(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Semi-Annual
Report
[LOGO]
The Munder Funds
Investments DECEMBER 31, 1999
for all seasons
THE MUNDER EQUITY FUNDS
Balanced
Growth & Income
International Equity
Micro-Cap Equity
Multi-Season Growth
Real Estate Equity Investment
Small-Cap Value
Small Company Growth
Value
THE MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
(INSIDE FRONT COVER)
"Another striking feature
of the market during the
last half of 1999, was its
increasingly active trading."
The Munder Funds
Letter to shareholders
Dear fellow shareholders:
I hope that you are pleased with the performance and operations of the
Munder Funds. On the following pages you will find the most recent financial
information for your investment.
During the past six months, within the stock market, the focus shifted
from a "bigger is better" mentality to "nearly anything in the technology
sector" mentality. The allure of technology stocks was in part due to their
overall increasingly attractive fundamentals. Increased earnings and better
than expected profits turned attention to technology stocks. The prices of
these stocks were also boosted by a momentum psychology. As more and more
investors committed money into the day's current winners, the prices of
technology stocks reached unprecedented valuations. It is interesting to note
that some of the best performing stocks in this sector were the stocks of
companies with no earnings.
Another striking feature of the market during the last half of 1999, was
its increasingly active trading. Stocks are now held for an average of eight
months, down from the two-year holding period that was more typical a decade
ago. The 50 NASDAQ stocks with the heaviest trading were held for an average
of only three weeks. At the Munder Funds, we consider ourselves "owners" as
opposed to "renters" when we purchase a stock. In our view, this hyperactive
trading is more akin to speculation than to investing. In all of the Munder
Funds, from our core stock and bond funds to our specialty funds, we take a
long-term approach to investing assets. We focus on fundamentals. Our core
portfolios remain diversified and fully invested.
We recognize, however, that some investment plans call for increased
exposure to a particular segment of the market. For that reason, the Munder
Family of Mutual Funds has particular expertise in specialty or niche funds.
In some market environments, these specialty funds - including international
growth, emerging markets, healthcare and technology - will generate the
strongest performance. In other market environments, the diversification of
our core funds will post the best relative returns. Our goal is to offer you
a well-balanced menu of investment alternatives from which you can construct
a portfolio appropriate for your investment goals and risk levels. As part of
our continuing commitment to a diversified selection of mutual funds, the
Munder Future Technology Fund was added to the Munder roster of funds in
August, 1999.
If you have any questions about any of these mutual fund offerings, or
your current investments, please call your financial advisor. You may also
contact the Fund at 1-800-4MUNDER with your inquiries 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
Table of
Contents
EQUITY FUNDS OVERVIEW
iii Munder Balanced Fund
iv Munder Growth & Income Fund
iv Munder International Equity Fund
v Munder Micro-Cap Equity Fund
v Munder Multi-Season Growth Fund
vi Munder Real Estate Equity Investment Fund
vii Munder Small-Cap Value Fund
viii Munder Small Company Growth Fund
viii Munder Value Fund
ix Munder Framlington Emerging Markets Fund
x Munder Framlington Healthcare Fund
x Munder Framlington International Growth Fund
PORTFOLIO OF INVESTMENTS --
1 Munder Balanced Fund
6 Munder Growth & Income Fund
8 Munder International Equity Fund
21 Munder Micro-Cap Equity Fund
23 Munder Multi-Season Growth Fund
25 Munder Real Estate Equity Investment Fund
26 Munder Small-Cap Value Fund
28 Munder Small Company Growth Fund
30 Munder Value Fund
32 Munder Framlington Emerging Markets Fund
37 Munder Framlington Healthcare Fund
40 Munder Framlington International Growth Fund
44 Financial Statements
62 Financial Highlights
109 Notes to Financial Statements
- ----------------------------------------------------------------------------
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
The dominance of technology in the stock market during 1999 was
mirrored in its dominance within the manufacturing sector of the economy as
well. Manufacturing output rose by 5.1% during 1999. Without the technology
sector (which rose by 38%), that increase would have been a far smaller 1.6%.
While manufacturing output increased by over 5% during the year, capacity
utilization remained at a fairly low level. This is one factor that has
helped to keep the pricing power of firms -- and therefore inflation -- in
check.
Looking at activity within the industrial sector of the economy, the
National Association of Purchasing Management's Index ended the year at 55.5.
Since any number above 50 indicates an expansion in the industrial sector,
this is another indication of continued growth in the economy. While the
components of new orders and production declined slightly in December, both
showed a reading of 55.5, indicating a healthy level of both current
production and new orders in the pipeline.
Consumer spending remained strong through the fourth quarter of the
year, with support from job growth and high levels of consumer sentiment.
Relief at the lack of Y2K problems caused consumer sentiment to set new
records as the new year unfolded.
In the midst of strong economic growth, inflation remained subdued. The
December Consumer Price Index (CPI) was only 2.68% higher than year-ago
levels. The core portion of the CPI -- excluding volatile food and energy
prices -- was up by an even lower 1.9% from year-ago levels. There is no
question that the rapid technology advances we have seen over the past decade
have helped to boost productivity and keep inflation in check. Nonetheless,
the continued rapid pace of economic growth is a concern to Alan Greenspan,
the chairman of the Federal Reserve. Additional tightening of monetary policy
is likely in the months ahead to help force a slowdown in economic growth.
The Stock Market
Portfolio diversification did not help the performance of domestic
stock portfolios in 1999. Technology dominated all size segments of the
market. In fact, the commanding performance of technology stocks resulted in
a two-tiered U.S. stock market in 1999. Close to half of the stocks in the
S&P 500 universe posted a negative return for the year. In contrast, the
technology sector of that universe generated a return of almost 79%.
Technology stocks, which make up 70% of the NASDAQ Composite, powered that
index to an 86% return, a record for a U.S. stock market index.
In large part, the strong performance of technology stocks was due to
strong fundamentals and continued strength in both the actual and projected
earnings of stocks in that sector. The prices of technology stocks were also
boosted by a momentum psychology. Investors poured money into the current
winners, helping to drive the technology group to unprecedented valuations.
In the technology-dominated environment of 1999, diversification would
tend to hold back performance of any broad based stock portfolio, and this
was no different for any of the diversified stock portfolios in the Munder
Family of Mutual Funds. Interestingly, the search for reasonable valuations
- -- the relationship between the price of a stock and the estimated growth of
its future earnings, also dragged down returns. Although among the equity
sectors, technology was our largest commitment (approximately 24% at
year-end), concerns about the extreme valuations prevented us from investing
in those technology stocks with the highest ratios of current
price-to-projected earnings. Lack of earnings also caused us to avoid many of
the Internet stocks. These were exactly the key stocks driving technology
returns in 1999.
ii
We anticipate continued market strength in 2000. Among the positive
factors for the market are the likelihood of continued economic growth and
low to moderate inflation. Productivity should continue to improve, which
will boost corporate earnings even in an environment where firms have little
or no pricing power. With one-third of S&P 500 earnings coming from abroad,
the global recovery will also be a positive for U.S. companies. While we look
forward to some broadening of the market, we anticipate the technology sector
will continue to do well given its strong fundamentals. However, investors
may become somewhat more discerning about their technology purchases with an
increased focus on valuation. Differentiation in the growth of technology
companies' earnings may also lead to more selectivity within the sector,
especially in the Internet space where investors and analysts are now
beginning to focus on "the path to profitability" rather than just the
novelty of a new idea.
We are maintaining our portfolio diversification by continuing a market
weighting in the technology sector as we move into the new year. Given that
the market won't go up indefinitely, we continue to believe that controlling
portfolio risk is important. Diversification and valuation are two tools that
we use to achieve what we believe is the appropriate risk/return tradeoff in
our equity portfolios. That having been said, we expect to see greater
volatility in the market. In this upcoming environment it will be even more
important for investors to focus on their long-term goals, and to look past
short-term market swings.
Although we remain positive about the market's prospects, there are
risks on the horizon -- the primary one being the potential for the Federal
Reserve to further tighten monetary policy by raising interest rates. The Fed
is clearly concerned about stock valuations and the possibility of an "asset
bubble". It appears determined to raise rates until the speculative excesses
are wrung out of the market. The resulting reduction in liquidity would have
a negative impact on both the stock and bond markets.
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 the Class Y Shares, net of Fund expenses.
MUNDER BALANCED FUND
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 11.29% for six months ending December 31,
1999, relative to the 4.73% return for a 60%/40% blend of the S&P 500 Index
and the Lehman Government/ Corporate Bond Index and the 3.00% average return
for the Lipper universe of balanced mutual funds. The Fund has earned
above-average returns for the one-month, three-month, six-month, nine-month,
one-year, two-year, three-year and five-year time periods ending December 31,
1999. As of December 31, 1999, the asset allocation of the Fund was
approximately 25% fixed income and 75% equities.
The Balanced Fund is a diversified portfolio with holdings ranging from
large company to small company stocks. The equity styles represented in the
Fund range from growth to 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
market. The fixed income portion of the Fund includes bonds from the
corporate, government and mortgage-related sectors of the market.
iii
Continuing the pattern of the past several months, the Fund's small
company holdings drove performance for the quarter as well as for the year.
Among the small company holdings, technology stocks and energy stocks were
major positive contributors to performance. Within the technology sector,
stocks related to the semiconductor group were among the leaders.
During 1999, momentum psychology has ruled in the stock market, leading
to the significant outperformance of growth stocks. As a result, the returns
of the value stocks held in the Fund reflected the lackluster returns that
value stocks earned in the overall market. In an environment of rising
interest rates, the fixed income component of the Fund showed the weakest
performance for both the quarter and for the year.
MUNDER GROWTH & INCOME FUND
Fund Managers: Otto G. Hinzmann, Jr. and Geoffrey A. Wilson, CFA
The Fund exhibited a return of -4.63% for the six months ending
December 31, 1999, relative to the 7.70% for the S&P 500 Index and for the
- -5.09% average return for the Lipper universe of equity income mutual funds.
The Fund has earned above-average returns for the one-month, three- month,
six-month, three-year and five-year time periods ending December 31, 1999.
The strongest groups within the Fund during the quarter were basic
materials and consumer cyclicals, both of which rose by 17%. During a period
of general weakness in utility stocks, the Fund benefited from the
announcement that one of its holdings in that sector was being acquired.
Reflecting the weakness in food and restaurant stocks, the Fund's consumer
staples stocks declined by 1% for the quarter. REIT holdings also declined
during the quarter, falling by 2.5%. Returns in the energy, healthcare and
communication services sectors were relatively unchanged during that same
time period.
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of 28.36% for the six months ending
December 31, 1999, relative to the 23.98% return for the FT/S&P Actuaries
World ex-U.S. Index and the 30.83% average return for the Lipper universe of
international equity mutual funds. The Fund has earned above- average returns
for the one-year, two-year, three-year and five-year time periods ending
December 31, 1999. The Fund has outperformed the FT/S&P Actuaries World
ex-U.S. Index for the one- month, three-month, six-month, nine-month,
one-year, two-year, three-year and five-year time periods ending December 31,
1999. The Fund finished in the top one-third of all international equity
managers for 1999 and the top 29th percentile for the five-year time period
ending December 31, 1999.
The returns of the Fund reflected the rebound in the global economy.
The broad diversification of the Fund, with over 620 stocks representing over
40 countries continues to be an important key to the strong relative
performance of the Fund.
International markets experienced strong returns in 1999. In fact, most
of the broad international indices generated higher returns than the S&P 500
Index. Additionally, for the fourth quarter and the year as a whole, the
emerging markets exhibited the strongest returns. The Russian market
benefited from economic recovery following devaluation in late 1999 and
increased prospects for political stability. Turkey's stock market has also
been strong, reflecting the drastic economic changes that have taken place in
that country. The Turkish government has finally
iv
decided to tackle inflation that was running at over 60%. Based on this
change in economic policy, the Turkish market showed a return of 85% for the
quarter and over 194% for the year.
The strength of technology and telecommunications stocks in the U.S.
was mirrored around the globe. In continental Europe, the telecommunications
and electronics sectors were among the strongest sectors for 1999. Finland's
stock market has been pushed higher by the strong performance of Nokia, the
largest stock in the Finish stock index.
The Japanese market had strong returns in 1999 with the 52% rise in the
Nikkei average (in U.S. dollars) significantly outpacing the S&P 500. Part of
the reason for the strength in the Japanese market has been heavy inflows
into the Japanese market in the expectation that the Japanese economy is
finally recovering. The increasing commitment of Japanese firms to meaningful
restructuring has also been a positive for the Japanese market.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Equity Fund Committee
The Fund earned a return of 47.89% for the six months ending December
31, 1999, relative to the 23.18% return for the Wilshire Micro-Cap Index and
the 16.46% 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, nine-month, one-year, two-year and three-year time
periods ending December 31, 1999.
Investors were momentum-driven especially during the fourth quarter of
1999, seeking high growth stocks. This benefited some of the smallest
capitalization stocks, with the Wilshire Micro- Cap Index (+27.42%) earning a
higher return than such small company benchmarks as the Russell 2000 Index
(+18.45%) or the S&P SmallCap 600 Index (+12.46%). In all size segments of
the market, including the micro-cap segment, technology dominated
performance. Among micro-cap technology stocks, software, telecommunications,
electronic components and semiconductor stocks led returns.
Approximately two-thirds of the strong absolute and relative
performance of the Fund during the period was due to stock selection with the
remaining one-third due to sector selection. During the period, Technology
and producer durables were the strongest sectors of the Wilshire Micro-Cap
Index, the Fund's benchmark, driving most of the Index's return. Good stock
selection within each of these sectors boosted the relative performance of
the Fund. Strong stock selection in most other sectors of the Fund, including
consumer discretionary, also benefited the Fund's performance.
At the end of the year the Fund's largest sector was technology with a
32% weighting, a weighting that was relatively steady throughout the year.
The second largest sector within the Fund was consumer discretionary, with a
weighting of 28%.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and John P. Richardson, CFA
The Fund generated a return of 2.75% for the six months ending December
31, 1999, relative to the 7.70% return for the S&P 500 Index and the 10.96%
average return for the Lipper universe of multi-cap core mutual funds.
Given the dominance of the technology sector during the year, it is not
surprising that technology was the best performing sector within the Fund.
During the period, technology stocks were raised to 25% of the Fund, in line
with the market. However, in the technology-dominated environment of 1999,
the diversification of Munder's equity portfolio inhibited performance. Most
v
of the higher performing growth funds had a significantly greater than market
weighting in technology. Performance was also held back by our focus on
valuation -- the relationship between the price of a stock and the estimated
growth in its future earnings. Within the technology sector, valuation
concerns kept us from investing in the technology stocks with the highest
valuations -- that is, the highest ratios of current price to projected
earnings. In addition, our discipline of consistent earnings growth kept us
away from Internet stocks that had no earnings.
The services and healthcare sectors were performance runners-up to
technology for the period. The services sector (10% 0f the Fund) benefited
from holdings in advertising stocks and some of the computer services stocks.
The healthcare sector (11% of the Fund) was boosted by the Fund's holdings of
biotech and medical device companies.
In contrast, the capital goods and finance sectors were among the
weakest in the Fund. The capital goods sector (4% of the Fund) was hurt by
holdings of auto suppliers. The finance sector (10% of the Fund) suffered
because of higher interest rates. These higher rates had a particularly
negative impact on the Fund's holdings of regional banks.
We are maintaining our portfolio diversification, having only a market
weighting in technology as we move into the new year. Among technology
stocks, we are balancing the higher valuation and higher growth technology
names with technology stocks that command somewhat lower valuations. Knowing
that the market doesn't go up forever, we continue to believe that
controlling portfolio risk is important. Diversification and valuation are
two tools that we use to achieve what we believe is the appropriate
risk/return tradeoff in our equity portfolios. At the current moment, it is
difficult to see a specific catalyst for either a bear market or a recession.
It is important to remember, however, that neither event tends to be
accurately forecasted.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Robert E. Crosby, CFA
The Fund generated a return of -10.19% for the six months ending
December 31, 1999, relative to the -8.97% return for the NAREIT Index (equity
only) and the -9.24% average return for the Lipper universe of real estate
mutual funds. The Fund has earned above-average returns relative to the
Lipper universe for the one-month and three-month time periods ending
December 31, 1999. It has outperformed the NAREIT Index for the one month,
three-month, nine-month, two-year and three-year time periods and equaled the
performance of the NAREIT Index for the one-year time period.
After negative performance during much of the second half of the year,
REITs finally established some positive price momentum in December. After
some initial tax loss selling in the first two weeks of December, investors'
dollars returned to the sector by mid-month. As a result of these positive
inflows, the REIT sector moved up by over 8% during the last two weeks of the
year.
The Fund performed well during the month and the 4th quarter of the
year due to its focus on high quality and larger capitalization REITs. These
were the REITs that were the first beneficiaries as investment dollars
returned to the sector. The Fund also benefited from an overweighted position
in the office and industrial sector of the REIT market, the sector that
posted the highest performance for the quarter.
Strong economic growth is continuing to push up the demand for real
estate. Occupancy rates remain high and rents are rising for most property
types and geographic locations. This is contributing to the solid
fundamentals of the REIT sector. Forecasts for growth in Funds From
vi
Operations are greater than 8% for 2000 and 2001. A dividend yield of 8% is
predicted. Valuations remain attractive. In fact, REIT valuations represent a
discount to the asset values of the underlying properties.
We continue to focus on high quality "blue chip" REITs. We believe that
their fundamentals and valuations are appealing. The combination of stable
growth, attractive yields and low valuations has the potential to attract
additional investor interest during the year.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: John P. Richardson, CFA and Brian R. Wall, CFA
The Fund generated a return of -9.61% for the six months ending
December 31, 1999, relative to the -6.41% return for the Russell 2000 Value
Index and the -0.39% average return for the Lipper universe of small-cap
value mutual funds. The Fund has earned above-average returns for the
one-month and three-year time periods ending December 31, 1999.
Value stocks lagged growth stocks in all sectors of the market,
including the small company segment. For example, during the 4th quarter of
1999, the Russell 2000 Value Index's 1.53% return significantly trailed the
33.39% return for the Russell 2000 Growth Index. For the year, that
difference is an even wider 45.25 percentage points, with the Russell 2000
Value Index earning a -1.49% return compared to the 43.1% return for the
Russell 2000 Growth Index. The difference in both the number and weighting of
technology stocks and the types of technology stocks held is an important
part of the large discrepancy between the performance of growth vs. value
stocks for both the quarter and the year.
Given the dominance of technology in the overall market, it is not
surprising that technology holdings led the performance of the Fund during
the quarter. The overall market strength of technology, combined with a
slight overweighting of the sector and good stock selection, made technology
the strongest sector of the Fund during the quarter.
"Low tech" holdings benefited Fund performance as well. Within the
basic materials sector, holdings in chemical companies were added just as
this group was experiencing a rebound in pricing. Both the increased
weighting of the sector and good stock selection contributed to the
performance of the Fund. The energy sector also helped to boost the
performance of the Fund for the quarter. Although strength among energy
stocks ebbed as oil prices peaked, the Fund benefited from good stock
selection in that sector.
In the case of the financial sector, good stock selection could not
completely overcome the market weakness that financial stocks experienced.
The consumer discretionary, consumer staples and producer durables sectors of
the Fund also suffered from market weakness and from the disappointing
performance of certain holdings within each sector.
vii
MUNDER SMALL COMPANY GROWTH FUND
Fund Manager: The Munder Small Company Growth Fund Committee
The Fund generated a return of 8.03% for the six months ending December
31, 1999, compared to the 26.84% return for the Russell 2000 Growth Index and
the 16.46% average return for the Lipper universe of small-cap core mutual
funds. The Fund has earned an above-average return for the one-month,
three-month and ten-year time periods ending December 31, 1999.
Technology stocks dominated all size segments of the stock market
during the period. In fact, in the 4th quarter alone, technology contributed
approximately 22 percentage points to the 33.39% return of the Russell 2000
Growth Index, a benchmark for small company growth stocks. Producer durables
was a distant second, contributing approximately 3% to the Index's return for
the quarter. Sectors within the Russell 2000 Growth universe that had
negative returns for the quarter included energy and consumer staples and
REITs.
The Fund had a strong fourth quarter even though its returns were
inhibited by its investment discipline. The Fund focuses on companies with
less than $1.5 billion in market capitalization that could be bought at
reasonable prices relative to projected earnings. The market, in contrast,
focused on momentum investing during the fourth quarter, with the prices of
current leaders being bid up to higher and higher levels. Most of these
leaders were in the technology sector, particularly in companies in the
software, telecommunications, electronic components and semiconductor groups.
The only sector that was significantly overweighted in the Fund during
the fourth quarter was producer durables. This sector had a 16% weight in the
Fund relative to a 9% weight in the Russell 2000 Growth Index, the Fund's
benchmark. This relatively heavy weighting was a positive for Fund
performance during the quarter. In contrast, financial stocks had only a 4%
weight in the Fund relative to an 11% weight in the Russell 2000 Growth
Index. The underweighting of financial stocks was a positive for the Fund as
well since the financial stocks were beat up with the fears of rising
interest rates. Strong stock selection within the financial sector also
helped to boost the Fund's return for the quarter.
MUNDER VALUE FUND
Fund Manager: John S. Adams, CFA
The Fund exhibited a return of -6.99% for the six months ending
December 31, 1999, relative to the 8.39% return for the Russell 1000 Value
Index and the -2.64% average return for the Lipper universe of multi-cap
value mutual funds.
Value stocks continued to lag behind growth stocks for both the quarter
and for the year. In fact, for the year as a whole, the return for the
Russell 1000 Value Index was 7.34%, a full 25.8 percentage points behind the
Russell 1000 Growth Index. That was the largest annual divergence on record.
The largest companies in the Fund were among the best performers for
both the quarter and the year. Given the dominance of technology, the Fund
was helped during both time periods by its overweighted position in
technology and strong stock selection in that sector. During the fourth
quarter, technology holdings were trimmed because of valuation concerns.
The performance of the Fund was also helped by its relatively low
weight in financial stocks, one of the weakest sectors of the market. Within
that sector, the Fund's holdings of brokerage and insurance stocks helped to
offset the weak performance of regional banks.
vii
The capital goods sector of the Russell 1000 Value Index was the
weakest sector of the Index. The Fund's capital goods holdings, however, were
strong contributors to Fund performance during that same time period. Many of
these holdings rebounded during the 4th quarter from oversold positions. For
the year as a whole, however, capital goods stocks detracted from the Fund's
absolute and relative returns. A reduction in earnings expectations was the
key reason for the weakness of these holdings.
The consumer staples, energy and utilities sectors were relatively
weak, in part due to the disappointing performance of specific holdings.
Consumer staples holdings suffered from general market weakness as well as
weakness in tobacco stocks resulting from unexpected litigation results. The
relatively poor performance of energy stocks reflected investors' belief that
oil prices had peaked.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Managers: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of 27.23% for the six months ending December
31, 1999, relative to the 18.98% return for the MSCI Emerging Markets Free
Index and the 27.00% average return for the Lipper universe of emerging
markets mutual funds. The Fund has earned above-average returns for the
one-month, three-month, six-month, nine-month, one-year, two-year and
three-year time periods ending December 31, 1999.
Fears that investors would reduce their emerging markets positions at
the end of the year proved to be unfounded, with the majority of emerging
markets moving higher during the fourth quarter. The economic recovery among
emerging markets in 1999 has been led by Asia, particularly South Korea. The
region should have another year of strong growth led by exports and an
increasing pick up in consumption. The Asian economies continue to enjoy a
current account surplus, low inflation, low interest rates and appreciating
currencies. Turning to other emerging markets, Eastern Europe should benefit
from the global pick up in growth, particularly growth in the German economy.
The fallout from the Brazilian devaluation proved to be less damaging
than predicted. Brazil, however, still has the burden of financing its
current account deficit and substantial foreign debt. On a positive note, the
government has exceeded IMF targets for its primary surplus, inflation has
remained at a manageable level, interest rates have fallen from 45% to 20%
and the economy has had only the mildest of recessions. Latin America as a
whole will benefit from a recovery in Brazil and from falling interest rates
throughout the continent.
The outlook for emerging markets remains positive. Global growth is
forecasted to increase in 2000 and emerging markets' equity performance has
historically had a strong correlation with global economic growth. Valuations
continue to be attractive, with emerging markets trading at half the price to
book value of developed markets. Earnings growth in emerging markets should
be strong this year, driven by good economic growth and corporate
restructuring. The relatively high weightings of both telecommunications and
technology stocks in the emerging market indices should provide an additional
boost to performance.
ix
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Munder Framlington Healthcare Fund generated 54.61% return for the
six months ending December 31, 1999, compared to the -7.85 return for the S&P
Healthcare Composite Index and the 17.33% average return for the Lipper
universe of health/biotechnology mutual funds. The Fund has earned
above-average returns for the one-month, three-month, six-month, nine-month,
one-year, two-year and three-year time periods ending December 31, 1999.
The correction in U.S. biotechnology stocks in September and October
proved to be a good buying opportunity as the biotech sector surged to new
highs later in the quarter as a result of the excitement about the nearly
completed sequencing of the human genome. In contrast, the major drug stocks
underperformed on both sides of the Atlantic.
The surge in biotechnology stocks has caused the biotech content of the
fund to increase to 52%. (We are not classifying companies focused on
research tools as biotech stocks since their business is closely tied to
developments in drug research, specifically genomics). The strongest stocks
were direct genomics companies as well as the companies that will be helping
to develop antibody products against the new targets emerging from genomics.
Other strong stocks in the Fund included those of small companies with market
capitalizations of less than $100 million at the start of 1999. These stocks
had been ignored by most fund managers.
The malaise in the major drug stocks seems to be primarily the result
of the political posturing that is taking place over the question of Medicare
coverage for outpatient drugs. The eventual outcome will depend on the both
the make-up of Congress as well as the next President. The drug stocks are
likely to do well in a general market correction, as they entered the year
heavily oversold. However, we do not see these stocks leading the market
until some of the political uncertainty is resolved.
In contrast, the political climate is improving for healthcare
providers such as hospitals and nursing homes. We have added selectively to
our holdings of quality service providers at what were very depressed prices.
The sector is likely to prove to be defensive in the event of a significant
market correction and provides a useful complement to the more momentum
driven biotechnology stocks.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Managers: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of 33.35% for the six months ending
December 31, 1999, relative to the 22.27% return for the Morgan Stanley EAFE
Index and the 30.83% average return for the Lipper universe of international
equity mutual funds. The Fund has earned above-average returns for the
three-month, six-month, nine-month, year-to-date, one-year, two-year and
three-year time periods ending December 31, 1999.
Most international stock markets had a strong year in 1999. Technology
and telecommunication stocks were among the best performers in international
markets as they were in the U.S. We have continued to favor technology and
telecommunications stocks and this has benefited the portfolio.
Within continental Europe, the telecommunications sector has benefited
from merger and acquisition activity as well as increased expectations for
new innovations. The electronics sector is continuing to boom as a result of
the growth in cellular phones, equipment for digital television
x
and demand for PCs and other Internet-related technology. The portfolio's
relatively heavy weightings in European stocks in the telecommunications and
electronics sectors are likely to continue.
In contrast to many international stock markets, the U.K. market was
relatively stagnant for much of the year. A November hike in U.K. interest
rates, following a rate hike in September, caught investors by surprise. The
Bank of England's Monetary Policy Committee (MPC) clearly has an eye on the
continuing rebound in world growth, the tight U.K. labor market and
strengthening commodity prices. Although the rate hikes have worried
investors, at this point we do not view the rate increases as detrimental to
the outlook for the U.K. economy.
Japanese stocks have continued to advance. The strength in the Japanese
market has been due in part to heavy foreign purchases, motivated by the
expectation that the Japanese economy was finally recovering. One of the key
drivers of both Japan's economic recovery and its stock market strength is
the increasing tendency for Japanese companies to expand profits through
niche businesses and restructuring. This is, in our view, the primary reason
to look positively at the Japanese equity market over the medium term. In
Japan, we are continuing to concentrate on quality growth companies with
credible restructuring plans.
xi
Munder Balanced Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 68.8%
Advertising -- 1.3%
3,700 Interpublic Group of Companies,
Inc. $ 213,443
2,500 Omnicom Group, Inc. 250,000
-----------
463,443
-----------
Automobile Parts and Equipment -- 0.6%
3,600 Dura Automotive Systems, Inc.+ 62,775
2,900 Johnson Controls, Inc. 164,937
-----------
227,712
-----------
Banking and Financial Services -- 4.5%
3,900 Associates First Capital Corporation 107,006
3,000 Chase Manhattan Corporation 233,062
1,600 Citigroup, Inc. 88,900
7,900 FleetBoston Financial Corporation 275,019
2,100 Goldman Sachs Group, Inc. 197,794
3,400 MBNA Corporation 92,650
2,500 Mellon Financial Corporation 85,156
9,800 OceanFirst Financial Corporation 169,663
2,500 PNC Bank Corporation 111,250
6,500 U.S. Bancorp 154,781
3,700 UST Corporation 117,475
-----------
1,632,756
-----------
Broadcasting -- 1.1%
9,700 Spanish Broadcasting Systems, Inc.,
Class A+ 390,425
-----------
Building Materials -- 2.2%
8,900 Dayton Superior Corporation+ 144,625
6,145 Elcor Corporation 185,118
7,500 Masco Corporation 190,312
8,000 Pulte Corporation 180,000
1,900 Southdown, Inc. 98,088
-----------
798,143
-----------
Business Services -- 1.4%
21,850 Hypercom Corporation+ 218,500
13,270 URS Corporation+ 287,793
-----------
506,293
-----------
Chemicals -- Specialty -- 0.3%
1,500 Avery Dennison Corporation 109,312
-----------
Computer Hardware, Software
or Services -- 7.6%
5,150 Advanced Digital Information
Corporation+ 250,419
1,900 BMC Software, Inc.+ 151,881
2,500 Ceridian Corporation+ 53,906
5,700 Cybex Computer Products
Corporation+ 230,850
2,800 Cysive, Inc.+ 201,775
20,500 InterVoice, Inc.+ 476,625
4,100 Magic Software Enterprises Ltd.+ 254,200
18,800 MAPICS, Inc.+ 237,350
3,900 Microsoft Corporation+ 455,325
1,500 Synopsys, Inc.+ 100,125
300 VERITAS Software Corporation+ 42,938
6,050 Zomax, Inc.+ 273,762
-----------
2,729,156
-----------
Computer / Peripherals -- 0.7%
1,700 International Business Machines
Corporation 183,600
1,100 Sun Microsystems, Inc.+ 85,181
-----------
268,781
-----------
Consumer Non-Durables -- 0.2%
7,300 Ivex Packaging Corporation+ 73,000
-----------
Distributors -- 1.6%
19,300 JLG Industries, Inc. 307,594
7,650 Miami Computer Supply
Corporation+ 284,006
-----------
591,600
-----------
Diversified -- 1.3%
3,400 Textron, Inc. 260,737
5,000 Tyco International Ltd. 194,375
-----------
455,112
-----------
Drugs -- 1.3%
2,200 Amgen, Inc.+ 132,137
1,300 Cardinal Health, Inc. 62,238
2,800 Merck & Company, Inc. 187,775
2,000 Schering-Plough Corporation 84,375
-----------
466,525
-----------
Electrical Equipment -- 2.4%
2,300 General Electric Company 355,925
5,675 Honeywell International, Inc. 327,377
2,000 Texas Instruments, Inc. 193,750
-----------
877,052
-----------
Electronics -- 4.8%
2,700 Cisco Systems, Inc.+ 289,238
4,000 CTS Corporation 301,500
16,400 FLIR Systems, Inc.+ 266,500
7,850 ITI Technologies, Inc.+ 235,500
1,200 Lexmark International Group, Inc.+ 108,600
14,100 Trimble Navigation Ltd.+ 304,912
2,000 Vishay Intertechnology, Inc.+ 63,250
3,600 Xilinx, Inc.+ 163,688
-----------
1,733,188
-----------
Environmental -- 0.3%
6,600 Republic Services, Inc.+ 94,875
-----------
Financial Services -- 2.1%
4,200 Automatic Data Processing, Inc. 226,275
4,700 Federal Home Loan Mortgage
Corporation 221,194
8,350 Fiserv, Inc.+ 319,909
-----------
767,378
-----------
Food and Beverages -- 1.5%
1,400 Anheuser-Busch Companies, Inc. 99,225
6,500 J&J Snack Foods Corporation+ 133,250
4,100 McCormick & Company, Inc. 121,975
4,500 SYSCO Corporation 178,031
-----------
532,481
-----------
Grocery -- 0.3%
3,000 Safeway, Inc.+ 106,688
-----------
Health Care -- 1.6%
56 Coram Healthcare Corporation+ 63
15,850 Province Healthcare Company+ 301,150
6,100 Tenet Healthcare Corporation+ 143,350
4,200 Trigon Healthcare, Inc.+ 123,900
-----------
568,463
-----------
Home Furnishings -- 0.3%
4,500 Leggett & Platt, Inc. 96,469
-----------
Household Products -- 0.3%
1,100 Procter & Gamble Company 120,519
-----------
Insurance -- 1.8%
7,300 Ace Ltd., ADR 121,819
1,358 American International Group, Inc. 146,834
1,500 Marsh & McLennan Companies, Inc. 143,531
1,600 MGIC Investment Corporation 96,300
2,600 Radian Group, Inc. 124,150
-----------
632,634
-----------
Internet Software -- 1.5%
2,350 AGENCY.COM, Inc.+ 119,850
4,500 Deltathree.com, Inc., Class A+ 115,875
4,550 eGain Communications
Corporation+ 171,762
1,600 Mediaplex, Inc.+ 100,400
750 Xpedior, Inc.+ 21,563
-----------
529,450
-----------
Manufacturing -- 0.8%
6,700 Pall Corporation 144,468
2,700 Parker-Hannifin Corporation 138,544
-----------
283,012
-----------
Manufactured Housing -- 0.1%
5,000 Clayton Homes, Inc. 45,938
-----------
Medical Services and Supplies-- 5.0%
4,200 Baxter International, Inc. 263,812
7,300 Bindley Western Industries, Inc. 109,956
4,000 Biomet, Inc. 160,000
1,800 Johnson & Johnson Company 167,625
6,950 MedQuist, Inc.+ 179,397
7,650 Mentor Corporation 197,466
13,650 Orthofix International N.V., ADR+ 195,366
10,800 PolyMedica Corporation+ 249,750
8,250 SonoSite, Inc.+ 260,906
-----------
1,784,278
-----------
Metals -- 0.4%
1,800 Alcoa, Inc. 149,400
-----------
Oil and Gas -- 1.8%
16,150 Cross Timbers Oil Company 146,359
6,200 Noble Drilling Corporation+ 203,050
2,900 Occidental Petroleum Corporation 62,713
4,700 USX-Marathon Group 116,031
2,200 Vastar Resources, Inc. 129,800
-----------
657,953
-----------
Oil Equipment and Services -- 2.1%
5,900 Burlington Resources, Inc. 195,069
12,200 National-Oilwell, Inc.+ 191,388
16,400 Stolt Comex Seaway SA, ADR+ 181,425
12,500 Tuboscope, Inc.+ 198,437
-----------
766,319
-----------
Paper and Forest Products -- 0.2%
1,200 Georgia-Pacific Corporation 60,900
-----------
Recreation -- 0.3%
2,200 Carnival Corporation, Class A 105,188
-----------
Regional Malls -- 0.6%
9,000 Simon Property Group, Inc. 206,437
-----------
Restaurants -- 0.5%
7,800 Wendy's International, Inc. 160,875
-----------
Retail -- 2.0%
16,050 Cutter & Buck, Inc.+ 242,756
5,800 Family Dollar Stores, Inc. 94,613
26,250 The Good Guys, Inc.+ 244,453
1,800 Wal-Mart Stores, Inc. 124,425
-----------
706,247
-----------
Retail -- Building Supplies -- 1.1%
3,450 Home Depot, Inc. 236,541
2,800 Lowe's Companies, Inc. 167,300
-----------
403,841
-----------
Retail -- Specialty -- 0.8%
4,600 Dollar General Corporation 104,650
13,500 Hollywood Entertainment
Corporation+ 195,750
-----------
300,400
-----------
Retirement / Aged Care -- 0.3%
19,400 Capital Senior Living
Corporation+ 98,213
-----------
Semiconductors -- 2.8%
1,900 Altera Corporation+ 94,169
500 Applied Materials, Inc.+ 63,344
10,850 ESS Technology, Inc.+ 240,734
5,000 Intel Corporation 411,562
3,000 Maxim Integrated Products, Inc.+ 141,562
800 Micron Technology, Inc.+ 62,200
-----------
1,013,571
-----------
Telecommunications -- 7.3%
1,900 Aether Systems, Inc.+ 136,088
9,050 Cable Design Technologies
Corporation+ 208,150
4,950 CenturyTel, Inc. 234,506
1,000 Comverse Technology, Inc.+ 144,750
11,700 Digital Microwave Corporation+ 274,219
10,750 Gilat Communications Ltd., ADR+ 258,672
3,050 Gilat Satellite Networks Ltd., ADR+ 362,187
1,500 GTE Corporation 105,844
12,450 Inter-Tel, Inc. 311,250
2,960 Lucent Technologies, Inc. 221,445
3,600 MCI Worldcom, Inc.+ 191,025
3,400 SBC Communications, Inc. 165,750
-----------
2,613,886
-----------
Thrift -- 0.2%
4,293 Charter One Financial, Inc. 82,104
-----------
Transportation -- 0.3%
3,000 CNF Transportation, Inc. 103,500
-----------
Utilities -- 0.9%
6,900 Edison International 180,694
6,600 Northeast Utilities 135,712
-----------
316,406
-----------
Waste Management -- 0.3%
12,800 Azurix Corporation+ 114,400
-----------
TOTAL COMMON STOCKS
(Cost $19,558,451) 24,744,323
-----------
Principal
Amount
- ---------
ASSET BACKED SECURITIES -- 1.7%
$ 222,645 Residential Accredit Loans, Inc.,
Series 1997-QS5, Class A5,
7.250% due 06/25/2027 222,006
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003 396,246
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $622,153) 618,252
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO) -- 3.1%
600,000 Federal Home Mortgage
Corporation,
Series 1541, Class F,
6.250% due 05/15/2019 592,630
550,000 Federal Home Mortgage
Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 534,600
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMO)
(Cost $1,133,718) 1,127,230
-----------
CORPORATE BONDS AND NOTES -- 8.7%
Finance -- 2.7%
300,000 Associates Corporation of
North America,
5.800% due 04/20/2004 283,834
250,000 Countrywide Capital III,
8.050% due 06/15/2027 232,235
300,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 322,462
150,000 Transamerica Capital III,
7.625% due 11/15/2037 134,360
-----------
972,891
-----------
Finance -- Foreign -- 0.7%
300,000 Abbey National Plc,
6.700% due 06/29/2049 272,801
-----------
Food and Beverages -- 0.7%
250,000 Coca Cola Enterprises,
6.625% due 09/30/2002 246,750
-----------
Government Agency -- 1.1%
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 387,294
-----------
Industrial -- 2.1%
250,000 American Greetings Corporation,
6.100% due 08/01/2028 223,852
300,000 Harris Corporation,
6.350% due 02/01/2028 275,043
250,000 Racers-Kellogg, Series 1998, 144A,
5.750% due 02/02/2001++ 247,891
-----------
746,786
-----------
Utility -- Electric -- 1.4%
250,000 National Rural Utilities
Cooperative Finance,
6.125% due 05/15/2005 234,294
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 268,723
-----------
503,017
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $3,365,575) 3,129,539
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 2.4%
Federal Home Loan Mortgage Corporation (FHLMC) -- 0.4%
FHLMC:
95,287 Pool #E62394, Gold,
7.500% due 09/01/2010 95,953
48,418 Pool #200021,
10.500% due 11/01/2000 50,665
-----------
146,618
-----------
Federal National Mortgage Association
(FNMA) -- 1.6%
FNMA:
181,030 Pool #303105,
11.000% due 11/01/2020 198,312
321,264 Pool #100081,
11.500% due 08/01/2016 358,811
-----------
557,123
-----------
Government National Mortgage Association (GNMA) -- 0.4%
155,939 Pool #780584,
7.000% due 06/15/2027 151,697
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $871,854) 855,438
-----------
U.S. TREASURY OBLIGATIONS -- 7.1%
U.S. Treasury Bonds -- 5.8%
400,000 3.875% due 04/15/2029 373,464
1,500,000 8.000% due 11/15/2021 1,702,220
-----------
2,075,684
-----------
U.S. Treasury Note -- 1.3%
450,000 7.000% due 07/15/2006 460,804
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,825,052) 2,536,488
-----------
REPURCHASE AGREEMENT -- 7.4%
(Cost $2,669,000)
$2,669,000 Agreement with State Street Bank and Trust Company, 3.300%
dated 12/31/1999, to be repurchased at $2,669,734 on
01/03/2000, collateralized by $2,730,000 U.S. Treasury Note,
5.625% maturing 05/15/2001
(value $2,726,588) 2,669,000
-----------
OTHER INVESTMENTS**
(Cost $5,310,662) 14.8% 5,310,662
----- -----------
TOTAL INVESTMENTS
(Cost $36,356,465*) 114.0% 40,990,932
OTHER ASSETS AND
LIABILITIES (Net) (14.0) (5,021,464)
----- -----------
NET ASSETS 100.0% $35,969,468
===== ===========
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31,1999, the market value of the securities
on loan is $5,240,014. Collateral received for securities loaned of
$5,310,662 is 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.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Growth & Income Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 91.7%
Aerospace -- 2.0%
64,000 United Technologies
Corporation $ 4,160,000
------------
Automobiles -- 1.3%
37,400 General Motors Corporation 2,718,513
------------
Automobile Parts and Equipment -- 2.3%
80,900 Johnson Controls, Inc. 4,601,187
------------
Banking and Finance -- 5.5%
41,000 Chase Manhattan Corporation 3,185,188
58,500 Federal National Mortgage
Association 3,652,594
111,000 Wells Fargo & Company 4,488,562
------------
11,326,344
------------
Building Materials -- 2.5%
199,000 Masco Corporation 5,049,625
------------
Drugs -- 1.9%
42,000 American Home Products
Corporation 1,656,375
33,600 Merck & Co., Inc. 2,253,300
------------
3,909,675
------------
Drugs and Health Care -- 1.5%
87,000 Abbott Laboratories 3,159,188
------------
Electrical Equipment -- 2.5%
32,600 General Electric Company 5,044,850
------------
Electrical Machinery -- 1.6%
81,000 Cooper Industries, Inc. 3,275,438
------------
Food and Beverages -- 9.2%
61,000 Anheuser-Busch Companies, Inc. 4,323,375
134,000 General Mills, Inc. 4,790,500
125,000 PepsiCo, Inc. 4,406,250
135,000 Sysco Corporation 5,340,937
------------
18,861,062
------------
Holding Companies -- Diversified -- 2.5%
67,200 Textron, Inc. 5,153,400
------------
Household Furnishings and Appliances -- 4.3%
232,000 Leggett & Platt, Inc. 4,973,500
79,000 Maytag Corporation 3,792,000
------------
8,765,500
------------
Insurance -- 9.5%
42,000 American General Corporation 3,186,750
118,000 Lincoln National Corporation 4,720,000
59,300 Marsh & McLennan Companies,
Inc. 5,674,269
186,000 UnumProvident Corporation 5,963,625
------------
19,544,644
------------
Machinery and Heavy Equipment -- 1.8%
71,000 Parker-Hannifin Corporation 3,643,188
------------
Manufacturing Specialize -- 2.6%
73,774 Avery Dennison Corporation 5,376,280
------------
Medical Instruments, Services, and
Supplies -- 2.2%
71,000 Baxter International, Inc. 4,459,687
------------
Office Equipment and Supplies -- 1.8%
76,000 Pitney Bowes, Inc. 3,671,750
------------
Oil and Petroleum -- 7.2%
100,194 BP Amoco Plc, ADR 5,942,756
110,126 Exxon Mobil Corporation 8,872,026
------------
14,814,782
------------
Oil Equipment and Services -- 1.6%
52,000 Schlumberger Ltd. 2,925,000
10,067 Transocean Sedco Forex, Inc. 339,139
------------
3,264,139
------------
Paper and Forest Products -- 2.3%
85,000 International Paper Company 4,797,187
------------
Printing and Publishing -- 5.1%
130,800 Central Newspapers, Inc. 5,150,250
86,000 McGraw-Hill, Inc. 5,299,750
------------
10,450,000
------------
Real Estate -- 5.3%
65,000 Apartment Investment &
Management Company 2,587,812
74,000 Boston Properties, Inc. 2,303,250
55,000 Duke Realty Investments, Inc. 1,072,500
40,000 General Growth Properties, Inc. 1,120,000
32,000 Kimco Realty Corporation 1,084,000
39,000 Mack-Cali Realty Corporation 1,016,438
80,000 Prentiss Properties Trust 1,680,000
------------
10,864,000
------------
Retail -- Building Supplies -- 1.1%
31,604 Home Depot, Inc. 2,166,815
------------
Telecommunications -- 5.1%
126,000 BellSouth Corporation 5,898,375
92,000 SBC Communications, Inc. 4,485,000
------------
10,383,375
------------
Utilities -- Electric -- 3.1%
97,000 Consolidated Edison Company 3,346,500
117,000 Edison International 3,063,937
------------
6,410,437
------------
Utilities -- Natural Gas -- 5.9%
137,262 El Paso Natural Gas Company 5,327,482
283,671 MCN Corporation Holding
Company 6,737,186
------------
12,064,668
------------
TOTAL COMMON STOCKS
(Cost $150,392,842) 187,935,734
------------
CONVERTIBLE PREFERRED STOCKS -- 4.3%
90,000 Mediaone Group, Inc.,
7.000% Conv. Pfd.+ 4,320,000
93,000 Wendy's Financial I,
5.000% Conv. Pfd. 4,452,375
------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $8,771,600) 8,772,375
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.9%
(Cost $10,109,000)
$10,109,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at
$10,111,780 on 01/03/2000,
collateralized by $10,040,000
U.S. Treasury Note, 6.875%
maturing 05/15/2006
(value $10,316,100) 10,109,000
------------
OTHER INVESTMENTS**
(Cost $8,980,963) 4.4% 8,980,963
----- ------------
TOTAL INVESTMENTS
(Cost $178,254,405*) 105.3% 215,798,072
OTHER ASSETS AND
LIABILITIES (Net) (5.3) (10,824,753)
----- ------------
NET ASSETS 100.0% $204,973,319
===== ============
- -----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $8,683,617. Collateral
received for securities loaned of $8,980,963 is
invested in State Street Navigator Securities
Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 104.6%++
Argentina -- 0.4%
1,100 Alpargatas S.A.I.C., ADR+ $ 660
3,446 Banco de Galicia Bueno, ADR 68,275
1,856 Banco Frances del Rio de la Plata
SA, ADR 43,964
5,000 Banco Rio de La Plata SA 60,937
9,000 Corporacion Mapfre, ADR 41,523
615 IRSA Inversiones Y
Representaciones SA, GDR 19,891
1,720 Metrogas SA, ADR 14,943
12,065 Perez Companc SA, ADR 123,564
1,100 Quilmes Industrial SA, ADR 13,131
5,900 Telecom Argentina SA, ADR 202,075
7,000 Telefonica de Argentina, ADR 216,125
2,200 Transportadora de Gas del Sur
SA, ADR 20,212
------------
825,300
------------
Australia -- 2.4%
4,750 Amcor Ltd. 91,437
2,100 Ashton Mining Ltd., ADR 5,584
9,250 Australia & New Zealand Bank,
ADR 331,266
4,200 Boral Ltd., ADR 51,319
29,740 Broken Hill Proprietary Ltd., ADR 789,969
2,800 Burns, Philip & Company Ltd.,
ADR 4,963
14,500 Coca-Cola Amatil Ltd., ADR 79,200
4,300 Coles Myer Ltd., ADR 176,300
7,700 CSR Ltd., ADR 74,815
4,400 E-mail Partners Ltd., ADR 13,981
1,100 FH Faulding & Company, ADR 28,886
7,352 Goldfields Ltd., ADR 33,314
9,500 Goodman Fielder Ltd., ADR 33,928
6,100 James Hardie Industries, ADR 31,957
4,700 Kidston Gold Mines Ltd., ADR+ 1,975
1,400 Lihir Gold Ltd., ADR+ 20,300
24,300 M.I.M. Holdings Ltd., ADR 50,092
2,100 Mayne Nickless Ltd., ADR 27,090
8,800 National Australia Bank Ltd., ADR 671,000
23,100 News Corporation Ltd., ADR 883,575
5,139 Normandy Mining Ltd. 36,437
4,500 North Ltd., ADR 53,029
1,300 Orbital Engineering Ltd.,
ADR+ 5,606
7,700 Pacific Dunlop Olympic Ltd., ADR 42,831
1,700 Petsec Energy Ltd., ADR+ 850
23,700 Pioneer International Ltd., ADR 71,416
4,470 Rio Tinto Ltd., ADR 384,086
4,500 Santos Ltd., ADR 47,813
600 Simsmetal Ltd., ADR 8,587
700 Sons of Gwalia, ADR 11,719
3,700 Southcorp Holdings Ltd., ADR 65,220
6,900 St. George Bank Ltd., ADR 104,005
24,600 Telstra Corporation Ltd. 670,350
11,300 Westpac Banking Ltd., ADR 388,437
8,500 WMC Ltd., ADR 185,937
19,100 Woodside Petroleum Ltd. 141,065
------------
5,618,339
------------
Austria -- 0.1%
12,400 Bank Austria Aktiengeselschaft,
ADR 139,901
1,740 EVN-Energie Versorgung
Niederoesterreich AG, ADR 52,584
4,000 OMV AG, ADR 77,767
700 Wolford AG, ADR 5,528
------------
275,780
------------
Belgium -- 0.0%#
900 Xeikon NV, ADR+ 16,200
------------
Bermuda -- 0.1%
400 ESG Re Ltd. 2,775
400 Frontline Ltd., ADR+ 1,244
500 LaSalle Re Holdings Ltd., ADR 8,250
1,700 PartnerRe Ltd., ADR 55,144
3,100 XL Capital Ltd., Class A 160,812
------------
228,225
------------
Brazil -- 0.7%
2,225 Aracruz Celulose SA, ADR 58,406
3,996 Cemig-Companhia Energetica
de Minas, ADR 89,586
31,000 Centrais Eletricas Brasileiras SA,
ADR 339,000
2,710 Centrais Geradoras do Suldo
Brasil SA, ADR+ 13,889
3,900 Companhia Cervejaria Brahma,
ADR 39,000
2,100 Companhia Siderurgica Nacional,
ADR 77,175
3,400 Continental AG, ADR 67,986
6,300 Embratel Participacoes SA, ADR 171,675
3,900 Panamerican Beverages Inc.,
Class A, ADR 80,194
620 Tele Celular Sul Participacoes SA 19,685
2,433 Tele Centro Oeste Celular
Participacoes SA, ADR 15,815
1,240 Tele Centro Sul Participacoes SA,
ADR 112,530
300 Tele Nordeste Celular Participacoes
SA, ADR 15,150
6,300 Tele Norte Leste Participacoes SA,
ADR 160,650
1,240 Tele Sudeste Celular Participacoes
SA, ADR 48,128
300 Telemig Celular Participacoes SA,
ADR 13,856
2,480 Telesp Celular Participacoes SA,
ADR 105,090
6,300 Telesp Participacoes SA, ADR 153,956
------------
1,581,771
------------
Canada -- 3.3%
5,700 Abitibi-Consolidated, Inc., ADR 67,687
1,600 Agnico Eagle Mines Ltd., ADR 11,800
600 Alliance Atlantis Communications
Corp., Class B+ 4,950
15,400 ATI Technologies, Inc.+ 203,769
7,950 Bank of Montreal, ADR 270,300
18,300 BCE, Inc., ADR 1,650,431
2,400 Bell Canada International, Inc.+ 54,450
3,200 BioChem Pharmaceuticals, Inc.+ 69,600
1,200 Biomira, Inc., ADR+ 4,725
700 Biovail Corporation
International, ADR+ 65,625
4,600 Campbell Resource, Inc., ADR+ 791
11,800 Canadian Imperial Bank of
Commerce 280,250
700 Canadian Marconi Company,
ADR 9,188
5,700 Canadian National Railway
Company 149,981
4,100 Canadian Occidental Petroleum,
ADR 80,975
9,900 Canadian Pacific Ltd., ADR 213,469
3,800 Celestica, Inc.+ 210,900
6,500 Clearnet Communications, Inc,
Class A+ 223,571
1,100 Clearnet Communications, Inc.,
Class A, ADR+ 37,813
2,500 Cominco, ADR 52,813
1,800 Corel, ADR+ 27,225
1,800 Cott Corporation, ADR 9,450
1,300 Decoma International, Inc. 9,344
5,500 Domatar, Inc., ADR 64,625
700 Dorel Industries, Inc.+ 12,141
8,450 EdperBrascan Corporation,
Class A 114,075
4,600 Enbridge, Inc. 92,575
3,200 Encal Energy Ltd.+ 14,800
400 Fahnestock Viner Holdings, Inc.,
ADR 5,975
900 Four Seasons Hotels, Inc., ADR 47,925
2,000 Goldcorp, Inc., Class A, ADR+ 11,500
10,406 Gulf Canada Resources, ADR+ 35,120
12,600 Imperial Oil Ltd., ADR 272,475
700 Intertape Polymer Group Inc.,
ADR 19,731
1,200 Intrawest Corporation 20,775
1,250 Ipsco, Inc., ADR 24,375
300 Jetform Corporation, ADR+ 1,500
1,600 Loewen Group, Inc., ADR 700
2,400 Magna International, Class A,
ADR 101,700
18,000 Manulife Financial Corp.+ 228,375
5,200 Methanex Corporation, ADR+ 13,650
1,600 Microcell Telecommunications,
Inc.+ 52,600
3,500 Mitel Corporation, ADR+ 48,125
5,300 Newbridge Network, ADR+ 119,581
2,750 NOVA Chemicals Corporation 53,109
2,900 Numac Energy, Inc., ADR+ 10,150
1,600 Potash Corporation of
Saskatchewan, ADR 77,100
1,800 Rio Algom Ltd., ADR 26,213
500 Rogers Cantel Mobil
Communications, Class B, ADR+ 18,188
9,400 Royal Bank of Canada 414,775
2,000 Royal Group Technologies Ltd.+ 42,375
4,300 Royal Oak Mines, ADR+ --
9,600 Shaw Communications, Inc.,
Class B 316,896
3,300 Suncor Energy, Inc. 137,775
1,200 Supersol Ltd. 20,400
3,270 Talisman Energy, Inc.+ 84,202
4,100 Teleglobe, Inc. 93,019
36,200 Teleglobe, Inc. 825,064
2,100 Telesystem International Wireless,
Inc.+ 78,225
3,900 TLC Laser Eye Centers, Inc.+ 50,793
13,352 Transcanada Pipelines Ltd., ADR 116,830
4,300 Trizec Hahn Corporation, ADR 72,562
3,400 West Coast Energy, Inc., ADR 54,612
------------
7,503,718
------------
Chile -- 0.3%
500 AFP Provida, ADR 10,750
1,000 Banco de A. Edwards, ADR, SER A 16,625
3,400 Banco Santander Chile, ADR 51,850
2,800 Banco Santiago SA, ADR 59,850
1,900 Compania Cervecerias Unidas SA,
ADR 60,919
6,875 Compania de Telecomunicaciones
de Chile SA, ADR 125,469
800 Cristalerias de Chile, ADR 11,500
2,700 Distribucion y Servicio D&S SA 52,650
2,000 Embotelladora Andina SA, ADR 35,625
8,200 Empresa Nacional Electricidad
SA, ADR 116,337
2,100 Empresa Telex Chile, ADR+ 1,575
4,060 Enersis S.A., ADR 95,410
2,500 Gener SA, ADR 38,750
500 Laboratorio Chile SA, ADR 9,094
1,900 Linea Aerea Nacional Chile SA,
ADR 14,369
1,100 Madeco, ADR 12,237
800 Maderas Y Sintelicos Sociedad
(Masisa), ADR 10,300
800 Quimica Minera Chile SA, ADR 25,250
3,200 Quinenco SA, ADR 35,600
400 Vina Concha Y Toro SA, ADR 15,150
------------
799,310
------------
China\Hong Kong -- 2.8%
16,400 Amoy Properties Ltd., ADR 69,094
1,700 Amway Asia Pacific Ltd., ADR 30,494
1,440 Asia Pulp & Paper Company Ltd.+ 1,350
7,200 Asia Pulp & Paper Company Ltd.,
ADR+ 56,700
1,200 Asia Satellite Telecommunications
Holdings Ltd., ADR 42,000
39,448 Bank East Asia Ltd., ADR 109,613
750 Beijing Yanhua Petrochemical
Company Ltd., ADR 5,156
3,200 C.P. Pokphand, ADR+ 2,408
13,632 Cable & Wireless HKT Ltd., ADR 397,032
19,400 Cathay Pacific Airways, ADR 172,824
5,900 CDL Hotels International Ltd.,
ADR 23,529
16,900 China Telecom (Hong Kong)
Ltd.+ 2,172,706
10,080 Dairy Farm International Ltd.,
ADR 45,360
500 DSG International Ltd., ADR+ 2,937
579 Egana International Holdings Ltd.,
ADR 5,698
13,700 First Pacific Company Ltd., ADR 52,872
3,700 Glorious Sun Enterprises Ltd. 13,922
1,300 Gold Peak Industries Ltd., ADR 2,743
2,600 Guangshen Railway Company
Ltd., ADR 14,462
7,950 Hang Lung Development, ADR 44,999
55,400 Hang Seng Bank Ltd., ADR 632,501
49,400 Henderson Land Development
Company Ltd., ADR 317,111
134,907 Hong Kong and China Gas Ltd.,
ADR 184,828
57,900 Hong Kong Electric Holdings Ltd.,
ADR 180,996
14,900 Hong Kong Land Holdings, ADR 110,260
25,100 Hopewell Holdings Ltd., ADR 14,934
1,100 Huaneng Power International,
ADR 11,619
14,800 Hysan Development Ltd., ADR 37,507
22,500 Jardine Matheson & Company
Ltd., ADR 86,625
17,400 Jardine Strategic Holding, ADR 69,252
2,700 Johnson Electric Holdings, ADR 173,320
30,400 New World Development
Company Ltd., ADR 136,875
500 Peak International Ltd.+ 5,125
2,600 Shandong Huaneng, ADR 11,212
3,970 Shanghai Chlor-Alkali Chemical
Company, ADR 5,479
1,600 Shanghai Erfangji Co., Ltd., ADR+ 1,856
4,000 Shanghai Petrochemicals Ltd.,
ADR 60,250
3,190 Shanghai Tire & Rubber Company
Ltd., ADR 3,637
4,600 Shuntak Holdings Ltd., ADR 8,758
1,800 Singer Company, ADR+ 1,013
10,350 South China Morning Post, ADR 44,603
68,600 Sun Hung Kai Properties Ltd.,
ADR 714,813
27,000 Swire Pacific Ltd., ADR 152,311
6,200 Television Broadcasts Ltd. 84,544
600 VTech Holdings Ltd., ADR 19,528
500 Yanzhou Coal Mining Company
Ltd., ADR 7,062
------------
6,341,918
------------
Colombia -- 0.0%#
900 Banco Ganadero SA, ADR 14,400
1,500 Banco Industrial Colombiano,
ADR 6,937
------------
21,337
------------
Denmark -- 0.3%
3,700 Novo Nordisk AS, Series B, ADR 239,112
12,400 Tele Danmark, Series B, ADR 468,100
------------
707,212
------------
Finland -- 3.0%
1,500 American Group Ltd., ADR 15,224
1,400 Instrumentarium Corporation,
ADR 22,925
4,062 Metso Oyj, ADR+ 54,837
34,800 Nokia Oyj, ADR 6,612,000
3,220 Sonera Oyj, ADR+ 222,985
------------
6,927,971
------------
France -- 9.6%
10,700 Accor SA, ADR 258,526
2,600 Alcatel 597,157
28,500 Alcatel Alsthom Cie Generale
D'Electric, ADR 1,282,500
6,400 Alstom 213,600
23,778 Aventis SA, ADR 1,352,373
6,200 Axa 864,387
1,000 Bouygues Offshore SA, ADR 18,375
500 Business Objects SA, ADR+ 66,812
18,000 Canal Plus, ADR 524,023
2,000 Cap Gemini SA 507,704
2,767 Clarins SA 61,544
900 Coflexip SA, ADR 34,200
800 Companie Generale de
Geophysique SA, ADR+ 7,700
3,400 Dassault Systemes SA, ADR 214,200
1,200 Dexia France 198,851
2,300 Etablissements Economiques du
Casino Guichard-Perrachon SA 263,432
28,700 France Telecom SA 3,831,450
200 Galeries Lafayette+ 33,202
600 Genset, ADR+ 11,438
1,000 Groupe Danone 235,720
10,450 Groupe Danone, ADR 492,654
9,200 Lafarge SA, ADR 357,112
3,600 Lagardere Group, ADR 195,829
700 Legrand SA 166,626
14,000 Louis Vuitton Moet Hennessy,
ADR 1,274,000
4,800 Pechiney SA, ADR 174,300
6,750 Pernod Ricard, ADR 96,554
600 PSA Peugeot Citroen 136,234
5,950 PSA Peugeot Citroen, ADR 337,747
1,600 Rhodia SA, ADR 37,800
1,000 Scor SA, ADR 44,250
14,200 Societe Generale, ADR 660,862
1,100 Societe Generale d'Entreprises SA 51,526
900 Sodexho Alliance, SA 159,292
8,500 STMicroelectronics NV 1,287,219
2,600 Suez Lyonnaise des Eaux, SA 416,700
4,200 Thomson CSF, ADR 138,730
43,105 Total SA, ADR 2,985,021
2,400 Valeo SA 185,191
2,500 Valeo SA, ADR 192,908
9,000 Vivendi 812,780
70,900 Vivendi, ADR 1,280,580
------------
22,061,109
------------
Germany -- 7.7%
20,900 Bayer AG, ADR 989,519
927 Celanese AG+ 16,802
14,000 Commerzbank AG, ADR 514,050
28,771 Daimler Chrysler Aerospace AG 2,251,331
15,300 Deutsche Bank AG, ADR 1,292,334
86,900 Deutsche Telekom, ADR 6,169,900
15,700 Dresdner Bank AG, ADR 854,031
2,100 Epcos AG, ADR+ 156,844
7,100 Fresenius Medical Care AG, ADR 201,462
11,600 Mannesmann AG 2,798,619
228 Pfeiffer Vacuum Technology AG,
ADR 5,258
10,100 RWE AG, ADR 395,778
14,904 SAP AG, ADR 748,175
1,900 SGL Carbon AG, ADR+ 40,375
14,400 VEBA AG 720,900
44,700 Volkswagen AG, ADR 503,869
------------
17,659,247
------------
Greece -- 0.2%
400 Anangel -- American
Shipholdings Ltd., ADR+ 2,150
28,900 Hellenic Telecommunication
Organization SA (OTE), ADR 344,994
------------
347,144
------------
Hungary -- 0.1%
6,200 Magyar Tavkozlesi Rt., ADR 223,200
------------
Indonesia -- 0.1%
2,600 Gulf Indonesia Resources Ltd.+ 21,125
7,150 PT Indorayon Utama, ADR+ 2,866
3,083 PT Indosat, ADR 66,670
800 PT Pasifik Satelit Nusantara,
ADR+ 12,000
14,440 PT Telekomunikasi Indonesia,
ADR 158,840
1,100 PT Tri Polyta Indonesia, ADR+ 1,100
------------
262,601
------------
Ireland -- 0.6%
12,400 Allied Irish Banks, ADR 261,950
7,700 Bank of Ireland, ADR 242,550
1,300 CBT Group Plc, ADR+ 43,550
11,600 CRH, ADR 255,200
7,900 Elan Corporation Plc, ADR+ 233,050
600 ESAT Telecom Group Plc, ADR+ 54,900
3,200 Jefferson Smurfit Group, ADR 92,800
1,000 Ryanair Holdings Plc, ADR+ 55,125
500 Warner Chilcott Laboratories,
ADR+ 5,094
2,200 Waterford Wedgwood Plc, ADR 21,450
------------
1,265,669
------------
Israel -- 0.3%
200 American-Israeli Paper Mills, ADR 11,950
1,000 Blue Square-Israel Ltd., ADR 12,750
1,200 Check Point Software Technologies
Ltd.+ 238,500
2,400 ECI Telecommunications Ltd.,
ADR 75,900
600 Elbit Medical Imaging Ltd., ADR 4,950
700 Elbit Systems Ltd., ADR 10,763
600 Elron Electronic Industries Ltd.,
ADR 17,850
600 Gilat Satellite Network Ltd.,
ADR+ 71,250
2,400 Koor Industries Ltd., ADR 48,000
400 Matav-Cable Systems Media Ltd.,
ADR 23,200
300 NICE-Systems Ltd., ADR+ 14,756
400 Orckit Communications Ltd.+ 13,725
500 Partner Communications
Company Ltd., ADR+ 12,938
400 RADWARE Ltd.+ 17,250
1,300 Scitex Corporation, ADR+ 18,931
1,900 Teva Pharmaceutical, ADR 136,206
------------
728,919
------------
Italy -- 2.3%
2,672 Benetton Group SpA, ADR 121,409
1,600 De Rigo SpA, ADR 9,050
4,000 Enel SpA, ADR+ 165,000
22,900 Ente Nazionale Idrocarburi
SpA, ADR 1,262,363
10,515 Fiat SpA 316,764
800 Fila Holding SpA, ADR+ 8,800
1,700 Industrie Natuzzi, ADR 22,525
11,900 Instituto Nazionale delle
Assicurazioni, ADR 293,038
6,700 Luxottica Group, ADR 117,669
14,261 Montedison SpA+ 231,741
500 SAES Getters SpA, ADR 3,000
20,086 San Paolo-IMI SpA, ADR 549,854
15,100 Telecom Italia SpA 2,114,000
------------
5,215,213
------------
Japan -- 28.1%
15,000 AIWA Company Ltd. 311,246
8,570 Amway Japan Ltd., ADR 56,241
113,000 Asahi Breweries Ltd. 1,236,508
5,600 Bandai Company Ltd., ADR 44,534
134,095 Bank of Tokyo, ADR 1,868,949
25,000 Canon, Inc., ADR 1,014,063
37,900 Credit Saison Company Ltd. 660,292
1,900 CSK Corporation, ADR 330,600
10,200 Dai'El, Inc., ADR 81,759
3,400 Densei-Lambda KK 106,489
8,850 Eisai Company Ltd., ADR 170,209
14,800 Fuji Photo Film Company Ltd.,
ADR 566,100
22,000 Fujita Kanko, Inc. 133,503
10,000 Hitachi Ltd., ADR 1,618,750
14,000 Honda Motor Company Ltd.,
ADR 1,071,000
11,900 Ito-Yokado Ltd., ADR 1,245,037
25,500 Japan Airlines Company, ADR 157,781
315,000 Kawasaki Heavy Industries Ltd. 419,301
10,350 Kawasaki Heavy Industries Ltd.,
ADR 55,108
9,700 Kawasaki Steel Corporation, ADR 173,740
70,000 Kinden Corporation 537,829
3,100 Kirin Brewery Company, ADR 334,025
16,300 Kobe Steel Ltd., ADR+ 55,838
7,250 Komatsu Ltd., ADR 133,405
18,000 Komori Corporation 343,369
2,100 Kubota Corporation, ADR 162,750
5,600 Kyocera Corporation, ADR 1,467,200
22,000 Kyushu Bank Ltd. 67,397
4,800 Makita Corporation, ADR 41,400
83,000 Marui Company Ltd. 1,239,679
6,200 Matsushita Electric Industrial
Company Ltd., ADR 1,729,800
26,000 Matsushita-Kotobuki Electronics
Industries Ltd. 522,952
14,900 Mikuni Coca-Cola Bottling
Company Ltd. 261,045
63,200 Minolta Co., Ltd. 246,194
22,500 Mitsubishi Corporation, ADR 347,509
2,400 Mitsui & Company Ltd., ADR 334,200
9,500 NEC Corporation, ADR 1,157,813
102,000 NGK Insulators Ltd. 757,737
51,000 NGK Spark Plug Company Ltd. 466,722
31,000 Nippon Soda Company Ltd. 62,504
91,300 Nippon Telegraph & Telephone
Corporation, ADR 7,863,212
36,000 Nissan Motor Company Ltd.,
ADR 290,250
100,000 NTT Mobile Communications
Network, Inc., ADR 19,232,652
7,900 Olympus Optical Company,
ADR 111,730
39,100 Onward Kashiyama Company
Ltd. 535,774
3,900 Orix Corporation, ADR 442,406
5,400 Pioneer Corporation, ADR 147,825
2,400 Q.P. Corporation, ADR 31,853
4,100 Ricoh Company Ltd., ADR 386,444
7,400 Royal Company Ltd. 77,498
10,900 Sanyo Electric Corporation, ADR 227,878
512 Sawako Corporation, ADR 2,681
11,500 Sega Enterprises, ADR 91,453
30,700 Sega Enterprises Ltd. 976,559
12,100 Shiseido Ltd., ADR 176,461
11,800 Sony Corporation, ADR 3,360,050
7,300 Sumisho Computer Systems
Corporation 503,005
10,800 Sumitomo Metal Industries, ADR+ 81,394
130,000 Sumitomo Metal Mining
Company 290,105
24,000 Sumitomo Special Metals
Company Ltd. 259,332
40,400 Sumitomo Trust & Banking
Company Ltd., ADR 272,839
23,800 Sumitomo Warehouse Company
Ltd. 64,526
18,000 TAMURA Corporation 62,543
4,000 TDK Corporation, ADR 541,250
9,300 Tokio Marine & Fire Insurance
Ltd., ADR 549,863
26,300 Tokyo Kikai Seisakusho, Ltd. 104,510
11,500 Tokyo Ohka Kogyo Company, Ltd. 225,115
29,700 Toyoda Machine Works, Ltd. 181,682
54,070 Toyota Motor Corporation, ADR 5,265,066
43,100 Uny Company Ltd. 421,424
900 Wacoal Corporation, ADR 39,488
23,000 Yamaguchi Bank Ltd. 209,132
------------
64,616,578
------------
Korea -- 1.3%
36,000 Korea Electric Power
Corporation, ADR 603,000
16,500 Korea Telecom Corporation,
ADR 1,233,375
11,100 Pohang Iron & Steel Company,
Ltd., ADR 388,500
20,470 SK Telecom Company Ltd., ADR 785,545
------------
3,010,420
------------
Luxembourg -- 0.0%#
1,400 Espirito Santo Financial Holdings,
ADR 22,050
1,400 Millicom International Cellular
SA+ 87,325
------------
109,375
------------
Malaysia -- 0.1%
41,900 Amsteel Corporation Berhad,
ADR 7,498
39,500 Resorts World Berhad 113,302
------------
120,800
------------
Mexico -- 1.0%
2,900 Altos Hornos de Mexico SA, ADR+ 4,350
1,600 Apasco SA, Series A, ADR 49,815
800 Bufete Industries, ADR+ 500
8,600 Cemex SA de CV, ADR+ 239,725
800 Coca-Cola Femsa SA, ADR 14,050
2,500 Consorcio G. Grupo Dina, ADR+ 1,563
500 Controladora Comercial Mexican
SA de CV, ADR 13,000
2,205 Desc de CV, Series C, ADR 36,934
3,100 Empresas Ica, ADR 10,075
13,000 Grupo Carso SA, ADR 129,520
1,100 Grupo Casa Autrey, ADR+ 9,075
1,100 Grupo Elektra, ADR 10,587
8,600 Grupo Financiero Bancomer SA
de CV, ADR 71,886
4,400 Grupo Financiero Serfin SA de CV,
ADR+ --
2,000 Grupo Imsa SA, ADR 34,375
800 Grupo Industrial Durango SA, ADR+ 9,500
1,800 Grupo Industrial Maseca SA, ADR 13,050
1,700 Grupo Iusacell SA, ADR 25,394
500 Grupo Radio Central, ADR 4,187
4,600 Grupo Telivisa SA, ADR+ 313,950
2,800 Grupo Tribasa SA, ADR+ 875
700 Industries Bachoco SA 7,525
4,200 Kimberly Clark, Inc., ADR 82,005
3,400 Savia SA de CV, ADR+ 74,800
8,600 Telefono de Mexico SA, ADR 967,500
200 Transport Matima Mexico,
Class L, ADR+ 938
2,100 Tubos de Acero de Mexico, ADR 28,481
3,000 Tv Azteca SA de CV, ADR 27,000
3,600 Vitro Sociedad Anomina, ADR 19,800
------------
2,200,460
------------
Netherlands -- 4.8%
41,500 ABN AMRO Holding, ADR 1,050,469
16,800 AEGON Insurance, ADR 1,604,400
8,500 Akzo Nobel, ADR 422,875
4,100 ASM Lithography Holdings NV+ 466,375
6,100 Baan Company, ADR+ 86,163
1,600 Benckiser NV 62,400
4,400 CNH Global NV 58,575
11,500 DSM, ADR 115,266
10,000 Elsevier, ADR 238,750
6,100 Equant NV+ 683,200
1,800 Gucci Group, ADR 206,100
27,305 ING Groep NV 1,665,605
3,600 Ispat International NV, Class A 58,050
1,575 KLM Royal Dutch Airlines NV 39,277
18,060 Koninklijke Ahold, ADR 540,671
9,516 Koninklijke Philips Electronics
NV, ADR 1,284,660
400 Koninklijke Van Ommeren, ADR 12,743
2,500 Koninklijke Wessanen NV, CVA 27,198
100 KPNQwest NV+ 6,375
2,500 Oce Van Der Griten, ADR 41,250
1,000 QIAGEN NV, ADR+ 75,500
1,400 Royal Nedlloyd Group, ADR 19,603
13,683 Royal PTT Nederland, ADR 1,315,278
13,683 TNT Post Group NV, ADR 391,676
800 Toolex Alpha NV, ADR+ 13,600
5,700 VNU -- Verenigde Nederlandse
Uitgeversbedrijven Verengd
Bezit, ADR 299,612
8,400 Wolters Kluwer, ADR 284,314
------------
11,069,985
------------
New Zealand -- 0.2%
1,025 Fletcher Challenge, Building, ADR 14,414
1,025 Fletcher Challenge, Energy, ADR 26,394
2,560 Fletcher Challenge, Forest, ADR+ 9,600
1,950 Fletcher Challenge, Paper, ADR 13,162
7,900 Telecommunications of
New Zealand Ltd., ADR 304,150
1,200 Tranz Rail Holdings Ltd., ADR 6,563
------------
374,283
------------
Norway -- 0.2%
1,800 Nera ASA, ADR+ 8,550
6,850 Norsk Hydro AS, ADR 292,837
2,700 Petroleum Geo -- Services, ADR+ 48,094
800 Smedvig ASA, ADR 9,991
------------
359,472
------------
Panama -- 0.0%#
600 Banco Latinoamericano de
Exportaciones SA 14,100
------------
Peru -- 0.0%#
500 Compania de Minas Buenaventura
SA, ADR 8,031
7,000 Telefonica del Peru SA, ADR 93,625
------------
101,656
------------
Philippines -- 0.1%
3,600 Philippine Long Distance
Telephone Company, ADR 93,150
5,565 San Miguel Corporation,
Class B, ADR 78,711
------------
171,861
------------
Portugal -- 0.3%
5,900 Banco Comercial Portuges SA,
ADR 158,931
9,000 Electricidade de Portugal SA,
ADR 313,875
28,500 Portugal Telecom SA, ADR 309,938
------------
782,744
------------
Russia -- 0.3%
5,000 Lukoil, ADR 260,000
7,600 Mosenergo, ADR 33,440
3,500 Rostelecom, ADR+ 59,062
13,600 Surgutneftegaz, ADR+ 231,200
11,800 Unified Energy Systems 141,600
800 Vimpel-- Communications, ADR 35,700
------------
761,002
------------
Singapore -- 0.4%
6,500 Asia Pacific Resources
International Holdings Ltd.,
Class A 11,375
200 Chartered Semiconductor
Manufacturing, ADR+ 14,600
1,300 China Yuchai, ADR+ 1,544
3,500 Cycle & Carriage Ltd., ADR 21,645
7,003 DBS Group Holdings Ltd., ADR 459,158
10,875 Keppel Corporation Ltd. 56,938
5,400 Neptune Orient Lines Ltd., ADR+ 28,921
15,100 United Overseas Bank Ltd., ADR 266,550
------------
860,731
------------
South Africa -- 0.2%
3,400 Gold Fields of South Africa Ltd.,
ADR 8,287
2,100 Harmony Gold Mining Company
Ltd., ADR 13,190
5,790 Imperial Holdings Ltd., ADR 63,309
7,700 Iscor Ltd., ADR 29,149
15,400 Liberty Life Association of Africa
Ltd., ADR 255,275
3,300 Pepkor Ltd., ADR 31,097
17,400 Sasol Ltd., ADR 145,725
12,200 Wooltru Ltd., ADR 24,281
------------
570,313
------------
Spain -- 2.7%
7,300 Argentaria, Caja Postal Y Banco,
Hipothecario de Espana SA,
ADR 339,450
59,500 Banco Bilbao Vizcaya, ADR 844,156
105,160 Banco Santander Central Hispano
S.A., ADR 1,229,057
35,100 Banesto Espanol de Credito, ADR+ 278,621
27,400 Endesa SA, ADR 553,138
25,850 Repsol, ADR 601,013
31,216 Telefonica de Espana SA, ADR 2,460,211
------------
6,305,646
------------
Sweden -- 2.3%
3,400 AGA AB, ADR 56,340
3,666 Atlas Copco, ADR 108,356
3,100 Autoliv, Inc., ADR 90,675
500 Biacore International AB, ADR+ 4,875
5,300 Electrolux AB, ADR 266,325
54,900 Ericsson (L.M.) Telephone
Company, Class B, ADR 3,606,244
15,100 Forenings Sparbanken AB, ADR 221,824
700 Pricer AB, ADR 481
7,750 Sandvik AB, ADR 246,827
3,300 SKF AB, ADR 81,675
6,000 Svenska Cellulosa AB, ADR 177,694
1,300 Swedish Match Company, ADR 45,500
12,700 Volvo AB, ADR 320,675
------------
5,227,491
------------
Switzerland -- 4.7%
3,900 Adecco SA, ADR 374,400
30,900 Credit Suisse Group, ADR 1,535,491
1,100 Mettler Toledo International, Inc.+ 42,006
22,600 Nestle, ADR 2,070,094
36,766 Novartis, ADR 2,699,206
20,100 Roche Holdings Ltd. 2,385,794
3,000 Sulzer Medica, ADR 55,875
1,600 TAG Heuer International SA,
ADR 18,200
123,300 UBS AG, ADR 1,664,856
------------
10,845,922
------------
Taiwan -- 0.9%
5,831 Macronix International Company
Ltd., ADR 111,518
42,944 Taiwan Semiconductor
Manufacturing Company 1,932,480
------------
2,043,998
------------
Thailand -- 0.0%#
7,000 Advanced Information Services
PCL, ADR+ 83,632
124 Shin Corporations PCL, ADR+ 4,161
------------
87,793
------------
United Kingdom -- 22.6%
20,300 Abbey National Plc, ADR 647,286
2,800 Albert Fisher Group Plc, ADR+ 5,405
30,000 Allied Domeq Plc, ADR 148,285
22,488 Allied Zurich AG, Plc, ADR 529,306
4,000 Amvescap Plc, ADR 226,000
1,900 ARM Holdings Plc, ADR+ 363,850
50,936 Astra Zeneca Group Plc, ADR 2,126,578
19,600 AXA, SA, ADR 1,391,600
30,500 BAA Plc, ADR 212,832
44,700 Babcock International Group Plc 65,345
11,000 Barclays Plc, ADR 1,266,375
22,414 Bass Publishing Limited Company
Plc, ADR 264,765
800 Bespak Plc, ADR 7,430
20,192 BG Group Plc, ADR 623,428
22,300 Blue Circle Industries Plc, ADR 130,397
7,300 BOC Group Plc, ADR 311,162
1,200 Body Shop International Plc, ADR 11,242
92,600 BP Amoco Plc, ADR 5,492,337
3,200 British Airways Plc, ADR 206,000
22,491 British American Tobacco Plc,
ADR 230,533
2,000 British Biotech Plc, ADR+ 9,000
8,600 British Sky Broadcasting Group
Plc, ADR 797,650
18,600 British Telecommunications Plc,
ADR 4,426,800
3,200 Burmah Castrol Plc, ADR 94,800
8,912 Cable & Wireless
Communications Plc+ 623,840
23,000 Cable & Wireless Plc, ADR 1,217,562
14,600 Cadbury Schweppes Plc, ADR 353,137
3,400 Carlton Communications Plc,
ADR 161,925
7,050 Coats Viyella Plc, ADR 14,007
4,700 COLT Telecom Group Plc, ADR+ 958,800
18,200 Compass Group Plc, ADR 249,887
1,370 Cordiant Communications
Group Plc 30,739
5,900 Corus Group Plc, ADR 152,662
26,800 Crest Nicholson Plc 64,935
1,700 Danka Business Systems Plc, ADR+ 21,569
25,683 Diageo Plc, ADR 821,856
900 Dialog Corp. Plc+ 5,738
4,300 Dixons Group Plc, ADR 310,477
500 Eidos Plc, ADR+ 41,500
11,725 EMI Group Plc, ADR 227,273
5,000 Enterprise Oil Plc, ADR 95,937
5,000 Gallaher Group Plc, ADR 76,875
400 Gentia Software Plc+ 2,725
52,000 Glaxo Wellcome Plc, ADR 2,905,500
3,925 Hanson Trust Plc, ADR 158,717
21,300 Heywood Williams Group Plc 91,176
26,600 HSBC Holdings Plc, ADR 1,879,805
300 ICON Plc, ADR+ 5,100
5,400 Imperial Chemical Industries
Plc, ADR 229,837
7,825 Imperial Tobacco Group Plc, ADR 128,861
54,880 Invensys Plc, ADR 581,529
300 Jazztel Plc, ADR+ 19,538
13,800 Johnson Service Group Plc 68,166
19,100 Kingfisher Plc, ADR 422,871
9,600 LASMO Plc, ADR 60,000
1,800 Laura Ashley Holdings Plc, ADR+ 2,544
500 London Pacific Group Ltd. Plc,
ADR 18,000
13,700 Marks & Spencer Plc, ADR 393,022
2,500 Medeva Plc, ADR 26,875
88,500 MEPC Plc 664,736
500 MERANT Plc, ADR+ 15,500
8,570 National Grid Group Plc, ADR 326,006
9,200 National Power Plc, ADR 197,800
8,400 National Westminster Bank Plc,
ADR 1,085,700
3,150 NFC Plc, ADR 63,000
7,300 Orange Plc, ADR+ 1,208,150
16,900 Pearson Plc, ADR 550,066
9,000 Peninsular & Oriental Steam Plc,
ADR 300,199
4,800 Powergen Plc, ADR 151,800
4,100 Premier Farnell Plc, ADR 56,888
3,100 Premier Oil Plc, ADC+ 7,261
900 Provalis Plc+ 816
11,600 Prudential Plc, ADR 1,105,511
4,300 Racal Electronics Plc, ADR 77,098
800 Ramco Energy Plc, ADR+ 5,000
11,500 Rank Group Plc, ADR 70,438
8,500 Reed International Plc, ADR 253,937
8,600 Rentokil Initial Plc, ADR 313,793
7,053 Reuters Group Plc, ADR 569,971
12,911 Rexam Plc, ADR 51,644
7,900 Rio Tinto Plc, ADR 748,525
1,370 Saatchi & Saatchi Plc 41,614
1,200 Scottish & Southern Energy Plc,
ADR 95,464
8,900 Scottish Power Plc, ADR 262,940
1,700 Senetek Plc, ADR+ 2,391
47,500 Shell Transportation & Trading
Plc, ADR 2,339,375
1,400 Shire Pharmaceuticals Group Plc,
ADR+ 40,775
1,700 Signet Group Plc 53,975
300 Smallworldwide Plc, ADR+ 2,475
32,100 Smithkline Beecham Group Plc,
ADR 2,068,444
8,394 South African Breweries Plc, ADR 85,372
600 Stolt Comex Seaway SA+ 6,600
900 Stolt-Nielsen SA Plc 12,825
950 Stolt-Nielsen SA Plc, ADR 16,625
3,400 Tate & Lyle Plc, ADR 87,103
800 Taylor Nelson Sofres Plc, ADR 53,305
6,407 Telewest Communications Plc,
ADR+ 353,987
63,800 Tesco Plc, ADR 581,237
7,500 TI Group Plc, ADR 108,790
8,300 Tomkins Plc, ADR 121,906
2,100 Trinity Mirror Plc, ADR 44,844
20,853 Unilever Plc, ADR 632,107
13,544 United Biscuits (Holdings) Plc 57,976
7,500 United News & Media Plc, ADR 191,250
8,200 United Utilities Plc, ADR 163,231
87,650 Vodafone Group Plc, ADR 4,338,675
400 Wembley Plc, ADR 9,950
7,261 Williams Plc, ADR 99,225
4,600 WPP Group Plc, ADR 382,375
1,000 Xenova Group Plc, ADR 1,125
------------
52,091,191
------------
United States -- 0.1%
393 ADC Telecommunications, Inc.+ 28,517
1,000 Amdocs Ltd.+ 34,500
3,080 CIT Group, Inc., Class A 65,065
1,008 Weyerhaeuser Company 72,387
------------
200,469
------------
Venezuela -- 0.0%#
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 41,862
1,800 Mavesa SA, ADR 5,513
1,000 Sidervrgica/Venez/Sivensa, ADR 2,158
------------
49,533
------------
TOTAL COMMON STOCKS
(Cost $144,921,145) 240,586,006
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.5%
(Cost $3,543,000)
$3,543,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999, to
be repurchased at $3,543,974
on 01/03/2000, collateralized
by $3,535,000 U.S. Treasury Notes,
6.625%, maturing 03/31/2002
(value $3,618,956) 3,543,000
------------
OTHER INVESTMENTS**
(Cost $55,473,436) 24.1% 55,473,436
----- ------------
TOTAL INVESTMENTS
(Cost $203,937,581*) 130.2% $299,602,442
OTHER ASSETS AND
LIABILITIES (Net) (30.2) (69,491,066)
----- ------------
NET ASSETS 100.0% $230,111,376
===== ============
- ------------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on
loan is $54,869,394. Collateral received for
securities loaned of $55,473,436 is invested in
State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
++ Amount represents percentage of net assets.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
(Continued)
At December 31, 1999 Sector diversification of the Munder International
Equity Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 26.6% $ 61,171,588
Banking and Financial Services... 12.2 28,157,700
Oil and Gas...................... 6.9 15,879,239
Drugs and Health Care............ 6.4 14,777,973
Electronics...................... 5.0 11,593,138
Automotive....................... 4.9 11,195,185
Utilities........................ 4.6 10,553,224
Business Services................ 3.8 8,610,235
Food and Beverages............... 3.6 8,227,769
Machinery and Heavy Equipment.... 3.0 6,982,072
Electric and Electrial Equipment. 3.0 6,819,052
Retail........................... 2.7 6,296,760
Household Appliances and
Home Furnishings.............. 1.8 4,177,693
Metals and Mining................ 1.7 3,842,614
Printing and Publishing.......... 1.5 3,331,351
Manufacturing.................... 1.4 3,267,240
Diversified...................... 1.4 3,271,466
Construction and Mining
Equipment..................... 1.4 3,157,649
Chemicals........................ 1.1 2,490,556
Photography...................... 1.0 2,365,781
Broadcasting and Advertising..... 1.0 2,253,342
Real Estate...................... 0.9 2,041,164
Insurance........................ 0.9 2,040,930
Transportation................... 0.8 1,891,366
Software......................... 0.8 1,723,011
Building and Building Materials.. 0.5 1,297,772
Leisure Time..................... 0.4 976,559
Industrial Machinery............. 0.4 1,009,220
Distributors..................... 0.4 812,780
Apparel and Textiles............. 0.4 950,088
Tobacco.......................... 0.3 719,196
Miscellaneous.................... 0.3 632,107
Conglomerates.................... 0.3 717,127
Other............................ 3.2 7,353,059
----- ------------
TOTAL COMMON STOCKS ............. 104.6 240,586,006
REPURCHASE
AGREEMENT .................... 1.5 3,543,000
OTHER INVESTMENTS ............... 24.1 55,473,436
----- ------------
TOTAL INVESTMENTS ............... 130.2 299,602,442
OTHER ASSETS AND
LIABILITIES (Net) ............ (30.2) (69,491,066)
----- ------------
NET ASSETS ...................... 100.0% $230,111,376
===== ============
See Notes to Financial Statements.
