------------- ------------ ------------ ------------
$ (8,871,294) $(22,061,030) $ (66,076,243) $ 123,775 $ 1,383,775 $ (962,967)
============ ============ ============= ============ ============ ============
</TABLE>
See Notes to Financial Statements.
115
<PAGE> 411
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold.................................................... $ 2,605,086 $ 37,148,259 $ 96,210 $ 44,260,485
Issued as reinvestment of dividends..................... 127,590 408,605 14,944 195,354
Redeemed................................................ (2,503,683) (40,211,433) (42,798) (44,807,233)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ 228,993 $ (2,654,569) $ 68,356 $ (351,394)
============= ============= ============ ============
CLASS B SHARES:
Sold.................................................... $ 6,022,115 $ 14,238,146 $ 162,072 $ 12,657,887
Issued as reinvestment of dividends..................... 77,013 122,652 164 61,639
Redeemed................................................ (5,066,020) (12,393,984) (71,571) (12,016,015)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ 1,033,108 $ 1,966,814 $ 90,665 $ 703,511
============= ============= ============ ============
CLASS C SHARES:
Sold.................................................... $ 798,871 $ 7,537,340 $ 160,563 $ 4,635,777
Issued as reinvestment.................................. 5,919 9,885 41 43,040
Redeemed................................................ (877,977) (6,349,413) (205,649) (4,603,226)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ (73,187) $ 1,197,812 $ (45,045) $ 75,591
============= ============= ============ ============
CLASS K SHARES:
Sold.................................................... $ 12,226,310 $ 36,424,238 $ 82,295 $ 28,514,772
Issued as reinvestment.................................. 4,933 21,238 -- 4,528
Redeemed................................................ (21,518,756) (101,786,103) (62,444) (59,602,246)
------------- ------------- ------------ ------------
Net increase/(decrease)................................. $ (9,287,513) $ (65,340,627) $ 19,851 $(31,082,946)
============= ============= ============ ============
CLASS Y SHARES:
Sold.................................................... $ 23,033,945 $ 26,253,862 $ 6,731,271 $ 16,598,813
Issued as reinvestment.................................. 188,714 149,075 1,058,142 21,115
Redeemed................................................ (101,024,399) (87,463,764) (22,918,271) (55,260,887)
------------- ------------- ------------ ------------
Net decrease............................................ $ (77,801,740) $ (61,060,827) $(15,128,858) $(38,640,959)
============= ============= ============ ============
</TABLE>
See Notes to Financial Statements.
116
<PAGE> 412
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND BOND FUND
<S> <C> <C> <C>
$ 1,336,396 $ 3,139,928 $ 8,678,726
35,958 39,488 117,637
(2,696,565) (3,575,677) (8,620,813)
------------ ------------ ------------
$ (1,324,211) $ (396,261) $ 175,550
============ ============ ============
$ 253,749 $ 2,410,885 $ 1,486,556
11,876 11,414 3,655
(390,229) (2,204,812) (1,374,762)
------------ ------------ ------------
$ (124,604) $ 217,487 $ 115,449
============ ============ ============
$ 275,141 $ 261,760 $ 950,416
224 4,073 2,002
(280,606) (472,204) (854,109)
------------ ------------ ------------
$ (5,241) $ (206,371) $ 98,309
============ ============ ============
$ 12,796,896 $ 20,430,210 $ 16,440,106
11 4,044 8,208
(30,040,017) (55,479,451) (80,188,815)
------------ ------------ ------------
$(17,243,110) $(35,045,197) $(63,740,501)
============ ============ ============
$ 92,272 $ 641,112 $ 2,300,953
15,087 5,308 1,687
(232,718) (1,019,387) (2,429,681)
------------ ------------ ------------
$ (125,359) $ (372,967) $ (127,041)
============ ============ ============
</TABLE>
See Notes to Financial Statements.
117
<PAGE> 413
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY MUNDER INTERNATIONAL MICRO-CAP
BALANCED INCOME INDEX 500 EQUITY EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold................................................ 573,561 1,353,999 15,064,445 7,476,474 2,277,491
Issued as reinvestment of dividends................. 42,595 14,803 156,449 24,122 --
Redeemed............................................ (224,043) (1,308,309) (12,209,327) (7,883,249) (1,570,774)
---------- ---------- ----------- ------------- ----------
Net increase/(decrease)............................. 392,113 60,493 3,011,567 (382,653) 706,717
========== ========== =========== ============= ==========
CLASS B SHARES:
Sold................................................ 967,112 295,320 4,878,821 166,521 1,127,659
Issued as reinvestment of dividends................. 45,432 7,316 93,957 5,092 --
Redeemed............................................ (360,945) (214,318) (2,299,332) (59,073) (278,599)
---------- ---------- ----------- ------------- ----------
Net increase/(decrease)............................. 651,599 88,318 2,673,446 112,540 849,060
========== ========== =========== ============= ==========
CLASS C SHARES:
Sold................................................ 533,678 149,072 -- 398,845 544,186
Issued as reinvestment of dividends................. 3,676 1,730 -- 2,696 --
Redeemed............................................ (140,887) (151,398) -- (309,976) (164,363)
---------- ---------- ----------- ------------- ----------
Net increase/(decrease)............................. 396,467 (596) -- 91,565 379,823
========== ========== =========== ============= ==========
CLASS K SHARES:
Sold................................................ 917,665 2,423,138 3,279,692 1,464,258 108,126
Issued as reinvestment of dividends................. 5 99 329 401 --
Redeemed............................................ (1,061,539) (6,803,659) (1,894,651) (1,419,008) (36,672)
---------- ---------- ----------- ------------- ----------
Net increase/(decrease)............................. (143,869) (4,380,422) 1,385,370 45,651 71,454
========== ========== =========== ============= ==========
CLASS Y SHARES:
Sold................................................ 328,836 5,188,493 2,336,763 1,122,569 220,593
Issued as reinvestment of dividends................. 7,050 5,894 8,040 19,435 --
Redeemed............................................ (1,106,771) (1,617,766) (4,062,686) (2,812,103) (396,083)
---------- ---------- ----------- ------------- ----------
Net increase/(decrease)............................. (770,885) 3,576,621 (1,717,883) (1,670,099) (175,490)
========== ========== =========== ============= ==========
</TABLE>
See Notes to Financial Statements.
118
<PAGE> 414
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
REAL ESTATE SMALL FRAMLINGTON MUNDER FRAMLINGTON
MUNDER EQUITY MUNDER COMPANY EMERGING FRAMLINGTON INTERNATIONAL
MULTI-SEASON INVESTMENT SMALL-CAP GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND VALUE FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
25,012,439 469,917 2,563,278 13,709,941 1,279,182 4,728,263 2,331,129
84,111 9,076 1,063 -- -- -- 5,463
(24,167,485) (446,640) (2,738,693) (14,443,294) (1,076,756) (2,249,531) (2,452,293)
----------- ---------- ---------- ----------- ---------- ---------- ----------
929,065 32,353 (174,352) (733,353) 202,426 2,478,732 (115,701)
=========== ========== ========== =========== ========== ========== ==========
521,602 110,304 163,847 274,349 266,496 3,611,591 124,884
139,044 5,440 67 -- -- -- 1,427
(3,521,855) (261,713) (188,778) (374,437) (123,621) (541,233) (64,165)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(2,861,209) (145,969) (24,864) (100,088) 142,875 3,070,358 62,146
=========== ========== ========== =========== ========== ========== ==========
445,824 26,071 162,336 65,170 91,285 3,218,602 190,324
3,469 1,447 28 -- -- -- 839
(548,588) (70,123) (198,110) (129,796) (69,682) (585,906) (132,942)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(99,295) (42,605) (35,746) (64,626) 21,603 2,632,696 58,221
=========== ========== ========== =========== ========== ========== ==========
4,951,349 44,831 700,764 710,435 1,477,128 10,918 56,790
6,277 -- -- -- -- -- --
(6,222,757) (120,909) (5,099,704) (5,397,897) (1,355,839) (3,023) (20,413)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(1,265,131) (76,078) (4,398,940) (4,687,462) 121,289 7,895 36,377
=========== ========== ========== =========== ========== ========== ==========
2,735,182 880,145 419,031 606,082 364,320 96,887 988,803
45,772 79,956 4,340 -- -- -- 43,422
(4,922,987) (1,753,350) (2,331,059) (4,300,727) (330,824) (41,900) (1,114,434)
----------- ---------- ---------- ----------- ---------- ---------- ----------
(2,142,033) (793,249) (1,907,688) (3,694,645) 33,496 54,987 (82,209)
=========== ========== ========== =========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
119
<PAGE> 415
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold........................................................ 279,833 4,075,019 10,344 4,516,890
Issued as reinvestment...................................... 13,693 44,823 1,536 19,965
Redeemed.................................................... (267,821) (4,407,700) (4,604) (4,580,049)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... 25,705 (287,858) 7,276 (43,194)
=========== ============ =========== ==========
CLASS B SHARES:
Sold........................................................ 646,693 1,566,878 17,530 1,293,521
Issued as reinvestment...................................... 8,298 13,515 17 6,301
Redeemed.................................................... (545,980) (1,366,347) (7,661) (1,229,162)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... 109,011 214,046 9,886 70,660
=========== ============ =========== ==========
CLASS C SHARES:
Sold........................................................ 85,317 830,592 16,718 475,106
Issued as reinvestment...................................... 631 1,088 4 4,402
Redeemed.................................................... (94,127) (700,068) (21,369) (472,264)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... (8,179) 131,612 (4,647) 7,244
=========== ============ =========== ==========
CLASS K SHARES:
Sold........................................................ 1,306,555 3,993,135 8,555 2,904,305
Issued as reinvestment...................................... 530 2,340 -- 463
Redeemed.................................................... (2,316,585) (11,152,959) (6,628) (6,054,794)
----------- ------------ ----------- ----------
Net increase/(decrease)..................................... (1,009,500) (7,157,484) 1,927 (3,150,026)
=========== ============ =========== ==========
CLASS Y SHARES:
Sold........................................................ 2,467,312 2,881,058 704,786 1,700,532
Issued as reinvestment of dividends......................... 20,382 16,358 108,433 2,154
Redeemed.................................................... (10,895,890) (9,610,294) (2,417,907) (5,696,135)
----------- ------------ ----------- ----------
Net decrease................................................ (8,408,196) (6,712,878) (1,604,688) (3,993,449)
=========== ============ =========== ==========
</TABLE>
See Notes to Financial Statements.
120
<PAGE> 416
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND BOND FUND
<S> <C> <C> <C>
143,714 324,697 866,469
3,837 4,068 11,692
(288,608) (370,490) (858,410)
---------- ---------- -----------
(141,057) (41,725) 19,751
========== ========== ===========
27,090 249,673 147,572
1,269 1,175 364
(41,219) (228,402) (136,543)
---------- ---------- -----------
(12,860) 22,446 11,393
========== ========== ===========
29,626 26,666 93,999
24 416 198
(29,956) (47,780) (84,420)
---------- ---------- -----------
(306) (20,698) 9,777
========== ========== ===========
1,368,161 2,102,158 1,626,166
-- 417 815
(3,215,910) (5,684,563) (7,940,434)
---------- ---------- -----------
(1,847,749) (3,581,988) (6,313,453)
========== ========== ===========
9,867 64,994 228,364
1,611 546 167
(24,746) (104,250) (239,551)
---------- ---------- -----------
(13,268) (38,710) (11,020)
========== ========== ===========
</TABLE>
See Notes to Financial Statements.
121
<PAGE> 417
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 2000
(Continued)
Since the Funds have sold, redeemed and reinvested shares only at a constant net
asset value of $1.00 per share, the number of shares represented by such sales,
redemptions and reinvestments are the same as the amounts shown below for such
transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER
CASH TAX-FREE U.S. TREASURY
INVESTMENT MONEY MARKET MONEY MARKET
FUND FUND FUND
<S> <C> <C> <C>
CLASS A SHARES:
Sold........................................................ $ 1,227,220,287 $ 139,947,153 $ 151,524,118
Issued as reinvestment of dividends......................... 6,422,322 2,379,403 717,919
Redeemed.................................................... (1,246,655,049) (129,268,566) (158,651,745)
--------------- ------------- -------------
Net increase/(decrease)..................................... $ (13,012,440) $ 13,057,990 $ (6,409,708)
=============== ============= =============
CLASS K SHARES:
Sold........................................................ $ 916,613,795 $ 287,756,588 $ 62,056,995
Issued as reinvestment...................................... 10,638 4,371 4
Redeemed.................................................... (974,752,392) (347,548,027) (70,394,132)
--------------- ------------- -------------
Net decrease................................................ $ (58,127,959) $ (59,787,068) $ (8,337,133)
=============== ============= =============
CLASS Y SHARES:
Sold........................................................ $ 590,600,621 $ 40,432,396 $ 44,899,569
Issued as reinvestment...................................... 138,578 51,898 327,792
Redeemed.................................................... (751,708,038) (45,730,952) (64,928,776)
--------------- ------------- -------------
Net decrease................................................ $ (160,968,839) $ (5,246,658) $ (19,701,415)
=============== ============= =============
</TABLE>
See Notes to Financial Statements.
122
<PAGE> 418
[This Page Intentionally Left Blank]
123
<PAGE> 419
The Munder Funds
Statement of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER MUNDER MUNDER
MUNDER EQUITY MUNDER INTERNATIONAL MICRO-CAP
BALANCED INCOME INDEX 500 EQUITY EQUITY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold....................................... $ 1,140,908 $ 36,363,414 $ 306,026,628 $ 154,582,825 $ 9,475,953
Issued in connection with Fund
reorganization........................... -- -- -- -- --
Issued as reinvestment of dividends........ 110,159 289,589 2,276,020 76,045 111,618
Redeemed................................... (549,864) (40,667,853) (173,787,240) (145,765,751) (10,643,740)
------------ ------------ ------------- ------------- ------------
Net increase/(decrease).................... $ 701,203 $ (4,014,850) $ 134,515,408 $ 8,893,119 $ (1,056,169)
============ ============ ============= ============= ============
CLASS B SHARES:
Sold....................................... $ 1,373,486 $ 2,903,698 $ 159,019,278 $ 419,856 $ 4,873,253
Issued in connection with Fund
reorganization........................... -- -- -- -- --
Issued as reinvestment of dividends........ 25,182 82,783 1,198,821 8,577 127,867
Redeemed................................... (249,459) (988,324) (26,184,473) (495,611) (7,330,338)
------------ ------------ ------------- ------------- ------------
Net increase/(decrease).................... $ 1,149,209 $ 1,998,157 $ 134,033,626 $ (67,178) $ (2,329,218)
============ ============ ============= ============= ============
CLASS C SHARES:
Sold....................................... $ 365,546 $ 5,675,166 $ -- $ 784,962 $ 2,511,654
Issued in connection with Fund
reorganization........................... -- -- -- -- --
Issued as reinvestment of dividends........ 3,270 22,089 -- 2,507 41,160
Redeemed................................... (128,939) (6,118,647) -- (687,479) (3,647,850)
------------ ------------ ------------- ------------- ------------
Net increase/(decrease).................... $ 239,877 $ (421,392) $ -- $ 99,990 $ (1,095,036)
============ ============ ============= ============= ============
CLASS K SHARES:
Sold....................................... $ 9,051,179 $ 43,942,687 $ 99,263,563 $ 16,375,849 $ 874,607
Issued in connection with Fund
reorganization........................... -- -- -- -- --
Issued as reinvestment of dividends........ -- 2,558 8,661 862 325
Redeemed................................... (12,456,054) (46,011,606) (37,649,525) (23,750,849) (1,229,907)
------------ ------------ ------------- ------------- ------------
Net increase/(decrease).................... $ (3,404,875) $ (2,066,361) $ 61,622,699 $ (7,374,138) $ (354,975)
============ ============ ============= ============= ============
CLASS Y SHARES:
Sold....................................... $ 10,363,069 $ 64,513,627 $ 79,091,960 $ 11,617,421 $ 5,619,141
Issued in connection with Fund
reorganization........................... -- -- -- -- --
Issued as reinvestment of dividends........ 25,568 87,471 132,854 84,636 174,800
Redeemed................................... (39,286,068) (59,040,239) (123,111,792) (22,511,012) (5,194,496)
------------ ------------ ------------- ------------- ------------
Net increase/(decrease).................... $(28,897,431) $ 5,560,859 $ (43,886,978) $ (10,808,955) $ 599,445
============ ============ ============= ============= ============
</TABLE>
See Notes to Financial Statements.
124
<PAGE> 420
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER SMALL FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY SMALL-CAP COMPANY EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT VALUE GROWTH MARKETS HEALTHCARE GROWTH
FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
$ 785,755,717 $ 3,097,125 $ 204,932,864 $ 516,745,495 $ 1,420,206 $ 882,935 $ 18,526,567
3,645,184 -- -- -- -- -- --
1,788,540 126,652 147,666 857,595 -- 13,738 1,313
(776,948,982) (3,174,514) (206,648,885) (512,952,525) (1,182,137) (1,892,357) (17,635,705)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ 14,240,459 $ 49,263 $ (1,568,355) $ 4,650,565 $ 238,069 $ (995,684) $ 892,175
============= ============ ============= ============= ============ =========== ============
$ 11,477,272 $ 1,967,281 $ 1,605,943 $ 8,733,728 $ 1,650,573 $ 1,720,586 $ 462,021
423,609 -- -- -- -- -- --
2,980,135 137,336 29,154 350,225 -- 39,333 203
(19,753,526) (2,680,977) (1,297,121) (11,869,548) (1,170,622) (2,665,533) (498,784)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ (4,872,510) $ (576,360) $ 337,976 $ (2,785,595) $ 479,951 $ (905,614) $ (36,560)
============= ============ ============= ============= ============ =========== ============
$ 14,691,587 $ 689,276 $ 1,563,402 $ 2,114,641 $ 481,365 $ 402,803 $ 181,063
27,285 -- -- -- -- -- --
69,569 25,554 15,741 77,875 -- 3,123 77
(16,198,825) (740,980) (1,462,176) (3,444,717) (204,358) (1,630,870) (208,639)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ (1,410,384) $ (26,150) $ 116,967 $ (1,252,201) $ 277,007 $(1,224,944) $ (27,499)
============= ============ ============= ============= ============ =========== ============
$ 110,054,804 $ 1,114,941 $ 30,619,211 $ 57,197,271 $ 17,037,605 $ 43,800 $ 502,556
30,893,203 -- -- -- -- -- --
147,907 -- 87 18,166 -- -- --
(84,213,153) (634,090) (33,481,575) (64,404,517) (21,032,222) (126,306) (982,196)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ 56,882,761 $ 480,851 $ (2,862,277) $ (7,189,080) $ (3,994,617) $ (82,506) $ (479,640)
============= ============ ============= ============= ============ =========== ============
$ 61,127,513 $ 18,204,684 $ 60,951,348 $ 96,528,187 $ 6,623,826 $ 1,004,715 $ 8,894,961
8,653,859 -- -- -- -- -- --
1,623,598 1,286,467 302,524 1,414,591 -- 17,579 8,595
(132,361,815) (20,557,557) (67,078,357) (107,510,625) (6,193,829) (538,609) (16,427,644)
------------- ------------ ------------- ------------- ------------ ----------- ------------
$ (60,956,845) $ (1,066,406) $ (5,824,485) $ (9,567,847) $ 429,997 $ 483,685 $ (7,524,088)
============= ============ ============= ============= ============ =========== ============
</TABLE>
See Notes to Financial Statements.
125
<PAGE> 421
The Munder Funds
Statement of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
AMOUNT
CLASS A SHARES:
Sold...................................................... $ 2,106,920 $ 30,380,505 $ 1,205,890 $ 14,807,969
Issued as reinvestment of dividends....................... 79,742 351,589 10,601 115,866
Redeemed.................................................. (1,104,305) (27,576,886) (1,012,098) (12,817,302)
------------ ------------ ----------- ------------
Net increase/(decrease)................................... $ 1,082,357 $ 3,155,208 $ 204,393 $ 2,106,533
============ ============ =========== ============
CLASS B SHARES:
Sold...................................................... $ 4,553,570 $ 6,654,765 $ 68,173 $ 9,678,927
Issued as reinvestment of dividends....................... 16,294 37,461 243 17,266
Redeemed.................................................. (2,537,834) (3,405,104) (36,036) (5,773,683)
------------ ------------ ----------- ------------
Net increase.............................................. $ 2,032,030 $ 3,287,122 $ 32,380 $ 3,922,510
============ ============ =========== ============
CLASS C SHARES:
Sold...................................................... $ 718,929 $ 2,174,048 $ 112,666 $ 2,089,267
Issued as reinvestment of dividends....................... 2,201 3,281 92 10,851
Redeemed.................................................. (334,167) (1,625,038) (60,027) (957,328)
------------ ------------ ----------- ------------
Net increase.............................................. $ 386,963 $ 552,291 $ 52,731 $ 1,142,790
============ ============ =========== ============
CLASS K SHARES:
Sold...................................................... $ 20,031,702 $ 57,610,345 $ 8,061 $ 37,500,971
Issued as reinvestment of dividends....................... 4,085 17,103 -- 2,136
Redeemed.................................................. (9,916,860) (65,154,484) (61,468) (36,412,746)
------------ ------------ ----------- ------------
Net increase/(decrease)................................... $ 10,118,927 $ (7,527,036) $ (53,407) $ 1,090,361
============ ============ =========== ============
CLASS Y SHARES:
Sold...................................................... $ 32,488,800 $ 47,989,563 $ 2,744,051 $ 14,132,700
Issued as reinvestment of dividends....................... 93,684 193,082 677,932 48,621
Redeemed.................................................. (45,622,326) (76,840,541) (2,314,793) (9,249,989)
------------ ------------ ----------- ------------
Net increase/(decrease)................................... $(13,039,842) $(28,657,896) $ 1,107,190 $ 4,931,332
============ ============ =========== ============
</TABLE>
------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
See Notes to Financial Statements.