Munder Micro-Cap Equity Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 94.2%
Aerospace -- 1.8%
32,250 Integral Systems, Inc.+ $ 1,423,031
------------
Banking and Financial Services -- 0.8%
33,400 ACE Cash Express, Inc.+ 617,900
------------
Building Materials -- 1.3%
142,200 Craftmade International, Inc. 1,030,950
------------
Business Services -- 2.7%
12,050 Charles River Associates, Inc.+ 403,675
59,150 Workflow Management, Inc.+ 1,693,168
------------
2,096,843
------------
Commercial Services -- 2.7%
54,150 Insurance Auto Auctions, Inc.+ 852,862
93,700 Koala Corporation+ 1,311,800
------------
2,164,662
------------
Computers and Business Equipment -- 9.8%
88,500 Integrated Measurement Systems,
Inc.+ 1,250,063
62,250 Miami Computer Supply
Corporation+ 2,311,031
44,600 ScanSource, Inc.+ 1,809,088
138,300 Zamba Corporation+ 2,402,962
------------
7,773,144
------------
Computer Hardware, Software
or Services -- 17.0%
74,200 e-Sim Ltd., ADR+ 1,015,612
124,700 IKOS Systems, Inc.+ 1,208,031
30,550 Magic Software Enterprises Ltd. 1,894,100
82,200 MAPICS, Inc.+ 1,037,775
52,150 MapInfo Corporation+ 1,916,512
34,600 Optio Software, Inc.+ 813,100
105,100 Sapiens International Corporation
NV, ADR+ 1,727,581
46,500 SBS Technologies, Inc.+ 1,697,250
22,000 Symix Systems, Inc.+ 401,500
17,350 TALX Corporation+ 229,888
100,250 Troy Group, Inc.+ 1,503,750
------------
13,445,099
------------
Computer -- Semiconductors -- 4.2%
44,200 Carey International, Inc.+ 1,077,375
41,150 Metalink Ltd., ADR+ 838,431
102,050 Xicor, Inc.+ 1,396,810
------------
3,312,616
------------
Electronics -- 16.8%
33,810 Anaren Microwave, Inc.+ 1,829,966
66,750 Diodes, Inc.+ 1,435,125
109,150 FLIR Systems, Inc.+ 1,773,687
131,100 inTEST Corporation+ 2,359,800
45,500 Measurement Specialties, Inc.+ 949,813
59,200 Sage, Inc.+ 1,147,000
140,100 Spectrum Control, Inc.+ 1,488,563
99,200 Trimble Navigation Ltd.+ 2,145,200
5,200 Virata Corporation+ 155,350
------------
13,284,504
------------
Entertainment -- 1.6%
94,350 Isle of Capri Casinos, Inc.+ 1,244,241
------------
Internet Content -- 6.6%
17,350 C-bridge Internet Solutions, Inc.+ 843,644
29,150 Deltathree.com, Inc., Class A+ 750,613
10,300 Mediaplex, Inc.+ 646,325
13,000 Preview Systems, Inc.+ 843,375
167,300 ProsoftTraining.com+ 1,735,737
54,500 US SEARCH.com, Inc.+ 408,750
------------
5,228,444
------------
Machinery -- 2.9%
56,850 Applied Science and Technology,
Inc.+ 1,889,374
107,050 Mitcham Industries, Inc.+ 367,985
------------
2,257,359
------------
Medical and Medical Services -- 8.7%
164,400 Air Methods Corporation+ 513,750
142,000 Endocare, Inc.+ 1,198,125
114,900 Meridian Medical Technologies,
Inc.+ 646,313
109,250 Polymedica Corporation+ 2,526,406
33,800 SonoSite, Inc.+ 1,068,925
96,700 STAAR Surgical Company+ 942,825
------------
6,896,344
------------
Oil and Gas -- 1.2%
122,700 Pennaco Energy, Inc.+ 981,600
------------
Oil Equipment and Services -- 2.6%
45,050 Maverick Tube Corporation+ 1,112,172
121,950 NS Group, Inc.+ 929,869
------------
2,042,041
------------
Retail -- 5.8%
93,700 Cutter & Buck, Inc.+ 1,417,212
122,200 Gadzooks, Inc.+ 1,199,088
212,650 The Good Guys, Inc.+ 1,980,303
------------
4,596,603
------------
Telecommunications -- 7.7%
60,650 Gentner Communications
Corporation+ 849,100
81,000 Gilat Communications Ltd., ADR+ 1,949,062
111,400 TTI Team Telecom International
Ltd., ADR+ 2,019,125
38,900 XETA Corporation+ 1,290,994
------------
6,108,281
------------
TOTAL COMMON STOCKS
(Cost $51,799,920) 74,503,662
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.5%
(Cost $3,538,000)
$3,538,000 Agreement with State Street Bank and
Trust Company, 3.300% dated 12/31/1999,
to be repurchased at $3,538,973 on
01/03/2000, collateralized by $3,530,000
U.S. Treasury Note, 6.625% maturing
03/31/2002
(value $3,613,838) 3,538,000
------------
OTHER INVESTMENTS**
(Cost $15,883,572) 20.1% 15,883,572
----- ------------
TOTAL INVESTMENTS
(Cost $71,221,492*) 118.8% 93,925,234
OTHER ASSETS AND
LIABILITIES (Net) (18.8) (14,842,412)
----- ------------
NET ASSETS 100.0% $ 79,082,822
===== ============
- -----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $15,531,780. Collateral
received for securities loaned of $15,883,572 is
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 94.5%
Advertising -- 5.6%
370,000 Interpublic Group of
Companies, Inc. $ 21,344,375
216,350 Omnicom, Inc. 21,635,000
------------
42,979,375
------------
Automobile Parts and Equipment -- 1.9%
261,550 Johnson Controls, Inc. 14,875,656
------------
Banking and Financial Services -- 9.0%
281,700 Associates First Capital
Corporation, Class A 7,729,144
424,150 Automatic Data Processing, Inc. 22,851,081
84,400 Federal Home Loan Mortgage
Corporation 3,972,075
163,500 Fiserv, Inc.+ 6,264,094
164,000 FleetBoston Financial
Corporation 5,709,250
280,000 MBNA Corporation 7,630,000
170,000 Mellon Financial Corporation 5,790,625
380,000 U.S. Bancorp 9,048,750
------------
68,995,019
------------
Building Materials -- 2.0%
600,000 Masco Corporation 15,225,000
------------
Chemicals -- 1.4%
150,000 Avery Dennison Corporation 10,931,250
------------
Computer Hardware, Software
or Services -- 13.5%
159,550 BMC Software, Inc.+ 12,754,028
100,000 Ceridian Corporation+ 2,156,250
120,000 International Business Machines
Corporation 12,960,000
103,000 Lexmark International Group,
Inc.+ 9,321,500
330,200 Microsoft Corporation+ 38,550,850
200,000 Sun Microsystems, Inc.+ 15,487,500
126,000 Synopsys, Inc.+ 8,410,500
29,000 VERITAS Software Corporation+ 4,150,625
------------
103,791,253
------------
Diversified -- 6.9%
271,703 Honeywell International, Inc. 15,673,867
286,000 Textron, Inc. 21,932,625
400,292 Tyco International Ltd. 15,561,351
------------
53,167,843
------------
Drugs -- 4.6%
186,000 Amgen, Inc.+ 11,171,625
50,000 Cardinal Health, Inc. 2,393,750
219,800 Merck & Co., Inc. 14,740,337
172,600 Schering-Plough Corporation 7,281,563
------------
35,587,275
------------
Electrical Equipment -- 4.0%
199,800 General Electric Company 30,919,050
------------
Electronics -- 3.8%
268,200 Cisco Systems, Inc.+ 28,730,925
------------
Food and Beverages -- 4.3%
200,000 Anheuser-Busch Companies,
Inc. 14,175,000
475,000 SYSCO Corporation 18,792,187
------------
32,967,187
------------
Home Furnishings -- 1.0%
345,950 Leggett & Platt, Inc. 7,416,303
------------
Insurance -- 3.9%
108,866 American International Group,
Inc. 11,771,136
110,400 Marsh & McLennan Companies,
Inc. 10,563,900
125,000 MGIC Investment Corporation 7,523,438
------------
29,858,474
------------
Manufactured Housing -- 0.2%
196,448 Clayton Homes, Inc. 1,804,866
------------
Medical Services and Supplies -- 4.5%
124,700 Baxter International, Inc. 7,832,719
260,900 Biomet, Inc. 10,436,000
170,000 Johnson & Johnson Company 15,831,250
------------
34,099,969
------------
Personal Items -- 1.9%
132,500 Procter & Gamble Company 14,517,031
------------
Recreation -- 1.0%
155,400 Carnival Corporation, Class A 7,430,063
------------
Restaurants -- 1.6%
576,675 Wendy's International, Inc. 11,893,922
------------
Retail -- Building Supplies -- 4.0%
354,000 Home Depot, Inc. 24,271,125
100,000 Lowe's Companies, Inc. 5,975,000
------------
30,246,125
------------
Retail -- Grocery -- 0.2%
50,000 Safeway, Inc.+ 1,778,125
------------
Retail -- Specialty -- 0.8%
256,900 Dollar General Corporation 5,844,475
------------
Retail -- Store -- 2.4%
400,000 Family Dollar Stores, Inc. 6,525,000
171,800 Wal-Mart Stores, Inc. 11,875,675
------------
18,400,675
------------
Semiconductors -- 4.9%
150,500 Altera Corporation+ 7,459,156
243,700 Intel Corporation 20,059,556
210,400 Maxim Integrated Products, Inc.+ 9,928,250
------------
37,446,962
------------
Telecommunications -- 10.3%
367,585 CenturyTel, Inc. 17,414,340
100,000 Comverse Technology, Inc.+ 14,475,000
245,695 Lucent Technologies, Inc. 18,381,057
270,000 MCI WorldCom, Inc.+ 14,326,875
300,000 SBC Communications 14,625,000
------------
79,222,272
------------
Thrift -- 0.8%
331,076 Charter One Financial, Inc. 6,331,829
------------
TOTAL COMMON STOCKS
(Cost $475,452,678) 724,460,924
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.1%
(Cost $39,000,000)
$ 39,000,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999,
to be repurchased at
$39,010,725 on 01/03/2000,
collateralized by $38,765,000
U.S. Treasury Note, 6.375%
maturing 08/15/2002
(value $39,782,581) 39,000,000
------------
OTHER INVESTMENTS**
(Cost $40,028,728) 5.2% 40,028,728
----- ------------
TOTAL INVESTMENTS
(Cost $554,481,406*) 104.8% 803,489,652
OTHER ASSETS AND
LIABILITIES (Net) (4.8) (37,138,674)
----- ------------
NET ASSETS 100.0% $766,350,978
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $39,520,728. Collateral
received for securities loaned of $40,028,728 is
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Real Estate Equity Investment Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 96.8%
Apartments -- 17.3%
69,775 Apartment Investment &
Management Company $ 2,777,917
78,209 Avalon Bay Community, Inc. 2,683,546
99,700 Camden Property Trust 2,729,288
67,450 Equity Residential Properties
Trust 2,879,272
------------
11,070,023
------------
Community Shopping Centers -- 12.7%
137,050 Bradley Real Estate, Inc. 2,389,809
142,200 Developers Diversified Realty
Corporation 1,830,825
80,750 JDN Realty Corporation 1,302,094
76,375 Kimco Realty Corporation 2,587,203
------------
8,109,931
------------
Hotels -- 3.2%
87,525 Starwood Hotels & Resorts
Worldwide, Inc. 2,056,838
------------
Office and Industrial -- 39.9%
80,625 Boston Properties, Inc. 2,509,453
132,200 Brandywine Realty Trust 2,164,775
62,200 CenterPoint Properties
Corporation 2,231,425
133,800 Corporate Office Properties Trust,
Inc. 1,020,225
151,825 Duke Realty Investments, Inc. 2,960,587
129,744 Equity Office Properties Trust 3,194,946
114,325 Kilroy Realty Corporation 2,515,150
102,200 Mack-Cali Realty Corporation 2,663,588
106,875 Reckson Associates Realty
Corporation 2,190,938
28,307 Reckson Associates Realty
Corporation, Class B 643,984
9,696 Reckson Services Industries, Inc.+ 604,788
75,525 Spieker Properties, Inc. 2,751,942
------------
25,451,801
------------
Regional Malls -- 9.6%
80,050 CBL & Associates Properties,
Inc. 1,651,031
73,500 General Growth Properties, Inc. 2,058,000
105,825 Simon DeBartolo Group, Inc. 2,427,361
------------
6,136,392
------------
Storage -- 4.2%
119,200 Public Storage, Inc. 2,704,350
------------
Triple Net Lease -- 2.7%
170,000 Commercial Net Lease Realty 1,689,375
------------
Other -- 7.2%
185,300 Correctional Properties Trust 2,269,925
6,840 Crescent Operating, Inc.+ 18,810
3,526 Vornado Operating, Inc.+ 21,156
70,525 Vornado Realty Trust 2,292,062
------------
4,601,953
------------
TOTAL COMMON STOCKS
(Cost $69,656,601) 61,820,663
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.3%
(Cost $174,000)
$174,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at $174,048
on 01/03/2000, collateralized by $180,000
U.S. Treasury Note, 5.625% maturing
05/15/2001 (value $179,775) 174,000
------------
TOTAL INVESTMENTS
(Cost $69,830,601*) 97.1% 61,994,663
OTHER ASSETS AND
LIABILITIES (Net) 2.9 1,836,074
----- ------------
NET ASSETS 100.0% $ 63,830,737
===== ============
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Small-Cap Value Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 100.2%++
Airlines -- 3.0%
84,675 Midwest Express Holdings, Inc.+ $ 2,699,016
------------
Automobile Parts and Equipment -- 2.9%
57,000 Detroit Diesel Corporation 1,093,688
87,200 Dura Automotive Systems, Inc.+ 1,520,550
------------
2,614,238
------------
Banking and Financial Services -- 16.0%
137,100 Financial Federal Corporation+ 3,127,594
144,200 Flagstar Bancorp, Inc. 2,487,450
99,300 Metris Companies, Inc. 3,543,769
95,800 OceanFirst Financial Corporation 1,658,537
88,000 Riggs National Corporation 1,160,500
81,500 UST Corporation 2,587,625
------------
14,565,475
------------
Building Materials -- 9.2%
132,600 Dayton Superior Corporation+ 2,154,750
90,000 Elcor Corporation 2,711,250
74,200 Pulte Corporation 1,669,500
123,500 Universal Forest Products, Inc. 1,821,625
------------
8,357,125
------------
Chemicals and Plastics -- 2.1%
47,000 Olin Corporation 931,188
51,300 Wellman, Inc. 955,462
------------
1,886,650
------------
Commercial Services -- 2.0%
133,400 Mail-Well, Inc.+ 1,800,900
------------
Computer Hardware, Software
or Services -- 4.0%
64,100 Datastream Systems, Inc.+ 1,574,456
81,100 Inter-Tel, Inc. 2,027,500
------------
3,601,956
------------
Construction and Mining Equipment -- 1.7%
55,100 Terex Corporation+ 1,529,025
------------
Consumer Services -- 1.4%
52,000 Dollar Thrifty Automotive
Group, Inc.+ 1,244,750
------------
Containers -- 1.8%
161,700 Ivex Packaging Corporation+ 1,617,000
------------
Diversified -- 1.1%
30,900 Lancaster Colony Corporation 1,023,563
------------
Electronics -- 2.8%
79,800 Methode Electronics, Inc.,
Class A 2,563,575
------------
Food and Beverages -- 8.3%
33,400 Canandaigua Brands, Inc.,
Class A+ 1,703,400
264,100 Del Monte Foods Company+ 3,251,731
125,300 J&J Snack Foods Corporation+ 2,568,650
------------
7,523,781
------------
Hardware -- 2.8%
69,600 Toro Company 2,596,950
------------
Health Care -- 0.9%
129,200 Sierra Health Services, Inc.+ 864,025
------------
Health Care Products -- 1.4%
183,300 Helen of Troy Ltd.+ 1,328,925
------------
Insurance -- 4.3%
204,600 MIIX Group, Inc. 2,992,275
19,400 Radian Group, Inc. 926,350
------------
3,918,625
------------
Medical Supplies -- 2.2%
134,243 Bindley Western Industries, Inc. 2,022,035
------------
Metals and Metal Processing -- 2.2%
80,400 Quanex Corporation 2,050,200
------------
Oil and Gas -- 10.4%
120,600 Houston Exploration Company+ 2,389,387
77,100 Marine Drilling Companies, Inc.+ 1,729,931
43,400 Precision Drilling Corporation+ 1,114,838
70,800 Pride International, Inc.+ 1,035,450
89,900 Southwest Gas Corporation 2,067,700
55,100 Valero Energy Corporation 1,095,113
------------
9,432,419
------------
Real Estate -- 10.0%
61,900 CenterPoint Properties
Corporation 2,220,662
75,100 Correctional Properties Trust 919,975
137,600 Kilroy Realty Corporation 3,027,200
143,200 Reckson Associates Realty
Corporation 2,935,600
------------
9,103,437
------------
Restaurants -- 3.2%
117,500 CBRL Group, Inc. 1,140,117
97,900 Ruby Tuesday, Inc. 1,780,556
------------
2,920,673
------------
Telecommunications Equipment -- 4.2%
150,100 REMEC, Inc.+ 3,827,550
------------
Telecommunications Services -- 1.2%
87,400 Alaska Communications Systems
Holdings, Inc.+ 1,081,575
------------
Transportation -- 1.1%
35,200 Atlas Air, Inc.+ 965,800
------------
TOTAL COMMON STOCKS
(Cost $90,257,391) 91,139,268
------------
OTHER INVESTMENTS**
(Cost $12,244,881) 13.5% 12,244,881
----- ------------
TOTAL INVESTMENTS
(Cost $102,502,272*) 113.7% 103,384,149
OTHER ASSETS AND
LIABILITIES (Net) (13.7) (12,466,476)
----- ------------
NET ASSETS 100.0% $ 90,917,673
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on
loan is $11,811,978. Collateral received for securities loaned
of $12,244,881 is invested in State Street Navigator Securities
Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ Amount represents percentage of net assets.
See Notes to Financial Statements.
Munder Small Company Growth Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 99.3%
Automobiles -- 0.8%
201,600 Sonic Automotive, Inc.,
Class A+ $ 1,965,600
------------
Banking and Financial Services -- 2.1%
127,950 Financial Federal Corporation+ 2,918,860
117,950 Southwest Bancorporation of
Texas, Inc.+ 2,336,884
------------
5,255,744
------------
Building Materials -- 0.9%
75,575 Elcor Corporation 2,276,697
------------
Business Services -- 7.5%
29,900 AGENCY.COM, Inc.+ 1,524,900
50,500 Charles River Associates, Inc.+ 1,691,750
162,300 MedQuist, Inc.+ 4,189,369
69,900 Remedy Corporation+ 3,311,512
207,062 Tetra Tech, Inc.+ 3,183,578
217,475 URS Corporation+ 4,716,489
17,150 Xpedior, Inc.+ 493,063
------------
19,110,661
------------
Commercial Services -- 3.0%
97,100 F.Y.I., Inc.+ 3,301,400
126,850 Manitowoc Company, Inc. 4,312,900
------------
7,614,300
------------
Computer Hardware, Software
or Services -- 21.4%
90,150 Advanced Digital Information
Corporation+ 4,383,544
68,700 BindView Development
Corporation+ 3,413,531
111,900 Cybex Computer Products
Corporation+ 4,531,950
132,650 Fundtech Ltd., ADR+ 2,719,325
224,280 Inter-Tel, Inc. 5,607,000
233,450 InterVoice, Inc.+ 5,427,712
52,200 ISS Group, Inc.+ 3,712,725
75,100 Jack Henry & Associates, Inc. 4,031,931
104,500 Mercury Computer Systems, Inc.+ 3,657,500
72,150 MICROS Systems, Inc.+ 5,339,100
87,550 National Instruments
Corporation+ 3,348,788
41,300 SanDisk Corporation+ 3,975,125
96,800 Zomax, Inc.+ 4,380,200
------------
54,528,431
------------
Distributors -- 2.8%
148,400 Advance Paradigm, Inc.+ 3,199,875
103,700 Miami Computer Supply
Corporation+ 3,849,863
------------
7,049,738
------------
Electronics -- 17.0%
187,600 Artesyn Technologies, Inc.+ 3,939,600
92,100 CTS Corporation 6,942,037
83,050 Dionex Corporation+ 3,420,622
103,300 L-3 Communications Holding,
Inc.+ 4,299,862
111,250 MKS Instruments, Inc.+ 4,018,906
67,525 Orbotech Ltd., ADR+ 5,233,187
71,800 Park Electrochemical Corporation 1,907,188
70,200 Quanta Services, Inc.+ 1,983,150
59,950 Sawtek, Inc.+ 3,990,422
109,800 SBS Technologies, Inc.+ 4,007,700
171,200 Trimble Navigation Ltd.+ 3,702,200
------------
43,444,874
------------
Food and Beverages -- 0.8%
91,500 Hain Food Group, Inc.+ 2,047,313
------------
Health Care Products -- 2.0%
163,675 Alpharma, Inc. 5,033,006
------------
Machinery -- 1.3%
103,750 Applied Science and Technology,
Inc.+ 3,448,066
------------
Medical Products -- 4.3%
114,200 Datascope Corporation 4,568,000
193,860 Hanger Orthopedic Group+ 1,938,600
101,550 INAMED Corporation+ 4,455,506
------------
10,962,106
------------
Medical Services -- 4.8%
496,800 Capital Senior Living
Corporation+ 2,515,050
203,950 Polymedica Corporation+ 4,716,344
259,300 Province Healthcare Company+ 4,926,700
------------
12,158,094
------------
Medical Supplies -- 3.1%
95,500 CONMED Corporation+ 2,471,062
106,110 Molecular Devices Corporation+ 5,517,720
------------
7,988,782
------------
Oil and Gas -- 1.6%
125,800 Basin Exploration, Inc.+ 2,217,225
52,000 Stone Energy Corporation+ 1,852,500
------------
4,069,725
------------
Oil and Gas Equipment and Services -- 2.3%
139,650 Core Laboratories NV+ 2,801,728
79,000 Hanover Compressor Company+ 2,982,250
------------
5,783,978
------------
Retail -- 10.1%
180,050 Cutter & Buck, Inc.+ 2,723,256
108,125 Fossil, Inc.+ 2,500,391
186,350 Hollywood Entertainment
Corporation+ 2,702,075
80,600 Michaels Stores, Inc.+ 2,297,100
83,550 Pacific Sunwear of California,
Inc.+ 2,663,156
198,700 Rent-Way, Inc.+ 3,713,206
135,350 The Men's Wearhouse, Inc.+ 3,975,906
92,550 Ultimate Electronics, Inc.+ 2,290,613
61,300 Zale Corporation+ 2,965,388
------------
25,831,091
------------
Semiconductors -- 5.0%
45,300 Cree Research, Inc.+ 3,867,488
187,900 Pericom Semiconductor
Corporation+ 4,944,119
77,300 Semtech Corporation+ 4,029,262
------------
12,840,869
------------
Storage -- 1.3%
158,850 Mobile Mini, Inc.+ 3,415,275
------------
Technology -- 1.6%
101,350 PerkinElmer, Inc.+ 4,225,028
------------
Telecommunications -- 3.3%
73,800 ADTRAN, Inc.+ 3,796,088
38,250 Gilat Satellite Networks Ltd.,
ADR+ 4,542,188
------------
8,338,276
------------
Trucking and Freight Forwarding -- 2.3%
82,600 Eagle USA Airfreight, Inc.+ 3,562,125
139,050 Swift Transportation Co., Inc.+ 2,450,756
------------
6,012,881
------------
TOTAL COMMON STOCKS
(Cost $201,206,689) 253,400,535
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.8%
(Cost $4,689,000)
$4,689,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999, to
be repurchased at $4,690,289
on 01/03/2000, collateralized by
$4,690,000 U.S. Treasury Note,
6.250% maturing 02/28/2002
(value $4,783,800) 4,689,000
------------
OTHER INVESTMENTS**
(Cost $37,648,81) 14.8% 37,648,816
----- ------------
TOTAL INVESTMENTS
(Cost $243,544,505*) 115.9% 295,738,351
OTHER ASSETS AND
LIABILITIES (Net) (15.9) (40,541,621)
----- ------------
NET ASSETS 100.0% $255,196,730
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $36,525,267. Collateral
received for securities loaned of $37,648,816 is
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Value Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 97.2%
Aerospace and Defense -- 1.9%
35,362 Honeywell International, Inc. $ 2,039,945
------------
Airlines -- 0.8%
17,500 Delta Air Lines, Inc. 871,719
------------
Automobiles -- 0.9%
17,300 Ford Motor Company 924,469
------------
Banking and Financial Services -- 14.9%
46,475 AmSouth Bancorporation 897,548
35,200 Chase Manhattan Corporation 2,734,600
51,550 Citigroup, Inc. 2,864,247
32,300 Federal Home Loan Mortgage
Corporation 1,520,119
64,400 FleetBoston Financial
Corporation 2,241,925
26,000 Goldman Sachs Group, Inc. 2,448,875
61,800 Heller Financial, Inc. 1,239,863
46,400 PNC Bank Corporation 2,064,800
------------
16,011,977
------------
Broadcasting -- 3.9%
57,300 Charter Communications, Inc.+ 1,253,437
38,150 MediaOne Group, Inc.+ 2,930,397
------------
4,183,834
------------
Building Materials -- 1.0%
20,780 Southdown, Inc. 1,072,768
------------
Business Services -- 1.6%
45,300 Fiserv, Inc.+ 1,735,556
------------
Computer Hardware, Software
or Services -- 5.1%
25,800 Affiliated Computer
Services, Inc.+ 1,186,800
34,600 Cabletron Systems, Inc.+ 899,600
22,400 Micron Technology, Inc.+ 1,741,600
24,300 Synopsys, Inc.+ 1,622,025
------------
5,450,025
------------
Diversified Manufacturing -- 1.6%
44,100 Pentair, Inc. 1,697,850
------------
Electronics -- 4.6%
12,920 Jabil Circuit, Inc.+ 943,160
24,800 SCI Systems, Inc.+ 2,038,250
11,050 Texas Instruments, Inc. 1,070,469
29,000 Vishay Intertechnology, Inc.+ 917,125
------------
4,969,004
------------
Food and Beverages -- 2.8%
66,530 Flowers Industries, Inc. 1,060,322
65,700 McCormick & Company, Inc. 1,954,575
------------
3,014,897
------------
Health Care Facilities -- 2.9%
54,650 Columbia/HCA Healthcare
Corporation 1,601,928
63,800 Tenet Healthcare Corporation+ 1,499,300
------------
3,101,228
------------
Health Care Services -- 3.3%
31,040 Baxter International, Inc. 1,949,700
55,300 Trigon Healthcare, Inc.+ 1,631,350
------------
3,581,050
------------
Home Furnishings and Housewares -- 3.2%
111,150 Furniture Brands International,
Inc.+ 2,445,300
15,900 Whirlpool Corporation 1,034,494
------------
3,479,794
------------
Insurance -- 3.2%
90,700 ACE Limited, ADR 1,513,556
22,300 Lincoln National Corporation 892,000
17,100 MGIC Investment Corporation 1,029,206
------------
3,434,762
------------
Machinery and Heavy Equipment -- 2.5%
20,900 Deere & Company 906,538
35,700 Parker-Hannifin Corporation 1,831,856
------------
2,738,394
------------
Manufacturing -- 1.1%
54,000 Pall Corporation 1,164,375
------------
Metals and Mining -- 2.4%
31,200 Alcoa, Inc. 2,589,600
------------
Oil and Gas -- 13.8%
40,400 Atlantic Richfield Company 3,494,600
82,300 Burlington Resources, Inc. 2,721,044
68,400 ENSCO International, Inc. 1,564,650
44,900 Noble Drilling Corporation+ 1,470,475
39,300 Occidental Petroleum
Corporation 849,862
31,830 Tosco Corporation 865,378
34,048 Total Fina SA, ADR 2,357,824
24,900 Vastar Resources, Inc. 1,469,100
------------
14,792,933
------------
Paper and Forest Products -- 1.2%
24,400 Georgia-Pacific Group 1,238,300
------------
Pollution Control -- 3.1%
93,000 Azurix Corporation+ 831,188
174,600 Republic Services, Inc.+ 2,509,875
------------
3,341,063
------------
Publishing -- 1.0%
17,620 Knight-Ridder, Inc. 1,048,390
------------
Real Estate -- 3.4%
25,100 Apartment Investment &
Management Company 999,294
21,600 Boston Properties, Inc. 672,300
42,700 Simon Property Group, Inc. 979,431
26,300 Spieker Properties, Inc. 958,306
------------
3,609,331
------------
Retail -- Store -- 1.0%
22,100 Federated Department Stores+ 1,117,431
------------
Telecommunications -- 9.2%
37,930 ALLTEL Corporation 3,136,337
46,000 GTE Corporation 3,245,875
19,650 MCI Worldcom, Inc.+ 1,042,678
16,600 Motorola, Inc. 2,444,350
------------
9,869,240
------------
Tobacco -- 0.8%
36,300 Philip Morris Companies, Inc. 841,706
------------
Transportation -- 2.8%
85,900 CNF Transportation, Inc. 2,963,550
------------
Utilities -- Electric -- 3.2%
35,200 Edison International 921,800
91,800 Northeast Utilities 1,887,637
21,500 SCANA Corporation 577,813
------------
3,387,250
------------
TOTAL COMMON STOCKS
(Cost $97,304,392) 104,270,441
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 19.2%
(Cost $20,634,000)
$20,634,000 Agreement with State Street Bank and
Trust Company, 3.300% dated 12/31/1999,
to be repurchased at $20,639,674 on
01/03/2000, collateralized by
$19,720,000 U.S. Treasury Note, 7.875%
maturing 11/15/2004
(value $21,051,000) 20,634,000
------------
OTHER INVESTMENTS**
(Cost $6,173,590) 5.8% 6,173,590
----- ------------
TOTAL INVESTMENTS
(Cost $124,111,982*) 122.2% 131,078,031
OTHER ASSETS AND
LIABILITIES (Net) (22.2) (23,788,236)
----- ------------
NET ASSETS 100.0% $107,289,795
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $6,114,446. Collateral received
for securities loaned of $6,173,590 is invested in
State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington Emerging Markets Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 93.5%
Brazil -- 9.8%
86,000 Banco Bradesco SA, ADR $ 674,575
45,000 Companhia Cervejaria Brahma,
ADR 630,000
16,000 Companhia Energetica
de Minas-Gerais, ADR 358,704
7,750 Companhia Vale do Rio Doce,
ADR 214,503
18,000 Embratel Participacoes SA, ADR 490,500
39,800 Petroleo Brasileiro SA, ADR 1,013,451
8,250 Tele Centro Sul Participacoes
SA, ADR 748,688
33,600 Tele Norte Leste Participacoes
SA, ADR 856,800
14,800 Telesp Celular Participacoes
SA, ADR 627,150
20,130 Uniao De Bancos Brasileiros
SA (Unibanco) 606,416
89,950 Usinas Siderurgicas de Minas
Gerais SA, ADR 487,970
------------
6,708,757
------------
Chile -- 1.3%
44,000 Antofagasta Holdings Plc 305,615
7,700 Chilectra SA, ADR 156,980
23,500 Compania Telecomunicaciones
de Chile SA, ADR 428,875
------------
891,470
------------
China\Hong Kong -- 6.0%
103,000 China Telecom (Hong Kong)
Ltd.+ 642,632
730,000 Cosco Pacific Ltd. 605,712
600,000 Shanghai Diesel Engine
Company Ltd. 111,600
2,500,000 Shanghai Petrochemical
Company Ltd. 392,359
3,400,000 TCL International
Holdings Ltd.+ 2,361,870
------------
4,114,173
------------
Ghana -- 0.5%
599,118 Social Security Bank 344,287
------------
Hungary -- 2.5%
4,800 BorsodChem Rt. 196,706
29,000 Magyar Tavkozlesi Rt, ADR 1,044,000
14,000 MOL Magyar Olaj-es Gazipari
Rt, GDR 294,000
3,700 OTP Bank Rt, GDR 215,525
------------
1,750,231
------------
India -- 5.6%
46,000 BSES Ltd., GDR 598,000
28,400 Hindalco Industries Ltd., ADR,
144A++ 671,660
54,750 Mahindra & Mahindra Ltd.,
GDR 606,356
14,025 Pentafour Software & Exports
Ltd., GDR 494,381
65,300 State Bank of India, GDR 796,660
26,890 Videsh Sanchar Nigam Ltd.,
GDR 666,872
------------
3,833,929
------------
Indonesia -- 3.0%
355,000 PT Indofoods Sukses Makmur
Tbk+ 444,544
27,695,000 PT Lippo Bank Tbk+ 990,877
1,100,000 PT Telekomunikasi Indonesia 625,760
------------
2,061,181
------------
Israel -- 0.9%
5,205 Gilat Satellite Networks Ltd.,
ADR+ 618,094
------------
Mexico -- 12.8%
100,000 ALFA SA de CV 469,657
36,000 Cemex SA de CV, ADR+ 1,003,500
12,000 Fomento Economico Mexicano
SA de CV, ADR 534,000
40,000 Grupo Carso SA de CV, ADR+ 398,524
55,997 Grupo Iusacell SA, ADR+ 836,455
118,000 Grupo Mexico SA 584,707
40,600 Grupo Televisa SA+ 1,371,188
145,000 Organizacion Soriana SA de CV 665,699
20,000 Telefono de Mexico SA, ADR 2,250,000
52,500 Tubos de Acero de Mexico SA,
ADR 712,031
------------
8,825,761
------------
Peru -- 0.4%
25,000 Credicorp Ltd., ADR 300,000
82 Ferreyros SA, ADR 888
------------
300,888
------------
Poland -- 1.9%
10,000 Bank Handlowy w Warszawie,
GDR 152,500
16,500 Elektrim Spolka Akcyjna SA 163,603
17,500 KGHM Polska Miedz SA, GDR 238,000
10,500 ProKom, GDR 163,275
60,000 Telekomunikacja Polska SA,
GDR 382,500
33,000 Wielkopolski Bank Kredytowy
SA 223,458
------------
1,323,336
------------
Russia -- 1.4%
9,000 Lukoil Holdings, ADR 468,000
28,050 Rostelecom, ADR+ 473,344
------------
941,344
------------
Senegal -- 0.7%
11,782 Sonatel Communications
Corporation 479,528
------------
Singapore -- 1.2%
1,050,000 China Everbright Pacific
Limited+ 857,722
------------
Slovakia -- 0.0%#
2,000 Slovnaft AS, GDR 28,000
------------
South Africa -- 9.5%
670,000 BOE Ltd. 653,128
177,192 Dimension Data Holdings Ltd. 1,111,228
70,973 Imperial Holdings Ltd. 776,033
230,000 M-Cell Ltd. 889,358
427,000 Profurn Ltd. 471,053
92,645 Sappi Ltd. 915,161
407,000 Standard Bank Investment
Corporation Ltd. 1,689,496
------------
6,505,457
------------
South Korea -- 15.2%
15,000 Hankuk Electric Glass
Company Ltd. 634,082
24,000 Housing & Commercial Bank,
Korea+ 760,898
14,000 Korea Electric Power
Corporation 433,994
24,100 Korea Tobacco & Ginseng
Corporation 532,726
15,088 L.G. Chemicals Ltd. 477,023
24,000 Medison Company 349,802
5,610 Pohang Iron & Steel Company
Ltd. 617,569
9,571 Samsung Electronics 2,242,084
11,500 Shinsegae Department Store
Company 581,330
900 SK Telecom Company Ltd. 3,225,892
60 SK Telecom Company Ltd.,
ADR 2,292
5,200 Trigem Computer, Inc. 577,014
------------
10,434,706
------------
Taiwan -- 8.8%
92,000 Acer, Inc., GDR 1,311,000
26,175 Asustek Computer, Inc. 364,487
62 Asustek Computer, Inc., GDR 863
22,195 Far Eastern Textile Ltd., GDR+ 536,009
37,905 Hon Hai Precision Industry
Company Ltd., GDR+ 732,514
55,000 Powerchip Semiconductor
Corporation, GDR+ 749,375
51,300 Synnex Technology International
Corporation, GDR 1,349,190
3,525 Taiwan Semiconductor
Manufacturing Company
Ltd., ADR 158,625
37,600 Winbond Electronics
Corporation, GDR+ 869,500
------------
6,071,563
------------
Thailand -- 6.1%
116,600 Grammy Entertainment Public
Company Ltd. 396,251
47,600 KCE Electronics Public
Company Ltd.+ 119,742
1,500,000 National Finance Public
Company Ltd.+ 667,065
21,600 Siam Cement Public
Company Ltd.+ 717,993
700,000 TelecomAsia Corporation
Public Company Ltd.+ 910,660
173,400 Total Access Communication
Public Company Ltd.+ 683,196
685,000 United Broadcasting
Corporation Public
Company Ltd.+ 686,546
------------
4,181,453
------------
Turkey -- 5.9%
9,391,100 Carsi Buyuk Magazacilik AS+ 1,142,723
57,644 Haci Omer Sabanci Holding
SA, ADR 763,783
5,750,000 Netas Telekomunikasyon AS 763,274
35,892,200 Turkiye Garanti Bankasi AS 542,618
3,572,665 Vestel Elektronik Sanayi ve
Ticaret AS+ 856,280
------------
4,068,678
------------
TOTAL COMMON STOCKS
(Cost $48,092,916) 64,340,558
------------
INVESTMENT COMPANY SECURITIES -- 4.4%
China\Hong Kong -- 3.1%
215 Taipei Fund, GDR+ 2,139,250
------------
India -- 1.3%
40,000 Is Himalayan Fund+ 885,000
------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $2,498,735) 3,024,250
------------
PREFERRED STOCKS -- 0.1%
Brazil -- 0.0%#
417 Telecomunicacoes do Rio
de Janeiro SA 11
------------
South Korea -- 0.1%
1,571 Shinsegae Department Store
Company+ 82,320
------------
TOTAL PREFERRED STOCKS
(Cost $59,659) 82,331
------------
RIGHTS -- 0.0%
(Cost $0)
Thailand -- 0.0%
9,520 KCE Electronics Public
Company Ltd., expires,
02/07/2000+ --
------------
WARRANTS -- 0.0%#
(Cost $3,938)
Mexico -- 0.0%#
2,250 Cemex SA de CV,
expires, 12/13/2002+ 9,281
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.7%
(Cost $1,145,000)
$1,145,000 Agreement with State Street Bank and Trust
Company, 3.300% dated 12/31/1999, to be
repurchased at $1,145,315 on 01/03/2000,
collateralized by $1,170,000 U.S. Treasury
Bond, 5.625% maturing 05/15/2001
(value $1,168,538) 1,145,000
------------
OTHER INVESTMENTS**
(Cost $11,358,698) 16.5% 11,358,698
----- ------------
TOTAL INVESTMENTS
(Cost $63,158,946*) 116.2% 79,960,118
OTHER ASSETS AND
LIABILITIES (Net) (16.2) (11,159,382)
----- ------------
NET ASSETS 100.0% $ 68,800,736
===== ============
- ---------
*Aggregate cost for Federal tax purposes.
**As of December 31, 1999, the market value of the securities on loan
is $11,069,648. Collateral received for securities
loaned consists of $11,358,698 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.
Munder Framlington Emerging Markets Funds
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1999 sector diversification of the Munder Framlington
Emerging Markets Fund was a follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 23.6% $ 16,264,502
Banking and Financial Services... 10.8 7,421,758
Electronics...................... 10.2 6,999,206
Computer Hardware, Software
or Services.................. 4.8 3,317,846
Diversified...................... 3.9 2,713,612
Retail........................... 3.5 2,389,751
Building and Building Materials.. 3.5 2,433,524
Oil and Gas...................... 3.2 2,195,810
Broadcasting and Advertising..... 3.0 2,057,733
Metals and Mining................ 2.5 1,709,758
Utilities........................ 2.3 1,547,678
Food and Beverages............... 2.3 1,608,544
Private Placements............... 1.9 1,282,101
Business Services................ 1.7 1,182,726
Banks............................ 1.7 1,195,746
Steel............................ 1.6 1,105,539
Investment Company Securities.... 1.6 1,111,229
Paper and Forest Products........ 1.3 915,161
Miscellaneous.................... 1.3 869,500
Real Estate...................... 1.2 857,722
Telecommunications
Equipment..................... 1.1 763,274
Chemicals........................ 1.0 673,728
Household Appliances and
Home Furnishings.............. 0.9 634,082
Telecommunications --
Satellite..................... 0.9 618,094
Automobiles...................... 0.9 606,356
Apparel and Textiles............. 0.8 536,009
Household Products............... 0.7 471,053
Leisure Time..................... 0.6 396,251
Medical Products................. 0.5 349,802
Other............................ 0.2 112,463
----- ------------
TOTAL COMMON STOCKS ............. 93.5 64,340,558
INVESTMENT COMPANY
SECURITIES ................... 4.4 3,024,250
PREFERRED STOCKS ................ 0.1 82,331
RIGHTS .......................... 0.0 --
WARRANTS ........................ 0.0# 9,281
REPURCHASE AGREEMENT ............ 1.7 1,145,000
OTHER INVESTMENTS ............... 16.5 11,358,698
----- ------------
TOTAL INVESTMENTS ............... 116.2 79,960,118
OTHER ASSETS AND
LIABILITIES (Net) ............ (16.2) (11,159,382)
----- ------------
NET ASSETS ...................... 100.0% $ 68,800,736
===== ============
- ------------
# Amount represents less than 0.1% of net assets.
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- DOMESTIC -- 80.0%
Biotechnology -- 29.8%
4,000 Abegenix, Inc.+ $ 530,000
1,960 Affymetrix, Inc.+ 332,587
12,500 Alexion Pharmaceuticals, Inc.+ 376,562
35,000 Ariad Pharmaceuticals, Inc.+ 98,438
7,000 Biomatrix, Inc.+ 134,750
13,000 Corixa Corporation+ 221,000
32,000 Cubist Pharmaceuticals, Inc.+ 616,000
15,000 Digene Corporation+ 185,051
20,000 Gene Logic+ 530,000
3,500 Gilead Sciences, Inc.+ 189,438
6,000 ICOS Corporation+ 175,500
5,000 Incyte Pharmaceuticals, Inc.+ 300,000
4,875 Invitrogen Corporation+ 292,500
1,100 Maxygen, Inc.+ 78,100
14,000 Medarex, Inc.+ 521,500
4,000 Millennium Pharmaceuticals, Inc.+ 488,000
15,000 Neurocrine Biosciences, Inc.+ 371,250
16,000 NPS Pharmaceuticals, Inc.+ 196,000
25,000 OSI Pharmaceuticals, Inc.+ 198,437
15,000 Pharmacopeia, Inc.+ 339,375
8,000 Pharmacyclics, Inc.+ 330,000
15,000 Synaptic Pharmaceutical
Corporation+ 101,250
6,000 TranskaryoticTherapies, Inc.+ 231,000
10,000 Trimeris, Inc.+ 236,250
12,000 Vical, Inc.+ 359,250
------------
7,432,238
------------
Contract Sales and Research
Organizations -- 4.3%
7,000 Accredo Health, Inc.+ 215,250
17,000 Aurora Bioscience Corporation+ 450,500
8,000 BioReliance Corporation+ 45,750
9,000 Pharmaceutical Product
Development, Inc.+ 106,875
8,000 Quintiles TransNational
Corporation+ 149,500
19,100 US Oncology, Inc.+ 94,306
------------
1,062,181
------------
Distribution and Marketing Services -- 3.0%
11,000 Advance Paradigm, Inc.+ 237,188
15,000 Healthworld Corporation+ 311,250
16,000 Omnicare, Inc. 192,000
------------
740,438
------------
Drugs -- 15.2%
18,600 AVANT Immunotherapeutics,
Inc.+ 45,919
3,500 Celgene Corporation+ 245,000
3,950 ChiRex, Inc.+ 57,769
15,000 Collagenex Pharmaceuticals, Inc.+ 375,000
25,825 Connetics Corporation+ 271,163
175 Crescendo Pharmaceuticals
Corporation+ 3,199
13,000 CV Therapeutics, Inc.+ 338,812
3,000 Forest Laboratories, Inc.+ 184,313
10,000 GelTex Pharmaceuticals, Inc.+ 128,125
7,500 Jones Medical Industries, Inc. 325,781
10,000 Medicis Pharmaceutical
Corporation+ 425,625
3,000 Medimmune, Inc.+ 497,625
3,000 Sepracor, Inc.+ 297,562
9,000 United Therapeutics
Corporation+ 414,000
4,000 Watson Pharmaceuticals, Inc.+ 143,250
8,000 Zonagen, Inc.+ 35,000
------------
3,788,143
------------
Drug Delivery -- 1.9%
10,000 Anesta Corporation+ 171,875
7,000 Inhale Therapeutic Systems+ 297,938
------------
469,813
------------
Hospital/Medical Services -- 1.9%
15,190 American Healthcorp, Inc.+ 69,304
8,000 Amsurg Corporation, Class A+ 52,000
15,000 Amsurg Corporation, Class B+ 97,500
4,000 Express Scripts, Inc., Class A+ 256,000
------------
474,804
------------
Managed Health Care -- 4.7%
20,000 Hanger Orthopedic Group+ 200,000
8,000 IMPATH, Inc.+ 203,500
40,000 ProMedCo Management
Company+ 117,500
10,000 Renal Care Group, Inc.+ 233,750
25,000 Renex Corporation+ 232,812
14,000 Res-Care, Inc.+ 178,500
------------
1,166,062
------------
Medical Devices -- 14.7%
25,000 Aksys Ltd.+ 121,875
4,000 ArthroCare Corporation+ 244,000
5,000 Bionx Implants, Inc.+ 15,625
12,000 Cyberonics, Inc.+ 191,250
18,000 Endocardial Solutions, Inc.+ 157,500
30,500 EndoSonics Corporation+ 137,250
20,000 EPIX Medical, Inc.+ 200,000
8,000 Gliatech, Inc.+ 133,000
4,000 Guidant Corporation 188,000
40,000 LifeCell Corporation+ 205,000
13,000 Lifecore Biomedical, Inc.+ 274,625
40,000 LJL Biosystems, Inc.+ 315,000
6,000 Medtronic, Inc. 218,625
3,500 MiniMed, Inc.+ 256,375
9,000 Molecular Devices Corporation+ 468,000
8,000 Novoste Corporation+ 132,000
9,350 ResMed, Inc.+ 390,362
------------
3,648,487
------------
Medical Information Systems -- 3.6%
7,000 Allscripts, Inc.+ 308,000
1,325 eBenX, Inc.+ 59,956
15,000 First Consulting Group, Inc.+ 232,500
8,825 InfoCure Corporation+ 275,230
1,155 MedicaLogic, Inc.+ 24,255
------------
899,941
------------
Medical Services -- 0.9%
9,000 MedQuist, Inc.+ 232,313
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $13,691,144) 19,914,420
------------
COMMON STOCKS -- FOREIGN -- 16.5%
Biotechnology -- 8.4%
25,000 Celltech Group Plc+ 213,623
5,000 Cerep+ 105,772
30,400 KS Biomedix Holdings+ 283,828
12,000 Maxim Pharmaceutical+ 246,798
4,000 NeuroSearch A/S+ 142,376
10,200 Oxford Asymmetry International
Plc+ 53,877
800,000 Oxford BioMedica Plc+ 436,131
1,250 Oxford Glyco Sciences+ 10,499
108,000 Peptide Therapeutics Group+ 87,226
20,000 Pharming Group NV+ 191,396
37,500 Shield Diagnostics Group Plc+ 333,156
------------
2,104,682
------------
Drugs -- 4.7%
64,000 AMRAD Corporation Ltd.+ 35,714
8,000 BioChem Pharma, Inc.+ 174,000
22,000 Bioglan Pharma Plc+ 222,104
150 CliniChem Development, Inc.+ 1,331
7,225 Galen Holdings Plc 58,936
1,750 H. Lundbeck A/S 69,868
8,650 Karo Bio AB+ 125,038
20,000 Shire Pharmaceuticals Group
Plc+ 198,682
4,000 Teva Pharmaceutical, ADR 286,750
------------
1,172,423
------------
Medical Devices -- 3.2%
10,000 Biora AB+ 51,005
50,000 Chemunex SA+ 29,213
210 CyBio AG+ 8,567
60,000 Gyrus Group Plc+ 261,679
60,000 NMT Group Plc+ 93,526
6,000 Ortivus AB+ 29,545
4,300 QIAGEN N.V., ADR+ 324,650
------------
798,185
------------
Medical Services -- 0.2%
3,000 TLC Laser Eye Centers, Inc.+ 39,187
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $3,507,298) 4,114,477
------------
WARRANTS -- 0.0%
(Cost $0)
Drugs -- 0.0%
2,400 AVANT Immunotherapeutics,
Inc., expires 08/24/03+ --
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.6%
(Cost $160,000)
$160,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999,
to be repurchased at $160,044
on 01/03/2000, collateralized
by $165,000 U.S. Treasury Note,
5.625% maturing 05/15/2001
(value $164,794) 160,000
------------
OTHER INVESTMENTS**
(Cost $5,385,214) 21.6% 5,385,214
----- ------------
TOTAL INVESTMENTS
(Cost $22,743,656*) 118.7% 29,574,111
OTHER ASSETS AND
LIABILITIES (Net) (18.7) (4,663,836)
----- ------------
NET ASSETS 100.0% $ 24,910,275
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
** As of December 31, 1999, the market value of the
securities on loan is $5,110,909. Collateral received
for securities loaned includes $4,100 in U.S.
Government securities and the remaining $5,381,114
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 92.3%
Australia -- 1.7%
18,000 Australia & New Zealand
Banking Group Ltd. $ 130,944
30,000 Broken Hill Proprietary
Company Ltd. 393,920
93,275 ecorp Ltd.+ 233,306
20,000 News Corporation Ltd. 194,193
80,000 Telstra Corporation Ltd. 282,032
30,000 WMC Ltd. 165,438
------------
1,399,833
------------
Belgium -- 0.9%
16,200 Lernout & Hauspie Speech
Products NV+ 749,250
------------
China\Hong Kong -- 2.3%
170,000 China Everbright Ltd. 138,869
90,000 China Telecom (Hong Kong)
Ltd.+ 561,523
240,000 Cosco Pacific Ltd. 199,138
28,000 Dao Heng Bank Group Ltd. 144,439
28,000 Hutchison Whampoa Ltd. 407,024
600,000 Shanghai Diesel Engine
Company Ltd., B Shares 111,600
600,000 TCL International Holdings
Ltd.+ 416,801
------------
1,979,394
------------
Finland -- 3.0%
10,600 Nokia AB Oyj 1,922,023
18,400 Sampo Insurance Oyj,
A Shares 643,173
------------
2,565,196
------------
France -- 10.5%
11,253 Aventis SA 652,937
6,300 AXA 878,328
11,250 Banque Nationale de Paris 1,038,074
3,000 Castorama Dubois SA 912,659
10,100 Credit Lyonnais SA+ 461,910
12,000 Pechiney SA 857,657
2,700 Publicis SA 1,019,941
8,200 STMicroelectronics NV 1,262,169
6,707 Total Fina SA, Class B 895,209
9,750 Vivendi 880,512
------------
8,859,396
------------
Germany -- 3.0%
11,900 Bayerische Hypo-Und
Vereinsbank AG 812,750
7,000 Mannesmann AG 1,688,821
------------
2,501,571
------------
Ireland -- 1.2%
28,000 Global TeleSystems Group,
Inc.+ 969,500
------------
Italy -- 2.3%
130,000 ENI SpA 715,017
90,000 Telecom Italia SpA 1,269,260
------------
1,984,277
------------
Japan -- 27.8%
3,800 Aiful Corporation 464,911
80,000 Asahi Bank, Ltd. 493,296
13,000 Canon, Inc. 516,590
13,000 Computer Engineering &
Consulting Ltd. 347,362
18,800 Credit Saison Company Ltd. 327,533
30 DDI Corporation 411,080
8,000 Family Mart Company Ltd. 532,446
27,000 FCC Company Ltd. 449,251
17,000 Fuji Machine MFG Company
Ltd. 1,371,048
34,000 Fujisawa Pharmaceutical
Company Ltd. 825,291
17,000 Honda Motor Company Ltd. 632,280
3,200 Keyence Corporation 1,299,795
20,000 Kokuyo Company 266,223
120,000 Marubeni Corporation 503,866
13,000 Marui Company Ltd. 194,167
23,700 Meitec Corporation 753,891
117,000 Mitsubishi Chemical
Corporation 412,254
176,000 Mitsubishi Heavy Industries 587,413
11,900 Nichiei Company Ltd. 258,569
40,000 Nikko Securities Company Ltd. 506,215
200,000 Nippon Steel Corporation 467,848
32,000 Nomura Securities Company
Ltd. 577,860
61,000 NSK Ltd. 417,334
20 NTT Mobile Communications
Network, Inc. 769,306
40,000 Onward Kashiyama Company
Ltd. 548,106
3,700 Orix Corporation 833,650
43,000 Ricoh Company Ltd. 810,590
4,000 Rohm Company 1,644,318
13,000 Shin-Etsu Chemical Company
Ltd. 559,851
6,000 Sony Corporation 1,779,387
28,000 Sumitomo Bank Ltd. 383,400
32,000 Sumitomo Electric Industries 369,893
41,000 Sumitomo Trust & Banking 276,891
20,000 The Bank of Tokyo-Mitsubishi
Ltd. 278,751
5,000 Tokyo Electron Ltd. 685,133
70,000 Toshiba Corporation 534,404
43,000 Ube-Nitto Kasei Company Ltd. 164,138
8,600 World Company Ltd. 1,069,003
47,000 Yamato Kogyo Company Ltd. 212,068
------------
23,535,412
------------
Netherlands -- 6.0%
30,370 ABN AMRO Holdings NV 758,712
10,200 Equant NV+ 1,157,989
12,500 Getronics NV 997,276
11,000 ING Groep NV 664,186
2,450 KPNQwest NV+ 163,135
10,700 United Pan-Europe
Communicatins NV+ 1,368,887
------------
5,110,185
------------
Portugal -- 0.8%
121,500 Banco Comercial Portugues
SA (BCP) 674,385
------------
Singapore -- 0.7%
40,000 Datacraft Asia Ltd. 332,000
25,000 Singapore Airlines Ltd. 283,699
------------
615,699
------------
Slovakia -- 0.0%#
2,000 Slovnaft AS, GDR 28,000
------------
South Korea -- 1.4%
4,000 Hankuk Electric Glass Company
Ltd. 169,089
8,000 Korea Electric Power
Corporation, ADR 134,000
8,000 Korea Tobacco & Ginseng
Corporation+ 176,839
2,000 Pohang Iron & Steel Company
Ltd. 220,167
1,846 Samsung Electronics 432,440
1,854 SK Telecom Company Ltd.,
ADR 71,147
------------
1,203,682
------------
Spain -- 5.8%
32,000 Argentaria SA 752,047
25,000 Cortefiel SA 654,777
26,800 Sogecable SA+ 1,711,608
60,000 Sol Melia SA 680,566
44,569 Telefonica SA 1,113,432
------------
4,912,430
------------
Sweden -- 4.3%
25,000 Ericsson (L.M.) AB, Class B 1,607,122
105,000 Nordbanken Holding AB 616,994
81,000 Orvitus AB, Series B+ 398,860
33,000 Skandia Forsakrings AB 996,709
------------
3,619,685
------------
Switzerland -- 4.6%
1,451 Adecco SA 1,129,963
500 Novartis AG 734,158
70 Roche Holdings AG 830,874
2,500 UBS AG -- Registered 675,124
950 Zurich Allied AG 541,732
------------
3,911,851
------------
Thailand -- 0.6%
121,000 Total Access Communication
Public Company Ltd.+ 476,740
------------
United Kingdom -- 15.4%
144,500 BBA Group Plc 1,197,398
85,000 Bowthorpe Plc 1,493,830
89,000 BP Amoco Plc 898,396
80,000 Compass Group Plc 1,098,404
10,000 Energis Plc+ 480,552
50,000 Hays Plc 797,958
45,000 HSBC Holdings Plc 623,667
26,500 Laporte Plc 232,006
45,000 Logica Plc 1,163,016
102,000 Norwich Union Plc 781,789
53,000 Ocean Group Plc 988,806
22,000 Pearson Plc 716,062
77,000 Smithkline Beecham Plc 976,368
170,000 Vodafone Group Plc 847,391
157,692 Williams Plc 718,310
------------
13,013,953
------------
TOTAL COMMON STOCKS
(Cost $51,049,305) 78,110,439
------------
PREFERRED STOCKS -- 3.1%
Germany -- 3.1%
17,000 Fresenius Medical Care AG 707,260
300 Porsche AG 821,997
1,725 SAP AG 1,039,132
------------
2,568,389
------------
TOTAL PREFERRED STOCKS
(Cost $2,050,983) 2,568,389
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 2.6%
(Cost $2,210,000)
$2,210,000 Agreement with State Street Bank and
Trust Company, 3.300% dated 12/31/1999,
to be repurchased at $2,210,608 on
01/03/2000, collateralized by $2,205,000
U.S. Treasury Note, 6.625% maturing
03/31/2002 (value
$2,257,369) 2,210,000
------------
OTHER INVESTMENTS**
(Cost $1,861,800) 2.2% 1,861,800
----- ------------
TOTAL INVESTMENTS
(Cost $57,172,088*) 100.2% 84,750,628
OTHER ASSETS AND
LIABILITIES (Net) (0.2) (136,647)
----- ------------
NET ASSETS 100.0% $ 84,613,981
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $1,856,250. Collateral received
for securities loaned includes $793,800 in U.S.
Government securities and the remaining $1,068,000
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1999 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking and Financial Services... 13.6% $11,495,740
Electronics...................... 13.2 11,151,206
Telecommunications............... 12.5 10,616,656
Oil and Gas...................... 5.3 4,458,644
Drugs and Health Care............ 4.8 4,019,628
Diversified Industrial........... 4.8 4,088,587
Insurance........................ 4.5 3,841,731
Machinery........................ 3.7 3,155,859
Retail........................... 2.7 2,294,049
Broadcasting..................... 2.3 1,905,801
Computers........................ 2.1 1,807,866
Apparel and Textiles............. 1.9 1,617,109
Software......................... 1.8 1,510,378
Chemicals........................ 1.6 1,368,249
Metal Processing................. 1.5 1,274,991
Air Travel....................... 1.5 1,272,505
Electric and Electrial Equipment. 1.4 1,167,851
Automotive....................... 1.4 1,193,131
Private Placements............... 1.3 1,129,963
Food and Beverages............... 1.3 1,098,404
Communication Services........... 1.3 1,101,306
Business Services................ 1.2 1,031,264
Advertising...................... 1.2 1,019,942
Holding Companies --
Diversified................... 1.1 915,201
Building and Building Materials.. 0.9 762,435
Steel............................ 0.8 688,015
Hotels........................... 0.8 680,565
Pharmaceuticals and Medical
Supplies...................... 0.5 398,860
Forest Paper and Products........ 0.3 266,223
Other............................ 1.0 778,280
----- -----------
TOTAL COMMON STOCKS ............. 92.3 78,110,439
PREFERRED STOCKS ................ 3.1 2,568,389
REPURCHASE AGREEMENT ............ 2.6 2,210,000
OTHER INVESTMENTS ............... 2.2 1,861,800
----- -----------
TOTAL INVESTMENTS ............... 100.2 84,750,628
OTHER ASSETS AND
LIABILITIES (Net) ............ (0.2) (136,647)
----- -----------
NET ASSETS ...................... 100.0% $84,613,981
===== ===========
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value See accompanying
schedules:
Securities ............................. $38,321,932 $205,689,072 $296,059,442 $90,387,234 $764,489,652
Repurchase Agreements .................. 2,669,000 10,109,000 3,543,000 3,538,000 39,000,000
----------- ------------ ------------ ----------- ------------
Total Investments .......................... 40,990,932 215,798,072 299,602,442 93,925,234 803,489,652
Cash ....................................... 769 896 2,403 368 981
Interest receivable ........................ 100,559 927 325 324 3,575
Dividends receivable ....................... 13,670 403,794 273,051 2,844 504,741
Receivable for investment securities sold .. 6,085 1,903,735 984,534 -- 3,530,507
Receivable for Fund shares sold ............ 205,829 57,462 365,615 1,178,407 1,320,575
Receivable from investment advisor ......... -- -- -- -- --
Unamortized organization costs ............. -- -- -- -- --
Receivable for future variation margin ..... -- -- -- -- --
Prepaid expenses and other assets .......... 24,861 29,161 27,676 30,318 54,788
----------- ------------ ------------ ----------- ------------
Total Assets ............................... 41,342,705 218,194,047 301,256,046 95,137,495 808,904,819
----------- ------------ ------------ ----------- ------------
LIABILITIES:
Due to custodian ........................... -- -- -- -- --
Unrealized depreciation of foreign currency
and net other assets ..................... -- -- 24 -- --
Payable for Fund shares redeemed ........... 2,207 595,648 15,348,204 45,600 1,297,303
Payable for investment securities purchased -- 3,360,197 -- -- --
Payable upon return of securities loaned ... 5,310,662 8,980,963 55,473,436 15,883,572 40,028,728
Investment advisory fee payable ............ 18,807 129,272 149,349 59,496 473,448
Administration fee payable ................. 37 21,390 22,399 6,726 71,492
Shareholder servicing fees payable ......... 4,882 34,496 25,118 816 65,795
Distribution fees payable .................. 2,989 5,048 5,537 28,138 82,511
Transfer agent fee payable ................. 3,982 13,100 9,320 1,183 44,553
Custodian fees payable ..................... 10,169 12,855 40,734 8,381 52,608
Accrued Trustees'/Directors' fees and
expenses ................................. 237 1,264 1,149 247 6,005
Accrued expenses and other payables ........ 19,265 66,495 69,400 20,514 431,398
----------- ------------ ------------ ----------- ------------
Total Liabilities .......................... 5,373,237 13,220,728 71,144,670 16,054,673 42,553,841
----------- ------------ ------------ ----------- ------------
NET ASSETS ................................. $35,969,468 $204,973,319 $230,111,376 $79,082,822 $766,350,978
=========== ============ ============ =========== ============
Investments, at cost ....................... $36,356,465 $178,254,405 $203,937,581 $71,221,492 $554,481,406
=========== ============ ============ =========== ============
See Notes to Financial Statements.
</TABLE>
44
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$61,820,663 $103,384,149 $291,049,351 $110,444,031 $78,815,118 $29,414,111 $82,540,628
174,000 -- 4,689,000 20,634,000 1,145,000 160,000 2,210,000
----------- ------------ ------------ ------------ ----------- ----------- -----------
61,994,663 103,384,149 295,738,351 131,078,031 79,960,118 29,574,111 84,750,628
154 -- 304 85 7,371 1,133 1,244,609
16 -- 430 1,891 105 15 203
652,235 155,438 15,558 209,984 84,358 225 60,249
1,062,435 164,523 -- 988,517 24,111 491,292 119
275,369 146,451 349,937 222,237 206,093 388,504 487,163
-- -- -- -- 5,073 931 --
-- -- -- 8,162 3,384 2,771 12,490
-- -- -- 528 -- -- --
27,795 30,858 30,380 33,436 28,918 31,396 40,051
----------- ------------ ------------ ------------ ----------- ----------- -----------
64,012,667 103,881,419 296,134,960 132,542,871 80,319,531 30,490,378 86,595,512
----------- ------------ ------------ ------------ ----------- ----------- -----------
-- 418,653 -- -- -- -- --
-- -- -- -- 18 -- 1,046
63,096 138,021 2,960,074 18,889,923 34,596 3,118 1,872
-- -- -- -- -- 150,307 --
-- 12,244,881 37,648,816 6,173,590 11,358,698 5,385,214 1,861,800
38,488 56,463 155,253 77,378 65,954 17,360 65,968
6,315 9,336 24,749 12,569 5,897 1,957 7,407
292 8,304 15,976 1,292 8,061 17 500
3,860 3,907 14,169 2,914 1,700 8,943 1,175
4,840 7,533 19,549 8,854 1,969 992 2,734
8,219 11,218 24,186 12,096 35,986 9,755 31,956
375 565 1,319 664 271 100 369
56,445 64,865 74,139 73,796 5,645 2,340 6,704
----------- ------------ ------------ ------------ ----------- ----------- -----------
181,930 12,963,746 40,938,230 25,253,076 11,518,795 5,580,103 1,981,531
----------- ------------ ------------ ------------ ----------- ----------- -----------
$63,830,737 $ 90,917,673 $255,196,730 $107,289,795 $68,800,736 $24,910,275 $84,613,981
=========== ============ ============ ============ =========== =========== ===========
$69,830,601 $102,502,272 $243,544,505 $124,111,982 $63,158,946 $22,743,656 $57,172,088
=========== ============ ============ ============ =========== =========== ===========
</TABLE>
45
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/(loss) .. $ 33,812 $ 58,121 $ (429,628) $ (429,307) $ (632,354)
Accumulated net realized gain/(loss) on
investments sold, futures contracts and
currency transactions .................... 2,378,390 4,414,129 2,638,142 5,095,942 20,417,453
Net unrealized appreciation/(depreciation)
of investments, foreign currency and net
other assets ............................. 4,634,467 37,543,667 95,661,645 22,703,742 249,008,246
Par value .................................. 3,366 15,081 12,143 29,663 362,775
Paid-in capital in excess of par value ..... 28,919,433 162,942,321 132,229,074 51,682,782 497,194,858
----------- ------------ ------------ ----------- ------------
$35,969,468 $204,973,319 $230,111,376 $79,082,822 $766,350,978
=========== ============ ============ =========== ============
NET ASSETS:
Class A Shares ............................. $ 2,349,353 $ 6,817,552 $ 7,239,514 $17,381,929 $ 58,765,968
=========== ============ ============ =========== ============
Class B Shares ............................. $ 2,965,230 $ 3,458,848 $ 2,173,936 $24,260,509 $ 70,801,194
=========== ============ ============ =========== ============
Class C Shares ............................. $ 689,090 $ 939,918 $ 2,966,785 $ 9,565,287 $ 12,035,526
=========== ============ ============ =========== ============
Class K Shares ............................. $24,133,755 $165,311,576 $122,690,785 $ 4,288,155 $332,193,412
=========== ============ ============ =========== ============
Class Y Shares ............................. $ 5,832,040 $ 28,445,425 $ 95,040,356 $23,586,942 $292,554,878
=========== ============ ============ =========== ============
SHARES OUTSTANDING:
Class A Shares ............................. 220,163 501,644 382,532 646,141 2,782,699
=========== ============ ============ =========== ============
Class B Shares ............................. 278,975 255,627 117,057 923,564 3,529,493
=========== ============ ============ =========== ============
Class C Shares ............................. 64,562 69,542 158,252 363,878 599,236
=========== ============ ============ =========== ============
Class K Shares ............................. 2,256,962 12,161,555 6,489,404 159,876 15,729,333
=========== ============ ============ =========== ============
Class Y Shares ............................. 545,568 2,092,197 4,995,461 872,812 13,636,723
=========== ============ ============ =========== ============
CLASS A SHARES:
Net asset value and redemption price per
share .................................... $ 10.67 $13.59 $18.93 $26.90 $21.12
======= ====== ====== ====== ======
Maximum sales charge ....................... 5.50% 5.50% 5.50% 5.50% 5.50%
Maximum offering price per share ........... $ 11.29 $14.38 $20.03 $28.47 $22.35
======= ====== ====== ====== ======
CLASS B SHARES:
Net asset value and offering price per
share* ................................... $ 10.63 $13.53 $18.57 $26.27 $20.06
======= ====== ====== ====== ======
CLASS C SHARES:
Net asset value and offering price per
share* ................................... $ 10.67 $13.52 $18.75 $26.29 $20.08
======= ====== ====== ====== ======
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ............... $ 10.69 $13.59 $18.91 $26.82 $21.12
======= ====== ====== ====== ======
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ............... $ 10.69 $13.60 $19.03 $27.02 $21.45
======= ====== ====== ====== ======
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
46
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ (4,103) $ 229,980 $ (988,576) $ 254,673 $ 151,996 $ (159,753) $(1,203,401)
(7,057,822) (5,223,791) (54,438,124) 1,526,265 (9,080,204) (100,243) 1,751,677
(7,835,938) 881,877 52,193,846 6,966,049 16,798,386 6,830,459 27,580,381
57,640 76,728 14,191 75,027 46,600 15,549 51,921
78,670,960 94,952,879 258,415,393 98,467,781 60,883,958 18,324,263 56,433,403
----------- ----------- ------------ ------------ ----------- ----------- -----------
$63,830,737 $90,917,673 $255,196,730 $107,289,795 $68,800,736 $24,910,275 $84,613,981
=========== =========== ============ ============ =========== =========== ===========
$ 2,663,178 $ 3,659,435 $ 15,345,515 $ 2,540,433 $ 1,039,716 $ 4,951,235 $ 2,158,035
=========== =========== ============ ============ =========== =========== ===========
$ 3,185,153 $ 2,561,987 $ 9,640,395 $ 2,486,698 $ 1,951,969 $ 9,408,680 $ 908,036
=========== =========== ============ ============ =========== =========== ===========
$ 702,082 $ 1,324,933 $ 3,642,899 $ 480,755 $ 694,607 $ 2,226,938 $ 469,417
=========== =========== ============ ============ =========== =========== ===========
$ 1,018,751 $40,301,531 $ 80,935,221 $ 6,200,401 $41,441,747 $ 83,489 $ 2,491,515
=========== =========== ============ ============ =========== =========== ===========
$56,261,573 $43,069,787 $145,632,700 $ 95,581,508 $23,672,697 $ 8,239,933 $78,586,978
=========== =========== ============ ============ =========== =========== ===========
240,793 308,423 855,511 177,997 69,858 306,473 132,371
=========== =========== ============ ============ =========== =========== ===========
288,218 218,479 571,020 176,640 133,142 595,177 56,469
=========== =========== ============ ============ =========== =========== ===========
63,268 113,252 212,307 34,193 47,792 140,942 29,125
=========== =========== ============ ============ =========== =========== ===========
92,289 3,403,030 4,537,973 434,338 2,810,979 5,175 153,154
=========== =========== ============ ============ =========== =========== ===========
5,079,385 3,629,579 8,014,680 6,679,524 1,598,244 507,163 4,820,934
=========== =========== ============ ============ =========== =========== ===========
$11.06 $11.86 $17.94 $14.27 $14.88 $16.16 $16.30
====== ====== ====== ====== ====== ====== ======
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$11.70 $12.56 $18.98 $15.10 $15.75 $17.10 $17.25
====== ====== ====== ====== ====== ====== ======
$11.05 $11.73 $16.88 $14.08 $14.66 $15.81 $16.08
====== ====== ====== ====== ====== ====== ======
$11.10 $11.70 $17.16 $14.06 $14.53 $15.80 $16.12
====== ====== ====== ====== ====== ====== ======
$11.04 $11.84 $17.84 $14.28 $14.74 $16.13 $16.27
====== ====== ====== ====== ====== ====== ======
$11.08 $11.87 $18.17 $14.31 $14.81 $16.25 $16.30
====== ====== ====== ====== ====== ====== ======
</TABLE>
47
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1999 (Unaudited)
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ................................... $ 359,875 $ 247,694 $ 60,132 $ 64,619 $ 1,104,655
Dividends (a) .............................. 107,760 2,569,656 1,891,164 7,926 2,870,227
Other ...................................... 6,494 6,163 172,913 14,335 1,194
---------- ------------ ----------- ----------- -----------
Total investment income .............. 474,129 2,823,513 2,124,209 86,880 3,976,076
---------- ------------ ----------- ----------- -----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ........................... 2,128 7,182 8,599 14,658 60,948
Class B Shares ........................... 11,206 18,073 7,406 82,004 432,619
Class C Shares ........................... 2,317 6,366 11,939 34,157 60,794
Shareholder servicing fees:
Class K Shares ........................... 30,972 225,701 135,025 3,652 369,471
Investment advisory fee .................... 121,364 834,799 809,042 278,944 3,375,254
Administration fee ......................... 19,424 115,762 112,048 28,977 380,714
Transfer agent fee ......................... 8,846 47,500 41,226 10,329 147,034
Custodian fees ............................. 23,903 28,700 96,245 15,168 82,240
Legal and audit fees ....................... 1,906 9,445 8,137 1,868 30,048
Trustees'/Directors' fees and expenses ..... 892 4,544 3,889 939 13,526
Amortization of organization costs ......... -- -- -- -- --
Registration and filing fees ............... 9,541 15,093 14,077 14,976 37,894
Other ...................................... -- 44,916 65,760 35,197 246,303
---------- ------------ ----------- ----------- -----------
Total Expenses ....................... 232,499 1,358,081 1,313,393 520,869 5,236,845
Fees waived and/or expenses reimbursed by
investment advisor ....................... -- -- -- (4,682) (628,415)
---------- ------------ ----------- ----------- -----------
Net Expenses ......................... 232,499 1,358,081 1,313,393 516,187 4,608,430
---------- ------------ ----------- ----------- -----------
NET INVESTMENT INCOME/(LOSS) ............... 241,630 1,465,432 810,816 (429,307) (632,354)
---------- ------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions (b) ................ 3,861,386 4,414,739 15,472,825 11,841,642 25,050,287
Futures contracts ........................ -- -- -- -- --
Foreign currency transactions ............ -- -- (1,014) -- --
Net change in unrealized appreciation/
(depreciation) of:
Securities ............................... (609,121) (18,042,122) 39,467,820 12,896,997 (6,604,880)
Foreign currency and net other assets .... -- -- 6,515 -- --
---------- ------------ ----------- ----------- -----------
Net realized and unrealized gain/(loss) on
investments .............................. 3,252,265 (13,627,383) 54,946,146 24,738,639 18,445,407
---------- ------------ ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................ $3,493,895 $(12,161,951) $55,756,962 $24,309,332 $17,813,053
========== ============ =========== =========== ===========
<FN>
- ----------------
(a) Net of foreign withholding taxes of $6,680, $114,119, $19,000, $194,
$26,695 for Munder Growth & Income Fund, Munder International Equity
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 $112,803 for Munder Framlington
Emerging Markets Fund.
See Notes to Financial Statements.
</TABLE>
48
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 33,132 $ 136,563 $ 293,561 $ 155,921 $ 22,545 $ 4,719 $ 24,302
2,834,384 806,465 195,039 1,015,509 596,490 1,888 244,536
-- 11,394 84,988 9,157 15,193 13,574 21,554
------------ ------------ ----------- ------------ ----------- ---------- -----------
2,867,516 954,422 573,588 1,180,587 634,228 20,181 290,392
------------ ------------ ----------- ------------ ----------- ---------- -----------
3,455 5,839 20,159 3,353 927 4,248 3,277
21,203 14,131 41,023 16,176 7,168 35,441 3,402
4,839 7,647 17,320 6,400 2,651 8,147 718
2,599 72,909 126,863 10,138 39,077 83 2,545
262,391 434,437 1,015,768 514,656 323,571 90,414 354,589
36,880 60,290 140,879 72,328 26,912 9,392 36,835
15,475 26,372 59,436 29,535 9,809 3,408 13,047
12,201 19,046 40,039 21,995 96,328 18,546 83,071
3,105 5,238 12,215 5,895 1,871 647 2,134
1,508 2,568 5,880 2,895 933 336 1,251
3,739 -- -- 5,492 143 249 2,516
10,570 14,658 16,906 12,673 11,800 10,931 11,520
36,693 44,434 65,676 52,172 18,770 9,824 8,152
------------ ------------ ----------- ------------ ----------- ---------- -----------
414,658 707,569 1,562,164 753,708 539,960 191,666 523,057
-- -- -- -- (57,728) (15,386) (19,222)
------------ ------------ ----------- ------------ ----------- ---------- -----------
414,658 707,569 1,562,164 753,708 482,232 176,280 503,835
------------ ------------ ----------- ------------ ----------- ---------- -----------
2,452,858 246,853 (988,576) 426,879 151,996 (156,099) (213,443)
------------ ------------ ----------- ------------ ----------- ---------- -----------
(5,110,835) (1,386,140) 5,840,393 2,627,534 4,764,351 489,521 4,396,497
-- -- -- 88,111 -- -- --
-- -- -- -- (167,024) (3,791) (137,507)
(5,865,828) (14,737,674) 9,051,278 (14,517,052) 9,558,003 8,311,125 17,317,835
-- -- -- -- 2,430 8 7,626
------------ ------------ ----------- ------------ ----------- ---------- -----------
(10,976,663) (16,123,814) 14,891,671 (11,801,407) 14,157,760 8,796,863 21,584,451
------------ ------------ ----------- ------------ ----------- ---------- -----------
$ (8,523,805) $(15,876,961) $13,903,095 $(11,374,528) $14,309,756 $8,640,764 $21,371,008
============ ============ =========== ============ =========== ========== ===========
</TABLE>
49
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31,
1999 (Unaudited)
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Net investment income/(loss) ............... $ 241,630 $ 1,465,432 $ 810,816 $ (429,307) $ (632,354)
Net realized gain/(loss) on investments sold 3,861,386 4,414,739 15,471,811 11,841,642 25,050,287
Net change in unrealized
appreciation/(depreciation) of investments (609,121) (18,042,122) 39,474,335 12,896,997 (6,604,880)
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net assets
resulting from operations ................ 3,493,895 (12,161,951) 55,756,962 24,309,332 17,813,053
Dividends to shareholders from net
investment income:
Class A Shares ......................... (10,744) (40,727) (36,839) -- --
Class B Shares ......................... (6,559) (11,076) (3,995) -- --
Class C Shares ......................... (1,327) (3,652) (5,583) -- --
Class K Shares ......................... (153,144) (1,149,047) (677,814) -- --
Class Y Shares ......................... (50,289) (233,313) (717,546) -- --
Distributions to shareholders from net
realized gains:
Class A Shares ......................... (439,740) (226,313) (572,043) -- (2,340,098)
Class B Shares ......................... (640,901) (142,947) (157,754) -- (6,210,187)
Class C Shares ......................... (124,756) (52,897) (224,004) -- (814,812)
Class K Shares ......................... (6,544,611) (7,199,658) (10,135,297) -- (18,930,584)
Class Y Shares ......................... (1,916,915) (1,232,719) (8,856,940) -- (18,414,803)
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares ......................... 1,038,338 1,791,672 (10,138,022) 2,239,226 8,674,919
Class B Shares ......................... 1,549,586 109,312 803,548 3,230,194 (22,855,229)
Class C Shares ......................... 396,691 (300,629) 463,351 356,374 (486,088)
Class K Shares ......................... 1,228,003 (21,644,783) (380,717) 247,459 16,218,587
Class Y Shares ......................... (8,630,631) (7,904,076) (19,030,756) (1,571,132) (10,590,529)
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net assets ...... (10,813,104) (50,402,804) 6,086,551 28,811,453 (37,935,771)
NET ASSETS:
Beginning of period ........................ 46,782,572 255,376,123 224,024,825 50,271,369 804,286,749
------------ ------------ ------------ ----------- ------------
End of period .............................. $ 35,969,468 $204,973,319 $230,111,376 $79,082,822 $766,350,978
============ ============ ============ =========== ============
Undistributed net investment income/(loss) .. $ 33,812 $ 58,121 $ (429,628) $ (429,307) $ (632,354)
============ ============ ============ =========== ============
See Notes to Financial Statements.
</TABLE>
50
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 2,452,858 $ 246,853 $ (988,576) $ 426,879 $ 151,996 $ (156,099) $ (213,443)
(5,110,835) (1,386,140) 5,840,393 2,715,645 4,597,327 485,730 4,258,990
(5,865,828) (14,737,674) 9,051,278 (14,517,052) 9,560,433 8,311,133 17,325,461
------------ ------------ ------------ ------------ ----------- ----------- -----------
(8,523,805) (15,876,961) 13,903,095 (11,374,528) 14,309,756 8,640,764 21,371,008
(94,782) (150) -- (1,941) -- -- (15,604)
(121,566) -- -- -- -- -- --
(27,446) -- -- -- -- -- --
(64,937) (2,138) -- (6,196) -- -- (18,967)
(2,148,230) (31,077) -- (164,069) -- -- (851,344)
-- -- -- (13,659) -- -- (67,545)
-- -- -- (16,856) -- -- (25,644)
-- -- -- (8,269) -- -- (15,041)
-- -- -- (43,610) -- -- (80,151)
-- -- -- (632,101) -- -- (2,455,083)
(458,579) (1,726,159) (11,611,692) (237,001) (104,531) (74,398) (1,532,063)
(1,447,696) (363,456) 89,218 (972,537) 385,300 (564,143) 182,709
(386,234) (319,702) (417,212) (1,177,147) 75,104 (190,758) 255,193
(899,069) (25,517,567) (44,895,740) (3,463,847) (3,337,185) (9,342) 143,116
(3,247,461) (10,295,383) (27,352,025) (33,668,597) 598,503 28,901 1,362,731
------------ ------------ ------------ ------------ ----------- ----------- -----------
(17,419,805) (54,132,593) (70,284,356) (51,780,358) 11,926,947 7,831,024 18,253,315
81,250,542 145,050,266 325,481,086 159,070,153 56,873,789 17,079,251 66,360,666
------------ ------------ ------------ ------------ ----------- ----------- -----------
$ 63,830,737 $ 90,917,673 $255,196,730 $107,289,795 $68,800,736 $24,910,275 $84,613,981
============ ============ ============ ============ =========== =========== ===========
$ (4,103) $ 229,980 $ (988,576) $ 254,673 $ 151,996 $ (159,753) $(1,203,401)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
51
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Net investment income/(loss) ............... $ 1,237,873 $ 3,632,954 $ 2,457,024 $ (623,751) $ (691,376)
Net realized gain/(loss) on investments
sold ..................................... 14,076,577 10,528,419 9,078,930 (6,696,854) 89,416,385
Net change in unrealized
appreciation/(depreciation) of investments.. (10,208,561) 1,735,753 10,045,666 10,124,607 9,480,176
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net assets
resulting from operations ................ 5,105,889 15,897,126 21,581,620 2,804,002 98,205,185
Dividends to shareholders from net
investment income:
Class A Shares ......................... (20,597) (75,395) (59,090) -- --
Class B Shares ......................... (9,726) (11,422) (6,706) -- --
Class C Shares ......................... (1,589) (4,869) (12,169) -- --
Class K Shares ......................... (495,656) (2,515,841) (1,142,060) -- --
Class Y Shares ......................... (653,889) (546,965) (1,239,749) -- (345,882)
Distributions to shareholders in excess of
net investment income:
Class A Shares ......................... -- -- -- -- --
Class B Shares ......................... -- -- -- -- --
Class C Shares ......................... -- -- -- -- --
Class K Shares ......................... -- -- -- -- --
Class Y Shares ......................... -- -- -- -- --
Distributions to shareholders from net
realized gains:
Class A Shares ......................... (111,254) (453,417) (76,269) (158,713) (2,451,617)
Class B Shares ......................... (91,842) (202,291) (13,857) (282,930) (7,432,162)
Class C Shares ......................... (12,800) (66,154) (25,947) (123,793) (1,028,461)
Class K Shares ......................... (3,289,822) (18,732,778) (1,540,788) (44,400) (22,000,121)
Class Y Shares ......................... (3,992,119) (3,210,916) (1,475,693) (301,983) (21,500,520)
Distributions to shareholders in excess
of realized gains:
Class A Shares ......................... -- -- -- -- --
Class B Shares ......................... -- -- -- -- --
Class C Shares ......................... -- -- -- -- --
Class K Shares ......................... -- -- -- -- --
Class Y Shares ......................... -- -- -- -- --
Distributions to shareholders from capital:
Class A Shares ......................... -- -- -- -- --
Class B Shares ......................... -- -- -- -- --
Class C Shares ......................... -- -- -- -- --
Class K Shares ......................... -- -- -- -- --
Class Y Shares ......................... -- -- -- -- --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares ......................... 701,203 (4,014,850) 8,893,119 (1,056,169) 14,240,459
Class B Shares ......................... 1,149,209 1,998,157 (67,178) (2,329,218) (4,872,510)
Class C Shares ......................... 239,877 (421,392) 99,990 (1,095,036) (1,410,384)
Class K Shares ......................... (3,404,875) (2,066,361) (7,374,138) (354,975) 56,882,761
Class Y Shares ......................... (28,897,431) 5,560,859 (10,808,955) 599,445 (60,956,845)
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net assets ...... (33,785,422) (8,866,509) 6,732,130 (2,343,770) 47,329,903
NET ASSETS:
Beginning of period ........................ 80,567,994 264,242,632 217,292,695 52,615,139 756,956,846
------------ ------------ ------------ ----------- ------------
End of period .............................. $ 46,782,572 $255,376,123 $224,024,825 $50,271,369 $804,286,749
============ ============ ============ =========== ============
Undistributed net investment income/(loss) .. $ 14,245 $ 30,504 $ 201,333 $ -- $ --
============ ============ ============ =========== ============
See Notes to Financial Statements.
</TABLE>
52
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,085,199 $ 747,138 $ (1,192,489) $ 1,171,383 $ 193,154 $ (307,022) $ 35,565
(1,754,780) (3,939,228) (59,134,679) (179,867) (7,298,698) (472,670) 433,878
(9,497,908) (5,751,711) 16,665,056 (3,617,537) 19,150,617 (1,882,965) 3,799,029
------------ ------------ ------------ ------------ ----------- ----------- -----------
(7,167,489) (8,943,801) (43,662,112) (2,626,021) 12,045,073 (2,662,657) 4,268,472
(148,737) (32,483) -- (17,723) -- -- --
(229,771) (590) -- -- -- -- --
(51,338) (365) -- -- -- -- --
(90,219) (301,291) -- (30,305) -- -- --
(3,909,906) (420,084) -- (770,952) -- -- --
-- (11,564) -- -- -- -- --
-- (4,201) -- -- -- -- --
-- (2,599) -- -- -- -- --
-- (26,396) -- -- -- -- --
-- -- (245,135) -- -- -- --
(92,242) (182,203) (1,595,064) (239,222) -- (34,003) (1,318)
(173,403) (68,000) (920,567) (65,020) -- (61,201) (264)
(39,951) (42,037) (370,434) (41,943) -- (18,261) (92)
(60,204) (1,344,886) (9,282,837) (416,053) -- (1,180) (904)
(2,367,839) (1,361,469) (12,457,292) (5,372,785) -- (38,003) (31,731)
-- -- -- -- -- (6,191) --
-- -- -- -- -- (11,143) --
-- -- -- -- -- (3,325) --
-- -- -- -- -- (215) --
-- -- -- -- -- (6,919) --
(21,931) -- -- -- -- -- --
(38,530) -- -- -- -- -- --
(8,546) -- -- -- -- -- --
(12,479) -- -- -- -- -- --
(522,878) -- -- -- -- -- --
49,263 (1,568,355) 4,650,565 (3,384,827) 238,069 (995,684) 892,175
(576,360) 337,976 (2,785,595) 1,530,743 479,951 (905,614) (36,560)
(26,150) 116,967 (1,252,201) 672,528 277,007 (1,224,944) (27,499)
480,851 (2,862,277) (7,189,080) (3,137,313) (3,994,617) (82,506) (479,640)
(1,066,406) (5,824,485) (9,567,847) (16,271,565) 429,997 483,685 (7,524,088)
------------ ------------ ------------ ------------ ----------- ----------- -----------
(16,074,265) (22,542,143) (84,677,599) (30,170,458) 9,475,480 (5,568,161) (2,941,449)
97,324,807 167,592,409 410,158,685 189,240,611 47,398,309 22,647,412 69,302,115
------------ ------------ ------------ ------------ ----------- ----------- -----------
$ 81,250,542 $145,050,266 $325,481,086 $159,070,153 $56,873,789 $17,079,251 $66,360,666
============ ============ ============ ============ =========== =========== ===========
$ -- $ 16,492 $ -- $ -- $ -- $ (3,654) $ (104,043)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
53
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31,
1999 (Unaudited)
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 946,306 $ 7,767,445 $ 52,427,542 $ 17,216,215 $ 337,889,332
Issued as reinvestment of dividends ........ 398,326 159,863 369,828 -- 1,622,149
Redeemed ................................... (306,294) (6,135,636) (62,935,392) (14,976,989) (330,836,562)
------------ ------------ ------------ ------------ -------------
Net increase/(decrease) .................... $ 1,038,338 $ 1,791,672 $(10,138,022) $ 2,239,226 $ 8,674,919
============ ============ ============ ============ =============
Class B Shares:
Sold ....................................... $ 1,814,015 $ 1,002,419 $ 1,012,223 $ 5,581,312 $ 5,859,171
Issued as reinvestment of dividends ........ 433,176 88,195 73,313 -- 2,533,148
Redeemed ................................... (697,605) (981,302) (281,988) (2,351,118) (31,247,548)
------------ ------------ ------------ ------------ -------------
Net increase/(decrease) .................... $ 1,549,586 $ 109,312 $ 803,548 $ 3,230,194 $ (22,855,229)
============ ============ ============ ============ =============
Class C Shares:
Sold ....................................... $ 864,339 $ 645,360 $ 4,982,615 $ 1,645,421 $ 5,186,858
Issued as reinvestment of dividends ........ 31,498 20,875 38,384 -- 63,530
Redeemed ................................... (499,146) (966,864) (4,557,648) (1,289,047) (5,736,476)
------------ ------------ ------------ ------------ -------------
Net increase/(decrease) ..................... $ 396,691 $ (300,629) $ 463,351 $ 356,374 $ (486,088)
============ ============ ============ ============ =============
Class K Shares:
Sold ....................................... $ 7,546,312 $ 22,873,038 $ 13,555,767 $ 601,828 $ 72,822,062
Issued as reinvestment of dividends ........ -- 1,118 6,284 -- 120,077
Redeemed ................................... (6,318,309) (44,518,939) (13,942,768) (354,369) (56,723,552)
------------ ------------ ------------ ------------ -------------
Net increase/(decrease) .................... $ 1,228,003 $(21,644,783) $ (380,717) $ 247,459 $ 16,218,587
============ ============ ============ ============ =============
Class Y Shares:
Sold ....................................... $ 2,298,509 $ 3,209,777 $ 10,687,375 $ 2,107,120 $ 29,580,565
Issued as reinvestment of dividends ........ 66,405 43,133 303,077 -- 890,816
Redeemed ................................... (10,995,545) (11,156,986) (30,021,208) (3,678,252) (41,061,910)
------------ ------------ ------------ ------------ -------------
Net increase/(decrease) .................... $ (8,630,631) $ (7,904,076) $(19,030,756) $ (1,571,132) $ (10,590,529)
============ ============ ============ ============ =============
See Notes to Financial Statements.
</TABLE>
54
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 841,898 $ 29,529,924 $ 102,464,797 $ 834,278 $ 1,169,623 $ 975,472 $ 13,105,047
55,045 130 7 11,025 -- -- 83,422
(1,355,522) (31,256,213) (114,076,496) (1,082,304) (1,274,154) (1,049,870) (14,720,532)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$ (458,579) $ (1,726,159) $ (11,611,692) $ (237,001) $ (104,531) $ (74,398) $ (1,532,063)
=========== ============ ============= ============ ============ =========== ============
$ 543,570 $ 619,986 $ 2,304,447 $ 966,033 $ 1,291,218 $ 908,517 $ 576,185
38,740 -- 348 5,041 -- -- 21,092
(2,030,006) (983,442) (2,215,577) (1,943,611) (905,918) (1,472,660) (414,568)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$(1,447,696) $ (363,456) $ 89,218 $ (972,537) $ 385,300 $ (564,143) $ 182,709
=========== ============ ============= ============ ============ =========== ============
$ 40,180 $ 276,397 $ 538,102 $ 122,69 $ 287,233 $ 271,008 $ 678,338
9,321 -- -- 5,962 -- -- 12,538
(435,735) (596,099) (955,314) (1,305,804) (212,129) (461,766) (435,683)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$ (386,234) $ (319,702) $ (417,212) $ (1,177,147) $ 75,104 $ (190,758) $ 255,193
=========== ============ ============= ============ ============ =========== ============
$ 303,374 $ 6,524,489 $ 7,173,209 $ 173,78 $ 7,116,629 $ -- $ 157,196
-- -- -- 39 -- -- --
(1,202,443) (32,042,056) (52,068,949) (3,637,672) (10,453,814) (9,342) (14,080)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$ (899,069) $(25,517,567) $ (44,895,740) $ (3,463,847) $ (3,337,185) $ (9,342) $ 143,116
=========== ============ ============= ============ ============ =========== ============
$ 6,197,987 $ 1,397,868 $ 4,458,988 $ 4,032,588 $ 2,829,717 $ 190,011 $ 5,210,408
530,331 6,500 -- 121,074 -- -- 653,347
(9,975,779) (11,699,751) (31,811,013) (37,822,259) (2,231,214) (161,110) (4,501,024)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$(3,247,461) $(10,295,383) $ (27,352,025) $(33,668,597) $ 598,503 $ 28,901 $ 1,362,731
=========== ============ ============= ============ ============ =========== ============
</TABLE>
55
<TABLE>
<CAPTION>
Munder Funds - Capital Stock Activity, Period Ended December 31,
Statements of Changes - Capital Stock Activity, Period Ended December 31,
1999 (Unaudited)
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 84,913 542,650 3,181,206 900,353 16,259,584
Issued as reinvestment of dividends ........ 40,586 12,298 21,249 -- 84,115
Redeemed ................................... (26,624) (425,518) (3,808,612) (796,242) (15,810,795)
-------- -------- ---------- ------- --------
Net increase/(decrease) .................... 98,875 129,430 (606,157) 104,111 532,904
======== ======== ========== ======= ========
Class B Shares:
Sold ....................................... 159,113 71,852 60,025 270,453 310,084
Issued as reinvestment of dividends ........ 44,370 6,812 4,260 -- 139,044
Redeemed ................................... (66,014) (70,821) (16,347) (120,972) (1,647,192)
-------- -------- ---------- ------- --------
Net increase/(decrease) .................... 137,469 7,843 47,938 149,481 (1,198,064)
======== ======== ========== ======= ========
Class C Shares:
Sold ....................................... 79,646 47,063 305,838 77,916 263,853
Issued as reinvestment of dividends ........ 3,219 1,616 2,203 -- 3,469
Redeemed ................................... (46,144) (70,769) (280,962) (68,841) (287,329)
-------- -------- ---------- ------- --------
Net increase/(decrease) .................... 36,721 (22,090) 27,079 9,075 (20,007)
======== ======== ========== ======= ========
Class K Shares:
Sold ....................................... 752,666 1,671,556 779,875 27,819 3,605,264
Issued as reinvestment of dividends ........ -- 86 356 -- 6,261
Redeemed ................................... (591,434) (3,204,540) (831,140) (18,874) (2,734,313)
-------- -------- ---------- ------- --------
Net increase/(decrease) .................... 161,232 (1,532,898) (50,909) 8,945 877,212
======== ======== ========== ======= ========
Class Y Shares:
Sold ....................................... 228,501 231,611 616,683 99,006 1,469,099
Issued as reinvestment of dividends ........ 6,781 3,315 17,408 -- 45,764
Redeemed ................................... (908,073) (767,635) (1,686,592) (186,571) (1,958,677)
-------- -------- ---------- ------- --------
Net increase/(decrease) .................... (672,791) (532,709) (1,052,501) (87,565) (443,814)
======== ======== ========== ======= ========
See Notes to Financial Statements.
</TABLE>
56
<TABLE>
<CAPTION>
-------------------------------------------------------------- ---------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
74,640 2,445,080 6,559,089 60,662 98,060 76,168 943,133
4,974 12 -- 815 -- -- 5,559
(115,125) (2,595,664) (7,259,894) (76,166) (110,399) (93,145) (1,040,635)
-------- ---------- ---------- ---------- -------- -------- --------
(35,511) (150,572) (700,805) (14,689) (12,339) (16,977) (91,943)
======== ========== ========== ========== ======== ======== ========
47,683 51,850 164,949 68,188 111,642 73,467 41,695
3,472 -- 23 377 -- -- 1,427
(180,927) (85,592) (150,645) (138,111) (76,232) (128,957) (30,126)
-------- ---------- ---------- ---------- -------- -------- --------
(129,772) (33,742) 14,327 (69,546) 35,410 (55,490) 12,996
======== ========== ========== ========== ======== ======== ========
3,559 23,819 35,889 8,504 24,548 22,572 45,968
835 -- -- 447 -- -- 839
(38,738) (52,420) (64,006) (94,471) (20,092) (42,508) (31,352)
-------- ---------- ---------- ---------- -------- -------- --------
(34,344) (28,601) (28,117) (85,520) 4,456 (19,936) 15,455
======== ========== ========== ========== ======== ======== ========
25,495 572,981 465,446 12,269 608,020 -- 10,378
-- -- -- 30 -- -- --
(111,336) (2,848,345) (3,385,633) (256,248) (937,133) (600) (1,071)
-------- ---------- ---------- ---------- -------- -------- --------
(85,841) (2,275,364) (2,920,187) (243,976) (329,113) (600) 9,307
======== ========== ========== ========== ======== ======== ========
528,235 120,679 285,456 283,152 260,007 15,053 347,263
47,636 581 -- 8,935 -- -- 43,415
(877,033) (1,016,774) (2,006,125) (2,652,516) (195,294) (12,818) (328,477)
-------- ---------- ---------- ---------- -------- -------- --------
(301,162) (895,514) (1,720,669) (2,360,429) 64,713 2,235 62,201
======== ========== ========== ========== ======== ======== ========
</TABLE>
57
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 1,140,908 $ 36,363,414 $ 154,582,825 $ 9,475,953 $ 785,755,717
Issued in connection with Fund
reorganization ........................... -- -- -- -- 3,645,184
Issued as reinvestment of dividends ........ 110,159 289,589 76,045 111,618 1,788,540
Redeemed ................................... (549,864) (40,667,853) (145,765,751) (10,643,740) (776,948,982)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) .................... $ 701,203 $ (4,014,850) $ 8,893,119 $ (1,056,169) $ 14,240,459
============ ============ ============= ============ =============
Class B Shares:
Sold ....................................... $ 1,373,486 $ 2,903,698 $ 419,856 $ 4,873,253 $ 11,477,272
Issued in connection with Fund
reorganization ........................... -- -- -- -- 423,609
Issued as reinvestment of dividends ........ 25,182 82,783 8,577 127,867 2,980,135
Redeemed ................................... (249,459) (988,324) (495,611) (7,330,338) (19,753,526)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) .................... $ 1,149,209 $ 1,998,157 $ (67,178) $ (2,329,218) $ (4,872,510)
============ ============ ============= ============ =============
Class C Shares:
Sold ....................................... $ 365,546 $ 5,675,166 $ 784,962 $ 2,511,654 $ 14,691,587
Issued in connection with Fund
reorganization ........................... -- -- -- -- 27,285
Issued as reinvestment of dividends ........ 3,270 22,089 2,507 41,160 69,569
Redeemed ................................... (128,939) (6,118,647) (687,479) (3,647,850) (16,198,825)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) .................... $ 239,877 $ (421,392) $ 99,990 $ (1,095,036) $ (1,410,384)
============ ============ ============= ============ =============
Class K Shares:
Sold ....................................... $ 9,051,179 $ 43,942,687 $ 16,375,849 $ 874,607 $ 110,054,804
Issued in connection with Fund
reorganization ........................... -- -- -- -- 30,893,203
Issued as reinvestment of dividends ........ -- 2,558 862 325 147,907
Redeemed ................................... (12,456,054) (46,011,606) (23,750,849) (1,229,907) (84,213,153)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) .................... $ (3,404,875) $ (2,066,361) $ (7,374,138) $ (354,975) $ 56,882,761
============ ============ ============= ============ =============
Class Y Shares:
Sold ....................................... $ 10,363,069 $ 64,513,627 $ 11,617,421 $ 5,619,141 $ 61,127,513
Issued in connection with Fund
reorganization ........................... -- -- -- -- 8,653,859
Issued as reinvestment of dividends ........ 25,568 87,471 84,636 174,800 1,623,598
Redeemed ................................... (39,286,068) (59,040,239) (22,511,012) (5,194,496) (132,361,815)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) .................... $(28,897,431) $ 5,560,859 $ (10,808,955) $ 599,445 $ (60,956,845)
============ ============ ============= ============ =============
See Notes to Financial Statements.
</TABLE>
58
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 3,097,125 $ 204,932,864 $ 516,745,495 $ 243,685,685 $ 1,420,206 $ 882,935 $ 18,526,567
-- -- -- -- -- -- --
126,652 147,666 857,595 77,126 -- 13,738 1,313
(3,174,514) (206,648,885) (512,952,525) (247,147,638) (1,182,137) (1,892,357) (17,635,705)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 49,263 $ (1,568,355) $ 4,650,565 $ (3,384,827) $ 238,069 $ (995,684) $ 892,175
============ ============= ============= ============= ============ =========== ============
$ 1,967,281 $ 1,605,943 $ 8,733,728 $ 3,512,851 $ 1,650,573 $ 1,720,586 $ 462,021
-- -- -- -- -- -- --
137,336 29,154 350,225 21,686 -- 39,333 203
(2,680,977) (1,297,121) (11,869,548) (2,003,794) (1,170,622) (2,665,533) (498,784)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (576,360) $ 337,976 $ (2,785,595) $ 1,530,743 $ 479,951 $ (905,614) $ (36,560)
============ ============= ============= ============= ============ =========== ============
$ 689,276 $ 1,563,402 $ 2,114,641 $ 1,891,202 $ 481,365 $ 402,803 $ 181,063
-- -- -- -- -- -- --
25,554 15,741 77,875 9,682 -- 3,123 77
(740,980) (1,462,176) (3,444,717) (1,228,356) (204,358) (1,630,870) (208,639)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (26,150) $ 116,967 $ (1,252,201) $ 672,528 $ 277,007 $(1,224,944) $ (27,499)
============ ============= ============= ============= ============ =========== ============
$ 1,114,941 $ 30,619,211 $ 57,197,271 $ 3,272,167 $ 17,037,605 $ 43,800 $ 502,556
-- -- -- -- -- -- --
-- 87 18,166 193 -- -- --
(634,090) (33,481,575) (64,404,517) (6,409,673) (21,032,222) (126,306) (982,196)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 480,851 $ (2,862,277) $ (7,189,080) $ (3,137,313) $ (3,994,617) $ (82,506) $ (479,640)
============ ============= ============= ============= ============ =========== ============
$ 18,204,684 $ 60,951,348 $ 96,528,187 $ 75,168,143 $ 6,623,826 $ 1,004,715 $ 8,894,961
-- -- -- -- -- -- --
1,286,467 302,524 1,414,591 761,480 -- 17,579 8,595
(20,557,557) (67,078,357) (107,510,625) (92,201,188) (6,193,829) (538,609) (16,427,644)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (1,066,406) $ (5,824,485) $ (9,567,847) $ (16,271,565) $ 429,997 $ 483,685 $ (7,524,088)
============ ============= ============= ============= ============ =========== ============
</TABLE>
59
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
EQUITY FUNDS
----------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 94,099 2,500,882 9,829,257 593,060 38,411,153
Issued in connection with Fund
reorganizaton ............................. -- -- -- -- 189,419
Issued as reinvestment of dividends ......... 9,486 21,050 5,276 7,866 92,718
Redeemed ................................... (44,882) (2,760,800) (9,262,579) (695,471) (37,949,040)
---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..................... 58,703 (238,868) 571,954 (94,545) 744,250
========== ========== ========== ======== ===========
Class B Shares:
Sold ....................................... 111,387 201,879 27,512 324,276 597,140
Issued in connection with Fund
reorganizaton ............................ -- -- -- -- 22,939
Issued as reinvestment of dividends ........ 2,172 6,054 599 9,133 161,175
Redeemed ................................... (20,174) (68,980) (34,578) (507,788) (1,016,015)
---------- ---------- ---------- -------- -----------
Net increase/(decrease) .................... 93,385 138,953 (6,467) (174,379) (234,761)
========== ========== ========== ======== ===========
Class C Shares:
Sold ....................................... 29,333 396,608 51,188 166,176 750,825
Issued in connection with Fund
reorganizaton ............................ -- -- -- -- 1,474
Issued as reinvestment of dividends ........ 283 1,617 168 2,938 3,756
Redeemed ................................... (10,311) (420,836) (47,992) (256,106) (832,142)
---------- ---------- ---------- -------- -----------
Net increase/(decrease) .................... 19,305 (22,611) 3,364 (86,922) (76,087)
========== ========== ========== ======== ===========
Class K Shares:
Sold ....................................... 745,255 3,015,495 1,116,407 57,922 4,506,451
Issued in connection with Fund
reorganizaton ............................ -- -- -- -- 1,608,086
Issued as reinvestment of dividends ........ -- 186 60 23 7,679
Redeemed ................................... (1,002,737) (3,158,624) (1,623,278) (86,489) (4,127,521)
---------- ---------- ---------- -------- -----------
Net increase/(decrease) .................... (257,482) (142,943) (506,811) (28,544) 1,994,695
========== ========== ========== ======== ===========
Class Y Shares:
Sold ....................................... 865,614 4,418,808 792,809 402,801 4,819,485
Issued in connection with Fund
reorganizaton ............................. -- -- -- -- 444,900
Issued as reinvestment of dividends ........ 2,203 6,324 5,889 12,267 83,310
Redeemed ................................... (3,153,292) (4,027,938) (1,509,586) (354,262) (6,599,730)
---------- ---------- ---------- -------- -----------
Net increase/(decrease) .................... (2,285,475) 397,194 (710,888) 60,806 (1,252,035)
========== ========== ========== ======== ===========
See Notes to Financial Statements.
</TABLE>
60
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
240,492 17,282,016 31,110,553 17,219,329 136,734 81,639 1,557,057
-- -- -- -- -- -- --
10,178 12,700 53,566 5,660 -- 1,298 113
(248,777) (17,290,366) (30,655,150) (17,388,370) (124,885) (181,202) (1,467,146)
---------- ---------- ---------- ---------- ---------- -------- ----------
1,893 4,350 508,969 (163,381) 11,849 (98,265) 90,024
========== ========== ========== ========== ========== ======== ==========
155,151 131,184 563,596 241,284 186,048 164,817 38,471
-- -- -- -- -- -- --
11,127 2,515 22,966 1,609 -- 3,771 18
(214,152) (109,601) (761,308) (139,996) (145,442) (258,818) (44,954)
---------- ---------- ---------- ---------- ---------- -------- ----------
(47,874) 24,098 (174,746) 102,897 40,606 (90,230) (6,465)
========== ========== ========== ========== ========== ======== ==========
54,141 129,366 131,826 131,656 52,223 38,586 14,652
-- -- -- -- -- -- --
2,053 1,361 5,021 719 -- 299 7
(59,643) (125,088) (221,158) (85,949) (23,616) (166,856) (17,543)
---------- ---------- ---------- ---------- ---------- -------- ----------
(3,449) 5,639 (84,311) 46,426 28,607 (127,971) (2,884)
========== ========== ========== ========== ========== ======== ==========
87,288 2,569,270 3,443,786 219,174 2,088,599 3,932 43,933
-- -- -- -- -- -- --
-- 8 1,135 14 -- -- --
(52,699) (2,834,248) (3,995,528) (451,292) (2,485,396) (11,980) (90,573)
---------- ---------- ---------- ---------- ---------- -------- ----------
34,589 (264,970) (550,607) (232,104) (396,797) (8,048) (46,640)
========== ========== ========== ========== ========== ======== ==========
1,409,073 5,090,624 5,745,898 5,266,369 708,935 94,073 779,551
-- -- -- -- -- -- --
103,706 25,949 87,075 55,701 -- 1,657 740
(1,656,986) (5,589,940) (6,419,767) (6,460,284) (768,253) (51,824) (1,433,472)
---------- ---------- ---------- ---------- ---------- -------- ----------
(144,207) (473,367) (586,794) (1,138,214) (59,318) 43,906 (653,181)
========== ========== ========== ========== ========== ======== ==========
</TABLE>
61
<PAGE>
<TABLE>
<CAPTION>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $12.96 $13.48 $13.01 $12.35 $10.77 $ 9.95 $10.35
------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income ........... 0.08 0.21 0.30 0.29 0.27 0.09 0.19
Net realized and unrealized
gain/(loss) on investments .... 0.93 1.02 1.66 1.30 1.55 0.85 (0.41)
------ ------ ------ ------ ------ ------ ------
Total from investment operations 1.01 1.23 1.96 1.59 1.82 0.94 (0.22)
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ........................ (0.07) (0.23) (0.32) (0.27) (0.24) (0.12) (0.18)
Distributions from net realized
gains ......................... (3.23) (1.52) (1.17) (0.66) -- -- --
------ ------ ------ ------ ------ ------ ------
Total distributions ............. (3.30) (1.75) (1.49) (0.93) (0.24) (0.12) (0.18)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .. $10.67 $12.96 $13.48 $13.01 $12.35 $10.77 $ 9.95
====== ====== ====== ====== ====== ====== ======
Total return (b) ................ 11.19% 10.76% 15.93% 13.63% 17.06% 9.44% (2.07)%
====== ====== ====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ........................ $2,349 $1,572 $ 844 $ 382 $ 375 $ 314 $ 286
Ratio of operating expenses to
average net assets ............ 1.25%(c) 1.22% 1.17% 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to
average net assets ............ 1.30%(c) 1.73% 2.41% 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate ......... 52% 116% 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets without
waivers ....................... 1.25%(c) 1.22% 1.17% 1.22% 1.26% 1.51%(c) 1.57%
<FN>
- ----------------
(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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
62
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$12.92 $13.44 $12.97 $12.33 $10.76 $ 9.93 $ 9.56
------ ------ ------ ------ ------ ------ ------
0.03 0.12 0.21 0.19 0.18 0.06 0.07
0.94 1.01 1.64 1.30 1.56 0.84 0.37
------ ------ ------ ------ ------ ------ ------
0.97 1.13 1.85 1.49 1.74 0.90 0.44
------ ------ ------ ------ ------ ------ ------
(0.03) (0.13) (0.21) (0.19) (0.17) (0.07) (0.07)
(3.23) (1.52) (1.17) (0.66) -- -- --
------ ------ ------ ------ ------ ------ ------
(3.26) (1.65) (1.38) (0.85) (0.17) (0.07) (0.07)
------ ------ ------ ------ ------ ------ ------
$10.63 $12.92 $13.44 $12.97 $12.33 $10.76 $ 9.93
====== ====== ====== ====== ====== ====== ======
10.83% 9.96% 15.11% 12.73% 16.24% 9.11% 4.65%
====== ====== ====== ====== ====== ====== ======
$2,965 $1,829 $ 647 $ 199 $ 75 $ 15 $ 19
2.00%(c) 1.97% 1.92% 1.97% 1.90% 1.91%(c) 1.85%(c)
0.54%(c) 0.94% 1.66% 1.55% 1.54% 1.76%(c) 1.26%(c)
52% 116% 79% 125% 197% 52% 116%
2.00%(c) 1.97% 1.92% 1.97% 2.01% 2.26%(c) 2.20%(c)
</TABLE>
63
<TABLE>
<CAPTION>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99 Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f)
----------- ---------- ------- ---------- ----------
<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 ............ 0.03 0.12 0.22 0.18 0.05
Net realized and unrealized
gain/(loss) on investments ..... 0.95 1.03 1.62 1.32 0.67
------ ------ ------ ------ ------
Total from investment operations .. 0.98 1.15 1.84 1.50 0.72
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.03) (0.13) (0.21) (0.20) (0.04)
Distributions from net realized
gains .......................... (3.23) (1.52) (1.17) (0.66) --
------ ------ ------ ------ ------
Total distributions .............. (3.26) (1.65) (1.38) (0.86) (0.04)
------ ------ ------ ------ ------
Net asset value, end of period ... $10.67 $12.95 $13.45 $12.99 $12.35
====== ====== ====== ====== ======
Total return (b) ................. 10.89% 10.11% 15.00% 12.84% 6.20%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 689 $ 360 $ 115 $ 73 $ 3
Ratio of operating expenses to
average net assets ............. 2.00%(c) 1.97% 1.92% 1.97% 1.90%(c)
Ratio of net investment income to
average net assets ............. 0.55%(c) 0.94% 1.66% 1.55% 1.54%(c)
Portfolio turnover rate .......... 52% 116% 79% 125% 197%
Ratio of operating expenses to
average net assets without
waivers ........................ 2.00%(c) 1.97% 1.92% 1.97% 2.01%(c)
<FN>
- ----------------
(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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
64
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$12.98 $ 13.48 $ 13.01 $ 12.35 $ 10.77 $ 9.95 $ 10.36
------ ------- ------- ------- ------- ------- -------
0.11 0.26 0.37 0.31 0.30 0.10 0.21
0.92 1.02 1.62 1.31 1.55 0.85 (0.42)
------ ------- ------- ------- ------- ------- -------
1.03 1.28 1.99 1.62 1.85 0.95 (0.21)
------ ------- ------- ------- ------- ------- -------
(0.09) (0.26) (0.35) (0.30) (0.27) (0.13) (0.20)
(3.23) (1.52) (1.17) (0.66) -- -- --
------ ------- ------- ------- ------- ------- -------
(3.32) (1.78) (1.52) (0.96) (0.27) (0.13) (0.20)
------ ------- ------- ------- ------- ------- -------
$10.69 $ 12.98 $ 13.48 $ 13.01 $ 12.35 $ 10.77 $ 9.95
====== ======= ======= ======= ======= ======= =======
11.29% 11.21% 16.23% 13.91% 17.35% 9.57% (1.91)%
====== ======= ======= ======= ======= ======= =======
$5,832 $15,816 $47,215 $70,314 $57,637 $48,844 $45,610
1.00%(c) 0.97% 0.92% 0.97% 0.90% 0.91%(c) 0.97%
1.55%(c) 2.09% 2.66% 2.55% 2.54% 2.76%(c) 2.14%
52% 116% 79% 125% 197% 52% 116%
1.00%(c) 0.97% 0.92% 0.97% 1.01% 1.26%(c) 1.32%
</TABLE>
65
<TABLE>
<CAPTION>
Munder Growth and Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(g) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
----------- ------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $14.98 $15.62 $15.21 $13.04 $11.14 $10.42 $10.10
------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............ 0.09 0.20 0.29 0.31 0.32 0.10 0.23
Net realized and unrealized gain
on investments ................. (0.82) 0.73 2.96 3.14 1.98 0.80 0.24
------ ------ ------ ------ ------ ------ ------
Total from investment operations .. (0.73) 0.93 3.25 3.45 2.30 0.90 0.47
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.09) (0.18) (0.28) (0.32) (0.31) (0.18) (0.15)
Distributions from net realized
gains .......................... (0.57) (1.39) (2.56) (0.96) (0.09) -- (0.00)(f)
------ ------ ------ ------ ------ ------ ------
Total distributions .............. (0.66) (1.57) (2.84) (1.28) (0.40) (0.18) (0.15)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period ... $13.59 $14.98 $15.62 $15.21 $13.04 $11.14 $10.42
====== ====== ====== ====== ====== ====== ======
Total return (b) ................. (4.68)% 6.96% 23.03% 28.10% 20.90% 8.69% 4.79%
====== ====== ====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $6,818 $5,578 $9,545 $3,662 $1,025 $ 226 $ 128
Ratio of operating expenses to
average net assets ............. 1.24%(c) 1.21% 1.19% 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to
average net assets ............. 1.30%(c) 1.44% 1.78% 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate .......... 15% 50% 73% 62% 37% 13% 12%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.24%(c) 1.21% 1.19% 1.20% 1.28% 15.51%(c) 1.53%(c)
<FN>
- ----------------
(a) The Munder Growth & 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) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
66
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(g) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
----------- ------- ------- ---------- ---------- ---------- ----------
<S><C> <C> <C> <C> <C> <C> <C>
$14.93 $15.57 $15.17 $13.02 $11.13 $10.41 $10.10
0.04 0.10 0.17 0.21 0.23 0.09 0.19
(0.83) 0.72 2.95 3.13 1.99 0.77 0.25
------ ------ ------ ------ ------ ------ ------
(0.79) 0.82 3.12 3.34 2.22 0.86 0.44
------ ------ ------ ------ ------ ------ ------
(0.04) (0.07) (0.16) (0.23) (0.24) (0.14) (0.13)
(0.57) (1.39) (2.56) (0.96) (0.09) -- (0.00)(f)
------ ------ ------ ------ ------ ------ ------
(0.61) (1.46) (2.72) (1.19) (0.33) (0.14) (0.13)
------ ------ ------ ------ ------ ------ ------
$13.53 $14.93 $15.57 $15.17 $13.02 $11.13 $10.41
====== ====== ====== ====== ====== ====== ======
(5.11)% 6.18% 22.09% 27.16% 20.09% 8.30% 4.47%
====== ====== ====== ====== ====== ====== ======
$3,459 $3,700 $1,694 $ 641 $ 228 $ 57 $ 51
1.99%(c) 1.97% 1.94% 1.95% 1.96% 1.84%(c) 1.27%(c)
0.55%(c) 0.69% 1.03% 1.53% 1.81% 2.58%(c) 3.96%(c)
15% 50% 73% 62% 37% 13% 12%
1.99%(c) 1.97% 1.94% 1.95% 2.03% 2.26%(c) 2.27%(c)
</TABLE>
67
<TABLE>
<CAPTION>
Munder Growth and Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(g) Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(g) 6/30/96(g)
----------- ------- ------- ---------- ----------
<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 ............ 0.04 0.09 0.16 0.19 0.14
Net realized and unrealized gain
on investments ................. (0.82) 0.73 2.95 3.15 0.55
------ ------ ------ ------ ------
Total from investment operations .. (0.78) 0.82 3.11 3.34 0.69
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.04) (0.07) (0.16) (0.23) (0.19)
Distributions from net realized
gains .......................... (0.57) (1.39) (2.56) (0.96) (0.09)
------ ------ ------ ------ ------
Total distributions .............. (0.61) (1.46) (2.72) (1.19) (0.28)
------ ------ ------ ------ ------
Net asset value, end of period ... $13.52 $14.91 $15.55 $15.16 $13.01
====== ====== ====== ====== ======
Total return (b) ................. (5.05)% 6.18% 22.05% 27.17% 5.57%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 940 $1,366 $1,776 $ 766 $ 31
Ratio of operating expenses to
average net assets ............. 1.99%(c) 1.97% 1.94% 1.95% 1.96%(c)
Ratio of net investment income to
average net assets ............. 0.55%(c) 0.69% 1.03% 1.53% 1.81%(c)
Portfolio turnover rate .......... 15% 50% 73% 62% 37%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.99%(c) 1.97% 1.94% 1.95% 2.03%(c)
<FN>
- ----------------
(a) The Munder Growth & 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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
68
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(g) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
----------- ------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 15.00 $ 15.64 $ 15.23 $ 13.05 $ 11.14 $10.43 $10.00
------- ------- ------- ------- ------- ------ ------
0.11 0.25 0.32 0.35 0.35 0.11 0.25
(0.83) 0.72 2.97 3.14 1.98 0.79 0.34
------- ------- ------- ------- ------- ------ ------
(0.72) 0.97 3.29 3.49 2.33 0.90 0.59
------- ------- ------- ------- ------- ------ ------
(0.11) (0.22) (0.32) (0.35) (0.33) (0.19) (0.16)
(0.57) (1.39) (2.56) (0.96) (0.09) -- (0.00)(f)
------- ------- ------- ------- ------- ------ ------
(0.68) (1.61) (2.88) (1.31) (0.42) (0.19) (0.16)
------- ------- ------- ------- ------- ------ ------
$ 13.60 $ 15.00 $ 15.64 $ 15.23 $ 13.05 $11.14 $10.43
======= ======= ======= ======= ======= ====== ======
(4.63)% 7.22% 23.32% 28.43% 21.26% 8.69% 6.02%
======= ======= ======= ======= ======= ====== ======
$28,445 $39,368 $34,840 $29,674 $20,464 $7,860 $4,142
0.99%(c) 0.96% 0.94% 0.95% 0.96% 0.84%(c) 0.28%(c)
1.55%(c) 1.69% 2.03% 2.53% 2.81% 3.58%(c) 4.97%(c)
15% 50% 73% 62% 37% 13% 12%
0.99%(c) 0.96% 0.94% 0.95% 1.03% 1.26%(c) 1.28%(c)
</TABLE>
69
<TABLE>
<CAPTION>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $16.21 $ 15.03 $15.73 $15.09 $13.42 $12.29 $13.68
------ ------- ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income ........... 0.06 0.20 0.15 0.14 0.15 0.12 0.17
Net realized and unrealized
gain/(loss) on investments .... 4.36 1.38 0.34 2.30 1.64 1.01 (1.48)
------ ------- ------ ------ ------ ------ ------
Total from investment operations 4.42 1.58 0.49 2.44 1.79 1.13 (1.31)
------ ------- ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ........................ (0.11) (0.17) (0.19) (0.21) (0.12) -- (0.02)
Distributions from net realized
gains ......................... (1.59) (0.23) (1.00) (1.59) -- -- --
Distributions from capital ...... -- -- -- -- -- -- (0.06)
------ ------- ------ ------ ------ ------ ------
Total distributions ............. (1.70) (0.40) (1.19) (1.80) (0.12) -- (0.08)
------ ------- ------ ------ ------ ------ ------
Net asset value, end of period .. $18.93 $ 16.21 $15.03 $15.73 $15.09 $13.42 $12.29
====== ======= ====== ====== ====== ====== ======
Total return (b) ................ 28.60% 10.80% 4.30% 17.98% 13.37% 9.28% (9.67)%
====== ======= ====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ........................ $7,240 $16,024 $6,264 $6,710 $4,767 $1,400 $1,339
Ratio of operating expenses to
average net assets ............ 1.31%(c) 1.29% 1.25% 1.26% 1.26% 1.21%(c) 1.18%(c)
Ratio of net investment income to
average net assets ............ 0.65%(c) 1.33% 1.03% 0.98% 1.07% 2.57%(c) 1.31%(c)
Portfolio turnover rate ......... 11% 23% 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets without
waiver ........................ 1.31%(c) 1.29% 1.25% 1.26% 1.33% 1.46%(c) 1.43%(c)
<FN>
- ----------------
(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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
70
<TABLE>
<CAPTION>
B Shares
------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
$15.97 $14.83 $15.57 $14.91 $13.35 $12.26 $13.45
------ ------ ------ ------ ------ ------ ------
(0.01) 0.05 0.05 0.03 0.05 0.08 0.08
4.24 1.42 0.32 2.28 1.62 1.01 (1.21)
------ ------ ------ ------ ------ ------ ------
4.23 1.47 0.37 2.31 1.67 1.09 (1.13)
------ ------ ------ ------ ------ ------ ------
(0.04) (0.10) (0.11) (0.06) (0.11) -- (0.00)(g)
(1.59) (0.23) (1.00) (1.59) -- -- --
-- -- -- -- -- -- (0.06)
------ ------ ------ ------ ------ ------ ------
(1.63) (0.33) (1.11) (1.65) (0.11) -- (0.06)
------ ------ ------ ------ ------ ------ ------
$18.57 $15.97 $14.83 $15.57 $14.91 $13.35 $12.26
====== ====== ====== ====== ====== ====== ======
27.75% 10.08% 3.54% 17.18% 12.53% 8.89% (8.38)%
====== ====== ====== ====== ====== ====== ======
$2,174 $1,104 $1,121 $1,151 $ 957 $ 128 $ 118
2.06%(c) 2.04% 2.00% 2.01% 2.01% 1.96%(c) 1.88%(c)
(0.10)%
(c) 0.34% 0.28% 0.23% 0.32% 1.82%(c) 0.61%(c)
11% 23% 41% 46% 75% 14% 20%
2.06%(c) 2.04% 2.00% 2.01% 2.08% 2.21%(c) 2.13%(c)
</TABLE>
71
<TABLE>
<CAPTION>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(f) Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f)
----------- ---------- ------- ---------- ----------
<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 ............ (0.01) 0.05 0.04 0.03 0.04
Net realized and unrealized
gain/(loss) on investments ..... 4.30 1.42 0.34 2.30 0.95
------ ------ ------ ------ ------
Total from investment operations .. 4.29 1.47 0.38 2.33 0.99
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.04) (0.10) (0.11) (0.08) (0.10)
Distributions from net realized
gains .......................... (1.59) (0.23) (1.00) (1.59) --
Distributions from capital ....... -- -- -- -- --
------ ------ ------ ------ ------
Total distributions .............. (1.63) (0.33) (1.11) (1.67) (0.10)
------ ------ ------ ------ ------
Net asset value, end of period ... $18.75 $16.09 $14.95 $15.68 $15.02
====== ====== ====== ====== ======
Total return (b) ................. 27.92% 10.07% 3.50% 17.18% 7.06%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $2,967 $2,111 $1,911 $2,259 $1,584
Ratio of operating expenses to
average net assets ............. 2.06%(c) 2.04% 2.00% 2.01% 2.01%(c)
Ratio of net investment income to
average net assets ............. (0.10)%(c) 0.36% 0.28% 0.23% 0.32%(c)
Portfolio turnover rate .......... 11% 23% 41% 46% 75%
Ratio of operating expenses to
average net assets without
waiver ......................... 2.06%(c) 2.04% 2.00% 2.01% 2.08%(c)
<FN>
- ----------------
(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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
72
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 16.32 $ 15.10 $ 15.80 $ 15.15 $ 13.45 $ 12.30 $ 13.68
------- ------- -------- -------- ------- ------- -------
0.08 0.19 0.19 0.18 0.19 0.12 0.20
4.35 1.46 0.33 2.32 1.64 1.03 (1.47)
------- ------- -------- -------- ------- ------- -------
4.43 1.65 0.52 2.50 1.83 1.15 (1.27)
------- ------- -------- -------- ------- ------- -------
(0.13) (0.20) (0.22) (0.26) (0.13) -- (0.05)
(1.59) (0.23) (1.00) (1.59) -- -- --
-- -- -- -- -- -- (0.06)
------- ------- -------- -------- ------- ------- -------
(1.72) (0.43) (1.22) (1.85) (0.13) -- (0.11)
------- ------- -------- -------- ------- ------- -------
$ 19.03 $ 16.32 $ 15.10 $ 15.80 $ 15.15 $ 13.45 $ 12.30
======= ======= ======== ======== ======= ======= =======
28.36% 11.30% 4.48% 18.35% 13.63% 9.35% (9.33)%
======= ======= ======== ======== ======= ======= =======
$95,040 $98,681 $102,081 $107,831 $89,435 $75,000 $68,263
1.06% 1.04% 1.00% 1.01% 1.01% 0.96%(c) 0.93%
0.90% 1.32% 1.28% 1.23% 1.32% 2.82%(c) 1.56%
11% 23% 41% 46% 75% 14% 20%
1.06% 1.04% 1.00% 1.01% 1.08% 1.21%(c) 1.18%
</TABLE>
73
<TABLE>
<CAPTION>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 .............. (0.13) (0.18) (0.17) (0.05)
Net realized and unrealized gain
on investments ................. 8.87 1.64 5.00 2.86
------- ------ ------- ------
Total from investment operations .. 8.74 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 ... $ 26.90 $18.16 $ 17.00 $12.81
======= ====== ======= ======
Total return (b) ................. 48.13% 9.10% 38.01% 28.10%
======= ====== ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $17,382 $9,844 $10,821 $ 184
Ratio of operating expenses to
average net assets ............. 1.61%(c) 1.53% 1.53% 1.50%(c)
Ratio of net investment loss to
average net assets ............. (1.30)%(c) (1.21)% (0.97)% (0.88)%(c)
Portfolio turnover rate .......... 92% 184% 172% 68%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.63%(c) 1.64% 1.78% 7.90%(c)
<FN>
- ----------------
(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.
</TABLE>
74
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------- ----------------------------------------------------
Period Period
Ended Year Year Period Ended Year Year Period
12/31/99(d) Ended Ended Ended 12/31/99(d) Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 17.84 $ 16.83 $ 12.79 $11.00 $17.85 $16.84 $12.79 $10.13
------- ------- ------- ------ ------ ------ ------ ------
(0.20) (0.28) (0.29) (0.05) (0.20) (0.28) (0.29) (0.03)
8.63 1.59 4.97 1.84 8.64 1.59 4.98 2.69
------- ------- ------- ------ ------ ------ ------ ------
8.43 1.31 4.68 1.79 8.44 1.31 4.69 2.66
------- ------- ------- ------ ------ ------ ------ ------
-- (0.30) (0.64) -- -- (0.30) (0.64) --
------- ------- ------- ------ ------ ------ ------ ------
-- (0.30) (0.64) -- -- (0.30) (0.64) --
------- ------- ------- ------ ------ ------ ------ ------
$ 26.27 $ 17.84 $ 16.83 $12.79 $26.29 $17.85 $16.84 $12.79
======= ======= ======= ====== ====== ====== ====== ======
47.25% 8.29% 36.87% 16.27% 47.28% 8.29% 36.95% 26.26%
======= ======= ======= ====== ====== ====== ====== ======
$24,261 $13,811 $15,965 $ 442 $9,565 $6,333 $7,441 $ 111
2.36%(c) 2.28% 2.28% 2.25%(c) 2.36%(c) 2.28% 2.28% 2.25%(c)
(2.05)%(c) (1.96)% (1.72)% (1.63)%(c) (2.05)%(c) (1.96)% (1.72)% (1.63)%(c)
92% 184% 172% 68% 92% 184% 172% 68%
2.38%(c) 2.39% 2.53% 8.65%(c) 2.38%(c) 2.39% 2.53% 8.65%(c)
</TABLE>
75
<TABLE>
<CAPTION>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/98(d) Ended Ended Ended
(Unaudited) 6/30/99(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 .............. (0.11) (0.14) (0.13) (0.03)
Net realized and unrealized gain
on investments ................. 8.86 1.66 4.99 2.86
------- ------- ------- ------
Total from investment operations .. 8.75 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 ... $ 27.02 $ 18.27 $ 17.05 $12.83
======= ======= ======= ======
Total return (b) ................. 47.89% 9.43% 38.19% 28.30%
======= ======= ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $23,587 $17,543 $15,337 $2,279
Ratio of operating expenses to
average net assets ............. 1.36%(c) 1.28% 1.28% 1.25%(c)
Ratio of net investment loss to
average net assets ............. (1.05)%(c) (0.94)% (0.72)% (0.63)%(c)
Portfolio turnover rate .......... 92% 184% 172% 68%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.38%(c) 1.39% 1.53% 7.65%(c)
<FN>
- ----------------
(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.
</TABLE>
76
[This Page Intentionally Left Blank]
77
<TABLE>
<CAPTION>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
--------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
----------- ------- ---------- ---------- ---------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $ 22.05 $ 21.46 $ 18.02 $ 14.83 $12.02 $10.38 $10.68
------- ------- ------- ------- ------ ------ ------
Income from investment
operations:
Net investment income/(loss) .... (0.02) (0.03) 0.00(g) 0.04 0.06 0.01 0.01
Net realized and unrealized
gain/(loss) on investments .... 0.46 2.20 4.37 3.90 3.20 1.63 (0.27)
------- ------- ------- ------- ------ ------ ------
Total from investment operations 0.44 2.17 4.37 3.94 3.26 1.64 (0.26)
------- ------- ------- ------- ------ ------ ------
Less distributions:
Dividends from net investment
income ........................ -- -- (0.01) -- (0.05) -- --
Distributions from net realized
gains ......................... (1.37) (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- ------- ------- ------ ------ ------
Total distributions ............. (1.37) (1.58) (0.93) (0.75) (0.45) -- (0.04)
------- ------- ------- ------- ------ ------ ------
Net asset value, end of period .. $ 21.12 $ 22.05 $ 21.46 $ 18.02 $14.83 $12.02 $10.38
======= ======= ======= ======= ====== ====== ======
Total return (b) ................ 2.60% 11.34% 25.02% 27.57% 27.56% 15.80% (2.45)%
======= ======= ======= ======= ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ........................ $58,766 $49,602 $32,311 $16,693 $9,544 $9,409 $2,829
Ratio of operating expenses to
average net assets ............ 1.25%(c) 1.22% 1.21% 1.25% 1.26% 1.65%(c) 1.75%
Ratio of net investment
income/(loss) to average net
assets ........................ (0.17)%(c) (0.14)% 0.00%(g) 0.25% 0.44% 0.28%(c) 0.04%
Portfolio turnover rate ......... 23% 53% 34% 33% 54% 27% 48%
Ratio of operating expenses to
average net assets without
waivers ....................... 1.43%(c) 1.38% 1.39% 1.50% 1.51% 1.97%(c) 3.05%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class A Shares and Class B Shares
commenced operations on August 4, 1993 and April 29, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than 0.01.
See Notes to Financial Statements.
</TABLE>
78
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
----------- ------- ---------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 21.09 $ 20.70 $ 17.54 $ 14.56 $ 11.85 $ 10.27 $ 10.65
------- ------- -------- ------- ------- ------- -------
(0.09) (0.18) (0.14) (0.08) (0.04) (0.03) (0.07)
0.43 2.15 4.22 3.81 3.15 1.61 (0.27)
------- ------- -------- ------- ------- ------- -------
0.34 1.97 4.08 3.73 3.11 1.58 (0.34)
------- ------- -------- ------- ------- ------- -------
-- -- -- -- -- -- --
(1.37) (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- -------- ------- ------- ------- -------
(1.37) (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- -------- ------- ------- ------- -------
$ 20.06 $ 21.09 $ 20.70 $ 17.54 $ 14.56 $ 11.85 $ 10.27
======= ======= ======== ======= ======= ======= =======
2.24% 10.66% 24.12% 26.61% 26.66% 15.38% (3.21)%
======= ======= ======== ======= ======= ======= =======
$70,801 $99,696 $102,700 $84,865 $66,630 $54,349 $46,549
2.00%(c) 1.97% 1.96% 2.00% 2.01% 2.40%(c) 2.50%
(0.92)%(c) (0.83)% (0.75)% (0.50)% (0.31)% (0.47)%(c) (0.71)%
0.23% 53% 34% 33% 54% 27% 48%
2.18%(c) 2.14% 2.14% 2.25% 2.26% 2.72%(c) 2.89%
</TABLE>
79
<TABLE>
<CAPTION>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
--------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
----------- ------- ---------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $ 21.12 $ 20.73 $ 17.56 $14.57 $11.86 $10.28 $10.66
------- ------- ------- ------ ------ ------ ------
Income from investment
operations:
Net investment income/(loss) .... (0.09) (0.19) (0.14) (0.08) (0.04) (0.02) (0.07)
Net realized and unrealized
gain/(loss) on investments .... 0.42 2.16 4.23 3.82 3.15 1.60 (0.27)
------- ------- ------- ------ ------ ------ ------
Total from investment operations 0.33 1.97 4.09 3.74 3.11 1.58 (0.34)
------- ------- ------- ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ........................ -- -- -- -- -- -- --
Distributions from net realized
gains ......................... (1.37) (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- ------- ------ ------ ------ ------
Total distributions ............. (1.37) (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- ------- ------ ------ ------ ------
Net asset value, end of period .. $ 20.08 $ 21.12 $ 20.73 $17.56 $14.57 $11.86 $10.28
======= ======= ======= ====== ====== ====== ======
Total return (b) ................ 2.18% 10.70% 24.09% 26.66% 26.64% 15.37% (3.21)%
======= ======= ======= ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ........................ $12,036 $13,076 $14,411 $9,253 $5,605 $3,207 $2,071
Ratio of operating expenses to
average net assets ............ 2.00%(c) 1.97% 1.96% 2.00% 2.01% 2.40% (c) 2.50%
Ratio of net investment
income/(loss) to average net
assets ........................ (0.92)%(c) (0.83)% (0.75)% (0.50)% (0.31)% (0.47)%(c) (0.65)%
Portfolio turnover rate ......... 23% 53% 34% 33% 54% 27% 48%
Ratio of operating expenses to
average net assets without
waivers ....................... 2.18%(c) 2.13% 2.14% 2.25% 2.26% 2.72% (c) 4.57%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class C Shares and Class Y Shares
commenced operations on September 20, 1993 and August 16 1993,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than 0.01.
See Notes to Financial Statements.
</TABLE>
80
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
----------- ------- ---------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 22.34 $ 21.66 $ 18.17 $ 14.94 $ 12.10 $ 10.43 $10.70
-------- -------- -------- -------- -------- ------- ------
0.01 0.04 0.05 0.08 0.09 0.00(g) 0.04
0.47 2.25 4.38 3.94 3.22 1.67 (0.27)
-------- -------- -------- -------- -------- ------- ------
0.48 2.29 4.43 4.02 3.31 1.67 (0.23)
-------- -------- -------- -------- -------- ------- ------
-- (0.03) (0.02) (0.04) (0.07) -- --
(1.37) (1.58) (0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- -------- -------- ------- ------
(1.37) (1.61) (0.94) (0.79) (0.47) -- (0.04)
-------- -------- -------- -------- -------- ------- ------
$ 21.45 $ 22.34 $ 21.66 $ 18.17 $ 14.94 $ 12.10 $10.43
======== ======== ======== ======== ======== ======= ======
2.75% 11.70% 25.28% 27.96% 27.85% 16.01% (2.17)%
======== ======== ======== ======== ======== ======= ======
$292,555 $314,558 $332,156 $176,027 $130,129 $87,604 $3,244
1.00% 0.97% 0.96% 1.00% 1.01% 1.40%(c) 1.50%
0.08% 0.17% 0.25% 0.50% 0.69% 0.53%(c) 0.29%
23% 53% 34% 33% 54% 27% 48%
1.18% 1.14% 1.14% 1.25% 1.26% 1.72%(c) 2.53%
</TABLE>
81
<TABLE>
<CAPTION>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period
12/31/99(e) Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
----------- ---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 12.78 $14.94 $14.40 $11.22 $10.09 $10.00
------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............ 0.39 0.57 0.64 0.44 0.45 0.36
Net realized and unrealized
gain/(loss) on investments ..... (1.71) (1.63) 0.66 3.26 1.12 0.07
------- ------ ------ ------ ------ ------
Total from investment operations .. (1.32) (1.06) 1.30 3.70 1.57 0.43
------- ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.40) (0.60) (0.62) (0.48) (0.44) (0.34)
Distributions in excess of net
investment income .............. -- -- -- (0.01) -- --
Distributions from net realized
gains .......................... -- (0.39) (0.14) -- -- --
Distributions from capital ....... -- (0.11) -- (0.03) -- --
------- ------ ------ ------ ------ ------
Total distributions .............. (0.40) (1.10) (0.76) (0.52) (0.44) (0.34)
------- ------ ------ ------ ------ ------
Net asset value, end of period ... $ 11.06 $12.78 $14.94 $14.40 $11.22 $10.09
======= ====== ====== ====== ====== ======
Total return (b) ................. (10.32)% (6.66)% 8.93% 33.51% 15.92% 4.45%
======= ====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 2,663 $3,530 $4,099 $1,426 $ 267 $ 223
Ratio of operating expenses to
average net assets ............. 1.33%(c) 1.27% 1.28% 1.35% 1.25% 1.50%(c)
Ratio of net investment income to
average net assets ............. 6.76%(c) 4.40% 4.15% 3.80% 4.25% 5.03%(c)
Portfolio turnover rate .......... 6% 22% 15% 15% 17% 3%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.33%(c) 1.27% 1.28% 1.38% 1.52% 7.23%(c)
<FN>
- ----------------
(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) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
82
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period
12/31/99(e) Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
----------- ---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 12.77 $14.93 $14.40 $11.22 $10.09 $10.00
------- ------ ------ ------ ------ ------
0.35 0.47 0.53 0.36 0.38 0.30
(1.72) (1.63) 0.65 3.24 1.11 0.07
------- ------ ------ ------ ------ ------
(1.37) (1.16) 1.18 3.60 1.49 0.37
------- ------ ------ ------ ------ ------
(0.35) (0.51) (0.51) (0.38) (0.36) (0.28)
-- -- -- (0.01) -- --
-- (0.39) (0.14) -- -- --
-- (0.10) -- (0.03) -- --
------- ------ ------ ------ ------ ------
(0.35) (1.00) (0.65) (0.42) (0.36) (0.28)
------- ------ ------ ------ ------ ------
$ 11.05 $12.77 $14.93 $14.40 $11.22 $10.09
======= ====== ====== ====== ====== ======
(10.67)% (7.37)% 8.12% 32.52% 15.05% 3.87%
======= ====== ====== ====== ====== ======
$ 3,185 $5,337 $6,956 $4,606 $1,707 $1,496
2.08%(c) 2.02% 2.03% 2.10% 2.00% 2.25%(c)
6.01%(c) 3.70% 3.40% 3.05% 3.50% 4.28%(c)
6% 22% 15% 15% 17% 3%
2.08%(c) 2.02% 2.03% 2.13% 2.27% 7.98%(c)
</TABLE>
83
<TABLE>
<CAPTION>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(e) Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e)
----------- ---------- ---------- ------- ----------
<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 ............ 0.35 0.48 0.53 0.36 0.18
Net realized and unrealized
gain/(loss) on investments ..... (1.72) (1.64) 0.66 3.26 0.47
------- ------ ------ ------ ------
Total from investment operations .. (1.37) (1.16) 1.19 3.62 0.65
------- ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.35) (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 ....... -- (0.10) -- (0.03) --
------- ------ ------ ------ ------
Total distributions .............. (0.35) (1.00) (0.65) (0.43) (0.16)
------- ------ ------ ------ ------
Net asset value, end of period ... $ 11.10 $12.82 $14.98 $14.44 $11.25
======= ====== ====== ====== ======
Total return (b) ................. (10.63)% (7.34)% 8.17% 32.57% 6.08%
======= ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 702 $1,251 $1,513 $ 537 $ 4
Ratio of operating expenses to
average net assets ............. 2.08%(c) 2.02% 2.03% 2.10% 2.00%(c)
Ratio of net investment income to
average net assets ............. 6.01%(c) 3.73% 3.40% 3.05% 3.50%(c)
Portfolio turnover rate .......... 6% 22% 15% 15% 17%
Ratio of operating expenses to
average net assets without
waivers ........................ 2.08%(c) 2.02% 2.03% 2.13% 2.27%(c)
<FN>
- ----------------
(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) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
84
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period
12/31/99(e) Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
----------- ---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 12.80 $ 14.95 $ 14.40 $ 11.22 $ 10.09 $10.00
------- ------- ------- ------- ------- ------
0.40 0.60 0.68 0.51 0.47 0.37
(1.71) (1.62) 0.66 3.22 1.13 0.08
------- ------- ------- ------- ------- ------
(1.31) (1.02) 1.34 3.73 1.60 0.45
------- ------- ------- ------- ------- ------
(0.41) (0.64) (0.65) (0.51) (0.47) (0.36)
-- -- -- (0.01) -- --
-- (0.39) (0.14) -- -- --
-- (0.10) -- (0.03) -- --
------- ------- ------- ------- ------- ------
(0.41) (1.13) (0.79) (0.55) (0.47) (0.36)
------- ------- ------- ------- ------- ------
$ 11.08 $ 12.80 $ 14.95 $ 14.40 $ 11.22 $10.09
======= ======= ======= ======= ======= ======
(10.19)% (6.35)% 9.24% 33.79% 16.20% 4.64%
======= ======= ======= ======= ======= ======
$56,262 $68,856 $82,611 $48,206 $19,125 $4,989
1.08%(c) 1.02% 1.03% 1.10% 1.00% 1.25%(c)
7.01%(c) 4.73% 4.40% 4.05% 4.50% 5.28%(c)
6% 22% 15% 15% 17% 3%
1.08%(c) 1.02% 1.03% 1.13% 1.27% 6.98%(c)
</TABLE>
85
<TABLE>
<CAPTION>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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) ..... 0.02 0.06 0.08 0.09
Net realized and unrealized
gain/(loss) on investments ..... (1.26) (0.86) 2.82 1.77
------ ------ ------ ------
Total from investment operations .. (1.24) (0.80) 2.90 1.86
------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.00)(e) (0.05) (0.06) (0.04)
Dividends in excess of net
investment income .............. -- (0.02) -- --
Distribution from net realized
capital gains .................. -- (0.27) (0.64) --
------ ------ ------ ------
Total distributions .............. (0.00)(e) (0.34) (0.70) (0.04)
------ ------ ------ ------
Net asset value, end of period ... $11.86 $13.10 $14.24 $12.04
====== ====== ====== ======
Total return (b) ................. (9.53)% (5.19)% 24.36% 18.20%
====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $3,659 $6,015 $6,474 $1,164
Ratio of operating expenses to
average net assets ............. 1.30%(c) 1.23% 1.27% 1.38%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... 0.35%(c) 0.49% 0.56% 1.93%(c)
Portfolio turnover rate .......... 20% 69% 53% 73%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.30%(c) 1.23% 1.27% 1.51%(c)
FN>
- ----------------
(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.
See Notes to Financial Statements.
</TABLE>
86
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------- ----------------------------------------------------
Period Period
Ended Year Year Period Ended Year Year Period
12/31/99(d) Ended Ended Ended 12/31/99(d) Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 13.03 $14.19 $12.03 $10.76 $ 13.00 $14.18 $12.02 $10.22
------- ------ ------ ------ ------- ------ ------ ------
(0.02) (0.03) (0.03) 0.05 (0.02) (0.03) (0.03) 0.05
(1.28) (0.84) 2.83 1.24 (1.28) (0.86) 2.83 1.78
------- ------ ------ ------ ------- ------ ------ ------
(1.30) (0.87) 2.80 1.29 (1.30) (0.89) 2.80 1.83
------- ------ ------ ------ ------- ------ ------ ------
-- (0.00)(e) -- (0.02) -- (0.00)(e) -- (0.03)
-- (0.02) -- -- -- (0.02) -- --
-- (0.27) (0.64) -- -- (0.27) (0.64) --
------- ------ ------ ------ ------- ------ ------ ------
-- (0.29) (0.64) (0.02) -- (0.29) (0.64) (0.03)
------- ------ ------ ------ ------- ------ ------ ------
$ 11.73 $13.03 $14.19 $12.03 $ 11.70 $13.00 $14.18 $12.02
======= ====== ====== ====== ======= ====== ====== ======
(10.05)% (5.85)% 23.58% 12.03% (10.00)% (6.00)% 23.60% 17.92%
======= ====== ====== ====== ======= ====== ====== ======
$ 2,562 $3,287 $3,237 $ 373 $ 1,325 $1,845 $1,932 $ 197
2.05%(c) 1.98% 2.02% 2.13%(c) 2.05%(c) 1.98% 2.02% 2.13%(c)
(0.40)%(c) (0.27)% (0.19)% 1.18%(c) (0.40)%(c) (0.27)% (0.19)% 1.18%(c)
20% 69% 53% 73% 20% 69% 53% 73%
2.05%(c) 1.98% 2.02% 2.26%(c) 2.05%(c) 1.98% 2.02% 2.26%(c)
</TABLE>
87
<TABLE>
<CAPTION>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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) ..... 0.04 0.09 0.11 0.12
Net realized and unrealized
gain/(loss) on investments ..... (1.29) (0.85) 2.84 1.96
------- ------- ------- -------
Total from investment operations .. (1.25) (0.76) 2.95 2.08
------- ------- ------- -------
Less distributions:
Dividends from net investment
income ......................... (0.01) (0.09) (0.10) (0.04)
Dividends in excess of net
investment income .............. -- -- -- --
Distribution from net realized
capital gains .................. -- (0.27) (0.64) --
------- ------- ------- -------
Total distributions .............. (0.01) (0.36) (0.74) (0.04)
------- ------- ------- -------
Net asset value, end of period ... $ 11.87 $ 13.13 $ 14.25 $ 12.04
======= ======= ======= =======
Total return (b) ................. (9.61)% (5.01)% 24.84% 20.86%
======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $43,070 $59,432 $71,251 $18,271
Ratio of operating expenses to
average net assets ............. 1.05%(c) 0.98% 1.02% 1.13%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... 0.60%(c) 0.72% 0.81% 2.18%(c)
Portfolio turnover rate .......... 20% 69% 53% 73%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.05%(c) 0.98% 1.02% 1.26%(c)
<FN>
- ----------------
(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.