126
<PAGE> 422
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND BOND FUND(A)
<S> <C> <C> <C>
$ 2,571,027 $ 3,419,758 $ 4,563,388
43,931 74,814 156,463
(1,897,254) (3,492,813) (5,542,370)
------------ ------------ ------------
$ 717,704 $ 1,759 $ (822,519)
============ ============ ============
$ 216,428 $ 1,271,532 $ 2,012,200
24,024 4,047 3,282
(215,853) (940,850) (1,160,121)
------------ ------------ ------------
$ 24,599 $ 334,729 $ 855,361
============ ============ ============
$ 355,873 $ 436,399 $ 209,573
2,926 598 1,132
(318,474) (53,046) (55,519)
------------ ------------ ------------
$ 40,325 $ 383,951 $ 155,186
============ ============ ============
$ 22,921,774 $ 19,482,729 $ 33,941,440
-- 2,040 11,048
(13,308,593) (27,341,518) (54,284,489)
------------ ------------ ------------
$ 9,613,181 $ (7,856,749) $(20,332,001)
============ ============ ============
$ 763,455 $ 1,089,291 $ 1,944,090
27,277 11,185 3,242
(237,032) (2,203,609) (4,103,854)
------------ ------------ ------------
$ 553,700 $ (1,103,133) $ (2,156,522)
============ ============ ============
</TABLE>
See Notes to Financial Statements.
127
<PAGE> 423
The Munder Funds
Statement of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
MUNDER
MUNDER MUNDER MUNDER MUNDER MICRO-CAP
BALANCED EQUITY INCOME INDEX 500 INTERNATIONAL EQUITY
FUND FUND FUND EQUITY FUND FUND
<S> <C> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold........................................ 94,099 2,500,882 11,616,038 9,829,257 593,060
Issued in connection with Fund
reorganization............................ -- -- -- -- --
Issued as reinvestment of dividends......... 9,486 21,050 89,599 5,276 7,866
Redeemed.................................... (44,882) (2,760,800) (6,690,820) (9,262,579) (695,471)
---------- ------------- ---------- ------------- --------
Net increase/(decrease)..................... 58,703 (238,868) 5,014,817 571,954 (94,545)
========== ============= ========== ============= ========
CLASS B SHARES:
Sold........................................ 111,387 201,879 5,992,982 27,512 324,276
Issued in connection with Fund
reorganization............................ -- -- -- -- --
Issued as reinvestment of dividends......... 2,172 6,054 47,391 599 9,133
Redeemed.................................... (20,174) (68,980) (1,030,228) (34,578) (507,788)
---------- ------------- ---------- ------------- --------
Net increase/(decrease)..................... 93,385 138,953 5,010,145 (6,467) (174,379)
========== ============= ========== ============= ========
CLASS C SHARES:
Sold........................................ 29,333 396,608 -- 51,188 166,176
Issued in connection with Fund
reorganization............................ -- -- -- -- --
Issued as reinvestment of dividends......... 283 1,617 -- 168 2,938
Redeemed.................................... (10,311) (420,836) -- (47,992) (256,106)
---------- ------------- ---------- ------------- --------
Net increase/(decrease)..................... 19,305 (22,611) -- 3,364 (86,922)
========== ============= ========== ============= ========
CLASS K SHARES:
Sold........................................ 745,255 3,015,495 3,874,623 1,116,407 57,922
Issued in connection with Fund
reorganization............................ -- -- -- -- --
Issued as reinvestment of dividends......... -- 186 346 60 23
Redeemed.................................... (1,002,737) (3,158,624) (1,471,425) (1,623,278) (86,489)
---------- ------------- ---------- ------------- --------
Net increase/(decrease)..................... (257,482) (142,943) 2,403,544 (506,811) (28,544)
========== ============= ========== ============= ========
CLASS Y SHARES:
Sold........................................ 865,614 4,418,808 3,006,663 792,809 402,801
Issued in connection with Fund
reorganization............................ -- -- -- -- --
Issued as reinvestment of dividends......... 2,203 6,324 5,350 5,889 12,267
Redeemed.................................... (3,153,292) (4,027,938) (4,805,069) (1,509,586) (354,262)
---------- ------------- ---------- ------------- --------
Net increase/(decrease)..................... (2,285,475) 397,194 (1,793,056) (710,888) 60,806
========== ============= ========== ============= ========
</TABLE>
See Notes to Financial Statements.
128
<PAGE> 424
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MUNDER REAL ESTATE MUNDER FRAMLINGTON MUNDER FRAMLINGTON
MULTI-SEASON EQUITY MUNDER SMALL EMERGING FRAMLINGTON INTERNATIONAL
GROWTH INVESTMENT SMALL-CAP COMPANY MARKETS HEALTHCARE GROWTH
FUND FUND VALUE FUND GROWTH FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C>
38,411,153 240,492 17,282,016 31,110,553 136,734 81,639 1,557,057
189,419 -- -- -- -- -- --
92,718 10,178 12,700 53,566 -- 1,298 113
(37,949,040) (248,777) (17,290,366) (30,655,150) (124,885) (181,202) (1,467,146)
------------ ---------- ----------- ----------- ---------- ----------- -------------
744,250 1,893 4,350 508,969 11,849 (98,265) 90,024
============ ========== =========== =========== ========== =========== =============
597,140 155,151 131,184 563,596 186,048 164,817 38,471
22,939 -- -- -- -- -- --
11,127 2,515 22,966 -- 3,771 18
161,175 (214,152) (109,601) (761,308) (145,442) (258,818) (44,954)
------------ ---------- ----------- ----------- ---------- ----------- -------------
(234,761) (47,874) 24,098 (174,746) 40,606 (90,230) (6,465)
============ ========== =========== =========== ========== =========== =============
750,825 54,141 129,366 131,826 52,223 38,586 14,652
1,474 -- -- -- -- -- --
3,756 2,053 1,361 5,021 -- 299 7
(832,142) (59,643) (125,088) (221,158) (23,616) (166,856) (17,543)
------------ ---------- ----------- ----------- ---------- ----------- -------------
(76,087) (3,449) 5,639 (84,311) 28,607 (127,971) (2,884)
============ ========== =========== =========== ========== =========== =============
4,506,451 87,288 2,569,270 3,443,786 2,088,599 3,932 43,933
1,608,086 -- -- -- -- -- --
7,679 -- 8 1,135 -- -- --
(4,127,521) (52,699) (2,834,248) (3,995,528) (2,485,396) (11,980) (90,573)
------------ ---------- ----------- ----------- ---------- ----------- -------------
1,994,695 34,589 (264,970) (550,607) (396,797) (8,048) (46,640)
============ ========== =========== =========== ========== =========== =============
4,819,485 1,409,073 5,090,624 5,745,898 708,935 94,073 779,551
444,900 -- -- -- -- -- --
83,310 103,706 25,949 87,075 -- 1,657 740
(6,599,730) (1,656,986) (5,589,940) (6,419,767) (768,253) (51,824) (1,433,472)
------------ ---------- ----------- ----------- ---------- ----------- -------------
(1,252,035) (144,207) (473,367) (586,794) (59,318) 43,906 (653,181)
============ ========== =========== =========== ========== =========== =============
</TABLE>
See Notes to Financial Statements.
129
<PAGE> 425
The Munder Funds
Statement of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
MUNDER MUNDER MUNDER U.S.
MUNDER INTERMEDIATE INTERNATIONAL GOVERNMENT
BOND BOND BOND INCOME
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
SHARES
CLASS A SHARES:
Sold........................................................ 211,326 3,209,933 120,716 1,462,472
Issued as reinvestment of dividends......................... 8,014 37,056 988 11,306
Redeemed.................................................... (110,897) (2,914,147) (101,387) (1,273,651)
---------- ----------- ------------- -----------
Net increase/(decrease)..................................... 108,443 332,842 20,317 200,127
========== =========== ============= ===========
CLASS B SHARES:
Sold........................................................ 455,010 700,296 6,668 933,231
Issued as reinvestment of dividends......................... 1,638 3,973 22 1,687
Redeemed.................................................... (253,626) (358,948) (3,519) (560,693)
---------- ----------- ------------- -----------
Net increase................................................ 203,022 345,321 3,171 374,225
========== =========== ============= ===========
CLASS C SHARES:
Sold........................................................ 71,841 230,747 10,495 201,382
Issued as reinvestment of dividends......................... 223 348 8 1,065
Redeemed.................................................... (33,737) (172,824) (6,077) (93,731)
---------- ----------- ------------- -----------
Net increase................................................ 38,327 58,271 4,426 108,716
========== =========== ============= ===========
CLASS K SHARES:
Sold........................................................ 2,011,523 6,061,011 759 3,616,886
Issued as reinvestment of dividends......................... 409 1,801 -- 207
Redeemed.................................................... (992,995) (6,849,313) (5,962) (3,514,490)
---------- ----------- ------------- -----------
Net increase/(decrease)..................................... 1,018,937 (786,501) (5,203) 102,603
========== =========== ============= ===========
CLASS Y SHARES
Sold........................................................ 3,257,465 5,048,703 258,271 1,362,880
Issued as reinvestment of dividends......................... 9,354 20,328 63,149 4,707
Redeemed.................................................... (4,555,297) (8,067,135) (230,301) (883,177)
---------- ----------- ------------- -----------
Net increase/(decrease)..................................... (1,288,478) (2,998,104) 91,119 484,410
========== =========== ============= ===========
</TABLE>
------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
See Notes to Financial Statements.
130
<PAGE> 426
<TABLE>
<CAPTION>
MUNDER MUNDER MUNDER
MICHIGAN TAX-FREE TAX-FREE SHORT-
TAX-FREE BOND INTERMEDIATE
BOND FUND FUND FUND(A)
<S> <C> <C> <C>
256,138 326,184 436,147
4,419 7,121 14,921
(189,320) (334,187) (525,554)
---------- ---------- -----------
71,237 (882) (74,486)
========== ========== ===========
21,223 119,587 191,087
2,394 388 316
(21,374) (89,391) (110,000)
---------- ---------- -----------
2,243 30,584 81,403
========== ========== ===========
35,318 42,972 19,998
291 59 109
(31,370) (5,081) (5,311)
---------- ---------- -----------
4,239 37,950 14,796
========== ========== ===========
2,272,829 1,845,545 3,238,883
-- 195 1,054
(1,335,639) (2,573,738) (5,175,469)
---------- ---------- -----------
937,190 (727,998) (1,935,532)
========== ========== ===========
78,010 104,036 185,468
2,719 1,062 309
(23,872) (207,087) (391,669)
---------- ---------- -----------
56,857 (101,989) (205,892)
========== ========== ===========
</TABLE>
See Notes to Financial Statements.
131
<PAGE> 427
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended
June 30, 1999
(Continued)
Since the Funds have sold, redeemed and reinvested shares only at a constant net
asset value of $1.00 per share, the number of shares represented by such sales,
redemptions and reinvestments are the same as the amounts shown below for such
transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
MUNDER MUNDER MUNDER
CASH TAX-FREE U.S. TREASURY
INVESTMENT MONEY MARKET MONEY MARKET
FUND FUND FUND
<S> <C> <C> <C>
CLASS A SHARES:
Sold........................................................ $ 1,710,077,835 $ 103,127,008 $ 89,754,036
Issued as reinvestment of dividends......................... 5,274,720 1,764,646 451,318
Redeemed.................................................... (1,713,306,686) (109,055,855) (71,810,468)
--------------- ------------- -------------
Net increase/(decrease)..................................... $ 2,045,869 $ (4,164,201) $ 18,394,886
=============== ============= =============
CLASS K SHARES:
Sold........................................................ $ 1,260,967,529 $ 458,825,126 $ 152,551,590
Issued as reinvestment of dividends......................... 39,799 3,581 3
Redeemed.................................................... (1,064,142,250) (374,890,515) (172,021,661)
--------------- ------------- -------------
Net increase/(decrease)..................................... $ 196,865,078 $ 83,938,192 $ (19,470,068)
=============== ============= =============
CLASS Y SHARES:
Sold........................................................ $ 698,641,835 $ 66,759,446 $ 88,111,377
Issued as reinvestment of dividends......................... 175,030 27,537 313,446
Redeemed.................................................... (668,110,865) (65,394,555) (91,894,375)
--------------- ------------- -------------
Net increase/(decrease)..................................... $ 30,706,000 $ 1,392,428 $ (3,469,552)
=============== ============= =============
</TABLE>
See Notes to Financial Statements.
132
<PAGE> 428
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
---------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97(C) 6/30/96(C)
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 12.98 $ 13.49 $ 13.03 $12.37 $10.78
------- ------- ------- ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.......................... 0.15 0.22 0.31 0.29 0.27
Net realized and unrealized gain on
investments.................................. 2.39 1.02 1.64 1.30 1.57
------- ------- ------- ------ ------
Total from investment operations............... 2.54 1.24 1.95 1.59 1.84
------- ------- ------- ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income........... (0.15) (0.23) (0.32) (0.27) (0.25)
Distributions from net realized gains.......... (3.23) (1.52) (1.17) (0.66) --
------- ------- ------- ------ ------
Total distributions............................ (3.38) (1.75) (1.49) (0.93) (0.25)
------- ------- ------- ------ ------
Net asset value, end of period................. $ 12.14 $ 12.98 $ 13.49 $13.03 $12.37
======= ======= ======= ====== ======
TOTAL RETURN (B)............................... 27.01% 10.83% 15.86% 13.64% 17.17%
======= ======= ======= ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........... $23,695 $27,206 $31,748 $6,588 $1,718
Ratio of operating expenses to average net
assets....................................... 1.26% 1.22% 1.17% 1.22% 1.15%
Ratio of net investment income to average net
assets....................................... 1.33% 1.78% 2.41% 2.30% 2.29%
Portfolio turnover rate........................ 176% 116% 79% 125% 197%
Ratio of operating expenses to average net
assets without waivers....................... 1.26% 1.22% 1.17% 1.22% 1.26%
</TABLE>
------------
(a) The Munder Balanced Fund Class K Shares commenced operations on April 16,
1993.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
133
<PAGE> 429
Munder Equity Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
--------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98 6/30/97(C) 6/30/96(C)
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $ 15.00 $ 15.64 $ 15.23 $ 13.05 $ 11.14
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................ 0.18 0.21 0.28 0.32 0.32
Net realized and unrealized gain on
investments.................................... (2.59) 0.72 2.97 3.14 1.99
-------- -------- -------- -------- --------
Total from investment operations................. (2.41) 0.93 3.25 3.46 2.31
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income............. (0.18) (0.18) (0.28) (0.32) (0.31)
Distributions from net realized gains............ (0.57) (1.39) (2.56) (0.96) (0.09)
-------- -------- -------- -------- --------
Total distributions.............................. (0.75) (1.57) (2.84) (1.28) (0.40)
-------- -------- -------- -------- --------
Net asset value, end of period................... $ 11.84 $ 15.00 $ 15.64 $ 15.23 $ 13.05
======== ======== ======== ======== ========
TOTAL RETURN (B)................................. (16.49)% 6.95% 23.00% 28.12% 20.97%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............. $110,257 $205,364 $216,387 $212,415 $192,592
Ratio of operating expenses to average net
assets......................................... 1.23% 1.21% 1.19% 1.20% 1.21%
Ratio of net investment income to average net
assets......................................... 1.37% 1.45% 1.78% 2.28% 2.56%
Portfolio turnover rate.......................... 91% 50% 73% 62% 37%
Ratio of operating expenses to average net assets
without waivers................................ 1.23% 1.21% 1.19% 1.20% 1.28%
</TABLE>
------------
(a) The Munder Equity Income Fund Class K Shares commenced operations on July 5,
1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
134
<PAGE> 430
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
---------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96(C)
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 29.29 $ 24.44 $ 20.94 $ 16.16 $ 13.80
-------- -------- -------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.............................. 0.21 0.22 0.28 0.31 0.33
Net realized and unrealized gain on investments.... 1.67 5.09 5.48 5.04 3.07
-------- -------- -------- ------- -------
Total from investment operations................... 1.88 5.31 5.76 5.35 3.40
-------- -------- -------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income............... (0.20) (0.22) (0.27) (0.30) (0.32)
Distributions from net realized gains.............. (0.28) (0.24) (1.99) (0.27) (0.72)
-------- -------- -------- ------- -------
Total distributions................................ (0.48) (0.46) (2.26) (0.57) (1.04)
-------- -------- -------- ------- -------
Net asset value, end of period..................... $ 30.69 $ 29.29 $ 24.44 $ 20.94 $ 16.16
======== ======== ======== ======= =======
TOTAL RETURN (B)................................... 6.63% 21.99% 29.42% 33.79% 25.37%
======== ======== ======== ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............... $328,059 $272,450 $168,639 $61,254 $17,068
Ratio of operating expenses to average net
assets........................................... 0.60% 0.55% 0.53% 0.54% 0.51%
Ratio of net investment income to average net
assets........................................... 0.70% 0.96% 1.23% 1.76% 2.13%
Portfolio turnover rate............................ 8% 6% 8% 11% 8%
Ratio of operating expenses to average net assets
without waivers.................................. 0.61% 0.60% 0.60% 0.64% 0.69%
</TABLE>
------------
(a) The Munder Index 500 Fund Class K Shares commenced operations on December 7,
1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
135
<PAGE> 431
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
----------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97(C) 6/30/96(C)
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $ 16.22 $ 15.03 $ 15.74 $ 15.08 $ 13.42
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... 0.25 0.16 0.16 0.14 0.15
Net realized and unrealized gain/(loss) on
investments................................. 3.43 1.43 0.32 2.31 1.63
-------- -------- -------- -------- --------
Total from investment operations.............. 3.68 1.59 0.48 2.45 1.78
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... (0.28) (0.17) (0.19) (0.20) (0.12)
Distributions from net realized gains......... (1.59) (0.23) (1.00) (1.59) --
Distributions from capital.................... -- -- -- -- --
-------- -------- -------- -------- --------
Total distributions........................... (1.87) (0.40) (1.19) (1.79) (0.12)
-------- -------- -------- -------- --------
Net asset value, end of period................ $ 18.03 $ 16.22 $ 15.03 $ 15.74 $ 15.08
======== ======== ======== ======== ========
TOTAL RETURN (B).............................. 23.51% 10.94% 4.24% 18.09% 13.29%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $118,766 $106,106 $105,916 $135,593 $116,053
Ratio of operating expenses to average net
assets...................................... 1.30% 1.29% 1.25% 1.26% 1.26%
Ratio of net investment income to average net
assets...................................... 1.44% 1.09% 1.03% 0.98% 1.07%
Portfolio turnover rate....................... 18% 23% 41% 46% 75%
Ratio of operating expenses to average net
assets without waivers...................... 1.30% 1.29% 1.25% 1.26% 1.33%
</TABLE>
------------
(a) The Munder International Equity Fund Class K Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
136
<PAGE> 432
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
-------------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 18.15 $17.00 $12.82 $10.12
------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss........................................ (0.31) (0.18) (0.17) (0.05)
Net realized and unrealized gain on investments............ 10.91 1.63 4.99 2.75
------- ------ ------ ------
Total from investment operations........................... 10.60 1.45 4.82 2.70
------- ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from net realized gains...................... -- (0.30) (0.64) --
------- ------ ------ ------
Total distributions........................................ -- (0.30) (0.64) --
------- ------ ------ ------
Net asset value, end of period............................. $ 28.75 $18.15 $17.00 $12.82
======= ====== ====== ======
TOTAL RETURN (B)........................................... 58.40% 9.04% 37.90% 26.68%
======= ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $ 6,393 $2,740 $3,050 $ 199
Ratio of operating expenses to average net assets.......... 1.68% 1.53% 1.53% 1.50%(c)
Ratio of net investment loss to average net assets......... (1.23)% (1.21)% (0.98)% (0.88)%(c)
Portfolio turnover rate.................................... 187% 184% 172% 68%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 1.68% 1.64% 1.78% 7.90%(c)
</TABLE>
------------
(a) The Munder Micro-Cap Equity Class K Shares commenced operations on December
31, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
137
<PAGE> 433
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
----------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98(C) 6/30/97(C) 6/30/96(C)
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $ 22.04 $ 21.42 $ 18.00 $ 14.83 $ 12.02
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... (0.03) (0.02) 0.00(d) 0.04 0.06
Net realized and unrealized gain/(loss) on
investments................................. (0.01) 2.22 4.35 3.89 3.20
-------- -------- -------- -------- --------
Total from investment operations.............. (0.04) 2.20 4.35 3.93 3.26
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... -- -- (0.01) (0.01) (0.05)
Distributions from net realized gains......... (1.37) (1.58) (0.92) (0.75) (0.40)
-------- -------- -------- -------- --------
Total distributions........................... (1.37) (1.58) (0.93) (0.76) (0.45)
-------- -------- -------- -------- --------
Net asset value, end of period................ $ 20.63 $ 22.04 $ 21.42 $ 18.00 $ 14.83
======== ======== ======== ======== ========
TOTAL RETURN (B).............................. 0.27% 11.40% 25.05% 27.55% 27.56%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $280,339 $327,355 $275,378 $237,330 $140,833
Ratio of operating expenses to average net
assets...................................... 1.24% 1.22% 1.21% 1.25% 1.26%
Ratio of net investment income to average net
assets...................................... (0.14)% (0.09)% 0.00%(d) 0.25% 0.44%
Portfolio turnover rate....................... 44% 53% 34% 33% 54%
Ratio of operating expenses to average net
assets without waivers...................... 1.42% 1.39% 1.39% 1.50% 1.51%
</TABLE>
------------
(a) The Munder Multi-Season Growth Fund Class K Shares commenced operations on
June 23, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01.
See Notes to Financial Statements.
138
<PAGE> 434
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
----------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97
----------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period........................ $ 12.78 $14.94 $14.40 $12.07
------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income....................................... 0.56 0.58 0.69 0.40
Net realized and unrealized gain/(loss) on investments...... (0.57) (1.64) 0.61 2.38
------- ------ ------ ------
Total from investment operations............................ (0.01) (1.06) 1.30 2.78
------- ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income........................ (0.56) (0.61) (0.62) (0.41)
Distributions in excess of net investment income............ -- -- -- (0.01)
Distributions from net realized gains....................... -- (0.39) (0.14) --
Distributions from capital.................................. (0.12) (0.10) -- (0.03)
------- ------ ------ ------
Total distributions......................................... (0.68) (1.10) (0.76) (0.45)
------- ------ ------ ------
Net asset value, end of period.............................. $ 12.09 $12.78 $14.94 $14.40
======= ====== ====== ======
TOTAL RETURN (B)............................................ 0.55% (6.66)% 8.92% 23.11%
======= ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........................ $ 1,234 $2,277 $2,145 $1,481
Ratio of operating expenses to average net assets........... 1.33% 1.27% 1.28% 1.35%(c)
Ratio of net investment income to average net assets........ 4.90% 4.50% 4.15% 3.80%(c)
Portfolio turnover rate..................................... 15% 22% 15% 15%
Ratio of operating expenses to average net assets without
waivers................................................... 1.33% 1.27% 1.28% 1.38%(c)
</TABLE>
------------
(a) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
139
<PAGE> 435
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
-------------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 13.11 $ 14.25 $ 12.04 $ 10.08
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income...................................... 0.04 0.05 0.08 0.09
Net realized and unrealized gain/(loss) on investments..... (0.92) (0.85) 2.83 1.91
------- ------- ------- -------
Total from investment operations........................... (0.88) (0.80) 2.91 2.00
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... (0.06) (0.06) (0.06) (0.04)
Distributions in excess of net investment income........... -- (0.01) -- --
Distributions from net realized capital gains.............. -- (0.27) (0.64) --
------- ------- ------- -------
Total distributions........................................ (0.06) (0.34) (0.70) (0.04)
------- ------- ------- -------
Net asset value, end of period............................. $ 12.17 $ 13.11 $ 14.25 $ 12.04
======= ======= ======= =======
TOTAL RETURN (B)........................................... (6.73)% (5.33)% 24.53% 19.85%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $15,571 $74,472 $84,699 $50,769
Ratio of operating expenses to average net assets.......... 1.31% 1.23% 1.27% 1.38%(c)
Ratio of net investment income to average net assets....... 0.31% 0.45% 0.56% 1.93%(c)
Portfolio turnover rate.................................... 76% 69% 53% 73%
Ratio of operating expenses to average net assets without
waivers.................................................. 1.31% 1.23% 1.27% 1.51%(c)
</TABLE>
------------
(a) The Munder Small-Cap Value Fund Class K Shares commenced operations on
December 31, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
140
<PAGE> 436
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
------------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98(C) 6/30/97(C) 6/30/96(C)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 16.54 $ 19.96 $ 21.62 $ 21.08 $ 15.28
------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss......................... (0.15) (0.07) (0.13) (0.12) (0.12)
Net realized and unrealized gain/(loss) on
investments............................... 3.49 (2.14) 2.58 3.65 7.16
------- -------- -------- -------- --------
Total from investment operations............ 3.34 (2.21) 2.45 3.53 7.04
------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gains....... -- (1.21) (4.11) (2.99) (1.24)
------- -------- -------- -------- --------
Total distributions......................... -- (1.21) (4.11) (2.99) (1.24)
------- -------- -------- -------- --------
Net asset value, end of period.............. $ 19.88 $ 16.54 $ 19.96 $ 21.62 $ 21.08
======= ======== ======== ======== ========
TOTAL RETURN (B)............................ 20.33% (10.92)% 12.36% 18.93% 48.28%
======= ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's)........ $55,092 $123,341 $159,837 $152,766 $111,669
Ratio of operating expenses to average net
assets.................................... 1.26% 1.22% 1.20% 1.22% 1.21%
Ratio of net investment loss to average net
assets.................................... (0.89)% (0.44)% (0.57)% (0.62)% (0.66)%
Portfolio turnover rate..................... 158% 108% 123% 98% 98%
Ratio of operating expenses to average net
assets without waivers.................... 1.26% 1.22% 1.20% 1.22% 1.28%
</TABLE>
------------
(a) The Munder Small Company Growth Fund Class K Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
141
<PAGE> 437
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
-------------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 11.60 $ 8.99 $ 12.92 $ 10.06
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income...................................... 0.00(e) 0.03 0.10 0.05
Net realized and unrealized gain/(loss) on investments..... 1.02 2.58 (3.72) 2.84
------- ------- ------- -------
Total from investment operations........................... 1.02 2.61 (3.62) 2.89
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... -- -- (0.04) (0.03)
Distributions from net realized gains...................... -- -- (0.05) --
Distributions in excess of net realized gains.............. -- -- (0.22) --
------- ------- ------- -------
Total distributions........................................ -- -- (0.31) (0.03)
------- ------- ------- -------
Net asset value, end of period............................. $ 12.62 $ 11.60 $ 8.99 $ 12.92
======= ======= ======= =======
TOTAL RETURN (B)........................................... 8.79% 29.03% (28.34)% 28.69%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $41,167 $36,438 $31,790 $ 4,419
Ratio of operating expenses to average net assets.......... 1.98% 1.85% 1.89% 1.79%(c)
Ratio of net investment income to average net assets....... (0.02)% 0.39% 0.93% 1.14%(c)
Portfolio turnover rate.................................... 177% 159% 94% 46%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 2.14% 2.12% 2.14% 5.43%(c)
</TABLE>
------------
(a) The Munder Framlington Emerging Markets Fund Class K Shares commenced
operations on January 10, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
142
<PAGE> 438
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
----------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97
----------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period........................ $10.44 $11.80 $10.89 $ 9.45
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss......................................... (0.19) (0.13) (0.14) (0.02)
Net realized and unrealized gain/(loss) on investments...... 18.06 (1.13) 1.05 1.46
------ ------ ------ ------
Total from investment operations............................ 17.87 (1.26) 0.91 1.44
------ ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from net realized gains....................... -- (0.08) -- --
Distributions in excess of net realized gains............... -- (0.02) -- --
------ ------ ------ ------
Total distributions......................................... -- (0.10) -- --
------ ------ ------ ------
Net asset value, end of period.............................. $28.31 $10.44 $11.80 $10.89
====== ====== ====== ======
TOTAL RETURN (B)............................................ 170.91% (10.70)% 8.45% 15.24%
====== ====== ====== ======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........................ $ 387 $ 60 $ 163 $ 119
Ratio of operating expenses to average net assets........... 1.61% 1.61% 1.62% 1.55%(c)
Ratio of net investment loss to average net assets.......... (1.01)% (1.27)% (1.21)% (0.95)(c)
Portfolio turnover rate..................................... 60% 49% 47% 14%
Ratio of operating expenses to average net assets without
expenses reimbursed....................................... 1.63% 1.92% 2.40% 7.33%(c)
</TABLE>
------------
(a) The Munder Framlington Healthcare Fund Class K Shares commenced operations
on April 1, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
143
<PAGE> 439
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
-------------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D)
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period....................... $ 12.75 $ 11.92 $ 11.35 $ 9.87
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)............................... (0.05) (0.02) 0.02 0.05
Net realized and unrealized gain on investments............ 3.72 0.86 0.61 1.43
------- ------- ------- -------
Total from investment operations........................... 3.67 0.84 0.63 1.48
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... (0.08) -- (0.02) --
Distributions in excess of net investment income........... (0.05) -- -- --
Distributions from net realized gains...................... (0.54) (0.01) (0.03) --
Distributions in excess of net realized gains.............. -- -- (0.01) --
------- ------- ------- -------
Total distributions........................................ (0.67) (0.01) (0.06) --
------- ------- ------- -------
Net asset value, end of period............................. $ 15.75 $ 12.75 $ 11.92 $ 11.35
======= ======= ======= =======
TOTAL RETURN (B)........................................... 28.98% 7.02% 5.60% 14.99%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)....................... $ 2,839 $ 1,834 $ 2,271 $ 1,089
Ratio of operating expenses to average net assets.......... 1.69% 1.61% 1.62% 1.55%(c)
Ratio of net investment income/(loss) to average net
assets................................................... (0.34)% (0.17)% 0.21% 1.01%(c)
Portfolio turnover rate.................................... 65% 66% 38% 15%
Ratio of operating expenses to average net assets without
expenses reimbursed...................................... 1.71% 1.76% 1.82% 2.56%(c)
</TABLE>
------------
(a) The Munder Framlington International Growth Class K Shares commenced
operations on January 10, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
144
<PAGE> 440
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98(C) 6/30/97 6/30/96
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............ $ 9.62 $ 9.99 $ 9.57 $ 9.53 $ 9.69
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income........................... 0.57 0.58 0.59 0.61 0.61
Net realized and unrealized gain/(loss) on
investments................................... (0.32) (0.40) 0.40 0.01 (0.19)
------- ------- ------- ------- -------
Total from investment operations................ 0.25 0.18 0.99 0.62 0.42
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income............ (0.57) (0.55) (0.57) (0.58) (0.58)
Distributions from net realized capital gains... (0.06) -- -- -- --
------- ------- ------- ------- -------
Total distributions............................. (0.63) (0.55) (0.57) (0.58) (0.58)
------- ------- ------- ------- -------
Net asset value, end of period.................. $ 9.24 $ 9.62 $ 9.99 $ 9.57 $ 9.53
======= ======= ======= ======= =======
TOTAL RETURN (B)................................ 2.68% 1.72% 10.57% 6.72% 4.35%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............ $40,105 $51,465 $43,281 $34,999 $32,211
Ratio of operating expenses to average net
assets........................................ 0.99% 0.97% 0.96% 0.96% 0.95%
Ratio of net investment income to average net
assets........................................ 6.10% 5.77% 5.93% 6.34% 6.26%
Portfolio turnover rate......................... 205% 142% 222% 279% 507%
Ratio of operating expenses to average net
assets without waivers........................ 0.99% 0.97% 0.96% 0.96% 1.04%
</TABLE>
------------
(a) The Munder Bond Fund Class K Shares commenced operations on November 23,
1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
145
<PAGE> 441
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
----------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98(D) 6/30/97(D) 6/30/96
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $ 9.26 $ 9.50 $ 9.33 $ 9.31 $ 9.51
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... 0.51 0.51 0.55 0.55 0.58
Net realized and unrealized gain/(loss) on
investments................................. (0.17) (0.24) 0.15 0.02 (0.20)
-------- -------- -------- -------- --------
Total from investment operations.............. 0.34 0.27 0.70 0.57 0.38
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... (0.52) (0.51) (0.53) (0.55) (0.58)
-------- -------- -------- -------- --------
Total distributions........................... (0.52) (0.51) (0.53) (0.55) (0.58)
-------- -------- -------- -------- --------
Net asset value, end of period................ $ 9.08 $ 9.26 $ 9.50 $ 9.33 $ 9.31
======== ======== ======== ======== ========
TOTAL RETURN (B).............................. 3.80% 2.83% 7.73% 6.34% 4.04%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $268,001 $339,622 $355,840 $325,331 $370,493
Ratio of operating expenses to average net
assets...................................... 0.96% 0.95% 0.93% 0.93% 0.94%
Ratio of net investment income to average net
assets...................................... 5.63% 5.38% 5.77% 5.91% 6.08%
Portfolio turnover rate....................... 130% 128% 194% 325% 494%
Ratio of operating expenses to average net
assets without waivers...................... 0.96% 0.95% 0.93% 0.93% 1.02%
</TABLE>
------------
(a) The Munder Intermediate Bond Fund Class K Shares commenced operations on
November 20, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
146
<PAGE> 442
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
-------------------------------------------------------
YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
6/30/00(D) 6/30/99(D) 6/30/98 6/30/97
-------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period........................ $ 9.75 $ 9.67 $ 9.83 $9.54
------- ------- ------ -----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income....................................... 0.28 0.31 0.19 0.09
Net realized and unrealized gain/(loss) on investments...... (0.24) 0.10 (0.11) 0.20
------- ------- ------ -----
Total from investment operations............................ 0.04 0.41 0.08 0.29
------- ------- ------ -----
LESS DISTRIBUTIONS:
Dividends from net investment income........................ (0.50) (0.18) (0.22) --
Distributions from net realized gains....................... -- (0.15) (0.02) --
------- ------- ------ -----
Total distributions......................................... (0.50) (0.33) (0.24) 0.00
------- ------- ------ -----
Net asset value, end of period.............................. $ 9.29 $ 9.75 $ 9.67 $9.83
======= ======= ====== =====
TOTAL RETURN (B)............................................ 0.24% 3.92% 0.80% 3.04%
======= ======= ====== =====
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........................ $ 44 $ 27 $ 77 $ 103
Ratio of operating expenses to average net assets........... 1.16% 1.14% 1.11% 1.14%(c)
Ratio of net investment income to average net assets........ 2.94% 3.03% 3.53% 3.61%(c)
Portfolio turnover rate..................................... 138% 59% 81% 75%
Ratio of operating expenses to average net assets without
waivers................................................... 1.16% 1.14% 1.11% 1.18%(c)
</TABLE>
------------
(a) The Munder International Bond Fund Class K Shares commenced operations on
March 25, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
147
<PAGE> 443
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
--------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97 6/30/96(C)
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $ 10.03 $ 10.38 $ 10.09 $ 9.98 $ 10.30
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... 0.60 0.59 0.60 0.65 0.71
Net realized and unrealized gain/(loss) on
investments................................. (0.24) (0.37) 0.36 0.07 (0.27)
-------- -------- -------- -------- --------
Total from investment operations.............. 0.36 0.22 0.96 0.72 0.44
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... (0.60) (0.55) (0.61) (0.61) (0.68)
Distributions from net realized gains......... (0.00)(d) (0.01) (0.06) (0.00)(d) (0.08)
Distributions in excess of net realized
gains....................................... (0.00)(d) (0.01) -- -- --
-------- -------- -------- -------- --------
Total distributions........................... (0.60) (0.57) (0.67) (0.61) (0.76)
-------- -------- -------- -------- --------
Net asset value, end of period................ $ 9.79 $ 10.03 $ 10.38 $ 10.09 $ 9.98
======== ======== ======== ======== ========
TOTAL RETURN (B).............................. 3.74% 2.11% 9.70% 7.49% 4.32%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $177,334 $213,327 $219,724 $197,479 $158,948
Ratio of operating expenses to average net
assets...................................... 0.97% 0.96% 0.94% 0.96% 0.97%
Ratio of net investment income to average net
assets...................................... 6.07% 5.74% 6.00% 6.51% 6.92%
Portfolio turnover rate....................... 15% 23% 85% 130% 133%
Ratio of operating expenses to average net
assets without waivers...................... 0.97% 0.96% 0.94% 0.96% 1.04%
</TABLE>
------------
(a) The Munder U.S. Government Income Fund Class K Shares commenced operations
on July 5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
148
<PAGE> 444
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99(C) 6/30/98 6/30/97(C) 6/30/96(C)
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $ 9.62 $ 10.06 $ 9.64 $ 9.34 $ 9.34
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................ 0.39 0.39 0.42 0.43 0.48
Net realized and unrealized gain/(loss) on
investments.................................... (0.16) (0.28) 0.44 0.30 0.00(d)
------- ------- ------- ------- -------
Total from investment operations................. 0.23 0.11 0.86 0.73 0.48
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income............. (0.40) (0.39) (0.42) (0.43) (0.48)
Distributions from net realized gains............ -- (0.16) (0.02) (0.00)(d) --
------- ------- ------- ------- -------
Total distributions.............................. (0.40) (0.55) (0.44) (0.43) (0.48)
------- ------- ------- ------- -------
Net asset value, end of period................... $ 9.45 $ 9.62 $ 10.06 $ 9.64 $ 9.34
======= ======= ======= ======= =======
TOTAL RETURN (B)................................. 2.48% 0.99% 9.02% 8.00% 5.14%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............. $45,515 $64,065 $57,574 $43,316 $29,476
Ratio of operating expenses to average net
assets......................................... 1.03% 1.00% 0.98% 0.88% 0.51%
Ratio of net investment income to average net
assets......................................... 4.14% 3.89% 4.29% 4.57% 5.01%
Portfolio turnover rate.......................... 13% 33% 34% 19% 31%
Ratio of operating expenses to average net assets
without waivers................................ 1.03% 1.00% 0.98% 1.02% 1.09%
</TABLE>
------------
(a) The Munder Michigan Tax-Free Bond Fund Class K Shares commenced operations
on January 3, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
149
<PAGE> 445
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
--------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99 6/30/98 6/30/97(C) 6/30/96(C)
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 10.03 $ 10.74 $ 10.52 $ 10.35 $ 10.30
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.......................... 0.41 0.42 0.49 0.47 0.46
Net realized and unrealized gain on
investments.................................. (0.15) (0.32) 0.38 0.25 0.07
-------- -------- -------- -------- --------
Total from investment operations............... 0.26 0.10 0.87 0.72 0.53
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income........... (0.42) (0.42) (0.49) (0.47) (0.47)
Distributions from net realized gains.......... (0.08) (0.39) (0.16) (0.08) (0.01)
-------- -------- -------- -------- --------
Total distributions............................ (0.50) (0.81) (0.65) (0.55) (0.48)
-------- -------- -------- -------- --------
Net asset value, end of period................. $ 9.79 $ 10.03 $ 10.74 $ 10.52 $ 10.35
======== ======== ======== ======== ========
TOTAL RETURN (B)............................... 2.73% 0.82% 8.43% 7.13% 5.12%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........... $134,676 $173,863 $194,077 $190,243 $196,645
Ratio of operating expenses to average net
assets....................................... 1.00% 0.98% 0.93% 0.95% 0.98%
Ratio of net investment income to average net
assets....................................... 4.26% 3.94% 4.60% 4.52% 4.42%
Portfolio turnover rate........................ 6% 32% 61% 45% 15%
Ratio of operating expenses to average net
assets without waivers....................... 1.00% 0.98% 0.93% 0.95% 1.06%
</TABLE>
------------
(a) The Munder Tax-Free Bond Fund Class K Shares commenced operations on July 5,
1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
150
<PAGE> 446
Munder Tax-Free Short-Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
----------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00(C) 6/30/99(C) 6/30/98 6/30/97(C) 6/30/96(C)
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $ 10.22 $ 10.46 $ 10.41 $ 10.34 $ 10.37
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income......................... 0.38 0.38 0.43 0.41 0.41
Net realized and unrealized gain/(loss) on
investments................................. (0.12) (0.14) 0.13 0.10 (0.03)
-------- -------- -------- -------- --------
Total from investment operations.............. 0.26 0.24 0.56 0.51 0.38
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income.......... (0.38) (0.38) (0.42) (0.41) (0.41)
Distributions from net realized gains......... (0.05) (0.10) (0.09) (0.03) --
Distributions in excess of net realized
gains....................................... (0.00)(d) -- -- -- --
-------- -------- -------- -------- --------
Total distributions........................... (0.43) (0.48) (0.51) (0.44) (0.41)
-------- -------- -------- -------- --------
Net asset value, end of period................ $ 10.05 $ 10.22 $ 10.46 $ 10.41 $ 10.34
======== ======== ======== ======== ========
TOTAL RETURN (B).............................. 2.68% 2.27% 5.44% 5.04% 3.69%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL
DATA:
Net assets, end of period (in 000's).......... $201,005 $268,948 $295,601 $283,641 $333,768
Ratio of operating expenses to average net
assets...................................... 0.97% 0.96% 0.94% 0.93% 0.96%
Ratio of net investment income to average net
assets...................................... 3.75% 3.63% 4.07% 3.96% 3.91%
Portfolio turnover rate....................... 15% 25% 27% 31% 20%
Ratio of operating expenses to average net
assets without waivers...................... 0.97% 0.96% 0.94% 0.93% 1.04%
</TABLE>
------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class K Shares commenced
operations on February 9, 1987.
(b) Total return represents aggregate total return for the period indicated.
(c) Per share numbers have been calculated using the average shares method.
(d) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
151
<PAGE> 447
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
--------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......................... 0.051 0.046 0.050 0.048 0.050
-------- -------- -------- -------- --------
Total from investment operations............... 0.051 0.046 0.050 0.048 0.050
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income........... (0.051) (0.046) (0.050) (0.048) (0.050)
-------- -------- -------- -------- --------
Total distributions............................ (0.051) (0.046) (0.050) (0.048) (0.050)
-------- -------- -------- -------- --------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN (B)............................... 5.23% 4.68% 5.14% 4.90% 5.10%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........... $811,582 $869,709 $672,842 $599,858 $547,523
Ratio of operating expenses to average net
assets....................................... 0.70% 0.68% 0.66% 0.70% 0.68%
Ratio of net investment income to average net
assets....................................... 5.11% 4.57% 5.02% 4.81% 4.98%
Ratio of operating expenses to average net
assets without waivers....................... 0.70% 0.68% 0.66% 0.70% 0.68%
</TABLE>
------------
(a) The Munder Cash Investment Fund Class K Shares commenced on November 23,
1992.