</TABLE>
88
[This Page Intentionally Left Blank]
89
<TABLE>
<CAPTION>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
----------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 16.53 $ 19.96 $ 21.61 $ 21.08 $15.28 $13.89 $14.37
------- ------- ------- ------- ------ ------ ------
Income from investment operations:
Net investment loss .............. (0.06) (0.07) (0.13) (0.12) (0.12) (0.02) (0.07)
Net realized and unrealized
gain/(loss) on investments ..... 1.47 (2.15) 2.59 3.64 7.16 1.41 (0.39)
------- ------- ------- ------- ------ ------ ------
Total from investment operations .. 1.41 (2.22) 2.46 3.52 7.04 1.39 (0.46)
------- ------- ------- ------- ------ ------ ------
Less distributions:
Dividends in excess of net
investment income .............. -- -- -- -- -- -- --
Distributions from net realized
capital gains .................. -- (1.21) (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------- ------- ------ ------ ------
Total distributions .............. -- (1.21) (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------- ------- ------ ------ ------
Net asset value, end of period ... $ 17.94 $ 16.53 $ 19.96 $ 21.61 $21.08 $15.28 $13.89
======= ======= ======= ======= ====== ====== ======
Total return (b) ................. 8.53% (10.92)% 12.41% 18.88% 48.28% 10.01% (3.21)%
======= ======= ======= ======= ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ......................... $15,346 $25,729 $20,909 $11,646 $4,832 $2,871 $2,697
Ratio of operating expenses to
average net assets ............. 1.25%(c) 1.22% 1.20% 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to
average net assets ............. (0.83)%(c) (0.44)% (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate .......... 60% 108% 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.25%(c) 1.22% 1.20% 1.22% 1.28% 1.46%(c) 1.48%
<FN>
- ----------------
(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) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
90
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
----------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$15.71 $ 19.16 $ 21.05 $20.74 $15.15 $13.81 $13.54
------ ------- ------- ------ ------ ------ ------
(0.12) (0.19) (0.28) (0.25) (0.26) (0.05) (0.05)
1.29 (2.05) 2.50 3.55 7.09 1.39 0.34
------ ------- ------- ------ ------ ------ ------
1.17 (2.24) 2.22 3.30 6.83 1.34 0.29
------ ------- ------- ------ ------ ------ ------
-- -- -- -- -- -- --
-- (1.21) (4.11) (2.99) (1.24) -- (0.02)
------ ------- ------- ------ ------ ------ ------
-- (1.21) (4.11) (2.99) (1.24) -- (0.02)
------ ------- ------- ------ ------ ------ ------
$16.88 $ 15.71 $ 19.16 $21.05 $20.74 $15.15 $13.81
====== ======= ======= ====== ====== ====== ======
7.52% (11.55)% 11.51% 18.06% 47.26% 9.70% 2.13%
====== ======= ======= ====== ====== ====== ======
$9,640 $ 8,745 $14,013 $5,735 $ 990 $ 46 $ 39
2.00%(c) 1.97% 1.95% 1.97% 1.96% 1.96%(c) 1.85%(c)
(1.58)%(c) (1.19)% (1.32)% (1.37)% (1.41)% (1.16)%(c) (1.02)%(c)
60% 108% 123% 98% 98% 39% 45%
2.00%(c) 1.97% 1.95% 1.97% 2.03% 2.21%(c) 2.10%(c)
</TABLE>
91
<TABLE>
<CAPTION>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
--------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(f) Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(d,e)
----------- ---------- ---------- ---------- ------------
<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 .............. (0.12) (0.19) (0.28) (0.25) (0.21)
Net realized and unrealized
gain/(loss) on investments ..... 1.31 (2.09) 2.53 3.63 5.33
------ ------- ------ ------ ------
Total from investment operations . 1.19 (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 ... $17.16 $ 15.97 $19.46 $21.32 $20.93
====== ======= ====== ====== ======
Total return (b) ................. 7.52% (11.58)% 11.50% 18.26% 31.97%
====== ======= ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $3,643 $ 3,839 $6,319 $2,271 $ 76
Ratio of operating expenses to
average net assets ............. 2.00%(c) 1.97% 1.95% 1.97% 1.96%(c)
Ratio of net investment loss to
average net assets ............. (1.58)%(c) (1.19)% (1.32)% (1.37)% (1.41)%(c)
Portfolio turnover rate .......... 60% 108% 123% 98% 98%
Ratio of operating expenses to
average net assets without
waivers ........................ 2.00%(c) 1.97% 1.95% 1.97% 2.03%(c)
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class C Shares and Class 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) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
92
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
----------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 16.83 $ 20.26 $ 21.84 $ 21.21 $ 15.33 $ 13.93 $ 14.38
-------- -------- -------- -------- -------- ------- -------
(0.05) (0.03) (0.07) (0.07) (0.07) (0.01) (0.02)
1.39 (2.17) 2.60 3.69 7.19 1.41 (0.41)
-------- -------- -------- -------- -------- ------- -------
1.34 (2.20) 2.53 3.62 7.12 1.40 (0.43)
-------- -------- -------- -------- -------- ------- -------
-- (0.02) -- -- -- -- --
-- (1.21) (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- -------- -------- ------- -------
-- (1.23) (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- -------- -------- ------- -------
$ 18.17 $ 16.83 $ 20.26 $ 21.84 $ 21.21 $ 15.33 $ 13.93
======== ======== ======== ======== ======== ======= =======
8.03% (10.62)% 12.57% 19.26% 48.65% 10.05% (3.00)%
======== ======== ======== ======== ======== ======= =======
$145,633 $163,827 $209,081 $152,772 $107,492 $79,968 $72,207
1.00%(c) 0.97% 0.95% 0.97% 0.96% 0.96%(c) 0.98%
(0.58)%(c) (0.19)% (0.32)% (0.37)% (0.41)% (0.16)%(c) (0.15)%
60% 108% 123% 98% 98% 39% 45%
1.00%(c) 0.97% 0.95% 0.97% 1.03% 1.21%(c) 1.23%
</TABLE>
93
<TABLE>
<CAPTION>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(d) Ended Ended Ended Ended
(Unaudited) 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 ......................... $15.46 $16.19 $13.98 $11.57 $10.38
------ ------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) ..... 0.03 0.07 0.10 0.08 0.05
Net realized and unrealized
gain/(loss) on investments ..... (1.14) (0.21) 3.35 3.64 1.19
------ ------ ------ ------ ------
Total from investment operations . (1.11) (0.14) 3.45 3.72 1.24
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.01) (0.04) (0.09) (0.09) (0.05)
Distributions from net realized
gains .......................... (0.07) (0.55) (1.15) (1.22) --
------ ------ ------ ------ ------
Total distributions .............. (0.08) (0.59) (1.24) (1.31) (0.05)
------ ------ ------ ------ ------
Net asset value, end of period ... $14.27 $15.46 $16.19 $13.98 $11.57
====== ====== ====== ====== ======
Total return (b) ................. (7.13)% (0.23)% 25.53% 34.38% 11.95%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $2,540 $2,979 $5,763 $1,587 $ 424
Ratio of operating expenses to
average net assets ............. 1.28%(c) 1.23% 1.24% 1.27% 1.20%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... 0.42%(c) 0.47% 0.61% 0.70% 0.64%(c)
Portfolio turnover rate .......... 57% 138% 92% 139% 223%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.28%(c) 1.23% 1.24% 1.31% 1.30%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class A Shares, Class B Shares and Class C Shares
commenced operations on September 14, 1995, September 19, 1995 and
February 9, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
94
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------------- ----------------------------------------------------------
Period Period
Ended Year Year Year Period Ended Year Year Year Period
12/31/99(d) Ended Ended Ended Ended 12/31/99(d) Ended Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/96(d) (Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/96(d)
---------------------- ---------- ---------- ---------- ---------------------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$15.29 $16.11 $13.93 $11.55 $10.41 $15.27 $16.09 $13.93 $11.54 $11.35
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
(0.02) (0.03) (0.02) (0.01) (0.01) (0.02) (0.03) (0.02) (0.01) (0.01)
(1.12) (0.24) 3.36 3.61 1.16 (1.12) (0.24) 3.34 3.62 0.23
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
(1.14) (0.27) 3.34 3.60 1.15 (1.14) (0.27) 3.32 3.61 0.22
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
-- -- (0.01) -- (0.01) -- -- (0.01) -- (0.03)
(0.07) (0.55) (1.15) (1.22) -- (0.07) (0.55) (1.15) (1.22) --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
(0.07) (0.55) (1.16) (1.22) (0.01) (0.07) (0.55) (1.16) (1.22) (0.03)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
$14.08 $15.29 $16.11 $13.93 $11.55 $14.06 $15.27 $16.09 $13.93 $11.54
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
(7.41)% (1.23)% 24.93% 33.24% 11.09% (7.42)% (1.23)% 24.78% 33.36% 1.90%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
$2,487 $3,765 $2,309 $ 935 $ 103 $ 481 $1,828 $1,179 $ 527 $ 348
2.03%(c) 1.98% 1.99% 2.02% 1.95%(c) 2.03%(c) 1.98% 1.99% 2.02% 1.95%(c)
(0.33)%(c) (0.21)% (0.14)% (0.05)% (0.11)%(c) (0.33)%(c) (0.19)% (0.14)% (0.05)% (0.11)%(c)
57% 138% 92% 139% 223% 57% 138% 92% 139% 223%
2.03%(c) 1.98% 1.99% 2.06% 2.05%(c) 2.03%(c) 1.98% 1.99% 2.06% 2.05%(c)
</TABLE>
95
<TABLE>
<CAPTION>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
Y Shares
------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(d) Ended Ended Ended Ended
(Unaudited) 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 ......................... $ 15.49 $ 16.23 $ 14.00 $ 11.59 $ 10.00
------- -------- -------- ------- -------
Income from investment operations:
Net investment income/(loss) ..... 0.05 0.11 0.13 0.12 0.09
Net realized and unrealized
gain/(loss) on investments ..... (1.14) (0.22) 3.38 3.63 1.56
------- -------- -------- ------- -------
Total from investment operations . (1.09) (0.11) 3.51 3.75 1.65
------- -------- -------- ------- -------
Less distributions:
Dividends from net investment
income ......................... (0.02) (0.08) (0.13) (0.12) (0.06)
Distributions from net realized
gains .......................... (0.07) (0.55) (1.15) (1.22) --
------- -------- -------- ------- -------
Total distributions .............. (0.09) (0.63) (1.28) (1.34) (0.06)
------- -------- -------- ------- -------
Net asset value, end of period ... $ 14.31 $ 15.49 $ 16.23 $ 14.00 $ 11.59
======= ======== ======== ======= =======
Total return (b) ................. (6.99)% (0.16)% 26.12% 34.66% 16.52%
======= ======== ======== ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $95,582 $140,011 $165,235 $80,004 $35,432
Ratio of operating expenses to
average net assets ............. 1.03%(c) 0.98% 0.99% 1.02% 0.95%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... 0.67%(c) 0.78% 0.86% 0.95% 0.89%(c)
Portfolio turnover rate .......... 57% 138% 92% 139% 223%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.03%(c) 0.98% 0.99% 1.06% 1.05%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class Y Shares commenced operations on August 18,
1995.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
96
[ This Page Intentionally Left Blank ]
97
<TABLE>
<CAPTION>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 0.03 0.11 0.05
Net realized and unrealized
gain/(loss) on investments ..... 3.16 2.67 (3.73) 2.71
------ ------ ------- ------
Total from investment operations .. 3.19 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 ... $14.88 $11.69 $ 8.99 $12.92
====== ====== ======= ======
Total return (b) ................. 27.29% 30.03% (28.34)% 27.16%
====== ====== ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $1,040 $ 961 $ 632 $ 532
Ratio of operating expenses to
average net assets ............. 1.91%(c) 1.85% 1.89% 1.79%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... 0.53%(c) 0.39% 0.93% 1.14%(c)
Portfolio turnover rate .......... 89% 159% 94% 46%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 2.14%(c) 2.12% 2.14% 5.43%(c)
<FN>
- ----------------
(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.
</TABLE>
98
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------- ----------------------------------------------------
Period Period
Ended Year Year Period Ended Year Year Period
12/31/99(d) Ended Ended Ended 12/31/99(d) Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$11.47 $ 8.95 $ 12.91 $11.13 $11.47 $ 8.96 $ 12.92 $10.95
------ ------ ------- ------ ------ ------ ------- ------
(0.01) (0.03) 0.02 0.01 (0.01) (0.03) 0.02 0.01
3.20 2.55 (3.71) 1.79 3.07 2.54 (3.71) 1.96
------ ------ ------- ------ ------ ------ ------- ------
3.19 2.52 (3.69) 1.80 3.06 2.51 (3.69) 1.97
------ ------ ------- ------ ------ ------ ------- ------
-- -- (0.00)(e) (0.02) -- -- (0.00)(e) (0.00)(e)
-- -- (0.05) -- -- -- (0.05) --
-- -- (0.22) -- -- -- (0.22) --
------ ------ ------- ------ ------ ------ ------- ------
-- -- (0.27) (0.02) -- -- (0.27) (0.00)(e)
------ ------ ------- ------ ------ ------ ------- ------
$14.66 $11.47 $ 8.95 $12.91 $14.53 $11.47 $ 8.96 $12.92
====== ====== ======= ====== ====== ====== ======= ======
27.81% 28.16% (28.90)% 16.21% 26.68% 28.01% (28.88)% 18.03%
====== ====== ======= ====== ====== ====== ======= ======
$1,952 $1,121 $ 511 $ 134 $ 695 $ 497 $ 132 $ 24
2.66%(c) 2.60% 2.64% 2.54%(c) 2.66%(c) 2.60% 2.64% 2.54%(c)
(0.22)%(c) (0.36)% 0.18% 0.39%(c) (0.22)%(c) (0.36)% 0.18% 0.39%(c)
89% 159% 94% 46% 89% 159% 94% 46%
2.89%(c) 2.87% 2.89% 6.18%(c) 2.89%(c) 2.87% 2.89% 6.18%(c)
</TABLE>
99
<TABLE>
<CAPTION>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
Y Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(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) ..... 0.05 0.05 0.13 0.07
Net realized and unrealized
gain/(loss) on investments ..... 3.12 2.59 (3.72) 2.88
------- ------- ------- ------
Total from investment operations .. 3.17 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 ... $ 14.81 $ 11.64 $ 9.00 $12.92
======= ======= ======= ======
Total return (b) ................. 27.23% 29.33% (28.12)% 29.51%
======= ======= ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $26,673 $17,857 $14,332 $4,826
Ratio of operating expenses to
average net assets ............. 1.66%(c) 1.60% 1.64% 1.54%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... 0.78%(c) 0.64% 1.18% 1.39%(c)
Portfolio turnover rate .......... 89% 159% 94% 46%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.89%(c) 1.87% 1.89% 5.18%(c)
<FN>
- ----------------
(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.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
100
[ This Page Intentionally Left Blank ]
101
<TABLE>
<CAPTION>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
-------------------------------------------------
Period
Ended Year Year Period
12/31/99 Ended Ended Ended
(Unaudited) 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 .............. (0.09) (0.13) (0.15) (0.01)
Net realized and unrealized
gain/(loss) on investments ..... 5.79 (1.13) 1.08 (0.40)
------ ------- ------ ------
Total from investment operations .. 5.70 (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 ... $16.16 $ 10.46 $11.82 $10.89
====== ======= ====== ======
Total return (b) ................. 54.49% (10.69)% 8.54% (3.63)%
====== ======= ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $4,951 $ 3,382 $4,984 $ 664
Ratio of operating expenses to
average net assets ............. 1.66%(c) 1.61% 1.62% 1.55%(c)
Ratio of net investment loss to
average net assets ............. (1.61)%(c) (1.27)% (1.20)% (0.95)%(c)
Portfolio turnover rate .......... 31% 49% 47% 14%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.83%(c) 1.92% 2.40% 7.33%(c)
<FN>
- ----------------
(a) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares and
Class C Shares a 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.
</TABLE>
102
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------- -------------------------------------------------
Period Period
Ended Year Year Period Ended Year Year Period
12/31/99 Ended Ended Ended 12/31/99 Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97 (Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97
----------- ---------- ---------- ------- ----------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
$10.27 $ 11.69 $10.85 $11.02 $10.27 $ 11.69 $10.86 $10.40
------ ------- ------ ------ ------ ------- ------ ------
(0.15) (0.21) (0.23) (0.02) (0.16) (0.21) (0.23) (0.01)
5.69 (1.11) 1.07 (0.15) 5.69 (1.11) 1.06 0.47
------ ------- ------ ------ ------ ------- ------ ------
5.54 (1.32) 0.84 (0.17) 5.53 (1.32) 0.83 0.46
------ ------- ------ ------ ------ ------- ------ ------
-- (0.08) -- -- -- (0.08) -- --
-- (0.02) -- -- -- (0.02) -- --
------ ------- ------ ------ ------ ------- ------ ------
-- (0.10) -- -- -- (0.10) -- --
------ ------- ------ ------ ------ ------- ------ ------
$15.81 $ 10.27 $11.69 $10.85 $15.80 $ 10.27 $11.69 $10.86
====== ======= ====== ====== ====== ======= ====== ======
53.94% (11.40)% 7.83% (1.54)% 53.85% (11.40)% 7.73% 4.42%
====== ======= ====== ====== ====== ======= ====== ======
$9,409 $ 6,682 $8,664 $1,063 $2,227 $ 1,652 $3,378 $ 164
2.41%(c) 2.36% 2.37% 2.30%(c) 2.41%(c) 2.36% 2.37% 2.30%(c)
(2.36)%(c) (2.02)% (1.95)% (1.70)%(c) (2.36)%(c) (2.02)% (1.95)% (1.70)%(c)
31% 49% 47% 14% 31% 49% 47% 14%
2.58%(c) 2.67% 3.15% 8.08%(c) 2.58%(c) 2.67% 3.15% 8.08%(c)
</TABLE>
103
<TABLE>
<CAPTION>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
Y Shares
-------------------------------------------------
Period
Ended Year Year Period
12/31/99 Ended Ended Ended
(Unaudited) 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 .............. (0.08) (0.11) (0.11) (0.03)
Net realized and unrealized
gain/(loss) on investments ..... 5.83 (1.13) 1.06 0.92
------ ------- ------ ------
Total from investment operations .. 5.75 (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 ... $16.25 $ 10.50 $11.84 $10.89
====== ======= ====== ======
Total return (b) ................. 54.61% (10.42)% 8.72% 8.90%
====== ======= ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $8,240 $ 5,303 $5,458 $2,086
Ratio of operating expenses to
average net assets ............. 1.41%(c) 1.36% 1.37% 1.30%(c)
Ratio of net investment loss to
average net assets ............. (1.36)%(c) (1.03)% (0.95)% (0.70)%(c)
Portfolio turnover rate .......... 31% 49% 47% 14%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.58%(c) 1.67% 2.15% 7.08%(c)
<FN>
- ----------------
(a) The Munder Framlington Healthcare 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.
</TABLE>
104
[ This Page Intentionally Left Blank ]
105
<TABLE>
<CAPTION>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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) ..... (0.08) (0.02) 0.02 0.05
Net realized and unrealized gain
on investments ................. 4.26 0.90 0.61 1.20
------ ------ ------ ------
Total from investment operations .. 4.18 0.88 0.63 1.25
------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.13) -- (0.02) --
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 ... $16.30 $12.79 $11.92 $11.35
====== ====== ====== ======
Total return (b) ................. 33.06% 7.36% 5.60% 12.38%
====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $2,158 $2,869 $1,601 $1,103
Ratio of operating expenses to
average net assets ............. 1.64%(c) 1.60% 1.62% 1.55%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... (0.82)%(c) (0.16)% 0.21% 1.01%(c)
Portfolio turnover rate .......... 29% 66% 38% 15%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.69%(c) 1.75% 1.82% 2.56%(c)
<FN>
- ----------------
(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.
</TABLE>
106
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------- ----------------------------------------------------
Period Period
Ended Year Year Period Ended Year Year Period
12/31/99(d) Ended Ended Ended 12/31/99(d) Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$12.56 $11.83 $11.32 $ 9.85 $12.58 $11.86 $11.33 $10.03
------ ------ ------ ------ ------ ------ ------ ------
(0.10) (0.10) (0.06) 0.01 (0.04) (0.10) (0.06) 0.01
4.16 0.84 0.61 1.46 4.12 0.83 0.63 1.29
------ ------ ------ ------ ------ ------ ------ ------
4.06 0.74 0.55 1.47 4.08 0.73 0.57 1.30
------ ------ ------ ------ ------ ------ ------ ------
-- -- -- -- -- -- -- --
(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) --
------ ------ ------ ------ ------ ------ ------ ------
$16.08 $12.56 $11.83 $11.32 $16.12 $12.58 $11.86 $11.33
====== ====== ====== ====== ====== ====== ====== ======
32.66% 6.23% 4.88% 14.92% 32.76% 6.13% 5.05% 12.96%
====== ====== ====== ====== ====== ====== ====== ======
$ 908 $ 546 $ 591 $ 128 $ 469 $ 172 $ 196 $ 62
2.39%(c) 2.36% 2.37% 2.30%(c) 2.39%(c) 2.36% 2.37% 2.30%(c)
(1.57)%(c) (0.92)% (0.54)% 0.26%(c) (1.57)%(c) 0.92% (0.54)% 0.26%(c)
29% 66% 38% 15% 29% 66% 38% 15%
2.44%(c) 2.51% 2.57% 3.31%(c) 2.44%(c) 2.51% 2.58% 3.31%(c)
</TABLE>
107
<TABLE>
<CAPTION>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
Y Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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) ..... (0.04) 0.01 0.05 0.07
Net realized and unrealized gain
on investments ................. 4.26 0.87 0.61 1.28
------- ------- ------- -------
Total from investment operations . 4.22 0.88 0.66 1.35
------- ------- ------- -------
Less distributions:
Dividends from net investment
income ......................... (0.19) -- (0.03) --
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 ... $ 16.30 $ 12.81 $ 11.94 $ 11.35
======= ======= ======= =======
Total return (b) ................. 33.35% 7.35% 5.86% 13.50%
======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $78,587 $60,940 $64,643 $23,831
Ratio of operating expenses to
average net assets ............. 1.39%(c) 1.36% 1.37% 1.30%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... (0.57)%(c) 0.08% 0.46% 1.26%(c)
Portfolio turnover rate .......... 29% 66% 38% 15%
Ratio of operating expenses to
average net assets .............
without expenses reimbursed ...... 1.44%(c) 1.51% 1.57% 2.31%(c)
<FN>
- ----------------
(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.
</TABLE>
108
The Munder Funds
Notes To Financial Statements, December 31, 1999
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company, and was organized as a Maryland corporation on November
18, 1992. The Munder Funds Trust ("MFT") is registered under the 1940 Act as
an open-end management investment company, and was organized as a
Massachusetts business trust on August 30, 1989. The Munder Framlington Funds
Trust ("Framlington") is registered under the 1940 Act as an open-end
management investment company, and was organized as a Massachusetts business
trust on October 30, 1996. MFI, MFT and Framlington consist of 33 portfolios
currently in operation. Information presented in these financial statements
pertains only to the equity funds set forth below (each a "Fund", and
collectively, the "Funds"). The financial statements for the other remaining
funds of MFI, MFT and the Framlington are presented in separate reports.
EQUITY FUNDS
MFI:
Munder Micro-Cap Equity Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
MFT:
Munder Balanced Fund
Munder Growth & Income Fund
Munder International Equity Fund
Munder Small Company Growth Fund
Framlington:
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
The Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. The Financial Highlights of Class K Shares of the
Funds are presented in a separate annual report. Each Fund is classified as a
diversified management investment company under the 1940 Act.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: Securities (including financial futures, if any)
traded on a recognized stock exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the last sale price on the securities exchange on
which such securities are primarily traded or at the last sale price on the
national securities market as of the close of business on the date of the
valuation. Securities traded on a national securities exchange or on NASDAQ
for which there were no sales on the date of valuation and securities traded
on over-the-counter markets, including listed securities for which the
primary market is believed to be over-the-counter, are valued at the mean
between the most recently quoted bid and asked prices. Restricted securities,
and securities and assets for which market quotations are not readily
available, are valued at fair value by Munder Capital Management (the
"Advisor"), or World Asset
109
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
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
110
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, acting
under the guidelines approved by the Boards of Trustees and Directors,
reviews the value of the collateral and the creditworthiness of those banks
and dealers with which a Fund enters into repurchase agreements to evaluate
potential risks.
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 Value Fund, Munder
Framlington Emerging Markets Fund, Munder Framlington Healthcare Fund and
Munder Framlington International Growth Fund; quarterly (if available) by
Munder Balanced Fund, Munder Growth & Income Fund, and Munder Small Company
Growth Fund; and monthly by Munder Real Estate Equity Investment Fund.
Each Fund's net realized capital gains (including net short-term capital
gains), if any, are declared and distributed at least annually. Distributions
to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by a Fund, timing differences and differing
111
characterization of distributions made by a Fund as a whole. The Munder
Growth & Income Fund, Munder Multi-Season Growth Fund and Munder Value Fund
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax purposes.
As determined on June 30, 1999, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year-end. These reclassifications had no
effect on net investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its earnings to its shareholders. Therefore,
no Federal income or excise tax provision is required.
2. Investment 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%
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Million Exceeding $250 Million
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund ............. 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
Munder Micro-Cap Equity Fund ........................ 1.00%
Munder Growth & Income Fund, Munder Small-Cap Value
Fund, and Munder Small Company Growth Fund .......... 0.75%
Munder Real Estate Equity Investment Fund and Munder
Value Fund .......................................... 0.74%
Munder Balanced Fund ................................ 0.65%
Munder Framlington Emerging Markets Fund ............ 1.25%
</TABLE>
For its advisory services, World is entitled to receive from the Fund a
fee, computed daily and payable monthly, based on the average 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>
112
The Advisor voluntarily waived fees and reimbursed expenses for the
period ended December 31, 1999, for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Micro-Cap Equity Fund ........................ -- $ 4,682
Munder Multi-Season Growth Fund ..................... $628,415 --
Munder Framlington Emerging Markets Fund ............ -- 57,728
Munder Framlington Healthcare Fund .................. -- 15,386
Munder Framlington International Growth Fund ........ -- 19,222
</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 88% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder
services provided to the Funds, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Funds beneficially owned by
Comerica and its customers. Comerica earned $100,074 for its shareholder
services to the Funds for the period ended December 31, 1999.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFT, MFI,
Framlington and St. Clair Funds, Inc. The fee consists of a $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 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 period ended December 31, 1999, the
Distributor paid $6,759 and $16,687 to Comerica Securities and LPM,
respectively for shareholder services provided to the Funds.
113
For the period ended December 31, 1999, 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 period ended December 31, 1998, purchases and sales of
securities, other than short-term investments and U.S. Government securities,
were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund ................................ $ 17,950,324 $ 32,961,770
Munder Growth & Income Fund ......................... 32,052,272 58,290,291
Munder International Equity Fund .................... 24,000,515 52,366,793
Munder Micro-Cap Equity Fund ........................ 51,853,743 49,430,554
Munder Multi-Season Growth Fund ..................... 159,972,308 242,223,523
Munder Real Estate Equity Investment Fund ........... 4,474,550 11,415,293
Munder Small-Cap Value Fund ......................... 21,687,424 49,985,048
Munder Small Company Growth Fund .................... 157,685,104 227,088,360
Munder Value Fund ................................... 74,339,310 112,778,797
Munder Framlington Emerging Markets Fund ............ 46,699,960 50,059,095
Munder Framlington Healthcare Fund .................. 5,732,700 7,096,495
Munder Framlington International Growth Fund ........ 20,226,204 25,911,973
</TABLE>
For the period ended December 31, 1999, purchases and sales of U.S.
Government securities, excluding short-term investments, were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund ......... $1,099,650 $1,192,309
</TABLE>
114
At December 31, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Balanced Fund ................................ $ 6,098,783 $ 1,464,316
Munder Growth & Income Fund ......................... 41,731,366 4,187,699
Munder International Equity Fund .................... 107,021,543 11,356,682
Munder Micro-Cap Equity Fund ........................ 25,499,386 2,795,644
Munder Multi-Season Growth Fund ..................... 270,381,705 21,373,459
Munder Real Estate Equity Investment Fund ........... 1,343,489 9,179,427
Munder Small-Cap Value Fund ......................... 12,003,820 11,121,943
Munder Small Company Growth Fund .................... 63,525,951 11,332,105
Munder Value Fund ................................... 13,242,834 6,276,785
Munder Framlington Emerging Markets Fund ............ 19,472,412 2,671,240
Munder Framlington Healthcare Fund .................. 9,560,947 2,730,492
Munder Framlington International Growth Fund ........ 30,850,467 3,271,927
</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.
115
7. Income Tax Information
As determined at June 30, 1999 the following Munder Funds had available
for Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Expiring
2007
--------
<S> <C>
Munder Micro-Cap Equity Fund ........................ $ 6,169,618
Munder Small-Cap Value Fund ......................... 3,803,999
Munder Small Company Growth Fund .................... 46,123,147
Munder Framlington Emerging Markets Fund ............ 13,156,700
</TABLE>
Certain capital and net foreign currency losses realized after October
31 within the taxable year may be deferred and treated as occurring on the
first day of the following tax year. The following Munder Funds have elected
to defer net capital and currency losses arising between November 1, 1998 and
June 30, 1999 as follows:
<TABLE>
<CAPTION>
Amount
------
<S> <C>
Munder Micro-Cap Equity Fund ........................ $ 381,532
Munder Real Estate Equity Investment Fund ........... 1,946,987
Munder Small Company Growth Fund .................... 13,562,982
Munder Framlington Emerging Markets Fund ............ 437,587
Munder Framlington Healthcare Fund .................. 589,627
Munder Framlington International Growth Fund ........ 104,043
</TABLE>
8. Subsequent Event
On February 14, 2000 the Board of Directors for the Munder Funds, Inc.
voted to close and liquidate the Munder Value Fund effective April 17, 2000.
116
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
SANNEQUITY1299
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Semi-Annual
Report
The Munder Funds
Investments DECEMBER 31, 1999
for all seasons
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
Short Term Treasury
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Money Market
Tax-Free Money Market
U.S. Treasury Money Market
(INSIDE FRONT COVER)
"Another striking
feature of the market
during the last half of
1999, was its increasingly
active trading."
The Munder Funds
Letter to shareholders
Dear fellow shareholders:
I hope that you are pleased with the performance and operations of the
Munder Funds. On the following pages you will find the most recent financial
information for your investment.
During the past six months, bond market returns suffered from interest
rate increases while the stock market continued its upward climb. Within the
stock market, the focus shifted from a "bigger is better" mentality to
"nearly anything in the technology sector" mentality. The allure of
technology stocks was in part due to their overall increasingly attractive
fundamentals. Increased earnings and better than expected profits turned
attention to technology stocks. The prices of these stocks were also boosted
by a momentum psychology. As more and more investors committed money into the
day's current winners, the prices of technology stocks reached unprecedented
valuations. It is interesting to note that some of the best performing stocks
in this sector were the stocks of companies with no earnings.
Another striking feature of the market during the last half of 1999,
was its increasingly active trading. Stocks are now held for an average of
eight months, down from the two-year holding period that was more typical a
decade ago. The 50 NASDAQ stocks with the heaviest trading were held for an
average of only three weeks. At the Munder Funds, we consider ourselves
"owners" as opposed to "renters" when we purchase a stock. In our view, this
hyperactive trading is more akin to speculation than to investing. In all of
the Munder Funds, from our core stock and bond funds to our specialty funds,
we take a long-term approach to investing assets. We focus on fundamentals.
Our core portfolios remain diversified and fully invested.
We recognize, however, that some investment plans call for increased
exposure to a particular segment of the market. For that reason, the Munder
Family of Mutual Funds has particular expertise in specialty or niche funds.
In some market environments, these specialty funds - including international
growth, emerging markets, healthcare and technology - will generate the
strongest performance. In other market environments, the diversification of
our core funds will post the best relative returns. Our goal is to offer you
a well-balanced menu of investment alternatives from which you can construct
a portfolio appropriate for your investment goals and risk levels. As part of
our continuing commitment to a diversified selection of mutual funds, the
Munder Future Technology Fund was added to the Munder roster of funds in
August, 1999.
If you have any questions about any of these mutual fund offerings, or
your current investments, please call your financial advisor. You may also
contact the Fund at 1-800-4MUNDER with your inquiries 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
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
vii Munder Tax-Free Bond Fund
vii Munder Tax-Free Short-Intermediate Bond Fund
viii Munder Short Term Treasury
PORTFOLIO OF INVESTMENTS --
Income Funds:
1 Munder Bond Fund
4 Munder Intermediate Bond Fund
7 Munder International Bond Fund
10 Munder U.S. Government Income Fund
13 Munder Michigan Tax-Free Bond Fund
18 Munder Tax-Free Bond Fund
25 Munder Tax-Free Short-Intermediate Bond Fund
33 Munder Short Term Treasury
Money Market Funds:
34 Munder Cash Investment Fund
37 Munder Money Market Fund
39 Munder Tax-Free Money Market Fund
50 Munder U.S. Treasury Money Market Fund
52 Financial Statements
74 Financial Highlights
113 Notes to Financial Statements
- -----------------------------------------------------------------------------
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
The dominance of technology in the stock market during 1999 was
mirrored in its dominance within the manufacturing sector of the economy as
well. Manufacturing output rose by 5.1% during 1999. Without the technology
sector (which rose by 38%), that increase would have been a far smaller 1.6%.
While manufacturing output increased by over 5% during the year, capacity
utilization remained at a fairly low level. This is one factor that has
helped to keep the pricing power of firms -- and therefore inflation -- in
check.
Looking at activity within the industrial sector of the economy, the
National Association of Purchasing Management's Index ended the year at 55.5.
Since any number above 50 indicates an expansion in the industrial sector,
this is another indication of continued growth in the economy. While the
components of new orders and production declined slightly in December, both
showed a reading of 55.5, indicating a healthy level of both current
production and new orders in the pipeline.
Consumer spending remained strong through the fourth quarter of the
year, with support from job growth and high levels of consumer sentiment.
Relief at the lack of Y2K problems caused consumer sentiment to set new
records as the new year unfolded.
In the midst of strong economic growth, inflation remained subdued. The
December Consumer Price Index (CPI) was only 2.68% higher than year-ago
levels. The core portion of the CPI -- excluding volatile food and energy
prices -- was up by an even lower 1.9% from year-ago levels. There is no
question that the rapid technology advances we have seen over the past decade
have helped to boost productivity and keep inflation in check. Nonetheless,
the continued rapid pace of economic growth is a concern to Alan Greenspan,
the chairman of the Federal Reserve. Additional tightening of monetary policy
is likely in the months ahead to help force a slowdown in economic growth.
The Bond Market
During 1999, the Federal Reserve became increasingly concerned about
economic strength and the potential for inflationary pressures. The Fed began
tightening monetary policy in June 1999, and raised rates at three different
intervals during the ensuing six months. At year end, the Federal Funds rate
was 0.75% higher than at the beginning of the year and other fixed income
rates (treasury, corporate, mortgage) were more than 1% higher. As a result,
the bond market experienced its worst year since 1994.
In 1998, a global flight to liquidity, caused by the Asian financial
crisis, made U.S. Treasury bonds the star performers in the U.S. bond market.
In contrast, the corporate and mortgage sectors of the bond market led
performance in 1999. Corporate bonds have benefited from the strong economy
and the resulting increase in corporate profits. The relative returns of
mortgage-backed securities were boosted because mortgage refinancings
declined and the predictability of mortgage prepayments increased. Therefore,
our heavy weightings in corporate and mortgage-backed securities contributed
positively to the performance of our bond portfolios in 1999.
We are maintaining our overweighting in both corporate bonds and
mortgage-backed securities. These sectors continue to yield substantially
more than Treasury bonds with similar maturities. We therefore believe that
investors are well compensated for owning these securities. Within the
corporate market we continue to focus on the higher quality end of the
spectrum. The Federal Reserve has clearly signaled its intention to raise
rates until economic growth slows.
ii
Lower quality corporate bonds tend to underperform in periods of slow
economic growth, and investors are not adequately compensated for the
additional risk at present.
Most investors view fixed income securities as relatively stable and
the income-producing component of their overall portfolio. We believe that
injecting volatility into this portion of a portfolio through interest rate
forecasting adds an element of risk most investors are not seeking. Our core
fixed income style is therefore based on a "targeted duration" philosophy. We
align the interest rate sensitivity of our fixed income portfolios with that
of their benchmark index. Performance is then enhanced through sector
weightings, credit and issue analysis, and other strategies we believe add
value to the fixed income portion of portfolios. We consider the bond market
volatility of 1999 as further evidence that it is risky to base fixed income
strategy on the direction of interest rates.
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 the 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 Gregory A. Prost, CFA
The Fund earned a -0.44% return for the six months ending December 31,
1999, compared to the 0.13% return for the Lehman Government/Corporate Bond
Index and the -0.22% average return for the Lipper universe of corporate debt
A rated mutual funds. The Fund has earned average or above-average returns
for the two-year and three-year time periods ending December 31, 1999.
Given its concerns about the strength of the economy and the potential
for inflationary pressures, the Federal Reserve increased its target interest
rate by 0.75 percentage point during 1999. In response, yields on Treasury,
corporate and mortgage-backed bonds rose by more than 1.0 percentage point.
This rise in rates resulted in the worst year for the bond market since 1994.
In 1998, a global flight to liquidity, caused by the Asian financial
crisis, made U.S. Treasury bonds the star performers in the U.S. bond market.
In contrast, the corporate and mortgage sectors of the bond market led
performance in 1999. Our relatively heavy weightings in corporate and
mortgage-backed securities therefore contributed positively to the
performance of our bond portfolios in 1999. Somewhat offsetting this positive
factor was the Fund's holdings of high quality but less liquid corporate
bonds. These holdings had weak relative performance for the six month period
ended December 31, 1999 and for the year as a whole.
During the 4th quarter of 1999 of the year trading in the Fund was
minimal due to both seasonal factors and factors related to the market's Y2K
concerns. We are maintaining our overweighting in both corporate bonds and
mortgage-backed securities. Given their higher yield, we believe that
investors are well compensated for owning these securities. Within the
corporate sector, we continue to focus on high quality bonds.
We believe that injecting volatility into fixed income portfolios
through strategies based on interest rate forecasting adds an element of risk
that most fixed income investors are not seeking.
iii
For that reason, we align the interest rate sensitivity of our fixed income
portfolios with that of the benchmark index. Performance is then enhanced
through sector weightings, credit and issue analysis and other strategies
that we believe add value to the fixed income portion of portfolios. We
consider the bond market volatility of 1999, the bond market's worst year
since 1994, as further evidence that it is risky to base fixed income
strategy on forecasts of the direction of interest rates.
MUNDER INTERMEDIATE BOND FUND
Fund Managers: Anne K. Kennedy and Peter G. Root
The Fund generated a return of 0.88% for the six months ending December
31, 1999, relative to the 0.98% return for the Lehman Intermediate
Government/Corporate Bond Index and a 1.07% average return for the Lipper
universe of short intermediate investment grade debt mutual funds. The Fund
has earned an above-average return for the three-year and five-year time
periods ending December 31, 1999.
The year as a whole was generally negative for the bond market as
interest rose and bond prices fell. The intermediate sector of the bond
market, less sensitive to changes in interest rates than the longer-term
segment, managed to eke out a small but positive return for both the quarter
and the year. The Fund's underweighting in U.S. Treasury securities had a
positive impact on performance for both the quarter and the year. This
positive was in part offset by the Fund's focus on high quality securities.
We are maintaining our underweighting in Treasury bonds and our
overweighting in corporate and mortgage-backed bonds. Within the corporate
sector, we will continue our focus on high quality securities. Lower quality
bonds tend to underperform in periods of slow economic growth. In our view,
investors are not adequately compensated for the additional risk.
We believe that basing fixed income strategy on interest rate
forecasting adds an element of risk or volatility to fixed income returns
that most fixed income investors are not seeking. For that reason, the Fund
follows a targeted duration strategy. This simply means that the duration of
the portfolio -- the sensitivity of the price of the Fund to changes in
interest rates -- is set equal to that of its benchmark. Returns are then
enhanced through sector weightings, credit and issue analysis and other
strategies that we believe can add value to fixed income portfolios. We
believe that the volatility in the bond market this year, its worst year
since 1994, illustrates the soundness of a fixed income strategy that avoids
interest rate forecasting.
MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon E. Fayolle and Peter G. Root
The Fund earned a return of 3.80% for the six month period relative to
the 4.44% six month return for the Salomon Brothers Non-U.S. $ World
Government Bond Index and the 1.22% return for the Lipper universe of
international income mutual funds. The Fund has earned above-average returns
for the three-month, six-month, nine-month and two-year time periods ending
December 31, 1999.
Global recovery was the major theme in international markets in 1999,
as economies around the world rebounded from near-recession or recession
levels. With strengthening economies came rising interest rates, with yields
up by more than 1% in every major market except Japan. As a result of the
widespread increase in interest rates, global bonds had their worst year
since 1994.
Performance in the currency markets was more diverse. The Japanese yen
strengthened by 10% versus the U.S. dollar while the euro, in its first year
of existence, fell by more than 14%
iv
against the dollar. Most other major currencies showed little change in value
relative to the dollar.
Japan and the dollar-bloc countries of Canada and Australia were the
only three countries whose bond markets had positive total returns for the
year. Following the turmoil in Asian financial markets in late 1998, Japan
surprised investors with positive economic growth in the first quarter
of 1999 and signs of continuing economic recovery. This contributed to the
large rally in the yen that occurred during the year. The recovery of the
Asian economies led to increased global demand for goods and a rebound in
commodity prices. This was a positive for the economies of the dollar-bloc
countries, whose export trade is based on commodities.
The introduction of the euro in January 1999 failed to live up to
expectations and the euro weakened throughout the year. Although European
economic growth improved in 1999, assets were drawn to the U.S. because of
its strong economy and surging equity market rather than to euro- denominated
assets. Continued high unemployment in the Eurozone and concerns over the
credibility of the new European Central Bank as an inflation-fighter also
weighed heavily on the euro.
An underweighted position in the Eurozone was a positive for Fund
performance for both the quarter and the year as a whole. The Fund's
overweighting in the dollar-bloc countries (Canada and Australia) for much of
the year also boosted the Fund's returns.
In contrast, the Fund's underweighting in Japan during the first half
of the year held back the performance of the Fund, given the rapid rise of
the yen at mid-year. The Fund shifted from an underweighted to an
overweighted yen position after the initial sharp rally. This shift was a
positive for Fund performance during the remainder of the year and was a
major contributor to the Fund's strong relative performance during the fourth
quarter of 1999.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Managers: Peter G. Root and Anne K. Kennedy
The Fund exhibited a return of 0.18% for the six months ending December
31, 1999, relative to the 0.04% return for the Lehman Government Bond Index
and the -0.34% average return for the Lipper universe of general U.S.
government mutual funds. The Fund has earned above-average returns for the
one-month, three-month, six-month, nine-month, one-year, two-year,
three-year, five-year and ten-year time periods ending December 31, 1999.
During 1999, the Federal Reserve became increasingly concerned about
the strength of the economy and the potential for inflationary pressures. As
a result, the Federal Reserve began tightening monetary policy in June. By
the end of the year, the target interest rate was 0.75 percentage point
higher than it was at the start of the year. Rates on Treasury, corporate and
mortgage-backed bonds moved up by 1.0% or more. As a result of the rising
interest rates and falling bond prices, the bond market experienced its worst
year since 1994.
The Fund follows a targeted duration strategy. This simply means that
the price sensitivity of the Fund to changes in interest rates is set equal
to that of its benchmark. Therefore, while the increase in interest rates
held back the absolute return of the Fund during the quarter, it had little
impact on the Fund's relative return.
Because of both seasonal factors and the market's concern over Year
2000, trading in the Fund was kept to a minimum during the fourth quarter.
For the quarter and for the year, the Fund has had a heavy overweighting in
government-related mortgage-backed securities. These securities have added
extra yield, helping the Fund to generate strong relative returns.
v
The Municipal Bond Market
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term municipal bond
indices managed to eke out positive returns because of their lower price
sensitivity to changes in interest rates.
Throughout the year, investors faced the issues of rising interest
rates, liquidity constraints and Y2K concerns. During the first half of the
year, supply and demand factors worked together to provide stability to the
municipal bond market. During the second half of the year, however,
institutional selling due to tax strategies, coupled with redemptions by
individual mutual fund shareholders, resulted in reduced demand and increased
supply. The result was high levels of inventory and downward pressure of
prices.
By the end of the year, the yields on municipal bonds had risen by 1.0
percentage point. This rise in yields reduced the issuance of new bonds in
1999 by 25% from 1998 levels. It is currently anticipated that another 25%
reduction in supply will be seen in 2000. The concentration in the
supply of new bonds is expected to remain unchanged. The top ten issuing
states account for approximately 60% of total bond issuance each year.
(Michigan falls in the group of top ten issuers.)
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre- refunded and housing) performed well in relative
terms. In the housing sector, higher income flows provided a cushion to at
least partially counter declining bond prices. In contrast, the hospital
sector continued to experience financial difficulties. In fact, healthcare
bonds accounted for half of the downgrades in credit quality during the year.
Sellers consistently chose their best or worst performing bonds as sell
candidates, putting unusual pressure on the high quality sector of the tax-
exempt market.
Looking forward, we believe that the completion of tax loss selling and
attractive valuations will increase demand in the municipal market in 2000.
High quality bonds should be a primary beneficiary of the increased demand,
given their competitive relative prices.
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 -1.82% for
the six months ending December 31, 1999, relative to the -2.55% average
return for the Lipper universe of Michigan municipal debt mutual funds. The
Fund has earned above-average returns for the one-month, three-month,
six-month, nine-month, one-year, two-year, three-year and five-year time
periods ending December 31, 1999. The Fund is also measured against a custom
index made up of a combination of the Lehman 10-year, 15-year and 20-year
municipal bond indexes. This custom index had a return of -1.44% for the six
months ending December 31, 1999.
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term municipal bond
indices managed to eke out positive returns because of their lower price
sensitivity to changes in interest rates.
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre-refunded and housing) performed well in relative
terms. In the housing sector, higher income flows
vi
provided a cushion to at least partially counter declining bond prices. In
contrast, the hospital sector continued to experience financial difficulties.
In fact, healthcare bonds accounted for half of the downgrades in credit
quality during the year. Sellers consistently chose their best or worst
performing bonds as sell candidates, putting unusual pressure on the high
quality sector of the tax- exempt market.
The Fund had a generally defensive structure for the quarter and this
had a significant and positive impact on performance. Another positive factor
was the focus on bonds with maturities ranging from 10 years to 15 years.
This segment of the market had good relative performance. These positives
were partially offset by the Fund's sector weightings. The relatively higher
weightings in education and insured bonds and underweighting in housing bonds
had a modest negative impact on 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 -1.33% for the six
months ending December 31, 1999, relative to the -2.87% average return for
the Lipper universe of general municipal debt mutual funds. The Fund has
earned above-average returns for the one-month, three-month, six-month,
nine-month, one-year, two-year, three-year and five-year time periods ending
December 31, 1999. The Fund is also measured against a custom index made up
of a combination of the Lehman 10-year, 15-year and 20-year municipal bond
indexes. This custom index had a return of -1.44% for the six months ending
December 31, 1999.
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term municipal bond
indices managed to eke out positive returns because of their lower price
sensitivity to changes in interest rates.
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre- refunded and housing) performed well in
relative terms. In the housing sector, higher income flows provided a cushion
to at least partially counter declining bond prices. In contrast, the
hospital sector continued to experience financial difficulties. In fact,
healthcare bonds accounted for half of the downgrades in credit quality
during the year. Sellers consistently chose their best or worst performing
bonds as sell candidates, putting unusual pressure on the high quality sector
of the tax- exempt market.
The defensive structure of the Fund had a significant and positive
impact on Fund performance during the quarter. The Fund's relatively heavy
weighting in pre-refunded bonds also provided an important boost to the
Fund's return. Other positive factors for the quarter included the Fund's
overweighting in Michigan bonds and its focus on bonds with maturities in the
10 year to 15 year range. This maturity segment had relatively strong
performance during the quarter. These positives were only slightly offset by
an underweighting in housing bonds and New York bonds.
MUNDER TAX-FREE SHORT-INTERMEDIATE BOND FUND
Fund Managers: Talmadge D. Gunn and Roger A. Soderstrom
The Fund earned a return of 0.73% for the six months ending December
31, 1999, relative to the 1.02% return of the Lehman Mutual Fund
Intermediate/Short Muni Index and the 0.56% average return for the Lipper
universe of short intermediate municipal debt mutual funds.
vii
The Fund has earned above-average returns for the six-month, two-year,
three-year and five-year time periods ending December 31, 1999.
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term municipal bond
indices managed to eke out positive returns because of their lower price
sensitivity to changes in interest rates.
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre- refunded and housing) performed well in relative
terms. In the housing sector, higher income flows provided a cushion to at
least partially counter declining bond prices. In contrast, the hospital
sector continued to experience financial difficulties. In fact, healthcare
bonds accounted for half of the downgrades in credit quality during the year.
Sellers consistently chose their best or worst performing bonds as sell
candidates, putting unusual pressure on the high quality sector of the tax-
exempt market.
The Fund's relatively heavy weighting in pre-refunded bonds had a
significant and positive impact on Fund performance for the quarter.
Pre-refunded bonds are defensive in nature and had relatively strong
performance in the environment of rising interest rates and declining bond
prices. An overweighting in Michigan bonds was also positive for performance.
Offsetting these positives to some degree was the Fund's overweighting
of municipal securities with maturities in the five year to ten-year range.
Shorter maturity securities had relatively better performance given the rise
in interest rates during the quarter and the year. An underweighting in
housing bonds and in California and New York securities also had a modest but
negative impact on the Fund's return for the quarter.
MUNDER SHORT TERM TREASURY FUND
Fund Managers: Sharon E. Fayolle and Thomas P. O'Rourke
The Fund exhibited a return of 1.76% for the six months ending December
31, 1999, relative to the 2.06% return for the Merrill Lynch 0-3 Year
Treasury Index and an average return of 1.43% for the Lipper universe of
short U.S. Treasury mutual funds. The Fund has earned above-average returns
for the one-month, three-month, six-month, nine-month, one-year and two-year
time periods ending December 31, 1999.
Interest rates rose and bond prices declined during both the fourth
quarter and the year as a whole. The Federal Reserve raised their target
interest rate three times in 1999 for a total of 0.75 percentage point. These
increases fully offset the 0.75 percentage point reduction in the target rate
implemented in late 1998 as a result of the Asian financial crisis. The
increase in interest rates in 1999 was in response to strong economic growth
and low unemployment rates. As a result of this reversal in Federal Reserve
policy, short-term interest rates rose by approximately 0.75 percentage point
while the yield on intermediate Treasury notes rose by close to 1.75
percentage points. The current structure of interest rates indicates that
investors expect further rate increases during the first quarter of
2000.
The Fund has a defensive structure. Its goal is to provide higher
returns than money market funds while maintaining minimal price volatility.
Its structure is more defensive than many of the funds in its benchmark
universe, largely because of a shorter average maturity. In the environment
of rising interest rates that prevailed during both the quarter and the year,
the shorter maturity was a positive factor for the Fund's relative
performance.
viii
Munder Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------
ASSET-BACKED SECURITIES -- 6.7%
$5,345,000 Ford Credit Auto Owner Trust,
Series 1999 D Class A5,
6.520% due 09/15/2003 $ 5,325,651
2,040,912 Residential Accredit Loans,
Inc., Series 1997 QS5
Class A 5,
7.250% due 06/25/2027 2,035,054
5,940,000 Standard Credit Card Master
Trust, Class A, Series 1994-2,
7.250% due 04/07/2008 5,881,604
2,300,000 Union Acceptance Corporation,
Class A3, Series 1996-C,
6.630% due 10/08/2003+ 2,278,411
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $15,736,121) 15,520,720
------------
CORPORATE BONDS AND NOTES -- 40.8%
Drugs -- 2.9%
6,400,000 Eli Lilly and Company,
8.375% due 02/07/2005 6,687,040
------------
Finance -- 16.2%
4,800,000 Associates Corporation of
North America,
5.800% due 04/20/2004 4,541,345
4 BankAmerica National Trust,
9.000% due 03/01/2008 4
3,830,000 Block Financial Corporation,
6.750% due 11/01/2004 3,709,917
6,000,000 CIT Group, Inc., Class A,
5.625% due 10/15/2003 5,674,474
4,750,000 Countrywide Capital III,
Subordinated Capital Income,
Secs Series B,
8.050% due 06/15/2027++ 4,412,471
2,500,000 First Union National Bank
Commercial Mortgage Trust,
Series 1999 C4 Class A2,
7.390% due 11/15/2009 2,482,825
2,500,000 Ford Motor Credit Company,
6.550% due 09/10/2002 2,467,233
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 4,864,780
4,520,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 4,858,420
4,850,000 Transamerica Capital III,
7.625% due 11/15/2037 4,344,311
------------
37,355,780
------------
Finance -- Foreign -- 4.2%
5,250,000 Abbey National Plc,
6.700% due 06/29/2049 4,774,027
5,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 4,836,500
------------
9,610,527
------------
Food and Beverage -- 2.5%
5,750,000 Coca-Cola Enterprises,
6.625% due 09/30/2002 5,675,250
------------
Industrial -- 10.4%
4,250,000 American Greetings Corporation,
6.100% due 08/01/2028 3,805,491
3,895,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,325,615
6,725,000 Harris Corporation Delaware,
6.350% due 02/01/2028 6,165,552
5,000,000 IBM Corporation,
7.500% due 06/15/2013 5,046,284
4,750,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001++ 4,709,918
------------
24,052,860
------------
Utility -- Electric -- 4.6%
2,500,000 Montana Power Company,
Series A, MTN,
8.680% due 02/07/2022 2,481,260
4,100,000 National Rural Utilities
Cooperative Finance, Note,
6.125% due 05/15/2005 3,842,424
4,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 4,209,987
------------
10,533,671
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $101,414,401) 93,915,128
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS --
23.8%
Collateralized Mortgage Obligations (CMO) --
10.9%
Federal Home Loan Mortgage Corporation:
5,000,000 Series 1541, Class F,
6.250% due 05/15/2019 4,938,585
1,925,000 Series 1702-A, Class PD,
6.500% due 04/15/2022 1,871,099
6,175,000 Series 1669, Class G,
6.500% due 02/15/2023 6,003,990
Federal National Mortgage Association:
7,000,000 Remic Trust 1994 30 Class H,
6.250% due 11/25/2022 6,682,651
2,502,627 Remic Trust 1997 G1 Class K,
6.750% due 02/18/2004 2,456,835
2,937,943 Remic Trust 1990-41 Class D,
9.500% due 04/25/2020 3,112,414
------------
25,065,574
------------
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.4%
FHLMC:
854,350 Pool #E62394, Gold,
7.500% due 09/01/2010 860,324
96,835 Pool #200021,
10.500% due 11/01/2000 101,330
------------
961,654
------------
Federal National Mortgage Association
(FNMA) -- 5.4%
FNMA:
4,810,742 Pool #455598,
5.500% due 12/01/2028 4,268,536
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,381,696
1,563,898 Pool #303105,
11.000% due 11/01/2020 1,713,190
1,755,531 Pool #100081,
11.500% due 08/01/2016 1,960,709
------------
12,324,131
------------
Government Agency Debentures -- 4.4%
6,555,000 Federal National Mortgage
Association, Benchmark Note,
5.250% due 01/15/2009 5,780,232
4,600,000 Tennessee Valley Authority,
6.375% due 06/15/2005 4,453,881
------------
10,234,113
------------
Government National Mortgage Association
(GNMA) -- 2.7% GNMA:
3,113,081 Pool #371438,
6.500% due 01/15/2024 2,986,242
1,431,797 Pool #780584,
7.000% due 06/15/2027 1,392,855
1,739,416 Pool #780840,
8.500% due 07/20/2028 1,770,648
------------
6,149,745
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $56,826,328) 54,735,217
------------
U.S. TREASURY OBLIGATIONS -- 25.3%
U.S. Treasury Bonds -- 14.2%
6,000,000 3.875% due 04/15/2029,TIPS 5,601,958
6,500,000 5.250% due 02/15/2029 5,381,047
19,125,000 8.000% due 11/15/2021 21,703,310
------------
32,686,315
------------
U.S. Treasury Notes -- 11.1%
4,300,000 6.000% due 08/15/2009 4,165,825
3,300,000 6.250% due 02/15/2007 3,247,529
5,100,000 7.000% due 07/15/2006 5,222,444
12,180,000 7.875% due 11/15/2004 12,875,473
------------
25,511,271
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $61,098,808) 58,197,586
------------
REPURCHASE AGREEMENT-- 2.1%
(Cost $4,865,000)
$4,865,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at
$4,866,338 on 01/03/2000,
collateralized by $4,865,000
U.S. Treasury Note, 6.250%
maturing 02/28/2002
(value $4,962,300) 4,865,000
------------
OTHER INVESTMENTS**
(Cost $52,325,550) 22.7% 52,325,550
----- ------------
TOTAL INVESTMENTS
(Cost $292,266,208*) 121.4% 279,559,201
OTHER ASSETS AND
LIABILITIES (Net) (21.4) (49,237,010)
----- ------------
NET ASSETS 100.0% $230,322,191
===== ============
- -------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on loan is
$51,455,067. Collateral received for securities loaned of $52,325,550 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Floating rate note. The interest shown reflects the rate currently in
effect.
++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATIONS:
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
See Notes to Financial Statements.
Munder Intermediate Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------
ASSET-BACKED SECURITIES -- 11.6%
$ 5,000,000 American Express Credit
Account Master,
Series 96 Class A,
6.800% due 12/15/2003 $ 5,020,301
5,000,000 Banc One Credit Card Master Trust,
Series 1995-A Class A,
6.150% due 07/15/2002 4,998,061
12,000,000 Carco Auto Loan Master Trust,
Series 1999 Class A1,
5.650% due 03/15/2003 11,762,701
5,000,000 Chase Manhattan Credit Card
Master, Series 1996 3 Class A,
7.040% due 02/15/2005 5,036,013
10,000,000 Chemical Master Credit Card,
Trust 1,
6.230% due 06/15/2003 10,000,748
5,405,000 Contimortgage Home Equity
Loan, 1997 2 Passthru
Certificate Class A9,
7.090% due 04/15/2028 5,270,274
443,318 CWMBS, Mortgage Passthru
Series 1996 I Class A6,
7.750% due 09/25/2026 441,381
11,320,000 Standard Credit Card and Trust,
Series 1990-6A,
7.850% due 02/07/2002 11,338,943
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $55,216,153) 53,868,422
------------
CORPORATE BONDS AND NOTES -- 44.5%
Banking and Financial Services -- 17.6%
10,000,000 America Express Bank, Ltd.,
5.864% due 02/10/2004+ 9,850,000
10,000,000 American General Finance
Corporation,
6.850% due 07/12/2004 9,811,000
Associates Corporation of North America:
5,000,000 6.000% due 03/15/2000 4,997,084
5,275,000 5.800% due 04/20/2004 4,990,749
2,570,000 MTN,
8.250% due 10/15/2004 2,659,070
10,000,000 Countrywide Home Loans,
Inc., MTN,
6.850% due 06/15/2004 9,784,009
2,400,000 Ford Motor Credit Corporation,
6.500% due 02/15/2006 2,277,802
11,000,000 IBM Credit Corporation, MTN,
6.350% due 08/30/2001 10,917,500
10,000,000 SunAmerica Institutional, MTN,
5.750% due 02/16/2009 9,004,680
3,360,000 Swiss Bank Corporation,
7.250% due 09/01/2006 3,297,416
904,231 Textron Financial Corporation
Receivables,
6.050% due 03/16/2009 897,239
10,000,000 Transamerica Finance
Corporation, MTN,
6.370% due 05/14/2004 9,453,870
4,000,000 U.S. Leasing International, MTN,
9.880% due 03/06/2001 4,122,391
------------
82,062,810
------------
Consumer Durable Goods -- 3.8%
10,000,000 Daimlerchrysler NA Holding
Corporation, MTN,
6.630% due 09/21/2001 9,952,572
8,000,000 Fortune Brands, Inc., 144A,
7.125% due 11/01/2004++ 7,871,909
------------
17,824,481
------------
Consumer Non-Durables -- 1.2%
6,000,000 Avon Products, Inc., 144A,
7.150% due 11/15/2009++ 5,775,073
------------
Foreign -- 3.4%
6,480,000 Abbey National Plc,
6.700% due 06/29/2049 5,892,513
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 9,673,000
------------
15,565,513
------------
Industrial -- 14.1%
2,500,000 American Greetings Corporation,
6.100% due 08/01/2028 2,238,524
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,639,903
3,701,813 Chevron Corporation, Trust Fund,
8.110% due 12/01/2004 3,790,182
4,900,000 General Motors Corporation,
5.910% due 03/11/2002 4,781,450
4,000,000 Pitney Bowes, Inc.,
5.950% due 02/01/2005 3,782,006
10,000,000 Racers-Kellogg,
Series 1998-1 144A,
5.750% due 02/02/2001++ 9,915,617
4,000,000 Rohm and Haas Company,
6.950% due 07/15/2004 3,935,198
9,500,000 TCI Communciations, Inc.,
8.650% due 09/15/2004 10,026,688
9,425,000 Textron, Inc.,
6.750% due 09/15/2002 9,287,648
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 3,987,907
10,140,000 Tyco International Group SA,
5.875% due 11/01/2004 9,333,518
------------
65,718,641
------------
Transportation -- 1.2%
5,505,000 Ryder System, Inc., MTN,
6.910% due 06/18/2002 5,441,580
------------
Utility -- Electric -- 2.1%
4,500,000 Montana Power Company, MTN,
8.680% due 02/07/2022 4,466,268
5,925,000 National Rural Utilities, MTN,
5.540% due 12/15/2005 5,390,387
------------
9,856,655
------------
Utility -- Telephone -- 1.1%
5,000,000 MCI WorldCom, Inc.,
6.125% due 08/15/2001 4,939,173
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $214,061,187) 207,183,926
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 38.2%
Federal Home Loan Mortgage Corporation (FHLMC) -- 5.6%
FHLMC:
10,250,000 6.000% due 07/20/2001 10,148,700
1,847,148 8.000% due 03/01/2028 1,865,029
2,844,600 Pool #A00813,
9.000% due 10/01/2020 2,950,621
601,216 Pool #E61740,
9.000% due 04/01/2010 624,702
2,479,112 Pool #F70013, Gold,
7.000% due 12/01/2011 2,457,448
576,105 Pool #G50249, REMIC,
8.500% due 03/01/2000 577,186
7,850,000 Series 1650 Class 1650 J,
6.500% due 06/15/2023 7,398,244
------------
26,021,930
------------
Federal National Mortgage Association
(FNMA) -- 15.6%
FNMA:
15,776,000 5.125% due 02/13/2004 14,835,419
9,590,930 6.000% due 02/01/2013 9,123,372
10,504,355 6.000% due 06/01/2013 9,972,519
11,913,038 6.000% due 05/01/2018 11,060,422
5,764,361 5.819% due 12/01/2028 5,533,787
16,500,000 Benchmark Note,
5.250% due 01/15/2009 14,549,784
1,823,349 Pool #070225,
7.500% due 08/01/2018 1,815,265
6,125,668 Pool #250550,
6.500% due 05/01/2026 5,846,932
------------
72,737,500
------------
Government Agency Debentures -- 13.5%
17,000,000 AID-Israel,
0.000% due 02/15/2004 12,810,802
8,500,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,149,247
30,000,000 Government Trust Certificates,
Class 3-C,
0.000% due 11/15/2004 21,473,658
10,950,000 SallieMae Student Loan Trust,
Class A2,
5.923% due 01/25/2010+ 10,744,688
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 9,682,349
------------
62,860,744
------------
Government National Mortgage Association (GNMA) --
3.1%
GNMA:
1,576,483 Pool #780077,
8.000% due 03/15/2025 1,592,186
4,436,989 Pool #780840,
8.500% due 07/20/2028 4,516,656
9,054,725 Pool #781008,
6.000% due 03/15/2029 8,254,842
------------
14,363,684
------------
Small Business Administration (SBA) -- 0.4%
1,690,920 SBA, Pool #502796,
6.500% due 11/25/2019 1,705,716
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $183,650,841) 177,689,574
------------
U.S. TREASURY OBLIGATIONS -- 4.9%
U.S. Treasury Bonds -- 1.0%
5,000,000 U.S. Treasury Bonds,
3.875% due
04/15/2029, TIPS 4,668,298
------------
U.S. Treasury Notes -- 3.9%
U.S. Treasury Notes:
16,100,000 7.875% due 11/15/2004 17,019,304
1,000,000 6.000% due 08/15/2009 968,796
------------
17,988,100
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $23,292,789) 22,656,398
------------
REPURCHASE AGREEMENT -- 1.2%
(Cost $5,485,000)
$5,485,000 Agreement with State Street
Bank and Trust Company, 3.300%
dated 12/31/1999, to be
repurchased at $5,486,508 on
01/03/2000, collateralized by
$5,485,000 U.S. Treasury Note,
6.250% maturing 02/28/2002
(value $5,594,700) 5,485,000
------------
OTHER INVESTMENTS**
(Cost $10,946,495) 2.3% 10,946,495
----- ------------
TOTAL INVESTMENTS
(Cost $492,652,465*) 102.7% 477,829,815
OTHER ASSETS AND
LIABILITIES (Net) (2.7) (12,378,331)
----- ------------
NET ASSETS 100.0% $465,451,484
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31,1999 the market value of the
securities on loan is $10,716,566. Collateral
received for securities loaned of $10,946,495 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.
ABBREVIATIONS:
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder International Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------------------------------------------
<S> <C>
FOREIGN BONDS AND NOTES -- 85.8%
Belgium -- 3.2%
Government -- 3.2%
BEF 1,512,151 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 $ 1,672,392
------------
Denmark -- 4.2%
Government -- 4.2%
DKK 14,000,000 Kingdom of Denmark,
8.000% due 03/15/2006 2,141,428
------------
Finland -- 1.2%
Government -- 1.2%
FIM 504,564 Republic of Finland,
9.500% due 03/15/2004 594,219
------------
France -- 6.1%
Government -- 6.1%
Government of France:
FRF 2,405,103 5.500% due 04/25/2007 2,456,698
548,816 8.500% due 12/26/2012 701,235
------------
3,157,933
------------
Germany -- 11.7%
Finance -- 2.6%
DEM 1,329,359 Bayerische Vereinsbank New York, Global Bond,
4.500% due 06/24/2002 1,341,138
Government -- 9.1%
3,451,220 Federal Republic of Germany,
5.625% due 01/04/2028 3,311,448
1,278,230 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 1,380,719
------------
6,033,305
------------
Italy -- 2.8%
Government -- 2.8%
ITL 1,291,140 Government of Italy,
8.500% due 04/01/2004 1,443,699
------------
Japan -- 41.1%
Government -- 31.5%
Government of Japan:
JPY 548,000,000 1.500% due 09/22/2008 5,349,734
1,000,000,000 3.100% due 03/20/2006 10,879,574
Supranational -- 9.6%
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 2,560,454
220,000,000 Interamerican Development Bank,
6.000% due 10/30/2001 2,373,211
------------
21,162,973
------------
Netherlands -- 4.1%
Government -- 4.1%
NLG 1,951,255 Government of Netherlands, Series 2,
8.250% due 06/15/2002 2,132,672
------------
Spain -- 3.3%
Government -- 3.3%
ESP 1,750,000 Kingdom of Spain,
5.150% due 07/30/2009 1,715,021
------------
Sweden -- 2.5%
Government -- 2.5%
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,295,041
------------
United Kingdom -- 2.4%
Supranational -- 2.4%
GBP 750,000 European Investment Bank,
8.500% due 11/06/2001 1,240,669
------------
United States -- 3.2%
Supranational -- 3.2%
GBP 1,000,000 KFW International Finance,
7.625% due 12/30/2003 1,654,279
------------
TOTAL FOREIGN BONDS AND NOTES
(Cost $45,543,735) 44,243,631
------------
GOVERNMENT AGENCY OBLIGATIONS -- 8.6%
GBP 600,000 Federal National Mortgage Association, Global Bond,
6.875% due 06/07/2002 968,695
DEM 3,700,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 1,995,251
USD 1,500,000 U.S. Treasury Note,
6.000% due 08/15/2009 1,453,195
------------
4,417,141
------------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $4,761,167) 4,417,141
------------
REPURCHASE AGREEMENT -- 3.2%
(Cost $1,629,000)
USD 1,629,000 Agreement with State
Street Bank and Trust Company,
3.300% dated 12/31/1999, to be
repurchased at $1,629,448 on
01/03/2000, collateralized by
$1,645,000 U.S. Treasury Notes,
5.625-6.750% having
maturities from 04/30/2000 through
05/15/2001 (value $1,665,594) 1,629,000
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $51,933,902*) 97.6% 50,289,772
OTHER ASSETS AND LIABILITIES (Net) 2.4 1,241,317
----- ------------
NET ASSETS 100.0% $ 51,531,089
===== ============
<FN>
- ----------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
BEF -- Belgian Francs
DEM -- German Deutsche Mark
DKK -- Danish Krone
ESP -- Spanish Peseta
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
ITL -- Italian Lira
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
USD -- United States Dollar
See Notes to Financial Statements.
</TABLE>
Munder U.S. Government Income Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------
ASSET-BACKED SECURITY-- 1.7%
(Cost $4,759,224)
$ 4,802,521 Residential Accreditation
Loans, Inc. $ 4,805,614
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 86.4%
Federal Home Loan Bank (FHLB) -- 0.8%
$2,500,000 FHLB,
5.800% due 09/02/2008 2,304,226
------------
Federal Home Loan Mortgage Corporation
(FHLMC) -- 49.8%
FHLMC:
1,392,678 Pool #A01048, Gold,
8.500% due 02/01/2020 1,427,151
4,407,842 Pool #E00160, Gold,
7.000% due 11/01/2007 4,384,689
861,674 Pool #G00479, Gold,
9.000% due 04/01/2025 894,290
5,500,000 Series 1399, Class Q,
7.000% due 02/15/2021 5,412,330
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 5,584,298
5,000,000 Series 1531, Class M,
6.000% due 06/15/2008 4,729,264
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 4,906,250
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 8,973,686
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 4,714,050
4,000,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,860,000
4,300,000 Series 1617, Class C,
6.500% due 02/15/2023 4,091,708
11,585,000 Series 1633, Class PL,
6.500% due 03/15/2023 10,918,863
5,000,000 Series 1638, Class H,
6.500% due 12/15/2023 4,596,733
2,000,000 Series 1650, Class H,
6.250% due 10/15/2022 1,928,740
12,000,000 Series 1669, Class G,
6.500% due 02/15/2023 11,667,672
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,640,900
8,000,000 Series 1676, Class H,
6.500% due 10/15/2022 7,781,301
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,583,309
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,320,317
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 983,892
1,200,000 Series 1722, Class PH,
6.500% due 08/15/2022 1,165,956
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 1,905,344
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 8,264,620
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 3,995,572
7,000,000 Series 1870, Class VB,
6.500% due 04/15/2007 6,835,920
1,345,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,301,363
3,352,241 Series 43, Class D,
10.000% due 06/15/2020 3,577,644
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,331,804
------------
137,777,666
------------
Federal Housing Authority/Veterans Administration
(FHA/VA) -- 0.3%
976,417 FHA, Azalea Garden,
8.500% due 09/01/2030 935,834
------------
Federal National Mortgage Association
(FNMA) -- 27.5%
FNMA:
67,785 Pool #040305,
11.500% due 02/01/2014 74,933
31,846 Pool #058255,
11.500% due 11/01/2010 35,210
42,630 Pool #081585,
11.500% due 07/01/2012 47,132
1,073,417 Pool #100081,
11.500% due 08/01/2016 1,198,872
130,073 Pool #210448,
11.500% due 11/01/2015 143,867
1,047,538 Pool #303105,
11.000% due 11/01/2020 1,147,537
160,538 Pool #336457,
10.500% due 11/01/2020 174,005
2,950,000 Pool #375618,
6.420% due 12/01/2007 2,783,060
2,542,767 Series 1990-117, Class E,
8.950% due 10/25/2020 2,642,149
5,000,000 Series 1990-45, Class J,
9.500% due 05/25/2020 5,284,830
7,500,000 Series 1993 203 Class PL,
6.500% due 10/25/2023 6,995,656
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,458,886
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022 1,936,148
5,100,000 Series 1993-163, Class BJ,
7.000% due 07/25/2006 5,022,144
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023 2,677,239
10,319,600 Series 1993-226, Class PN,
9.000% due 05/25/2022 10,999,971
3,500,000 Series 1993-240, Class PD,
6.250% due 12/25/2013 3,273,585
2,000,000 Series 1993-83, Class VE,
6.600% due 12/25/2005 1,935,399
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,432,607
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,456,395
1,600,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,519,222
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,089,447
5,150,000 Series 1996-70, Class PJ,
6.500% due 02/25/2026 4,742,116
6,250,000 Series 1999-17, Class PC,
6.000% due 12/25/2022 5,949,187
------------
76,019,597
------------
Government National Mortgage Association (GNMA) -- 7.9%
GNMA:
1,389,437 Pool #780840,
8.500% due 07/20/2028 1,414,385
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 9,872,592
6,000,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 5,858,470
5,200,000 Series 1999-13, Class PC,
6.000% due 03/20/2028 4,689,304
------------
21,834,751
------------
Small Business Administration (SBA) -- 0.1%
286,770 SBA, Pool # 503548,
5.875% due 11/25/2021+++ 283,544
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $247,723,343) 239,155,618
------------
U.S. TREASURY OBLIGATIONS -- 7.6%
U.S. Treasury Bonds -- 7.6%
U.S. Treasury Bonds:
2,500,000 10.375% due 11/15/2012 3,038,986
2,000,000 7.500% due 11/15/2016 2,139,809
4,000,000 8.125% due 08/15/2019 4,557,013
10,000,000 8.000% due 11/15/2021 11,348,136
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $22,896,633) 21,083,944
------------
REPURCHASE AGREEMENT -- 1.0%
(Cost $2,750,000)
$2,750,000 Agreement with State Street Bank and Trust Company, 3.300%
dated 12/31/1999, to be repurchased at $2,750,756 on
01/03/2000, collateralized by $2,750,000 U.S. Treasury Note,
6.250% maturing 02/28/2002
(value $2,805,000) 2,750,000
------------
OTHER INVESTMENTS**
(Cost $24,088,025) 8.7% $ 24,088,025
----- ------------
TOTAL INVESTMENTS
(Cost $302,217,225*) 105.4% 291,883,201
OTHER ASSETS AND
LIABILITIES (Net) (5.4) (14,956,167)
----- ------------
NET ASSETS 100.0% $276,927,034
===== ============
- -------------------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on loan is
$23,720,736. Collateral received for securities loaned of $24,088,025 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.