(b) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
152
<PAGE> 448
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
--------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.......................... 0.030 0.026 0.029 0.028 0.030
-------- -------- -------- -------- --------
Total from investment operations............... 0.030 0.026 0.029 0.028 0.030
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income........... (0.030) (0.026) (0.029) (0.028) (0.030)
-------- -------- -------- -------- --------
Total distributions............................ (0.030) (0.026) (0.029) (0.028) (0.030)
-------- -------- -------- -------- --------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN (B)............................... 3.04% 2.61% 2.98% 2.90% 3.00%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........... $229,726 $289,536 $205,600 $226,782 $192,591
Ratio of operating expenses to average net
assets....................................... 0.71% 0.70% 0.69% 0.68% 0.68%
Ratio of net investment income to average net
assets....................................... 2.99% 2.57% 2.93% 2.86% 2.99%
Ratio of operating expenses to average net
assets without waivers....................... 0.71% 0.70% 0.69% 0.68% 0.70%
</TABLE>
------------
(a) The Munder Tax-Free Money Market Fund Class K Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
153
<PAGE> 449
Munder U. S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
K SHARES
---------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................................. 0.047 0.042 0.048 0.047 0.048
------- ------- ------- ------- -------
Net realized an unrealized gain(loss) on
investments......................................... 0.000 0.000 0.000 0.000 0.000
------- ------- ------- ------- -------
Total from investment operations...................... 0.047 0.042 0.048 0.047 0.048
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income.................. (0.047) (0.042) (0.048) (0.047) (0.048)
------- ------- ------- ------- -------
Total distributions................................... (0.047) (0.042) (0.048) (0.047) (0.048)
------- ------- ------- ------- -------
Net asset value, end of period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
TOTAL RETURN (B)...................................... 4.77% 4.33% 4.87% 4.73% 4.89%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).................. $13,440 $21,777 $41,247 $41,877 $62,133
Ratio of operating expenses to average net assets..... 0.76% 0.73% 0.72% 0.69% 0.69%
Ratio of net investment income to average net
assets.............................................. 4.65% 4.23% 4.77% 4.64% 4.74%
Ratio of operating expenses to average net assets
without waivers..................................... 0.76% 0.73% 0.72% 0.69% 0.71%
</TABLE>
------------
(a) The Munder U. S. Treasury Money Market Fund Class K Shares commenced
operations on November 25, 1992.
(b) Total return represents aggregate total return for the period indicated.
See Notes to Financial Statements.
154
<PAGE> 450
The Munder Funds
Notes To Financial Statements, June 30, 2000
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Funds, Inc. ("MFI") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company, and was organized as a Maryland corporation on November 18, 1992. The
Munder Funds Trust ("MFT") is registered under the 1940 Act as an open-end
management investment company, and was organized as a Massachusetts business
trust on August 30, 1989. The Munder Framlington Funds Trust ("Framlington") is
registered under the 1940 Act as an open-end management investment company, and
was organized as a Massachusetts business trust on October 30, 1996. MFI, MFT
and Framlington consist of 32 currently in operation. Information presented in
these financial statements pertains to the following funds only (each a "Fund"
collectively, the "Funds") as follows:
MFI:
EQUITY FUNDS
Munder Micro-Cap Equity Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
INCOME FUND
Munder International Bond Fund
MONEY MARKET FUND
Munder Money Market Fund
MFT:
EQUITY FUNDS
Munder Balanced Fund
Munder Equity Income Fund (formerly Munder Growth & Income
Fund)
Munder Index 500 Fund
Munder International Equity Fund
Munder Small Company Growth Fund
INCOME FUNDS
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Short-Intermediate Bond Fund
MONEY MARKET FUNDS
Munder Cash Investment Fund
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
FRAMLINGTON:
EQUITY FUNDS
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
155
<PAGE> 451
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
The Equity Funds (with the exception of the Munder Index 500 Fund) and the
Income Funds offer five classes of shares -- Class A, Class B, Class C, Class K
and Class Y Shares. The Munder Index 500 Fund offers four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Money Market Funds
of MFT offer three classes of shares -- Class A, Class K and Class Y Shares. The
Munder Money Market Fund offers four classes of shares -- Class A, Class B,
Class C and Class Y Shares. The Financial Highlights of Class A, Class B, Class
C and Class Y Shares are presented in separate annual reports. Each Fund is
classified as a diversified management investment company under the 1940 Act,
other than the Munder Tax-Free Short-Intermediate Bond Fund, Munder Michigan
Tax-Free Bond Fund and Munder International Bond Fund which are each classified
as non-diversified. On February 14, 2000, the Munder Growth & Income Fund
changed its name to the Munder Equity Income Fund.
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 Equity and Income Funds, securities
(including financial futures, if any) traded on a recognized stock exchange or
on the NASDAQ National Market System ("NASDAQ") are valued at the last sale
price on the securities exchange on which such securities are primarily traded
or at the last sale price on the national securities market as of the close of
business on the date of the valuation. Securities traded on a national
securities exchange or on NASDAQ for which there were no sales on the date of
valuation and securities traded on over-the-counter markets, including listed
securities for which the primary market is believed to be over-the-counter, are
valued at the mean between the most recently quoted bid and asked prices.
Restricted securities, and securities and assets for which market quotations are
not readily available, are valued at fair value by Munder Capital Management
(the "Advisor") or World Asset Management ("World"), a wholly owned subsidiary
of Munder Capital Management, and under certain circumstances by a pricing
committee, under the guidelines approved by the Boards of Trustees and
Directors. Portfolio securities primarily traded on the London Stock Exchange
are generally valued at the mean price between the current bid and asked prices.
Portfolio securities that are primarily traded on foreign securities exchanges,
other than the London Stock Exchange, are generally valued at the last sale
price of such securities on their respective exchanges, except when an
occurrence subsequent to the time a value was so established is likely to have
changed such value. In such an event, the fair value of those securities will be
determined through the consideration of other factors by or in accordance with
guidelines approved by the Boards of Trustees and Directors. Debt securities
with remaining maturities of 60 days or less at the time of purchase are valued
on an amortized cost basis, unless the Boards of Trustees and Directors
determine that such valuation does not constitute fair value at that time. Debt
securities held by the Money Market Funds are also valued on an amortized cost
basis, which approximates current market value. Thereafter, a constant
proportionate amortization of any discount or premium is recorded until maturity
of the security. Regular review and monitoring of the valuation of securities
held by the Money Market Funds is performed pursuant to procedures established
by the Boards of Trustees and Directors. Each Money Market Fund seeks to
maintain a net asset value per share of $1.00.
Forward Foreign Currency Exchange Contracts: Each Equity Fund (except Real
Estate Equity Investment Fund) and the Munder Bond Fund, Munder Intermediate
Bond Fund, Munder International Bond Fund and Munder U.S. Government Income Fund
may engage in forward foreign currency exchange contracts in an effort to reduce
the level of volatility caused by changes in foreign currency exchange rates. A
Fund may use forward foreign currency exchange contracts to facilitate
transactions in foreign securities and to manage currency exposure. Forward
foreign currency
156
<PAGE> 452
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
exchange contracts are valued at the exchange rate and are marked-to-market
daily. The change in market value is recorded as an unrealized gain or loss.
When the contract is closed, a Fund records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed.
The use of forward foreign currency exchange contracts does not eliminate
fluctuations in the underlying prices of a Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency exchange contracts limit the risk of loss due to a
decline in the value of the hedged currency, they also limit any potential gain
that might result should the value of the currency increase. In addition, a Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts.
Foreign Currency: The books and records of Munder International Equity
Fund, Munder International Bond Fund, Munder Framlington Emerging Markets Fund
and Munder Framlington International Growth Fund are maintained in U.S. dollars.
Foreign currencies, investments and other assets and liabilities are translated
into U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense are
translated on the respective dates of such transactions. Unrealized gains and
losses, not relating to securities, which result from changes in foreign
currency exchange rates have been included in the unrealized
appreciation/(depreciation) of foreign currency and net other assets. Net
realized foreign currency gains and losses resulting from changes in exchange
rates include foreign currency gains and losses between trade date and
settlement date on investment security transactions and foreign currency
transactions, and the difference between the amounts of interest and dividends
recorded on the books of a Fund and the amounts actually received. The portion
of foreign currency gains and losses related to fluctuation in exchange rates
between the initial purchase trade date and subsequent sale trade date is
included in realized gains and losses on investment securities sold.
Futures Contracts: Each of the Equity Funds and the Income Funds may enter
into futures contracts for the purpose of hedging against changes in the value
of the portfolio securities held and in the value of the securities it intends
to purchase, or in order to maintain liquidity. Upon entering into a futures
contract, a Fund is required to deposit with the broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin." Subsequent payments ("variation margin") are made
or received by a Fund each day, depending on the daily fluctuation of the value
of the contract. The daily changes in the contract are recorded as unrealized
gains or losses. A Fund recognizes a realized gain or loss when the contract is
closed. The net unrealized appreciation/(depreciation), if any, is shown in the
financial statements.
There are several risks in connection with the use of futures contracts as
a hedging device. The change in value of futures contracts primarily corresponds
with the value of their underlying instruments, which may not correlate with the
change in value of the hedged investments. In addition, there is the risk that a
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
Repurchase Agreements: Each of the Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, a Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and a Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during a Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during a 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, a Fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to a Fund in the event a Fund is delayed or
prevented from exercising its right to dispose of the collateral securities,
including the risk of a possible
157
<PAGE> 453
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
decline in the value of the collateral securities during the period during which
a Fund seeks to assert its rights. The Advisor or World reviews the value of the
collateral and the creditworthiness of those banks and dealers with which a Fund
enters into repurchase agreements to evaluate potential risks.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a Fund's total assets. Each loan is
secured by collateral adjusted daily to have a market value at least equal to
the current market value of the securities loaned. These loans are terminable at
any time and a Fund will receive any interest or dividends paid on the loaned
securities. A Fund may share with the borrower some of the income received on
the collateral for the loan or a Fund will be paid a premium for the loan. This
income is reflected as other income on the Statement of Operations. If the
borrower defaults and the value of the portfolio securities increases in excess
of the collateral received or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities loaned
may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use of
the specific identification method for both financial reporting and income tax
purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend date.
General expenses of the Munder Funds are allocated to each Fund based upon
relative net assets of each Fund. Operating expenses of each Fund are prorated
among the share classes based on the relative average net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis may
be settled a month or more after the trade date. Interest income is not accrued
until settlement date. Each Fund instructs the custodian to segregate assets
with a current value at least equal to the amount of its when-issued purchase
commitments.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid at least annually by the Equity Funds (excluding
Munder Balanced Fund, Munder Equity Income Fund, Munder Index 500 Fund and
Munder Small Company Growth Fund for which dividends are declared and paid
quarterly and the Munder Real Estate Equity Investment Fund for which dividends
are declared and paid monthly); declared and paid monthly by the Income Funds
(excluding the Munder International Bond Fund for which dividends are declared
and paid quarterly); and declared daily and paid monthly by the Money Market
Funds. Each Fund's net realized capital gains (including net short-term capital
gains), if any, are declared and distributed at least annually. Distributions to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by a Fund,
timing differences and differing characterization of distributions made by the
Fund as a whole. The Munder Equity Income Fund, Munder Multi-Season Growth Fund
and Munder Index 500 Fund also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid deduction
for income tax purposes.
As determined on June 30, 2000, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year-end. These reclassifications had no effect
on net investment income, net assets or net asset value per share.
158
<PAGE> 454
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no Federal
income or excise tax provision is required.
2. INVESTMENT ADVISORS, SUB-ADVISOR AND OTHER RELATED PARTY TRANSACTIONS
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, based on the average daily net
assets of the respective Fund, at the following annual rates:
<TABLE>
<CAPTION>
FEES ON ASSETS FEES ON ASSETS
UP TO $500 MILLION EXCEEDING $500 MILLION
------------------ ----------------------
<S> <C> <C>
Munder Multi-Season Growth Fund................. 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
FEES ON ASSETS FEES ON ASSETS
UP TO $250 MILLION EXCEEDING $250 MILLION
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund......... 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
FEES ON AVERAGE
DAILY NET ASSETS
------------------
<S> <C> <C>
Munder Micro-Cap Equity Fund.................... 1.00%
Munder Equity Income Fund, Munder Small-Cap
Value Fund, and Munder Small Company Growth
Fund.......................................... 0.75%
Munder Real Estate Equity Investment Fund....... 0.74%
Munder Balanced Fund............................ 0.65%
The Income Funds................................ 0.50%
The Money Market Funds (excluding Munder Money
Market Fund).................................. 0.35%
Munder Money Market Fund........................ 0.40%
Munder Framlington Emerging Markets Fund........ 1.25%
</TABLE>
For its advisory services, World is entitled to receive from each Fund a
fee, computed daily and payable monthly, based on the average daily net assets
of the respective Funds, at the following annual rates:
<TABLE>
<CAPTION>
FEES ON ASSETS
FEES ON ASSETS BETWEEN
UP TO $250 AND FEES ON ASSETS
$250 MILLION $500 MILLION EXCEEDING $500 MILLION
-------------- -------------- ----------------------
<S> <C> <C> <C>
Munder Index 500 Fund................ 0.20% 0.12% 0.07%
</TABLE>
<TABLE>
<CAPTION>
FEES ON AVERAGE
DAILY NET ASSETS
----------------
<S> <C> <C> <C>
Munder International Equity Fund............. 0.75%
</TABLE>
159
<PAGE> 455
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
The Advisor or World voluntarily waived fees and reimbursed expenses for
the year ended June 30, 2000 for the following Funds:
<TABLE>
<CAPTION>
EXPENSES
FUND FEES WAIVED REIMBURSED
---- ----------- ----------
<S> <C> <C>
Munder Index 500 Fund....................................... $ 56,556 --
Munder Micro-Cap Equity Fund................................ -- $ 4,684
Munder Multi-Season Growth Fund............................. 1,250,000 --
Munder Framlington Emerging Markets Fund.................... -- 95,447
Munder Framlington Healthcare Fund.......................... -- 15,128
Munder Framlington International Growth Fund................ -- 17,963
</TABLE>
Pursuant to a sub-advisory agreement with the Advisor, Framlington Overseas
Investment Management Limited (the "Sub-Advisor") provides sub-advisory services
to the Munder Framlington Funds and is responsible for the management of each
Fund's portfolio, including all decisions regarding purchases and sales of
portfolio securities. For its services with regard to the Munder Framlington
International Growth Fund and the Munder Framlington Healthcare Fund, the
Advisor pays the Sub-Advisor a monthly fee equal on an annual basis of up to
0.50% of each Fund's average daily net assets up to $250 million, reduced to
0.375% of each Fund's average daily net assets in excess of $250 million. For
its services with regard to the Munder Framlington Emerging Markets Fund, the
Advisor pays the Sub-Advisor a monthly fee equal on an annual basis of up to
0.625% of the Fund's average daily net assets. The Advisor indirectly owns a 49%
interest in the Sub-Advisor.
Comerica Inc. ("Comerica"), through its wholly owned subsidiary Comerica
Bank, owns approximately 95% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder services
provided to the Funds, Comerica receives a fee of 0.01% of the aggregate average
daily net assets of the Funds beneficially owned by Comerica and its customers.
Comerica earned $526,627 for its shareholder services to the Funds for the year
ended June 30, 2000.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFT, MFI, Framlington
and St. Clair Funds, Inc. The fee consists of a $35,000 annual retainer ($43,750
for the Chairman) for services in such capacity plus $3,500 for each Board
meeting attended, plus out-of-pocket expenses related to attendance at such
meetings. No officer, director or employee of the Advisor, World, Sub-Advisor or
Comerica received any compensation from MFI, MFT or Framlington.
3 DISTRIBUTION AND SERVICE PLANS
The Funds have adopted Service Plans and Distribution and Service Plans
(collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act, with
respect to the Class A, Class B and Class C Shares. Under the Plans, the
Distributor uses the service fees primarily to pay ongoing trail commissions to
securities dealers and other financial institutions and organizations
(collectively, the "Service Organizations") who provide shareholder services for
the Funds. The Class B and Class C Plans also permit payments to be made by each
Fund to the Distributor or directly to other service providers for expenditures
incurred by the Distributor or other service providers in connection with the
distribution of Fund shares to investors and provision of certain shareholder
services (which include but are not limited to the payment of compensation,
including compensation to Service Organizations to obtain various distribution
related services for the Funds). The Funds have also adopted Shareholder
Servicing Plans (the "Class K Plans") for the Class K Shares of the
160
<PAGE> 456
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
Funds. Under the Class K Plans, the Funds are permitted to enter into agreements
with institutions that provide shareholder services to their customers.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among the
Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of the Advisor. For the year ended June 30, 2000, the Distributor paid
$20,590 and $67,351 to Comerica Securities and LPM, respectively, for
shareholder services provided to the Funds.
For the year ended June 30, 2000, the effective rates, as a percentage of
average daily net assets, under the Plans and Class K Plans are as follows:
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS K
SHARES SHARES SHARES SHARES
12B-1 FEES 12B-1 FEES 12B-1 FEES SERVICE FEES
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
The Equity Funds (excluding the Munder Index
500 Fund)................................... 0.25% 1.00% 1.00% 0.25%
Munder Index 500 Fund......................... 0.25% 1.00% N/A 0.25%
The Income Funds.............................. 0.25% 1.00% 1.00% 0.25%
The Money Market Funds (excluding Munder Money
Market Fund)................................ 0.25% N/A N/A 0.15%
Munder Money Market Fund...................... 0.25% 1.00% 1.00% N/A
</TABLE>
For the year ended June 30, 2000, the Distributor voluntarily waived
distribution and service fees for the Munder Index 500 Fund in excess of 0.15%
and 0.50% of average net assets for the Class A Shares and the Class B Shares,
respectively. For the year ended June 30, 2000 the waivers amounted to $457,814
for the Class A Shares and $1,797,613 for the Class B Shares of the Fund.
161
<PAGE> 457
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
4. SECURITIES TRANSACTIONS
For the year ended June 30, 2000, purchases and sales of securities other
than short-term investments and U.S. Government securities were as follows:
<TABLE>
<CAPTION>
COST OF PURCHASES PROCEEDS FROM SALES
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund............................ $ 67,075,202 $ 75,056,625
Munder Equity Income Fund....................... 174,383,164 190,039,181
Munder Index 500 Fund........................... 270,228,310 117,926,312
Munder International Equity Fund................ 37,736,744 80,037,467
Munder Micro-Cap Equity Fund.................... 210,579,113 153,691,838
Munder Multi-Season Growth Fund................. 292,323,222 462,555,400
Munder Real Estate Equity Investment Fund....... 10,187,009 23,639,539
Munder Small-Cap Value Fund..................... 70,945,484 140,191,986
Munder Small Company Growth Fund................ 383,850,123 527,504,643
Munder Framlington Emerging Markets Fund........ 109,646,926 105,147,914
Munder Framlington Healthcare Fund.............. 230,446,372 47,936,351
Munder Framlington International Growth Fund.... 49,109,696 52,653,491
Munder Bond Fund................................ 168,951,402 203,908,981
Munder Intermediate Bond Fund................... 339,020,394 355,314,253
Munder International Bond Fund.................. 58,610,211 74,337,496
Munder Michigan Tax-Free Bond Fund.............. 7,257,530 25,692,672
Munder Tax-Free Bond Fund....................... 9,525,990 41,161,724
Munder Tax-Free Short-Intermediate Bond Fund.... 35,182,162 94,891,134
</TABLE>
For the year ended June 30, 2000 purchases and sales of U.S. Government
securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
COST OF PURCHASES PROCEEDS FROM SALES
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund............................ $ 6,729,011 $ 3,515,810
Munder Bond Fund................................ 251,673,953 287,996,796
Munder Intermediate Bond Fund................... 263,220,952 349,335,498
Munder International Bond Fund.................. 1,457,109 1,435,547
Munder U.S. Government Income Fund.............. 37,176,446 103,091,140
</TABLE>
162
<PAGE> 458
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
At June 30, 2000 aggregate gross unrealized appreciation for all securities
for which there was an excess of value over tax cost and aggregate gross
unrealized depreciation for all securities for which there was an excess of tax
cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
TAX BASIS TAX BASIS
UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION
------------ ------------
<S> <C> <C>
Munder Balanced Fund..................................... $ 4,190,525 $ 2,805,187
Munder Equity Income Fund................................ 15,184,016 10,312,117
Munder Index 500 Fund.................................... 578,114,160 72,578,517
Munder International Equity Fund......................... 85,212,971 12,928,455
Munder Micro-Cap Equity Fund............................. 27,667,715 5,787,907
Munder Multi-Season Growth Fund.......................... 207,123,368 17,289,340
Munder Real Estate Equity Investment Fund................ 4,779,877 3,785,883
Munder Small-Cap Value Fund.............................. 4,648,330 5,348,284
Munder Small Company Growth Fund......................... 37,419,814 23,139,938
Munder Framlington Emerging Markets Fund................. 10,115,184 7,901,561
Munder Framlington Healthcare Fund....................... 63,197,493 12,459,303
Munder Framlington International Growth Fund............. 21,380,267 3,934,762
Munder Bond Fund......................................... 751,233 8,121,059
Munder Intermediate Bond Fund............................ 436,471 10,505,187
Munder International Bond Fund........................... 510,295 2,290,500
Munder U.S. Government Income Fund....................... 1,084,079 8,519,471
Munder Michigan Tax-Free Bond Fund....................... 492,083 1,736,476
Munder Tax-Free Bond Fund................................ 3,003,764 3,855,342
Munder Tax-Free Short-Intermediate Bond Fund............. 1,139,124 2,397,344
</TABLE>
5. CONCENTRATION
The Munder Tax-Free Short-Intermediate Bond Fund and Munder Michigan
Tax-Free Bond Fund primarily invest in debt obligations issued by the State of
Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various public
purposes. The two Funds are more susceptible to factors adversely affecting
issuers of Michigan municipal securities than a municipal bond fund that is not
concentrated in these issuers to the same extent. Economic changes affecting the
state and certain of its public bodies and municipalities may affect the ability
of issuers within the state to pay interest on or repay principal of municipal
obligations held by these Funds.
Certain Funds hold investments that are insured by private insurers who
guarantee the payment of principal and interest in the event of default. At June
30, 2000, investments in these securities for the Munder Michigan Tax-Free Bond
Fund, Munder Tax-Free Bond Fund, and Munder Tax-Free Short-Intermediate Bond
Fund represented 48.5%, 28.3X% and 23.2% of holdings, respectively.