<TABLE>
<CAPTION>
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -----------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 96.3%
Michigan -- 96.3%
$ 1,000,000 Auburn Hills, Michigan, Building Authority, Refunding,
(AMBAC Insured),
5.000% due 11/01/2017 AAA Aaa $ 879,140
1,000,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2008 AA+ Aa2 1,116,530
625,000 Cadillac, Michigan, Area Public Schools, Pre-refunded,
5.375% due 05/01/2012 AAA Aaa 638,544
1,000,000 Central Michigan University Revenue, (FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,031,430
515,000 Clinton Township, Michigan Building Authority, Refunding,
(AMBAC Insured),
4.750% due 11/01/2012 AAA NR 474,650
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 566,580
De Witt, Michigan, Public Schools, GO:
750,000 4.700% due 05/01/2012 AAA Aaa 694,552
1,055,000 AMBAC Insured, Q-SBLF,
5.500% due 05/01/2011 AAA Aaa 1,084,329
700,000 Dearborn School District, Michigan, GO, (MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 645,729
Detroit, Michigan, Water Supply Systems, Revenue:
500,000 Series A,
5.000% due 07/01/2027 AAA Aaa 418,360
375,000 Series A,
5.750% due 07/01/2011 AAA Aaa 385,980
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 907,710
1,000,000 Eastern Michigan University Revenue, GO, (FGIC Insured),
5.500% due 06/01/2017 AAA Aaa 966,090
500,000 Farmington Hills, Michigan, Hospital Revenue,
Botsford General Hospital, Series A, Pre-refunded,
6.500% due 02/15/2022 AAA Aaa 527,750
1,000,000 Ferris State University, Michigan, Revenue Refunding,
(MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 955,310
750,000 Fowlerville, Michigan, Community School District, Refunding,
(FSA Insured),
4.500% due 05/01/2015 AAA Aaa 640,665
Grand Rapids, Michigan:
500,000 Building Authority,
4.550% due 04/01/2010 AA- Aa3 463,265
705,000 Building Authority,
5.000% due 04/01/2016 AA- Aa3 643,165
1,000,000 Community College Refunding, GO, (MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 928,810
1,000,000 Grand Traverse County, Michigan Hospital,
Munson Healthcare, Series A, Pre-refunded,
6.250% due 07/01/2022 AAA Aaa 1,055,750
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 610,953
500,000 Hesperia, Michigan Community Schools,
5.625% due 05/01/2017 AAA Aaa 520,165
1,100,000 Ingham County Michigan, Refunding, (FSA Insured),
5.125% due 11/01/2012 AAA Aaa 1,049,246
610,000 Kalamazoo, Michigan, Building Authority,
5.250% due 10/01/2017 AAA Aaa 565,299
1,000,000 Kalamazoo, Michigan, City School District, GO, (FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,046,440
760,000 Kent County, Michigan, Airport Facility Revenue,
4.750% due 01/01/2016 AAA Aa1 658,707
515,000 Lansing, Michigan, Water Supply, Steam & Electric
Utility System, Series A,
5.500% due 07/01/2009 AA Aa3 523,492
Lincoln, Michigan, Consolidate School District:
650,000 7.000% due 05/01/2005 AA+ Aa1 713,037
500,000 FSA Insured,
5.000% due 05/01/2018 AAA Aaa 439,655
1,000,000 Lincoln, Michigan, School District, Refunding,
5.000% due 05/01/2011 AAA Aaa 963,480
550,000 Michigan Municipal Bond Authority Revenue,
Local Government Loan (AMBAC Insured),
4.550% due 05/01/2008 AAA NR 523,584
1,100,000 Michigan Public Power Agency Revenue, (Belle River Project),
Series A,
5.250% due 01/01/2018 AA- A1 999,581
Michigan State Building Authority Revenue:
1,000,000 Facilities Project, Series 1,
5.000% due 10/15/2014 AA Aa2 919,980
1,000,000 Refunding Facilities Program, Series 1,
4.750% due 10/15/2021 AA Aa2 825,620
1,000,000 Michigan State Comprehensive Transportation Revenue
Series A, (MBIA Insured),
5.250% due 08/01/2012 AAA Aaa 980,670
1,200,000 Michigan State Enviromental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 1,289,232
Michigan State Hospital Finance Authority Revenue:
1,000,000 Genesys Health System, Series A,
7.500% due 10/01/2027 AAA Baa2 1,129,130
500,000 Hackley Hospital, Series A,
4.800% due 05/01/2005 NR A3 482,485
1,000,000 Mercy Health Services, Series S,
5.500% due 08/15/2020 AA- Aa3 897,490
715,000 Saint John Hospital & Medical Center, Series A,
6.000% due 05/15/2010 AAA Aaa 757,378
Michigan State Housing Development Authority:
1,000,000 Series A, (AMBAC Insured),
6.450% due 12/01/2014 AA+ NR 1,018,410
500,000 Series A, AMT, (AMBAC Insured),
6.050% due 12/01/2027 AAA Aaa 486,875
1,000,000 Michigan State Housing Development Rental Revenue,
Series C, AMT,
5.050% due 10/01/2015 AAA Aaa 908,160
750,000 Michigan State Housing Single Family Mortgage, Series B, AMT,
5.200% due 12/01/2018 AAA Aaa 676,073
1,000,000 Michigan State Trunk Line, Series A,
5.250% due 11/01/2011 AA- Aa3 987,410
1,000,000 Michigan State Trunk Line Highway Revenue, Pre-refunding,
Series A, (FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,037,430
500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 521,555
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 454,880
Oakland County Michigan:
700,000 Detroit Country Day School Project,
4.950% due 10/01/2018 NR Aaa 595,973
700,000 Economic Development Obligation Revenue,
Cranbrook Educational Community, Series B, Refunding,
6.375% due 11/01/2014 NR Aaa 745,661
1,000,000 Plainwell, Michigan Community School District, Refunding,
(FSA Insured),
5.000% due 05/01/2018 AAA Aaa 877,300
500,000 Redford, Michigan Union School District,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2014 AAA Aaa 493,965
1,500,000 Redford, Michigan Union School District, Refunding,
5.000% due 05/01/2022 AAA Aaa 1,299,885
1,000,000 Redford, Michigan, Unified School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,049,130
750,000 Rochester Community School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2019 AAA Aaa 658,425
750,000 Rockford Michigan Public Schools, (FGIC Insured),
6.500% due 05/01/2009 AAA Aaa 819,142
1,000,000 Saint Johns, Michigan, Public Schools District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,041,730
1,000,000 South Lake, Michigan, Public Schools System, (FGIC Insured),
5.125% due 05/01/2014 AAA Aaa 932,680
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,018,710
750,000 Three Rivers, Michigan, Community Schools, Pre-refunded,
5.600% due 05/01/2010 AAA Aaa 780,810
1,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 1,035,530
1,000,000 Williamston, Michigan, Community School District,
(MBIA Insured),
5.500% due 05/01/2025 AAA Aaa 937,680
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 448,230
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $52,266,007) 49,745,607
------------
<S> <C> <C>
SHORT-TERM INVESTMENTS-- 3.5%
(Cost $1,797,675)
1,797,675 Valiant Fund Tax Exempt Money Market 1,797,675
------------
TOTAL INVESTMENTS (Cost $54,063,682*) 99.8% 51,543,282
OTHER ASSETS AND LIABILITIES (Net) 0.2 77,928
----- ------------
NET ASSETS 100.0% $ 51,621,210
===== ============
<FN>
- -------------
*Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -----------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 96.6%
Arizona -- 1.8%
$ 1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,766,928
1,000,000 Tempe, Arizona, High School District Number 213,
(FGIC Insured),
4.500% due 07/01/2010 AAA Aaa 934,240
------------
2,701,168
------------
California -- 2.7%
2,905,000 Perris, California Community Facilities Revenue, ETM,
8.750% due 10/01/2021 NR Aaa 3,898,946
------------
Colorado -- 1.0%
1,350,000 Colorado Health Facilities, Hospital Revenue Bonds,
Series A, Pre-refunded,
6.875% due 02/15/2023 NR Aaa 1,456,528
------------
District of Columbia -- 1.4%
2,500,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 2,105,875
------------
Florida -- 12.0%
2,000,000 Dade County, Florida, GO, (FGIC Insured),
12.000% due 10/01/2001 AAA Aaa 2,244,300
2,000,000 Florida State, Board of Education, Administrative
Capital Revenue,
8.400% due 06/01/2007 AA Aa2 2,411,160
3,000,000 Gainesville, Florida, Utility Systems Revenue, Series A,
6.500% due 10/01/2012 AA Aa3 3,323,400
2,500,000 Orlando, Florida, Utilities Commission, Water and Electric
Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 2,743,200
3,050,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa1 3,420,300
3,000,000 Port Everglades, Florida, Port Authority Revenue, ETM,
7.125% due 11/01/2016 AAA Aaa 3,422,820
------------
17,565,180
------------
Georgia -- 6.6%
2,000,000 Atlanta, Georgia, Water & Sewer Revenue, (FGIC Insured),
5.250% due 01/01/2027 AAA Aaa 2,038,600
Georgia State, GO:
2,500,000 7.400% due 08/01/2007 AAA Aaa 2,876,225
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,169,860
2,500,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 2,551,100
------------
9,635,785
------------
Hawaii-- 1.6%
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA- Aa3 2,285,160
------------
Illinois -- 6.4%
1,000,000 Addison, Illinois, Single-family Mortgage Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,118,230
2,500,000 Chicago, Illinois, Wastewater Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,447,675
2,500,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,364,725
2,500,000 Illinois State, Sales Tax Revenue, Series Y,
5.250% due 06/15/2009 AAA Aa2 2,491,275
1,000,000 Regional Transport Authority, Illinois, (FGIC Insured),
6.000% due 06/01/2015 AAA Aaa 1,028,140
------------
9,450,045
------------
Indiana -- 3.5%
3,000,000 Indiana State Office Building Capital Revenue, (MBIA Insured),
7.400% due 07/01/2015 AAA Aaa 3,489,180
1,525,000 Indiana Transportation Finance Airport Lease, Refunding
Series A, (AMBAC Insured),
6.000% due 11/01/2010 AAA Aaa 1,616,485
------------
5,105,665
------------
Louisiana -- 0.7%
1,100,000 Shreveport, Louisiana, Refunding,
5.000% due 02/01/2013 AAA Aaa 1,032,152
------------
Maryland -- 1.4%
2,000,000 Baltimore, Maryland, Series A, (FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 2,106,260
------------
Massachusetts -- 5.2%
3,500,000 Massachusetts Bay Transport Authority, General Transportation
Systems, Series A, (MBIA Insured),
5.500% due 03/01/2011 AAA Aaa 3,553,760
1,150,000 Massachusetts State, Series C,
5.250% due 08/01/2010 AA- Aa3 1,147,585
1,000,000 Massachusetts State Port Authority Revenue, Refunding Series A,
5.750% due 07/01/2012 AA- Aa3 1,022,930
2,000,000 Massachusetts State, Grant Anticipation Notes, Series A,
5.250% due 12/15/2012 NR Aa3 1,946,140
------------
7,670,415
------------
Michigan -- 16.0%
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,310,235
1,500,000 Detroit, Michigan, City School District, GO, Series C,
(FGIC Insured),
5.250% due 05/01/2011 AAA Aaa 1,476,630
2,000,000 Grand Valley, Michigan State University Revenue,
(FGIC Insured),
5.500% due 02/01/2018 AAA NR 1,924,260
1,625,000 Jenison, Michigan, Public Schools, Pre-refunded,
5.250% due 05/01/2015 AAA Aaa 1,531,335
2,120,000 Kent County, Michigan, Building Authority, GO,
4.875% due 06/01/2012 AAA Aa1 1,990,150
5,000,000 Michigan State Enviromental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 5,371,800
Michigan State, Hospital Finance Authority Revenue:
2,250,000 Henry Ford Health System, (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,354,715
1,000,000 McLaren Health Care Corporation Series A,
5.250% due 06/01/2009 NR A1 966,990
1,000,000 Saint John Hospital & Medical Center Series A,
(AMBAC Insured),
6.000% due 05/15/2010 AAA Aaa 1,059,270
1,000,000 Michigan State, Housing Development Rental Revenue,
AMT, Series C,
5.050% due 10/01/2015 AAA Aaa 908,160
2,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 2,194,750
1,500,000 South Lake, Michigan, Public Schools System, (FGIC Insured),
5.125% due 05/01/2014 AAA Aaa 1,399,020
1,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 1,056,000
------------
23,543,315
------------
Minnesota -- 1.6%
2,500,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa2 2,399,450
------------
Missouri -- 0.7%
1,000,000 St. Louis County, Missouri,
5.250% due 02/01/2008 AAA Aaa 1,015,150
------------
Nevada -- 2.5%
Nevada State:
1,000,000 Refunding,
6.000% due 05/15/2010 AA Aa2 1,053,930
2,500,000 Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,637,750
------------
3,691,680
------------
New Mexico -- 0.7%
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 976,200
------------
North Carolina -- 1.7%
2,500,000 North Carolina, Municipal Power Agency, Catawba Electric
Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,519,975
------------
Ohio -- 4.9%
1,000,000 Cleveland, Ohio, GO, (MBIA Insured),
4.400% due 10/01/2011 AAA Aaa 910,940
1,350,000 Cleveland, Ohio, Waterworks Revenue, (MBIA Insured),
5.500% due 01/01/2021 AAA Aaa 1,280,677
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,292,175
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,166,400
585,000 University Cincinnati, Ohio, General Receipts, Series AA,
5.500% due 06/01/2012 AA Aa3 579,051
------------
7,229,243
------------
Oklahoma -- 0.8%
1,000,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue, (Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,160,670
------------
Oregon -- 0.6%
1,025,000 Tualatin Hills, Oregon, Park and Recreational District, GO,
(FGIC Insured),
4.600% due 03/01/2011 AAA Aaa 949,919
------------
Pennsylvania -- 2.0%
1,000,000 Pennsylvania Intergovernmental Cooperative,
Philadelphia Funding Program, Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 1,087,930
2,000,000 Pennsylvania State, GO,
5.000% due 10/15/2015 AA Aa3 1,819,880
------------
2,907,810
------------
Rhode Island -- 0.7%
1,000,000 Rhode Island Depositors Economic Protection, ETM,
5.800% due 08/01/2012 AAA Aaa 1,040,440
------------
South Carolina -- 1.5%
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,182,395
------------
Tennessee -- 1.6%
1,475,000 Johnson City, Tennessee, Water & Sewer, (FGIC Insured),
4.750% due 06/01/2013 AAA Aaa 1,353,357
1,000,000 Williamson County, Tennessee, Refunding, GO,
5.500% due 09/01/2014 NR Aa1 990,730
------------
2,344,087
------------
Texas -- 10.0%
1,000,000 Harris County, Texas, Toll Road Series A, Pre-refunded,
6.125% due 08/15/2020 AAA Aa1 1,070,670
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 4,977,160
2,750,000 Houston, Texas, Water & Sewer Systems Revenue, Series A,
Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,932,710
San Antonio, Texas, Electric & Gas Revenue:
995,000 Series A,
5.000% due 02/01/2012 AA Aa1 946,872
5,000 Series A, ETM,
5.000% due 02/01/2012 AA Aa1 4,820
2,000,000 Spring, Texas, Independent School District Authority, GO,
(PSFG),
6.875% due 08/15/2009 AAA Aaa 2,218,720
2,000,000 Texas State, Refunding Water Financial Assistance, Series C,
5.000% due 08/01/2018 AA Aa1 1,756,920
1,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 850,300
------------
14,758,172
------------
Utah -- 1.4%
2,000,000 Utah State, Building Ownership Authority,
5.500% due 05/15/2009 AAA Aaa 2,029,520
------------
Virginia -- 1.5%
2,500,000 Richmond, Virginia, Series B,
5.000% due 01/15/2021 AAA Aaa 2,181,475
------------
Washington -- 2.7%
1,815,000 Douglas County, Washington, Public Utility District No.1, GO,
(Wells Hydroelectric Project), Pre-refunded,
8.750% due 09/01/2018 AA- Aaa 2,278,097
1,000,000 King County, Washington, Series B, (MBIA Insured),
4.750% due 01/01/2020 AAA Aaa 814,110
1,000,000 Vancouver, Washington, Water & Sewer Revenue,
(MBIA Insured),
4.250% due 06/01/2009 AAA Aaa 919,630
------------
4,011,837
------------
Wisconsin -- 1.4%
Wisconsin State, Transportation Revenue:
1,000,000 Series A,
5.500% due 07/01/2011 AA- A1 1,011,490
1,000,000 Series A,
5.500% due 07/01/2012 AA- A1 1,005,030
------------
2,016,520
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $146,264,696) 141,971,037
------------
<S> <C> <C>
Shares
- ---------
SHORT-TERM INVESTMENTS-- 1.8%
(Cost $2,624,430)
2,624,430 Valiant Fund Tax Exempt Money Market 2,624,430
------------
TOTAL INVESTMENTS (Cost $148,889,126*) 98.4% 144,595,467
OTHER ASSETS AND LIABILITIES (Net) 1.6 2,402,271
----- ------------
NET ASSETS 100.0% $146,997,738
===== ============
<FN>
- -----------
*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
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -----------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 97.1%
Alabama -- 2.0%
$ 3,500,000 Alabama State Public School and College Authority Revenue,
Series A,
5.750% due 08/01/2003 AA Aa3 $ 3,629,885
1,000,000 Huntsville, Alabama Health Care, Series B, Pre-refunded,
6.625% due 06/01/2023 AAA Aaa 1,088,280
------------
4,718,165
------------
Arizona -- 4.4%
2,500,000 Maricopa County, Arizona, School District 48, Series D,
6.250% due 07/01/2008 AA Aa2 2,691,175
Phoenix, Arizona:
3,000,000 Pre-refunded, GO,
7.500% due 07/01/2004 AA+ Aa1 3,323,670
1,840,000 Pre-refunded, GO, Series A,
5.500% due 07/01/2015 AA+ Aa1 1,909,368
2,500,000 Tempe, Arizona, High School District, GO,
6.250% due 07/01/2004 AAA Aaa 2,651,000
------------
10,575,213
------------
California -- 3.8%
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 3,317,160
5,070,000 Sacramento County, California, Sanitation District Financing
Authority Revenue,
9.000% due 12/01/2002 AA Aa3 5,672,823
------------
8,989,983
------------
Delaware -- 1.1%
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,495,400
------------
Florida -- 3.4%
4,000,000 Dade County, Florida, School District, (MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,219,600
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 3,884,111
------------
8,103,711
------------
Georgia -- 0.9%
1,975,000 Georgia State, Series C,
7.250% due 07/01/2006 AAA Aaa 2,223,179
------------
Hawaii -- 1.3%
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 3,121,830
------------
Illinois -- 9.4%
4,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa1 4,734,135
6,000,000 Illinois Educational Facilities Authority Revenues,
Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 5,934,420
2,000,000 Illinois Health Facilities Authority Revenue, Pre-refunded,
5.500% due 05/15/2023 AAA Aaa 2,080,120
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 AAA Aa2 4,041,520
4,525,000 Lake County, Illinois, Adalai E. Stevenson School District,
No. 125, 5.500% due 01/01/2003 NR Aa1 4,612,423
1,000,000 Waukegan, Illinois, Series A, Pre-refunded,
6.750% due 11/15/2013 AAA Aaa 1,098,540
------------
22,501,158
------------
Indiana -- 2.6%
1,900,000 IPS School Building Corporation, First Mortgage,
6.050% due 01/15/2014 AAA NR 2,023,044
4,000,000 Kokomo, Indiana, Hospital Authority Revenue,
Saint Joseph's Hospital, Pre-refunded,
6.350% due 08/15/2013 AAA Aaa 4,273,200
------------
6,296,244
------------
Maryland -- 4.5%
Maryland State:
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,060,240
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,295,862
5,000,000 Prince George's County, Maryland, Consolidated Public
Improvement, GO, (MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,309,700
------------
10,665,802
------------
Massachusetts -- 0.9%
2,000,000 Massachusetts Water Resource Authority Revenue,
Series A, Pre-refunded,
6.750% due 07/15/2012 AAA Aaa 2,138,620
------------
Michigan -- 27.6%
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,582,791
2,500,000 Caledonia, Michigan, Community Schools, (AMBAC Insured),
Pre-refunded,
6.700% due 05/01/2022 AAA Aaa 2,658,025
1,000,000 Clarkston, Michigan, Community Schools, Pre-refunded,
5.750% due 05/01/2016 AAA Aaa 1,047,530
1,410,000 Detroit, Michigan, Sewage Disposal Revenue, Series A,
(FGIC Insured), Pre-refunded,
5.700% due 07/01/2013 AAA NR 1,477,934
2,000,000 Detroit, Michigan, Water Supply Systems Revenue,
Senior Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,022,700
2,000,000 Farmington Hills, Michigan, Hospital Authority Revenue,
Botsford General Hospital, Series A, (MBIA Insured),
6.500% due 02/15/2022 AAA Aaa 2,111,000
2,350,000 Gaylord, Michigan, Community Schools, GO, Pre-refunded,
6.600% due 05/01/2021 AA Aa2 2,490,741
3,075,000 Goodrich, Michigan, Area School District, Pre-refunded,
5.875% due 05/01/2024 AAA Aaa 3,262,729
1,000,000 Lake Orion, Michigan, Community School District,
Pre-refunded,
7.000% due 05/01/2020 AAA Aaa 1,105,470
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2022 AAA Aaa 2,109,000
Michigan State, Building Authority Revenue, Series I:
2,500,000 6.500% due 10/01/2004 AA Aa2 2,679,250
2,500,000 AMBAC Insured,
6.000% due 10/01/2006 AAA Aaa 2,635,275
2,500,000 AMBAC Insured,
6.250% due 10/01/2003 AAA Aaa 2,629,475
Michigan State, Hospital Finance Authority Revenue:
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 972,870
1,900,000 Oakwood Hospital Obligated Group, (FGIC Insured),
Pre-refunded,
7.000% due 07/01/2010 AAA Aaa 1,964,106
850,000 Oakwood Hospital Obligated Group, Pre-refunded,
7.100% due 07/01/2018 AAA Aaa 879,087
1,450,000 Michigan State, Housing Development Authority,
Rental Housing Revenue, Series A, AMT,
5.000% due 10/01/2003 AAA Aaa 1,454,350
1,095,000 Michigan State, Housing Single Family Mortgage,
Series A, AMT,
5.300% due 12/01/2006 AAA Aaa 1,099,752
2,000,000 Michigan State, Municipal Bond Authority Revenue,
Local Government Loan,
3.750% due 11/01/2002 A NR 1,948,680
Michigan State, Trunk Line Highway Revenue:
2,500,000 Series A,
5.500% due 11/15/2009 AA- Aa3 2,615,725
3,000,000 Series A,
5.625% due 10/01/2003 AA- Aa3 3,085,620
3,500,000 Michigan State, Underground Storage Tank Financial
Assurance Authority, Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,679,200
2,000,000 Oakland County, Michigan, Economic Development
Obligation, Cranbrook Educational Community, Series B,
6.375% due 11/01/2014 NR Aaa 2,130,460
2,000,000 Redford, Michigan, Union School District, Pre-refunded,
5.950% due 05/01/2015 AAA Aaa 2,119,720
Rochester Community School District, Michigan, GO:
2,000,000 6.000% due 05/01/2002 AA+ Aa2 2,060,400
2,000,000 Pre-refunded,
6.500% due 05/01/2011 AA+ NR 2,079,500
3,000,000 University of Michigan, Hospital Revenue, Series A,
7.500% due 12/01/2001 AA Aa2 3,155,700
1,510,000 Wayne County, Michigan Transportation Fund Series A,
5.000% due 10/01/2007 AA- Aa3 1,503,205
5,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 5,177,650
2,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 2,112,000
------------
65,849,945
------------
Minnesota -- 0.4%
1,000,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2011 AAA Aaa 1,039,060
------------
Missouri -- 1.6%
3,500,000 Missouri State Regional Convention and Sport, Series A,
Pre-refunded,
6.900% due 08/15/2021 AAA Aaa 3,738,420
------------
Nebraska -- 1.3%
2,950,000 Nebraska, Public Power District Revenue, Pre-refunded,
6.125% due 01/01/2015 AAA Aaa 3,115,583
------------
New Jersey -- 1.6%
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,774,400
------------
New York -- 2.5%
3,600,000 Municipal Assistance Corporation, City of New York, Series G,
5.000% due 07/01/2003 AA Aa2 3,634,344
2,500,000 New York State Thruway Authority, Highway & Bridge
Transportation Fund, Series B, (FGIC Insured),
4.000% due 04/01/2004 AAA Aaa 2,424,575
------------
6,058,919
------------
Ohio -- 1.8%
1,500,000 Cleveland Ohio, Waterworks Revenue, Series I,
5.000% due 01/01/2008 AAA Aaa 1,490,310
2,500,000 Warren Ohio Hospital Revenue, Warren General Hospital Project,
Series B, Pre-refunded,
7.300% due 11/15/2014 AAA NR 2,766,800
------------
4,257,110
------------
Oklahoma -- 1.5%
3,250,000 Tulsa Oklahoma Industrial Authority Hospital Revenue,
Tulsa Regional Medical Center, Pre-refunded,
7.200% due 06/01/2017 AAA NR 3,556,085
------------
Oregon -- 0.9%
2,000,000 Washington County Or Unified Sewer Agency,
Agency Sewer Revenue, Pre-refunded,
6.125% due 10/01/2012 AAA Aaa 2,111,820
------------
Pennsylvania -- 1.3%
1,000,000 Intragovernmental Cooperative, Philadelphia Funding Program,
Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 1,087,930
2,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA Aa3 2,087,820
------------
3,175,750
------------
Rhode Island -- 0.9%
2,000,000 Rhode Island Depositors Economic Protection Corporation,
Special Obligation, Series A, Pre-refunded,
6.950% due 08/01/2022 AAA Aaa 2,144,740
------------
Tennessee -- 2.5%
2,000,000 Tennergy Corporation, Tennessee, Gas Revenue, (MBIA Insured),
4.500% due 06/01/2004 AAA Aaa 1,920,840
3,775,000 Tennessee State, GO, Series A,
5.600% due 03/01/2011 AAA Aaa 3,935,249
------------
5,856,089
------------
Texas -- 13.8%
Austin, Texas, Independent School District:
2,820,000 Pre-refunded,
7.000% due 08/01/2006 AAA Aaa 3,142,326
680,000 PSFG,
7.000% due 08/01/2006 AAA Aaa 756,561
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 2,891,845
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,279,067
5,070,000 Dallas, Texas, Waterworks and Sewer Authority Revenue,
7.750% due 04/01/2003 AA Aa2 5,536,998
Harris County, Texas:
2,000,000 Series A, (AMBAC Insured), Pre-refunded,
6.500% due 08/15/2017 AAA Aaa 2,126,880
1,500,000 Toll Road, Series A, Pre-refunded,
6.125% due 08/15/2020 AAA Aa1 1,606,005
2,000,000 Harris County, Texas, Housing Finance Corporation,
7.000% due 03/01/2007 AAA Aaa 2,231,700
2,000,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,132,880
2,175,000 Plano, Texas, Independent School District, GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,416,120
Texas State, GO:
2,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 2,559,200
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa1 2,022,260
3,250,000 University of Texas, Permanent University Funding, (PSFG),
5.000% due 07/01/2004 AAA Aaa 3,284,970
------------
32,986,812
------------
Virginia -- 1.5%
1,000,000 Fairfax County, Virginia, Water Authority Revenue, Pre-refunded,
6.000% due 04/01/2022 AAA Aaa 1,071,480
2,500,000 Hampton, Virginia, Public Improvement Revenue, Series C,
6.000% due 08/01/2003 AA Aa3 2,604,800
------------
3,676,280
------------
Wisconsin -- 3.6%
2,200,000 Madison, Wisconsin, GO, Series A,
5.000% due 05/01/2003 NR Aaa 2,219,932
Wisconsin State:
1,500,000 5.000% due 11/01/2007 AA Aa2 1,493,220
2,000,000 6.000% due 05/01/2003 AA Aa2 2,073,980
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,674,980
------------
8,462,112
------------
<S> <C> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $233,297,576) 231,632,430
------------
SHORT-TERM INVESTMENTS -- 1.5%
(Cost $3,686,391)
3,686,391 Valiant Fund Tax Exempt Money Market 3,686,391
------------
TOTAL INVESTMENTS (Cost $236,983,967*) 98.6% 235,318,821
OTHER ASSETS AND LIABILITIES (Net) 1.4 3,342,928
----- ------------
NET ASSETS 100.0% $238,661,749
===== ============
<FN>
- -------------
* 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.
</TABLE>
<TABLE>
<CAPTION>
Munder Short Term Treasury Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
U.S. TREASURY OBLIGATIONS -- 91.6%
U.S. Treasury Notes -- 91.6%
$2,000,000 6.875% due 03/31/2000 $ 2,006,240
3,000,000 5.875% due 06/30/2000 3,003,478
2,500,000 6.000% due 08/15/2000 2,501,596
1,500,000 5.625% due 11/30/2000 1,494,099
2,000,000 5.625% due 02/28/2001 1,988,264
2,000,000 6.250% due 04/30/2001 2,001,286
2,500,000 6.500% due 05/31/2001 2,509,772
1,800,000 6.625% due 06/30/2001 1,810,116
2,000,000 6.500% due 08/31/2001 2,007,539
2,000,000 6.125% due 12/31/2001 1,995,002
2,500,000 6.250% due 02/28/2002 2,498,746
3,000,000 6.250% due 06/30/2002 2,997,930
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $27,123,197) 26,814,068
------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 7.5%
(Cost $2,201,263)
$ 2,201,263 Agreement with Lehman Brothers Holdings Inc.,
3.000% dated 12/31/1999, to be repurchased at $2,201,813 on
01/03/2000, collateralized by $2,090,000 U.S. Treasury
Bond, 7.125% maturing 02/15/2023 (value $2,244,469) 2,201,263
------------
OTHER INVESTMENTS** (Cost $6,417,445) 21.9% 6,417,445
----- ------------
TOTAL INVESTMENTS (Cost $35,741,905*) 121.0% 35,432,776
OTHER ASSETS AND LIABILITIES (Net) (21.0) (6,144,953)
----- ------------
NET ASSETS 100.0% $ 29,287,823
===== ============
<FN>
- --------------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on
loan is $6,304,579. Collateral received for securities loaned of
$6,417,445 is invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Cash Investment Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -------------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 17.1%
$25,000,000 Bank of Tokyo Mitsubishi Ltd.
6.120% due 01/12/2000+,+++ A2/A- P1/A2 $ 25,000,000
22,000,000 Barclays Bank Plc
5.610% due 06/14/2000+ A1+/AA P1/Aa2 21,996,186
20,000,000 Deutsche Bank AG
5.150% due 03/17/2000+ A1+/AA P1/Aa3 20,000,000
Rabobank Nederland:
40,000,000 5.350% due 05/22/2000+ A1+/AAA P1/Aaa 40,000,000
5,000,000 6.000% due 08/16/2000+ A1+/AAA P1/Aaa 4,997,606
Societe Generale:
40,000,000 5.300% due 03/03/2000+ A1+/AA- P1/Aa3 40,000,000
20,000,000 5.700% due 07/25/2000+ A1+/AA- P1/Aa3 20,000,000
50,000,000 Union Bank of California
6.090% due 01/28/2000+,+++ A2/A- P1/A1 50,000,000
-------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $221,993,792) 221,993,792
-------------
COMMERCIAL PAPER -- 58.4%
25,000,000 Assets Securitization Cooperative Corporation
5.750% due 02/14/2000+ A1+/NR P1/NR 24,824,306
50,000,000 Blue Ridge Asset Funding
6.500% due 01/18/2000+ A1/NR P1/NR 49,846,528
50,000,000 Centric Capital Corporation
6.100% due 01/24/2000+ A1+/NR P1/NR 49,805,139
50,000,000 Corporate Receivables Corporation
5.750% due 01/27/2000+ A1+/NR P1/NR 49,792,361
50,000,000 CXC, Inc.
6.030% due 01/26/2000+ A1+/NR P1/NR 49,790,625
20,000,000 Falcon Asset Securitization Corporation
6.050% due 01/13/2000+ A1/NR P1/NR 19,959,667
30,000,000 Finova Capital Corporation
6.579% due 02/22/2000+,+++ A2/A- P2/Baa1 30,000,000
30,000,000 Fleet Funding Corporation
6.000% due 01/25/2000+ A1+/NR P1/NR 29,880,000
25,000,000 FPL Group Capital, Inc.
5.420% due 01/24/2000+ A1/A+ P1/A2 24,913,430
25,000,000 Hanson Finance Plc
5.600% due 01/18/2000+,+++ A1/A P2/A3 24,933,889
30,000,000 International Lease Finance Corporation
4.920% due 02/07/2000+ A1+/A+ P1/A1 29,848,300
50,000,000 Koch Industries, Inc.
4.500% due 01/05/2000+ A1+/AA+ P1/NR 49,975,000
25,000,000 Lexington Parker Capital Corporation
5.810% due 02/25/2000+,+++ A1/NR NR/NR 24,778,090
50,000,000 Moat Funding LLC
6.000% due 01/21/2000+,+++ NR/NR P1/NR 49,833,333
50,000,000 New Center Asset Trust
4.500% due 01/03/2000+ A1+/NR P1/NR 49,987,500
50,000,000 Preferred Receivables Funding Corporation
6.020% due 02/01/2000+ A1/NR P1/NR 49,740,806
50,000,000 Receivables Capital Corporation
5.890% due 02/15/2000+ A1+/NR P1/NR 49,631,875
50,000,000 Sheffield Receivables Corporation
6.100% due 01/28/2000+ A1+/NR P1/NR 49,771,250
50,000,000 UBS Finance Delaware Inc.
5.000% due 01/03/2000+ A1+/AA+ P1/Aa1 49,986,111
-------------
TOTAL COMMERCIAL PAPER
(Cost $757,298,210) 757,298,210
-------------
CORPORATE BONDS AND NOTES -- 19.0%
25,000,000 Allstate Funding Agreement
6.130% due 05/16/2000++ NR/AA+ NR/Aa2 25,000,000
40,000,000 Fleet National Bank
5.040% due 03/15/2000++ A1/A P1/A2 39,996,833
52,000,000 GTE Corporation
6.155% due 06/12/2000++,+++ A1/A P2/Baa1 51,985,092
35,000,000 Household Finance Corporation
5.220% due 09/14/2000++ A1/A P1/A2 34,985,254
25,000,000 Jackson National Life Insurance
5.580% due 09/25/2000++ NR/AA NR/Aa3 25,000,000
20,000,000 Keycorp
6.423% due 10/23/2000++,+++ A2/A- P1/A1 20,000,000
25,000,000 Sears Roebuck Acceptance Corporation
6.259% due 11/07/2000++,+++ A2/A- P1/A2 24,968,580
25,000,000 Transamerica Life and Annuity Company
6.109% due 02/17/2000++ A1/AAA P1/Aa3 25,000,000
-------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $246,935,759) 246,935,759
-------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 4.9%
(Cost $63,509,167)
$ 63,509,167 Agreement with Lehman Brothers Holdings Inc.,
3.000% dated 12/31/1999, to be repurchased at
$63,525,044 on 01/03/2000, collateralized by
$69,180,000 U.S. Treasury Note, 4.250% maturing
11/15/2003 (value $64,773,987) 63,509,167
--------------
TOTAL INVESTMENTS (Cost $1,289,736,928*) 99.4% 1,289,736,928
OTHER ASSETS AND LIABILITIES (Net) 0.6 7,742,764
----- --------------
NET ASSETS 100.0% $1,297,479,692
===== ==============
<FN>
- -----------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by
Duff and Phelps, or both, and thus are defined as being eligible
securities under Rule 2a7.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Money Market Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -------------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 19.1%
$5,000,000 Barclays Bank Plc
5.610% due 06/14/2000+ A1+/AA P1/Aa2 $ 4,999,133
4,000,000 Deutsche Bank AG
5.150% due 03/17/2000+ A1+/AA P1/Aa3 4,000,000
5,000,000 Rabobank Nederland
5.350% due 05/22/2000+ A1+/AAA P1/Aaa 5,000,000
5,000,000 Societe Generale
5.300% due 03/03/2000+ A1+/AA P1/Aa3 5,000,000
------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $18,999,133) 18,999,133
------------
COMMERCIAL PAPER -- DISCOUNT -- 33.8%
5,000,000 Beta Finance, Inc.
5.170% due 03/03/2000+ A1+/AAA P1/NR 4,955,481
4,772,000 Blue Ridge Asset Funding
5.050% due 01/05/2000+ A1/NR P1/NR 4,769,322
5,000,000 Centric Capital Corporation
5.300% due 01/31/2000+ A1+/NR P1/NR 4,977,917
5,000,000 Daimlerchrysler NA Holding Corporation
5.550% due 01/18/2000+ A1/A+ P1/A1 4,986,896
5,000,000 Finova Capital Corporation
5.850% due 01/24/2000+,+++ A2/A- P2/Baa1 4,981,312
5,000,000 International Lease Finance Corporation
4.920% due 02/07/2000+ A1+/A+ P1/A1 4,974,717
4,000,000 Monte Rosa Capital Corporation
6.130% due 01/24/2000+ A1+/NR P1/NR 3,984,334
------------
TOTAL COMMERCIAL PAPER -- DISCOUNT
(Cost $33,629,979) 33,629,979
------------
CORPORATE NOTES -- 21.6%
1,463,000 Capital One Funding Corporation
6.600% due 04/01/2009++ A1+/AA- P1/NR 1,463,000
5,000,000 Fleet National Bank
5.040% due 03/15/2000++ A1/A P1/A2 4,999,604
10,000,000 GTE Corporation
6.155% due 06/12/2000++,+++ A1/A P2/Baa1 9,997,133
5,000,000 Household Finance Corporation
5.220% due 09/14/2000++ A1/A P1/A2 4,997,894
------------
TOTAL CORPORATE NOTES
(Cost $21,457,631) 21,457,631
------------
REPURCHASE AGREEMENTS -- 25.6%
23,462,713 Agreement with Lehman Brothers Holdings Inc.,
3.000% dated 12/31/1999, to be repurchased at
$23,468,579 on 01/03/2000, collateralized by
$18,565,000 U.S. Treasury Bond,
7.125% maturing 02/15/2023 (value $19,937,117)
and $4,260,000 U.S. Treasury Note, 4.250%
maturing 11/15/2003 (value $3,988,684) 23,462,713
2,000,000 Agreement with State Street Bank and Trust Company,
3.300% dated 12/31/1999, to be repurchased at
$2,000,550 on 01/03/2000, collateralized by
$1,990,000 U.S. Treasury Note,
6.375% maturing 08/15/2002 (value $2,042,238) 2,000,000
------------
<S> <C> <C>
TOTAL REPURCHASE AGREEMENTS
(Cost $25,462,713) 25,462,713
------------
TOTAL INVESTMENTS (Cost $99,549,456*) 100.1% 99,549,456
OTHER ASSETS AND LIABILITIES (Net) (0.1) (136,232)
----- ------------
NET ASSETS 100.0% $ 99,413,224
===== ============
<FN>
- -----------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the
rate currently in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by
Duff and Phelps, or both, and thus are defined as being eligible
securities under Rule 2a7.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Money Market Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -------------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 95.6%
Alabama -- 3.1%
$ 2,040,000 Hoover, Alabama, Warrants, Series B, (AMBAC Insured),
Pre-refunded,
8.000% due 03/01/2020+ AAA Aaa $ 2,093,955
4,250,000 Huntsville, Alabama, Warrants, Pre-refunded,
6.750% due 02/01/2010 NR Aa2 4,345,471
5,500,000 Mobile, Alabama, Industrial Development Board
Dock & Wharf Revenue, Refunding Holnam, Inc. Project,
Series B, (Wachovia Bank, LOC),
5.200% due 06/01/2032+ A-1+ VMIG1 5,500,000
------------
11,939,426
------------
Alaska -- 0.8%
3,000,000 Anchorage, Alaska, Tax Anticipation Notes,
3.750% due 01/04/2000 SP-1+ MIG1 3,000,056
------------
Arizona -- 6.8%
3,400,000 Apache County, Arizona, Industrial Development Authority,
Industrial Development Revenue, (Tucson Electric -- 83C),
(Society Generale, LOC),
5.500% due 12/15/2018+ A-1+ VMIG1 3,400,000
Maricopa County, Arizona, Pollution Control:
4,400,000 El Paso Elec -- Palo Verdes,
5.250% due 12/01/2014+ NR Aa2 4,400,000
6,400,000 El Paso A, Rmkt,
5.250% due 08/27/2015+ NR VMIG1 6,400,000
6,750,000 Phoenix Arizona Multifamily Housing Revenue,
Paradise Shadows Apartments, (Citibank N.A., LOC),
5.250% due 12/01/2002+ A-1+ NR 6,750,000
3,000,000 Pima County, Arizona Industrial Development Authority,
(Tucson Electric), (Toronto Dominion, LOC),
5.650% 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 2,084,976
------------
26,034,976
------------
Arkansas -- 1.6%
6,000,000 Arkansas Hospital Equipment Finance Authority, Baptist
Health Project, (MBIA Insured)
(SBPA -- Credit Suisse exp 3/26/01),
5.700% due 11/01/2010+ A-1+ VMIG1 6,000,000
------------
Colorado -- 3.8%
3,300,000 Arapahoe County,Colorado School District Number
005 Cherry Creek,
4.250% due 06/30/2000 NR MIG1 3,308,458
1,700,000 Denver, Colorado City & County, Series A, Pre-refunded,
6.200% due 08/01/2006 AAA Aa2 1,738,768
3,180,000 Jefferson County, Colorado, Rocky Mountain Butterfly Project,
(Wells Fargo, LOC),
5.550% due 06/01/2010+ A-1+ NR 3,180,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
(Bank of America, LOC),
5.000% due 10/01/2035+ A-1+ NR 6,500,000
------------
14,727,226
------------
Delaware -- 0.6%
2,500,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire, (First Union, LOC),
5.350% due 08/15/2020 A-1 NR 2,500,000
------------
District of Columbia -- 0.5%
2,000,000 District of Columbia, Series A, (MBIA Insured),
Pre-refunded,
6.875% due 06/01/2011 AAA Aaa 2,062,460
------------
Florida -- 2.2%
2,500,000 Broward County, Florida, Multifamily Housing,
Southern Pointe Project,
4.900% due 05/15/2027+ A-1+ NR 2,500,000
1,000,000 Palm Beach County Florida, Criminal Justice Facilities Revenue,
Pre-refunded (FGIC Insured),
7.250% due 06/01/2011 AAA Aaa 1,035,687
5,000,000 Palm Beach County Florida Revenue, Community Foundation
Palm Beach Project, (Northern Trust Company, LOC),
5.350% due 07/01/2034+ A-1+ NR 5,000,000
------------
8,535,687
------------
Georgia -- 4.5%
5,425,000 Clayton County, Georgia, Multifamily Housing Revenue,
Rivers Edge Development, (Wachovia, LOC),
5.050% due 08/01/2006+ NR VMIG1 5,425,000
8,500,000 DeKalb County, Georgia, Development Authority Pollution
Control Revenue, General Motors Corporation Project,
5.150% due 11/01/2003+ NR VMIG1 8,500,000
3,400,000 Richmond County, Georgia, Board of Education,
4.500% due 09/01/2000 AA- Aa2 3,416,524
------------
17,341,524
------------
Hawaii -- 0.4%
1,420,000 Hawaii State, Series BT, Pre-refunded,
8.125% due 02/01/2000 NR Aaa 1,425,619
------------
Illinois -- 12.5%
4,700,000 Chicago, Illinois Multifamily Housing Revenue,
Waveland Association, (UBS, LOC),
5.550% due 11/01/2010+ NR VMIG1 4,700,000
Illinois Development Finance Authority Revenue:
4,000,000 Chicago Symphony Project, (Bank One, LOC),
5.350% due 12/01/2033+ A-1+ NR 4,000,000
2,000,000 Jewish Charity, Revenue Anticipation Notes,
(Harris Bank, LOC),
5.450% due 06/30/2000+ A-1+ NR 2,000,000
2,225,000 Illinois Development Finance Authority, Industrial Revenue,
Tajon Warehouse, Series B, (National City Bank, PA, LOC),
5.500% 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),
5.400% due 03/01/2027+ A-1+ VMIG1 5,200,000
3,640,000 University Pooled Financing Program, (FGIC Insured),
(Bank One, SBPA),
5.350% due 12/01/2005+ AAA Aaa 3,640,000
Illinois Health Facilities Authority:
11,010,000 Advocate Health Care, Series B, (Multi LOC's),
5.350% due 08/15/2022+ A-1+ VMIG1 11,010,000
2,000,000 Blessing Hospital, Series B, (FSA Insured),
5.700% due 11/15/2029+ A-1+ VMIG1 2,000,000
2,500,000 Gottlieb Health Resources Inc., (Harris Bank, LOC),
5.350% 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),
5.550% due 12/01/2024+ A-1+ NR 2,000,000
Illinois State Sales Tax Revenue:
1,000,000 Series Q,
5.300% due 06/15/2000 AAA Aa2 1,007,807
1,015,000 Series X,
4.400% due 06/15/2000 AAA Aa2 1,018,890
4,000,000 Orland Hills, Illinois, Multifamily Mortgage Revenue,
(Lasalle National Bank, LOC),
5.550% 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 AA Aa2 1,530,792
1,500,000 Will County Illinois Community School District 201-U,
Crete-Monee,4.000% due 05/01/2000 NR NR 1,501,157
------------
48,333,646
------------
Indiana -- 3.4%
2,150,000 Hamilton Southeastern Indiana, Development School Building,
First Mortgage, Pre-refunded,
7.500% due 01/15/2010 AAA NR 2,196,001
3,000,000 Indiana Educational Facilities Authority Revenue,
Franklin College, (Bank One, Indiana, LOC),
5.500% due 10/01/2019+ A-1+ NR 3,000,000
6,000,000 Indiana Municipal Power Supply Systems Revenue,
Refunding Series A, (Toronto-Dominion Bank, LOC),
5.200% due 01/01/2018+ A-1+ VMIG1 6,000,000
1,980,000 Indianapolis, Indiana Public Improvement Bond Bank, Series A,
4.000% due 02/01/2000 AAA Aaa 1,980,973
------------
13,176,974
------------
Kansas -- 0.3%
1,000,000 Shawnee, Kansas Industrial Revenue, Shawnee Village
Association, (Chase Bank of Texas, LOC),
5.700% due 12/01/2009+ A-1+ NR 1,000,000
------------
Louisiana -- 1.4%
1,000,000 Louisiana Local Government Enviromental Facilities,
Community Development Authority Revenue,
Construction Notes,
4.250% due 10/15/2000 NR MIG1 1,004,030
3,100,000 Louisiana Public Facilities Authority Hospital Revenue,
Hospital Equipment Financing & Refunding, Series A,
(Rabobank, LOC),
5.700% due 12/01/2010+ A-1+ NR 3,100,000
1,400,000 Louisiana State, Series A,
7.000% due 05/01/2000 AAA Aaa 1,416,691
------------
5,520,721
------------
Maryland -- 0.8%
3,100,000 Baltimore County, Maryland, Revenue Bonds,
Sheppard & Enoch Pratt Hospital, (Societe Generale, LOC),
5.100% due 07/01/2022+ NR VMIG1 3,100,000
------------
Massachusetts -- 1.2%
1,000,000 Boston, Massachusetts, Series A, (MBIA Insured),
10.000% due 07/01/2000 AAA Aaa 1,031,572
1,500,000 Massachusetts State Water Resources Authority,
Series A, Pre-refunded,
7.500% due 04/01/2009 AAA Aaa 1,544,502
1,900,000 New England Education Loan Marketing Corporation,
Student Loan Revenue, Refunding, Series B,
5.400% due 06/01/2000 AA Aa2 1,910,804
------------
4,486,878
------------
Michigan -- 6.5%
2,000,000 Comstock Park, Michigan, Public Schools, Student Aid Notes,
4.750% due 10/20/2000 NR NR 2,009,986
3,000,000 Kalamazoo County, Michigan, Economic Development Revenue,
(Old Kent Bank, LOC),
5.550% due 09/01/2015+ NR NR 3,000,000
2,000,000 Michigan Public Power Agency Revenue, Belle River Project,
Series A,
5.300% due 01/01/2000 AA- A1 2,000,000
Michigan State Hospital Finance Authority Revenue:
1,000,000 Henry Ford Health System, Series A, Pre-refunded,
7.000% due 04/01/2010 AAA Aa3 1,036,406
7,300,000 Hospital Equipment Loan Program, Series A,
5.650% due 12/01/2023+ NR VMIG1 7,300,000
8,750,000 Michigan State, Strat Fund, Series 1987,
3.600% due 01/24/2000 NR A1 8,750,000
1,000,000 Saline, Michigan, Economic Development Obligation,
Brecon Village Project, (Bank One, LOC),
5.350% due 11/01/2025+ A-1+ NR 1,000,000
------------
25,096,392
------------
Minnesota -- 3.5%
3,800,000 Arden Hills, Minnesota Housing & Health Care Facilities Revenue,
Presbyterian Homes, Series B, (U.S. Bank N.A., LOC),
4.700% due 09/01/2029+ A-1 NR 3,800,000
3,000,000 City of Rochester, Minnesota, Mayo Clinic,
3.800% due 02/23/2000 A-1+ Aaa 3,000,000
2,000,000 Duluth, Minnesota Economic Development Health Care
Authority Revenue, Benedictine Hospital, St. Mary's Project,
Pre-refunded,
8.375% due 02/15/2020 AAA NR 2,051,495
1,500,000 Eagan, Minnesota Multifamily Revenue, Aspenwoods of Eagan,
Housing Project, (Firstar, LOC)
5.500% due 01/01/2026+ A-1 NR 1,500,000
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 1,045,205
2,200,000 St Paul, Minnesota Housing & Redevelopment Authority,
Science Museum, Series A, (First Bank, LOC),
5.200% due 05/01/2027+ NR VMIG1 2,200,000
------------
13,596,700
------------
Missouri -- 1.1%
2,000,000 Columbia, Missouri, Special Obligation Reserve, Series A,
(Toronto Dominion Bank, LOC),
5.250% due 06/01/2008+ NR VMIG1 2,000,000
2,000,000 St Charles County, Missouri Community College,
(AMBAC Insured), Pre-refunded,
6.900% due 03/01/2009 AAA Aaa 2,070,016
------------
4,070,016
------------
Nebraska -- 1.1%
Omaha Public Power District Nebraska:
1,050,000 Electric Revenue, Series A,
4.300% due 02/01/2000 AA Aa2 1,050,601
1,000,000 Electric Revenue, Series B,
4.700% due 02/01/2000 AA Aa2 1,001,215
2,000,000 Electric Utilities Revenue, Series A, Pre-refunded,
6.800% due 02/01/2017 AA NR 2,035,518
------------
4,087,334
------------
Nevada -- 0.7%
2,570,000 Reno, Nevada Economic Development Revenue,
University of Nevada, Student Aid Fund, (Wells Fargo, LOC),
5.650% due 05/01/2018+ NR NR 2,570,000
------------
New Hampshire -- 0.4%
1,500,000 New Hampshire State Turnpike Systems Revenue, Pre-refunded,
7.400% due 04/01/2000 AAA Aaa 1,544,847
------------
New Mexico -- 2.1%
2,125,000 Albuquerque, New Mexico, Educational Facilities Revenue,
(Wells Fargo, LOC),
5.650% 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),
5.250% 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 Aa2 999,973
------------
8,124,973
------------
North Carolina -- 2.1%
North Carolina Medical Care Commission:
5,000,000 Catholic Health East, Series D, (AMBAC Insured),
5.600% due 11/15/2028+ A-1+ VMIG1 5,000,000
3,000,000 Hospital Revenue, Series B, (Wachovia, LOC),
5.450% due 06/01/2022+ A-1+ VMIG1 3,000,000
------------
8,000,000
------------
Ohio -- 2.7%
1,100,000 Cuyahoga County, Ohio,
4.100% due 09/14/2000 NR VMIG1 1,102,603
1,900,000 Franklin County, Ohio, Hospital Revenue,
US Health Corporation, Series A, (Morgan Guaranty, LOC),
5.400% due 12/01/2021+ NR VMIG1 1,900,000
3,250,000 Indian Hill, Ohio, Economic Development,
Cincinnati County Day School, (Fifth Third, LOC),
5.400% due 05/01/2019+ NR NR 3,250,000
2,875,000 Montgomery County, Ohio, Society Saint Vincent DePaul,
(Nat City, LOC),
5.500% due 12/01/2010+ A-1 NR 2,875,000
1,115,000 Ohio State Water Development Authority Revenue,
Water Development-Fresh Water Series,
5.000% due 06/01/2000 A+ Aa3 1,122,741
------------
10,250,344
------------
Oregon -- 2.2%
1,340,000 Clackamas County, Oregon, School District 12, Pre-refunded,
6.500% due 06/01/2007 NR AAA 1,357,324
2,700,000 Multnomah County, Oregon,
4.300% due 10/01/2000 NR Aa1 2,710,780
4,550,000 Portland, Oregon Multifamily Revenue,
(Harris Trust and Savings Bank, LOC),
5.150% due 12/01/2011+ A-1+ NR 4,550,000
------------
8,618,104
------------
Pennsylvania -- 5.6%
4,000,000 Bucks County, Pennsylvania Industrial Development Authority,
Industrial Revenue, Edgecomb Metals Company,
(Wells Fargo, LOC),
4.800% due 10/01/2009+ NR Aa2 4,000,000
2,000,000 Delaware Valley, Pennsylvania, Registered Finance, Series A,
(Credit Suisse, LOC),
5.200% due 12/01/2017+ A-1+ VMIG1 2,000,000
1,500,000 Philadelphia, Pennsylvania, Hospital & Higher Education,
Health Systems, Series B,
3.250% due 05/15/2023+ A-1+ NR 1,500,000
8,300,000 Schuylkill County, Pennsylvania Industrial Development
Authority, Gilbertown Power Project, (Mellon Bank, LOC),
5.200% due 12/01/2002+ A-1+ NR 8,300,000
1,000,000 Venango County, Pennsylvania, Pre-refunded,
7.000% due 07/15/2015 AAA Aaa 1,016,341
4,765,000 York County, Pennsylvania, Industrial Development Authority,
Industrial Development Revenue,
(New Edgecomb Corporation Project), (Wells Fargo, LOC),
4.800% due 07/01/2009+ NR Aa2 4,765,000
------------
21,581,341
------------
Rhode Island -- 1.0%
2,800,000 Rhode Island Industrial Facilities Corporation,
Blackstone Valley Electric Company, (Bank of New York, LOC),
5.150% due 12/01/2014+ A-1+ NR 2,800,000
1,000,000 Rhode Island State, Series B, Pre-refunded,
6.250% due 05/15/2005+ AA- Aa3 1,029,520
------------
3,829,520
------------
South Carolina -- 0.8%
3,000,000 South Carolina State Public Authority, Refunding Series A,
4.500% due 01/01/2001 AA- Aa2 3,011,010
------------
South Dakota -- 0.3%
1,250,000 Sioux Fall South Dakota School District Number 49-5,
Capital Outlay Certificates,
4.000% due 07/01/2000 NR Aa3 1,251,856
------------
Tennessee -- 0.5%
2,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, Industrial Development Board Revenue,
Multifamily Housing, (Arbor Crest Apartments), Series B,
(Wachovia, LOC),
5.500% due 12/01/2007+ NR VMIG1 2,000,000
------------
Texas -- 10.6%
5,395,000 Bexar County, Texas, Health Facilities Development Company,
Retirement Community, Air Force, Series B, (Rabobank, LOC),
5.000% due 03/01/2012+ A-1+ NR 5,395,000
3,450,000 Brazos Texas Harbor Industrial Development Corporation,
3.850% due 02/10/2000+ NR A1 3,450,000
3,485,000 Fort Worth, Texas, Independent School District, Refunding,
3.110% due 02/15/2000 AA Aa2 3,471,448
2,105,000 Plano, Texas, Waterworks & Sewer Systems Revenue, Refunding,
7.000% due 05/01/2010 AAA Aaa 2,126,832
8,800,000 Port Corpus Christi, Texas, Nueces County
Marine Term Revenue, (West Deutche, LOC)
5.000% due 09/01/2014+ A-1+ NR 8,800,000
1,910,000 San Antonio Texas Electric & Gas Revenue,
5.100% due 02/01/2000 AA Aa1 1,912,025
2,000,000 Tarrant County,Texas, Housing Finance Corporation Revenue,
Multifamily Housing, (Remington Project),
5.500% due 02/15/2028+ A-1+ NR 2,000,000
Texas State:
3,500,000 National Research Laboratory Commission, SuperCond,
Pre-refunded,
7.000% due 04/01/2002 AA Aaa 3,599,067
10,000,000 Series A,
4.500% due 08/31/2000 SP-1+ MIG1 10,051,330
------------
40,805,702
------------
Utah -- 2.0%
1,305,000 Alpine Utah School District, School Bond Program,
4.250% due 03/15/2000 NR Aaa 1,307,104
6,500,000 Intermountain Power Agency Utah Power Supply Revenue,
Series 1, Pre-refunded,
0.000% due 07/01/2015 AAA Aaa 6,416,959
------------
7,724,063
------------
Vermont -- 0.5%
2,000,000 Vermont State, Series B,
5.000% due 01/15/2000 AA Aa2 2,001,341
------------
Virginia -- 2.8%
3,150,000 Arlington County Virginia Revenue, Ballston Public Parking,
(Citibank, N.A., LOC),
5.150% due 08/01/2017+ A-1+ NR 3,150,000
1,640,000 Hampton, Virginia,
7.625% due 01/15/2000 AA Aa3 1,642,708
1,655,000 Richmond, Virginia, Redevelopment & Housing Authority,
Stony Point Project, (First Union, LOC),
5.400% due 04/01/2029+ A-1 NR 1,655,000
1,570,000 Virginia Beach Virginia, Series 1993,
4.650% due 07/15/2000 AA Aa2 1,578,591
2,825,000 Virginia State Public School Authority, Series B,
6.000% due 08/01/2000 AAA Aa1 2,861,013
------------
10,887,312
------------
Washington -- 2.8%
1,625,000 Seattle, Washington, Municipality Metropolitan, Series T,
Pre-refunded,
6.800% due 01/01/2012 AA- A1 1,657,500
Washington State:
2,950,000 Series B, Pre-refunded,
6.375% due 08/01/2010 AA+ Aa1 2,989,831
1,000,000 Series B, Pre-refunded,
6.750% due 08/01/2002 AA+ Aa1 1,016,030
2,100,000 Series B, Pre-refunded,
6.800% due 08/01/2005 AA+ Aa1 2,134,263
2,100,000 Washington State Healthcare Facilities Revenue,
Sisters of Providence, Series D, (Rabobank Nederland, SPA),
4.700% due 10/01/2005+ A-1+ VMIG1 2,100,000
1,000,000 Washington State Public Power Supply, Series C, Pre-refunded,
8.000% due 07/01/2017 AA+ Aa1 1,041,250
------------
10,938,874
------------
Wisconsin -- 2.4%
3,000,000 Kenosha, Wisconsin Unified School District Number 001,
Tax & Revenue Anticipation Notes, Series A,
4.150% due 10/06/2000 NR MIG1 3,008,807
Milwaukee, Wisconsin:
2,445,000 Series O,
4.750% due 06/15/2000 AA+ Aa1 2,458,479
2,850,000 Corporation Purpose, Series P,
5.000% due 12/15/2000 AA+ Aa1 2,876,883
1,000,000 Wisconsin Rural Water Construction Loan,
Bond Anticipation Notes, (GIC-FGIC Insured),
4.250% due 09/15/2000 NR MIG1 1,001,318
------------
9,345,487
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $368,520,409) 368,520,409
------------
<S> <C> <C>
Shares
- ---------
SHORT-TERM INVESTMENTS -- 3.2%
10,401,787 Dreyfus Tax-Exempt Cash Management 10,401,787
1,813,703 Valiant Fund Tax Exempt Money Market 1,813,703
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,215,490) 12,215,490
------------
TOTAL INVESTMENTS (Cost $380,735,899*) 98.8% 380,735,899
OTHER ASSETS AND LIABILITIES (Net) 1.2 4,695,603
----- ------------
NET ASSETS 100.0% $385,431,502
===== ============
<FN>
- -------------
* 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
FSA -- Financial Security Assurance
GIC -- Guaranteed Investment Contract
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand by Purchase Agreement
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
U.S. TREASURY OBLIGATIONS-- 49.7%
U.S. Treasury Notes -- 49.7%
$10,000,000 5.875% due 02/15/2000 $ 10,009,594
10,000,000 5.500% due 05/31/2000 9,995,165
5,000,000 5.375% due 06/30/2000 4,994,682
5,000,000 5.750% due 11/15/2000 5,001,369
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $30,000,810) 30,000,810
------------
REPURCHASE AGREEMENTS -- 49.3%
12,725,804 Agreement with Lehman Brothers Holdings, Inc., 3.000% dated
12/31/1999, to be repurchased at $12,728,985 on
01/03/2000, collateralized by $12,880,000 U.S. Treasury
Note, 5.500% maturing 08/31/2001 (value $12,976,524) 12,725,804
2,500,000 Agreement with Merrill Lynch and Company, Inc., 3.250% dated
12/31/1999, to be repurchased at $2,500,677 on
01/03/2000, collateralized by $2,520,000 U.S. Treasury
Note, 5.500% maturing 07/31/2001 (value $2,551,500) 2,500,000
2,500,000 Agreement with Morgan (J.P.) and Co., Inc., 3.000% dated
12/31/1999, to be repurchased at $2,500,625 on
01/03/2000, collateralized by $2,461,000 U.S. Treasury
Bond, 6.750% maturing 08/15/2026 (value $2,549,990) 2,500,000
12,000,000 Agreement with State Street Bank and Trust Company,
3.300% dated 12/31/1999, to be repurchased at
$12,003,300 on 01/03/2000, collateralized by
$10,455,000 U.S. Treasury Bond, 8.125% maturing
08/15/2019 (value $12,245,419) 12,000,000
------------
<S> <C> <C>
TOTAL REPURCHASE AGREEMENTS
(Cost $29,725,804) 29,725,804
------------
TOTAL INVESTMENTS (Cost $59,726,614*) 99.0% 59,726,614
OTHER ASSETS AND LIABILITIES (Net) 1.0 617,329
----- ------------
NET ASSETS 100.0% $ 60,343,943
===== ============
<FN>
- ----------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
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 ........................ $274,694,201 $472,344,815 $48,660,772 $289,133,201 $51,543,282
Repurchase Agreements ............. 4,865,000 5,485,000 1,629,000 2,750,000 --
------------ ------------ ----------- ------------ -----------
Total Investments ..................... 279,559,201 477,829,815 50,289,772 291,883,201 51,543,282
Cash .................................. -- 42 299,238 412 --
Interest receivable ................... 3,219,878 6,305,227 1,092,801 1,784,879 595,060
Receivable for investment securities
sold ................................ 11,797 -- -- 11,798 --
Receivable for Fund shares sold ....... 185,845 1,653,283 29,561 7,835,989 270,000
Unamortized organization costs ........ -- -- 12,378 -- --
Prepaid expenses and other assets ..... 28,539 38,419 23,615 28,851 2,251
------------ ------------ ----------- ------------ -----------
Total Assets .................... 283,005,260 485,826,786 51,747,365 301,545,130 52,410,593
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Due to custodian ...................... 144 -- -- -- --
Payable for Fund shares redeemed ...... 106,547 8,951,047 -- 231,378 696,874
Payable for investment securities
purchased ........................... -- -- 129,000 -- --
Payable upon return of securities
loaned .............................. 52,325,550 10,946,495 -- 24,088,025 --
Dividends payable ..................... -- -- -- -- --
Investment advisory fee payable ....... 98,719 205,299 22,134 114,895 23,075
Administration fee payable ............ 21,967 43,899 5,178 27,062 5,525
Shareholder servicing fees payable .... 8,852 62,517 7 39,274 10,559
Distribution fees payable ............. 3,559 7,180 265 6,616 851
Transfer agent fee payable ............ 13,237 29,028 2,513 14,939 3,570
Custodian fees payable ................ 18,723 27,241 14,177 19,616 6,738
Accrued Trustees'/Directors' fees and
expenses ............................ 1,280 2,894 292 1,568 441
Accrued expenses and other payables ... 84,491 99,702 42,710 74,723 41,750
------------ ------------ ----------- ------------ -----------
Total Liabilities ............... 52,683,069 20,375,302 216,276 24,618,096 789,383
------------ ------------ ----------- ------------ -----------
NET ASSETS ............................ $230,322,191 $465,451,484 $51,531,089 $276,927,034 $51,621,210
============ ============ =========== ============ ===========
Investments, at cost .................. $292,266,208 $492,652,465 $51,933,902 $302,217,225 $54,063,682
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------- ----------------------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder Munder Munder
Tax-Free Short- Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
-------- ------------ ---------- ---------- ----- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
$144,595,467 $235,318,821 $33,231,513 $1,226,227,761 $ 74,086,743 $380,735,899 $30,000,810
-- -- 2,201,263 63,509,167 25,462,713 -- 29,725,804
------------ ------------ ----------- -------------- ------------ ------------ -----------
144,595,467 235,318,821 35,432,776 1,289,736,928 99,549,456 380,735,899 59,726,614
-- -- -- -- -- -- --
2,610,998 4,000,309 271,062 8,082,814 783,709 3,254,094 310,452
-- -- -- -- -- 15,000 --
391,672 127,862 -- 8,677,575 532,133 6,409,948 856,536
-- -- 18,288 -- -- -- --
26,991 30,001 1,301 107,649 48,116 21,452 14,027
------------ ------------ ----------- -------------- ------------ ------------ -----------
147,625,128 239,476,993 35,723,427 1,306,604,966 100,913,414 390,436,393 60,907,629
------------ ------------ ----------- -------------- ------------ ------------ -----------
-- -- -- -- -- -- --
463,478 537,078 120 2,995,633 1,366,745 2,337,268 330,173
-- -- -- -- -- 1,531,594 --
-- -- 6,417,445 -- -- -- --
-- -- -- 5,277,607 31,037 804,778 164,543
64,856 103,310 6,198 403,123 31,104 112,538 19,837
14,956 23,818 3,000 134,651 9,858 36,546 6,371
31,470 48,585 -- 117,389 -- 29,756 3,020
1,743 2,473 -- 29,875 26,998 16,968 3,227
6,955 15,679 2,203 -- 3,954 15,456 2,868
12,004 17,543 5,459 71,206 19,468 27,899 9,322
844 1,334 159 8,371 1,160 2,252 519
31,084 65,424 1,020 87,419 9,866 89,836 23,806
------------ ------------ ----------- -------------- ------------ ------------ -----------
627,390 815,244 6,435,604 9,125,274 1,500,190 5,004,891 563,686
------------ ------------ ----------- -------------- ------------ ------------ -----------
$146,997,738 $238,661,749 $29,287,823 $1,297,479,692 $ 99,413,224 $385,431,502 $60,343,943
============ ============ =========== ============== ============ ============ ===========
$148,889,126 $236,983,967 $35,741,905 $1,289,736,928 $ 99,549,456 $380,735,899 $59,726,614
============ ============ =========== ============== ============ ============ ===========
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
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) ....................... $ 21,983 $ 13,388 $ (357,020) $ (322,214) $ (9,366)
Accumulated net realized gain/(loss) on
investments sold .................... (5,921,773) (25,961,179) 463,595 (568,099) (620,524)
Net unrealized depreciation of
investments and foreign currency
transactions ........................ (12,707,007) (14,822,650) (1,665,300) (10,334,024) (2,520,401)
Par value ............................. 25,007 51,387 53,508 28,509 5,598
Paid-in capital in excess of par value 248,903,981 506,170,538 53,036,306 288,122,862 54,765,903
------------ ------------ ----------- ------------ -----------
$230,322,191 $465,451,484 $51,531,089 $276,927,034 $51,621,210
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares ........................ $ 2,335,733 $ 9,691,491 $ 377,427 $ 6,027,449 $ 1,358,775
============ ============ =========== ============ ===========
Class B Shares ........................ $ 3,314,278 $ 6,703,701 $ 141,492 $ 6,031,642 $ 467,000
============ ============ =========== ============ ===========
Class C Shares ........................ $ 513,287 $ 914,271 $ 74,269 $ 1,781,300 $ 183,683
============ ============ =========== ============ ===========
Class K Shares (a) .................... $ 44,746,243 $289,931,042 $ 33,682 $184,132,270 $48,337,064
============ ============ =========== ============ ===========
Class Y Shares ........................ $179,412,650 $158,210,979 $50,904,219 $ 78,954,373 $ 1,274,688
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares ........................ 253,676 1,068,557 39,330 620,841 147,533
============ ============ =========== ============ ===========
Class B Shares ........................ 360,023 740,777 14,782 620,996 50,544
============ ============ =========== ============ ===========
Class C Shares ........................ 55,493 100,957 7,709 183,619 19,904
============ ============ =========== ============ ===========
Class K Shares (a) .................... 4,858,846 32,012,303 3,505 18,954,257 5,241,883
============ ============ =========== ============ ===========
Class Y Shares ........................ 19,478,727 17,464,171 5,285,515 8,129,107 138,143
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption price
per share ........................... $ 9.21 $ 9.07 $ 9.60 $ 9.71 $ 9.21
====== ====== ====== ====== ======
Maximum sales charge .................. 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share ...... $ 9.59 $ 9.45 $10.00 $10.11 $ 9.59
====== ====== ====== ====== ======
CLASS B SHARES:
Net asset value and offering price per
share* .............................. $ 9.21 $ 9.05 $ 9.57 $ 9.71 $ 9.24
====== ====== ====== ====== ======
CLASS C SHARES:
Net asset value and offering price per
share* .............................. $ 9.25 $ 9.06 $ 9.63 $ 9.70 $ 9.23
====== ====== ====== ====== ======
CLASS K SHARES(a):
Net asset value, offering price and
redemption price per share .......... $ 9.21 $ 9.06 $ 9.61 $ 9.71 $ 9.22
====== ====== ====== ====== ======
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share .......... $ 9.21 $ 9.06 $ 9.63 $ 9.71 $ 9.23
====== ====== ====== ====== ======
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
(a) Michigan Municipal Shares for the Munder Short Term Treasury Fund.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------------------------- -------------------------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder Munder Munder
Tax-Free Short- Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
-------- ------------ ---------- ---------- ------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ (23,860) $ (38,709) $ (4,145) -- -- -- --
(667,316) 164,588 (34,455) (4,951) 16 (141,028) 41,582
(4,293,659) (1,665,146) (309,129) -- -- -- --
15,333 23,802 29,759 1,297,482 994,142 385,529 60,302
151,967,240 240,177,214 29,605,793 1,296,187,161 98,419,066 385,187,001 60,242,059
------------ ------------ ----------- -------------- ----------- ------------ -----------
$146,997,738 $238,661,749 $29,287,823 $1,297,479,692 $99,413,224 $385,431,502 $60,343,943
============ ============ =========== ============== =========== ============ ===========
$ 2,112,924 $ 5,491,041 -- $ 142,343,221 $23,373,902 $ 80,168,383 $11,914,457
============ ============ =========== ============== =========== ============ ===========
$ 1,506,984 $ 1,105,097 -- -- $25,518,101 -- --
============ ============ =========== ============== =========== ============ ===========
$ 132,362 $ 290,731 -- -- $ 7,252,436 -- --
============ ============ =========== ============== =========== ============ ===========
$140,703,062 $225,700,671 $ 102,052 $ 902,150,420 -- $282,826,429 $22,659,989
============ ============ =========== ============== =========== ============ ===========
$ 2,542,406 $ 6,074,209 $29,185,771 $ 252,986,051 $43,268,785 $ 22,436,690 $25,769,497
============ ============ =========== ============== =========== ============ ===========
220,487 547,561 -- 142,349,939 23,380,722 80,151,658 11,916,365
============ ============ =========== ============== =========== ============ ===========
157,437 110,338 -- -- 25,522,477 -- --
============ ============ =========== ============== =========== ============ ===========
13,801 28,839 -- -- 7,252,418 -- --
============ ============ =========== ============== =========== ============ ===========
14,676,005 22,509,771 10,355 902,150,839 -- 282,929,924 22,641,868
============ ============ =========== ============== =========== ============ ===========
265,352 605,453 2,965,541 252,981,427 43,258,543 22,447,358 25,744,128
============ ============ =========== ============== =========== ============ ===========
$ 9.58 $10.03 N/A $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ====== ======
4.00% 4.00% -- -- -- -- --
$ 9.98 $10.45 N/A $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ====== ======
$ 9.57 $10.02 N/A N/A $ 1.00 N/A N/A
====== ====== ====== ====== ====== ====== ======
$ 9.59 $10.08 N/A N/A $ 1.00 N/A N/A
====== ====== ====== ====== ====== ====== ======
$ 9.59 $10.03 $ 9.86 $ 1.00 N/A $ 1.00 $ 1.00
====== ====== ====== ====== ====== ====== ======
$ 9.58 $10.03 $ 9.84 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1999 (Unaudited)
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 $3,865 for the Munder
International Bond Fund) ............ $ 8,413,451 $ 16,390,876 $1,078,199 $ 9,819,193 $ 1,580,247
Other ................................. 35,480 35,696 245 13,576 --
----------- ------------ ---------- ----------- -----------
Total investment income ............... 8,448,931 16,426,572 1,078,444 9,832,769 1,580,247
----------- ------------ ---------- ----------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ..................... 3,216 12,605 462 7,113 1,892
Class B Shares ..................... 15,037 21,468 679 22,472 2,632
Class C Shares ..................... 2,410 3,661 382 6,219 629
Shareholder servicing fees:
Class K Shares (a) ................. 62,058 394,991 42 248,930 73,590
Investment advisory fee ............... 617,026 1,282,473 132,262 708,963 156,088
Administration fee .................... 128,232 266,157 27,477 147,351 32,466
Transfer agent fee .................... 49,543 105,128 10,267 57,254 13,294
Custodian fees ........................ 37,875 68,850 27,546 39,052 19,102
Legal and audit fees .................. 9,776 20,956 2,029 11,317 2,588
Trustees'/Directors' fees and expenses 4,762 10,057 972 5,459 1,237
Amortization of organization costs .... -- -- 2,895 -- --
Registration and filing fees .......... 14,981 19,999 15,132 14,928 1,749
Other ................................. 60,193 74,538 23,575 52,722 14,215
----------- ------------ ---------- ----------- -----------
Total Expenses ............... 1,005,109 2,280,883 243,720 1,321,780 319,482
----------- ------------ ---------- ----------- -----------
NET INVESTMENT INCOME ................. 7,443,822 14,145,689 834,724 8,510,989 1,260,765
----------- ------------ ---------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions .............. (3,816,481) (5,219,821) 513,928 (554,720) (609,766)
Foreign currency transactions ...... -- -- (38,812) -- --
Net change in unrealized appreciation/
(depreciation) of:
Securities ....................... (4,648,858) (4,947,459) 620,949 (7,625,242) (1,932,184)
Foreign currency and net other
assets ......................... -- -- 17,918 -- --
----------- ------------ ---------- ----------- -----------
Net realized and unrealized gain/(loss)
on investments ...................... (8,465,339) (10,167,280) 1,113,983 (8,179,962) (2,541,950)
----------- ------------ ---------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........... $ (1,021,517) $ 3,978,409 $1,948,707 $ 331,027 $(1,281,185)
============ ============ ========== =========== ===========
<FN>
- ----------------
(a) Michigan Municipal Shares for the Munder Short Term Treasury Fund.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------------------------- -------------------------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder Munder Munder
Tax-Free Short- Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
-------- ------------ ---------- ---------- ------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,254,069 $ 6,122,544 $ 734,461 $39,544,185 $3,633,060 $6,526,462 $1,676,840
-- -- 4,304 -- -- -- --
----------- ----------- --------- ----------- ---------- ---------- ----------
4,254,069 6,122,544 738,765 39,544,185 3,633,060 6,526,462 1,676,840
----------- ----------- --------- ----------- ---------- ---------- ----------
2,655 6,531 -- 172,963 32,488 94,945 18,516
4,592 6,299 -- -- 77,431 -- --
856 594 -- -- 21,503 -- --
199,986 312,070 -- 732,632 -- 208,299 16,984
414,941 657,137 35,747 2,507,074 272,055 660,749 116,014
86,268 136,610 14,920 743,898 71,041 196,126 34,127
36,871 54,500 6,029 322,482 37,250 71,508 15,583
30,756 41,945 8,193 155,110 22,633 47,342 15,346
7,001 10,946 1,304 52,189 6,671 13,921 3,042
3,374 5,288 611 24,916 3,106 6,640 1,345
-- -- 3,916 -- -- -- --
12,867 16,456 1,600 38,289 26,138 13,376 7,223
15,868 36,883 4,044 38,425 -- 63,153 8,888
----------- ----------- --------- ----------- ---------- ---------- ----------
816,035 1,285,259 76,364 4,787,978 570,316 1,376,059 237,068
----------- ----------- --------- ----------- ---------- ---------- ----------
3,438,034 4,837,285 662,401 34,756,207 3,062,744 5,150,403 1,439,772
----------- ----------- --------- ----------- ---------- ---------- ----------
(667,689) 370,049 (34,322) -- (83) (8,084) --
-- -- -- -- -- -- --
(5,086,386) (3,603,820) (121,359) -- -- -- --
-- -- -- -- -- -- --
----------- ----------- --------- ----------- ---------- ---------- ----------
(5,754,075) (3,233,771) (155,681) -- (83) (8,084) --
----------- ----------- --------- ----------- ---------- ---------- ----------
$(2,316,041) $ 1,603,514 $ 506,720 $34,756,207 $3,062,661 $5,142,319 $1,439,772
=========== =========== ========= =========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1999
(Unaudited)
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 ...................... $ 7,443,822 $ 14,145,689 $ 834,724 $ 8,510,989 $ 1,260,765
Net realized gain/(loss) on investments sold (3,816,481) (5,219,821) 475,116 (554,720) (609,766)
Net change in unrealized
appreciation/(depreciation) of investments (4,648,858) (4,947,459) 638,867 (7,625,242) (1,932,184)
------------ ------------ ------------ ------------- -------------
Net increase/(decrease) in net assets
resulting from operations ................ (1,021,517) 3,978,409 1,948,707 331,027 (1,281,185)
Dividends to shareholders from net
investment income:
Class A Shares ........................... (81,002) (287,876) (18,709) (187,681) (30,826)
Class B Shares ........................... (85,310) (118,013) (6,250) (131,763) (9,160)
Class C Shares ........................... (12,916) (19,670) (3,487) (36,937) (2,303)
Class K Shares (a) ....................... (1,562,464) (9,163,388) (1,754) (6,452,228) (1,249,739)
Class Y Shares ........................... (6,271,906) (5,477,695) (2,663,378) (2,471,016) (31,667)
Distributions to shareholders from net
realized gains:
Class A Shares ........................... (16,458) -- -- (248) --
Class B Shares ........................... (18,891) -- -- (209) --
Class C Shares ........................... (3,023) -- -- (59) --
Class K Shares (a) ....................... (297,938) -- -- (7,580) --
Class Y Shares ........................... (1,136,861) -- -- (2,921) --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares ........................... (68,419) (393,295) 23,694 1,718,782 (1,025,931)
Class B Shares ........................... 843,878 3,037,398 5,021 1,488,783 (136,463)
Class C Shares ........................... 101,845 324,219 408 632,138 74,365
Class K Shares (a) ....................... (4,590,066) (42,834,424) 7,407 (22,945,168) (13,279,382)
Class Y Shares ........................... (13,231,528) (31,292,236) 446,454 7,964,471 (179,781)
------------ ------------ ------------ ------------- -------------
Net increase/(decrease) in net assets ...... (27,452,576) (82,246,571) (261,887) (20,100,609) (17,152,072)
NET ASSETS:
Beginning of period ........................ 257,774,767 547,698,055 51,792,976 297,027,643 68,773,282
------------ ------------ ------------ ------------- -------------
End of period .............................. $230,322,191 $465,451,484 $51,531,089 $276,927,034 $ 51,621,210
============ ============ =========== ============ ============
Undistributed net investment income/(loss) .. $ 21,983 $ 13,388 $ (357,020) $ (322,214) $ (9,366)
============ ============ =========== ============ ============
<FN>
- ----------------
(a) Michigan Municipal Shares for the Munder Short Term Treasury Fund.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------------------------- -------------------------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder Munder Munder
Tax-Free Short- Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
-------- ------------ ---------- ---------- ------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 3,438,034 $ 4,837,285 $ 662,401 $ 34,756,207 $ 3,062,744 $ 5,150,403 $ 1,439,772
(667,689) 370,049 (34,322) -- (83) (8,084) --
(5,086,386) (3,603,820) (121,359) -- -- -- --
------------ ------------ ----------- -------------- ------------ ------------ ------------
(2,316,041) 1,603,514 506,720 34,756,207 3,062,661 5,142,319 1,439,772
(45,805) (101,908) -- (3,290,481) (587,887) (1,009,080) (317,255)
(17,408) (19,767) -- -- (295,459) -- --
(3,020) (2,138) -- -- (81,849) -- --
(3,466,535) (4,813,916) (2,345) (23,587,838) -- (3,798,616) (490,279)
(64,274) (135,344) (695,852) (7,877,888) (2,097,549) (342,707) (632,238)
(15,960) (24,533) -- -- -- -- --
(6,652) (6,322) -- -- -- -- --
(2,012) (515) -- -- -- -- --
(1,280,935) (1,268,135) (313) -- -- -- --
(22,655) (31,956) (83,301) -- -- -- --
(130,549) (56,816) -- 6,645,150 5,916,589 12,323,442 (15,122,363)
790,260 (155,376) -- -- 15,389,139 -- --
(277,901) 142,285 -- -- 4,928,618 -- --
(26,188,056) (38,687,547) 2,658 32,439,722 -- (6,703,222) 881,520
(161,698) (901,932) (1,884,955) (105,144,564) (96,129,251) 646,322 (8,199,937)
------------ ------------ ----------- -------------- ------------ ------------ ------------
(33,209,241) (44,460,406) (2,157,388) (66,059,692) (69,894,988) 6,258,458 (22,440,780)
180,206,979 283,122,155 31,445,211 1,363,539,384 169,308,212 379,173,044 82,784,723
------------ ------------ ----------- -------------- ------------ ------------ ------------
$146,997,738 $238,661,749 $29,287,823 $1,297,479,692 $ 99,413,224 $385,431,502 $ 60,343,943
============ ============ =========== ============== ============ ============ ============
$ (23,860) $ (38,709) $ (4,145) $ -- $ -- $ -- $ --
============ ============ =========== ============== ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
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 (a) .................. (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 (a) .................. -- -- (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 (a) .................. -- -- -- (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 (a) .................. 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
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) Michigan Municipal Shares for the Munder Short Term Treasury Fund.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------------------------- -------------------------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder Munder Munder
Tax-Free Short- Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
-------- ------------ ---------- ---------- ------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 7,648,203 $ 10,994,745 $ 1,903,438 $ 59,625,542 $ 5,745,564 $ 8,687,533 $ 4,091,365
4,151,537 2,619,695 248,506 -- (204) 2,388 --
(9,789,711) (6,462,466) (273,552) -- -- -- --
------------ ------------ ----------- -------------- ------------ ------------ ------------
2,010,029 7,151,974 1,878,392 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) (21,125) (38,263,538) -- (6,347,694) (2,092,400)
(144,808) (337,854) (1,912,323) (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) (4,236) -- -- -- --
(114,516) (78,091) (312,735) -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
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) (547,390) 196,865,078 -- 83,938,192 (19,470,068)
(1,103,133) (2,156,522) (6,749,184) 30,706,000 70,697,768 1,392,428 (3,469,552)
------------ ------------ ----------- -------------- ------------ ------------ ------------
(21,033,874) (28,916,310) (7,668,601) 229,616,947 85,211,373 81,168,807 (4,544,734)
201,240,853 312,038,465 39,113,812 1,133,922,437 84,096,839 298,004,237 87,329,457
------------ ------------ ----------- -------------- ------------ ------------ ------------
$180,206,979 $283,122,155 $31,445,211 $1,363,539,384 $169,308,212 $379,173,044 $ 82,784,723
============ ============ =========== ============== ============ ============ ============
$ 135,148 $ 197,079 $ 31,651 $ -- $ -- $ -- $ --
============ ============ =========== ============== ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31,
1999 (Unaudited)
INCOME FUNDS
-----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .................................. $ 754,694 $ 17,057,494 $ 21,102 $ 18,010,522 $ 413,330
Issued as reinvestment of dividends ... 72,807 228,348 14,944 101,346 24,448
Redeemed .............................. (895,920) (17,679,137) (12,352) (16,393,086) (1,463,709)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $ (68,419) $ (393,295) $ 23,694 $ 1,718,782 $ (1,025,931)
============ ============ =========== ============ ============
Class B Shares:
Sold .................................. $ 2,767,579 $ 6,382,664 $ 15,838 $ 5,174,038 $ 161,132
Issued as reinvestment of dividends ... 37,639 58,323 164 31,890 6,248
Redeemed .............................. (1,961,340) (3,403,589) (10,981) (3,717,145) (303,843)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $ 843,878 $ 3,037,398 $ 5,021 $ 1,488,783 $ (136,463)
============ ============ =========== ============ ============
Class C Shares:
Sold .................................. $ 436,456 $ 2,085,227 $ 148,034 $ 1,959,335 $ 116,675
Issued as reinvestment ................ 3,822 4,814 41 24,642 34
Redeemed .............................. (338,433) (1,765,822) (147,667) (1,351,839) (42,344)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $ 101,845 $ 324,219 $ 408 $ 632,138 $ 74,365
============ ============ =========== ============ ============
Class K Shares (a):
Sold .................................. $ 6,308,594 $ 20,616,757 $ 37,076 $ 15,728,331 $ 9,027,428
Issued as reinvestment ................ 2,785 8,921 -- 2,297 2
Redeemed .............................. (10,901,445) (63,460,102) (29,669) (38,675,796) (22,306,812)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $ (4,590,066) $(42,834,424) $ 7,407 $(22,945,168) $(13,279,382)
============ ============ =========== ============ ============
Class Y Shares:
Sold .................................. $ 15,283,845 $ 14,006,863 $ 1,678,759 $ 12,262,838 $ 4,030
Issued as reinvestment ................ 84,548 96,063 1,058,142 13,326 8,586
Redeemed .............................. (28,599,921) (45,395,162) (2,290,447) (4,311,693) (192,397)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $(13,231,528) $(31,292,236) $ 446,454 $ 7,964,471 $ (179,781)
============ ============ =========== ============ ============
<FN>
- ----------------
(a) Michigan Municipal Shares for the Munder Short Term Treasury Fund.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
----------------------------------------------
Munder
Munder Tax-Free Munder
Tax-Free Short- Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund
-------- ------------ ----------
$ 1,007,412 $ 1,990,056 $ --
22,386 66,920 --
(1,160,347) (2,113,792) --
------------ ------------ ------------
$ (130,549) $ (56,816) $ --
============ ============ ============
$ 1,218,117 $ 620,026 $ --
6,238 1,973 --
(434,095) (777,375) --
------------ ------------ ------------
$ 790,260 $ (155,376) $ --
============ ============ ============
$ 144,546 $ 367,471 $ --
3,918 1,376 --
(426,365) (226,562) --
------------ ------------ ------------
$ (277,901) $ 142,285 $ --
============ ============ ============
$ 12,174,738 $ 9,901,806 $ --
2,437 4,767 2,658
(38,365,231) (48,594,120) --
------------ ------------ ------------
$(26,188,056) $(38,687,547) $ 2,658
============ ============ ============
$ 529,710 $ 960,020 $ 7,687,455
3,900 1,319 653,637
(695,308) (1,863,271) (10,226,047)
------------ ------------ ------------
$ (161,698) $ (901,932) $ (1,884,955)
============ ============ ============
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31,
1999 (Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
-----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .................................. 79,675 1,852,841 2,173 1,805,082 44,238
Issued as reinvestment ................ 7,734 24,891 1,536 10,281 2,595
Redeemed .............................. (95,267) (1,918,868) (1,259) (1,644,966) (155,013)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ............... (7,858) (41,136) 2,450 170,397 (108,180)
========== ========== ======== ========== ==========
Class B Shares:
Sold .................................. 292,861 696,760 1,630 525,562 17,050
Issued as reinvestment ................ 4,014 6,379 17 3,238 664
Redeemed .............................. (208,434) (370,745) (1,103) (375,463) (31,960)
---------- ---------- ------ ------- -------
Net increase/(decrease) ............... 88,441 332,394 544 153,337 (14,246)
========== ========== ======== ========== ==========
Class C Shares:
Sold .................................. 46,262 227,271 15,385 199,205 12,455
Issued as reinvestment ................ 404 526 4 2,506 4
Redeemed .............................. (35,826) (192,436) (15,341) (136,518) (4,526)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ............... 10,840 35,361 48 65,193 7,933
========== ========== ======== ========== ==========
Class K Shares (a):
Sold .................................. 665,694 2,246,652 3,723 1,588,527 960,272
Issued as reinvestment ................ 296 975 -- 233 --
Redeemed .............................. (1,158,325) (6,912,922) (3,018) (3,899,781) (2,380,328)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ............... (492,335) (4,665,295) 705 (2,311,021) (1,420,056)
========== ========== ======== ========== ==========
Class Y Shares:
Sold .................................. 1,623,794 1,524,482 171,862 1,253,735 422
Issued as reinvestment of dividends ... 9,058 10,487 108,433 1,352 912
Redeemed .............................. (3,024,891) (4,951,422) (232,232) (434,776) (20,483)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ................ (1,392,039) (3,416,453) 48,063 820,311 (19,149)
========== ========== ======== ========== ==========
<FN>
- ----------------
(a) Michigan Municipal Shares for the Munder Short Term Treasury Fund
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------
Munder
Munder Tax-Free Munder
Tax-Free Short- Short-Term
Bond Intermediate Treasury
Fund Bond Fund Fund
-------- ------------ ----------
<S> <C> <C> <C>
103,469 196,663 --
2,294 6,611 --
(118,424) (207,668) --
---------- ---------- ----------
(12,661) (4,394) --
========== ========== ==========
124,972 60,967 --
639 195 --
(44,338) (76,708) --
---------- ---------- ----------
81,273 (15,546) --
========== ========== ==========
14,625 36,028 --
400 135 --
(43,024) (22,121) --
---------- ---------- ----------
(27,999) 14,042 --
========== ========== ==========
1,248,091 972,822 --
250 471 269
(3,911,568) (4,779,656) --
---------- ---------- ----------
(2,663,227) (3,806,363) 269
========== ========== ==========
53,463 94,407 773,020
399 130 66,063
(70,602) (182,989) (1,026,856)
---------- ---------- ----------
(16,740) (88,452) (187,773)
========== ========== ==========
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31,
1999 (Unaudited)
Since the Funds have sold, redeemed and reinvested shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, redemptions and reinvestments are the same as the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
---------- ------ ------------ -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold .................................. $ 539,582,640 $ 584,149,486 $ 57,489,993 $ 46,850,908
Issued as reinvestment of dividends ... 3,084,379 338,517 1,002,526 294,943
Redeemed .............................. (536,021,869) (578,571,414) (46,169,077) (62,268,214)
------------- ------------- ------------- ------------
Net increase/(decrease) ............... $ 6,645,150 $ 5,916,589 $ 12,323,442 $(15,122,363)
============= ============= ============= ============
Class B Shares:
Sold .................................. $ 41,259,390
Issued as reinvestment of dividends ... 248,233
Redeemed .............................. (26,118,484)
-------------
Net increase .......................... $ 15,389,139
=============
Class C Shares:
Sold .................................. $ 21,249,476
Issued as reinvestment ................ 70,943
Redeemed .............................. (16,391,801)
-------------
Net increase .......................... $ 4,928,618
=============
Class K Shares:
Sold .................................. $ 530,060,733 $ 143,056,587 $ 28,372,092
Issued as reinvestment ................ 5,024 1,860 2
Redeemed .............................. (497,626,035) (149,761,669) (27,490,574)
------------- ------------- ------------
Net increase/(decrease) ............... $ 32,439,722 $ (6,703,222) $ 881,520
============= ============= ============
Class Y Shares:
Sold .................................. $ 283,297,324 $ 48,870,411 $ 31,287,824 $ 23,578,444
Issued as reinvestment ................ 67,978 2,086,147 21,820 174,526
Redeemed .............................. (388,509,866) (147,085,809) (30,663,322) (31,952,907)
------------- ------------- ------------- ------------
Net increase/(decrease) ............... $(105,144,564) $ (96,129,251) $ 646,322 $ (8,199,937)
============= ============= ============= ============
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
INCOME FUNDS
-----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .................................. $ 2,106,920 $ 30,380,505 $ 1,205,890 $ 14,807,969 $ 2,571,027
Issued as reinvestment of dividends ... 79,742 351,589 10,601 115,866 43,931
Redeemed .............................. (1,104,305) (27,576,886) (1,012,098) (12,817,302) (1,897,254)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $ 1,082,357 $ 3,155,208 $ 204,393 $ 2,106,533 $ 717,704
============ ============ =========== ============ ============
Class B Shares:
Sold .................................. $ 4,553,570 $ 6,654,765 $ 68,173 $ 9,678,927 $ 216,428
Issued as reinvestment of dividends ... 16,294 37,461 243 17,266 24,024
Redeemed .............................. (2,537,834) (3,405,104) (36,036) (5,773,683) (215,853)
------------ ------------ ----------- ------------ ------------
Net increase .......................... $ 2,032,030 $ 3,287,122 $ 32,380 $ 3,922,510 $ 24,599
============ ============ =========== ============ ============
Class C Shares:
Sold .................................. $ 718,929 $ 2,174,048 $ 112,666 $ 2,089,267 $ 355,873
Issued as reinvestment of dividends .... 2,201 3,281 92 10,851 2,926
Redeemed .............................. (334,167) (1,625,038) (60,027) (957,328) (318,474)
------------ ------------ ----------- ------------ ------------
Net increase .......................... $ 386,963 $ 552,291 $ 52,731 $ 1,142,790 $ 40,325
============ ============ =========== ============ ============
Class K Shares (b):
Sold .................................. $ 20,031,702 $ 57,610,345 $ 8,061 $ 37,500,971 $ 22,921,774
Issued as reinvestment of dividends ... 4,085 17,103 -- 2,136 --
Redeemed .............................. (9,916,860) (65,154,484) (61,468) (36,412,746) (13,308,593)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $ 10,118,927 $ (7,527,036) $ (53,407) $ 1,090,361 $ 9,613,181
============ ============ =========== ============ ============
Class Y Shares:
Sold .................................. $ 32,488,800 $ 47,989,563 $ 2,744,051 $ 14,132,700 $ 763,455
Issued as reinvestment of dividends ... 93,684 193,082 677,932 48,621 27,277
Redeemed .............................. (45,622,326) (76,840,541) (2,314,793) (9,249,989) (237,032)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ............... $(13,039,842) $(28,657,896) $ 1,107,190 $ 4,931,332 $ 553,700
============ ============ =========== ============ ============
<FN>
- ----------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
(b) Michigan Municipal Shares for the Munder Short Term Treasury Fund.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------
Munder
Munder Tax-Free Munder
Tax-Free Short- Short Term
Bond Intermediate Treasury
Fund Bond Fund(a) Fund
-------- ------------ ----------
<S> <C> <C> <C>
$ 3,419,758 $ 4,563,388 $ --
74,814 156,463 --
(3,492,813) (5,542,370) --
------------ ------------ ------------
$ 1,759 $ (822,519) $ --
============ ============ ============
$ 1,271,532 $ 2,012,200 $ --
4,047 3,282 --
(940,850) (1,160,121) --
------------ ------------ ------------
$ 334,729 $ 855,361 $ --
============ ============ ============
$ 436,399 $ 209,573 $ --
598 1,132 --
(53,046) (55,519) --
------------ ------------ ------------
$ 383,951 $ 155,186 $ --
============ ============ ============
$ 19,482,729 $ 33,941,440 $ 100,019
2,040 11,048 745
(27,341,518) (54,284,489) (648,154)
------------ ------------ ------------
$ (7,856,749) $(20,332,001) $ (547,390)
============ ============ ============
$ 1,089,291 $ 1,944,090 $ 28,098,380
11,185 3,242 2,029,354
(2,203,609) (4,103,854) (36,876,918)
------------ ------------ ------------
$ (1,103,133) $ (2,156,522) $ (6,749,184)
============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
INCOME FUNDS
-----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .................................. 211,326 3,209,933 120,716 1,462,472 256,138
Issued as reinvestment of dividends ... 8,014 37,056 988 11,306 4,419
Redeemed .............................. (110,897) (2,914,147) (101,387) (1,273,651) (189,320)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ............... 108,443 332,842 20,317 200,127 71,237
========== ========== ======== ========== ==========
Class B Shares:
Sold .................................. 455,010 700,296 6,668 933,231 21,223
Issued as reinvestment of dividends ... 1,638 3,973 22 1,687 2,394
Redeemed .............................. (253,626) (358,948) (3,519) (560,693) (21,374)
---------- ---------- -------- ---------- ----------
Net increase .......................... 203,022 345,321 3,171 374,225 2,243
========== ========== ======== ========== ==========
Class C Shares:
Sold .................................. 71,841 230,747 10,495 201,382 35,318
Issued as reinvestment of dividends ... 223 348 8 1,065 291
Redeemed .............................. (33,737) (172,824) (6,077) (93,731) (31,370)
---------- ---------- -------- ---------- ----------
Net increase .......................... 38,327 58,271 4,426 108,716 4,239
========== ========== ======== ========== ==========
Class K Shares (b):
Sold .................................. 2,011,523 6,061,011 759 3,616,886 2,272,829
Issued as reinvestment of dividends ... 409 1,801 -- 207 --
Redeemed .............................. (992,995) (6,849,313) (5,962) (3,514,490) (1,335,639)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ............... 1,018,937 (786,501) (5,203) 102,603 937,190
========== ========== ======== ========== ==========
Class Y Shares:
Sold .................................. 3,257,465 5,048,703 258,271 1,362,880 78,010
Issued as reinvestment of dividends ... 9,354 20,328 63,149 4,707 2,719
Redeemed .............................. (4,555,297) (8,067,135) (230,301) (883,177) (23,872)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ............... (1,288,478) (2,998,104) 91,119 484,410 56,857
========== ========== ======== ========== ==========
<FN>
- ----------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
(b) Michigan Municipal Shares for the Munder Short Term Treasury Fund.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------
Munder
Munder Tax-Free Munder
Tax-Free Short- Short Term
Bond Intermediate Treasury
Fund Bond Fund(a) Fund
-------- ------------ ----------
<S> <C> <C> <C>
326,184 436,147 --
7,121 14,921 --
(334,187) (525,554) --
---------- ---------- ----------
(882) (74,486) --
========== ========== ==========
119,587 191,087 --
388 316 --
(89,391) (110,000) --
---------- ---------- ----------
30,584 81,403 --
========== ========== ==========
42,972 19,998 --
59 109 --
(5,081) (5,311) --
---------- ---------- ----------
37,950 14,796 --
========== ========== ==========
1,845,545 3,238,883 10,012
195 1,054 75
(2,573,738) (5,175,469) (64,507)
---------- ---------- ----------
(727,998) (1,935,532) (54,420)
========== ========== ==========
104,036 185,468 2,793,007
1,062 309 202,217
(207,087) (391,669) (3,669,686)
---------- ---------- ----------
(101,989) (205,892) (674,462)
========== ========== ==========
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
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>
<TABLE>
<CAPTION>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(e) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96 6/30/95(d) 2/28/95(e,f)
----------- ---------- ---------- ------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 9.62 $ 9.99 $ 9.58 $ 9.53 $ 9.70 $ 9.31 $ 9.91
------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............ 0.28 0.57 0.59 0.60 0.61 0.21 0.61
Net realized and unrealized
gain/(loss) on investments ..... (0.33) (0.39) 0.39 0.03 (0.20) 0.38 (0.63)
------ ------ ------ ------ ------ ------ ------
Total from investment operations .. (0.05) 0.18 0.98 0.63 0.41 0.59 (0.02)
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.30) (0.55) (0.57) (0.58) (0.58) (0.20) (0.58)
Distributions from net realized
capital gain ................... (0.06) -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------
Total distributions .............. (0.36) (0.55) (0.57) (0.58) (0.58) (0.20) (0.58)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period ... $ 9.21 $ 9.62 $ 9.99 $ 9.58 $ 9.53 $ 9.70 $ 9.31
====== ====== ====== ====== ====== ====== ======
Total return (b) ................. (0.57)% 1.72% 10.45% 6.84% 4.24% 6.39% 0.45%
====== ====== ====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $2,336 $2,515 $1,529 $ 818 $ 895 $ 919 $ 880
Ratio of operating expenses to
average net assets ............. 1.00%(c) 0.97% 0.96% 0.96% 0.95% 0.95%(c) 0.92%
Ratio of net investment income to
average net assets ............. 5.85%(c) 5.77% 5.93% 6.34% 6.26% 6.47%(c) 6.57%
Portfolio turnover rate .......... 60% 142% 222% 279% 507% 99% 165%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.00%(c) 0.97% 0.96% 0.96% 1.04% 1.19%(c) 1.16%
<FN>
- ----------------
(a) The Munder Bond Fund Class A Shares, Class B Shares and 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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------- -------------------------------------------------------
Period Period
Ended Year Year Year Period Ended Year Year Year Period
12/31/99(e) Ended Ended Ended Ended 12/31/99(e) Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96 (Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96
----------- ---------- ---------- ------- ------- ----------- ---------- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.61 $ 9.99 $ 9.57 $ 9.53 $ 9.68 $ 9.66 $10.03 $ 9.60 $ 9.52 $ 9.74
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
0.24 0.50 0.51 0.54 0.16 0.24 0.50 0.52 0.66 0.16
(0.32) (0.41) 0.40 0.02 (0.14) (0.33) (0.40) 0.40 (0.08) (0.21)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
(0.08) 0.09 0.91 0.56 0.02 (0.09) 0.10 0.92 0.58 (0.05)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
(0.26) (0.47) (0.49) (0.52) (0.17) (0.26) (0.47) (0.49) (0.50) (0.17)
(0.06) -- -- -- -- (0.06) -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
(0.32) (0.47) (0.49) (0.52) (0.17) (0.32) (0.47) (0.49) (0.50) (0.17)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
$ 9.21 $ 9.61 $ 9.99 $ 9.57 $ 9.53 $ 9.25 $ 9.66 $10.03 $ 9.60 $ 9.52
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
(0.84)% 0.86% 9.75% 5.97% 0.22% (0.94)% 0.95% 9.84% 6.19% (0.49)%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
$3,314 $2,610 $ 685 $ 559 $ 294 $ 513 $ 431 $ 63 $ 45 $ 51
1.75%(c) 1.72% 1.72% 1.71% 1.70%(c) 1.75%(c) 1.72% 1.72% 1.71% 1.70%(c)
5.10%(c) 5.02% 5.18% 5.59% 5.51%(c) 5.10%(c) 5.02% 5.18% 5.59% 5.51%(c)
60% 142% 222% 279% 507% 60% 142% 222% 279% 507%
1.75%(c) 1.72% 1.72% 1.71% 1.79%(c) 1.75%(c) 1.72% 1.72% 1.71% 1.79%(c)
</TABLE>
<TABLE>
<CAPTION>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(e) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96 6/30/95(d) 2/28/95(e,f)
----------- ---------- --------- ------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $ 9.62 $ 9.99 $ 9.58 $ 9.53 $ 9.70 $ 9.31 $ 9.91
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income ........... 0.29 0.60 0.61 0.63 0.64 0.21 0.64
Net realized and unrealized
gain/(loss) on investments .... (0.33) (0.40) 0.39 0.03 (0.21) 0.39 (0.64)
-------- -------- -------- -------- -------- -------- --------
Total from investment operations (0.04) 0.20 1.00 0.66 0.43 0.60 0.00
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ........................ (0.31) (0.57) (0.59) (0.61) (0.60) (0.21) (0.60)
Distributions from net realized
capital gain .................. (0.06) -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total distributions ............. (0.37) (0.57) (0.59) (0.61) (0.60) (0.21) (0.60)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period .. $ 9.21 $ 9.62 $ 9.99 $ 9.58 $ 9.53 $ 9.70 $ 9.31
======== ======== ======== ======== ======== ======== ========
Total return (b) ................ (0.44)% 1.97% 10.72% 7.09% 4.50% 6.48% 0.70%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ........................ $179,413 $200,753 $221,427 $113,493 $113,020 $146,741 $141,704
Ratio of operating expenses to
average net assets ............ 0.75%(c) 0.72% 0.72% 0.71% 0.70% 0.70%(c) 0.67%
Ratio of net investment income to
average net assets ............ 6.10%(c) 6.02% 6.18% 6.59% 6.51% 6.72%(c) 6.82%
Portfolio turnover rate ......... 60% 142% 222% 279% 507% 99% 165%
Ratio of operating expenses to
average net assets without
waivers ....................... 0.75%(c) 0.72% 0.72% 0.71% 0.79% 0.94%(c) 0.91%
<FN>
- ----------------
(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) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $ 9.28 $ 9.51 $ 9.33 $ 9.31 $ 9.52 $ 9.27 $ 9.91
------ ------- ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income ........... 0.26 0.51 0.55 0.55 0.58 0.22 0.59
Net realized and unrealized
gain/(loss) on investments .... (0.20) (0.23) 0.16 0.02 (0.21) 0.25 (0.61)
------ ------- ------ ------ ------ ------ ------
Total from investment operations 0.06 0.28 0.71 0.57 0.37 0.47 (0.02)
------ ------- ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ........................ (0.27) (0.51) (0.53) (0.55) (0.58) (0.22) (0.61)
Distributions from net realized
gains ......................... -- -- -- -- -- -- (0.01)
------ ------- ------ ------ ------ ------ ------
Total distributions ............. (0.27) (0.51) (0.53) (0.55) (0.58) (0.22) (0.62)
------ ------- ------ ------ ------ ------ ------
Net asset value, end of period .. $ 9.07 $ 9.28 $ 9.51 $ 9.33 $ 9.31 $ 9.52 $ 9.27
====== ======= ====== ====== ====== ====== ======
Total return (b) ................ 0.64% 2.93% 7.84% 6.34% 3.92% 5.15% 0.54%
====== ======= ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ........................ $9,691 $10,293 $7,387 $6,104 $5,356 $5,470 $5,472
Ratio of operating expenses to
average net assets ............ 0.97% (c) 0.95% 0.93% 0.93% 0.94% 0.95%(c) 0.93%
Ratio of net investment income to
average net assets ............ 5.44% (c) 5.38% 5.77% 5.91% 6.08% 7.12%(c) 6.71%
Portfolio turnover rate ......... 66% 128% 194% 325% 494% 84% 80%
Ratio of operating expenses to
average net assets without
waivers ....................... 0.97% (c) 0.95% 0.93% 0.93% 1.02% 1.19%(c) 1.18%
<FN>
- ----------------
(a) The Munder Intermediate Bond Fund Class A Shares and Class B Shares
commenced operations on November 24, 1992 and October 25, 1994,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 06/30/97(f) 06/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ----------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.25 $ 9.49 $ 9.32 $ 9.30 $ 9.51 $ 9.27 $ 9.22
------ ------ ------ ------ ------ ------ ------
0.21 0.44 0.47 0.48 0.49 0.20 0.19
(0.18) (0.24) 0.16 0.03 (0.19) 0.24 0.11
------ ------ ------ ------ ------ ------ ------
0.03 0.20 0.63 0.51 0.30 0.44 0.30
------ ------ ------ ------ ------ ------ ------
(0.23) (0.44) (0.46) (0.49) (0.51) (0.20) (0.24)
-- -- -- -- -- -- (0.01)
------ ------ ------ ------ ------ ------ ------
(0.23) (0.44) (0.46) (0.49) (0.51) (0.20) (0.25)
------ ------ ------ ------ ------ ------ ------
$ 9.05 $ 9.25 $ 9.49 $ 9.32 $ 9.30 $ 9.51 $ 9.27
====== ====== ====== ====== ====== ====== ======
0.37% 2.06% 6.94% 5.60% 3.22% 4.78% 3.33%
====== ====== ====== ====== ====== ====== ======
$6,704 $3,779 $ 598 $ 464 $ 103 $ 9 $ 7
1.72%(c) 1.70% 1.68% 1.68% 1.69% 1.70%(c) 1.67%(c)
4.69%(c) 4.63% 5.02% 5.16% 5.33% 6.37%(c) 5.97%(c)
66% 128% 194% 325% 494% 84% 80%
1.72%(c) 1.70% 1.68% 1.68% 1.77% 1.94%(c) 1.92%(c)
</TABLE>
<TABLE>
<CAPTION>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
-------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99 Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96
----------- ---------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 9.26 $ 9.50 $ 9.35 $ 9.31 $ 9.40
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ................. 0.20 0.44 0.48 0.45 0.10
Net realized and unrealized gain/(loss)
on investments ...................... (0.17) (0.24) 0.13 0.08 (0.06)
------ ------ ------ ------ ------
Total from investment operations ...... 0.03 0.20 0.61 0.53 0.04
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income .. (0.23) (0.44) (0.46) (0.49) (0.13)
Distributions from net realized gains .. -- -- -- -- --
------ ------ ------ ------ ------
Total distributions ................... (0.23) (0.44) (0.46) (0.49) (0.13)
------ ------ ------ ------ ------
Net asset value, end of period ........ $ 9.06 $ 9.26 $ 9.50 $ 9.35 $ 9.31
====== ====== ====== ====== ======
Total return (b) ...................... 0.37% 2.06% 6.69% 5.77% 0.39%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $ 914 $ 608 $ 70 $ 58 $ 52
Ratio of operating expenses to average
net assets .......................... 1.72%(c) 1.70% 1.68% 1.68% 1.69%(c)
Ratio of net investment income to
average net assets .................. 4.69%(c) 4.63% 5.02% 5.16% 5.33%(c)
Portfolio turnover rate ............... 66% 128% 194% 325% 494%
Ratio of operating expenses to average
net assets without waivers .......... 1.72%(c) 1.70% 1.68% 1.68% 1.77%(c)
<FN>
- ----------------
(a) The Munder Bond Fund Class C Shares and Class Y Shares commenced
operations on March 25, 1996 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ------- ---------- ----------
<S><C> <C> <C> <C> <C> <C> <C>
$ 9.26 $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27 $ 9.91
-------- -------- -------- -------- -------- -------- --------
0.27 0.54 0.57 0.57 0.60 0.23 0.60
(0.19) (0.25) 0.16 0.03 (0.20) 0.24 (0.59)
-------- -------- -------- -------- -------- -------- --------
0.08 0.29 0.73 0.60 0.40 0.47 0.01
-------- -------- -------- -------- -------- -------- --------
(0.28) (0.53) (0.56) (0.58) (0.60) (0.23) (0.64)
-- -- -- -- -- -- (0.01)
-------- -------- -------- -------- -------- -------- --------
(0.28) (0.53) (0.56) (0.58) (0.60) (0.23) (0.65)
-------- -------- -------- -------- -------- -------- --------
$ 9.06 $ 9.26 $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27
======== ======== ======== ======== ======== ======== ========
0.88% 3.08% 7.99% 6.60% 4.29% 5.12% 0.78%
======== ======== ======== ======== ======== ======== ========
$158,211 $193,396 $226,856 $161,606 $182,937 $157,484 $162,185
0.72%(c) 0.70% 0.68% 0.68% 0.69% 0.70%(c) 0.68%
5.69%(c) 5.63% 6.02% 6.16% 6.33% 7.37%(c) 6.96%
66% 128% 194% 825% 494% 84% 80%
0.72%(c) 0.70% 0.68% 0.68% 0.77% 0.94%(c) 0.93%
</TABLE>
<TABLE>
<CAPTION>
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares B Shares
------------------------------------------- --------------------------------------------
Period Period
Ended Year Year Period Ended Year Year Period
12/31/99(d) Ended Ended Ended 12/31/99(d) Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98 6/30/97 (Unaudited) 6/30/99(d) 6/30/98 06/30/97
---------------------- ------- ------- ---------------------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 9.74 $ 9.66 $ 9.82 $ 9.98 $ 9.72 $ 9.66 $ 9.83 $ 9.85
------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income ......... 0.14 0.30 0.20 0.10 0.11 0.23 0.18 0.01
Net realized and unrealized
gain/(loss) on investments .. 0.22 0.11 (0.11) (0.18) 0.21 0.11 (0.15) (0.03)
------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations .................. 0.36 0.41 0.09 (0.08) 0.32 0.34 0.03 (0.02)
------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ...................... (0.50) (0.18) (0.23) (0.08) (0.47) (0.13) (0.18) --
Distributions from net realized
gains ....................... -- (0.15) (0.02) -- -- (0.15) (0.02) --
------ ------ ------ ------ ------ ------ ------ ------
Total distributions ........... (0.50) (0.33) (0.25) (0.08) (0.47) (0.28) (0.20) --
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $ 9.60 $ 9.74 $ 9.66 $ 9.82 $ 9.57 $ 9.72 $ 9.66 $ 9.83
====== ====== ====== ====== ====== ====== ====== ======
Total return (b) .............. 3.70% 3.93% 0.86% (0.84)% 3.22% 3.15% 0.26% (0.20)%
====== ====== ====== ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $ 377 $ 359 $ 160 $ 168 $ 141 $ 138 $ 107 $ 21
Ratio of operating expenses to
average net assets .......... 1.17%(c) 1.14% 1.11% 1.14%(c) 1.92%(c) 1.89% 1.86% 1.89%(c)
Ratio of net investment income
to average net assets ....... 2.91%(c) 2.95% 3.53% 3.61%(c) 2.16%(c) 2.24% 2.78% 2.86%(c)
Portfolio turnover rate ....... 61% 59% 81% 75% 61% 59% 81% 75%
Ratio of operating expenses to
average net assets without
waivers ..................... 1.17%(c) 1.14% 1.11% 1.18%(c) 1.92%(c) 1.89% 1.86% 1.93%(c)
<FN>
- ----------------
(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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
------------------------------------- ----------------------------------------------------
Period Period
Ended Year Period Ended Year Year Period
12/31/99(d) Ended Ended 12/31/99(d) Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98 (Unaudited) 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
------ ------ ------ ------- ------- ------- -------
0.11 0.22 0.01 0.16 0.34 0.22 0.25
0.22 0.10 (0.11) 0.21 0.10 (0.11) (0.34)
------ ------ ------ ------- ------- ------- -------
0.33 0.32 (0.10) 0.37 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)
------ ------ ------ ------- ------- ------- -------
$ 9.63 $ 9.77 $ 9.73 $ 9.63 $ 9.77 $ 9.68 $ 9.83
====== ====== ====== ======= ======= ======= =======
3.31% 2.92% (0.84)% 3.80% 4.21% 1.12% (0.90)%
====== ====== ====== ======= ======= ======= =======
$ 74 $ 75 $ 31 $50,904 $51,193 $49,834 $51,679
1.92%(c) 1.89% 1.87%(c) 0.92%(c) 0.89% 0.86% 0.89%(c)
2.16%(c) 2.14% 2.79%(c) 3.16%(c) 3.26% 3.78% 3.86%(c)
61% 59% 81% 61% 59% 81% 75%
1.92%(c) 1.89% 1.87%(c) 0.92%(c) 0.89% 0.86% 0.93%(c)
</TABLE>
<TABLE>
<CAPTION>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $10.03 $10.38 $10.09 $ 9.98 $10.30 $ 9.88 $10.03
------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income ......... 0.30 0.59 0.61 0.65 0.71 0.24 0.42
Net realized and unrealized
gain/(loss) on investments .. (0.29) (0.37) 0.35 0.07 (0.27) 0.41 (0.10)
------ ------ ------ ------ ------ ------ ------
Total from investment
operations .................. 0.01 0.22 0.96 0.72 0.44 0.65 0.32
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ...................... (0.33) (0.55) (0.61) (0.61) (0.68) (0.23) (0.47)
Distributions from net realized
gains ....................... (0.00)(g) (0.01) (0.06) (0.00)(g) (0.08) -- --
Distributions in excess of net
realized gains .............. -- (0.01) -- -- -- -- --
------ ------ ------ ------ ------ ------ ------
Total distributions ........... (0.33) (0.57) (0.67) (0.61) (0.76) (0.23) (0.47)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period.. $ 9.71 $10.03 $10.38 $10.09 $ 9.98 $10.30 $ 9.88
====== ====== ====== ====== ====== ====== ======
Total return (b) .............. 0.05% 2.12% 9.71% 7.50% 4.34% 6.66% 3.30%
====== ====== ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $6,027 $4,516 $2,598 $1,226 $ 259 $ 97 $ 69
Ratio of operating expenses to
average net assets .......... 0.98%(c) 0.96% 0.94% 0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income
to average net assets ....... 5.95%(c) 5.76% 6.00% 6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ....... 6% 23% 85% 130% 133% 42% 143%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.98%(c) 0.96% 0.94% 0.96% 1.04% 1.21%(c) 1.19%(c)
<FN>
- ----------------
(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) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------- -------------------------------------------------------
Period Period
Ended Year Year Year Period Ended Year Year Period
12/31/99(f) Ended Ended Ended Ended 12/31/99(f) Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97 6/30/96(f) (Unaudited) 6/30/99(f) 6/30/98 6/30/97
---------------------- ------- ------- ---------- ---------------------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$10.03 $10.38 $10.09 $ 9.98 $10.31 $10.02 $10.37 $10.09 $10.11
------ ------ ------ ------ ------ ------ ------ ------ ------
0.26 0.52 0.50 0.58 0.49 0.26 0.52 0.50 0.54
(0.29) (0.37) 0.38 0.07 (0.24) (0.29) (0.37) 0.37 (0.06)
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.03) 0.15 0.88 0.65 0.25 (0.03) 0.15 0.87 0.48
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.29) (0.48) (0.53) (0.54) (0.50) (0.29) (0.48) (0.53) (0.50)
(0.00)(g) (0.01) (0.06) (0.00)(g) (0.08) (0.00)(g) (0.01) (0.06) (0.00)(g)
-- (0.01) -- -- -- -- (0.01) -- --
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.29) (0.50) (0.59) (0.54) (0.58) (0.29) (0.50) (0.59) (0.50)
------ ------ ------ ------ ------ ------ ------ ------ ------
$ 9.71 $10.03 $10.38 $10.09 $ 9.98 $ 9.70 $10.02 $10.37 $10.09
====== ====== ====== ====== ====== ====== ====== ====== ======
(0.33)% 1.36% 8.89% 6.77% 2.42 % (0.33)% 1.35% 8.82% 4.87%
====== ====== ====== ====== ====== ====== ====== ====== ======
$6,032 $4,690 $ 970 $1,596 $ 498 $1,781 $1,187 $ 101 $ 10
1.73%(c) 1.71% 1.69% 1.71% 1.72%(c) 1.73%(c) 1.71% 1.69% 1.71%(c)
5.20%(c) 5.01% 5.25% 5.76% 6.17%(c) 5.20%(c) 5.01% 5.25% 5.76%(c)
6% 23% 85% 130% 133% 6% 23% 85% 130%
1.73%(c) 1.71% 1.69% 1.71% 1.79%(c) 1.73%(c) 1.71% 1.69% 1.71%(c)
</TABLE>
<TABLE>
<CAPTION>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 10.03 $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89 $ 10.00
------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income ......... 0.31 0.62 0.62 0.68 0.74 0.24 0.44
Net realized and unrealized
gain/(loss) on investments ... (0.29) (0.37) 0.36 0.07 (0.27) 0.41 (0.07)
------- ------- ------- ------- ------- ------- -------
Total from investment
operations .................. 0.02 0.25 0.98 0.75 0.47 0.65 0.37
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ...................... (0.34) (0.58) (0.63) (0.64) (0.71) (0.24) (0.48)
Distributions from net realized
gains ....................... (0.00)(g) (0.01) (0.06) (0.00)(g) (0.08) -- --
Distributions in excess of net
realized gains .............. -- (0.01) -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Total distributions ........... (0.34) (0.60) (0.69) (0.64) (0.79) (0.24) (0.48)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.71 $ 10.03 $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89
======= ======= ======= ======= ======= ======= =======
Total return (b) .............. 0.18% 2.37% 9.97% 7.75% 4.58% 6.64% 3.85%
======= ======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $78,954 $73,308 $70,842 $55,098 $46,695 $12,862 $11,647
Ratio of operating expenses to
average net assets .......... 0.73%(c) 0.71% 0.69% 0.71% 0.72% 0.72%(c) 0.70%(c)
Ratio of net investment income
to average net assets ....... 6.20%(c) 5.99% 6.25% 6.76% 7.17% 7.21%(c) 7.27%(c)
Portfolio turnover rate ....... 6% 23% 85% 130% 133% 42% 143%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.73%(c) 0.71% 0.69% 0.71% 0.79% 0.96%(c) 0.94%(c)
<FN>
- ----------------
(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) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(e,f)
----------- ------- ------- ---------- ---------- -------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 9.60 $10.06 $ 9.64 $ 9.35 $ 9.34 $ 9.24 $ 9.73
------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income ......... 0.20 0.39 0.41 0.44 0.48 0.16 0.44
Net realized and unrealized
gain/(loss) on investments ... (0.38) (0.30) 0.45 0.28 0.01 0.10 (0.50)
------ ------ ------ ------ ------ ------ ------
Total from investment
operations .................. (0.18) 0.09 0.86 0.72 0.49 0.26 (0.06)
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ...................... (0.21) (0.39) (0.42) (0.43) (0.48) (0.16) (0.43)
Distributions from net realized
gains ....................... -- (0.16) (0.02) (0.00)(g) -- -- --
------ ------ ------ ------ ------ ------ ------
Total distributions ........... (0.21) (0.55) (0.44) (0.43) (0.48) (0.16) (0.43)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $ 9.21 $ 9.60 $10.06 $ 9.64 $ 9.35 $ 9.34 $ 9.24
====== ====== ====== ====== ====== ====== ======
Total return (b) .............. (1.95)% 0.78% 9.01% 7.88% 5.25% 2.84% (0.16)%
====== ====== ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $1,359 $2,456 $1,855 $ 536 $ 446 $ 417 $ 444
Ratio of operating expenses to
average net assets .......... 1.02%(c) 1.00% 0.98% 0.88% 0.51% 0.52%(c) 0.56%
Ratio of net investment income
to average net assets ....... 4.04%(c) 3.88% 4.29% 4.57% 5.01% 5.06%(c) 4.81%
Portfolio turnover rate ....... 7% 33% 34% 19% 31% 8% 53%
Ratio of operating expenses to
average net assets without
waivers ..................... 1.02%(c) 1.00% 0.98% 1.02% 1.09% 1.26%(c) 1.30%
<FN>
- ----------------
(a) The Munder Michigan Tax-Free Bond Fund Class A Shares and Class B Shares
commenced operations on February 15, 1994 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
------------------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(e,f)
----------- ---------- ------- ---------- ---------- ------------ ------------
<S><C> <C> <C> <C> <C> <C> <C>
$ 9.63 $10.06 $ 9.64 $ 9.35 $ 9.34 $ 9.24 $ 9.17
------ ------ ------ ------ ------ ------ ------
0.16 0.32 0.35 0.36 0.41 0.14 0.24
(0.38) (0.28) 0.44 0.29 0.00(g) 0.10 0.10
------ ------ ------ ------ ------ ------ ------
(0.22) 0.04 0.79 0.65 0.41 0.24 0.34
------ ------ ------ ------ ------ ------ ------
(0.17) (0.31) (0.35) (0.36) (0.40) (0.14) (0.27)
-- (0.16) (0.02) (0.00)(g) -- -- --
------ ------ ------ ------ ------ ------ ------
(0.17) (0.47) (0.37) (0.36) (0.40) (0.14) (0.27)
------ ------ ------ ------ ------ ------ ------
$ 9.24 $ 9.63 $10.06 $ 9.64 $ 9.35 $ 9.34 $ 9.24
====== ====== ====== ====== ====== ====== ======
(2.31)% 0.34% 8.23% 7.09% 4.46% 2.58% 3.81%
====== ====== ====== ====== ====== ====== ======
$ 467 $ 624 $ 629 $ 312 $ 251 $ 254 $ 227
1.77%(c) 1.75% 1.73% 1.63% 1.26% 1.27%(c) 1.29%(c)
3.29%(c) 3.14% 3.54% 3.82% 4.26% 4.31%(c) 4.08%(c)
7% 33% 34% 19% 31% 8% 53%
1.77%(c) 1.75% 1.73% 1.77% 1.84% 2.01%(c) 2.03%(c)
</TABLE>
<TABLE>
<CAPTION>
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
----------------------------------------------------------------
Period
Ended Year Year Period
12/31/99 Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98 6/30/97(e)
----------- ---------- ------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.62 $10.05 $ 9.63 $ 9.56
------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.17 0.32 0.34 0.26
Net realized and unrealized gain/(loss) on
investments .............................. (0.39) (0.28) 0.44 0.07
------ ------ ------ ------
Total from investment operations ........... (0.22) 0.04 0.78 0.33
------ ------ ------ ------
Less distributions:
Dividends from net investment income ....... (0.17) (0.31) (0.34) (0.26)
Distributions from net realized gains ...... -- (0.16) (0.02) (0.00)(g)
------ ------ ------ ------
Total distributions ........................ (0.17) (0.47) (0.36) (0.26)
------ ------ ------ ------
Net asset value, end of period ............. $ 9.23 $ 9.62 $10.05 $ 9.63
====== ====== ====== ======
Total return (b) ........................... (2.31)% 0.34% 8.24% 3.57%
====== ====== ====== ======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $ 184 $ 115 $ 78 $ 90
Ratio of operating expenses to average net
assets ................................... 1.77%(c) 1.75% 1.73% 1.63%(c)
Ratio of net investment income to average
net assets ............................... 3.29%(c) 3.13% 3.54% 3.82%(c)
Portfolio turnover rate .................... 7% 33% 34% 19%
Ratio of operating expenses to average net
assets without waivers ................... 1.77%(c) 1.75% 1.73% 1.77%(c)
<FN>
- ----------------
(a) The Munder Michigan Tax-Free Bond Fund Class C Shares and Class Y Shares
commenced operations on October 4, 1996 and January 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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(e) 6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(e,f)
----------- ---------- ------- ---------- ---------- ------------ ------------
<S><C> <C> <C> <C> <C> <C> <C>
$ 9.62 $10.06 $ 9.65 $ 9.35 $ 9.34 $ 9.24 $ 9.73
------ ------ ------ ------ ------ ------ ------
0.21 0.42 0.40 0.46 0.44 0.17 0.50
(0.38) (0.28) 0.47 0.29 0.07 0.10 (0.54)
------ ------ ------ ------ ------ ------ ------
(0.17) 0.14 0.87 0.75 0.51 0.27 (0.04)
------ ------ ------ ------ ------ ------ ------
(0.22) (0.42) (0.44) (0.45) (0.50) (0.17) (0.45)
-- (0.16) (0.02) (0.00)(g) -- -- --
------ ------ ------ ------ ------ ------ ------
(0.22) (0.58) (0.46) (0.45) (0.50) (0.17) (0.45)
------ ------ ------ ------ ------ ------ ------
$ 9.23 $ 9.62 $10.06 $ 9.65 $ 9.35 $ 9.34 $ 9.24
====== ====== ====== ====== ====== ====== ======
(1.82)% 1.24% 9.17% 8.26% 5.51% 2.92% 0.10%
====== ====== ====== ====== ====== ====== ======
$1,275 $1,513 $1,011 $ 652 $ 204 $ 771 $ 604
0.77%(c) 0.75% 0.73% 0.63% 0.26% 0.27%(c) 0.31%
4.29%(c) 4.14% 4.54% 4.82% 5.26% 5.31%(c) 5.06%
7% 33% 34% 19% 31% 8% 53%
0.77%(c) 0.75% 0.73% 0.77% 0.84% 1.01%(c) 1.05%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99 Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(e) 6/30/96(e)
----------- ------- ------- ---------- ----------
<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 ................. 0.21 0.42 0.50 0.47 0.34
Net realized and unrealized gain/(loss)
on investments ...................... (0.35) (0.32) 0.38 0.25 (0.14)
------ ------ ------ ------ ------
Total from investment operations ...... (0.14) 0.10 0.88 0.72 0.20
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income .. (0.22) (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 ................... (0.30) (0.81) (0.65) (0.55) (0.36)
------ ------ ------ ------ ------
Net asset value, end of period ........ $ 9.58 $10.02 $10.73 $10.50 $10.33
====== ====== ====== ====== ======
Total return (b) ...................... (1.46)% 0.83% 8.54% 7.13% 1.87%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) ... $2,113 $2,336 $2,510 $2,490 $1,141
Ratio of operating expenses to average
net assets .......................... 0.98%(c) 0.98% 0.93% 0.95% 0.98%(c)
Ratio of net investment income to
average net assets .................. 4.14%(c) 3.94% 4.60% 4.52% 4.42%(c)
Portfolio turnover rate ............... 3% 32% 61% 45% 15%
Ratio of operating expenses to average
net assets without waivers ........... 0.98%(c) 0.98% 0.93% 0.95% 1.06%(c)
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class A Shares and Class B Shares commenced
operations on October 9, 1995 and December 6, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Total net assets for Class B Shares were $164 at February 28, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(f)
----------- ------- ------- ---------- ---------- ------------ ----------
<S><C> <C> <C> <C> <C> <C> <C>
$10.02 $10.74 $10.52 $10.34 $10.29 $10.14 $ 9.72
------ ------ ------ ------ ------ ------ ------
0.17 0.34 0.41 0.32 0.40 0.13 0.10
(0.36) (0.33) 0.38 0.33 0.05 0.15 0.42
------ ------ ------ ------ ------ ------ ------
(0.19) 0.01 0.79 0.65 0.45 0.28 0.52
------ ------ ------ ------ ------ ------ ------
(0.18) (0.34) (0.41) (0.39) (0.39) (0.13) (0.10)
(0.08) (0.39) (0.16) (0.08) (0.01) -- --
------ ------ ------ ------ ------ ------ ------
(0.26) (0.73) (0.57) (0.47) (0.40) (0.13) (0.10)
------ ------ ------ ------ ------ ------ ------
$ 9.57 $10.02 $10.74 $10.52 $10.34 $10.29 $10.14
====== ====== ====== ====== ====== ====== ======
(1.93)% (0.02)% 7.65% 6.43% 4.36% 2.80% 5.39%
====== ====== ====== ====== ====== ====== ======
$1,507 $ 763 $ 490 $ 240 $ 5 $ 1 $ -- (g)
1.73% (c) 1.73% 1.68% 1.70% 1.73% 1.77%(c) 1.67%(c)
3.39% (c) 3.18% 3.85% 3.77% 3.67% 3.63%(c) 3.95%(c)
3% 32% 61% 45% 15% 12% 50%
1.73% (c) 1.73% 1.68% 1.70% 1.81% 2.01%(c) 1.91%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
-------------------------------------------
Period
Ended Year Period
12/31/99 Ended Ended
(Unaudited) 6/30/99 6/30/98
----------- ------- -------
<S> <C> <C> <C>
Net asset value, beginning of period ....... $10.01 $10.73 $10.64
------ ------ ------
Income from investment operations:
Net investment income ...................... 0.17 0.34 0.41
Net realized and unrealized gain/(loss) on
investments .............................. (0.33) (0.33) 0.25
------ ------ ------
Total from investment operations ............ (0.16) 0.01 0.66
------ ------ ------
Less distributions:
Dividends from net investment income ........ (0.18) (0.34) (0.41)
Distributions from net realized gains ....... (0.08) (0.39) (0.16)
------ ------ ------
Total distributions ........................ (0.26) (0.73) (0.57)
------ ------ ------
Net asset value, end of period ............. $ 9.59 $10.01 $10.73
====== ====== ======
Total return (b) ........................... (1.63)% (0.03)% 6.34%
====== ====== ======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ........ $ 132 $ 419 $ 41
Ratio of operating expenses to average net
assets ................................... 1.73%(c) 1.73% 1.68%(c)
Ratio of net investment income to average
net assets ............................... 3.39%(c) 3.19% 3.85%(c)
Portfolio turnover rate .................... 3% 32% 61%
Ratio of operating expenses to average net
assets without waivers ................... 1.73%(c) 1.73% 1.68%(c)
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class C Shares and Class Y Shares commenced
operations on July 7, 1997 and July 21, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(f)
----------- ------- ------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$10.02 $10.73 $10.51 $10.34 $10.29 $10.13 $10.06
------ ------ ------ ------ ------ ------ ------
0.22 0.45 0.52 0.50 0.49 0.16 0.30
(0.35) (0.32) 0.37 0.25 0.06 0.16 0.10
------ ------ ------ ------ ------ ------ ------
(0.13) 0.13 0.89 0.75 0.55 0.32 0.40
------ ------ ------ ------ ------ ------ ------
(0.23) (0.45) (0.51) (0.50) (0.49) (0.16) (0.33)
(0.08) (0.39) (0.16) (0.08) (0.01) -- --
------ ------ ------ ------ ------ ------ ------
(0.31) (0.84) (0.67) (0.58) (0.50) (0.16) (0.33)
------ ------ ------ ------ ------ ------ ------
$ 9.58 $10.02 $10.73 $10.51 $10.34 $10.29 $10.13
====== ====== ====== ====== ====== ====== ======
(1.33)% 1.08% 8.70% 7.40% 5.38% 3.17% 4.08%
====== ====== ====== ====== ====== ====== ======
$2,542 $2,827 $4,123 $3,946 $1,929 $1,498 $ 953
0.73%(c) 0.73% 0.68% 0.70% 0.73% 0.77%(c) 0.68%(c)
4.39%(c) 4.19% 4.85% 4.77% 4.67% 4.63%(c) 4.94%(c)
3% 32% 61% 45% 15% 12% 50%
0.73%(c) 0.73% 0.68% 0.70% 0.81% 1.01%(c) 0.92%(c)
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Short-Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ---------- -----------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ....................... $10.22 $10.46 $10.41 $10.34 $10.36 $10.17 $10.44
------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income .......... 0.19 0.38 0.43 0.41 0.41 0.14 0.40
Net realized and unrealized
gain/(loss) on investments ... (0.13) (0.14) 0.13 0.10 (0.02) 0.19 (0.23)
------ ------ ------ ------ ------ ------ ------
Total from investment operations 0.06 0.24 0.56 0.51 0.39 0.33 0.17
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ....................... (0.20) (0.38) (0.42) (0.41) (0.41) (0.14) (0.42)
Distributions from net realized
gains ........................ (0.05) (0.10) (0.09) (0.03) -- -- (0.02)
------ ------ ------ ------ ------ ------ ------
Total distributions ............ (0.25) (0.48) (0.51) (0.44) (0.41) (0.14) (0.44)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .. $10.03 $10.22 $10.46 $10.41 $10.34 $10.36 $10.17
====== ====== ====== ====== ====== ====== ======
Total return (b) ............... 0.60% 2.27% 5.44% 5.04% 3.79% 3.25% 2.05%
====== ====== ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ....................... $5,491 $5,642 $6,554 $6,213 $5,012 $4,138 $4,551
Ratio of operating expenses to
average net assets ........... 0.98%(c) 0.96% 0.94% 0.93% 0.96% 0.98%(c) 0.95%
Ratio of net investment income
to average net assets ........ 3.68%(c) 3.64% 4.07% 3.96% 3.91% 4.02%(c) 4.19%
Portfolio turnover rate ........ 9% 25% 27% 31% 20% 5% 52%
Ratio of operating expenses to
average net assets without
waivers ...................... 0.98%(c) 0.96% 0.94% 0.93% 1.04% 1.22%(c) 1.19%
<FN>
- ----------------
(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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------------------------------------- ----------------------------
Period Period
Ended Year Year Year Period Ended Period
12/31/99(f) Ended Ended Ended Ended 12/31/99(f) Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) (Unaudited) 6/30/99(f)
----------- ---------- ------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$10.21 $10.45 $10.40 $10.34 $10.36 $10.28 $10.48
------ ------ ------ ------ ------ ------ ------
0.15 0.30 0.37 0.33 0.04 0.15 0.30
(0.13) (0.13) 0.11 0.10 0.00 (0.14) (0.09)
------ ------ ------ ------ ------ ------ ------
0.02 0.17 0.48 0.43 0.04 0.01 0.21
------ ------ ------ ------ ------ ------ ------
(0.16) (0.31) (0.34) (0.34) (0.06) (0.16) (0.31)
(0.05) (0.10) (0.09) (0.03) -- (0.05) (0.10)
------ ------ ------ ------ ------ ------ ------
(0.21) (0.41) (0.43) (0.37) (0.06) (0.21) (0.41)
------ ------ ------ ------ ------ ------ ------
$10.02 $10.21 $10.45 $10.40 $10.34 $10.08 $10.28
====== ====== ====== ====== ====== ====== ======
0.22% 1.51% 4.68% 4.24% 0.39% 0.12% 1.90%
====== ====== ====== ====== ====== ====== ======
$1,105 $1,285 $ 465 $ 272 $ 50 $ 291 $ 152
1.73%(c) 1.71% 1.69% 1.68% 1.71%(c) 1.73%(c) 1.71%(c)
2.93%(c) 2.88% 3.32% 3.21% 3.16%(c) 2.93%(c) 2.98%(c)
9% 25% 27% 31% 20% 9% 25%
1.73%(c) 1.71% 1.69% 1.68% 1.79%(c) 1.73%(c) 1.71%(c)
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Short-Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $10.22 $10.47 $10.42 $10.34 $10.37 $ 10.17 $ 10.44
------ ------ ------ ------ ------ ------- -------
Income from investment operations:
Net investment income ............ 0.20 0.41 0.45 0.44 0.45 0.15 0.42
Net realized and unrealized
gain/(loss) on investments ..... (0.13) (0.15) 0.14 0.11 (0.04) 0.20 (0.23)
------ ------ ------ ------ ------ ------- -------
Total from investment operations .. 0.07 0.26 0.59 0.55 0.41 0.35 0.19
------ ------ ------ ------ ------ ------- -------
Less distributions:
Dividends from net investment
income ......................... (0.21) (0.41) (0.45) (0.44) (0.44) (0.15) (0.44)
Distributions from net realized
gains .......................... (0.05) (0.10) (0.09) (0.03) -- -- (0.02)
------ ------ ------ ------ ------ ------- -------
Total distributions .............. (0.26) (0.51) (0.54) (0.47) (0.44) (0.15) (0.46)
------ ------ ------ ------ ------ ------- -------
Net asset value, end of period ... $10.03 $10.22 $10.47 $10.42 $10.34 $ 10.37 $ 10.17
====== ====== ====== ====== ====== ======= =======
Total return (b) ................. 0.73% 2.42% 5.70% 5.40% 3.95% 3.43% 2.34%
====== ====== ====== ====== ====== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ......................... $6,074 $7,905 $9,419 $7,511 $5,285 $11,100 $10,709
Ratio of operating expenses to
average net assets ............. 0.73%(c) 0.71% 0.69% 0.68% 0.71% 0.73%(c) 0.70%
Ratio of net investment income to
average net assets ............. 3.93%(c) 3.88% 4.32% 4.21% 4.16% 4.27%(c) 4.44%
Portfolio turnover rate .......... 9% 25% 27% 31% 20% 5% 52%
Ratio of operating expenses to
average net assets without
waivers ........................ 0.73%(c) 0.71% 0.69% 0.68% 0.79% 0.97%(c) 0.94%
<FN>
- ----------------
(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) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Short Term Treasury Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------------------------------------------
Period
Ended Year Year Period
12/31/99 Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.94 $ 10.05 $ 10.01 $ 10.00
------- ------- ------- -------
Income from investment operations:
Net investment income ...................... 0.23 0.47 0.53 0.22
Net realized and unrealized gain/(loss) on
investments .............................. (0.06) (0.01) 0.04 0.01
------- ------- ------- -------
Total from investment operations ........... 0.17 0.46 0.57 0.23
------- ------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.24) (0.49) (0.53) (0.22)
Dividends from net realized gains .......... (0.03) (0.08) -- --
------- ------- ------- -------
Total distributions ........................ (0.27) (0.57) (0.53) (0.22)
------- ------- ------- -------
Net asset value, end of period ............. $ 9.84 $ 9.94 $ 10.05 $ 10.01
======= ======= ======= =======
Total return (b) ........................... 1.76% 4.63% 5.81% 2.30%
======= ======= ======= =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $29,186 $31,345 $38,466 $49,055
Ratio of operating expenses to average net
assets ................................... 0.53%(c) 0.52% 0.52% 0.52%(c)
Ratio of net investment income to average
net assets ............................... 4.63%(c) 4.71% 5.24% 5.26%(c)
Portfolio turnover rate .................... 28% 89% 104% 40%
Ratio of operating expenses to average net
assets without expenses reimbursed by
investment advisor ....................... 0.53%(c) 0.52% 0.63% 0.55%(c)
<FN>
- ----------------
(a) The Munder Short Term Treasury Fund Class Y Shares commenced operations on
January 29, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- ------- -------- ------- -------
Income from investment
operations:
Net investment income ......... 0.024 0.045 0.049 0.047 0.049 0.018 0.039
-------- -------- -------- ------- -------- ------- -------
Total from investment
operations .................. 0.024 0.045 0.049 0.047 0.049 0.018 0.039
-------- -------- -------- ------- -------- ------- -------
Less distributions:
Dividends from net investment
income ...................... (0.024) (0.045) (0.049) (0.047) (0.049) (0.018) (0.039)
-------- -------- -------- ------- -------- ------- -------
Total distributions ........... (0.024) (0.045) (0.049) (0.047) (0.049) (0.018) (0.039)
-------- -------- -------- ------- -------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======= ======== ======= =======
Total return (b) .............. 2.40% 4.58% 5.04% 4.80% 5.02% 1.78% 3.97%
======== ======== ======== ======= ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $142,343 $135,705 $133,663 $96,192 $116,622 $52,530 $40,239
Ratio of operating expenses to
average net assets .......... 0.79%(c) 0.78% 0.76% 0.80% 0.78% 0.77%(c) 0.80%
Ratio of net investment income
to average net assets ....... 4.73%(c) 4.48% 4.92% 4.71% 4.88% 5.39%(c) 4.02%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.79%(c) 0.78% 0.76% 0.80% 0.78% 0.79%(c) 0.83%
<FN>
- ----------------
(a) The Munder Cash Investment Fund Class A Shares and Class Y Shares
commenced operations on December 1, 1992 and March 14, 1990,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
0.025 0.047 0.051 0.050 0.051 0.019 0.042
-------- -------- -------- -------- -------- -------- --------
0.025 0.047 0.051 0.050 0.051 0.019 0.042
-------- -------- -------- -------- -------- -------- --------
(0.025) (0.047) (0.051) (0.050) (0.051) (0.019) (0.042)
-------- -------- -------- -------- -------- -------- --------
(0.025) (0.047) (0.051) (0.050) (0.051) (0.019) (0.042)
-------- -------- -------- -------- -------- -------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
2.53% 4.84% 5.30% 5.07% 5.27% 1.87% 4.23%
======== ======== ======== ======== ======== ======== ========
$252,986 $358,125 $327,417 $279,427 $317,825 $340,394 $324,793
0.54%(c) 0.53% 0.51% 0.55% 0.53% 0.52%(c) 0.55%
4.98%(c) 4.72% 5.17% 4.96% 5.13% 5.64%(c) 4.27%
0.54%(c) 0.53% 0.51% 0.55% 0.53% 0.54%(c) 0.58%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
---------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(f) Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98(f) 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 .................. 0.022 0.044 0.048 0.046 0.048
------- ------- ------- ------- -------
Total from investment operations ....... 0.022 0.044 0.048 0.046 0.048
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ... (0.022) (0.044) (0.048) (0.046) (0.048)
------- ------- ------- ------- -------
Total distributions ................... (0.022) (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) ...................... 2.27% 4.45% 4.89% 4.72% 4.83%
======= ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) ... $23,374 $17,463 $14,749 $ 3,655 $ 23
Ratio of operating expenses to average
net assets .......................... 0.90%(c) 0.87% 0.89% 0.89% 0.87%(c)
Ratio of net investment income to
average net assets .................. 4.45%(c) 4.36% 4.78% 4.61% 4.84%(c)
Ratio of operating expenses to average
net assets without waivers .......... 0.90%(c) 0.87% 0.89% 0.89% 0.87%(c)
<FN>
- ----------------
(a) The Munder Money Market Fund Class A Shares and Class B Shares commenced
operations on July 3, 1995 and February 16, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98(f) 6/30/97 6/30/96 6/30/95(d,e) 12/31/94
----------- ------- ---------- ------- ------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- -------
0.019 0.036 0.040 0.039 0.041 0.020 0.030
------- ------- ------- ------- ------- ------- -------
0.019 0.036 0.040 0.039 0.041 0.020 0.030
------- ------- ------- ------- ------- ------- -------
(0.019) (0.036) (0.040) (0.039) (0.041) (0.020) (0.030)
------- ------- ------- ------- ------- ------- -------
(0.019) (0.036) (0.040) (0.039) (0.041) (0.020) (0.030)
------- ------- ------- ------- ------- ------- -------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= =======
1.89% 3.67% 4.09% 3.92% 4.13% 1.99% 2.97%
======= ======= ======= ======= ======= ======= =======
$25,518 $10,133 $ 658 $ 451 $ 124 $ 371 $ 501
1.65%(c) 1.62% 1.64% 1.64% 1.62% 1.60%(c) 1.60%(c)
3.70%(c) 3.49% 4.04% 3.86% 4.09% 4.46%(c) 3.36%(c)
1.65%(c) 1.62% 1.64% 1.64% 1.62% 1.66%(c) 3.34%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
-------------------------------------------------------------
Period
Ended Year Year Period
12/31/99(f) Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97
----------- ---------- ---------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------
Income from investment operations:
Net investment income ...................... 0.019 0.036 0.040 0.027
------- ------- ------- -------
Total from investment operations ........... 0.019 0.036 0.040 0.027
------- ------- ------- -------
Less distributions:
Dividends from net investment income ........ (0.019) (0.036) (0.040) (0.027)
------- ------- ------- -------
Total distributions ........................ (0.019) (0.036) (0.040) (0.027)
------- ------- ------- -------
Net asset value, end of period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= =======
Total return (b) ........................... 1.89% 3.68% 4.10% 2.75%
======= ======= ======= =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $ 7,252 $ 2,324 $ 1 $ 1,755
Ratio of operating expenses to average net
assets ................................... 1.65%(c) 1.62% 1.64% 1.64%(c)
Ratio of net investment income to average
net assets ............................... 3.70%(c) 3.59% 4.03% 3.86%(c)
Ratio of operating expenses to average net
assets without waivers ................... 1.65%(c) 1.62% 1.64% 1.64%(c)
<FN>
- ----------------
(a) The Munder Money Market Fund Class C Shares and Class Y Shares commenced
operations on October 17, 1996 and August 18, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d,e) 12/31/94
----------- ------- ------- ------- ------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- -------- ------- -------- -------- -------- --------
0.024 0.046 0.050 0.049 0.051 0.024 0.040
------- -------- ------- -------- -------- -------- --------
0.024 0.046 0.050 0.049 0.051 0.024 0.040
------- -------- ------- -------- -------- -------- --------
(0.024) (0.046) (0.050) (0.049) (0.051) (0.024) (0.040)
------- -------- ------- -------- -------- -------- --------
(0.024) (0.046) (0.050) (0.049) (0.051) (0.024) (0.040)
------- -------- ------- -------- -------- -------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======== ======= ======== ======== ======== ========
2.40% 4.71% 5.14% 4.97% 5.17% 2.44% 3.88%
======= ======== ======= ======== ======== ======== ========
$43,269 $139,388 $68,689 $124,621 $223,396 $263,513 $145,685
0.65%(c) 0.62% 0.64% 0.64% 0.62% 0.60%(c) 0.60%
4.70%(c) 4.55% 5.03% 4.86% 5.09% 5.46%(c) 3.81%
0.65%(c) 0.62% 0.64% 0.64% 0.62% 0.66%(c) 0.74%
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment
operations:
Net investment income .......... 0.013 0.025 0.028 0.028 0.029 0.011 0.023
------- ------- ------- ------- ------- ------- -------
Total from investment
operations .................. 0.013 0.025 0.028 0.028 0.029 0.011 0.023
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ...................... (0.013) (0.025) (0.028) (0.028) (0.029) (0.011) (0.023)
------- ------- ------- ------- ------- ------- -------
Total distributions ............ (0.013) (0.025) (0.028) (0.028) (0.029) (0.011) (0.023)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= =======
Total return (b) ............... 1.33% 2.51% 2.87% 2.78% 2.89% 1.09% 2.33%
======= ======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $80,168 $67,847 $72,007 $ 5,205 $10,582 $ 8,530 $ 4,539
Ratio of operating expenses to
average net assets .......... 0.82%(c) 0.80% 0.79% 0.78% 0.78% 0.79%(c) 0.80%
Ratio of net investment income
to average net assets ....... 2.64%(c) 2.48% 2.83% 2.76% 2.89% 3.26%(c) 2.29%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.82%(c) 0.80% 0.79% 0.78% 0.80% 0.84%(c) 0.85%
FN>
- ----------------
(a) The Munder Tax-Free Money Market Fund Class A Shares and Class Y Shares
commenced operations on November 29, 1992 and March 14, 1990,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- -------
0.015 0.027 0.031 0.030 0.031 0.012 0.026
------- ------- ------- ------- ------- ------- -------
0.015 0.027 0.031 0.030 0.031 0.012 0.026
------- ------- ------- ------- ------- ------- -------
(0.015) (0.027) (0.031) (0.030) (0.031) (0.012) (0.026)
------- ------- ------- ------- ------- ------- -------
(0.015) (0.027) (0.031) (0.030) (0.031) (0.012) (0.026)
------- ------- ------- ------- ------- ------- -------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= =======
1.45% 2.76% 3.13% 3.04% 3.16% 1.19% 2.59%
======= ======= ======= ======= ======= ======= =======
$22,437 $21,791 $20,397 $22,951 $25,594 $23,430 $30,884
0.57%(c) 0.55% 0.54% 0.53% 0.53% 0.54%(c) 0.55%
2.89%(c) 2.73% 3.08% 3.01% 3.14% 3.51%(c) 2.54%
0.57%(c) 0.55% 0.54% 0.53% 0.55% 0.59%(c) 0.60%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income .......... 0.021 0.041 0.047 0.046 0.047 0.017 0.037
------- ------- ------- ------- ------- ------- -------
Total from investment
operations .................. 0.021 0.041 0.047 0.046 0.047 0.017 0.037
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ...................... (0.021) (0.041) (0.047) (0.046) (0.047) (0.017) (0.037)
------- ------- ------- ------- ------- ------- -------
Total distributions ............ (0.021) (0.041) (0.047) (0.046) (0.047) (0.017) (0.037)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= =======
Total return (b) ............... 2.15% 4.23% 4.76% 4.66% 4.77% 1.72% 3.72%
======= ======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $11,914 $27,040 $ 8,646 $ 5,319 $ 1,620 $ 1,117 $ 3,815
Ratio of operating expenses to
average net assets .......... 0.86%(c) 0.83% 0.82% 0.79% 0.79% 0.80%(c) 0.80%
Ratio of net investment income
to average net assets ....... 4.24%(c) 4.10% 4.67% 4.54% 4.64% 5.13%(c) 3.63%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.86%(c) 0.83% 0.82% 0.79% 0.81% 0.85%(c) 0.85%
<FN>
- ----------------
(a) The Munder U. S. Treasury Money Market Fund Class A Shares and Class Y
Shares commenced operations on November 24, 1992 and March 14, 1990,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------- -------- -------- --------
0.023 0.044 0.049 0.048 0.049 0.018 0.039
------- ------- ------- -------- -------- -------- --------
0.023 0.044 0.049 0.048 0.049 0.018 0.039
------- ------- ------- -------- -------- -------- --------
(0.023) (0.044) (0.049) (0.048) (0.049) (0.018) (0.039)
------- ------- ------- -------- -------- -------- --------
(0.023) (0.044) (0.049) (0.048) (0.049) (0.018) (0.039)
------- ------- ------- -------- -------- -------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======== ======== ======== ========
2.28% 4.33% 5.00% 4.91% 5.02% 1.80% 4.01%
======= ======= ======= ======== ======== ======== ========
$25,769 $33,967 $37,437 $233,549 $309,873 $231,055 $240,590
0.61%(c) 0.58% 0.57% 0.54% 0.54% 0.55%(c) 0.55%
4.49%(c) 4.40% 4.92% 4.79% 4.89% 5.38%(c) 3.88%
0.61%(c) 0.58% 0.57% 0.54% 0.56% 0.60%(c) 0.60%
</TABLE>
The Munder Funds
Notes To Financial Statements, December 31, 1999
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end investment
company, and was organized as a Maryland corporation on November 18, 1992.
The Munder Funds Trust ("MFT") is registered under the 1940 Act, as an
open-end investment company, and was organized as a Massachusetts business
trust on August 30, 1989. MFI and MFT consist of 29 portfolios currently in
operation. Information presented in these financial statements pertains only
to the Income and the Money Market Funds set forth below (each a "Fund", and
collectively, the "Munder Funds"). The financial statements for the remaining
funds of MFI and MFT are presented in separate reports.
MFI:
Income Funds
Munder International Bond Fund
Munder Short Term Treasury 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-FreeShort 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 (with the exception of the Munder Short Term Treasury
Fund) offer five classes of shares -- Class A, Class B, Class C, Class K and
Class Y Shares. The Munder Short Term Treasury Fund offers two classes of
shares -- Michigan Municipal Shares (formerly Class K Shares) 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 and the Michigan
Municipal share class of the Munder Short Term Treasury Fund 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, 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.
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, acting under the
guidelines approved by the Boards of Trustees and Directors, reviews the
value of the collateral and the creditworthiness of those banks and dealers
with which a Fund enters into repurchase agreements to evaluate potential
risks.
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, 1999, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year-end. These reclassifications had no
effect on net investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its earnings to its shareholders. Therefore,
no Federal income or excise tax provision is required.
2. Investment Advisor 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 (excluding Munder Short Term
Treasury Fund) ...................................... 0.50%
Munder Short Term Treasury Fund ..................... 0.25%
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 88% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder
services provided to the Funds, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Funds beneficially owned by
Comerica and its customers. Comerica earned $179,932 for its shareholder
services to the Funds for the period ended December 31, 1999.
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 of the Advisor. For the period ended December 31, 1999, the
Distributor paid $4,458 and $17,295 to Comerica Securities and LPM,
respectively for shareholder services provided to the Funds.
For the period ended December 31, 1999, 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 (excluding Munder Short Term
Treasury Fund) .................................... 0.25% 1.00% 1.00% 0.25%
Munder Short Term Treasury Fund ..................... N/A N/A N/A N/A
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 period ended December 31, 1999, purchases and sales of
securities other than short-term investments and U.S. Government securities
were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Bond Fund .................................... $ 71,404,915 $ 87,467,033
Munder Intermediate Bond Fund ....................... 175,485,120 172,197,105
Munder International Bond Fund ...................... 30,809,812 35,051,679
Munder Michigan Tax-Free Bond Fund .................. 4,295,191 19,687,978
Munder Tax-Free Bond Fund ........................... 5,203,110 29,317,495
Munder Tax-Free Short-Intermediate Bond Fund ........ 23,885,012 64,209,759
</TABLE>
For the period ended December 31, 1999, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Bond Fund .................................... $ 69,489,431 $ 64,268,533
Munder Intermediate Bond Fund ....................... 152,190,312 209,280,181
Munder International Bond Fund ...................... 1,457,109 --
Munder U.S. Government Income Fund .................. 15,873,813 34,651,446
Munder Short Term Treasury Fund ..................... 7,556,992 11,035,625
</TABLE>
At December 31, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
Munder Bond Fund .............................. $ 73,687 $12,780,694
Munder Intermediate Bond Fund ................. 61,839 14,884,489
Munder International Bond Fund ................ 1,571,064 3,215,194
Munder U.S. Government Income Fund ............ 744,902 11,078,926
Munder Michigan Tax-Free Bond Fund ............ 399,206 2,919,606
Munder Tax-Free Bond Fund ..................... 2,146,713 6,440,372
Munder Tax-Free Short-Intermediate Bond Fund .. 1,321,441 2,986,587
Munder Short Term Treasury Fund ............... -- 309,129
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
December 31, 1999, 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 47.5%, 25.2% and 16.4% 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 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, 1999, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring
Fund 2000 2001 2002 2003 2005 2007
---- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Munder Intermediate Bond Fund ........... -- -- -- $8,154,852 $11,240,318 --
Munder International Bond Fund .......... -- -- -- -- -- $11,521
Munder Cash Investment Fund ............. $ 1,650 -- -- -- -- --
Munder Tax-Free Money Market Fund ....... 57,257 $39,684 $15,088 12,291 -- --
</TABLE>
8. Subsequent Event
On February 14, 2000 the Board of Directors of Munder Funds, Inc. voted
to close and liquidate the Munder Short Term Treasury Fund effective
April 17, 2000.
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
SANNINC&MM1299
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS K SHARES
Semi-Annual
Report
[ LOGO ]
DECEMBER 31, 1999
Investments
for all seasons
THE MUNDER EQUITY FUNDS
Balanced
Growth & Income
Index 500
International Equity
Micro-Cap Equity
Multi-Season Growth
Real Estate Equity Investment
Small-Cap Value
Small Company Growth
Value
THE MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
THE MUNDER INCOME FUNDS
Bond
Intermediate Bond
International Bond
U.S. Government Income
Michigan Tax-Free Bond
Tax-Free Bond
Tax-Free Short-Intermediate Bond
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Tax-Free Money Market
U.S. Treasury Money Market
(INSIDE FRONT COVER)
"Another striking
feature of the market
during the last half of
1999, was its increas-
ingly active trading."
The Munder Funds
Letter to shareholders
Dear fellow shareholders:
I hope that you are pleased with the performance and operations of the
Munder Funds. On the following pages you will find the most recent financial
information for your investment.
During the past six months, bond market returns suffered from interest
rate increases while the stock market continued its upward climb. Within the
stock market, the focus shifted from a "bigger is better" mentality to
"nearly anything in the technology sector" mentality. The allure of
technology stocks was in part due to their overall increasingly attractive
fundamentals. Increased earnings and better than expected profits turned
attention to technology stocks. The prices of these stocks were also boosted
by a momentum psychology. As more and more investors committed money into the
day's current winners, the prices of technology stocks reached unprecedented
valuations. It is interesting to note that some of the best performing stocks
in this sector were the stocks of companies with no earnings.
Another striking feature of the market during the last half of 1999, was
its increasingly active trading. Stocks are now held for an average of eight
months, down from the two-year holding period that was more typical a decade
ago. The 50 NASDAQ stocks with the heaviest trading were held for an average
of only three weeks. At the Munder Funds, we consider ourselves "owners" as
opposed to "renters" when we purchase a stock. In our view, this hyperactive
trading is more akin to speculation than to investing. In all of the Munder
Funds, from our core stock and bond funds to our specialty funds, we take a
long-term approach to investing assets. We focus on fundamentals. Our core
portfolios remain diversified and fully invested.
We recognize, however, that some investment plans call for increased
exposure to a particular segment of the market. For that reason, the Munder
Family of Mutual Funds has particular expertise in specialty or niche funds.
In some market environments, these specialty funds - including international
growth, emerging markets, healthcare and technology - will generate the
strongest performance. In other market environments, the diversification of
our core funds will post the best relative returns. Our goal is to offer you
a well-balanced menu of investment alternatives from which you can construct
a portfolio appropriate for your investment goals and risk levels. As part of
our continuing commitment to a diversified selection of mutual funds, the
Munder Future Technology Fund was added to the Munder roster of funds in
August, 1999.
If you have any questions about any of these mutual fund offerings, or
your current investments, please call your financial advisor. You may also
contact the Fund at 1-800-4MUNDER with your inquiries 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
Table of
Contents
EQUITY FUNDS OVERVIEW
iv Munder Balanced Fund
v Munder Growth & Income Fund
v Munder Index 500 Fund
v Munder International Equity Fund
vi Munder Micro-Cap Equity Fund
vii Munder Multi-Season Growth Fund
vii Munder Real Estate Equity Investment Fund
viii Munder Small-Cap Value Fund
viii Munder Small Company Growth Fund
ix Munder Value Fund
x Munder Framlington Emerging Markets Fund
x Munder Framlington Healthcare Fund
xi Munder Framlington International Growth Fund
FIXED INCOME FUNDS OVERVIEW
xii Munder Bond Fund
xiii Munder Intermediate Bond Fund
xiii Munder International Bond Fund
xiv Munder U.S. Government Income Fund
xv Munder Michigan Tax-Free Bond Fund
xvi Munder Tax-Free Bond Fund
xvi Munder Tax-Free Intermediate Bond Fund
PORTFOLIO OF INVESTMENTS --
Equity Funds:
1 Munder Balanced Fund
6 Munder Growth & Income Fund
8 Munder Index 500 Fund
18 Munder International Equity Fund
31 Munder Micro-Cap Equity Fund
33 Munder Multi-Season Growth Fund
35 Munder Real Estate Equity Investment Fund
36 Munder Small-Cap Value Fund
38 Munder Small Company Growth Fund
40 Munder Value Fund
42 Munder Framlington Emerging Markets Fund
47 Munder Framlington Healthcare Fund
50 Munder Framlington International Growth Fund
- -----------------------------------------------------------------------------
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
Income Funds:
54 Munder Bond Fund
57 Munder Intermediate Bond Fund
60 Munder International Bond Fund
63 Munder U.S. Government Income Fund
66 Munder Michigan Tax-Free Bond Fund
71 Munder Tax-Free Bond Fund
78 Munder Tax-Free Short Intermediate Bond Fund
Money Market Funds:
86 Munder Cash Investment Fund
89 Munder Tax-Free Money Market Fund
100 Munder U.S. Treasury Money Market Fund
102 Financial Statements
141 Financial Highlights
165 Notes to Financial Statements
ii
Management's Discussion of
Fund Performance
The Investment Environment
The dominance of technology in the stock market during 1999 was
mirrored in its dominance within the manufacturing sector of the economy as
well. Manufacturing output rose by 5.1% during 1999. Without the technology
sector (which rose by 38%), that increase would have been a far smaller 1.6%.
While manufacturing output increased by over 5% during the year, capacity
utilization remained at a fairly low level. This is one factor that has
helped to keep the pricing power of firms -- and therefore inflation -- in
check.
Looking at activity within the industrial sector of the economy, the
National Association of Purchasing Management's Index ended the year at 55.5.
Since any number above 50 indicates an expansion in the industrial sector,
this is another indication of continued growth in the economy. While the
components of new orders and production declined slightly in December, both
showed a reading of 55.5, indicating a healthy level of both current
production and new orders in the pipeline.
Consumer spending remained strong through the fourth quarter of the
year, with support from job growth and high levels of consumer sentiment.
Relief at the lack of Y2K problems caused consumer sentiment to set new
records as the new year unfolded.
In the midst of strong economic growth, inflation remained subdued. The
December Consumer Price Index (CPI) was only 2.68% higher than year-ago
levels. The core portion of the CPI -- excluding volatile food and energy
prices -- was up by an even lower 1.9% from year-ago levels. There is no
question that the rapid technology advances we have seen over the past decade
have helped to boost productivity and keep inflation in check. Nonetheless,
the continued rapid pace of economic growth is a concern to Alan Greenspan,
the chairman of the Federal Reserve. Additional tightening of monetary policy
is likely in the months ahead to help force a slowdown in economic growth.
The Stock Market
Portfolio diversification did not help the performance of domestic
stock portfolios in 1999. Technology dominated all size segments of the
market. In fact, the commanding performance of technology stocks resulted in
a two-tiered U.S. stock market in 1999. Close to half of the stocks in the
S&P 500 universe posted a negative return for the year. In contrast, the
technology sector of that universe generated a return of almost 79%.
Technology stocks, which make up 70% of the NASDAQ Composite, powered that
index to an 86% return, a record for a U.S. stock market index.
In large part, the strong performance of technology stocks was due to
strong fundamentals and continued strength in both the actual and projected
earnings of stocks in that sector. The prices of technology stocks were also
boosted by a momentum psychology. Investors poured money into the current
winners, helping to drive the technology group to unprecedented valuations.
In the technology-dominated environment of 1999, diversification would
tend to hold back performance of any broad based stock portfolio, and this
was no different for any of the diversified stock portfolios in the Munder
Family of Mutual Funds. Interestingly, the search for reasonable valuations--
the relationship between the price of a stock and the estimated growth of its
future earnings, also dragged down returns. Although among the equity
sectors, technology was our largest commitment (approximately 24% at
year-end), concerns about the extreme valuations prevented us from investing
in those technology stocks with the highest ratios of current
price-to-projected earnings. Lack of earnings also caused us to avoid many of
the Internet stocks. These were exactly the key stocks driving technology
returns in 1999.
We anticipate continued market strength in 2000. Among the positive
factors for the market are the likelihood of continued economic growth and
low to moderate inflation. Productivity should continue to improve, which
will boost corporate earnings even in an environment where
iii
firms have little or no pricing power. With one-third of S&P 500 earnings
coming from abroad, the global recovery will also be a positive for U.S.
companies. While we look forward to some broadening of the market, we
anticipate the technology sector will continue to do well given its strong
fundamentals. However, investors may become somewhat more discerning about
their technology purchases with an increased focus on valuation.
Differentiation in the growth of technology companies' earnings may also lead
to more selectivity within the sector, especially in the Internet space where
investors and analysts are now beginning to focus on "the path to
profitability" rather than just the novelty of a new idea.
We are maintaining our portfolio diversification by continuing a market
weighting in the technology sector as we move into the new year. Given that
the market won't go up indefinitely, we continue to believe that controlling
portfolio risk is important. Diversification and valuation are two tools that
we use to achieve what we believe is the appropriate risk/return tradeoff in
our equity portfolios. That having been said, we expect to see greater
volatility in the market. In this upcoming environment it will be even more
important for investors to focus on their long-term goals, and to look past
short-term market swings.
Although we remain positive about the market's prospects, there are
risks on the horizon -- the primary one being the potential for the Federal
Reserve to further tighten monetary policy by raising interest rates. The Fed
is clearly concerned about stock valuations and the possibility of an "asset
bubble". It appears determined to raise rates until the speculative excesses
are wrung out of the market. The resulting reduction in liquidity would have
a negative impact on both the stock and bond markets.
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 Manger: The Munder Balanced Fund Committee
The Fund earned a return of 11.16% for six months ending December 31,
1999, relative to the 4.73% return for a 60%/40% blend of the S&P 500 Index
and the Lehman Government/Corporate Bond Index and the 3.00% average return
for the Lipper universe of balanced mutual funds. The Fund has earned
above-average returns for the one-month, three-month, six-month, nine-month,
one-year, two-year, three-year and five-year time periods ending December 31,
1999. As of December 31, 1999, the asset allocation of the Fund was
approximately 25% fixed income and 75% equities.
The Balanced Fund is a diversified portfolio with holdings ranging from
large company to small company stocks. The equity styles represented in the
Fund range from growth to 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
market. The fixed income portion of the Fund includes bonds from the
corporate, government and mortgage- related sectors of the market.
Continuing the pattern of the past several months, the Fund's small
company holdings drove performance for the quarter as well as for the year.
Among the small company holdings, technology stocks and energy stocks were
major positive contributors to performance. Within the technology sector,
stocks related to the semiconductor group were among the leaders.
During 1999, momentum psychology has ruled in the stock market, leading
to the significant outperformance of growth stocks. As a result, the returns
of the value stocks held in the Fund reflected the lackluster returns that
value stocks earned in the overall market. In an environment of
iv
rising interest rates, the fixed income component of the Fund showed the
weakest performance for both the quarter and for the year.
MUNDER GROWTH & INCOME FUND
Fund Managers: Otto G. Hinzmann, Jr. and Geoffrey A. Wilson, CFA
The Fund exhibited a return of -4.81% for the six months ending
December 31, 1999, relative to the 7.70% for the S&P 500 Index and for the
- -5.09% average return for the Lipper universe of equity income mutual funds.
The Fund has earned above-average returns for the one-month, three- month,
six-month, three-year and five-year time periods ending December 31, 1999.
The strongest groups within the Fund during the quarter were basic
materials and consumer cyclicals, both of which rose by 17%. During a period
of general weakness in utility stocks, the Fund benefited from the
announcement that one of its holdings in that sector was being acquired.
Reflecting the weakness in food and restaurant stocks, the Fund's consumer
staples stocks declined by 1% for the quarter. REIT holdings also declined
during the quarter, falling by 2.5%. Returns in the energy, healthcare and
communication services sectors were relatively unchanged during that same
time period.
MUNDER INDEX 500 FUND
Fund Managers: Todd B. Johnson and Ken A. Schluchter
The Fund earned a return of 7.42% for the six months ending December
31, 1999, compared to the 7.39% average return for the Lipper universe of
mutual funds with the objective of tracking the S&P 500 Index, which earned a
return of 7.70%. The Fund has earned above-average returns for the one-month,
three-month, six-month, nine-month and one-year time periods ending December
31, 1999.
Technology stocks dominated virtually every U.S. stock market index for
the quarter and for the year, and the S&P 500 Index was no exception. By the
end of 1999, technology stocks accounted for approximately 30% of the
capitalization of the S&P 500 Index. In fact, the technology sector had
created a two-tiered S&P 500 universe in 1999. Close to half of the stocks in
the S&P 500 universe generated a negative return for the year. In contrast,
the technology sector of the S&P universe generated a return of almost 79%
for 1999. The runner-up S&P sector was capital goods with a 30% return.
Weaker sectors within the S&P 500 universe included utilities,
transportation, consumer staples and healthcare, all having negative returns
for the year.
Since the goal of the Fund is to track the total returns 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.
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of 28.31% for the six months ending
December 31, 1999, relative to the 23.98% return for the FT/S&P Actuaries
World ex-U.S. Index and the 30.83% average return for the Lipper universe of
international equity mutual funds. The Fund has earned above-average returns
for the one-year, two-year, three-year and five-year time periods ending
December 31, 1999. The Fund has outperformed the FT/S&P Actuaries World
ex-U.S. Index for the one-month, three-month, six-month, nine-month,
one-year, two-year, three-year and five-year time periods ending December 31,
1999. The Fund finished in the top one-third of all international equity
managers for 1999 and the top 29th percentile for the five-year time period
ending December 31, 1999.
v
The returns of the Fund reflected the rebound in the global economy.
The broad diversification of the Fund, with over 620 stocks representing over
40 countries continues to be an important key to the strong relative
performance of the Fund.
International markets experienced strong returns in 1999. In fact, most
of the broad international indices generated higher returns than the S&P 500
Index. Additionally, for the fourth quarter and the year as a whole, the
emerging markets exhibited the strongest returns. The Russian market
benefited from economic recovery following devaluation in late 1999 and
increased prospects for political stability. Turkey's stock market has also
been strong, reflecting the drastic economic changes that have taken place in
that country. The Turkish government has finally decided to tackle inflation
that was running at over 60%. Based on this change in economic policy, the
Turkish market showed a return of 85% for the quarter and over 194% for the
year.
The strength of technology and telecommunications stocks in the U.S.
was mirrored around the globe. In continental Europe, the telecommunications
and electronics sectors were among the strongest sectors for 1999. Finland's
stock market has been pushed higher by the strong performance of Nokia, the
largest stock in the Finish stock index.
The Japanese market had strong returns in 1999 with the 52% rise in the
Nikkei average (in U.S. dollars) significantly outpacing the S&P 500. Part of
the reason for the strength in the Japanese market has been heavy inflows
into the Japanese market in the expectation that the Japanese economy is
finally recovering. The increasing commitment of Japanese firms to meaningful
restructuring has also been a positive for the Japanese market.