The Munder International Equity Fund and the Munder International Bond Fund
primarily invest in foreign securities and the Munder Framlington International
Growth Fund and Munder Framlington Emerging Markets Fund each intend to invest
as least 65% of their total net assets in foreign securities. Investing in
securities of foreign companies and/or foreign governments involves special
risks and considerations not typically associated with investing in U.S.
companies and/or U.S. Government securities. These risks include revaluation of
currencies and future adverse political
163
<PAGE> 459
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
and economic developments. Moreover, securities of many foreign companies and
foreign governments and their markets may be less liquid and their prices more
volatile than those of securities of U.S. companies and the U.S. Government.
The Munder Real Estate Equity Investment Fund primarily invests in equity
securities of United States companies which are principally engaged in the real
estate industry or which own significant real estate assets, and accordingly, is
more susceptible to factors adversely affecting the U.S. real estate industry.
The Munder Framlington Healthcare Fund primarily invests in securities of
companies in healthcare industries. These industries are characterized by
rapidly changing technology and extensive government regulation.
6. ORGANIZATIONAL COSTS
Expenses incurred prior to June 30, 1998 in connection with the
organization of the 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. REVOLVING LINE OF CREDIT
The Munder Index 500 Fund, the Munder Micro-Cap Equity Fund, and other
Munder Funds have established a revolving line of credit with State Street Bank
and Trust Company. Borrowings under the line may not exceed the lesser of
$75,000,000 or 15% of the value of the total assets of the fund for which a loan
is extended. Interest is payable on outstanding borrowings at the Federal Funds
Rate plus .50%. Additionally, the line of credit includes an annual commitment
fee equal to .09% per annum on the daily amount of the unused commitment. During
the year ended June 30, 2000 these funds did not utilize the revolving line of
credit. Total commitment fees for the Munder Index 500 Fund and the Munder
Micro-Cap Equity Fund were $4,820 and $246, respectively.
8. INCOME TAX INFORMATION
As determined at June 30, 2000 the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING
FUND 2001 2002 2003 2005 2007 2008
---- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Munder Real Estate Equity Investment
Fund.............................. -- -- -- -- -- $3,739,801
Munder Small-Cap Value Fund......... -- -- -- -- $ 979,369 --
Munder Framlington Emerging Markets
Fund.............................. -- -- -- -- 5,449,416 --
Munder Bond Fund.................... -- -- -- -- -- 3,087,443
Munder Intermediate Bond Fund....... -- -- $8,154,852 $11,240,318 -- 3,667,573
Munder International Bond Fund...... -- -- -- -- 11,521 165,567
Munder Michigan Tax-Free Bond
Fund.............................. -- -- -- -- -- 456,326
Munder Tax-Free Bond Fund........... -- -- -- -- -- 515,029
Munder Tax-Free Money Market Fund... $39,684 $15,088 12,291 -- -- 8,085
</TABLE>
164
<PAGE> 460
The Munder Funds
Notes To Financial Statements, June 30, 2000
(Continued)
Certain capital and net foreign currency losses realized after October 31
within the taxable year may be deferred and treated as occurring on the first
day of the following tax year. The following Munder Funds have elected to defer
net capital and currency losses arising between November 1, 1999 and June 30,
2000 as follows:
<TABLE>
<CAPTION>
AMOUNT
------
<S> <C>
Munder Real Estate Equity Investment Fund................... $5,723,295
Munder Small-Cap Value Fund................................. 1,066,052
Munder Framlington Healthcare Fund.......................... 96,169
Munder Framlington International Growth Fund................ 126,401
Munder Bond Fund............................................ 8,363,772
Munder Intermediate Bond Fund............................... 7,584,673
Munder International Bond................................... 1,017,955
Munder U.S. Government Income Fund.......................... 1,017,955
Munder Michigan Tax-Free Bond Fund.......................... 2,543,201
Munder Tax-Free Bond Fund................................... 760,586
Munder Tax-Free Short-Intermediate Bond Fund................ 3,903
Munder Money Market Fund.................................... 4,695
Munder Tax-Free Money Market Fund........................... 35,296
</TABLE>
165
<PAGE> 461
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
The Munder Framlington Funds Trust
We have audited the accompanying statements of assets and liabilities of the
Munder Balanced Fund, Munder Equity Income Fund, Munder Index 500 Fund, Munder
International Equity Fund, Munder Small Company Growth Fund, Munder Bond Fund,
Munder Intermediate Bond Fund, Munder U.S. Government Income Fund, Munder
Michigan Tax-Free Fund, Munder Tax-Free Bond Fund, Munder Tax-Free
Short-Intermediate Bond Fund, Munder Cash Investment Fund, Munder Tax-Free Money
Market Fund and Munder U.S. Treasury Money Market Fund (fourteen of the
portfolios constituting The Munder Funds Trust), the Munder Micro-Cap Equity
Fund, Munder Multi-Season Growth Fund, Munder Real Estate Equity Investment
Fund, Munder Small-Cap Value Fund, Munder International Bond Fund, Munder Money
Market Fund (six of the portfolios constituting the Munder Funds, Inc.), and the
Munder Framlington Emerging Markets Fund, Munder Framlington Healthcare Fund and
Munder Framlington International Growth Fund (three of the portfolios
constituting The Munder Framlington Funds Trust) (collectively, the "Funds"),
including the portfolios of investments, as of June 30, 2000, and the related
statements of operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein. These financial statements
and financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000 by correspondence with the
custodian and brokers or other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios referred to above constituting The Munder Funds
Trust, The Munder Funds, Inc., and The Munder Framlington Funds Trust at June
30, 2000, the results of their operations for the year then ended, changes in
their net assets for each of the two years in the period then ended, and their
financial highlights for each of the indicated periods, in conformity with
accounting principles generally accepted in the United States.
ERNST & YOUNG LLP
Boston, Massachusetts
August 15, 2000
166
<PAGE> 462
The Munder Funds
Tax Information, June 30, 2000 (Unaudited)
The percentages of total net assets invested in U.S. Government and U.S.
Government Agency obligations at June 30, 2000, were as follows:
<TABLE>
<S> <C>
Munder Balanced Fund
Federal Home Loan Mortgage Corporation.................... 2.4%
Federal National Mortgage Association..................... 1.0%
Government Agency Debentures.............................. 0.5%
Government National Mortgage Association.................. 0.3%
U.S. Treasury Bond........................................ 3.5%
U.S. Treasury Notes....................................... 9.5%
Munder Bond Fund
Federal Home Loan Mortgage Corporation.................... 4.6%
Federal National Mortgage Association..................... 12.9%
Government Agency Debentures.............................. 5.5%
Government National Mortgage Association.................. 3.9%
U.S. Treasury Bond........................................ 8.6%
U.S. Treasury Notes....................................... 8.8%
Munder Intermediate Bond Fund
Federal Home Loan Mortgage Corporation.................... 3.6%
Federal National Mortgage Association..................... 10.0%
Government Agency Debentures.............................. 14.9%
Government National Mortgage Association.................. 2.3%
Small Business Administration............................. 0.4%
U.S. Treasury Notes....................................... 7.0%
Munder U.S. Government Income Fund
Federal Home Loan Mortgage Corporation.................... 53.9%
Federal Housing Authority/Veterans Administration......... 6.0%
Federal National Mortgage Association..................... 29.3%
Government National Mortgage Association.................. 7.0%
Small Business Administration............................. 0.1%
U.S. Treasury Bond........................................ 8.3%
Munder U.S. Treasury Money Market Fund
U.S. Treasury Bills....................................... 30.9%
U.S. Treasury Notes....................................... 20.7%
</TABLE>
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for the
dividend received deduction available to corporate shareholders:
<TABLE>
<S> <C>
Munder Balanced Fund........................................ 1.5%
Munder Equity Income Fund................................... 100.0%
Munder Index 500 Fund....................................... 100.0%
Munder Micro-Cap Equity Fund................................ 0.9%
Munder Real Estate Equity Investment Fund................... 15.2%
Munder Small-Cap Value Fund................................. 100.0%
Munder Small Company Growth Fund............................ 20.7%
Munder Framlington Healthcare Fund.......................... 8.4%
</TABLE>
167
<PAGE> 463
The Munder Funds
Tax Information, June 30, 2000 (Unaudited)
(Continued)
Of the distributions made from investment income, the following percentages
are tax exempt for regular Federal income tax purposes:
<TABLE>
<S> <C>
Munder Michigan Tax-Free Bond Fund.......................... 99.9%
Munder Tax-Free Bond Fund................................... 99.9%
Munder Tax-Free Short-Intermediate Bond Fund................ 99.9%
Munder Tax-Free Money Market Fund........................... 100.0%
</TABLE>
The following amounts have been designated as capital gains dividends for
the purpose of the dividends paid deduction:
<TABLE>
<S> <C> <C>
Munder Balanced Fund............................ $ 7,481,521
Munder Equity Income Fund....................... 11,628,878
Munder Index 500 Fund........................... 14,274,016
Munder International Equity Fund................ 20,356,388
Munder Multi-Season Growth Fund................. 65,579,851
Munder Small Company Growth Fund................ 3,748,963
Munder Framlington International Growth Fund.... 2,530,754
Munder U.S. Government Income Fund.............. 10,178
Munder Michigan Tax-Free Bond Fund.............. 334
Munder Tax-Free Bond Fund....................... 1,328,101
Munder Tax-Free Short Intermediate Bond Fund.... 1,320,067
</TABLE>
The following amounts have been designated as foreign tax credits and
foreign source income for regular Federal income tax purposes:
<TABLE>
<CAPTION>
FOREIGN FOREIGN
TAX SOURCE
CREDITS INCOME
-------- -----------
<S> <C> <C>
Munder International Equity Fund................ $362,728 $1,925,128
Munder Framlington Emerging Markets Fund........ 69,882 696,845
Munder Framlington International Growth Fund.... 144,597 1,014,580
</TABLE>
168
<PAGE> 464
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
James C. Robinson, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Michael T. Monahan, Vice President
Mary Ann Shumaker, Assistant Secretary
Libby E. Wilson, Assistant Secretary and Treasurer
Bradford E. Smith, Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
4400 Computer Drive
Westborough, MA 01581
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
The Munder Funds
<PAGE> 465
ANNK600
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc. [UNION LOGO]
<PAGE> 466
CLASS A, B & Y SHARES
[THE MUNDER FUNDS LOGO] (TM)
Investments
for all seasons
Annual
Report
JUNE 30, 2000
THE MUNDER INDEX 500 FUND
<PAGE> 467
T
"This Fund is often the choice of investors who want to participate in the
stock market but prefer to limit their downside risk to that of the overall
market ..."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages you will find
the most recent financial information for The Munder
Index 500 Fund. I hope you are pleased with the
performance and operation of the Fund.
The goal of the Munder Index 500 Fund
is to track the total return of the S&P 500 Index.
This Fund is often the choice of investors who want
to participate in the stock market but prefer to
limit their downside risk to that of the overall
market, as measured by the S&P 500 Index.
The S&P 500 universe consists of 500 stocks that are chosen on
the basis of their market size, liquidity and industry group
representation. It is a market-valued weighted index, with the largest
companies in the S&P 500 universe having the greatest impact on the index's
return. As of June 30, 2000, the market value of the companies in the Index
ranged from $470 million to $524 billion.
Of the eleven economic sectors in the S&P 500 universe, only
four generated a positive return for the first half of the year. The top
performing sectors were the healthcare and utilities sectors, both earning
strong double-digit returns for the first six months of 2000. The positive
return which the technology sector earned during the first quarter of the
year was enough to offset the sector's negative return for the second
quarter. As a result, technology ended the first half of the year with a
small but positive return of just under 3%. Energy was the only other
sector to end up in the plus column for the first half of the year.
Consumer cyclicals, communication services and basic materials were among
the weakest sectors of the S&P 500 universe for the first half of the year.
Since the goal of the Munder Index 500 Fund is to track the
total return of the S&P 500 Index, the weighting of each of the 500 stocks
in the Fund is monitored closely, relative to its weight in the S&P 500
universe. Cash flows are invested promptly in order to minimize their
impact on the Fund's return.
If you have any questions about the Munder Index 500 Fund,
please call your financial advisor. You can also contact the Fund at
1-800-4MUNDER or through our website at www.munder.com. Thank you for your
confidence in Munder Capital Management and in The Munder Funds. We value
the opportunity to work with you towards meeting your investment
objectives.
Very truly yours
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
<PAGE> 468
Table of
Contents
---------------------------------------------------------------------
<TABLE>
<S> <C>
FUND OVERVIEW
II Management's Discussion and Analysis
III Munder Index 500 Fund
V HYPOTHETICALS AND TOTAL RETURNS
PORTFOLIO OF INVESTMENTS --
1 Munder Index 500 Fund
11 FINANCIAL STATEMENTS
16 FINANCIAL HIGHLIGHTS
19 NOTES TO FINANCIAL STATEMENTS
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
</TABLE>
---------------------------------------------------------------------
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY ANY BANK AND ARE NOT FEDERALLY INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY
OTHER AGENCY. ALL MUTUAL FUND SHARES INVOLVE CERTAIN RISKS, INCLUDING
POSSIBLE LOSS OF PRINCIPAL.
i
<PAGE> 469
Management's Discussion of
Fund Performance
---------------------------------------------------------------------
THE INVESTMENT ENVIRONMENT
The first calendar quarter of 2000 continued the pattern we have seen for
some time now. Economic growth was strong. Labor markets were tight. Inflation,
at least through February, was moderate. The current expansion, which began in
March 1991, has now gone into the record books as the longest expansion in
post-war history.
Consumer spending continued to drive economic growth during the first
quarter of 2000. Since the consumer sector accounted for approximately 68% of
total economic activity, it was key to the strength of the economy. Consumer
spending had been fueled by employment and income gains, increased debt levels,
positive consumer sentiment and stock market wealth. At the end of the first
quarter, stock market wealth was estimated to have increased by $8.7 trillion
since 1994. The consumer sentiment reading published by the University of
Michigan was 107.1% in March, down somewhat from February's level but still
close to a record high. With consumer sentiment strong and the stock market up,
consumers appeared willing to increase debt levels to help finance spending.
Signs of moderation in economic growth appeared during the second quarter
of 2000. Over the past several quarters, these signs have quickly given way to a
rebound in the economy. This time, a growing number of analysts are viewing the
moderation as real and sustainable. The rate increases engineered by the Federal
Reserve may finally be having the intended effect of slowing the pace of the
economy. One reason for greater confidence that the slowdown can be sustained is
the fact that, during the second quarter, the moderation in demand was
concentrated in domestic demand rather than the more volatile trade and
inventory sectors. Most important, there is evidence that consumer spending is
finally slowing, with weakness seen in both new vehicle sales and chain store
sales. Income growth is finally beginning to outpace increases in consumer
spending.
One sector that has not yet shown signs of moderation is business
investment in technology. The continued focus on technology-related spending
bodes well for future productivity and should help to dampen inflationary
pressures.
The purchasing managers' index, which reflects activity in the industrial
sector of the economy, has fallen every month from March through June. This
decline, coupled with the 51.8% June reading, reflects positive but decelerating
economic activity. (Any reading above 50 reflects growth.) The unemployment
report for June was weaker than expected, contributing to the picture of
moderating economic strength.
As the economy slows, analysts have become divided on whether the Federal
Reserve will tighten monetary policy yet another notch at its August 22 meeting.
The relative strength or weakness of economic data reported up to that meeting
will be scrutinized for its potential impact on the decision of the Federal
Reserve. In the meantime, if a sustainable moderation in economic growth appears
to be unfolding, the concerns of market watchers are likely to focus less on
interest rate increases and more on the impact of slower economic growth on
corporate earnings.
ii
<PAGE> 470
---------------------------------------------------------------------
THE STOCK MARKET
Technology stocks were driven higher during the first quarter of 2000 by
the same factors that were at work in 1999 -- strong fundamentals, positive
earnings surprises and momentum investing. Momentum investors added to the
upward pressure on technology stocks as they concentrated on stocks whose prices
were increasing at an accelerating pace.
Volatility, negative returns and a refocusing on fundamentals were the
chief characteristics of the stock market during the second quarter of 2000.
Between sectors and within sectors there was a wide diversity between top and
bottom performers. This was a quarter when relative performance depended
critically on being in the right stocks and not simply in the right sectors.
Heightened worries about slower growth and higher interest rates hurt
economically sensitive stocks but were positive for stocks that tend to exhibit
a consistency in earnings over an economic cycle.
Most of the major stock market indices were negative for the second quarter
of 2000. The S&P 500 Index showed a return of -2.66% for the quarter, with
negative returns in both April and May only partially offset by a positive
return in June. For the first six months of 2000, the S&P 500 Index returned
-0.42% and for the year ended June 30, 2000, the Index returned 7.25%. The
healthcare sector was the strongest sector of the S&P 500 universe in the second
quarter. In fact, healthcare stocks generated positive and double-digit returns
across all size segments of the market. Other strong sectors of the S&P 500
universe included energy, utilities and consumer staples.
Technology fell from its pedestal of market leader, a position it had
enjoyed for over two years. Even with a sharp rebound in June, the sector fell
into negative territory for the second quarter. Earlier in the quarter, the
technology sell-off was fairly broad. Eventually, investors became more
discriminating -- in selling as well as in buying -- and quality technology
names pulled ahead of the pack. Other sectors of the S&P 500 universe generating
negative returns for the quarter included basic materials, communication
services, consumer cyclicals and technology.
The following paragraphs detail the performance of The Munder Index 500
Funds. The Fund offers its shares to investors in several classes. These classes
have different sales charges and expenses, which affect performance. Performance
figures in the following narrative discussion represent the performance of Class
Y shares, net of Fund expenses.
MUNDER INDEX 500 FUND
FUND MANAGERS: TODD B. JOHNSON AND KEN A. SCHLUCHTER
The Fund earned a return of 6.88% for the year ended June 30, 2000,
compared to the 7.25% return of the S&P 500 Index and the 6.40% average return
for the Lipper universe of mutual funds with the objective of tracking the S&P
500 Index. The Fund has earned average or above-average returns for the
one-month, three-month, six-month, one-year, two-year, three-year, five-year and
ten-year time periods ending June 30.
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity
and industry group representation. It is a market value weighted index (stock
price times number of shares outstanding), with each stock's weight in the Index
proportionate to its market value. As of June 30, the market value of the
companies in the S&P 500 universe ranged from $470 million to $524 billion.
iii
<PAGE> 471
---------------------------------------------------------------------
The S&P 500 Index generated a negative return for the second quarter of
2000. Healthcare was the strongest sector in the Index, earning a positive
double-digit return. Other positive sectors included utilities, consumer staples
and energy. Three S&P sectors earned negative double-digit returns for the
quarter, including basic materials, communication services and consumer
cyclicals. Technology fell from its leadership position and also generated
negative returns for the quarter.
The goal of the Fund is to track the total return of the S&P 500 Index. The
weight of each of the 500 holdings in the Fund is carefully monitored relative
to its weight in the S&P 500 Index. Proprietary software is used to assist in
the monitoring process. Cash inflows are invested promptly in order to minimize
their impact on the Fund's return.
iv
<PAGE> 472
Hypotheticals and Total Returns
---------------------------------------------------------------------
The following graphs represent the performance of the Fund since inception,
which includes a period of time when the Fund was managed by Munder Capital
Management (approximately sixty-five months) and a period of time when the Fund
was managed by the predecessor. The chart following each line graph sets forth
performance information and the growth of a hypothetical $10,000 investment for
the class(es) of the Fund shown in the line graphs. The Lipper mutual fund
averages were derived from a universe of only those mutual funds that were in
existence as of the inception date of the Fund and are comprised of mutual funds
which are categorized under the Fund's objective by Lipper Analytical Services,
Inc.
INDEX 500 FUND
CLASS A, B & Y SHARE HYPOTHETICAL
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS A
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
CLASS A -- 2.50% FRONT- LIPPER S&P 500 FUNDS
END LOAD S&P 500 AVERAGE
----------------------- ------- --------------------
<S> <C> <C> <C>
12/9/92 9750.00 10000.00 10000.00
9758.00 10122.00 10120.00
9848.00 10207.00 10198.00
2/28/93 9978.00 10346.00 10335.00
10187.00 10564.00 10550.00
9937.00 10309.00 10288.00
10200.00 10584.00 10557.00
10226.00 10615.00 10582.00
10180.00 10572.00 10535.00
10559.00 10972.00 10927.00
10479.00 10888.00 10843.00
10696.00 11113.00 11063.00
10590.00 11007.00 10953.00
10714.00 11140.00 11082.00
11077.00 11519.00 11451.00
2/28/94 10765.00 11206.00 11132.00
10301.00 10718.00 10646.00
10422.00 10856.00 10782.00
10583.00 11033.00 10953.00
10323.00 10763.00 10682.00
10653.00 11116.00 11028.00
11078.00 11571.00 11472.00
10789.00 11288.00 11189.00
11046.00 11542.00 11438.00
10646.00 11122.00 11021.00
10793.00 11287.00 11181.00
11071.00 11579.00 11468.00
2/28/95 11498.00 12030.00 11909.00
11839.00 12384.00 12254.00
12184.00 12749.00 12609.00
12659.00 13257.00 13104.00
6/30/95 12944.00 13565.00 13402.00
13366.00 14015.00 13839.00
13394.00 14050.00 13871.00
13961.00 14642.00 14448.00
13914.00 14590.00 14396.00
14517.00 15230.00 15021.00
14800.00 15523.00 15303.00
15297.00 16051.00 15816.00
15407.00 16200.00 15955.00
15559.00 16356.00 16110.00
15789.00 16597.00 16343.00
16179.00 17024.00 16754.00
6/30/96 16247.00 17089.00 16816.00
15533.00 16335.00 16076.00
15855.00 16680.00 16407.00
16734.00 17618.00 17323.00
17198.00 18104.00 17798.00
18472.00 19471.00 19130.00
18102.00 19085.00 18747.00
19216.00 20277.00 19906.00
19350.00 20436.00 20057.00
18541.00 19598.00 19226.00
19649.00 20767.00 20364.00
20839.00 22037.00 21594.00
6/30/97 21766.00 23016.00 22555.00
23481.00 24848.00 24330.00
22171.00 23457.00 22970.00
23373.00 24742.00 24210.00
22590.00 23916.00 23399.00
23611.00 25023.00 24459.00
24019.00 25453.00 24865.00
24271.00 25736.00 25136.00
26004.00 27591.00 26929.00
27320.00 29004.00 28289.00
27596.00 29297.00 28560.00
27113.00 28907.00 28057.00
6/30/98 28208.00 30081.00 29184.00
28625.00 29641.00 28866.00
24460.00 25355.00 24695.00
26043.00 26980.00 26270.00
28144.00 29173.00 28396.00
29830.00 30941.00 30105.00
31539.00 32723.00 31845.00
32836.00 34091.00 33141.00
31801.00 33031.00 32100.00
33054.00 34352.00 33372.00
34307.00 35682.00 34636.00
33487.00 34839.00 33802.00
6/30/99 34425.00 36773.00 35657.00
33344.00 35626.00 34534.00
33167.00 35448.00 34344.00
32252.00 34476.00 33389.00
34264.00 36659.00 35483.00
34943.00 37403.00 36175.00
36987.00 39606.00 38288.00
35111.00 37618.00 36350.00
34441.00 36907.00 35645.00
37799.00 40516.00 39106.00
36654.00 39297.00 37913.00
35887.00 38491.00 37113.00
6/30/00 36745.00 39442.00 37982.00
</TABLE>
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS B
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
CLASS B - 1.00% BACK- LIPPER S&P 500 FUNDS
END LOAD S&P 500 AVERAGE
--------------- ------- --------------------
<S> <C> <C> <C>
10/31/95 10000 10000 10000
10434 10438 10433
10634 10639 10628
10991 11001 10984
11063 11103 11078
11173 11210 11185
11331 11375 11345
11611 11668 11629
6/30/96 11651 11713 11674
11139 11196 11157
11363 11432 11386
11999 12075 12021
12317 12408 12350
13237 13345 13274
12962 13081 13007
13752 13898 13811
13847 14007 13915
13266 13432 13337
14051 14233 14127
14903 15104 14982
6/30/97 15562 15775 15647
16781 17031 16878
15838 16077 15935
16691 16958 16795
16126 16392 16233
16856 17151 16968
17144 17446 17250
17316 17639 17438
18550 18911 18681
19485 19879 19625
19674 20080 19813
19330 19813 19464
6/30/98 19901 20617 20246
19881 20315 20026
16990 17378 17132
18072 18492 18225
19529 19995 19699
20689 21207 20885
21877 22428 22092
22767 23366 22991
22052 22639 22270
22910 23545 23151
23776 24456 24029
23201 23879 23450
6/30/99 24314 25204 24737
23543 24417 23958
23411 24295 23826
22756 23630 23164
24183 25125 24616
24652 25635 25096
26081 27145 26562
24751 25783 25218
24271 25295 24729
26628 27769 27130
25810 26933 26302
25263 26381 25747
6/30/00 25712 27033 26350
</TABLE>
A HYPOTHETICAL ILLUSTRATION OF A $10,000 INITIAL INVESTMENT--CLASS Y
[GRAPHIC IMAGE]
<TABLE>
<CAPTION>
LIPPER S&P 500 FUNDS
CLASS Y S&P 500 AVERAGE
------- ------- --------------------
<S> <C> <C> <C>
12/1/91 10000.00 10000.00 10000.00
11110.00 11141.00 11133.00
10904.00 10934.00 10923.00
2/29/92 11044.00 11075.00 11063.00
10824.00 10860.00 10846.00
11137.00 11179.00 11158.00
11177.00 11233.00 11210.00
11016.00 11066.00 11040.00
11462.00 11518.00 11481.00
11228.00 11283.00 11244.00
11350.00 11415.00 11370.00
11385.00 11455.00 11404.00
11774.00 11844.00 11787.00
11908.00 11989.00 11927.00
12017.00 12089.00 12019.00
2/28/93 12176.00 12254.00 12181.00
12431.00 12512.00 12437.00
12126.00 12210.00 12129.00
12446.00 12536.00 12442.00
12478.00 12572.00 12473.00
12422.00 12522.00 12419.00
12884.00 12996.00 12881.00
12787.00 12896.00 12776.00
13052.00 13163.00 13035.00
12922.00 13037.00 12906.00
13073.00 13195.00 13061.00
13517.00 13643.00 13495.00
2/28/94 13147.00 13273.00 13118.00
12569.00 12695.00 12547.00
12725.00 12858.00 12705.00
12922.00 13068.00 12909.00
12604.00 12748.00 12591.00
13016.00 13167.00 12998.00
13546.00 13705.00 13523.00
13203.00 13370.00 13191.00
13513.00 13670.00 13482.00
13025.00 13173.00 12991.00
13212.00 13368.00 13180.00
13553.00 13714.00 13519.00
2/28/95 14075.00 14248.00 14039.00
14500.00 14668.00 14448.00
14923.00 15100.00 14867.00
15505.00 15702.00 15450.00
6/30/95 15861.00 16067.00 15803.00
16378.00 16599.00 16321.00
16424.00 16641.00 16358.00
17114.00 17342.00 17040.00
17056.00 17280.00 16979.00
17796.00 18038.00 17717.00
18144.00 18386.00 18046.00
18765.00 19011.00 18655.00
18899.00 19188.00 18823.00
19089.00 19372.00 19007.00
19359.00 19658.00 19279.00
19849.00 20164.00 19764.00
6/30/96 19923.00 20241.00 19841.00
19061.00 19347.00 18961.00
19455.00 19756.00 19351.00
20537.00 20867.00 20434.00
21107.00 21442.00 20995.00
22680.00 23062.00 22570.00
22220.00 22605.00 22121.00
23585.00 24016.00 23492.00
23762.00 24205.00 23670.00
22776.00 23212.00 22690.00
24121.00 24597.00 24034.00
25594.00 26101.00 25490.00
6/30/97 26736.00 27261.00 26627.00
28840.00 29431.00 28723.00
27233.00 27783.00 27117.00
28701.00 29305.00 28581.00
27754.00 28327.00 27624.00
29020.00 29638.00 28875.00
29513.00 30148.00 29354.00
29823.00 30482.00 29674.00
31964.00 32680.00 31790.00
33588.00 34353.00 33396.00
33927.00 34700.00 33716.00
33333.00 34239.00 33123.00
6/30/98 34690.00 35629.00 34452.00
34308.00 35107.00 34077.00
29334.00 30030.00 29153.00
31223.00 31955.00 31013.00
33755.00 34553.00 33522.00
35773.00 36647.00 35540.00
37834.00 38758.00 37594.00
39404.00 40378.00 39124.00
38167.00 39122.00 37895.00
39686.00 40687.00 39396.00
41186.00 42262.00 40889.00
40206.00 41264.00 39904.00
6/30/99 42433.00 43555.00 42094.00
41101.00 42196.00 40768.00
40883.00 41985.00 40544.00
39755.00 40834.00 39417.00
42259.00 43419.00 41889.00
43096.00 44300.00 42705.00
45630.00 46910.00 45199.00
43321.00 44555.00 42912.00
42498.00 43713.00 42080.00
46646.00 47988.00 46166.00
45218.00 46543.00 44758.00
44278.00 45589.00 43813.00
6/30/00 45349.00 46715.00 44839.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
LIPPER ONE ONE FIVE
CLASS AND WITH WITHOUT S&P 500 YEAR YEAR YEARS
INCEPTION DATE LOAD LOAD S&P 500 FUNDS AVERAGE W/LOAD W/OUT LOAD W/LOAD
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 12/9/92 $36,745* $37,694 $39,442 $ 37,982 4.07%* 6.74% 22.61%*
Class B -- 10/31/95 $25,712* $26,023 $27,033 $ 26,350 3.37%* 6.37% N/A
Class Y -- 12/1/91 N/A $45,349 $46,715 $ 44,839 N/A 6.88% N/A
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
FIVE SINCE SINCE
CLASS AND YEARS INCEPTION INCEPTION
INCEPTION DATE W/OUT LOAD W/LOAD W/OUT LOAD
-------------------- -----------------------------------
<S> <C> <C> <C>
Class A -- 12/9/92 23.22% 19.19%* 18.78%
Class B -- 10/31/95 N/A 22.64%+ 22.75%
Class Y -- 12/1/91 23.38% N/A 19.25%
</TABLE>
---------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 2.50% for Class A Shares
and of 3.00% for Class B Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 1.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an
unmanaged index of common stock prices, include reinvestment of dividends.
v
<PAGE> 473
[This Page Intentionally Left Blank]
<PAGE> 474
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS -- 98.5%
ADVERTISING -- 0.3%
36,100 Interpublic Group of
Companies, Inc. $ 1,552,300
21,600 Omnicom, Inc. 1,923,750
8,800 Young & Rubicam, Inc. 503,250
--------------
3,979,300
--------------
AEROSPACE -- 0.7%
108,598 Boeing Company 4,540,754
24,000 General Dynamics
Corporation 1,254,000
47,942 Lockheed Martin
Corporation 1,189,561
8,500 Northrop Grumman
Corporation 563,125
56,292 United Technologies
Corporation 3,314,191
--------------
10,861,631
--------------
AIRLINES -- 0.2%
18,200 AMR Corporation 481,163
14,900 Delta Air Lines, Inc. 753,381
59,412 Southwest Airlines
Company 1,125,115
8,100 US Airways Group, Inc.+ 315,900
--------------
2,675,559
--------------
APPAREL -- 0.1%
6,600 Liz Claiborne, Inc. 232,650
32,700 NIKE, Inc., Class B 1,301,868
6,900 Reebok International
Ltd.+ 109,969
13,900 V.F. Corporation 330,994
--------------
1,975,481
--------------
AUTOMOBILES -- 0.8%
144,300 Ford Motor Company 6,204,900
64,000 General Motors
Corporation 3,716,000
36,300 Harley-Davidson, Inc. 1,397,550
7,480 Navistar International
Corporation+ 232,347
--------------
11,550,797
--------------
AUTOMOBILE PARTS AND EQUIPMENT -- 0.2%
16,200 AutoZone, Inc.+ 356,400
5,000 Cummins Engine, Inc. 136,250
18,518 Dana Corporation 392,350
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
AUTOMOBILE PARTS AND EQUIPMENT (CONTINUED)
67,433 Delphi Automotive
Systems Corporation $ 981,993
21,425 Genuine Parts Company 428,500
10,500 Johnson Controls, Inc. 538,781
14,900 TRW, Inc. 646,288
15,569 Visteon Corporation+ 188,769
--------------
3,669,331
--------------
BANKS -- 4.6%
47,050 AmSouth Bancorporation 741,038
198,399 Bank of America
Corporation 8,531,157
88,300 Bank of New York, Inc. 4,105,950
137,305 Bank One Corporation 3,647,164
41,700 BB&T Corporation 995,588
25,300 Charter One Financial,
Inc. 581,900
148,002 Chase Manhattan
Corporation 6,817,342
18,950 Comerica, Inc. 850,381
37,125 Fifth Third
Bancorporation 2,348,156
117,334 First Union Corporation 2,911,350
116,074 Firstar Corporation 2,444,809
107,915 FleetBoston Financial
Corporation 3,669,110
26,993 Huntington Bancshares,
Inc. 426,827
52,000 KeyCorp 916,500
95,952 MBNA Corporation 2,602,698
19,700 Morgan (J.P.) & Company,
Inc. 2,169,462
135,478 Morgan Stanley, Dean
Witter, Discover and
Company 11,278,543
72,600 National City
Corporation 1,238,738
27,000 Northern Trust
Corporation 1,756,687
16,695 Old Kent Financial
Corporation 446,591
34,800 PNC Bank Corporation 1,631,250
20,500 Southtrust Corporation 463,813
19,600 State Street Corporation 2,078,825
21,300 Summit Bancorp 524,513
36,200 SunTrust Banks, Inc. 1,653,887
33,800 Synovus Financial
Corporation 595,725
89,979 U.S. Bancorp 1,732,096
16,400 Union Planters
Corporation 458,175
</TABLE>
See Notes to Financial Statements.
1
<PAGE> 475
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
BANKS (CONTINUED)
24,535 Wachovia Corporation $ 1,331,024
65,564 Washington Mutual, Inc. 1,893,160
--------------
70,842,459
--------------
BROADCASTING -- 0.5%
40,600 Clear Channel
Communications+ 3,045,000
73,700 MediaOne Group, Inc.+ 4,887,323
6,100 Meredith Corporation 205,875
--------------
8,138,198
--------------
BUILDING MATERIALS -- 1.1%
4,900 Armstrong Holdings, Inc. 75,031
7,300 Centex Corporation 171,550
7,375 Crane Company 179,305
276,919 Home Depot, Inc. 13,828,643
5,800 Kaufman & Broad Home
Corporation 114,913
53,700 Masco Corporation 969,956
15,033 Pall Corporation 278,110
5,000 Pulte Corporation 108,125
12,200 Vulcan Materials Company 520,787
--------------
16,246,420
--------------
BUSINESS EQUIPMENT AND SUPPLIES -- 1.8%
13,700 Avery Dennison
Corporation 919,613
212,200 International Business
Machines Corporation 23,249,162
30,800 Pitney Bowes, Inc. 1,232,000
79,700 Xerox Corporation 1,653,775
--------------
27,054,550
--------------
BUSINESS SERVICES -- 0.4%
86,313 Cendant Corporation+ 1,208,382
18,500 Convergys Corporation+ 959,687
8,900 Deluxe Corporation 209,706
35,580 IMS Health, Inc. 640,440
11,600 NCR Corporation+ 451,675
44,450 Paychex, Inc. 1,866,900
15,807 Sabre Holdings
Corporation, Class A 450,500
--------------
5,787,290
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
CHEMICALS AND PLASTICS -- 1.8%
27,800 Air Products &
Chemicals, Inc. $ 856,587
80,950 Dow Chemical Company 2,443,678
125,349 dupont (E.I.) de Nemours
& Company 5,484,019
9,275 Eastman Chemical Company 442,881
15,800 Ecolab, Inc. 617,187
15,350 Engelhard Corporation 261,909
3,700 FMC Corporation+ 214,600
6,600 Great Lakes Chemical
Corporation 207,900
13,000 Hercules, Inc. 182,813
11,437 Kerr-McGee Corporation 674,068
8,200 Mallinckrodt Group, Inc. 356,188
47,400 Minnesota Mining &
Manufacturing Company 3,910,500
151,979 Pharmacia Corporation 7,855,415
19,100 Praxair, Inc. 715,056
22,800 Rockwell International
Corporation 718,200
26,452 Rohm & Haas Company 912,594
10,312 Sigma-Aldrich
Corporation 301,626
16,300 Union Carbide
Corporation 806,850
8,200 W R Grace & Company+ 99,425
--------------
27,061,496
--------------
COAL -- 0.1%
26,500 CSX Corporation 561,469
3,300 Eastern Enterprises 207,900
9,200 Fluor Corporation 290,950
--------------
1,060,319
--------------
COMMUNICATION EQUIPMENT -- 1.4%
22,000 Cabletron Systems, Inc.+ 555,500
115,200 GTE Corporation 7,171,200
257,641 Motorola, Inc. 7,487,692
21,400 National Semiconductor
Corporation+ 1,214,450
19,200 Scientific-Atlanta, Inc. 1,430,400
49,000 Tellabs, Inc.+ 3,353,437
--------------
21,212,679
--------------
</TABLE>
See Notes to Financial Statements.
2
<PAGE> 476
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
COMPUTER HARDWARE, SOFTWARE OR SERVICES -- 16.4%
42,000 3COM Corporation+ $ 2,420,250
14,500 Adobe Systems, Inc. 1,885,000
18,600 Advanced Micro Devices,
Inc.+ 1,436,850
275,000 America Online, Inc.+ 14,506,250
39,400 Apple Computer, Inc.+ 2,063,575
7,100 Autodesk, Inc. 246,281
75,100 Automatic Data
Processing, Inc. 4,022,544
29,557 BMC Software, Inc.+ 1,078,369
17,600 Ceridian Corporation+ 423,500
832,600 Cisco Systems, Inc.+ 52,922,137
22,500 Citrix Systems, Inc.+ 426,094
203,223 Compaq Computer
Corporation 5,194,888
70,475 Computer Associates
International, Inc. 3,607,439
20,300 Computer Sciences
Corporation+ 1,516,156
43,100 Compuware Corporation+ 447,163
308,200 Dell Computer
Corporation+ 15,198,112
55,800 Electronic Data Systems
Corporation 2,301,750
38,500 Gateway 2000, Inc.+ 2,184,875
119,700 Hewlett Packard Company 14,947,538
95,550 Honeywell International,
Inc. 3,218,841
9,700 Mercury Interactive
Corporation+ 938,475
629,900 Microsoft Corporation+ 50,392,000
36,500 Network Appliance, Inc.+ 2,938,250
39,400 Novell, Inc.+ 364,450
339,750 Oracle Corporation+ 28,560,234
33,400 Parametric Technology
Corporation+ 367,400
32,987 Peoplesoft, Inc. 552,532
7,000 Sapient Corporation+ 748,563
27,200 Seagate Technologies,
Inc.+ 1,496,000
24,200 Siebel Systems, Inc.+ 3,958,213
189,900 Sun Microsystems, Inc.+ 17,269,031
37,300 Unisys Corporation+ 543,181
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMPUTER HARDWARE, SOFTWARE OR SERVICES
(CONTINUED)
46,800 VERITAS Software
Corporation+ $ 5,289,131
65,000 Yahoo!, Inc.+ 8,051,875
--------------
251,516,947
--------------
COMPUTER -- SEMICONDUCTORS -- 5.9%
96,700 Applied Materials, Inc.+ 8,763,437
259,700 EMC Corporation+ 19,980,669
400,900 Intel Corporation 53,595,319
36,700 LSI Logic Corporation+ 1,986,387
66,400 Micron Technology, Inc.+ 5,847,350
--------------
90,173,162
--------------
CONSUMER NON-DURABLES -- 4.8%
33,443 Corning, Inc. 9,025,430
1,184,200 General Electric Company 62,762,600
11,400 Grainger (W.W.), Inc. 351,263
45,720 Lowe's Companies, Inc. 1,877,377
--------------
74,016,670
--------------
CONSUMER SERVICES -- 0.0%#
12,000 Block (H & R), Inc. 388,500
--------------
CONTAINERS -- 0.1%
3,700 Ball Corporation 119,094
15,700 Crown Cork & Seal
Company, Inc. 235,500
17,800 Owens-Illinois, Inc.+ 208,037
20,500 Pactiv Corporation+ 161,438
10,269 Sealed Air Corporation+ 537,839
--------------
1,261,908
--------------
COSMETICS -- TOILETRY -- 0.1%
6,800 Alberto-Culver Company,
Class B 207,825
28,800 Avon Products, Inc. 1,281,600
--------------
1,489,425
--------------
DIVERSIFIED -- 0.8%
19,200 Fortune Brands, Inc. 442,800
12,000 Loews Corporation 720,000
40,700 Raytheon Company, Class
B 783,475
17,500 Textron, Inc. 950,469
</TABLE>
See Notes to Financial Statements.
3
<PAGE> 477
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
DIVERSIFIED (CONTINUED)
18,900 Thermo Electron
Corporation+ $ 398,081
202,018 Tyco International Ltd 9,570,603
--------------
12,865,428
--------------
DRUGS AND HEALTH CARE -- 0.3%
18,000 Biogen, Inc.+ 1,161,000
25,300 MedImmune, Inc.+ 1,872,200
14,000 Quintiles Transnational
Corporation+ 197,750
11,700 Watson Pharmaceuticals,
Inc.+ 628,875
7,500 Wellpoint Health
Networks, Inc.+ 543,281
--------------
4,403,106
--------------
ELECTRICAL EQUIPMENT -- 1.1%
23,500 American Power
Conversion
Corporation+ 959,094
11,300 Cooper Industries, Inc. 367,956
23,800 Molex, Inc. 1,145,375
5,750 Tektronix, Inc. 425,500
195,900 Texas Instruments, Inc. 13,455,881
7,100 Thomas & Betts
Corporation 135,788
--------------
16,489,594
--------------
ELECTRONICS -- 2.9%
54,149 Agilent Technologies,
Inc.+ 3,993,489
24,100 Altera Corporation+ 2,456,694
42,400 Analog Devices, Inc.+ 3,222,400
31,000 Broadcom Corporation,
Class A+ 6,785,125
26,400 Conexant Systems, Inc.+ 1,283,700
8,800 Eaton Corporation 589,600
51,100 Emerson Electric Company 3,085,162
22,600 KLA-Tencor Corporation+ 1,323,513
15,600 Lexmark International
Group, Inc., Class A+ 1,049,100
37,200 Linear Technology
Corporation 2,378,475
33,800 Maxim Integrated
Products, Inc.+ 2,296,287
15,800 Novellus Systems, Inc.+ 893,688
88,700 QUALCOMM, Inc.+ 5,322,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
ELECTRONICS (CONTINUED)
18,000 Sanmina Corporation+ $ 1,539,000
71,400 Solectron Corporation+ 2,989,875
20,900 Teradyne, Inc.+ 1,536,150
38,500 Xilinx, Inc.+ 3,178,656
--------------
43,922,914
--------------
ENERGY AND RESOURCES -- 0.2%
26,165 Burlington Resources,
Inc. 1,000,811
35,395 Reliant Energy, Inc. 1,046,365
24,778 Sempra Energy 421,226
--------------
2,468,402
--------------
ENTERTAINMENT -- 1.5%
10,700 Brunswick Corporation 177,219
248,708 Disney (Walt) Company 9,652,979
8,700 Harcourt General
Corporation 473,063
20,950 Hasbro, Inc. 315,559
50,911 Mattel, Inc. 671,389
157,500 Time Warner, Inc. 11,970,000
--------------
23,260,209
--------------
FINANCIAL SERVICES -- 5.1%
159,900 American Express Company 8,334,787
30,128 American General
Corporation 1,837,808
87,150 Associates First Capital
Corporation 1,944,534
23,800 Capital One Financial
Corporation 1,062,075
162,959 Charles Schwab
Corporation 5,479,500
403,918 Citigroup, Inc. 24,336,059
13,800 Countrywide Credit
Industries 418,313
10,800 Dow Jones & Company,
Inc. 791,100
17,200 Equifax, Inc. 451,500
120,600 Fannie Mae 6,293,812
83,200 Federal Home Loan
Mortgage Corporation 3,369,600
49,392 First Data Corporation 2,451,078
56,606 Household International,
Inc. 2,352,687
14,700 Lehman Brothers
Holdings, Inc. 1,390,069
58,800 Mellon Financial
Corporation 2,142,525
</TABLE>
See Notes to Financial Statements.