MUNDER MICRO-CAP EQUITY FUND
Fund Managers The Munder Micro-Cap Equity Fund Committee
The Fund earned a return of 47.77% for the six months ending December
31, 1999, relative to the 23.18% return for the Wilshire Micro-Cap Index and
the 16.46% 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, nine-month, one-year, two-year and three-year time
periods ending December 31, 1999.
Investors were momentum-driven especially during the fourth quarter of
1999, seeking high growth stocks. This benefited some of the smallest
capitalization stocks, with the Wilshire Micro- Cap Index (+27.42%) earning a
higher return than such small company benchmarks as the Russell 2000 Index
(+18.45%) or the S&P SmallCap 600 Index (+12.46%). In all size segments of
the market, including the micro-cap segment, technology dominated
performance. Among micro-cap technology stocks, software, telecommunications,
electronic components and semiconductor stocks led returns.
Approximately two-thirds of the strong absolute and relative
performance of the Fund during the fourth quarter of 1999 was due to stock
selection with the remaining one-third due to sector selection. During the
fourth quarter of 1999, Technology and producer durables were the strongest
sectors of the Wilshire Micro-Cap Index, the Fund's benchmark, driving most
of the Index's return. Good stock selection within each of these sectors
boosted the relative performance of the Fund. Strong stock selection in most
other sectors of the Fund, including consumer discretionary, also benefited
the Fund's performance.
At the end of the year the Fund's largest sector was technology with a
32% weighting, a weighting that was relatively steady throughout the year.
The second largest sector within the Fund was consumer discretionary, with a
weighting of 28%.
vi
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and John P. Richardson, CFA
The Fund generated a return of 2.65% for the six months ending December
31, 1999, relative to the 7.70% return for the S&P 500 Index and the 10.96%
average return for the Lipper universe of multi-cap core mutual funds.
Given the dominance of the technology sector during the year, it is not
surprising that technology was the best performing sector within the Fund.
During the period, technology stocks were raised to 25% of the Fund, in line
with the market. However, in the technology-dominated environment of 1999,
the diversification of Munder's equity portfolio inhibited performance. Most
of the higher performing growth funds had a significantly greater than market
weighting in technology. Performance was also held back by our focus on
valuation -- the relationship between the price of a stock and the estimated
growth in its future earnings. Within the technology sector, valuation
concerns kept us from investing in the technology stocks with the highest
valuations -- that is, the highest ratios of current price to projected
earnings. In addition, our discipline of consistent earnings growth kept us
away from Internet stocks that had no earnings.
The services and healthcare sectors were performance runners-up to
technology for the period. The services sector (10% 0f the Fund) benefited
from holdings in advertising stocks and some of the computer services stocks.
The healthcare sector (11% of the Fund) was boosted by the Fund's holdings of
biotech and medical device companies.
In contrast, the capital goods and finance sectors were among the
weakest in the Fund. The capital goods sector (4% of the Fund) was hurt by
holdings of auto suppliers. The finance sector (10% of the Fund) suffered
because of higher interest rates. These higher rates had a particularly
negative impact on the Fund's holdings of regional banks.
We are maintaining our portfolio diversification, having only a market
weighting in technology as we move into the new year. Among technology
stocks, we are balancing the higher valuation and higher growth technology
names with technology stocks that command somewhat lower valuations. Knowing
that the market doesn't go up forever, we continue to believe that
controlling portfolio risk is important. Diversification and valuation are
two tools that we use to achieve what we believe is the appropriate
risk/return tradeoff in our equity portfolios. At the current moment, it is
difficult to see a specific catalyst for either a bear market or a recession.
It is important to remember, however, that neither event tends to be
accurately forecasted.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Robert E. Crodby, CFA
The Fund generated a return of -10.48% for the six months ending
December 31, 1999, relative to the -8.97% return for the NAREIT Index (equity
only) and the -9.24% average return for the Lipper universe of real estate
mutual funds. It has outperformed the NAREIT Index for the one month,
three-month and three-year time periods ending December 31, 1999.
After negative performance during much of the second half of the year,
REITs finally established some positive price momentum in December. After
some initial tax loss selling in the first two weeks of December, investors'
dollars returned to the sector by mid-month. As a result of these positive
inflows, the REIT sector moved up by over 8% during the last two weeks of the
year.
The Fund performed well during the month and the 4th quarter of the
year due to its focus on high quality and larger capitalization REITs. These
were the REITs that were the first beneficiaries as investment dollars
returned to the sector. The Fund also benefited from an overweighted position
in the office and industrial sector of the REIT market, the sector that
posted the highest performance for the quarter.
vii
Strong economic growth is continuing to push up the demand for real
estate. Occupancy rates remain high and rents are rising for most property
types and geographic locations. This is contributing to the solid
fundamentals of the REIT sector. Forecasts for growth in Funds From
Operations are greater than 8% for 2000 and 2001. A dividend yield of 8% is
predicted. Valuations remain attractive. In fact, REIT valuations represent a
discount to the asset values of the underlying properties.
We continue to focus on high quality "blue chip" REITs. We believe that
their fundamentals and valuations are appealing. The combination of stable
growth, attractive yields and low valuations has the potential to attract
additional investor interest during the year.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: John P. Richardson, CFA and Brian R. Wall, CFA
The Fund generated a return of -9.68% for the six months ending
December 31, 1999, relative to the -6.41% return for the Russell 2000 Value
Index and the -0.39% average return for the Lipper universe of small-cap
value mutual funds. The Fund has earned above-average returns for the
one-month and three-year time periods ending December 31, 1999.
Value stocks lagged growth stocks in all sectors of the market,
including the small company segment. For example, during the 4th quarter of
1999, the Russell 2000 Value Index's 1.53% return significantly trailed the
33.39% return for the Russell 2000 Growth Index. For the year, that
difference is an even wider 45.25 percentage points, with the Russell 2000
Value Index earning a -1.49% return compared to the 43.1% return for the
Russell 2000 Growth Index. The difference in both the number and weighting of
technology stocks and the types of technology stocks held is an important
part of the large discrepancy between the performance of growth vs. value
stocks for both the quarter and the year.
Given the dominance of technology in the overall market, it is not
surprising that technology holdings led the performance of the Fund during
the quarter. The overall market strength of technology, combined with a
slight overweighting of the sector and good stock selection, made technology
the strongest sector of the Fund during the quarter.
"Low tech" holdings benefited Fund performance as well. Within the
basic materials sector, holdings in chemical companies were added just as
this group was experiencing a rebound in pricing. Both the increased
weighting of the sector and good stock selection contributed to the
performance of the Fund. The energy sector also helped to boost the
performance of the Fund for the quarter. Although strength among energy
stocks ebbed as oil prices peaked, the Fund benefited from good stock
selection in that sector.
In the case of the financial sector, good stock selection could not
completely overcome the market weakness that financial stocks experienced.
The consumer discretionary, consumer staples and producer durables sectors of
the Fund also suffered from market weakness and from the disappointing
performance of certain holdings within each sector.
MUNDER SMALL COMPANY GROWTH FUND
Fund Manager: The Munder Small Company Growth Fund Committee
The Fund generated a return of 7.93% for the six months ending December
31, 1999, compared to the 26.84% return for the Russell 2000 Growth Index and
the 16.46% average return for the Lipper universe of small-cap core mutual
funds. The Fund has earned an above-average return for the one-month,
three-month and ten-year time periods ending December 31, 1999.
Technology stocks dominated all size segments of the stock market
during the period. In fact, in the 4th quarter alone, technology contributed
approximately 22 percentage points to the 33.39% return of the Russell 2000
Growth Index, a benchmark for small company growth stocks.
vii
Producer durables was a distant second, contributing approximately 3% to the
Index's return for the quarter. Sectors within the Russell 2000 Growth
universe that had negative returns for the quarter included energy and
consumer staples and REITs.
The Fund had a strong fourth quarter even though its returns were
inhibited by its investment discipline. The Fund focuses on companies with
less than $1.5 billion in market capitalization that could be bought at
reasonable prices relative to projected earnings. The market, in contrast,
focused on momentum investing during the fourth quarter, with the prices of
current leaders being bid up to higher and higher levels. Most of these
leaders were in the technology sector, particularly in companies in the
software, telecommunications, electronic components and semiconductor groups.
The only sector that was significantly overweighted in the Fund during
the fourth quarter was producer durables. This sector had a 16% weight in the
Fund relative to a 9% weight in the Russell 2000 Growth Index, the Fund's
benchmark. This relatively heavy weighting was a positive for Fund
performance during the quarter. In contrast, financial stocks had only a 4%
weight in the Fund relative to an 11% weight in the Russell 2000 Growth
Index. The underweighting of financial stocks was a positive for the Fund as
well since the financial stocks were beat up with the fears of rising
interest rates. Strong stock selection within the financial sector also
helped to boost the Fund's return for the quarter.
MUNDER VALUE FUND
Fund Manager: John S. Adams, CFA
The Fund exhibited a return of -7.06% for the six months ending
December 31, 1999, relative to the 8.39% return for the Russell 1000 Value
Index and the -2.64% average return for the Lipper universe of multi-cap
value mutual funds.
Value stocks continued to lag behind growth stocks for both the quarter
and for the year. In fact, for the year as a whole, the return for the
Russell 1000 Value Index was 7.34%, a full 25.8 percentage points behind the
Russell 1000 Growth Index. That was the largest annual divergence on record.
The largest companies in the Fund were among the best performers for
both the quarter and the year. Given the dominance of technology, the Fund
was helped during both time periods by its overweighted position in
technology and strong stock selection in that sector. During the fourth
quarter, technology holdings were trimmed because of valuation concerns.
The performance of the Fund was also helped by its relatively low
weight in financial stocks, one of the weakest sectors of the market. Within
that sector, the Fund's holdings of brokerage and insurance stocks helped to
offset the weak performance of regional banks.
The capital goods sector of the Russell 1000 Value Index was the
weakest sector of the Index. The Fund's capital goods holdings, however, were
strong contributors to Fund performance during that same time period. Many of
these holdings rebounded during the 4th quarter from oversold positions. For
the year as a whole, however, capital goods stocks detracted from the Fund's
absolute and relative returns. A reduction in earnings expectations was the
key reason for the weakness of these holdings.
The consumer staples, energy and utilities sectors were relatively
weak, in part due to the disappointing performance of specific holdings.
Consumer staples holdings suffered from general market weakness as well as
weakness in tobacco stocks resulting from unexpected litigation results. The
relatively poor performance of energy stocks reflected investors' belief that
oil prices had peaked.
ix
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Manager: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of 27.07% for the six months ending December
31, 1999, relative to the 18.98% return for the MSCI Emerging Markets Free
Index and the 27.00% average return for the Lipper universe of emerging
markets mutual funds. The Fund has earned above-average returns for the
one-month, three-month, six-month, nine-month, one-year and two-year time
periods ending December 31, 1999.
Fears that investors would reduce their emerging markets positions at
the end of the year proved to be unfounded, with the majority of emerging
markets moving higher during the fourth quarter. The economic recovery among
emerging markets in 1999 has been led by Asia, particularly South Korea. The
region should have another year of strong growth led by exports and an
increasing pick up in consumption. The Asian economies continue to enjoy a
current account surplus, low inflation, low interest rates and appreciating
currencies. Turning to other emerging markets, Eastern Europe should benefit
from the global pick up in growth, particularly growth in the German economy.
The fallout from the Brazilian devaluation proved to be less damaging
than predicted. Brazil, however, still has the burden of financing its
current account deficit and substantial foreign debt. On a positive note, the
government has exceeded IMF targets for its primary surplus, inflation has
remained at a manageable level, interest rates have fallen from 45% to 20%
and the economy has had only the mildest of recessions. Latin America as a
whole will benefit from a recovery in Brazil and from falling interest rates
throughout the continent.
The outlook for emerging markets remains positive. Global growth is
forecasted to increase in 2000 and emerging markets' equity performance has
historically had a strong correlation with global economic growth. Valuations
continue to be attractive, with emerging markets trading at half the price to
book value of developed markets. Earnings growth in emerging markets should
be strong this year, driven by good economic growth and corporate
restructuring. The relatively high weightings of both telecommunications and
technology stocks in the emerging market indices should provide an additional
boost to performance.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Munder Framlington Healthcare Fund generated 54.35% return for the
six months ending December 31, 1999, compared to the -7.85 return for the S&P
Healthcare Composite Index and the 17.33% average return for the Lipper
universe of health/biotechnology mutual funds. The Fund has earned
above-average returns for the one-month, three-month, six-month, nine-month,
one-year and two-year time periods ending December 31, 1999.
The correction in U.S. biotechnology stocks in September and October
proved to be a good buying opportunity as the biotech sector surged to new
highs later in the quarter as a result of the excitement about the nearly
completed sequencing of the human genome. In contrast, the major drug stocks
underperformed on both sides of the Atlantic.
The surge in biotechnology stocks has caused the biotech content of the
fund to increase to 52%. (We are not classifying companies focused on
research tools as biotech stocks since their business is closely tied to
developments in drug research, specifically genomics). The strongest stocks
were direct genomics companies as well as the companies that will be helping
to develop antibody products against the new targets emerging from genomics.
Other strong stocks in the Fund included those of small companies with market
capitalizations of less than $100 million at the start of 1999. These stocks
had been ignored by most fund managers.
x
The malaise in the major drug stocks seems to be primarily the result
of the political posturing that is taking place over the question of Medicare
coverage for outpatient drugs. The eventual outcome will depend on the both
the make-up of Congress as well as the next President. The drug stocks are
likely to do well in a general market correction, as they entered the year
heavily oversold. However, we do not see these stocks leading the market
until some of the political uncertainty is resolved.
In contrast, the political climate is improving for healthcare
providers such as hospitals and nursing homes. We have added selectively to
our holdings of quality service providers at what were very depressed prices.
The sector is likely to prove to be defensive in the event of a significant
market correction and provides a useful complement to the more momentum
driven biotechnology stocks.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of 33.24% for the six months ending
December 31, 1999, relative to the 22.27% return for the Morgan Stanley EAFE
Index and the 30.83% average return for the Lipper universe of international
equity mutual funds. The Fund has earned above-average returns for the
three-month, six-month, nine-month, year-to-date, one-year and two-year time
periods ending December 31, 1999.
Most international stock markets had a strong year in 1999. Technology
and telecommunication stocks were among the best performers in international
markets as they were in the U.S. We have continued to favor technology and
telecommunications stocks and this has benefited the portfolio.
Within continental Europe, the telecommunications sector has benefited
from merger and acquisition activity as well as increased expectations for
new innovations. The electronics sector is continuing to boom as a result of
the growth in cellular phones, equipment for digital television and demand
for PCs and other Internet-related technology. The portfolio's relatively
heavy weightings in European stocks in the telecommunications and electronics
sectors are likely to continue.
In contrast to many international stock markets, the U.K. market was
relatively stagnant for much of the year. A November hike in U.K. interest
rates, following a rate hike in September, caught investors by surprise. The
Bank of England's Monetary Policy Committee (MPC) clearly has an eye on the
continuing rebound in world growth, the tight U.K. labor market and
strengthening commodity prices. Although the rate hikes have worried
investors, at this point we do not view the rate increases as detrimental to
the outlook for the U.K. economy.
Japanese stocks have continued to advance. The strength in the Japanese
market has been due in part to heavy foreign purchases, motivated by the
expectation that the Japanese economy was finally recovering. One of the key
drivers of both Japan's economic recovery and its stock market strength is
the increasing tendency for Japanese companies to expand profits through
niche businesses and restructuring. This is, in our view, the primary reason
to look positively at the Japanese equity market over the medium term. In
Japan, we are continuing to concentrate on quality growth companies with
credible restructuring plans.
The Bond Market
During 1999, the Federal Reserve became increasingly concerned about
economic strength and the potential for inflationary pressures. The Fed began
tightening monetary policy in June 1999, and raised rates at three different
intervals during the ensuing six months. At year end, the Federal
xi
Funds rate was 0.75% higher than at the beginning of the year and other fixed
income rates (treasury, corporate, mortgage) were more than 1% higher. As a
result, the bond market experienced its worst year since 1994.
In 1998, a global flight to liquidity, caused by the Asian financial
crisis, made U.S. Treasury bonds the star performers in the U.S. bond market.
In contrast, the corporate and mortgage sectors of the bond market led
performance in 1999. Corporate bonds have benefited from the strong economy
and the resulting increase in corporate profits. The relative returns of
mortgage-backed securities were boosted because mortgage refinancings
declined and the predictability of mortgage prepayments increased. Therefore,
our heavy weightings in corporate and mortgage-backed securities contributed
positively to the performance of our bond portfolios in 1999.
We are maintaining our overweighting in both corporate bonds and
mortgage-backed securities. These sectors continue to yield substantially
more than Treasury bonds with similar maturities. We therefore believe that
investors are well compensated for owning these securities. Within the
corporate market we continue to focus on the higher quality end of the
spectrum. The Federal Reserve has clearly signaled its intention to raise
rates until economic growth slows. Lower quality corporate bonds tend to
underperform in periods of slow economic growth, and investors are not
adequately compensated for the additional risk at present.
Most investors view fixed income securities as relatively stable and
the income-producing component of their overall portfolio. We believe that
injecting volatility into this portion of a portfolio through interest rate
forecasting adds an element of risk most investors are not seeking. Our core
fixed income style is therefore based on a "targeted duration" philosophy. We
align the interest rate sensitivity of our fixed income portfolios with that
of their benchmark index. Performance is then enhanced through sector
weightings, credit and issue analysis, and other strategies we believe add
value to the fixed income portion of portfolios. We consider the bond market
volatility of 1999 as further evidence that it is risky to base fixed income
strategy on the direction of interest rates.
[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 Gregory A. Prost, CFA
The Fund earned a -0.57% return for the six months ending December 31,
1999, compared to the 0.13% return for the Lehman Government/ Corporate Bond
Index and the -0.22% average return for the Lipper universe of corporate debt
A rated mutual funds. The Fund has earned above-average returns for the
two-year time period ending December 31, 1999.
Given its concerns about the strength of the economy and the potential
for inflationary pressures, the Federal Reserve increased its target interest
rate by 0.75 percentage point during 1999. In response, yields on Treasury,
corporate and mortgage-backed bonds rose by more than 1.0 percentage point.
This rise in rates resulted in the worst year for the bond market since 1994.
In 1998, a global flight to liquidity, caused by the Asian financial
crisis, made U.S. Treasury bonds the star performers in the U.S. bond market.
In contrast, the corporate and mortgage sectors of the bond market led
performance in 1999. Our relatively heavy weightings in corporate and
mortgage-backed securities therefore contributed positively to the
performance of our bond portfolios in 1999. Somewhat offsetting this positive
factor was the Fund's holdings of high quality but less liquid corporate
bonds. These holdings had weak relative performance for the six month
xii
period and for the year as a whole.
During the 4th quarter of the year trading in the Fund was minimal due
to both seasonal factors and factors related to the market's Y2K concerns. We
are maintaining our overweighting in both corporate bonds and mortgage-backed
securities. Given their higher yield, we believe that investors are well
compensated for owning these securities. Within the corporate sector, we
continue to focus on high quality bonds.
We believe that injecting volatility into fixed income portfolios
through strategies based on interest rate forecasting adds an element of risk
that most fixed income investors are not seeking. For that reason, we align
the interest rate sensitivity of our fixed income portfolios with that of the
benchmark index. Performance is then enhanced through sector weightings,
credit and issue analysis and other strategies that we believe add value to
the fixed income portion of portfolios. We consider the bond market
volatility of 1999, the bond market's worst year since 1994, as further
evidence that it is risky to base fixed income strategy on forecasts of the
direction of interest rates.
MUNDER INTERMEDIATE BOND FUND
Fund Managers: Anne K. Kennedy and Peter G. Root
The Fund generated a return of 0.76% for the six months ending December
31, 1999, relative to the 0.98% return for the Lehman Intermediate
Government/Corporate Bond Index and a 1.07% average return for the Lipper
universe of short intermediate investment grade debt mutual funds.
The year as a whole was generally negative for the bond market as
interest rose and bond prices fell. The intermediate sector of the bond
market, less sensitive to changes in interest rates than the longer-term
segment, managed to eke out a small but positive return for both the quarter
and the year. The Fund's underweighting in U.S. Treasury securities had a
positive impact on performance for both the quarter and the year. This
positive was in part offset by the Fund's focus on high quality securities.
We are maintaining our underweighting in Treasury bonds and our
overweighting in corporate and mortgage-backed bonds. Within the corporate
sector, we will continue our focus on high quality securities. Lower quality
bonds tend to underperform in periods of slow economic growth. In our view,
investors are not adequately compensated for the additional risk.
We believe that basing fixed income strategy on interest rate
forecasting adds an element of risk or volatility to fixed income returns
that most fixed income investors are not seeking. For that reason, the Fund
follows a targeted duration strategy. This simply means that the duration of
the portfolio -- the sensitivity of the price of the Fund to changes in
interest rates -- is set equal to that of its benchmark. Returns are then
enhanced through sector weightings, credit and issue analysis and other
strategies that we believe can add value to fixed income portfolios. We
believe that the volatility in the bond market this year, its worst year
since 1994, illustrates the soundness of a fixed income strategy that avoids
interest rate forecasting.
MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon E. Fayolle and Peter G. Root
The Fund earned a return of 3.69% for the six month period relative to
the 4.44% six month return for the Salomon Brothers Non-U.S. $ World
Government Bond Index and the 1.22% return for the Lipper universe of
international income mutual funds. The Fund has earned above-average returns
for the three-month, six-month and two-year time periods ending December 31,
1999.
Global recovery was the major theme in international markets in 1999,
as economies around the world rebounded from near-recession or recession
levels. With strengthening economies came rising interest rates, with yields
up by more than 1% in every major market except Japan. As a result of the
widespread increase in interest rates, global bonds had their worst year
since 1994.
xiii
Performance in the currency markets was more diverse. The Japanese yen
strengthened by 10% versus the U.S. dollar while the euro, in its first year
of existence, fell by more than 14% against the dollar. Most other major
currencies showed little change in value relative to the dollar.
Japan and the dollar-bloc countries of Canada and Australia were the
only three countries whose bond markets had positive total returns for the
year. Following the turmoil in Asian financial markets in late 1998, Japan
surprised investors with positive economic growth in the first quarter of
1999 and signs of continuing economic recovery. This contributed to the large
rally in the yen that occurred during the year. The recovery of the Asian
economies led to increased global demand for goods and a rebound in commodity
prices. This was a positive for the economies of the dollar-bloc countries,
whose export trade is based on commodities.
The introduction of the euro in January 1999 failed to live up to
expectations and the euro weakened throughout the year. Although European
economic growth improved in 1999, assets were drawn to the U.S. because of
its strong economy and surging equity market rather than to euro- denominated
assets. Continued high unemployment in the Eurozone and concerns over the
credibility of the new European Central Bank as an inflation-fighter also
weighed heavily on the euro.
An underweighted position in the Eurozone was a positive for Fund
performance for both the quarter and the year as a whole. The Fund's
overweighting in the dollar-bloc countries (Canada and Australia) for much of
the year also boosted the Fund's returns.
In contrast, the Fund's underweighting in Japan during the first half
of the year held back the performance of the Fund, given the rapid rise of
the yen at mid-year. The Fund shifted from an underweighted to an
overweighted yen position after the initial sharp rally. This shift was a
positive for Fund performance during the remainder of the year and was a
major contributor to the Fund's strong relative performance during the fourth
quarter of 1999.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Managers: Peter G. Root and Anne K. Kennedy
The Fund exhibited a return of 0.05% for the six months ending December
31, 1999, relative to the 0.04% return for the Lehman Government Bond Index
and the -0.34% average return for the Lipper universe of general U.S.
government mutual funds. The Fund has earned above-average returns for the
one-month, three-month, six-month, nine-month, one-year, two-year,
three-year, five-year and ten-year time periods ending December 31, 1999.
During 1999, the Federal Reserve became increasingly concerned about
the strength of the economy and the potential for inflationary pressures. As
a result, the Federal Reserve began tightening monetary policy in June. By
the end of the year, the target interest rate was 0.75 percentage point
higher than it was at the start of the year. Rates on Treasury, corporate and
mortgage-backed bonds moved up by 1.0% or more. As a result of the rising
interest rates and falling bond prices, the bond market experienced its worst
year since 1994.
The Fund follows a targeted duration strategy. This simply means that
the price sensitivity of the Fund to changes in interest rates is set equal
to that of its benchmark. Therefore, while the increase in interest rates
held back the absolute return of the Fund during the quarter, it had little
impact on the Fund's relative return.
Because of both seasonal factors and the market's concern over Year
2000, trading in the Fund was kept to a minimum during the fourth quarter.
For the quarter and for the year, the Fund has had a heavy overweighting in
government-related mortgage-backed securities. These securities have added
extra yield, helping the Fund to generate strong relative returns.
xiv
The Municipal Bond Market
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term municipal bond
indices managed to eke out positive returns because of their lower price
sensitivity to changes in interest rates.
Throughout the year, investors faced the issues of rising interest
rates, liquidity constraints and Y2K concerns. During the first half of the
year, supply and demand factors worked together to provide stability to the
municipal bond market. During the second half of the year, however,
institutional selling due to tax strategies, coupled with redemptions by
individual mutual fund shareholders, resulted in reduced demand and increased
supply. The result was high levels of inventory and downward pressure of
prices.
By the end of the year, the yields on municipal bonds had risen by 1.0
percentage point. This rise in yields reduced the issuance of new bonds in
1999 by 25% from 1998 levels. It is currently anticipated that another 25%
reduction in supply will be seen in 2000. The concentration in the supply of
new bonds is expected to remain unchanged. The top ten issuing states account
for approximately 60% of total bond issuance each year. (Michigan falls in
the group of top ten issuers.)
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre- refunded and housing) performed well in relative
terms. In the housing sector, higher income flows provided a cushion to at
least partially counter declining bond prices. In contrast, the hospital
sector continued to experience financial difficulties. In fact, healthcare
bonds accounted for half of the downgrades in credit quality during the year.
Sellers consistently chose their best or worst performing bonds as sell
candidates, putting unusual pressure on the high quality sector of the tax-
exempt market.
Looking forward, we believe that the completion of tax loss selling and
attractive valuations will increase demand in the municipal market in 2000.
High quality bonds should be a primary beneficiary of the increased demand,
given their competitive relative prices.
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 -2.05% for
the six months ending December 31, 1999, relative to the -2.55% average
return for the Lipper universe of Michigan municipal debt mutual funds. The
Fund has earned above-average returns for the three-month, six-month,
two-year, three-year and five-year time periods ending December 31, 1999. The
Fund is also measured against a custom index made up of a combination of the
Lehman 10-year, 15-year and 20-year municipal bond indexes. This custom
index had a return of -1.44% for the six months ending December 31, 1999.
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term municipal bond
indices managed to eke out positive returns because of their lower price
sensitivity to changes in interest rates.
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre-refunded and housing) performed well in relative
terms. In the housing sector, higher income flows provided a cushion to at
least partially counter declining bond prices. In contrast, the hospital
sector continued to experience financial difficulties. In fact, healthcare
bonds accounted for half of the downgrades in credit quality during the year.
Sellers consistently chose their best or worst
xv
performing bonds as sell candidates, putting unusual pressure on the high
quality sector of the tax-exempt market.
The Fund had a generally defensive structure for the quarter and this
had a significant and positive impact on performance. Another positive factor
was the focus on bonds with maturities ranging from 10 years to 15 years.
This segment of the market had good relative performance. These positives
were partially offset by the Fund's sector weightings. The relatively higher
weightings in education and insured bonds and underweighting in housing bonds
had a modest negative impact on 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 -1.45% for the six
months ending December 31, 1999, relative to the -2.87% average return for
the Lipper universe of general municipal debt mutual funds. The Fund has
earned above-average returns for the one-month, three-month, six-month,
nine-month, one-year, two-year and three-year time periods ending December
31, 1999. The Fund is also measured against a custom index made up of a
combination of the Lehman 10-year, 15-year and 20-year municipal bond
indexes. This custom index had a return of -1.44% for the six months ending
December 31, 1999.
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term municipal bond
indices managed to eke out positive returns because of their lower price
sensitivity to changes in interest rates.
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre-refunded and housing) performed well in relative
terms. In the housing sector, higher income flows provided a cushion to at
least partially counter declining bond prices. In contrast, the hospital
sector continued to experience financial difficulties. In fact, healthcare
bonds accounted for half of the downgrades in credit quality during the year.
Sellers consistently chose their best or worst performing bonds as sell
candidates, putting unusual pressure on the high quality sector of the tax-
exempt market.
The defensive structure of the Fund had a significant and positive
impact on Fund performance during the quarter. The Fund's relatively heavy
weighting in pre-refunded bonds also provided an important boost to the
Fund's return. Other positive factors for the quarter included the Fund's
overweighting in Michigan bonds and its focus on bonds with maturities in the
10 year to 15 year range. This maturity segment had relatively strong
performance during the quarter. These positives were only slightly offset by
an underweighting in housing bonds and New York bonds.
MUNDER TAX-FREE SHORT-INTERMEDIATE BOND FUND
Fund Managers: Talmadge D. Gunn and Roger A. Soderstrom
The Fund earned a return of 0.60% for the six months ending December
31, 1999, relative to the 1.02% return of the Lehman Mutual Fund
Intermediate/Short Muni Index and the 0.56% average return for the Lipper
universe of short intermediate municipal debt mutual funds. The Fund has
earned above-average returns for the six-month, three-year and ten-year time
periods ending December 31, 1999.
The municipal bond market experienced one of its toughest years on
record in 1999. Although rising interest rates have less of an impact on
tax-exempt bonds than on taxable bonds, longer-term municipal bond indices
ended the year in negative territory. Intermediate-term
xvi
municipal bond indices managed to eke out positive returns because of their
lower price sensitivity to changes in interest rates.
Given the rise in interest rates during the year, shorter-term bonds
and defensive sectors (pre-refunded and housing) performed well in relative
terms. In the housing sector, higher income flows provided a cushion to at
least partially counter declining bond prices. In contrast, the hospital
sector continued to experience financial difficulties. In fact, healthcare
bonds accounted for half of the downgrades in credit quality during the year.
Sellers consistently chose their best or worst performing bonds as sell
candidates, putting unusual pressure on the high quality sector of the tax-
exempt market.
The Fund's relatively heavy weighting in pre-refunded bonds had a
significant and positive impact on Fund performance for the quarter.
Pre-refunded bonds are defensive in nature and had relatively strong
performance in the environment of rising interest rates and declining bond
prices. An overweighting in Michigan bonds was also positive for performance.
Offsetting these positives to some degree was the Fund's overweighting
of municipal securities with maturities in the five year to ten-year range.
Shorter maturity securities had relatively better performance given the rise
in interest rates during the quarter and the year. An underweighting in
housing bonds and in California and New York securities also had a modest but
negative impact on the Fund's return for the quarter.
xvii
Munder Balanced Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 68.8%
Advertising -- 1.3%
3,700 Interpublic Group of Companies,
Inc. $ 213,443
2,500 Omnicom Group, Inc. 250,000
-----------
463,443
-----------
Automobile Parts and Equipment -- 0.6%
3,600 Dura Automotive Systems, Inc.+ 62,775
2,900 Johnson Controls, Inc. 164,937
-----------
227,712
-----------
Banking and Financial Services -- 4.5%
3,900 Associates First Capital Corporation 107,006
3,000 Chase Manhattan Corporation 233,062
1,600 Citigroup, Inc. 88,900
7,900 FleetBoston Financial Corporation 275,019
2,100 Goldman Sachs Group, Inc. 197,794
3,400 MBNA Corporation 92,650
2,500 Mellon Financial Corporation 85,156
9,800 OceanFirst Financial Corporation 169,663
2,500 PNC Bank Corporation 111,250
6,500 U.S. Bancorp 154,781
3,700 UST Corporation 117,475
-----------
1,632,756
-----------
Broadcasting -- 1.1%
9,700 Spanish Broadcasting Systems, Inc.,
Class A+ 390,425
-----------
Building Materials -- 2.2%
8,900 Dayton Superior Corporation+ 144,625
6,145 Elcor Corporation 185,118
7,500 Masco Corporation 190,312
8,000 Pulte Corporation 180,000
1,900 Southdown, Inc. 98,088
-----------
798,143
-----------
Business Services -- 1.4%
21,850 Hypercom Corporation+ 218,500
13,270 URS Corporation+ 287,793
-----------
506,293
-----------
Chemicals -- Specialty -- 0.3%
1,500 Avery Dennison Corporation 109,312
-----------
Computer Hardware, Software
or Services -- 7.6%
5,150 Advanced Digital Information
Corporation+ 250,419
1,900 BMC Software, Inc.+ 151,881
2,500 Ceridian Corporation+ 53,906
5,700 Cybex Computer Products
Corporation+ 230,850
2,800 Cysive, Inc.+ 201,775
20,500 InterVoice, Inc.+ 476,625
4,100 Magic Software Enterprises Ltd.+ 254,200
18,800 MAPICS, Inc.+ 237,350
3,900 Microsoft Corporation+ 455,325
1,500 Synopsys, Inc.+ 100,125
300 VERITAS Software Corporation+ 42,938
6,050 Zomax, Inc.+ 273,762
-----------
2,729,156
-----------
Computer / Peripherals -- 0.7%
1,700 International Business Machines
Corporation 183,600
1,100 Sun Microsystems, Inc.+ 85,181
-----------
268,781
-----------
Consumer Non-Durables -- 0.2%
7,300 Ivex Packaging Corporation+ 73,000
-----------
Distributors -- 1.6%
19,300 JLG Industries, Inc. 307,594
7,650 Miami Computer Supply
Corporation+ 284,006
-----------
591,600
-----------
Diversified -- 1.3%
3,400 Textron, Inc. 260,737
5,000 Tyco International Ltd. 194,375
-----------
455,112
-----------
Drugs -- 1.3%
2,200 Amgen, Inc.+ 132,137
1,300 Cardinal Health, Inc. 62,238
2,800 Merck & Company, Inc. 187,775
2,000 Schering-Plough Corporation 84,375
-----------
466,525
-----------
Electrical Equipment -- 2.4%
2,300 General Electric Company 355,925
5,675 Honeywell International, Inc. 327,377
2,000 Texas Instruments, Inc. 193,750
-----------
877,052
-----------
Electronics -- 4.8%
2,700 Cisco Systems, Inc.+ 289,238
4,000 CTS Corporation 301,500
16,400 FLIR Systems, Inc.+ 266,500
7,850 ITI Technologies, Inc.+ 235,500
1,200 Lexmark International Group, Inc.+ 108,600
14,100 Trimble Navigation Ltd.+ 304,912
2,000 Vishay Intertechnology, Inc.+ 63,250
3,600 Xilinx, Inc.+ 163,688
-----------
1,733,188
-----------
Environmental -- 0.3%
6,600 Republic Services, Inc.+ 94,875
-----------
Financial Services -- 2.1%
4,200 Automatic Data Processing, Inc. 226,275
4,700 Federal Home Loan Mortgage
Corporation 221,194
8,350 Fiserv, Inc.+ 319,909
-----------
767,378
-----------
Food and Beverages -- 1.5%
1,400 Anheuser-Busch Companies, Inc. 99,225
6,500 J&J Snack Foods Corporation+ 133,250
4,100 McCormick & Company, Inc. 121,975
4,500 SYSCO Corporation 178,031
-----------
532,481
-----------
Grocery -- 0.3%
3,000 Safeway, Inc.+ 106,688
-----------
Health Care -- 1.6%
56 Coram Healthcare Corporation+ 63
15,850 Province Healthcare Company+ 301,150
6,100 Tenet Healthcare Corporation+ 143,350
4,200 Trigon Healthcare, Inc.+ 123,900
-----------
568,463
-----------
Home Furnishings -- 0.3%
4,500 Leggett & Platt, Inc. 96,469
-----------
Household Products -- 0.3%
1,100 Procter & Gamble Company 120,519
-----------
Insurance -- 1.8%
7,300 Ace Ltd., ADR 121,819
1,358 American International Group, Inc. 146,834
1,500 Marsh & McLennan Companies, Inc. 143,531
1,600 MGIC Investment Corporation 96,300
2,600 Radian Group, Inc. 124,150
-----------
632,634
-----------
Internet Software -- 1.5%
2,350 AGENCY.COM, Inc.+ 119,850
4,500 Deltathree.com, Inc., Class A+ 115,875
4,550 eGain Communications
Corporation+ 171,762
1,600 Mediaplex, Inc.+ 100,400
750 Xpedior, Inc.+ 21,563
-----------
529,450
-----------
Manufacturing -- 0.8%
6,700 Pall Corporation 144,468
2,700 Parker-Hannifin Corporation 138,544
-----------
283,012
-----------
Manufactured Housing -- 0.1%
5,000 Clayton Homes, Inc. 45,938
-----------
Medical Services and Supplies-- 5.0%
4,200 Baxter International, Inc. 263,812
7,300 Bindley Western Industries, Inc. 109,956
4,000 Biomet, Inc. 160,000
1,800 Johnson & Johnson Company 167,625
6,950 MedQuist, Inc.+ 179,397
7,650 Mentor Corporation 197,466
13,650 Orthofix International N.V., ADR+ 195,366
10,800 PolyMedica Corporation+ 249,750
8,250 SonoSite, Inc.+ 260,906
-----------
1,784,278
-----------
Metals -- 0.4%
1,800 Alcoa, Inc. 149,400
-----------
Oil and Gas -- 1.8%
16,150 Cross Timbers Oil Company 146,359
6,200 Noble Drilling Corporation+ 203,050
2,900 Occidental Petroleum Corporation 62,713
4,700 USX-Marathon Group 116,031
2,200 Vastar Resources, Inc. 129,800
-----------
657,953
-----------
Oil Equipment and Services -- 2.1%
5,900 Burlington Resources, Inc. 195,069
12,200 National-Oilwell, Inc.+ 191,388
16,400 Stolt Comex Seaway SA, ADR+ 181,425
12,500 Tuboscope, Inc.+ 198,437
-----------
766,319
-----------
Paper and Forest Products -- 0.2%
1,200 Georgia-Pacific Corporation 60,900
-----------
Recreation -- 0.3%
2,200 Carnival Corporation, Class A 105,188
-----------
Regional Malls -- 0.6%
9,000 Simon Property Group, Inc. 206,437
-----------
Restaurants -- 0.5%
7,800 Wendy's International, Inc. 160,875
-----------
Retail -- 2.0%
16,050 Cutter & Buck, Inc.+ 242,756
5,800 Family Dollar Stores, Inc. 94,613
26,250 The Good Guys, Inc.+ 244,453
1,800 Wal-Mart Stores, Inc. 124,425
-----------
706,247
-----------
Retail -- Building Supplies -- 1.1%
3,450 Home Depot, Inc. 236,541
2,800 Lowe's Companies, Inc. 167,300
-----------
403,841
-----------
Retail -- Specialty -- 0.8%
4,600 Dollar General Corporation 104,650
13,500 Hollywood Entertainment
Corporation+ 195,750
-----------
300,400
-----------
Retirement / Aged Care -- 0.3%
19,400 Capital Senior Living
Corporation+ 98,213
-----------
Semiconductors -- 2.8%
1,900 Altera Corporation+ 94,169
500 Applied Materials, Inc.+ 63,344
10,850 ESS Technology, Inc.+ 240,734
5,000 Intel Corporation 411,562
3,000 Maxim Integrated Products, Inc.+ 141,562
800 Micron Technology, Inc.+ 62,200
-----------
1,013,571
-----------
Telecommunications -- 7.3%
1,900 Aether Systems, Inc.+ 136,088
9,050 Cable Design Technologies
Corporation+ 208,150
4,950 CenturyTel, Inc. 234,506
1,000 Comverse Technology, Inc.+ 144,750
11,700 Digital Microwave Corporation+ 274,219
10,750 Gilat Communications Ltd., ADR+ 258,672
3,050 Gilat Satellite Networks Ltd., ADR+ 362,187
1,500 GTE Corporation 105,844
12,450 Inter-Tel, Inc. 311,250
2,960 Lucent Technologies, Inc. 221,445
3,600 MCI Worldcom, Inc.+ 191,025
3,400 SBC Communications, Inc. 165,750
-----------
2,613,886
-----------
Thrift -- 0.2%
4,293 Charter One Financial, Inc. 82,104
-----------
Transportation -- 0.3%
3,000 CNF Transportation, Inc. 103,500
-----------
Utilities -- 0.9%
6,900 Edison International 180,694
6,600 Northeast Utilities 135,712
-----------
316,406
-----------
Waste Management -- 0.3%
12,800 Azurix Corporation+ 114,400
-----------
TOTAL COMMON STOCKS
(Cost $19,558,451) 24,744,323
-----------
Principal
Amount
- ---------
ASSET BACKED SECURITIES -- 1.7%
$ 222,645 Residential Accredit Loans, Inc.,
Series 1997-QS5, Class A5,
7.250% due 06/25/2027 222,006
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003 396,246
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $622,153) 618,252
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO) -- 3.1%
600,000 Federal Home Mortgage
Corporation,
Series 1541, Class F,
6.250% due 05/15/2019 592,630
550,000 Federal Home Mortgage
Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 534,600
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMO)
(Cost $1,133,718) 1,127,230
-----------
CORPORATE BONDS AND NOTES -- 8.7%
Finance -- 2.7%
300,000 Associates Corporation of
North America,
5.800% due 04/20/2004 283,834
250,000 Countrywide Capital III,
8.050% due 06/15/2027 232,235
300,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 322,462
150,000 Transamerica Capital III,
7.625% due 11/15/2037 134,360
-----------
972,891
-----------
Finance -- Foreign -- 0.7%
300,000 Abbey National Plc,
6.700% due 06/29/2049 272,801
-----------
Food and Beverages -- 0.7%
250,000 Coca Cola Enterprises,
6.625% due 09/30/2002 246,750
-----------
Government Agency -- 1.1%
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 387,294
-----------
Industrial -- 2.1%
250,000 American Greetings Corporation,
6.100% due 08/01/2028 223,852
300,000 Harris Corporation,
6.350% due 02/01/2028 275,043
250,000 Racers-Kellogg, Series 1998, 144A,
5.750% due 02/02/2001++ 247,891
-----------
746,786
-----------
Utility -- Electric -- 1.4%
250,000 National Rural Utilities
Cooperative Finance,
6.125% due 05/15/2005 234,294
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 268,723
-----------
503,017
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $3,365,575) 3,129,539
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 2.4%
Federal Home Loan Mortgage Corporation (FHLMC) -- 0.4%
FHLMC:
95,287 Pool #E62394, Gold,
7.500% due 09/01/2010 95,953
48,418 Pool #200021,
10.500% due 11/01/2000 50,665
-----------
146,618
-----------
Federal National Mortgage Association
(FNMA) -- 1.6%
FNMA:
181,030 Pool #303105,
11.000% due 11/01/2020 198,312
321,264 Pool #100081,
11.500% due 08/01/2016 358,811
-----------
557,123
-----------
Government National Mortgage Association (GNMA) -- 0.4%
155,939 Pool #780584,
7.000% due 06/15/2027 151,697
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $871,854) 855,438
-----------
U.S. TREASURY OBLIGATIONS -- 7.1%
U.S. Treasury Bonds -- 5.8%
400,000 3.875% due 04/15/2029 373,464
1,500,000 8.000% due 11/15/2021 1,702,220
-----------
2,075,684
-----------
U.S. Treasury Note -- 1.3%
450,000 7.000% due 07/15/2006 460,804
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,825,052) 2,536,488
-----------
REPURCHASE AGREEMENT -- 7.4%
(Cost $2,669,000)
$2,669,000 Agreement with State Street Bank and Trust Company, 3.300%
dated 12/31/1999, to be repurchased at $2,669,734 on
01/03/2000, collateralized by $2,730,000 U.S. Treasury Note,
5.625% maturing 05/15/2001
(value $2,726,588) 2,669,000
-----------
OTHER INVESTMENTS**
(Cost $5,310,662) 14.8% 5,310,662
----- -----------
TOTAL INVESTMENTS
(Cost $36,356,465*) 114.0% 40,990,932
OTHER ASSETS AND
LIABILITIES (Net) (14.0) (5,021,464)
----- -----------
NET ASSETS 100.0% $35,969,468
===== ===========
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31,1999, the market value of the securities
on loan is $5,240,014. Collateral received for securities loaned of
$5,310,662 is 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.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Growth & Income Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 91.7%
Aerospace -- 2.0%
64,000 United Technologies
Corporation $ 4,160,000
------------
Automobiles -- 1.3%
37,400 General Motors Corporation 2,718,513
------------
Automobile Parts and Equipment -- 2.3%
80,900 Johnson Controls, Inc. 4,601,187
------------
Banking and Finance -- 5.5%
41,000 Chase Manhattan Corporation 3,185,188
58,500 Federal National Mortgage
Association 3,652,594
111,000 Wells Fargo & Company 4,488,562
------------
11,326,344
------------
Building Materials -- 2.5%
199,000 Masco Corporation 5,049,625
------------
Drugs -- 1.9%
42,000 American Home Products
Corporation 1,656,375
33,600 Merck & Co., Inc. 2,253,300
------------
3,909,675
------------
Drugs and Health Care -- 1.5%
87,000 Abbott Laboratories 3,159,188
------------
Electrical Equipment -- 2.5%
32,600 General Electric Company 5,044,850
------------
Electrical Machinery -- 1.6%
81,000 Cooper Industries, Inc. 3,275,438
------------
Food and Beverages -- 9.2%
61,000 Anheuser-Busch Companies, Inc. 4,323,375
134,000 General Mills, Inc. 4,790,500
125,000 PepsiCo, Inc. 4,406,250
135,000 Sysco Corporation 5,340,937
------------
18,861,062
------------
Holding Companies -- Diversified -- 2.5%
67,200 Textron, Inc. 5,153,400
------------
Household Furnishings and Appliances -- 4.3%
232,000 Leggett & Platt, Inc. 4,973,500
79,000 Maytag Corporation 3,792,000
------------
8,765,500
------------
Insurance -- 9.5%
42,000 American General Corporation 3,186,750
118,000 Lincoln National Corporation 4,720,000
59,300 Marsh & McLennan Companies,
Inc. 5,674,269
186,000 UnumProvident Corporation 5,963,625
------------
19,544,644
------------
Machinery and Heavy Equipment -- 1.8%
71,000 Parker-Hannifin Corporation 3,643,188
------------
Manufacturing Specialize -- 2.6%
73,774 Avery Dennison Corporation 5,376,280
------------
Medical Instruments, Services, and
Supplies -- 2.2%
71,000 Baxter International, Inc. 4,459,687
------------
Office Equipment and Supplies -- 1.8%
76,000 Pitney Bowes, Inc. 3,671,750
------------
Oil and Petroleum -- 7.2%
100,194 BP Amoco Plc, ADR 5,942,756
110,126 Exxon Mobil Corporation 8,872,026
------------
14,814,782
------------
Oil Equipment and Services -- 1.6%
52,000 Schlumberger Ltd. 2,925,000
10,067 Transocean Sedco Forex, Inc. 339,139
------------
3,264,139
------------
Paper and Forest Products -- 2.3%
85,000 International Paper Company 4,797,187
------------
Printing and Publishing -- 5.1%
130,800 Central Newspapers, Inc. 5,150,250
86,000 McGraw-Hill, Inc. 5,299,750
------------
10,450,000
------------
Real Estate -- 5.3%
65,000 Apartment Investment &
Management Company 2,587,812
74,000 Boston Properties, Inc. 2,303,250
55,000 Duke Realty Investments, Inc. 1,072,500
40,000 General Growth Properties, Inc. 1,120,000
32,000 Kimco Realty Corporation 1,084,000
39,000 Mack-Cali Realty Corporation 1,016,438
80,000 Prentiss Properties Trust 1,680,000
------------
10,864,000
------------
Retail -- Building Supplies -- 1.1%
31,604 Home Depot, Inc. 2,166,815
------------
Telecommunications -- 5.1%
126,000 BellSouth Corporation 5,898,375
92,000 SBC Communications, Inc. 4,485,000
------------
10,383,375
------------
Utilities -- Electric -- 3.1%
97,000 Consolidated Edison Company 3,346,500
117,000 Edison International 3,063,937
------------
6,410,437
------------
Utilities -- Natural Gas -- 5.9%
137,262 El Paso Natural Gas Company 5,327,482
283,671 MCN Corporation Holding
Company 6,737,186
------------
12,064,668
------------
TOTAL COMMON STOCKS
(Cost $150,392,842) 187,935,734
------------
CONVERTIBLE PREFERRED STOCKS -- 4.3%
90,000 Mediaone Group, Inc.,
7.000% Conv. Pfd.+ 4,320,000
93,000 Wendy's Financial I,
5.000% Conv. Pfd. 4,452,375
------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $8,771,600) 8,772,375
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.9%
(Cost $10,109,000)
$10,109,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at
$10,111,780 on 01/03/2000,
collateralized by $10,040,000
U.S. Treasury Note, 6.875%
maturing 05/15/2006
(value $10,316,100) 10,109,000
------------
OTHER INVESTMENTS**
(Cost $8,980,963) 4.4% 8,980,963
----- ------------
TOTAL INVESTMENTS
(Cost $178,254,405*) 105.3% 215,798,072
OTHER ASSETS AND
LIABILITIES (Net) (5.3) (10,824,753)
----- ------------
NET ASSETS 100.0% $204,973,319
===== ============
- -----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $8,683,617. Collateral
received for securities loaned of $8,980,963 is
invested in State Street Navigator Securities
Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Index 500 Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
------ -----
COMMON STOCKS -- 98.0%
Advertising -- 0.3%
34,300 Interpublic Group of
Companies, Inc. $ 1,978,681
21,600 Omnicom Group, Inc. 2,160,000
------------
4,138,681
------------
Aerospace -- 0.7%
114,198 Boeing Company 4,746,354
24,600 General Dynamics Corporation 1,297,650
48,342 Lockheed Martin Corporation 1,057,481
8,400 Northrop Grumman
Corporation 454,125
3,346 Teledyne Technologies, Inc.+ 31,578
58,592 United Technologies
Corporation 3,808,480
------------
11,395,668
------------
Airlines -- 0.2%
18,100 AMR Corporation+ 1,212,700
16,200 Delta Air Lines, Inc. 806,963
61,612 Southwest Airlines Company 997,344
8,800 US Airways Group, Inc.+ 282,150
------------
3,299,157
------------
Apparel -- 0.2%
7,200 Liz Claiborne, Inc. 270,900
34,200 NIKE, Inc., Class B 1,695,037
6,900 Reebok International Ltd.+ 56,494
14,400 V.F. Corporation 432,000
------------
2,454,431
------------
Automobiles -- 0.9%
147,600 Ford Motor Company 7,887,375
78,300 General Motors Corporation 5,691,431
7,780 Navistar International
Corporation+ 368,578
------------
13,947,384
------------
Automobile Parts and Equipment -- 0.3%
17,600 AutoZone, Inc.+ 568,700
5,000 Cummins Engine, Inc. 241,562
20,118 Dana Corporation 602,283
69,033 Delphi Automotive Systems
Corporation 1,087,270
21,725 Genuine Parts Company 539,051
10,400 Johnson Controls, Inc. 591,500
6,400 Pep Boys-- Manny, Moe & Jack 58,400
14,900 TRW, Inc. 773,869
------------
4,462,635
------------
Banks -- 5.1%
47,850 AmSouth Bancorporation 924,103
208,599 Bank of America Corporation 10,469,062
90,000 Bank of New York, Inc. 3,600,000
140,105 Bank One Corporation 4,492,117
40,400 BB&T Corporation 1,105,950
100,768 Chase Manhattan Corporation 7,828,414
19,050 Comerica, Inc. 889,397
37,725 Fifth Third Bancorporation 2,768,072
120,734 First Union Corporation 3,961,584
119,774 Firstar Corporation 2,530,226
112,015 FleetBoston Financial
Corporation 3,899,522
27,993 Huntington Bancshares, Inc. 668,333
54,600 KeyCorp 1,208,025
97,952 MBNA Corporation 2,669,192
21,300 Morgan (J.P.) & Company, Inc. 2,697,112
68,089 Morgan Stanley, Dean Witter,
Discover and Company 9,719,705
75,200 National City Corporation 1,781,300
27,200 Northern Trust Corporation 1,441,600
14,400 Old Kent Financial Corporation 509,400
35,900 PNC Bank Corporation 1,597,550
12,700 Republic New York Corporation 914,400
20,500 Southtrust Corporation 775,156
19,600 State Street Corporation 1,432,025
21,500 Summit Bancorp 658,438
39,100 SunTrust Banks, Inc. 2,690,569
34,200 Synovus Financial Corporation 679,725
88,979 U.S. Bancorp 2,118,812
17,200 Union Planters Corporation 678,325
24,635 Wachovia Corporation 1,675,180
70,564 Washington Mutual, Inc. 1,834,664
------------
78,217,958
------------
Broadcasting -- 1.0%
93,166 CBS Corporation+ 5,956,801
41,400 Clear Channel
Communications+ 3,694,950
74,800 MediaOne Group, Inc.+ 5,745,575
6,300 Meredith Corporation 262,631
------------
15,659,957
------------
Building Materials -- 1.4%
7,200 Centex Corporation 177,750
8,075 Crane Company 160,491
4,000 Fleetwood Enterprises 82,500
281,319 Home Depot, Inc. 19,287,934
5,800 Kaufman & Broad Home
Corporation 140,287
54,600 Masco Corporation 1,385,475
15,133 Pall Corporation 326,305
5,300 Pulte Corporation 119,250
12,200 Vulcan Materials Company 487,237
------------
22,167,229
------------
Business Equipment and Supplies -- 1.8%
13,800 Avery Dennison Corporation 1,005,675
18,100 Ikon Office Solutions 123,306
220,300 International Business Machines
Corporation 23,792,400
32,500 Pitney Bowes, Inc. 1,570,157
81,200 Xerox Corporation 1,842,225
------------
28,333,763
------------
Business Services -- 0.3%
86,913 Cendant Corporation+ 2,308,627
9,000 Deluxe Corporation 246,937
37,580 IMS Health, Inc. 1,021,706
100 Navigant Consulting, Inc.+ 1,088
30,100 Paychex, Inc. 1,204,000
------------
4,782,358
------------
Chemicals and Plastics -- 1.8%
27,900 Air Products & Chemicals, Inc. 936,394
26,750 Dow Chemical Company 3,574,469
127,649 dupont (E.I.) de Nemours &
Company 8,408,878
9,575 Eastman Chemical Company 456,608
15,800 Ecolab, Inc. 618,175
15,350 Engelhard Corporation 289,731
3,700 FMC Corporation+ 212,056
7,000 Great Lakes Chemical
Corporation 267,313
12,900 Hercules, Inc. 359,588
10,537 Kerr-McGee Corporation 653,294
8,600 Mallinckrodt Group, Inc. 273,588
49,000 Minnesota Mining &
Manufacturing Company 4,795,875
77,500 Monsanto Company 2,760,937
19,400 Praxair, Inc. 976,062
23,300 Rockwell International
Corporation 1,115,487
26,752 Rohm & Haas Company 1,088,472
12,212 Sigma-Aldrich Corporation 367,123
16,300 Union Carbide Corporation 1,088,025
8,800 W R Grace & Company+ 122,100
------------
28,364,175
------------
Coal -- 0.1%
26,700 CSX Corporation 837,712
3,400 Eastern Enterprises 195,288
9,200 Fluor Corporation 422,050
------------
1,455,050
------------
Communication Equipment -- 1.6%
22,100 Cabletron Systems, Inc.+ 574,600
118,700 GTE Corporation 8,375,769
74,400 Motorola, Inc. 10,955,400
21,000 National Semiconductor
Corporation+ 899,062
9,600 Scientific-Atlanta, Inc. 534,000
49,200 Tellabs, Inc.+ 3,158,025
------------
24,496,856
------------
Computer Hardware, Software
or Services -- 17.1%
42,200 3COM Corporation+ 1,983,400
14,800 Adobe Systems, Inc. 995,300
17,900 Advanced Micro Devices, Inc.+ 517,981
273,200 America Online, Inc.+ 20,609,525
19,700 Apple Computer, Inc.+ 2,025,406
7,500 Autodesk, Inc. 253,125
76,400 Automatic Data Processing, Inc. 4,116,050
29,657 BMC Software, Inc.+ 2,370,706
17,600 Ceridian Corporation+ 379,500
399,650 Cisco Systems, Inc.+ 42,812,506
11,000 Citrix Systems, Inc.+ 1,353,000
207,723 Compaq Computer Corporation 5,621,504
65,875 Computer Associates
International, Inc. 4,607,133
20,300 Computer Sciences Corporation+ 1,920,888
43,700 Compuware Corporation+ 1,627,825
310,500 Dell Computer Corporation+ 15,835,500
57,500 Electronic Data Systems
Corporation 3,848,906
38,700 Gateway 2000, Inc.+ 2,788,819
124,500 Hewlett Packard Company 14,185,219
96,750 Honeywell International, Inc. 5,581,266
630,500 Microsoft Corporation+ 73,610,875
18,200 Network Appliance, Inc.+ 1,511,738
40,700 Novell, Inc.+ 1,625,456
173,975 Oracle Corporation+ 19,496,073
32,900 Parametric Technology
Corporation+ 890,356
32,888 Peoplesoft, Inc. 700,915
25,500 Seagate Technologies, Inc.+ 1,187,344
22,500 Silicon Graphics, Inc.+ 220,781
190,900 Sun Microsystems, Inc.+ 14,782,819
37,900 Unisys Corporation+ 1,210,431
32,300 Yahoo!, Inc.+ 13,975,806
------------
262,646,153
------------
Computer -- Semiconductors -- 3.7%
46,200 Applied Materials, Inc.+ 5,852,962
124,300 EMC Corporation+ 13,579,775
408,300 Intel Corporation 33,608,194
18,200 LSI Logic Corporation+ 1,228,500
33,000 Micron Technology, Inc.+ 2,565,750
------------
56,835,181
------------
Consumer Non-Durables -- 4.5%
29,800 Corning, Inc. 3,842,337
400,900 General Electric Company 62,039,275
11,300 Grainger (W.W.), Inc. 540,281
46,720 Lowe's Companies, Inc. 2,791,520
1,171 Water Pik Technologies, Inc.+ 11,198
------------
69,224,611
------------
Consumer Services -- 0.1%
11,900 Block (H & R), Inc. 520,625
33,100 Service Corporation
International 229,631
------------
750,256
------------
Containers -- 0.1%
3,700 Ball Corporation 145,688
14,900 Crown Cork & Seal Company,
Inc. 333,387
18,300 Owens-Illinois, Inc.+ 458,644
20,900 Pactiv Corporation+ 222,062
10,269 Sealed Air Corporation+ 532,063
------------
1,691,844
------------
Cosmetics -- Toiletry -- 0.1%
6,700 Alberto-Culver Company,
Class B 172,944
29,600 Avon Products, Inc. 976,800
------------
1,149,744
------------
Diversified -- 0.8%
20,000 Fortune Brands, Inc. 661,250
13,100 Loews Corporation 795,006
41,400 Raytheon Company, Class B 1,099,688
18,300 Textron, Inc. 1,403,381
19,200 Thermo Electron Corporation+ 288,000
206,318 Tyco International Ltd. 8,020,612
------------
12,267,937
------------
Drugs and Health Care -- 0.1%
14,100 Quintiles Transnational
Corporation+ 263,494
11,600 Watson Pharmaceuticals, Inc.+ 415,425
7,800 Wellpoint Health Networks,
Inc.+ 514,312
------------
1,193,231
------------
Electrical Equipment -- 0.8%
11,400 Cooper Industries, Inc. 460,987
5,000 Foster Wheeler Corporation 44,375
19,200 Molex, Inc. 1,088,400
5,750 Tektronix, Inc. 223,531
98,000 Texas Instruments, Inc. 9,493,750
7,100 Thomas & Betts Corporation 226,313
------------
11,537,356
------------
Electronics -- 2.0%
21,300 Analog Devices, Inc.+ 1,980,900
8,900 Eaton Corporation 646,363
53,100 Emerson Electric Company 3,046,612
11,000 KLA-Tencor Corporation+ 1,225,125
15,600 Lexmark International Group,
Inc.+ 1,411,800
80,800 QUALCOMM, Inc. 14,230,900
35,800 Solectron Corporation+ 3,405,475
23,500 Tandy Corporation 1,155,906
20,800 Teradyne, Inc.+ 1,372,800
39,000 Xilinx, Inc.+ 1,773,281
------------
30,249,162
------------
Energy and Resources -- 0.1%
26,465 Burlington Resources, Inc. 874,999
35,995 Reliant Energy, Inc. 823,385
29,378 Sempra Energy 510,443
------------
2,208,827
------------
Entertainment -- 1.3%
11,300 Brunswick Corporation 251,425
252,008 Disney (Walt) Company 7,371,234
8,600 Harcourt General Corporation 346,150
23,650 Hasbro, Inc. 450,828
51,411 Mattel, Inc. 674,769
157,300 Time Warner, Inc. 11,394,419
------------
20,488,825
------------
Financial Services -- 5.1%
54,600 American Express Company 9,077,250
30,328 American General Corporation 2,301,137
88,950 Associates First Capital
Corporation 2,440,566
24,000 Capital One Financial Corporation 1,156,500
100,200 Charles Schwab Corporation 3,845,175
412,018 Citigroup, Inc. 22,892,750
13,800 Countrywide Credit Industries 348,450
11,000 Dow Jones & Company, Inc. 748,000
17,300 Equifax, Inc. 407,631
125,200 Fannie Mae 7,817,175
84,900 Federal Home Loan Mortgage
Corporation 3,995,606
51,192 First Data Corporation 2,524,405
57,406 Household International, Inc. 2,138,373
14,600 Lehman Brothers Holdings, Inc. 1,236,438
62,200 Mellon Financial Corporation 2,118,687
45,300 Merrill Lynch & Company, Inc. 3,782,550
17,400 Paine Webber Group, Inc. 675,338
26,700 Regions Financial Corporation 670,838
19,400 SLM Holding Corporation 819,650
14,600 T Rowe Price & Associates, Inc. 539,288
6,800 Temple-Inland, Inc. 448,375
200,560 Wells Fargo & Company 8,110,145
------------
78,094,327
------------
Food and Beverages -- 3.9%
51,793 Albertson's, Inc. 1,670,324
56,800 Anheuser-Busch Companies, Inc. 4,025,700
34,100 Bestfoods 1,792,381
52,300 Campbell Soup Company 2,023,356
301,800 Coca-Cola Company 17,579,850
52,000 Coca-Cola Enterprises, Inc. 1,046,500
60,150 ConAgra, Inc. 1,357,134
4,500 Coors (Adolph) Company, Class B 236,250
43,800 Heinz (H.J.) Company 1,743,788
17,000 Hershey Foods Corporation 807,500
49,500 Kellogg Company 1,525,219
39,900 Nabisco Group Holdings
Corporation 423,938
177,800 PepsiCo, Inc. 6,267,450
289,100 Philip Morris Cos., Inc. 6,703,506
16,300 Quaker Oats Company 1,069,688
39,500 Ralston-Purina Company 1,101,063
111,000 Sara Lee Corporation 2,448,937
53,000 Seagram Company Ltd. 2,381,687
69,832 Unilever NV 3,801,479
20,900 UST, Inc. 526,419
14,100 Wrigley (Wm) Jr. Company 1,169,419
------------
59,701,588
------------
Food Distribution -- 0.4%
74,294 Archer-Daniels-Midland
Company 905,458
37,200 General Mills, Inc. 1,329,900
4,600 Great Atlantic & Pacific Tea
Company, Inc. 128,225
101,700 Kroger Company+ 1,919,587
17,100 Supervalu, Inc. 342,000
40,200 Sysco Corporation 1,590,413
18,200 Winn Dixie Stores, Inc. 435,663
------------
6,651,246
------------
Gas and Pipeline Utilities -- 0.1%
27,900 El Paso Energy Corporation 1,082,869
------------
Glass Products -- 0.1%
6,700 Owens Corning Fiberglass
Corporation 129,394
21,100 PPG Industries, Inc. 1,320,069
------------
1,449,463
------------
Health Care Facilities -- 0.2%
68,877 Columbia/HCA Healthcare
Corporation 2,018,957
20,400 Humana, Inc.+ 167,025
12,550 Manor Care, Inc.+ 200,800
38,000 Tenet Healthcare Corporation+ 893,000
------------
3,279,782
------------
Health Care Products -- 2.8%
187,900 Abbott Laboratories 6,823,119
16,200 Allergan, Inc. 805,950
7,000 Bausch & Lomb, Inc. 479,063
30,600 Becton, Dickinson & Company 818,550
285,600 Merck & Co, Inc. 19,153,050
473,000 Pfizer, Inc. 15,342,937
------------
43,422,669
------------
Holding Companies -- 0.2%
17,200 Providian, LLC 1,566,275
26,700 Public Service Enterprise 929,494
------------
2,495,769
------------
Home Appliances -- 0.3%
10,500 Black & Decker Corporation 548,625
36,680 Illinois Tool Works, Inc. 2,478,188
10,300 Maytag Corporation 494,400
7,150 Snap-On, Inc. 189,922
10,800 Stanley Works 325,350
9,200 Whirlpool Corporation 598,575
------------
4,635,060
------------
Home Furnishings and Housewares -- 0.5%
159,600 American Home Products
Corporation 6,294,225
4,800 Armstrong World 160,200
23,900 Leggett & Platt, Inc. 512,356
34,497 Newell Rubbermaid, Inc. 1,000,413
2,300 Springs Industries, Inc. 91,856
7,000 Tupperware Corporation 118,563
------------
8,177,613
------------
Hotels and Restaurants -- 0.7%
16,100 Darden Restaurants, Inc. 291,813
15,700 Harrah's Entertainment
Corporation+ 415,069
45,100 Hilton Hotels Corporation 434,087
30,400 Marriott International, Inc. 959,500
165,500 McDonald's Corporation 6,671,719
23,600 Mirage Resorts, Inc.+ 361,375
18,740 Tricon Global Restaurants, Inc.+ 723,832
14,600 Wendy's International, Inc. 301,125
------------
10,158,520
------------
Insurance -- 2.8%
18,314 Aetna Life & Casualty Company 1,022,150
32,500 AFLAC, Inc. 1,533,594
98,420 Allstate Corporation 2,362,080
189,145 American International Group,
Inc. 20,451,303
31,325 AON Corporation 1,253,000
21,399 Chubb Corporation 1,205,031
22,600 CIGNA Corporation 1,820,712
20,200 Cincinnati Financial Corporation 629,988
39,998 Conseco, Inc. 714,964
27,100 Hartford Financial Services
Group, Inc. 1,283,862
12,850 Jefferson-Pilot Corporation 877,013
23,900 Lincoln National Corporation 956,000
32,600 Marsh & McLennan
Companies, Inc. 3,119,412
12,100 MBIA, Inc. 639,031
12,900 MGIC Investment Corporation 776,419
9,000 Progressive Corporation 658,125
15,900 SAFECO Corporation 395,513
27,758 St. Paul Companies, Inc. 935,098
16,100 Torchmark, Inc. 467,906
20,700 United Healthcare Corporation 1,099,688
29,296 UnumProvident Corporation 939,303
------------
43,140,192
------------
Investment Companies -- 0.1%
14,542 Bear Stearns Companies, Inc. 621,670
30,700 Franklin Resources, Inc. 984,319
------------
1,605,989
------------
Machinery and Heavy Equipment -- 0.4%
43,400 Caterpillar, Inc. 2,042,512
28,600 Deere & Company 1,240,525
24,900 Dover Corporation 1,129,838
20,050 Ingersoll-Rand Company 1,104,003
13,650 Parker-Hannifin Corporation 700,416
------------
6,217,294
------------
Manufacturing -- 0.3%
26,750 Alcan Aluminum Ltd. 1,101,766
50,700 Boston Scientific Corporation+ 1,109,062
2,900 Briggs & Stratton Corporation 155,513
8,300 Brown-Forman Corporation,
Class B 475,175
17,300 Danaher Corporation 834,725
4,600 Milacron, Inc. 70,725
9,640 PACCAR, Inc. 427,172
7,600 Reynolds Metals Company 582,350
20,300 Sherwin-Williams Company 426,300
------------
5,182,788
------------
Medical Instruments, Services,
and Supplies -- 1.9%
6,300 Bard (C.R.), Inc. 333,900
35,600 Baxter International, Inc. 2,236,125
13,700 Biomet, Inc. 548,000
34,274 Cardinal Health, Inc. 1,640,868
37,600 Guidant Corporation 1,767,200
47,189 HEALTHSOUTH Corporation+ 253,641
169,900 Johnson & Johnson Company 15,821,937
146,100 Medtronic, Inc. 5,323,519
3,300 Shared Medical Systems
Corporation 168,094
10,350 St. Jude Medical, Inc.+ 317,615
------------
28,410,899
------------
Metals and Mining -- 0.5%
44,756 Alcoa, Inc. 3,714,748
48,200 Barrick Gold Corporation 852,537
19,900 Freeport McMoRan Copper &
Gold, Class B 420,388
31,800 Homestake Mining Company 248,438
23,500 Inco Ltd. 552,250
1,000 NACCO Industries, Inc., Class A 55,563