4
<PAGE> 478
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
46,400 Merrill Lynch & Company,
Inc. $ 5,336,000
17,700 Paine Webber Group, Inc. 805,350
26,700 Regions Financial
Corporation 530,663
19,000 SLM Holding Corporation 711,313
14,700 T Rowe Price &
Associates, Inc. 624,750
6,400 Temple-Inland, Inc. 268,800
192,860 Wells Fargo & Company 7,473,325
--------------
78,405,648
--------------
FOOD AND BEVERAGES -- 3.9%
50,693 Albertson's, Inc. 1,685,542
54,100 Anheuser-Busch
Companies, Inc. 4,040,594
33,300 Bestfoods 2,306,025
50,600 Campbell Soup Company 1,473,725
296,300 Coca-Cola Company 17,018,731
50,300 Coca-Cola Enterprises,
Inc. 820,519
58,950 ConAgra, Inc. 1,123,735
4,500 Coors (Adolph) Company,
Class B 272,250
42,200 Heinz (H.J.) Company 1,846,250
16,700 Hershey Foods
Corporation 809,950
48,500 Kellogg Company 1,442,875
39,100 Nabisco Group Holdings
Corporation 1,014,156
172,500 PepsiCo, Inc. 7,665,469
273,700 Philip Morris Cos., Inc. 7,270,156
15,900 Quaker Oats Company 1,194,488
36,700 Ralston-Purina Company 731,706
104,100 Sara Lee Corporation 2,010,431
52,200 Seagram Company Ltd 3,027,600
68,432 Unilever NV 2,942,576
19,700 UST, Inc. 289,344
13,900 Wrigley (Wm) Jr. Company 1,114,606
--------------
60,100,728
--------------
FOOD DISTRIBUTION -- 0.4%
72,094 Archer-Daniels-Midland
Company 707,422
34,900 General Mills, Inc. 1,334,925
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
FOOD DISTRIBUTION (CONTINUED)
4,700 Great Atlantic & Pacific
Tea Company, Inc. $ 78,138
99,900 Kroger Company+ 2,204,044
16,000 Supervalu, Inc. 305,000
39,900 Sysco Corporation 1,680,787
17,600 Winn Dixie Stores, Inc. 251,900
--------------
6,562,216
--------------
GAS AND PIPELINE UTILITIES -- 0.1%
28,100 El Paso Energy
Corporation 1,431,344
--------------
GLASS PRODUCTS -- 0.1%
6,700 Owens Corning Fiberglass
Corporation 61,975
21,200 PPG Industries, Inc. 939,425
--------------
1,001,400
--------------
HEALTH CARE FACILITIES -- 0.2%
66,777 HCA-The Healthcare
Corporation 2,028,351
20,500 Humana, Inc.+ 99,938
12,550 Manor Care, Inc.+ 87,850
37,400 Tenet Healthcare
Corporation 1,009,800
--------------
3,225,939
--------------
HEALTH CARE PRODUCTS -- 4.4%
185,500 Abbott Laboratories 8,266,344
15,700 Allergan, Inc. 1,169,650
6,400 Bausch & Lomb, Inc. 495,200
30,600 Becton, Dickinson &
Company 877,837
275,200 Merck & Co, Inc. 21,087,200
753,425 Pfizer, Inc. 36,164,400
--------------
68,060,631
--------------
HOLDING COMPANIES -- 0.2%
17,300 Providian, LLC 1,557,000
26,300 Public Service
Enterprise 910,638
--------------
2,467,638
--------------
HOME APPLIANCES -- 0.2%
10,300 Black & Decker
Corporation 404,919
36,079 Illinois Tool Works,
Inc. 2,056,503
9,500 Maytag Corporation 350,313
7,150 Snap-On, Inc. 190,369
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 479
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
HOME APPLIANCES (CONTINUED)
10,600 Stanley Works $ 251,750
8,900 Whirlpool Corporation 414,962
--------------
3,668,816
--------------
HOME FURNISHINGS AND HOUSEWARES -- 0.7%
156,100 American Home Products
Corporation 9,170,875
23,500 Leggett & Platt, Inc. 387,750
31,897 Newell Rubbermaid, Inc. 821,348
2,200 Springs Industries, Inc. 70,400
7,100 Tupperware Corporation 156,200
--------------
10,606,573
--------------
HOTELS AND RESTAURANTS -- 0.6%
15,000 Darden Restaurants, Inc. 243,750
14,800 Harrah's Entertainment
Corporation+ 309,875
44,100 Hilton Hotels
Corporation 413,437
29,100 Marriott International,
Inc. 1,049,419
159,900 McDonald's Corporation 5,266,706
22,300 Starbucks Corporation+ 851,581
17,940 Tricon Global
Restaurants, Inc.+ 506,805
13,800 Wendy's International,
Inc. 245,813
--------------
8,887,386
--------------
INSURANCE -- 2.7%
17,114 Aetna Life & Casualty
Company 1,098,505
32,200 AFLAC, Inc. 1,479,187
89,120 Allstate Corporation 1,982,920
184,445 American International
Group, Inc. 21,672,287
31,025 AON Corporation 963,714
21,199 Chubb Corporation 1,303,738
19,800 CIGNA Corporation 1,851,300
19,500 Cincinnati Financial
Corporation 613,031
38,898 Conseco, Inc. 379,256
26,100 Hartford Financial
Services Group, Inc. 1,459,969
12,550 Jefferson-Pilot
Corporation 708,291
23,300 Lincoln National
Corporation 841,713
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
32,700 Marsh & McLennan
Companies, Inc. $ 3,415,106
11,900 MBIA, Inc. 573,431
12,900 MGIC Investment
Corporation 586,950
8,900 Progressive Corporation 658,600
15,500 SAFECO Corporation 308,063
25,758 St. Paul Companies, Inc. 878,992
15,600 Torchmark, Inc. 385,125
28,796 UnumProvident
Corporation 577,720
--------------
41,737,898
--------------
INVESTMENT COMPANIES -- 0.1%
13,442 Bear Stearns Companies,
Inc. 559,523
29,600 Franklin Resources, Inc. 899,100
--------------
1,458,623
--------------
MACHINERY AND HEAVY EQUIPMENT -- 0.3%
41,700 Caterpillar, Inc. 1,412,587
28,000 Deere & Company 1,036,000
24,600 Dover Corporation 997,837
19,650 Ingersoll-Rand Company 790,913
13,650 Parker-Hannifin
Corporation 467,513
--------------
4,704,850
--------------
MANUFACTURING -- 0.3%
26,550 Alcan Aluminum Ltd. 823,050
48,800 Boston Scientific
Corporation+ 1,070,550
2,700 Briggs & Stratton
Corporation 92,475
8,400 Brown-Forman
Corporation, Class B 451,500
17,200 Danaher Corporation 850,325
9,340 PACCAR, Inc. 370,681
19,900 Sherwin-Williams Company 421,631
--------------
4,080,212
--------------
MEDICAL INSTRUMENTS, SERVICES, AND SUPPLIES --
2.2%
6,100 Bard (C.R.), Inc. 293,563
34,700 Baxter International,
Inc. 2,439,844
14,400 Biomet, Inc. 553,500
32,974 Cardinal Health, Inc. 2,440,076
36,700 Guidant Corporation+ 1,816,650
</TABLE>
See Notes to Financial Statements.
6
<PAGE> 480
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
MEDICAL INSTRUMENTS, SERVICES, AND SUPPLIES
(CONTINUED)
46,089 HEALTHSOUTH Corporation+ $ 331,265
166,500 Johnson & Johnson
Company 16,962,187
143,300 Medtronic, Inc. 7,138,131
10,150 St. Jude Medical, Inc.+ 465,631
19,700 UnitedHealth Group, Inc. 1,689,275
--------------
34,130,122
--------------
METALS AND MINING -- 0.4%
103,436 Alcoa, Inc. 2,999,644
47,400 Barrick Gold Corporation 862,087
19,400 Freeport McMoRan Copper
& Gold, Class B+ 179,450
31,200 Homestake Mining Company 214,500
22,100 Inco Ltd. 339,788
20,455 Newmont Mining
Corporation 442,339
9,515 Phelps Dodge Corporation 353,839
39,200 Placer Dome, Inc. 374,850
--------------
5,766,497
--------------
NATURAL GAS -- 0.4%
9,900 Columbia Energy Group 649,687
87,630 Enron Corporation 5,652,135
5,700 NICOR, Inc. 185,963
3,500 ONOEK, Inc. 90,781
--------------
6,578,566
--------------
NETWORKING PRODUCTS -- 0.0%#
12,500 Adaptec, Inc.+ 284,375
--------------
NEWS AND PUBLISHING -- 0.5%
31,900 Gannett Company, Inc. 1,908,019
66,494 Kimberly-Clark
Corporation 3,815,093
9,400 Knight-Ridder, Inc. 499,962
20,600 New York Times Company,
Class A 813,700
36,900 Tribune Company 1,291,500
--------------
8,328,274
--------------
OIL -- 4.9%
11,100 Amerada Hess Corporation 685,425
13,900 Apache Corporation 817,494
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
OIL (CONTINUED)
8,600 Ashland, Inc. $ 301,538
39,520 Baker Hughes, Inc. 1,264,640
78,000 Chevron Corporation 6,615,375
26,000 Coastal Corporation 1,582,750
74,726 Conoco, Inc., Class B 1,835,457
416,698 Exxon Mobil Corporation 32,710,793
53,100 Halliburton Company 2,505,656
12,600 Louisiana Land &
Exploration Company 137,025
7,300 McDermott International,
Inc. 64,331
44,100 Occidental Petroleum
Corporation 928,856
30,400 Phillips Petroleum
Company 1,540,900
256,700 Royal Dutch Petroleum
Company 15,803,094
10,700 Sunoco, Inc. 314,981
66,100 Texaco, Inc. 3,519,825
17,500 Tosco Corporation 495,469
30,100 Union Pacific
Corporation 1,119,344
30,155 Union Pacific Resources
Group 663,410
29,100 Unocal Corporation 963,938
37,300 USX-Marathon Group 934,831
--------------
74,805,132
--------------
OIL EQUIPMENT AND SERVICES -- 0.3%
68,130 Schlumberger Ltd. 5,084,201
--------------
PAPER AND FOREST PRODUCTS -- 0.3%
6,400 Bemis Company, Inc. 215,200
7,000 Boise Cascade
Corporation 181,125
25,025 Fort James Corporation 578,703
20,700 Georgia-Pacific Group 543,375
57,809 International Paper
Company 1,723,431
12,500 Mead Corporation 315,625
3,500 Potlatch Corporation 115,937
28,250 Weyerhaeuser Company 1,214,750
13,400 Willamette Industries,
Inc. 365,150
--------------
5,253,296
--------------
PERSONAL ITEMS -- 1.2%
69,000 Colgate-Palmolive
Company 4,131,375
124,920 Gillette Company 4,364,392
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 481
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
PERSONAL ITEMS (CONTINUED)
12,500 International Flavors &
Fragrances, Inc. $ 377,344
156,500 Procter & Gamble Company 8,959,625
--------------
17,832,736
--------------
PETROLEUM REFINING -- 0.2%
15,600 Anadarko Petroleum
Corporation 769,275
11,400 Rowan Companies+ 346,275
52,900 Williams Companies, Inc. 2,205,269
--------------
3,320,819
--------------
PETROLEUM -- SERVICE AND EQUIPMENT -- 0.1%
25,515 Transocean Sedco Forex,
Inc. 1,363,458
--------------
PHARMACEUTICALS -- 2.5%
12,420 ALZA Corporation+ 734,332
236,140 Bristol-Myers Squibb
Company 13,755,155
135,200 Lilly (Eli) & Company 13,503,100
33,747 McKesson HBOC, Inc. 706,578
175,200 Schering-Plough
Corporation 8,847,600
--------------
37,546,765
--------------
PHOTOGRAPHIC EQUIPMENT AND SUPPLIES -- 0.1%
37,100 Eastman Kodak Company 2,207,450
5,450 Polaroid Corporation 98,441
--------------
2,305,891
--------------
PRINTING AND PUBLISHING -- 0.2%
7,900 American Greetings
Corporation, Class A 150,100
14,800 Donnelley (R.R.) & Sons
Company 333,925
19,640 Dun & Bradstreet
Corporation 562,195
23,600 McGraw-Hill, Inc. 1,274,400
12,250 Westvaco Corporation 303,953
--------------
2,624,573
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
RAILROADS -- 0.1%
13,500 Kansas City Southern
Industries, Inc. $ 1,197,281
45,900 Norfolk Southern
Corporation 682,763
--------------
1,880,044
--------------
RECREATION -- 0.1%
72,300 Carnival Corporation,
Class A 1,409,850
--------------
RESEARCH AND DEVELOPMENT -- 0.7%
122,900 Amgen, Inc.+ 8,633,725
25,200 PE Corp-PE Biosystems
Group 1,660,050
--------------
10,293,775
--------------
RETAIL -- STORE -- 4.1%
17,100 Bed Bath & Beyond, Inc.+ 619,875
24,800 Best Buy Company, Inc.+ 1,568,600
24,300 Circuit City Stores --
Circuit City Group 806,456
13,480 Consolidated Stores
Corporation+ 161,760
53,434 Costco Wholesale
Corporation+ 1,763,322
46,682 CVS Corporation 1,867,280
11,400 Dillard's, Inc. 139,650
39,381 Dollar General
Corporation 767,930
26,000 Federated Department
Stores+ 877,500
101,887 Gap, Inc. 3,183,969
57,600 K-mart Corporation+ 392,400
39,000 Kohls Corporation+ 2,169,375
51,464 Limited, Inc. 1,112,909
4,800 Long's Drug Stores
Company 104,400
39,750 May Department Stores
Company 954,000
16,300 Nordstrom, Inc. 393,238
37,800 Office Depot, Inc.+ 236,250
31,200 Penney (J.C.) Company,
Inc. 575,250
22,700 RadioShack Corporation 1,075,412
31,400 Rite Aid Corporation 206,063
4,000 Russell Corporation 80,000
59,400 Safeway, Inc.+ 2,680,425
42,200 Sears, Roebuck & Company 1,376,775
57,950 Staples, Inc.+ 890,981
</TABLE>
See Notes to Financial Statements.
8
<PAGE> 482
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
RETAIL -- STORE (CONTINUED)
54,600 Target Corporation $ 3,166,800
8,800 Tiffany & Company 594,000
35,900 TJX Companies, Inc. 673,125
26,250 Toys R Us, Inc.+ 382,266
533,500 Wal-Mart Stores, Inc. 30,742,937
120,600 Walgreen Company 3,881,812
--------------
63,444,760
--------------
SAVINGS AND LOAN ASSOCIATIONS -- 0.0%#
19,200 Golden West Financial
Corporation 783,600
--------------
SOAPS AND DETERGENTS -- 0.1%
28,524 Clorox Company 1,278,232
--------------
STEEL -- 0.1%
10,113 Allegheny Technologies,
Inc. 182,034
16,000 Bethlehem Steel
Corporation+ 57,000
10,300 Nucor Corporation 341,831
7,400 Timken Company 137,825
10,840 USX-U.S.Steel Group,
Inc. 201,217
10,425 Worthington Industries,
Inc. 109,463
--------------
1,029,370
--------------
TECHNOLOGY -- 0.1%
10,800 ITT Industries 328,050
5,500 Millipore Corporation 414,563
6,000 PerkinElmer, Inc. 396,750
--------------
1,139,363
--------------
TELECOMMUNICATIONS -- 10.6%
40,400 ADC Telecommunications,
Inc.+ 3,388,550
37,766 ALLTEL Corporation 2,339,132
9,937 Andrew Corporation+ 333,511
379,090 AT&T Corporation 11,988,721
184,962 Bell Atlantic
Corporation 9,398,382
225,200 BellSouth Corporation 9,599,150
17,000 CenturyTel, Inc. 488,750
107,400 Comcast Corporation
Special, Class A
(non-voting) 4,349,700
18,600 Comverse Technology,
Inc.+ 1,729,800
105,520 Global Crossing Ltd.,
ADR+ 2,776,495
389,745 Lucent Technologies,
Inc. 23,092,391
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
90,800 NEXTEL Communications,
Inc.+ $ 5,555,825
354,600 Nortel Networks
Corporation 24,201,450
407,175 SBC Communications, Inc. 17,610,319
104,900 Sprint Corporation 5,349,900
109,500 Sprint PCS+ 6,515,250
60,758 US West, Inc. 5,209,998
182,566 Viacom, Inc., Class B+ 12,448,719
342,710 WorldCom, Inc.+ 15,721,821
--------------
162,097,864
--------------
TIRE AND RUBBER -- 0.1%
9,000 Cooper Tire & Rubber
Company 100,125
13,000 Goodrich (B.F.) Company 442,813
19,100 Goodyear Tire & Rubber
Company 382,000
--------------
924,938
--------------
TRANSPORTATION -- 0.2%
51,289 Burlington Northern
Santa Fe 1,176,441
34,660 FedEx Corporation+ 1,317,080
7,200 Ryder System, Inc. 136,350
--------------
2,629,871
--------------
UTILITIES -- 1.5%
51,000 AES Corporation+ 2,326,875
16,700 Ameren Corporation 563,625
38,540 American Electric Power
Company, Inc. 1,141,747
19,434 Cinergy Corporation 494,352
13,300 CMS Energy Corporation 294,263
25,700 Consolidated Edison
Company 761,363
18,250 Constellation Energy
Group 594,266
19,500 CP & L, Inc. 622,781
28,901 Dominion Resources, Inc. 1,239,130
17,300 DTE Energy Company 528,731
43,970 Duke Energy Company 2,478,809
39,800 Edison International 815,900
27,900 Entergy Corporation 758,531
28,027 FirstEnergy Corporation 655,131
12,000 Florida Progress
Corporation 562,500
21,600 FPL Group, Inc. 1,069,200
14,700 GPU, Inc. 397,819
</TABLE>
See Notes to Financial Statements.
9
<PAGE> 483
Munder Index 500 Fund
Portfolio of Investments, June 30, 2000
(Continued)
---------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (CONTINUED)
UTILITIES (CONTINUED)
4,900 National Service
Industries, Inc. $ 95,550
14,100 New Century Energies,
Inc. 423,000
20,900 Niagara Mohawk Holdings,
Inc.+ 291,294
19,100 Northern States Power
Company 385,581
20,600 PECO Energy Company 830,438
4,300 People's Energy
Corporation 139,213
46,100 PG & E Corporation 1,135,212
10,400 Pinnacle West Capital
Corporation 352,300
17,500 PPL Corporation 383,906
77,600 Southern Company 1,809,050
32,015 TXU Corporation 944,442
21,600 Unicom Corporation 835,650
--------------
22,930,659
--------------
WASTE MANAGEMENT -- 0.1%
22,900 Allied Waste Industries,
Inc.+ 229,000
74,353 Waste Management, Inc. 1,412,707
--------------
1,641,707
--------------
TOTAL COMMON STOCKS
(Cost $996,424,754) 1,507,480,415
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------
<C> <S> <C>
U.S. TREASURY BILLS -- 0.2%
(Cost $3,312,148)
$3,500,000 5.98%++ due 5/31/2001** $ 3,312,148
--------------
REPURCHASE AGREEMENT -- 0.3%
(Cost $4,216,000)
4,216,000 Agreement with State
Street Bank and Trust
Company, 6.350% dated
06/30/2000, to be
repurchased at
$4,218,230 on
07/03/2000,
collateralized by
$4,000,000 U.S.
Treasury Note, 7.500%
maturing 02/15/2005
(value $4,305,000) 4,216,000
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $1,003,952,902*) 99.0% $1,515,008,563
OTHER ASSETS AND
LIABILITIES (NET) 1.0 15,595,921
----- --------------
NET ASSETS 100.0% $1,530,604,484
===== ==============
</TABLE>
------------
* Aggregate cost for Federal tax purposes is $1,009,472,920.
** Security pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
<TABLE>
<CAPTION>
NUMBER OF UNREALIZED
CONTRACTS DEPRECIATION
--------- ------------
<C> <S> <C>
FUTURES CONTRACTS -- LONG POSITION
70 S&P 500 Index June -- 2000 $179,262
========
</TABLE>
See Notes to Financial Statements.
10
<PAGE> 484
Munder Index 500 Fund
Statement of Assets and Liabilities, June 30, 2000
<TABLE>
<S> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities.............................................. $1,510,792,563
Repurchase Agreements................................... 4,216,000
--------------
Total Investments........................................... 1,515,008,563
Cash........................................................ 5,911
Interest receivable......................................... 744
Dividends receivable........................................ 1,162,250
Receivable for investment securities sold................... 19,193,384
Receivable for Fund shares sold............................. 8,621,805
Receivable for future variation margin...................... 104,100
Prepaid expenses and other assets........................... 89,262
--------------
Total Assets.......................................... 1,544,186,019
--------------
LIABILITIES:
Payable for Fund shares redeemed............................ 3,979,801
Payable for investment securities purchased................. 8,211,162
Investment advisory fee payable............................. 126,280
Administration fee payable.................................. 292,691
Shareholder servicing fees payable.......................... 67,980
Distribution fees payable................................... 223,131
Transfer agent fee payable.................................. 252,618
Custodian fees payable...................................... 107,205
Accrued Trustees' fees and expenses......................... 13,489
Accrued expenses and other payables......................... 307,178
--------------
Total Liabilities..................................... 13,581,535
--------------
NET ASSETS.................................................. $1,530,604,484
==============
Investments, at cost........................................ $1,003,952,902
==============
</TABLE>
See Notes to Financial Statements.
11
<PAGE> 485
Munder Index 500 Fund
Statement of Assets and Liabilities, June 30, 2000
(Continued)
<TABLE>
<S> <C>
NET ASSETS CONSIST OF:
Accumulated net realized gain on investments sold, futures
contracts and currency transactions....................... $ 7,622,890
Net unrealized appreciation of investments, foreign currency
and net other assets...................................... 510,876,399
Par value................................................... 49,827
Paid-in capital in excess of par value...................... 1,012,055,368
--------------
$1,530,604,484
==============
NET ASSETS:
Class A Shares.............................................. $ 504,843,185
==============
Class B Shares.............................................. $ 402,570,154
==============
Class K Shares.............................................. $ 328,059,097
==============
Class Y Shares.............................................. $ 295,132,048
==============
SHARES OUTSTANDING:
Class A Shares.............................................. 16,436,652
==============
Class B Shares.............................................. 13,107,845
==============
Class K Shares.............................................. 10,688,688
==============
Class Y Shares.............................................. 9,593,814
==============
CLASS A SHARES:
Net asset value and redemption price per share.............. $30.71
==============
Maximum sales charge........................................ 2.50%
Maximum offering price per share............................ $31.50
==============
CLASS B SHARES:
Net asset value and offering price per share*............... $30.71
==============
CLASS K SHARES:
Net asset value, offering price and redemption price per
share..................................................... $30.69
==============
CLASS Y SHARES:
Net asset value, offering price and redemption price per
share..................................................... $30.76
==============
</TABLE>
------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
12
<PAGE> 486
Munder Index 500 Fund
Statement of Operations, Year Ended June 30, 2000
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest.................................................... $ 2,048,406
Dividends................................................... 16,659,890
-----------
Total investment income............................... 18,708,296
-----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares............................................ 1,143,992
Class B Shares............................................ 3,593,936
Shareholder servicing fees:
Class K Shares............................................ 753,891
Investment advisory fee..................................... 1,457,304
Administration fee.......................................... 1,483,642
Transfer agent fee.......................................... 771,566
Custodian fees.............................................. 314,238
Legal and audit fees........................................ 95,057
Trustees' fees and expenses................................. 46,941
Registration and filing fees................................ 97,480
Other....................................................... 860,315
-----------
Total Expenses........................................ 10,618,362
Fees waived by investment advisor and distributor........... (2,311,983)
-----------
Net Expenses.......................................... 8,306,379
-----------
NET INVESTMENT INCOME....................................... 10,401,917
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions..................................... 13,782,755
Futures contracts......................................... (781,584)
Foreign currency transactions............................. 37
Net change in unrealized appreciation/(depreciation) of:
Securities................................................ 75,266,450
Futures contracts......................................... (1,148,700)
-----------
Net realized and unrealized gain on investments............. 87,118,958
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $97,520,875
===========
</TABLE>
See Notes to Financial Statements.
13
<PAGE> 487
Munder Index 500 Fund
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
-----------------------------------
YEAR YEAR
ENDED ENDED
JUNE 30, 2000 JUNE 30, 1999
-----------------------------------
<S> <C> <C>
Net investment income....................................... $ 10,401,917 $ 10,065,348
Net realized gain on investments sold....................... 13,001,208 16,041,464
Net change in unrealized appreciation of investments........ 74,117,750 180,563,695
-------------- --------------
Net increase in net assets resulting from operations........ 97,520,875 206,670,507
Dividends to shareholders from net investment income:
Class A Shares.......................................... (3,448,048) (2,632,324)
Class B Shares.......................................... (1,887,341) (1,254,520)
Class K Shares.......................................... (2,073,776) (1,806,046)
Class Y Shares.......................................... (2,825,328) (3,323,108)
Distributions to shareholders from net realized gains:
Class A Shares.......................................... (4,022,664) (2,169,071)
Class B Shares.......................................... (3,182,924) (1,537,617)
Class K Shares.......................................... (2,699,949) (1,904,925)
Class Y Shares.......................................... (3,123,424) (2,728,139)
Net increase/(decrease) in net assets from Fund share
transactions:
Class A Shares.......................................... 87,458,635 134,515,408
Class B Shares.......................................... 78,191,942 134,033,626
Class K Shares.......................................... 40,275,346 61,622,699
Class Y Shares.......................................... (53,016,506) (43,886,978)
-------------- --------------
Net increase in net assets.................................. 227,166,838 475,599,512
NET ASSETS
Beginning of period......................................... 1,303,437,646 827,838,134
-------------- --------------
End of period............................................... $1,530,604,484 $1,303,437,646
============== ==============
</TABLE>
See Notes to Financial Statements.
14
<PAGE> 488
[This Page Intentionally Left Blank]
15
<PAGE> 489
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
A SHARES
---------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96(D)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........................ $ 29.29 $ 24.45 $ 20.94 $ 16.16 $ 13.80
-------- -------- -------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income....................................... 0.24 0.25 0.31 0.34 0.33
Net realized and unrealized gain on investments............. 1.69 5.08 5.49 5.04 3.09
-------- -------- -------- ------- -------
Total from investment operations............................ 1.93 5.33 5.80 5.38 3.42
======== ======== ======== ======= =======
LESS DISTRIBUTIONS:
Dividends from net investment income........................ (0.23) (0.25) (0.30) (0.33) (0.34)
Distributions from net realized gains....................... (0.28) (0.24) (1.99) (0.27) (0.72)
-------- -------- -------- ------- -------
Total distributions......................................... (0.51) (0.49) (2.29) (0.60) (1.06)
-------- -------- -------- ------- -------
Net asset value, end of period.............................. $ 30.71 $ 29.29 $ 24.45 $ 20.94 $ 16.16
======== ======== ======== ======= =======
TOTAL RETURN (B)............................................ 6.74% 22.12% 29.61% 33.97% 25.51%
======== ======== ======== ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........................ $504,843 $393,278 $205,660 $88,988 $21,800
Ratio of operating expenses to average net assets........... 0.50% 0.44% 0.39% 0.39% 0.36%
Ratio of net investment income to average net assets........ 0.80% 1.08% 1.38% 1.91% 2.28%
Portfolio turnover rate..................................... 8% 6% 8% 11% 8%
Ratio of operating expenses to average net assets without
waivers................................................... 0.61% 0.60% 0.45% 0.49% 0.54%
</TABLE>
------------
(a) The Munder Index 500 Fund Class A Shares, Class B Shares and Class Y Shares
commenced operations on December 9, 1992, October 31, 1995 and December 1,
1991, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
16
<PAGE> 490
<TABLE>
<CAPTION>
B SHARES Y SHARES
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
6/30/00 6/30/99 6/30/98 6/30/97 6/30/96(D) 6/30/00 6/30/99 6/30/98 6/30/97 6/30/96(D)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 29.32 $ 24.48 $ 20.94 $ 16.16 $ 14.76 $ 29.33 $ 24.48 $ 20.97 $ 16.17 $ 13.81
-------- -------- -------- ------- ------- -------- -------- -------- -------- --------
0.13 0.16 0.22 0.29 0.20 0.28 0.29 0.34 0.35 0.36
1.70 5.09 5.50 5.03 2.15 1.69 5.08 5.49 5.06 3.07
-------- -------- -------- ------- ------- -------- -------- -------- -------- --------
1.83 5.25 5.72 5.32 2.35 1.97 5.37 5.83 5.41 3.43
======== ======== ======== ======= ======= ======== ======== ======== ======== ========
(0.16) (0.17) (0.19) (0.27) (0.23) (0.26) (0.28) (0.33) (0.34) (0.35)
(0.28) (0.24) (1.99) (0.27) (0.72) (0.28) (0.24) (1.99) (0.27) (0.72)
-------- -------- -------- ------- ------- -------- -------- -------- -------- --------
(0.44) (0.41) (2.18) (0.54) (0.95) (0.54) (0.52) (2.32) (0.61) (1.07)
-------- -------- -------- ------- ------- -------- -------- -------- -------- --------
$ 30.71 $ 29.32 $ 24.48 $ 20.94 $ 16.16 $ 30.76 $ 29.33 $ 24.48 $ 20.97 $ 16.17
======== ======== ======== ======= ======= ======== ======== ======== ======== ========
6.37% 21.71% 29.17% 33.57% 16.51% 6.88% 22.30% 29.76% 34.19% 25.61%
======== ======== ======== ======= ======= ======== ======== ======== ======== ========
$402,570 $305,955 $132,783 $61,738 $14,811 $295,132 $331,755 $320,756 $338,406 $174,693
0.85% 0.77% 0.73% 0.74% 0.71%(c) 0.35% 0.30% 0.29% 0.29% 0.26%
0.45% 0.74% 1.03% 1.56% 1.93%(c) 0.95% 1.23% 1.47% 2.01% 2.38%
8% 6% 8% 11% 8% 8% 6% 8% 11% 8%
1.36% 1.35% 0.80% 0.84% 0.89%(c) 0.36% 0.35% 0.35% 0.39% 0.44%
</TABLE>
See Notes to Financial Statements.
17
<PAGE> 491
[This Page Intentionally Left Blank]
18
<PAGE> 492
Munder Index 500 Fund
Notes to Financial Statements, June 30, 2000
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Funds Trust ("MFT") is registered under the Investment Company
Act of 1940, as amended, (the "1940 Act"), as an open-end management investment
company, and was organized as a Massachusetts business trust on August 30, 1989
and consists of 14 portfolios currently in operation. Information presented in
these financial statements pertains only to the Munder Index 500 Fund (the
"Fund"). The financial statements for the other funds of MFT are presented in
separate reports.
The Fund offers four classes of shares -- Class A, Class B, Class K and
Class Y Shares. The Financial Highlights of Class K Shares of the Fund is
presented in a separate annual report. The Fund is classified as a diversified
management investment company under the 1940 Act.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund in the preparation of its
financial statements:
Security Valuation: Securities (including financial futures, if any) traded
on a recognized stock exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the last sale price on the securities exchange on which
such securities are primarily traded or at the last sale price on the national
securities market as of the close of business on the date of the valuation.
Securities traded on a national securities exchange or on NASDAQ for which there
were no sales on the date of valuation and securities traded on over-the-counter
markets, including listed securities for which the primary market is believed to
be over-the-counter, are valued at the mean between the most recently quoted bid
and asked prices. Restricted securities, and securities and assets for which
market quotations are not readily available, are valued at fair value by World
Asset Management (the "Advisor"), a wholly owned subsidiary of Munder Capital
Management, and under certain circumstances by a pricing committee, under the
guidelines approved by the Board of Trustees. Debt securities with remaining
maturities of 60 days or less at the time of purchase are valued on an amortized
cost basis, unless the Board of Trustees determines that such valuation does not
constitute fair value at that time. Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security.
Futures Contracts: The Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities held
and in the value of the securities it intends to purchase, or in order to
maintain liquidity. Upon entering into a futures contract, the Fund is required
to deposit with the broker an amount of cash or cash equivalents equal to a
certain percentage of the contract amount. This is known as the "initial
margin." Subsequent payments ("variation margin") are made or received by the
Fund each day, depending on the daily fluctuation of the value of the contract.
The daily changes in the contract are recorded as unrealized gains or losses.
The Fund recognizes a realized gain or loss when the contract is closed. The net
unrealized appreciation/(depreciation), if any, is shown in the financial
statements.
There are several risks in connection with the use of futures contracts as
a hedging device. The change in value of futures contracts primarily corresponds
with the value of their underlying instruments, which may not correlate with the
change in value of the hedged investments. In addition, there is the risk that
the Fund may not be able to enter into a closing transaction because of an
illiquid secondary market.
19
<PAGE> 493
Munder Index 500 Fund
Notes To Financial Statements, June 30, 2000
(Continued)
Repurchase Agreements: The 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
Advisor reviews the value of the collateral and the creditworthiness of those
banks and dealers with which the Fund enters into repurchase agreements to
evaluate potential risks.
Loans of Portfolio Securities: The Fund may lend portfolio securities, up
to 25% of the value of the Fund's total assets. Each loan is secured by
collateral adjusted daily to have a market value at least equal to the current
market value of the securities loaned. These loans are terminable at any time
and the Fund will receive any interest or dividends paid on the loaned
securities. The Fund may share with the borrower some of the income received on
the collateral for the loan or the Fund will be paid a premium for the loan.
This income is reflected as other income on the Statement of Operations. If the
borrower defaults and the value of the portfolio securities increases in excess
of the collateral received or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities loaned
may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use of
the specific identification method for both financial reporting and income tax
purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend date.
General expenses of the Munder Funds are allocated to each Fund based upon
relative net assets of each Fund. Operating expenses of the Fund are prorated
among the share classes based on the relative average net assets of each class.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid at least quarterly by the Fund. The Fund's net
realized capital gains (including net short-term capital gains), if any, are
declared and distributed at least annually. Distributions to shareholders are
recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by the
Fund, timing differences and differing characterization of distributions made by
the Fund as a whole. The Fund also utilizes earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid deduction
for income tax purposes.
Federal Income Taxes: The Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no Federal
income or excise tax provision is required.
20
<PAGE> 494
Munder Index 500 Fund
Notes To Financial Statements, June 30, 2000
(Continued)
2. INVESTMENT ADVISOR AND OTHER RELATED PARTY TRANSACTIONS
For its advisory services, the Advisor is entitled to receive a fee,
computed daily and payable monthly, based on the average daily net assets of the
Fund at an annual rate of 0.20% based on assets up to $250 million; 0.12% based
on assets between $250 and $500 million; 0.07% based on assets exceeding $500
million.
The Advisor has waived fees of $56,556 payable by the Fund, for the year
ended June 30, 2000, as reflected in the Statement of Operations.
Comerica Inc. ("Comerica"), through its wholly owned subsidiary Comerica
Bank, owns approximately 95% of Munder Capital Management. Comerica provides
certain shareholder services to the Fund. As compensation for the shareholder
services provided to the Fund, Comerica receives a fee of 0.01% of the aggregate
average daily net assets of the Funds beneficially owned by Comerica and its
customers. Comerica earned $63,554 for its shareholder services to the Fund for
the year ended June 30, 2000.
Each Trustee of MFT is paid an aggregate fee for services provided as a
Board member of MFT, The Munder Funds, Inc., The Munder Framlington Funds Trust
and St. Clair Funds, Inc. The fee consists of a $35,000 annual retainer ($43,750
for the Chairman) for services in such capacity plus $3,500 for each Board
meeting attended, plus out-of-pocket expenses related to attendance at such
meetings. No officer, director or employee of the Advisor or Comerica received
any compensation from MFT.
3. DISTRIBUTION AND SERVICE PLANS
The Fund has adopted a Service Plan and Distribution and Service Plan
(collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act, with
respect to the Class A and Class B 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 Fund. The
Class B Plan also permits payments to be made by the Fund to the Distributor or
directly to other service providers for expenditures incurred by the Distributor
or other service providers in connection with the distribution of Fund shares to
investors and provision of certain shareholder services (which include but are
not limited to the payment of compensation, including compensation to Service
Organizations to obtain various distribution related services for the Fund). The
Fund has also adopted a Shareholder Servicing Plan (the "Class K Plan") for the
Class K Shares of the Fund. Under the Class K Plan, the Fund is permitted to
enter into agreements with institutions that provide shareholder services to
their customers.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among the
Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of Munder Capital Management. For the year ended June 30, 2000, the
Distributor paid $3,880 and $10,154 to Comerica Securities and LPM, respectively
for shareholder services provided to the Fund.
For the year ended June 30, 2000, the contractual rates, as a percentage of
average daily net assets, under the Plans and Class K Plan were as follows:
<TABLE>
<CAPTION>
CLASS A SHARES CLASS B SHARES CLASS K SHARES
12B-1 FEES 12B-1 FEES SERVICE FEES
-------------- -------------- --------------
<S> <C> <C> <C>
The Fund................................... 0.25% 1.00% 0.25%
</TABLE>
21
<PAGE> 495
Munder Index 500 Fund
Notes To Financial Statements, June 30, 2000
(Continued)
The Distributor voluntarily waived distribution and service fees for the
Fund in excess of 0.15% and 0.50% of average net assets for Class A Shares and
Class B Shares, respectively. For the year ended June 30, 2000, the waiver
amounted to $457,814 for the Class A Shares and $1,797,613 for the Class B
Shares of the Fund.
4. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of securities other than
short-term investments and U.S. Government securities were $270,228,310 and
$117,926,312 respectively, for the year ended June 30, 2000.
At June 30, 2000, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost was 578,114,160
and aggregate gross unrealized depreciation for all securities for which there
was an excess of tax cost over value was $72,578,517.
5. COMMON STOCK
At June 30, 2000, an unlimited amount of shares of beneficial interest
$0.01 par value were authorized for the Fund. Changes in shares of beneficial
interest for the Fund were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
6/30/2000 6/30/99
---------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
CLASS A SHARES: ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold........................................... 15,064,445 $ 447,283,520 11,616,038 $ 306,026,628
Issued as reinvestment of dividends............ 156,449 4,390,167 89,599 2,276,020
Redeemed....................................... (12,209,327) (364,215,052) (6,690,820) (173,787,240)
----------- ------------- ---------- -------------
Net increase................................... 3,011,567 $ 87,458,635 5,014,817 $ 134,515,408
=========== ============= ========== =============
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
6/30/2000 6/30/99
--------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
CLASS B SHARES: ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold.......................................... 4,878,821 $143,839,281 5,992,982 $159,019,278
Issued as reinvestment of dividends........... 93,957 2,618,170 47,391 1,198,821
Redeemed...................................... (2,299,332) (68,265,509) (1,030,228) (26,184,473)
---------- ------------ ---------- ------------
Net increase.................................. 2,673,446 $ 78,191,942 5,010,145 $134,033,626
========== ============ ========== ============
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
6/30/2000 6/30/99
--------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
CLASS K SHARES: ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold........................................... 3,279,692 $ 97,028,005 3,874,623 $ 99,263,563
Issued as reinvestment of dividends............ 329 9,206 346 8,661
Redeemed....................................... (1,894,651) (56,761,865) (1,471,425) (37,649,525)
---------- ------------ ---------- ------------
Net increase................................... 1,385,370 $ 40,275,346 2,403,544 $ 61,622,699
========== ============ ========== ============
</TABLE>
22
<PAGE> 496
Munder Index 500 Fund
Notes To Financial Statements, June 30, 2000
(Continued)
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
6/30/2000 6/30/99
--------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT
CLASS Y SHARES: ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold........................................... 2,336,763 $ 68,492,176 3,006,663 $ 79,091,960
Issued as reinvestment of dividends............ 8,040 225,817 5,350 132,854
Redeemed....................................... (4,062,686) (121,734,499) (4,805,069) (123,111,792)
---------- ------------- ---------- -------------
Net increase/(decrease)........................ (1,717,883) $ (53,016,506) (1,793,056) $ (43,886,978)
========== ============= ========== =============
</TABLE>
6. REVOLVING LINE OF CREDIT
The Munder Index 500 Fund and other Munder Funds have established a
revolving line of credit with State Street Bank and Trust Company. Borrowings
under the line may not exceed the lesser of $75,000,000 or 15% of the value of
the total assets of the fund for which a loan is extended. Interest is payable
on outstanding borrowings at the Federal Funds Rate plus .50%. Additionally, the
line of credit includes an annual commitment fee equal to .09% per annum on the
daily amount of the unused commitment. During the year ended June 30, 2000 these
funds did not utilize the revolving line of credit. Total commitment fees for
the Munder Index 500 Fund was $4,820.
7. DISTRIBUTIONS (UNAUDITED)
Of the distributions paid by the Fund from net investment income, 100% will
qualify for the dividend received deduction available to corporate shareholders.
Of the distributions paid by the Fund from net realized gains, $14,274,016
has been designated as capital gains dividends for the purpose of the dividends
paid deduction.
23
<PAGE> 497
Report of Ernst & Young LLP, Independent Auditors
To the Board of Trustees and Shareholders of
The Munder Funds Trust
Munder Index 500 Fund
We have audited the accompanying statement of assets and liabilities of the
Munder Index 500 Fund (the "Fund"), one of the portfolios constituting The
Munder Funds Trust, including the portfolio of investments, as of June 30, 2000,
and the related statement of operations for the year then ended, the statement
of changes in net assets for each of the two years in the period then ended and
the financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000 by correspondence with the
custodian and brokers or other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Munder Index 500 Fund portfolio of The Munder Funds Trust at June 30, 2000, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and its financial highlights
for each of the indicated periods, in conformity with accounting principles
generally accepted in the United States.
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
August 15, 2000
24
<PAGE> 498
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
James C. Robinson, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Michael T. Monahan, Vice President
Mary Ann Shumaker, Assistant Secretary
Libby E. Wilson, Assistant Secretary and Treasurer
Bradford E. Smith, Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
4400 Computer Drive
Westborough, MA 01581
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
The Munder Funds
<PAGE> 499
ANNINDEX600
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc. [UNION LOGO]