20,355 Newmont Mining Corporation 498,697
9,915 Phelps Dodge Corporation 665,544
39,800 Placer Dome, Inc. 427,850
------------
7,436,015
------------
Natural Gas -- 0.3%
11,700 Consolidated Natural Gas
Company 759,769
87,430 Enron Corporation 3,879,706
5,800 NICOR, Inc. 188,500
3,900 ONOEK, Inc. 97,988
------------
4,925,963
------------
Networking Products -- 0.0%#
12,600 Adaptec, Inc.+ 628,425
------------
News and Publishing -- 0.7%
34,000 Gannett Company, Inc. 2,773,125
66,494 Kimberly-Clark Corporation 4,338,733
10,300 Knight-Ridder, Inc. 612,850
20,900 New York Times Company,
Class A 1,026,713
7,300 Times Mirror Company (New),
Class A 489,100
29,000 Tribune Company 1,596,813
------------
10,837,334
------------
Oil -- 5.1%
11,000 Amerada Hess Corporation 624,250
13,800 Apache Corporation 509,737
8,900 Ashland, Inc. 293,144
39,400 Atlantic Richfield Company 3,408,100
40,220 Baker Hughes, Inc. 847,134
80,200 Chevron Corporation 6,947,325
26,100 Coastal Corporation 924,919
76,526 Conoco, Inc., Class B 1,903,584
421,998 Exxon Mobil Corporation 33,997,214
54,000 Halliburton Company 2,173,500
13,000 Louisiana Land & Exploration
Company 185,250
7,200 McDermott International, Inc. 65,250
44,900 Occidental Petroleum
Corporation 970,962
31,000 Phillips Petroleum Company 1,457,000
262,000 Royal Dutch Petroleum
Company 15,834,625
11,100 Sunoco, Inc. 260,850
67,600 Texaco, Inc. 3,671,525
17,600 Tosco Corporation 478,500
30,400 Union Pacific Corporation 1,326,200
30,655 Union Pacific Resources Group 390,851
29,500 Unocal Corporation 990,094
38,000 USX-Marathon Group 938,125
------------
78,198,139
------------
Oil Equipment and Services -- 0.2%
67,230 Schlumberger Ltd. 3,781,688
------------
Paper and Forest Products -- 0.6%
6,300 Bemis Company, Inc. 219,713
6,900 Boise Cascade Corporation 279,450
11,800 Champion International
Corporation 730,863
26,425 Fort James Corporation 723,384
20,800 Georgia-Pacific Corporation 1,055,600
50,609 International Paper Company 2,856,245
12,400 Mead Corporation 538,625
3,600 Potlatch Corporation 160,650
28,650 Weyerhaeuser Company 2,057,428
13,600 Willamette Industries, Inc. 631,550
------------
9,253,508
------------
Personal Items -- 2.4%
71,200 Colgate-Palmolive Company 4,628,000
131,120 Gillette Company 5,400,505
12,800 International Flavors &
Fragrances, Inc. 483,200
4,100 Jostens, Inc. 99,681
160,600 Procter & Gamble Company 17,595,737
104,900 Warner-Lambert Company 8,595,244
------------
36,802,367
------------
Petroleum Refining -- 0.2%
15,600 Anadarko Petroleum
Corporation 532,350
10,100 Rowan Companies+ 219,044
53,100 Williams Companies, Inc. 1,622,869
------------
2,374,263
------------
Petroleum -- Service and Equipment -- 0.1%
25,316 Transocean Sedco Forex, Inc. 852,824
------------
Pharmaceuticals -- 2.4%
12,420 ALZA Corporation+ 430,043
242,440 Bristol-Myers Squibb Company 15,561,618
133,300 Lilly (Eli) & Company 8,864,450
34,447 McKesson HBOC, Inc. 777,210
63,320 Pharmacia & Upjohn, Inc. 2,849,400
179,500 Schering-Plough Corporation 7,572,656
------------
36,055,377
------------
Photographic Equipment and Supplies -- 0.2%
38,500 Eastman Kodak Company 2,550,625
5,450 Polaroid Corporation 102,528
------------
2,653,153
------------
Printing and Publishing -- 0.2%
7,900 American Greetings
Corporation, Class A 186,638
15,400 Donnelley (R.R.) & Sons
Company 382,113
19,540 Dun & Bradstreet Corporation 576,430
23,900 McGraw-Hill, Inc. 1,472,837
12,250 Westvaco Corporation 399,656
------------
3,017,674
------------
Railroads -- 0.1%
13,400 Kansas City Southern Industries,
Inc. 999,975
46,500 Norfolk Southern Corporation 953,250
------------
1,953,225
------------
Recreation -- 0.2%
75,400 Carnival Corporation, Class A 3,605,063
------------
Research and Development -- 0.6%
124,800 Amgen, Inc.+ 7,495,800
12,600 PE Corp-PE Biosystems Group 1,515,938
------------
9,011,738
------------
Retail -- Store -- 4.7%
17,000 Bed Bath & Beyond, Inc.+ 590,750
25,100 Best Buy Company, Inc.+ 1,259,706
24,800 Circuit City Stores -- Circuit
City Group 1,117,550
13,480 Consolidated Stores Corporation+ 219,050
27,117 Costco Wholesale Corporation+ 2,474,426
47,882 CVS Corporation 1,912,287
53,700 Dayton Hudson Corporation 3,943,594
13,000 Dillard's, Inc. 262,438
32,525 Dollar General Corporation 739,944
25,700 Federated Department Stores+ 1,299,456
104,587 Gap, Inc. 4,811,002
60,300 K-mart Corporation+ 606,769
19,800 Kohls Corporation+ 1,429,312
26,232 Limited, Inc. 1,136,174
4,800 Long's Drug Stores Company 123,900
40,850 May Department Stores
Company 1,317,412
16,900 Nordstrom, Inc. 442,569
40,200 Office Depot, Inc.+ 439,688
31,800 Penney (J.C.) Company, Inc. 634,013
31,500 Rite Aid Corporation 352,406
4,100 Russell Corporation 68,675
62,200 Safeway, Inc.+ 2,211,987
46,200 Sears, Roebuck & Company 1,406,212
56,750 Staples, Inc.+ 1,177,563
37,900 TJX Companies, Inc. 774,581
29,950 Toys R Us, Inc.+ 428,659
543,800 Wal-Mart Stores, Inc. 37,590,175
122,600 Walgreen Company 3,586,050
------------
72,356,348
------------
Savings and Loan Associations -- 0.0%#
19,700 Golden West Financial
Corporation 659,950
------------
Soaps and Detergents -- 0.1%
28,924 Clorox Company 1,457,047
------------
Steel -- 0.1%
11,413 Allegheny Technologies, Inc. 256,079
16,000 Bethlehem Steel Corporation+ 134,000
10,700 Nucor Corporation 586,494
7,600 Timken Company 155,325
10,840 USX-U.S.Steel Group, Inc. 357,720
10,925 Worthington Industries, Inc. 180,945
------------
1,670,563
------------
Technology -- 0.1%
10,700 ITT Industries 357,781
5,500 Millipore Corporation 212,438
5,500 PerkinElmer, Inc.+ 229,281
------------
799,500
------------
Telecommunications -- 11.1%
18,300 ADC Telecommunications,
Inc.+ 1,327,894
38,366 ALLTEL Corporation 3,172,389
10,037 Andrew Corporation+ 190,075
390,490 AT&T Corporation 19,817,368
189,762 Bell Atlantic Corporation 11,682,223
230,000 BellSouth Corporation 10,766,875
17,000 CenturyTel, Inc. 805,375
91,900 Comcast Corporation Special,
Class A (non-voting) 4,646,694
8,800 Comverse Technology, Inc.+ 1,273,800
21,300 General Instrument
Corporation+ 1,810,500
92,720 Global Crossing Ltd.+ 4,636,000
382,845 Lucent Technologies, Inc. 28,641,592
346,811 MCI Worldcom, Inc.+ 18,402,632
44,400 NEXTEL Communications, Inc.+ 4,578,750
163,200 Nortel Networks Corporation 16,483,200
416,875 SBC Communications 20,322,656
106,500 Sprint Corporation 7,168,781
52,650 Sprint PCS+ 5,396,625
61,758 US West, Inc. 4,446,576
85,200 Viacom, Inc., Class B+ 5,149,275
------------
170,719,280
------------
Tire and Rubber -- 0.1%
9,200 Cooper Tire & Rubber Company 143,175
13,500 Goodrich (B.F.) Company 371,250
19,100 Goodyear Tire & Rubber
Company 538,381
------------
1,052,806
------------
Transportation -- 0.2%
55,789 Burlington Northern Santa Fe 1,352,883
36,460 FDX Corporation+ 1,492,581
7,800 Ryder System, Inc. 190,613
------------
3,036,077
------------
Utilities -- 1.5%
25,200 AES Corporation+ 1,883,700
16,700 Ameren Corporation 546,925
23,700 American Electric Power
Company, Inc. 761,362
19,400 Carolina Power & Light
Company 590,487
25,900 Central & Southwest
Corporation 518,000
19,334 Cinergy Corporation 466,433
14,100 CMS Energy Corporation 439,744
26,900 Consolidated Edison Company 928,050
18,150 Constellation Energy Group 526,350
23,300 Dominion Resources, Inc. 914,525
17,600 DTE Energy Company 552,200
44,670 Duke Energy Company 2,239,084
42,400 Edison International 1,110,350
30,200 Entergy Corporation 777,650
28,427 FirstEnergy Corporation 644,938
11,900 Florida Progress Corporation 503,519
21,800 FPL Group, Inc. 933,312
15,100 GPU, Inc. 452,056
4,900 National Service Industries, Inc. 144,550
14,100 New Century Energies, Inc. 428,288
22,800 Niagara Mohawk Holdings, Inc.+ 317,775
18,900 Northern States Power Company 368,550
22,700 PECO Energy Company 788,825
4,400 People's Energy Corporation 147,400
46,900 PG & E Corporation 961,450
10,400 Pinnacle West Capital
Corporation 317,850
17,600 PP & L Resources, Inc. 402,600
82,200 Southern Company 1,931,700
33,815 Texas Utilities Company 1,202,546
26,600 Unicom Corporation 891,100
------------
22,691,319
------------
Waste Management -- 0.1%
23,100 Allied Waste Industries, Inc.+ 203,569
75,753 Waste Management, Inc. 1,302,004
------------
1,505,573
------------
TOTAL COMMON STOCKS
(Cost $971,217,609) 1,504,459,716
-------------
U.S. TREASURY BILLS -- 0.3%
(Cost $3,416,028)
3,500,000 5.19%++ due 6/22/2000 ** 3,416,028
-------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.3%
(Cost $20,173,000)
$ 20,173,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999,
to be repurchased at
$20,178,548 on 01/03/2000,
collateralized by $20,605,000
U.S. Treasury Bond, 6.125%
maturing 08/15/2007
(value $20,579,244) 20,173,000
-------------
TOTAL INVESTMENTS
(Cost $994,806,637*) 99.6% 1,528,048,744
OTHER ASSETS AND
LIABILITIES (Net) 0.4 6,851,185
----- --------------
NET ASSETS 100.0% $1,534,899,929
===== ==============
- ------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS -- LONG POSITION
71 S&P 500 Index -- March 2000 $698,936
========
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 104.6%++
Argentina -- 0.4%
1,100 Alpargatas S.A.I.C., ADR+ $ 660
3,446 Banco de Galicia Bueno, ADR 68,275
1,856 Banco Frances del Rio de la Plata
SA, ADR 43,964
5,000 Banco Rio de La Plata SA 60,937
9,000 Corporacion Mapfre, ADR 41,523
615 IRSA Inversiones Y
Representaciones SA, GDR 19,891
1,720 Metrogas SA, ADR 14,943
12,065 Perez Companc SA, ADR 123,564
1,100 Quilmes Industrial SA, ADR 13,131
5,900 Telecom Argentina SA, ADR 202,075
7,000 Telefonica de Argentina, ADR 216,125
2,200 Transportadora de Gas del Sur
SA, ADR 20,212
------------
825,300
------------
Australia -- 2.4%
4,750 Amcor Ltd. 91,437
2,100 Ashton Mining Ltd., ADR 5,584
9,250 Australia & New Zealand Bank,
ADR 331,266
4,200 Boral Ltd., ADR 51,319
29,740 Broken Hill Proprietary Ltd., ADR 789,969
2,800 Burns, Philip & Company Ltd.,
ADR 4,963
14,500 Coca-Cola Amatil Ltd., ADR 79,200
4,300 Coles Myer Ltd., ADR 176,300
7,700 CSR Ltd., ADR 74,815
4,400 E-mail Partners Ltd., ADR 13,981
1,100 FH Faulding & Company, ADR 28,886
7,352 Goldfields Ltd., ADR 33,314
9,500 Goodman Fielder Ltd., ADR 33,928
6,100 James Hardie Industries, ADR 31,957
4,700 Kidston Gold Mines Ltd., ADR+ 1,975
1,400 Lihir Gold Ltd., ADR+ 20,300
24,300 M.I.M. Holdings Ltd., ADR 50,092
2,100 Mayne Nickless Ltd., ADR 27,090
8,800 National Australia Bank Ltd., ADR 671,000
23,100 News Corporation Ltd., ADR 883,575
5,139 Normandy Mining Ltd. 36,437
4,500 North Ltd., ADR 53,029
1,300 Orbital Engineering Ltd.,
ADR+ 5,606
7,700 Pacific Dunlop Olympic Ltd., ADR 42,831
1,700 Petsec Energy Ltd., ADR+ 850
23,700 Pioneer International Ltd., ADR 71,416
4,470 Rio Tinto Ltd., ADR 384,086
4,500 Santos Ltd., ADR 47,813
600 Simsmetal Ltd., ADR 8,587
700 Sons of Gwalia, ADR 11,719
3,700 Southcorp Holdings Ltd., ADR 65,220
6,900 St. George Bank Ltd., ADR 104,005
24,600 Telstra Corporation Ltd. 670,350
11,300 Westpac Banking Ltd., ADR 388,437
8,500 WMC Ltd., ADR 185,937
19,100 Woodside Petroleum Ltd. 141,065
------------
5,618,339
------------
Austria -- 0.1%
12,400 Bank Austria Aktiengeselschaft,
ADR 139,901
1,740 EVN-Energie Versorgung
Niederoesterreich AG, ADR 52,584
4,000 OMV AG, ADR 77,767
700 Wolford AG, ADR 5,528
------------
275,780
------------
Belgium -- 0.0%#
900 Xeikon NV, ADR+ 16,200
------------
Bermuda -- 0.1%
400 ESG Re Ltd. 2,775
400 Frontline Ltd., ADR+ 1,244
500 LaSalle Re Holdings Ltd., ADR 8,250
1,700 PartnerRe Ltd., ADR 55,144
3,100 XL Capital Ltd., Class A 160,812
------------
228,225
------------
Brazil -- 0.7%
2,225 Aracruz Celulose SA, ADR 58,406
3,996 Cemig-Companhia Energetica
de Minas, ADR 89,586
31,000 Centrais Eletricas Brasileiras SA,
ADR 339,000
2,710 Centrais Geradoras do Suldo
Brasil SA, ADR+ 13,889
3,900 Companhia Cervejaria Brahma,
ADR 39,000
2,100 Companhia Siderurgica Nacional,
ADR 77,175
3,400 Continental AG, ADR 67,986
6,300 Embratel Participacoes SA, ADR 171,675
3,900 Panamerican Beverages Inc.,
Class A, ADR 80,194
620 Tele Celular Sul Participacoes SA 19,685
2,433 Tele Centro Oeste Celular
Participacoes SA, ADR 15,815
1,240 Tele Centro Sul Participacoes SA,
ADR 112,530
300 Tele Nordeste Celular Participacoes
SA, ADR 15,150
6,300 Tele Norte Leste Participacoes SA,
ADR 160,650
1,240 Tele Sudeste Celular Participacoes
SA, ADR 48,128
300 Telemig Celular Participacoes SA,
ADR 13,856
2,480 Telesp Celular Participacoes SA,
ADR 105,090
6,300 Telesp Participacoes SA, ADR 153,956
------------
1,581,771
------------
Canada -- 3.3%
5,700 Abitibi-Consolidated, Inc., ADR 67,687
1,600 Agnico Eagle Mines Ltd., ADR 11,800
600 Alliance Atlantis Communications
Corp., Class B+ 4,950
15,400 ATI Technologies, Inc.+ 203,769
7,950 Bank of Montreal, ADR 270,300
18,300 BCE, Inc., ADR 1,650,431
2,400 Bell Canada International, Inc.+ 54,450
3,200 BioChem Pharmaceuticals, Inc.+ 69,600
1,200 Biomira, Inc., ADR+ 4,725
700 Biovail Corporation
International, ADR+ 65,625
4,600 Campbell Resource, Inc., ADR+ 791
11,800 Canadian Imperial Bank of
Commerce 280,250
700 Canadian Marconi Company,
ADR 9,188
5,700 Canadian National Railway
Company 149,981
4,100 Canadian Occidental Petroleum,
ADR 80,975
9,900 Canadian Pacific Ltd., ADR 213,469
3,800 Celestica, Inc.+ 210,900
6,500 Clearnet Communications, Inc,
Class A+ 223,571
1,100 Clearnet Communications, Inc.,
Class A, ADR+ 37,813
2,500 Cominco, ADR 52,813
1,800 Corel, ADR+ 27,225
1,800 Cott Corporation, ADR 9,450
1,300 Decoma International, Inc. 9,344
5,500 Domatar, Inc., ADR 64,625
700 Dorel Industries, Inc.+ 12,141
8,450 EdperBrascan Corporation,
Class A 114,075
4,600 Enbridge, Inc. 92,575
3,200 Encal Energy Ltd.+ 14,800
400 Fahnestock Viner Holdings, Inc.,
ADR 5,975
900 Four Seasons Hotels, Inc., ADR 47,925
2,000 Goldcorp, Inc., Class A, ADR+ 11,500
10,406 Gulf Canada Resources, ADR+ 35,120
12,600 Imperial Oil Ltd., ADR 272,475
700 Intertape Polymer Group Inc.,
ADR 19,731
1,200 Intrawest Corporation 20,775
1,250 Ipsco, Inc., ADR 24,375
300 Jetform Corporation, ADR+ 1,500
1,600 Loewen Group, Inc., ADR 700
2,400 Magna International, Class A,
ADR 101,700
18,000 Manulife Financial Corp.+ 228,375
5,200 Methanex Corporation, ADR+ 13,650
1,600 Microcell Telecommunications,
Inc.+ 52,600
3,500 Mitel Corporation, ADR+ 48,125
5,300 Newbridge Network, ADR+ 119,581
2,750 NOVA Chemicals Corporation 53,109
2,900 Numac Energy, Inc., ADR+ 10,150
1,600 Potash Corporation of
Saskatchewan, ADR 77,100
1,800 Rio Algom Ltd., ADR 26,213
500 Rogers Cantel Mobil
Communications, Class B, ADR+ 18,188
9,400 Royal Bank of Canada 414,775
2,000 Royal Group Technologies Ltd.+ 42,375
4,300 Royal Oak Mines, ADR+ --
9,600 Shaw Communications, Inc.,
Class B 316,896
3,300 Suncor Energy, Inc. 137,775
1,200 Supersol Ltd. 20,400
3,270 Talisman Energy, Inc.+ 84,202
4,100 Teleglobe, Inc. 93,019
36,200 Teleglobe, Inc. 825,064
2,100 Telesystem International Wireless,
Inc.+ 78,225
3,900 TLC Laser Eye Centers, Inc.+ 50,793
13,352 Transcanada Pipelines Ltd., ADR 116,830
4,300 Trizec Hahn Corporation, ADR 72,562
3,400 West Coast Energy, Inc., ADR 54,612
------------
7,503,718
------------
Chile -- 0.3%
500 AFP Provida, ADR 10,750
1,000 Banco de A. Edwards, ADR, SER A 16,625
3,400 Banco Santander Chile, ADR 51,850
2,800 Banco Santiago SA, ADR 59,850
1,900 Compania Cervecerias Unidas SA,
ADR 60,919
6,875 Compania de Telecomunicaciones
de Chile SA, ADR 125,469
800 Cristalerias de Chile, ADR 11,500
2,700 Distribucion y Servicio D&S SA 52,650
2,000 Embotelladora Andina SA, ADR 35,625
8,200 Empresa Nacional Electricidad
SA, ADR 116,337
2,100 Empresa Telex Chile, ADR+ 1,575
4,060 Enersis S.A., ADR 95,410
2,500 Gener SA, ADR 38,750
500 Laboratorio Chile SA, ADR 9,094
1,900 Linea Aerea Nacional Chile SA,
ADR 14,369
1,100 Madeco, ADR 12,237
800 Maderas Y Sintelicos Sociedad
(Masisa), ADR 10,300
800 Quimica Minera Chile SA, ADR 25,250
3,200 Quinenco SA, ADR 35,600
400 Vina Concha Y Toro SA, ADR 15,150
------------
799,310
------------
China\Hong Kong -- 2.8%
16,400 Amoy Properties Ltd., ADR 69,094
1,700 Amway Asia Pacific Ltd., ADR 30,494
1,440 Asia Pulp & Paper Company Ltd.+ 1,350
7,200 Asia Pulp & Paper Company Ltd.,
ADR+ 56,700
1,200 Asia Satellite Telecommunications
Holdings Ltd., ADR 42,000
39,448 Bank East Asia Ltd., ADR 109,613
750 Beijing Yanhua Petrochemical
Company Ltd., ADR 5,156
3,200 C.P. Pokphand, ADR+ 2,408
13,632 Cable & Wireless HKT Ltd., ADR 397,032
19,400 Cathay Pacific Airways, ADR 172,824
5,900 CDL Hotels International Ltd.,
ADR 23,529
16,900 China Telecom (Hong Kong)
Ltd.+ 2,172,706
10,080 Dairy Farm International Ltd.,
ADR 45,360
500 DSG International Ltd., ADR+ 2,937
579 Egana International Holdings Ltd.,
ADR 5,698
13,700 First Pacific Company Ltd., ADR 52,872
3,700 Glorious Sun Enterprises Ltd. 13,922
1,300 Gold Peak Industries Ltd., ADR 2,743
2,600 Guangshen Railway Company
Ltd., ADR 14,462
7,950 Hang Lung Development, ADR 44,999
55,400 Hang Seng Bank Ltd., ADR 632,501
49,400 Henderson Land Development
Company Ltd., ADR 317,111
134,907 Hong Kong and China Gas Ltd.,
ADR 184,828
57,900 Hong Kong Electric Holdings Ltd.,
ADR 180,996
14,900 Hong Kong Land Holdings, ADR 110,260
25,100 Hopewell Holdings Ltd., ADR 14,934
1,100 Huaneng Power International,
ADR 11,619
14,800 Hysan Development Ltd., ADR 37,507
22,500 Jardine Matheson & Company
Ltd., ADR 86,625
17,400 Jardine Strategic Holding, ADR 69,252
2,700 Johnson Electric Holdings, ADR 173,320
30,400 New World Development
Company Ltd., ADR 136,875
500 Peak International Ltd.+ 5,125
2,600 Shandong Huaneng, ADR 11,212
3,970 Shanghai Chlor-Alkali Chemical
Company, ADR 5,479
1,600 Shanghai Erfangji Co., Ltd., ADR+ 1,856
4,000 Shanghai Petrochemicals Ltd.,
ADR 60,250
3,190 Shanghai Tire & Rubber Company
Ltd., ADR 3,637
4,600 Shuntak Holdings Ltd., ADR 8,758
1,800 Singer Company, ADR+ 1,013
10,350 South China Morning Post, ADR 44,603
68,600 Sun Hung Kai Properties Ltd.,
ADR 714,813
27,000 Swire Pacific Ltd., ADR 152,311
6,200 Television Broadcasts Ltd. 84,544
600 VTech Holdings Ltd., ADR 19,528
500 Yanzhou Coal Mining Company
Ltd., ADR 7,062
------------
6,341,918
------------
Colombia -- 0.0%#
900 Banco Ganadero SA, ADR 14,400
1,500 Banco Industrial Colombiano,
ADR 6,937
------------
21,337
------------
Denmark -- 0.3%
3,700 Novo Nordisk AS, Series B, ADR 239,112
12,400 Tele Danmark, Series B, ADR 468,100
------------
707,212
------------
Finland -- 3.0%
1,500 American Group Ltd., ADR 15,224
1,400 Instrumentarium Corporation,
ADR 22,925
4,062 Metso Oyj, ADR+ 54,837
34,800 Nokia Oyj, ADR 6,612,000
3,220 Sonera Oyj, ADR+ 222,985
------------
6,927,971
------------
France -- 9.6%
10,700 Accor SA, ADR 258,526
2,600 Alcatel 597,157
28,500 Alcatel Alsthom Cie Generale
D'Electric, ADR 1,282,500
6,400 Alstom 213,600
23,778 Aventis SA, ADR 1,352,373
6,200 Axa 864,387
1,000 Bouygues Offshore SA, ADR 18,375
500 Business Objects SA, ADR+ 66,812
18,000 Canal Plus, ADR 524,023
2,000 Cap Gemini SA 507,704
2,767 Clarins SA 61,544
900 Coflexip SA, ADR 34,200
800 Companie Generale de
Geophysique SA, ADR+ 7,700
3,400 Dassault Systemes SA, ADR 214,200
1,200 Dexia France 198,851
2,300 Etablissements Economiques du
Casino Guichard-Perrachon SA 263,432
28,700 France Telecom SA 3,831,450
200 Galeries Lafayette+ 33,202
600 Genset, ADR+ 11,438
1,000 Groupe Danone 235,720
10,450 Groupe Danone, ADR 492,654
9,200 Lafarge SA, ADR 357,112
3,600 Lagardere Group, ADR 195,829
700 Legrand SA 166,626
14,000 Louis Vuitton Moet Hennessy,
ADR 1,274,000
4,800 Pechiney SA, ADR 174,300
6,750 Pernod Ricard, ADR 96,554
600 PSA Peugeot Citroen 136,234
5,950 PSA Peugeot Citroen, ADR 337,747
1,600 Rhodia SA, ADR 37,800
1,000 Scor SA, ADR 44,250
14,200 Societe Generale, ADR 660,862
1,100 Societe Generale d'Entreprises SA 51,526
900 Sodexho Alliance, SA 159,292
8,500 STMicroelectronics NV 1,287,219
2,600 Suez Lyonnaise des Eaux, SA 416,700
4,200 Thomson CSF, ADR 138,730
43,105 Total SA, ADR 2,985,021
2,400 Valeo SA 185,191
2,500 Valeo SA, ADR 192,908
9,000 Vivendi 812,780
70,900 Vivendi, ADR 1,280,580
------------
22,061,109
------------
Germany -- 7.7%
20,900 Bayer AG, ADR 989,519
927 Celanese AG+ 16,802
14,000 Commerzbank AG, ADR 514,050
28,771 Daimler Chrysler Aerospace AG 2,251,331
15,300 Deutsche Bank AG, ADR 1,292,334
86,900 Deutsche Telekom, ADR 6,169,900
15,700 Dresdner Bank AG, ADR 854,031
2,100 Epcos AG, ADR+ 156,844
7,100 Fresenius Medical Care AG, ADR 201,462
11,600 Mannesmann AG 2,798,619
228 Pfeiffer Vacuum Technology AG,
ADR 5,258
10,100 RWE AG, ADR 395,778
14,904 SAP AG, ADR 748,175
1,900 SGL Carbon AG, ADR+ 40,375
14,400 VEBA AG 720,900
44,700 Volkswagen AG, ADR 503,869
------------
17,659,247
------------
Greece -- 0.2%
400 Anangel -- American
Shipholdings Ltd., ADR+ 2,150
28,900 Hellenic Telecommunication
Organization SA (OTE), ADR 344,994
------------
347,144
------------
Hungary -- 0.1%
6,200 Magyar Tavkozlesi Rt., ADR 223,200
------------
Indonesia -- 0.1%
2,600 Gulf Indonesia Resources Ltd.+ 21,125
7,150 PT Indorayon Utama, ADR+ 2,866
3,083 PT Indosat, ADR 66,670
800 PT Pasifik Satelit Nusantara,
ADR+ 12,000
14,440 PT Telekomunikasi Indonesia,
ADR 158,840
1,100 PT Tri Polyta Indonesia, ADR+ 1,100
------------
262,601
------------
Ireland -- 0.6%
12,400 Allied Irish Banks, ADR 261,950
7,700 Bank of Ireland, ADR 242,550
1,300 CBT Group Plc, ADR+ 43,550
11,600 CRH, ADR 255,200
7,900 Elan Corporation Plc, ADR+ 233,050
600 ESAT Telecom Group Plc, ADR+ 54,900
3,200 Jefferson Smurfit Group, ADR 92,800
1,000 Ryanair Holdings Plc, ADR+ 55,125
500 Warner Chilcott Laboratories,
ADR+ 5,094
2,200 Waterford Wedgwood Plc, ADR 21,450
------------
1,265,669
------------
Israel -- 0.3%
200 American-Israeli Paper Mills, ADR 11,950
1,000 Blue Square-Israel Ltd., ADR 12,750
1,200 Check Point Software Technologies
Ltd.+ 238,500
2,400 ECI Telecommunications Ltd.,
ADR 75,900
600 Elbit Medical Imaging Ltd., ADR 4,950
700 Elbit Systems Ltd., ADR 10,763
600 Elron Electronic Industries Ltd.,
ADR 17,850
600 Gilat Satellite Network Ltd.,
ADR+ 71,250
2,400 Koor Industries Ltd., ADR 48,000
400 Matav-Cable Systems Media Ltd.,
ADR 23,200
300 NICE-Systems Ltd., ADR+ 14,756
400 Orckit Communications Ltd.+ 13,725
500 Partner Communications
Company Ltd., ADR+ 12,938
400 RADWARE Ltd.+ 17,250
1,300 Scitex Corporation, ADR+ 18,931
1,900 Teva Pharmaceutical, ADR 136,206
------------
728,919
------------
Italy -- 2.3%
2,672 Benetton Group SpA, ADR 121,409
1,600 De Rigo SpA, ADR 9,050
4,000 Enel SpA, ADR+ 165,000
22,900 Ente Nazionale Idrocarburi
SpA, ADR 1,262,363
10,515 Fiat SpA 316,764
800 Fila Holding SpA, ADR+ 8,800
1,700 Industrie Natuzzi, ADR 22,525
11,900 Instituto Nazionale delle
Assicurazioni, ADR 293,038
6,700 Luxottica Group, ADR 117,669
14,261 Montedison SpA+ 231,741
500 SAES Getters SpA, ADR 3,000
20,086 San Paolo-IMI SpA, ADR 549,854
15,100 Telecom Italia SpA 2,114,000
------------
5,215,213
------------
Japan -- 28.1%
15,000 AIWA Company Ltd. 311,246
8,570 Amway Japan Ltd., ADR 56,241
113,000 Asahi Breweries Ltd. 1,236,508
5,600 Bandai Company Ltd., ADR 44,534
134,095 Bank of Tokyo, ADR 1,868,949
25,000 Canon, Inc., ADR 1,014,063
37,900 Credit Saison Company Ltd. 660,292
1,900 CSK Corporation, ADR 330,600
10,200 Dai'El, Inc., ADR 81,759
3,400 Densei-Lambda KK 106,489
8,850 Eisai Company Ltd., ADR 170,209
14,800 Fuji Photo Film Company Ltd.,
ADR 566,100
22,000 Fujita Kanko, Inc. 133,503
10,000 Hitachi Ltd., ADR 1,618,750
14,000 Honda Motor Company Ltd.,
ADR 1,071,000
11,900 Ito-Yokado Ltd., ADR 1,245,037
25,500 Japan Airlines Company, ADR 157,781
315,000 Kawasaki Heavy Industries Ltd. 419,301
10,350 Kawasaki Heavy Industries Ltd.,
ADR 55,108
9,700 Kawasaki Steel Corporation, ADR 173,740
70,000 Kinden Corporation 537,829
3,100 Kirin Brewery Company, ADR 334,025
16,300 Kobe Steel Ltd., ADR+ 55,838
7,250 Komatsu Ltd., ADR 133,405
18,000 Komori Corporation 343,369
2,100 Kubota Corporation, ADR 162,750
5,600 Kyocera Corporation, ADR 1,467,200
22,000 Kyushu Bank Ltd. 67,397
4,800 Makita Corporation, ADR 41,400
83,000 Marui Company Ltd. 1,239,679
6,200 Matsushita Electric Industrial
Company Ltd., ADR 1,729,800
26,000 Matsushita-Kotobuki Electronics
Industries Ltd. 522,952
14,900 Mikuni Coca-Cola Bottling
Company Ltd. 261,045
63,200 Minolta Co., Ltd. 246,194
22,500 Mitsubishi Corporation, ADR 347,509
2,400 Mitsui & Company Ltd., ADR 334,200
9,500 NEC Corporation, ADR 1,157,813
102,000 NGK Insulators Ltd. 757,737
51,000 NGK Spark Plug Company Ltd. 466,722
31,000 Nippon Soda Company Ltd. 62,504
91,300 Nippon Telegraph & Telephone
Corporation, ADR 7,863,212
36,000 Nissan Motor Company Ltd.,
ADR 290,250
100,000 NTT Mobile Communications
Network, Inc., ADR 19,232,652
7,900 Olympus Optical Company,
ADR 111,730
39,100 Onward Kashiyama Company
Ltd. 535,774
3,900 Orix Corporation, ADR 442,406
5,400 Pioneer Corporation, ADR 147,825
2,400 Q.P. Corporation, ADR 31,853
4,100 Ricoh Company Ltd., ADR 386,444
7,400 Royal Company Ltd. 77,498
10,900 Sanyo Electric Corporation, ADR 227,878
512 Sawako Corporation, ADR 2,681
11,500 Sega Enterprises, ADR 91,453
30,700 Sega Enterprises Ltd. 976,559
12,100 Shiseido Ltd., ADR 176,461
11,800 Sony Corporation, ADR 3,360,050
7,300 Sumisho Computer Systems
Corporation 503,005
10,800 Sumitomo Metal Industries, ADR+ 81,394
130,000 Sumitomo Metal Mining
Company 290,105
24,000 Sumitomo Special Metals
Company Ltd. 259,332
40,400 Sumitomo Trust & Banking
Company Ltd., ADR 272,839
23,800 Sumitomo Warehouse Company
Ltd. 64,526
18,000 TAMURA Corporation 62,543
4,000 TDK Corporation, ADR 541,250
9,300 Tokio Marine & Fire Insurance
Ltd., ADR 549,863
26,300 Tokyo Kikai Seisakusho, Ltd. 104,510
11,500 Tokyo Ohka Kogyo Company, Ltd. 225,115
29,700 Toyoda Machine Works, Ltd. 181,682
54,070 Toyota Motor Corporation, ADR 5,265,066
43,100 Uny Company Ltd. 421,424
900 Wacoal Corporation, ADR 39,488
23,000 Yamaguchi Bank Ltd. 209,132
------------
64,616,578
------------
Korea -- 1.3%
36,000 Korea Electric Power
Corporation, ADR 603,000
16,500 Korea Telecom Corporation,
ADR 1,233,375
11,100 Pohang Iron & Steel Company,
Ltd., ADR 388,500
20,470 SK Telecom Company Ltd., ADR 785,545
------------
3,010,420
------------
Luxembourg -- 0.0%#
1,400 Espirito Santo Financial Holdings,
ADR 22,050
1,400 Millicom International Cellular
SA+ 87,325
------------
109,375
------------
Malaysia -- 0.1%
41,900 Amsteel Corporation Berhad,
ADR 7,498
39,500 Resorts World Berhad 113,302
------------
120,800
------------
Mexico -- 1.0%
2,900 Altos Hornos de Mexico SA, ADR+ 4,350
1,600 Apasco SA, Series A, ADR 49,815
800 Bufete Industries, ADR+ 500
8,600 Cemex SA de CV, ADR+ 239,725
800 Coca-Cola Femsa SA, ADR 14,050
2,500 Consorcio G. Grupo Dina, ADR+ 1,563
500 Controladora Comercial Mexican
SA de CV, ADR 13,000
2,205 Desc de CV, Series C, ADR 36,934
3,100 Empresas Ica, ADR 10,075
13,000 Grupo Carso SA, ADR 129,520
1,100 Grupo Casa Autrey, ADR+ 9,075
1,100 Grupo Elektra, ADR 10,587
8,600 Grupo Financiero Bancomer SA
de CV, ADR 71,886
4,400 Grupo Financiero Serfin SA de CV,
ADR+ --
2,000 Grupo Imsa SA, ADR 34,375
800 Grupo Industrial Durango SA, ADR+ 9,500
1,800 Grupo Industrial Maseca SA, ADR 13,050
1,700 Grupo Iusacell SA, ADR 25,394
500 Grupo Radio Central, ADR 4,187
4,600 Grupo Telivisa SA, ADR+ 313,950
2,800 Grupo Tribasa SA, ADR+ 875
700 Industries Bachoco SA 7,525
4,200 Kimberly Clark, Inc., ADR 82,005
3,400 Savia SA de CV, ADR+ 74,800
8,600 Telefono de Mexico SA, ADR 967,500
200 Transport Matima Mexico,
Class L, ADR+ 938
2,100 Tubos de Acero de Mexico, ADR 28,481
3,000 Tv Azteca SA de CV, ADR 27,000
3,600 Vitro Sociedad Anomina, ADR 19,800
------------
2,200,460
------------
Netherlands -- 4.8%
41,500 ABN AMRO Holding, ADR 1,050,469
16,800 AEGON Insurance, ADR 1,604,400
8,500 Akzo Nobel, ADR 422,875
4,100 ASM Lithography Holdings NV+ 466,375
6,100 Baan Company, ADR+ 86,163
1,600 Benckiser NV 62,400
4,400 CNH Global NV 58,575
11,500 DSM, ADR 115,266
10,000 Elsevier, ADR 238,750
6,100 Equant NV+ 683,200
1,800 Gucci Group, ADR 206,100
27,305 ING Groep NV 1,665,605
3,600 Ispat International NV, Class A 58,050
1,575 KLM Royal Dutch Airlines NV 39,277
18,060 Koninklijke Ahold, ADR 540,671
9,516 Koninklijke Philips Electronics
NV, ADR 1,284,660
400 Koninklijke Van Ommeren, ADR 12,743
2,500 Koninklijke Wessanen NV, CVA 27,198
100 KPNQwest NV+ 6,375
2,500 Oce Van Der Griten, ADR 41,250
1,000 QIAGEN NV, ADR+ 75,500
1,400 Royal Nedlloyd Group, ADR 19,603
13,683 Royal PTT Nederland, ADR 1,315,278
13,683 TNT Post Group NV, ADR 391,676
800 Toolex Alpha NV, ADR+ 13,600
5,700 VNU -- Verenigde Nederlandse
Uitgeversbedrijven Verengd
Bezit, ADR 299,612
8,400 Wolters Kluwer, ADR 284,314
------------
11,069,985
------------
New Zealand -- 0.2%
1,025 Fletcher Challenge, Building, ADR 14,414
1,025 Fletcher Challenge, Energy, ADR 26,394
2,560 Fletcher Challenge, Forest, ADR+ 9,600
1,950 Fletcher Challenge, Paper, ADR 13,162
7,900 Telecommunications of
New Zealand Ltd., ADR 304,150
1,200 Tranz Rail Holdings Ltd., ADR 6,563
------------
374,283
------------
Norway -- 0.2%
1,800 Nera ASA, ADR+ 8,550
6,850 Norsk Hydro AS, ADR 292,837
2,700 Petroleum Geo -- Services, ADR+ 48,094
800 Smedvig ASA, ADR 9,991
------------
359,472
------------
Panama -- 0.0%#
600 Banco Latinoamericano de
Exportaciones SA 14,100
------------
Peru -- 0.0%#
500 Compania de Minas Buenaventura
SA, ADR 8,031
7,000 Telefonica del Peru SA, ADR 93,625
------------
101,656
------------
Philippines -- 0.1%
3,600 Philippine Long Distance
Telephone Company, ADR 93,150
5,565 San Miguel Corporation,
Class B, ADR 78,711
------------
171,861
------------
Portugal -- 0.3%
5,900 Banco Comercial Portuges SA,
ADR 158,931
9,000 Electricidade de Portugal SA,
ADR 313,875
28,500 Portugal Telecom SA, ADR 309,938
------------
782,744
------------
Russia -- 0.3%
5,000 Lukoil, ADR 260,000
7,600 Mosenergo, ADR 33,440
3,500 Rostelecom, ADR+ 59,062
13,600 Surgutneftegaz, ADR+ 231,200
11,800 Unified Energy Systems 141,600
800 Vimpel-- Communications, ADR 35,700
------------
761,002
------------
Singapore -- 0.4%
6,500 Asia Pacific Resources
International Holdings Ltd.,
Class A 11,375
200 Chartered Semiconductor
Manufacturing, ADR+ 14,600
1,300 China Yuchai, ADR+ 1,544
3,500 Cycle & Carriage Ltd., ADR 21,645
7,003 DBS Group Holdings Ltd., ADR 459,158
10,875 Keppel Corporation Ltd. 56,938
5,400 Neptune Orient Lines Ltd., ADR+ 28,921
15,100 United Overseas Bank Ltd., ADR 266,550
------------
860,731
------------
South Africa -- 0.2%
3,400 Gold Fields of South Africa Ltd.,
ADR 8,287
2,100 Harmony Gold Mining Company
Ltd., ADR 13,190
5,790 Imperial Holdings Ltd., ADR 63,309
7,700 Iscor Ltd., ADR 29,149
15,400 Liberty Life Association of Africa
Ltd., ADR 255,275
3,300 Pepkor Ltd., ADR 31,097
17,400 Sasol Ltd., ADR 145,725
12,200 Wooltru Ltd., ADR 24,281
------------
570,313
------------
Spain -- 2.7%
7,300 Argentaria, Caja Postal Y Banco,
Hipothecario de Espana SA,
ADR 339,450
59,500 Banco Bilbao Vizcaya, ADR 844,156
105,160 Banco Santander Central Hispano
S.A., ADR 1,229,057
35,100 Banesto Espanol de Credito, ADR+ 278,621
27,400 Endesa SA, ADR 553,138
25,850 Repsol, ADR 601,013
31,216 Telefonica de Espana SA, ADR 2,460,211
------------
6,305,646
------------
Sweden -- 2.3%
3,400 AGA AB, ADR 56,340
3,666 Atlas Copco, ADR 108,356
3,100 Autoliv, Inc., ADR 90,675
500 Biacore International AB, ADR+ 4,875
5,300 Electrolux AB, ADR 266,325
54,900 Ericsson (L.M.) Telephone
Company, Class B, ADR 3,606,244
15,100 Forenings Sparbanken AB, ADR 221,824
700 Pricer AB, ADR 481
7,750 Sandvik AB, ADR 246,827
3,300 SKF AB, ADR 81,675
6,000 Svenska Cellulosa AB, ADR 177,694
1,300 Swedish Match Company, ADR 45,500
12,700 Volvo AB, ADR 320,675
------------
5,227,491
------------
Switzerland -- 4.7%
3,900 Adecco SA, ADR 374,400
30,900 Credit Suisse Group, ADR 1,535,491
1,100 Mettler Toledo International, Inc.+ 42,006
22,600 Nestle, ADR 2,070,094
36,766 Novartis, ADR 2,699,206
20,100 Roche Holdings Ltd. 2,385,794
3,000 Sulzer Medica, ADR 55,875
1,600 TAG Heuer International SA,
ADR 18,200
123,300 UBS AG, ADR 1,664,856
------------
10,845,922
------------
Taiwan -- 0.9%
5,831 Macronix International Company
Ltd., ADR 111,518
42,944 Taiwan Semiconductor
Manufacturing Company 1,932,480
------------
2,043,998
------------
Thailand -- 0.0%#
7,000 Advanced Information Services
PCL, ADR+ 83,632
124 Shin Corporations PCL, ADR+ 4,161
------------
87,793
------------
United Kingdom -- 22.6%
20,300 Abbey National Plc, ADR 647,286
2,800 Albert Fisher Group Plc, ADR+ 5,405
30,000 Allied Domeq Plc, ADR 148,285
22,488 Allied Zurich AG, Plc, ADR 529,306
4,000 Amvescap Plc, ADR 226,000
1,900 ARM Holdings Plc, ADR+ 363,850
50,936 Astra Zeneca Group Plc, ADR 2,126,578
19,600 AXA, SA, ADR 1,391,600
30,500 BAA Plc, ADR 212,832
44,700 Babcock International Group Plc 65,345
11,000 Barclays Plc, ADR 1,266,375
22,414 Bass Publishing Limited Company
Plc, ADR 264,765
800 Bespak Plc, ADR 7,430
20,192 BG Group Plc, ADR 623,428
22,300 Blue Circle Industries Plc, ADR 130,397
7,300 BOC Group Plc, ADR 311,162
1,200 Body Shop International Plc, ADR 11,242
92,600 BP Amoco Plc, ADR 5,492,337
3,200 British Airways Plc, ADR 206,000
22,491 British American Tobacco Plc,
ADR 230,533
2,000 British Biotech Plc, ADR+ 9,000
8,600 British Sky Broadcasting Group
Plc, ADR 797,650
18,600 British Telecommunications Plc,
ADR 4,426,800
3,200 Burmah Castrol Plc, ADR 94,800
8,912 Cable & Wireless
Communications Plc+ 623,840
23,000 Cable & Wireless Plc, ADR 1,217,562
14,600 Cadbury Schweppes Plc, ADR 353,137
3,400 Carlton Communications Plc,
ADR 161,925
7,050 Coats Viyella Plc, ADR 14,007
4,700 COLT Telecom Group Plc, ADR+ 958,800
18,200 Compass Group Plc, ADR 249,887
1,370 Cordiant Communications
Group Plc 30,739
5,900 Corus Group Plc, ADR 152,662
26,800 Crest Nicholson Plc 64,935
1,700 Danka Business Systems Plc, ADR+ 21,569
25,683 Diageo Plc, ADR 821,856
900 Dialog Corp. Plc+ 5,738
4,300 Dixons Group Plc, ADR 310,477
500 Eidos Plc, ADR+ 41,500
11,725 EMI Group Plc, ADR 227,273
5,000 Enterprise Oil Plc, ADR 95,937
5,000 Gallaher Group Plc, ADR 76,875
400 Gentia Software Plc+ 2,725
52,000 Glaxo Wellcome Plc, ADR 2,905,500
3,925 Hanson Trust Plc, ADR 158,717
21,300 Heywood Williams Group Plc 91,176
26,600 HSBC Holdings Plc, ADR 1,879,805
300 ICON Plc, ADR+ 5,100
5,400 Imperial Chemical Industries
Plc, ADR 229,837
7,825 Imperial Tobacco Group Plc, ADR 128,861
54,880 Invensys Plc, ADR 581,529
300 Jazztel Plc, ADR+ 19,538
13,800 Johnson Service Group Plc 68,166
19,100 Kingfisher Plc, ADR 422,871
9,600 LASMO Plc, ADR 60,000
1,800 Laura Ashley Holdings Plc, ADR+ 2,544
500 London Pacific Group Ltd. Plc,
ADR 18,000
13,700 Marks & Spencer Plc, ADR 393,022
2,500 Medeva Plc, ADR 26,875
88,500 MEPC Plc 664,736
500 MERANT Plc, ADR+ 15,500
8,570 National Grid Group Plc, ADR 326,006
9,200 National Power Plc, ADR 197,800
8,400 National Westminster Bank Plc,
ADR 1,085,700
3,150 NFC Plc, ADR 63,000
7,300 Orange Plc, ADR+ 1,208,150
16,900 Pearson Plc, ADR 550,066
9,000 Peninsular & Oriental Steam Plc,
ADR 300,199
4,800 Powergen Plc, ADR 151,800
4,100 Premier Farnell Plc, ADR 56,888
3,100 Premier Oil Plc, ADC+ 7,261
900 Provalis Plc+ 816
11,600 Prudential Plc, ADR 1,105,511
4,300 Racal Electronics Plc, ADR 77,098
800 Ramco Energy Plc, ADR+ 5,000
11,500 Rank Group Plc, ADR 70,438
8,500 Reed International Plc, ADR 253,937
8,600 Rentokil Initial Plc, ADR 313,793
7,053 Reuters Group Plc, ADR 569,971
12,911 Rexam Plc, ADR 51,644
7,900 Rio Tinto Plc, ADR 748,525
1,370 Saatchi & Saatchi Plc 41,614
1,200 Scottish & Southern Energy Plc,
ADR 95,464
8,900 Scottish Power Plc, ADR 262,940
1,700 Senetek Plc, ADR+ 2,391
47,500 Shell Transportation & Trading
Plc, ADR 2,339,375
1,400 Shire Pharmaceuticals Group Plc,
ADR+ 40,775
1,700 Signet Group Plc 53,975
300 Smallworldwide Plc, ADR+ 2,475
32,100 Smithkline Beecham Group Plc,
ADR 2,068,444
8,394 South African Breweries Plc, ADR 85,372
600 Stolt Comex Seaway SA+ 6,600
900 Stolt-Nielsen SA Plc 12,825
950 Stolt-Nielsen SA Plc, ADR 16,625
3,400 Tate & Lyle Plc, ADR 87,103
800 Taylor Nelson Sofres Plc, ADR 53,305
6,407 Telewest Communications Plc,
ADR+ 353,987
63,800 Tesco Plc, ADR 581,237
7,500 TI Group Plc, ADR 108,790
8,300 Tomkins Plc, ADR 121,906
2,100 Trinity Mirror Plc, ADR 44,844
20,853 Unilever Plc, ADR 632,107
13,544 United Biscuits (Holdings) Plc 57,976
7,500 United News & Media Plc, ADR 191,250
8,200 United Utilities Plc, ADR 163,231
87,650 Vodafone Group Plc, ADR 4,338,675
400 Wembley Plc, ADR 9,950
7,261 Williams Plc, ADR 99,225
4,600 WPP Group Plc, ADR 382,375
1,000 Xenova Group Plc, ADR 1,125
------------
52,091,191
------------
United States -- 0.1%
393 ADC Telecommunications, Inc.+ 28,517
1,000 Amdocs Ltd.+ 34,500
3,080 CIT Group, Inc., Class A 65,065
1,008 Weyerhaeuser Company 72,387
------------
200,469
------------
Venezuela -- 0.0%#
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 41,862
1,800 Mavesa SA, ADR 5,513
1,000 Sidervrgica/Venez/Sivensa, ADR 2,158
------------
49,533
------------
TOTAL COMMON STOCKS
(Cost $144,921,145) 240,586,006
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.5%
(Cost $3,543,000)
$3,543,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999, to
be repurchased at $3,543,974
on 01/03/2000, collateralized
by $3,535,000 U.S. Treasury Notes,
6.625%, maturing 03/31/2002
(value $3,618,956) 3,543,000
------------
OTHER INVESTMENTS**
(Cost $55,473,436) 24.1% 55,473,436
----- ------------
TOTAL INVESTMENTS
(Cost $203,937,581*) 130.2% $299,602,442
OTHER ASSETS AND
LIABILITIES (Net) (30.2) (69,491,066)
----- ------------
NET ASSETS 100.0% $230,111,376
===== ============
- ------------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on
loan is $54,869,394. Collateral received for
securities loaned of $55,473,436 is invested in
State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
++ Amount represents percentage of net assets.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
(Continued)
At December 31, 1999 Sector diversification of the Munder International
Equity Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 26.6% $ 61,171,588
Banking and Financial Services... 12.2 28,157,700
Oil and Gas...................... 6.9 15,879,239
Drugs and Health Care............ 6.4 14,777,973
Electronics...................... 5.0 11,593,138
Automotive....................... 4.9 11,195,185
Utilities........................ 4.6 10,553,224
Business Services................ 3.8 8,610,235
Food and Beverages............... 3.6 8,227,769
Machinery and Heavy Equipment.... 3.0 6,982,072
Electric and Electrial Equipment. 3.0 6,819,052
Retail........................... 2.7 6,296,760
Household Appliances and
Home Furnishings.............. 1.8 4,177,693
Metals and Mining................ 1.7 3,842,614
Printing and Publishing.......... 1.5 3,331,351
Manufacturing.................... 1.4 3,267,240
Diversified...................... 1.4 3,271,466
Construction and Mining
Equipment..................... 1.4 3,157,649
Chemicals........................ 1.1 2,490,556
Photography...................... 1.0 2,365,781
Broadcasting and Advertising..... 1.0 2,253,342
Real Estate...................... 0.9 2,041,164
Insurance........................ 0.9 2,040,930
Transportation................... 0.8 1,891,366
Software......................... 0.8 1,723,011
Building and Building Materials.. 0.5 1,297,772
Leisure Time..................... 0.4 976,559
Industrial Machinery............. 0.4 1,009,220
Distributors..................... 0.4 812,780
Apparel and Textiles............. 0.4 950,088
Tobacco.......................... 0.3 719,196
Miscellaneous.................... 0.3 632,107
Conglomerates.................... 0.3 717,127
Other............................ 3.2 7,353,059
----- ------------
TOTAL COMMON STOCKS ............. 104.6 240,586,006
REPURCHASE
AGREEMENT .................... 1.5 3,543,000
OTHER INVESTMENTS ............... 24.1 55,473,436
----- ------------
TOTAL INVESTMENTS ............... 130.2 299,602,442
OTHER ASSETS AND
LIABILITIES (Net) ............ (30.2) (69,491,066)
----- ------------
NET ASSETS ...................... 100.0% $230,111,376
===== ============
See Notes to Financial Statements.
Munder Micro-Cap Equity Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 94.2%
Aerospace -- 1.8%
32,250 Integral Systems, Inc.+ $ 1,423,031
------------
Banking and Financial Services -- 0.8%
33,400 ACE Cash Express, Inc.+ 617,900
------------
Building Materials -- 1.3%
142,200 Craftmade International, Inc. 1,030,950
------------
Business Services -- 2.7%
12,050 Charles River Associates, Inc.+ 403,675
59,150 Workflow Management, Inc.+ 1,693,168
------------
2,096,843
------------
Commercial Services -- 2.7%
54,150 Insurance Auto Auctions, Inc.+ 852,862
93,700 Koala Corporation+ 1,311,800
------------
2,164,662
------------
Computers and Business Equipment -- 9.8%
88,500 Integrated Measurement Systems,
Inc.+ 1,250,063
62,250 Miami Computer Supply
Corporation+ 2,311,031
44,600 ScanSource, Inc.+ 1,809,088
138,300 Zamba Corporation+ 2,402,962
------------
7,773,144
------------
Computer Hardware, Software
or Services -- 17.0%
74,200 e-Sim Ltd., ADR+ 1,015,612
124,700 IKOS Systems, Inc.+ 1,208,031
30,550 Magic Software Enterprises Ltd. 1,894,100
82,200 MAPICS, Inc.+ 1,037,775
52,150 MapInfo Corporation+ 1,916,512
34,600 Optio Software, Inc.+ 813,100
105,100 Sapiens International Corporation
NV, ADR+ 1,727,581
46,500 SBS Technologies, Inc.+ 1,697,250
22,000 Symix Systems, Inc.+ 401,500
17,350 TALX Corporation+ 229,888
100,250 Troy Group, Inc.+ 1,503,750
------------
13,445,099
------------
Computer -- Semiconductors -- 4.2%
44,200 Carey International, Inc.+ 1,077,375
41,150 Metalink Ltd., ADR+ 838,431
102,050 Xicor, Inc.+ 1,396,810
------------
3,312,616
------------
Electronics -- 16.8%
33,810 Anaren Microwave, Inc.+ 1,829,966
66,750 Diodes, Inc.+ 1,435,125
109,150 FLIR Systems, Inc.+ 1,773,687
131,100 inTEST Corporation+ 2,359,800
45,500 Measurement Specialties, Inc.+ 949,813
59,200 Sage, Inc.+ 1,147,000
140,100 Spectrum Control, Inc.+ 1,488,563
99,200 Trimble Navigation Ltd.+ 2,145,200
5,200 Virata Corporation+ 155,350
------------
13,284,504
------------
Entertainment -- 1.6%
94,350 Isle of Capri Casinos, Inc.+ 1,244,241
------------
Internet Content -- 6.6%
17,350 C-bridge Internet Solutions, Inc.+ 843,644
29,150 Deltathree.com, Inc., Class A+ 750,613
10,300 Mediaplex, Inc.+ 646,325
13,000 Preview Systems, Inc.+ 843,375
167,300 ProsoftTraining.com+ 1,735,737
54,500 US SEARCH.com, Inc.+ 408,750
------------
5,228,444
------------
Machinery -- 2.9%
56,850 Applied Science and Technology,
Inc.+ 1,889,374
107,050 Mitcham Industries, Inc.+ 367,985
------------
2,257,359
------------
Medical and Medical Services -- 8.7%
164,400 Air Methods Corporation+ 513,750
142,000 Endocare, Inc.+ 1,198,125
114,900 Meridian Medical Technologies,
Inc.+ 646,313
109,250 Polymedica Corporation+ 2,526,406
33,800 SonoSite, Inc.+ 1,068,925
96,700 STAAR Surgical Company+ 942,825
------------
6,896,344
------------
Oil and Gas -- 1.2%
122,700 Pennaco Energy, Inc.+ 981,600
------------
Oil Equipment and Services -- 2.6%
45,050 Maverick Tube Corporation+ 1,112,172
121,950 NS Group, Inc.+ 929,869
------------
2,042,041
------------
Retail -- 5.8%
93,700 Cutter & Buck, Inc.+ 1,417,212
122,200 Gadzooks, Inc.+ 1,199,088
212,650 The Good Guys, Inc.+ 1,980,303
------------
4,596,603
------------
Telecommunications -- 7.7%
60,650 Gentner Communications
Corporation+ 849,100
81,000 Gilat Communications Ltd., ADR+ 1,949,062
111,400 TTI Team Telecom International
Ltd., ADR+ 2,019,125
38,900 XETA Corporation+ 1,290,994
------------
6,108,281
------------
TOTAL COMMON STOCKS
(Cost $51,799,920) 74,503,662
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.5%
(Cost $3,538,000)
$3,538,000 Agreement with State Street Bank and
Trust Company, 3.300% dated 12/31/1999,
to be repurchased at $3,538,973 on
01/03/2000, collateralized by $3,530,000
U.S. Treasury Note, 6.625% maturing
03/31/2002
(value $3,613,838) 3,538,000
------------
OTHER INVESTMENTS**
(Cost $15,883,572) 20.1% 15,883,572
----- ------------
TOTAL INVESTMENTS
(Cost $71,221,492*) 118.8% 93,925,234
OTHER ASSETS AND
LIABILITIES (Net) (18.8) (14,842,412)
----- ------------
NET ASSETS 100.0% $ 79,082,822
===== ============
- -----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $15,531,780. Collateral
received for securities loaned of $15,883,572 is
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 94.5%
Advertising -- 5.6%
370,000 Interpublic Group of
Companies, Inc. $ 21,344,375
216,350 Omnicom, Inc. 21,635,000
------------
42,979,375
------------
Automobile Parts and Equipment -- 1.9%
261,550 Johnson Controls, Inc. 14,875,656
------------
Banking and Financial Services -- 9.0%
281,700 Associates First Capital
Corporation, Class A 7,729,144
424,150 Automatic Data Processing, Inc. 22,851,081
84,400 Federal Home Loan Mortgage
Corporation 3,972,075
163,500 Fiserv, Inc.+ 6,264,094
164,000 FleetBoston Financial
Corporation 5,709,250
280,000 MBNA Corporation 7,630,000
170,000 Mellon Financial Corporation 5,790,625
380,000 U.S. Bancorp 9,048,750
------------
68,995,019
------------
Building Materials -- 2.0%
600,000 Masco Corporation 15,225,000
------------
Chemicals -- 1.4%
150,000 Avery Dennison Corporation 10,931,250
------------
Computer Hardware, Software
or Services -- 13.5%
159,550 BMC Software, Inc.+ 12,754,028
100,000 Ceridian Corporation+ 2,156,250
120,000 International Business Machines
Corporation 12,960,000
103,000 Lexmark International Group,
Inc.+ 9,321,500
330,200 Microsoft Corporation+ 38,550,850
200,000 Sun Microsystems, Inc.+ 15,487,500
126,000 Synopsys, Inc.+ 8,410,500
29,000 VERITAS Software Corporation+ 4,150,625
------------
103,791,253
------------
Diversified -- 6.9%
271,703 Honeywell International, Inc. 15,673,867
286,000 Textron, Inc. 21,932,625
400,292 Tyco International Ltd. 15,561,351
------------
53,167,843
------------
Drugs -- 4.6%
186,000 Amgen, Inc.+ 11,171,625
50,000 Cardinal Health, Inc. 2,393,750
219,800 Merck & Co., Inc. 14,740,337
172,600 Schering-Plough Corporation 7,281,563
------------
35,587,275
------------
Electrical Equipment -- 4.0%
199,800 General Electric Company 30,919,050
------------
Electronics -- 3.8%
268,200 Cisco Systems, Inc.+ 28,730,925
------------
Food and Beverages -- 4.3%
200,000 Anheuser-Busch Companies,
Inc. 14,175,000
475,000 SYSCO Corporation 18,792,187
------------
32,967,187
------------
Home Furnishings -- 1.0%
345,950 Leggett & Platt, Inc. 7,416,303
------------
Insurance -- 3.9%
108,866 American International Group,
Inc. 11,771,136
110,400 Marsh & McLennan Companies,
Inc. 10,563,900
125,000 MGIC Investment Corporation 7,523,438
------------
29,858,474
------------
Manufactured Housing -- 0.2%
196,448 Clayton Homes, Inc. 1,804,866
------------
Medical Services and Supplies -- 4.5%
124,700 Baxter International, Inc. 7,832,719
260,900 Biomet, Inc. 10,436,000
170,000 Johnson & Johnson Company 15,831,250
------------
34,099,969
------------
Personal Items -- 1.9%
132,500 Procter & Gamble Company 14,517,031
------------
Recreation -- 1.0%
155,400 Carnival Corporation, Class A 7,430,063
------------
Restaurants -- 1.6%
576,675 Wendy's International, Inc. 11,893,922
------------
Retail -- Building Supplies -- 4.0%
354,000 Home Depot, Inc. 24,271,125
100,000 Lowe's Companies, Inc. 5,975,000
------------
30,246,125
------------
Retail -- Grocery -- 0.2%
50,000 Safeway, Inc.+ 1,778,125
------------
Retail -- Specialty -- 0.8%
256,900 Dollar General Corporation 5,844,475
------------
Retail -- Store -- 2.4%
400,000 Family Dollar Stores, Inc. 6,525,000
171,800 Wal-Mart Stores, Inc. 11,875,675
------------
18,400,675
------------
Semiconductors -- 4.9%
150,500 Altera Corporation+ 7,459,156
243,700 Intel Corporation 20,059,556
210,400 Maxim Integrated Products, Inc.+ 9,928,250
------------
37,446,962
------------
Telecommunications -- 10.3%
367,585 CenturyTel, Inc. 17,414,340
100,000 Comverse Technology, Inc.+ 14,475,000
245,695 Lucent Technologies, Inc. 18,381,057
270,000 MCI WorldCom, Inc.+ 14,326,875
300,000 SBC Communications 14,625,000
------------
79,222,272
------------
Thrift -- 0.8%
331,076 Charter One Financial, Inc. 6,331,829
------------
TOTAL COMMON STOCKS
(Cost $475,452,678) 724,460,924
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.1%
(Cost $39,000,000)
$ 39,000,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999,
to be repurchased at
$39,010,725 on 01/03/2000,
collateralized by $38,765,000
U.S. Treasury Note, 6.375%
maturing 08/15/2002
(value $39,782,581) 39,000,000
------------
OTHER INVESTMENTS**
(Cost $40,028,728) 5.2% 40,028,728
----- ------------
TOTAL INVESTMENTS
(Cost $554,481,406*) 104.8% 803,489,652
OTHER ASSETS AND
LIABILITIES (Net) (4.8) (37,138,674)
----- ------------
NET ASSETS 100.0% $766,350,978
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $39,520,728. Collateral
received for securities loaned of $40,028,728 is
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Real Estate Equity Investment Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 96.8%
Apartments -- 17.3%
69,775 Apartment Investment &
Management Company $ 2,777,917
78,209 Avalon Bay Community, Inc. 2,683,546
99,700 Camden Property Trust 2,729,288
67,450 Equity Residential Properties
Trust 2,879,272
------------
11,070,023
------------
Community Shopping Centers -- 12.7%
137,050 Bradley Real Estate, Inc. 2,389,809
142,200 Developers Diversified Realty
Corporation 1,830,825
80,750 JDN Realty Corporation 1,302,094
76,375 Kimco Realty Corporation 2,587,203
------------
8,109,931
------------
Hotels -- 3.2%
87,525 Starwood Hotels & Resorts
Worldwide, Inc. 2,056,838
------------
Office and Industrial -- 39.9%
80,625 Boston Properties, Inc. 2,509,453
132,200 Brandywine Realty Trust 2,164,775
62,200 CenterPoint Properties
Corporation 2,231,425
133,800 Corporate Office Properties Trust,
Inc. 1,020,225
151,825 Duke Realty Investments, Inc. 2,960,587
129,744 Equity Office Properties Trust 3,194,946
114,325 Kilroy Realty Corporation 2,515,150
102,200 Mack-Cali Realty Corporation 2,663,588
106,875 Reckson Associates Realty
Corporation 2,190,938
28,307 Reckson Associates Realty
Corporation, Class B 643,984
9,696 Reckson Services Industries, Inc.+ 604,788
75,525 Spieker Properties, Inc. 2,751,942
------------
25,451,801
------------
Regional Malls -- 9.6%
80,050 CBL & Associates Properties,
Inc. 1,651,031
73,500 General Growth Properties, Inc. 2,058,000
105,825 Simon DeBartolo Group, Inc. 2,427,361
------------
6,136,392
------------
Storage -- 4.2%
119,200 Public Storage, Inc. 2,704,350
------------
Triple Net Lease -- 2.7%
170,000 Commercial Net Lease Realty 1,689,375
------------
Other -- 7.2%
185,300 Correctional Properties Trust 2,269,925
6,840 Crescent Operating, Inc.+ 18,810
3,526 Vornado Operating, Inc.+ 21,156
70,525 Vornado Realty Trust 2,292,062
------------
4,601,953
------------
TOTAL COMMON STOCKS
(Cost $69,656,601) 61,820,663
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.3%
(Cost $174,000)
$174,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at $174,048
on 01/03/2000, collateralized by $180,000
U.S. Treasury Note, 5.625% maturing
05/15/2001 (value $179,775) 174,000
------------
TOTAL INVESTMENTS
(Cost $69,830,601*) 97.1% 61,994,663
OTHER ASSETS AND
LIABILITIES (Net) 2.9 1,836,074
----- ------------
NET ASSETS 100.0% $ 63,830,737
===== ============
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Small-Cap Value Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 100.2%++
Airlines -- 3.0%
84,675 Midwest Express Holdings, Inc.+ $ 2,699,016
------------
Automobile Parts and Equipment -- 2.9%
57,000 Detroit Diesel Corporation 1,093,688
87,200 Dura Automotive Systems, Inc.+ 1,520,550
------------
2,614,238
------------
Banking and Financial Services -- 16.0%
137,100 Financial Federal Corporation+ 3,127,594
144,200 Flagstar Bancorp, Inc. 2,487,450
99,300 Metris Companies, Inc. 3,543,769
95,800 OceanFirst Financial Corporation 1,658,537
88,000 Riggs National Corporation 1,160,500
81,500 UST Corporation 2,587,625
------------
14,565,475
------------
Building Materials -- 9.2%
132,600 Dayton Superior Corporation+ 2,154,750
90,000 Elcor Corporation 2,711,250
74,200 Pulte Corporation 1,669,500
123,500 Universal Forest Products, Inc. 1,821,625
------------
8,357,125
------------
Chemicals and Plastics -- 2.1%
47,000 Olin Corporation 931,188
51,300 Wellman, Inc. 955,462
------------
1,886,650
------------
Commercial Services -- 2.0%
133,400 Mail-Well, Inc.+ 1,800,900
------------
Computer Hardware, Software
or Services -- 4.0%
64,100 Datastream Systems, Inc.+ 1,574,456
81,100 Inter-Tel, Inc. 2,027,500
------------
3,601,956
------------
Construction and Mining Equipment -- 1.7%
55,100 Terex Corporation+ 1,529,025
------------
Consumer Services -- 1.4%
52,000 Dollar Thrifty Automotive
Group, Inc.+ 1,244,750
------------
Containers -- 1.8%
161,700 Ivex Packaging Corporation+ 1,617,000
------------
Diversified -- 1.1%
30,900 Lancaster Colony Corporation 1,023,563
------------
Electronics -- 2.8%
79,800 Methode Electronics, Inc.,
Class A 2,563,575
------------
Food and Beverages -- 8.3%
33,400 Canandaigua Brands, Inc.,
Class A+ 1,703,400
264,100 Del Monte Foods Company+ 3,251,731
125,300 J&J Snack Foods Corporation+ 2,568,650
------------
7,523,781
------------
Hardware -- 2.8%
69,600 Toro Company 2,596,950
------------
Health Care -- 0.9%
129,200 Sierra Health Services, Inc.+ 864,025
------------
Health Care Products -- 1.4%
183,300 Helen of Troy Ltd.+ 1,328,925
------------
Insurance -- 4.3%
204,600 MIIX Group, Inc. 2,992,275
19,400 Radian Group, Inc. 926,350
------------
3,918,625
------------
Medical Supplies -- 2.2%
134,243 Bindley Western Industries, Inc. 2,022,035
------------
Metals and Metal Processing -- 2.2%
80,400 Quanex Corporation 2,050,200
------------
Oil and Gas -- 10.4%
120,600 Houston Exploration Company+ 2,389,387
77,100 Marine Drilling Companies, Inc.+ 1,729,931
43,400 Precision Drilling Corporation+ 1,114,838
70,800 Pride International, Inc.+ 1,035,450
89,900 Southwest Gas Corporation 2,067,700
55,100 Valero Energy Corporation 1,095,113
------------
9,432,419
------------
Real Estate -- 10.0%
61,900 CenterPoint Properties
Corporation 2,220,662
75,100 Correctional Properties Trust 919,975
137,600 Kilroy Realty Corporation 3,027,200
143,200 Reckson Associates Realty
Corporation 2,935,600
------------
9,103,437
------------
Restaurants -- 3.2%
117,500 CBRL Group, Inc. 1,140,117
97,900 Ruby Tuesday, Inc. 1,780,556
------------
2,920,673
------------
Telecommunications Equipment -- 4.2%
150,100 REMEC, Inc.+ 3,827,550
------------
Telecommunications Services -- 1.2%
87,400 Alaska Communications Systems
Holdings, Inc.+ 1,081,575
------------
Transportation -- 1.1%
35,200 Atlas Air, Inc.+ 965,800
------------
TOTAL COMMON STOCKS
(Cost $90,257,391) 91,139,268
------------
OTHER INVESTMENTS**
(Cost $12,244,881) 13.5% 12,244,881
----- ------------
TOTAL INVESTMENTS
(Cost $102,502,272*) 113.7% 103,384,149
OTHER ASSETS AND
LIABILITIES (Net) (13.7) (12,466,476)
----- ------------
NET ASSETS 100.0% $ 90,917,673
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on
loan is $11,811,978. Collateral received for securities loaned
of $12,244,881 is invested in State Street Navigator Securities
Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ Amount represents percentage of net assets.
See Notes to Financial Statements.
Munder Small Company Growth Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 99.3%
Automobiles -- 0.8%
201,600 Sonic Automotive, Inc.,
Class A+ $ 1,965,600
------------
Banking and Financial Services -- 2.1%
127,950 Financial Federal Corporation+ 2,918,860
117,950 Southwest Bancorporation of
Texas, Inc.+ 2,336,884
------------
5,255,744
------------
Building Materials -- 0.9%
75,575 Elcor Corporation 2,276,697
------------
Business Services -- 7.5%
29,900 AGENCY.COM, Inc.+ 1,524,900
50,500 Charles River Associates, Inc.+ 1,691,750
162,300 MedQuist, Inc.+ 4,189,369
69,900 Remedy Corporation+ 3,311,512
207,062 Tetra Tech, Inc.+ 3,183,578
217,475 URS Corporation+ 4,716,489
17,150 Xpedior, Inc.+ 493,063
------------
19,110,661
------------
Commercial Services -- 3.0%
97,100 F.Y.I., Inc.+ 3,301,400
126,850 Manitowoc Company, Inc. 4,312,900
------------
7,614,300
------------
Computer Hardware, Software
or Services -- 21.4%
90,150 Advanced Digital Information
Corporation+ 4,383,544
68,700 BindView Development
Corporation+ 3,413,531
111,900 Cybex Computer Products
Corporation+ 4,531,950
132,650 Fundtech Ltd., ADR+ 2,719,325
224,280 Inter-Tel, Inc. 5,607,000
233,450 InterVoice, Inc.+ 5,427,712
52,200 ISS Group, Inc.+ 3,712,725
75,100 Jack Henry & Associates, Inc. 4,031,931
104,500 Mercury Computer Systems, Inc.+ 3,657,500
72,150 MICROS Systems, Inc.+ 5,339,100
87,550 National Instruments
Corporation+ 3,348,788
41,300 SanDisk Corporation+ 3,975,125
96,800 Zomax, Inc.+ 4,380,200
------------
54,528,431
------------
Distributors -- 2.8%
148,400 Advance Paradigm, Inc.+ 3,199,875
103,700 Miami Computer Supply
Corporation+ 3,849,863
------------
7,049,738
------------
Electronics -- 17.0%
187,600 Artesyn Technologies, Inc.+ 3,939,600
92,100 CTS Corporation 6,942,037
83,050 Dionex Corporation+ 3,420,622
103,300 L-3 Communications Holding,
Inc.+ 4,299,862
111,250 MKS Instruments, Inc.+ 4,018,906
67,525 Orbotech Ltd., ADR+ 5,233,187
71,800 Park Electrochemical Corporation 1,907,188
70,200 Quanta Services, Inc.+ 1,983,150
59,950 Sawtek, Inc.+ 3,990,422
109,800 SBS Technologies, Inc.+ 4,007,700
171,200 Trimble Navigation Ltd.+ 3,702,200
------------
43,444,874
------------
Food and Beverages -- 0.8%
91,500 Hain Food Group, Inc.+ 2,047,313
------------
Health Care Products -- 2.0%
163,675 Alpharma, Inc. 5,033,006
------------
Machinery -- 1.3%
103,750 Applied Science and Technology,
Inc.+ 3,448,066
------------
Medical Products -- 4.3%
114,200 Datascope Corporation 4,568,000
193,860 Hanger Orthopedic Group+ 1,938,600
101,550 INAMED Corporation+ 4,455,506
------------
10,962,106
------------
Medical Services -- 4.8%
496,800 Capital Senior Living
Corporation+ 2,515,050
203,950 Polymedica Corporation+ 4,716,344
259,300 Province Healthcare Company+ 4,926,700
------------
12,158,094
------------
Medical Supplies -- 3.1%
95,500 CONMED Corporation+ 2,471,062
106,110 Molecular Devices Corporation+ 5,517,720
------------
7,988,782
------------
Oil and Gas -- 1.6%
125,800 Basin Exploration, Inc.+ 2,217,225
52,000 Stone Energy Corporation+ 1,852,500
------------
4,069,725
------------
Oil and Gas Equipment and Services -- 2.3%
139,650 Core Laboratories NV+ 2,801,728
79,000 Hanover Compressor Company+ 2,982,250
------------
5,783,978
------------
Retail -- 10.1%
180,050 Cutter & Buck, Inc.+ 2,723,256
108,125 Fossil, Inc.+ 2,500,391
186,350 Hollywood Entertainment
Corporation+ 2,702,075
80,600 Michaels Stores, Inc.+ 2,297,100
83,550 Pacific Sunwear of California,
Inc.+ 2,663,156
198,700 Rent-Way, Inc.+ 3,713,206
135,350 The Men's Wearhouse, Inc.+ 3,975,906
92,550 Ultimate Electronics, Inc.+ 2,290,613
61,300 Zale Corporation+ 2,965,388
------------
25,831,091
------------
Semiconductors -- 5.0%
45,300 Cree Research, Inc.+ 3,867,488
187,900 Pericom Semiconductor
Corporation+ 4,944,119
77,300 Semtech Corporation+ 4,029,262
------------
12,840,869
------------
Storage -- 1.3%
158,850 Mobile Mini, Inc.+ 3,415,275
------------
Technology -- 1.6%
101,350 PerkinElmer, Inc.+ 4,225,028
------------
Telecommunications -- 3.3%
73,800 ADTRAN, Inc.+ 3,796,088
38,250 Gilat Satellite Networks Ltd.,
ADR+ 4,542,188
------------
8,338,276
------------
Trucking and Freight Forwarding -- 2.3%
82,600 Eagle USA Airfreight, Inc.+ 3,562,125
139,050 Swift Transportation Co., Inc.+ 2,450,756
------------
6,012,881
------------
TOTAL COMMON STOCKS
(Cost $201,206,689) 253,400,535
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.8%
(Cost $4,689,000)
$4,689,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999, to
be repurchased at $4,690,289
on 01/03/2000, collateralized by
$4,690,000 U.S. Treasury Note,
6.250% maturing 02/28/2002
(value $4,783,800) 4,689,000
------------
OTHER INVESTMENTS**
(Cost $37,648,81) 14.8% 37,648,816
----- ------------
TOTAL INVESTMENTS
(Cost $243,544,505*) 115.9% 295,738,351
OTHER ASSETS AND
LIABILITIES (Net) (15.9) (40,541,621)
----- ------------
NET ASSETS 100.0% $255,196,730
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $36,525,267. Collateral
received for securities loaned of $37,648,816 is
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Value Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 97.2%
Aerospace and Defense -- 1.9%
35,362 Honeywell International, Inc. $ 2,039,945
------------
Airlines -- 0.8%
17,500 Delta Air Lines, Inc. 871,719
------------
Automobiles -- 0.9%
17,300 Ford Motor Company 924,469
------------
Banking and Financial Services -- 14.9%
46,475 AmSouth Bancorporation 897,548
35,200 Chase Manhattan Corporation 2,734,600
51,550 Citigroup, Inc. 2,864,247
32,300 Federal Home Loan Mortgage
Corporation 1,520,119
64,400 FleetBoston Financial
Corporation 2,241,925
26,000 Goldman Sachs Group, Inc. 2,448,875
61,800 Heller Financial, Inc. 1,239,863
46,400 PNC Bank Corporation 2,064,800
------------
16,011,977
------------
Broadcasting -- 3.9%
57,300 Charter Communications, Inc.+ 1,253,437
38,150 MediaOne Group, Inc.+ 2,930,397
------------
4,183,834
------------
Building Materials -- 1.0%
20,780 Southdown, Inc. 1,072,768
------------
Business Services -- 1.6%
45,300 Fiserv, Inc.+ 1,735,556
------------
Computer Hardware, Software
or Services -- 5.1%
25,800 Affiliated Computer
Services, Inc.+ 1,186,800
34,600 Cabletron Systems, Inc.+ 899,600
22,400 Micron Technology, Inc.+ 1,741,600
24,300 Synopsys, Inc.+ 1,622,025
------------
5,450,025
------------
Diversified Manufacturing -- 1.6%
44,100 Pentair, Inc. 1,697,850
------------
Electronics -- 4.6%
12,920 Jabil Circuit, Inc.+ 943,160
24,800 SCI Systems, Inc.+ 2,038,250
11,050 Texas Instruments, Inc. 1,070,469
29,000 Vishay Intertechnology, Inc.+ 917,125
------------
4,969,004
------------
Food and Beverages -- 2.8%
66,530 Flowers Industries, Inc. 1,060,322
65,700 McCormick & Company, Inc. 1,954,575
------------
3,014,897
------------
Health Care Facilities -- 2.9%
54,650 Columbia/HCA Healthcare
Corporation 1,601,928
63,800 Tenet Healthcare Corporation+ 1,499,300
------------
3,101,228
------------
Health Care Services -- 3.3%
31,040 Baxter International, Inc. 1,949,700
55,300 Trigon Healthcare, Inc.+ 1,631,350
------------
3,581,050
------------
Home Furnishings and Housewares -- 3.2%
111,150 Furniture Brands International,
Inc.+ 2,445,300
15,900 Whirlpool Corporation 1,034,494
------------
3,479,794
------------
Insurance -- 3.2%
90,700 ACE Limited, ADR 1,513,556
22,300 Lincoln National Corporation 892,000
17,100 MGIC Investment Corporation 1,029,206
------------
3,434,762
------------
Machinery and Heavy Equipment -- 2.5%
20,900 Deere & Company 906,538
35,700 Parker-Hannifin Corporation 1,831,856
------------
2,738,394
------------
Manufacturing -- 1.1%
54,000 Pall Corporation 1,164,375
------------
Metals and Mining -- 2.4%
31,200 Alcoa, Inc. 2,589,600
------------
Oil and Gas -- 13.8%
40,400 Atlantic Richfield Company 3,494,600
82,300 Burlington Resources, Inc. 2,721,044
68,400 ENSCO International, Inc. 1,564,650
44,900 Noble Drilling Corporation+ 1,470,475
39,300 Occidental Petroleum
Corporation 849,862
31,830 Tosco Corporation 865,378
34,048 Total Fina SA, ADR 2,357,824
24,900 Vastar Resources, Inc. 1,469,100
------------
14,792,933
------------
Paper and Forest Products -- 1.2%
24,400 Georgia-Pacific Group 1,238,300
------------
Pollution Control -- 3.1%
93,000 Azurix Corporation+ 831,188
174,600 Republic Services, Inc.+ 2,509,875
------------
3,341,063
------------
Publishing -- 1.0%
17,620 Knight-Ridder, Inc. 1,048,390
------------
Real Estate -- 3.4%
25,100 Apartment Investment &
Management Company 999,294
21,600 Boston Properties, Inc. 672,300
42,700 Simon Property Group, Inc. 979,431
26,300 Spieker Properties, Inc. 958,306
------------
3,609,331
------------
Retail -- Store -- 1.0%
22,100 Federated Department Stores+ 1,117,431
------------
Telecommunications -- 9.2%
37,930 ALLTEL Corporation 3,136,337
46,000 GTE Corporation 3,245,875
19,650 MCI Worldcom, Inc.+ 1,042,678
16,600 Motorola, Inc. 2,444,350
------------
9,869,240
------------
Tobacco -- 0.8%
36,300 Philip Morris Companies, Inc. 841,706
------------
Transportation -- 2.8%
85,900 CNF Transportation, Inc. 2,963,550
------------
Utilities -- Electric -- 3.2%
35,200 Edison International 921,800
91,800 Northeast Utilities 1,887,637
21,500 SCANA Corporation 577,813
------------
3,387,250
------------
TOTAL COMMON STOCKS
(Cost $97,304,392) 104,270,441
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 19.2%
(Cost $20,634,000)
$20,634,000 Agreement with State Street Bank and
Trust Company, 3.300% dated 12/31/1999,
to be repurchased at $20,639,674 on
01/03/2000, collateralized by
$19,720,000 U.S. Treasury Note, 7.875%
maturing 11/15/2004
(value $21,051,000) 20,634,000
------------
OTHER INVESTMENTS**
(Cost $6,173,590) 5.8% 6,173,590
----- ------------
TOTAL INVESTMENTS
(Cost $124,111,982*) 122.2% 131,078,031
OTHER ASSETS AND
LIABILITIES (Net) (22.2) (23,788,236)
----- ------------
NET ASSETS 100.0% $107,289,795
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $6,114,446. Collateral received
for securities loaned of $6,173,590 is invested in
State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington Emerging Markets Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 93.5%
Brazil -- 9.8%
86,000 Banco Bradesco SA, ADR $ 674,575
45,000 Companhia Cervejaria Brahma,
ADR 630,000
16,000 Companhia Energetica
de Minas-Gerais, ADR 358,704
7,750 Companhia Vale do Rio Doce,
ADR 214,503
18,000 Embratel Participacoes SA, ADR 490,500
39,800 Petroleo Brasileiro SA, ADR 1,013,451
8,250 Tele Centro Sul Participacoes
SA, ADR 748,688
33,600 Tele Norte Leste Participacoes
SA, ADR 856,800
14,800 Telesp Celular Participacoes
SA, ADR 627,150
20,130 Uniao De Bancos Brasileiros
SA (Unibanco) 606,416
89,950 Usinas Siderurgicas de Minas
Gerais SA, ADR 487,970
------------
6,708,757
------------
Chile -- 1.3%
44,000 Antofagasta Holdings Plc 305,615
7,700 Chilectra SA, ADR 156,980
23,500 Compania Telecomunicaciones
de Chile SA, ADR 428,875
------------
891,470
------------
China\Hong Kong -- 6.0%
103,000 China Telecom (Hong Kong)
Ltd.+ 642,632
730,000 Cosco Pacific Ltd. 605,712
600,000 Shanghai Diesel Engine
Company Ltd. 111,600
2,500,000 Shanghai Petrochemical
Company Ltd. 392,359
3,400,000 TCL International
Holdings Ltd.+ 2,361,870
------------
4,114,173
------------
Ghana -- 0.5%
599,118 Social Security Bank 344,287
------------
Hungary -- 2.5%
4,800 BorsodChem Rt. 196,706
29,000 Magyar Tavkozlesi Rt, ADR 1,044,000
14,000 MOL Magyar Olaj-es Gazipari
Rt, GDR 294,000
3,700 OTP Bank Rt, GDR 215,525
------------
1,750,231
------------
India -- 5.6%
46,000 BSES Ltd., GDR 598,000
28,400 Hindalco Industries Ltd., ADR,
144A++ 671,660
54,750 Mahindra & Mahindra Ltd.,
GDR 606,356
14,025 Pentafour Software & Exports
Ltd., GDR 494,381
65,300 State Bank of India, GDR 796,660
26,890 Videsh Sanchar Nigam Ltd.,
GDR 666,872
------------
3,833,929
------------
Indonesia -- 3.0%
355,000 PT Indofoods Sukses Makmur
Tbk+ 444,544
27,695,000 PT Lippo Bank Tbk+ 990,877
1,100,000 PT Telekomunikasi Indonesia 625,760
------------
2,061,181
------------
Israel -- 0.9%
5,205 Gilat Satellite Networks Ltd.,
ADR+ 618,094
------------
Mexico -- 12.8%
100,000 ALFA SA de CV 469,657
36,000 Cemex SA de CV, ADR+ 1,003,500
12,000 Fomento Economico Mexicano
SA de CV, ADR 534,000
40,000 Grupo Carso SA de CV, ADR+ 398,524
55,997 Grupo Iusacell SA, ADR+ 836,455
118,000 Grupo Mexico SA 584,707
40,600 Grupo Televisa SA+ 1,371,188
145,000 Organizacion Soriana SA de CV 665,699
20,000 Telefono de Mexico SA, ADR 2,250,000
52,500 Tubos de Acero de Mexico SA,
ADR 712,031
------------
8,825,761
------------
Peru -- 0.4%
25,000 Credicorp Ltd., ADR 300,000
82 Ferreyros SA, ADR 888
------------
300,888
------------
Poland -- 1.9%
10,000 Bank Handlowy w Warszawie,
GDR 152,500
16,500 Elektrim Spolka Akcyjna SA 163,603
17,500 KGHM Polska Miedz SA, GDR 238,000
10,500 ProKom, GDR 163,275
60,000 Telekomunikacja Polska SA,
GDR 382,500
33,000 Wielkopolski Bank Kredytowy
SA 223,458
------------
1,323,336
------------
Russia -- 1.4%
9,000 Lukoil Holdings, ADR 468,000
28,050 Rostelecom, ADR+ 473,344
------------
941,344
------------
Senegal -- 0.7%
11,782 Sonatel Communications
Corporation 479,528
------------
Singapore -- 1.2%
1,050,000 China Everbright Pacific
Limited+ 857,722
------------
Slovakia -- 0.0%#
2,000 Slovnaft AS, GDR 28,000
------------
South Africa -- 9.5%
670,000 BOE Ltd. 653,128
177,192 Dimension Data Holdings Ltd. 1,111,228
70,973 Imperial Holdings Ltd. 776,033
230,000 M-Cell Ltd. 889,358
427,000 Profurn Ltd. 471,053
92,645 Sappi Ltd. 915,161
407,000 Standard Bank Investment
Corporation Ltd. 1,689,496
------------
6,505,457
------------
South Korea -- 15.2%
15,000 Hankuk Electric Glass
Company Ltd. 634,082
24,000 Housing & Commercial Bank,
Korea+ 760,898
14,000 Korea Electric Power
Corporation 433,994
24,100 Korea Tobacco & Ginseng
Corporation 532,726
15,088 L.G. Chemicals Ltd. 477,023
24,000 Medison Company 349,802
5,610 Pohang Iron & Steel Company
Ltd. 617,569
9,571 Samsung Electronics 2,242,084
11,500 Shinsegae Department Store
Company 581,330
900 SK Telecom Company Ltd. 3,225,892
60 SK Telecom Company Ltd.,
ADR 2,292
5,200 Trigem Computer, Inc. 577,014
------------
10,434,706
------------
Taiwan -- 8.8%
92,000 Acer, Inc., GDR 1,311,000
26,175 Asustek Computer, Inc. 364,487
62 Asustek Computer, Inc., GDR 863
22,195 Far Eastern Textile Ltd., GDR+ 536,009
37,905 Hon Hai Precision Industry
Company Ltd., GDR+ 732,514
55,000 Powerchip Semiconductor
Corporation, GDR+ 749,375
51,300 Synnex Technology International
Corporation, GDR 1,349,190
3,525 Taiwan Semiconductor
Manufacturing Company
Ltd., ADR 158,625
37,600 Winbond Electronics
Corporation, GDR+ 869,500
------------
6,071,563
------------
Thailand -- 6.1%
116,600 Grammy Entertainment Public
Company Ltd. 396,251
47,600 KCE Electronics Public
Company Ltd.+ 119,742
1,500,000 National Finance Public
Company Ltd.+ 667,065
21,600 Siam Cement Public
Company Ltd.+ 717,993
700,000 TelecomAsia Corporation
Public Company Ltd.+ 910,660
173,400 Total Access Communication
Public Company Ltd.+ 683,196
685,000 United Broadcasting
Corporation Public
Company Ltd.+ 686,546
------------
4,181,453
------------
Turkey -- 5.9%
9,391,100 Carsi Buyuk Magazacilik AS+ 1,142,723
57,644 Haci Omer Sabanci Holding
SA, ADR 763,783
5,750,000 Netas Telekomunikasyon AS 763,274
35,892,200 Turkiye Garanti Bankasi AS 542,618
3,572,665 Vestel Elektronik Sanayi ve
Ticaret AS+ 856,280
------------
4,068,678
------------
TOTAL COMMON STOCKS
(Cost $48,092,916) 64,340,558
------------
INVESTMENT COMPANY SECURITIES -- 4.4%
China\Hong Kong -- 3.1%
215 Taipei Fund, GDR+ 2,139,250
------------
India -- 1.3%
40,000 Is Himalayan Fund+ 885,000
------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $2,498,735) 3,024,250
------------
PREFERRED STOCKS -- 0.1%
Brazil -- 0.0%#
417 Telecomunicacoes do Rio
de Janeiro SA 11
------------
South Korea -- 0.1%
1,571 Shinsegae Department Store
Company+ 82,320
------------
TOTAL PREFERRED STOCKS
(Cost $59,659) 82,331
------------
RIGHTS -- 0.0%
(Cost $0)
Thailand -- 0.0%
9,520 KCE Electronics Public
Company Ltd., expires,
02/07/2000+ --
------------
WARRANTS -- 0.0%#
(Cost $3,938)
Mexico -- 0.0%#
2,250 Cemex SA de CV,
expires, 12/13/2002+ 9,281
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.7%
(Cost $1,145,000)
$1,145,000 Agreement with State Street Bank and Trust
Company, 3.300% dated 12/31/1999, to be
repurchased at $1,145,315 on 01/03/2000,
collateralized by $1,170,000 U.S. Treasury
Bond, 5.625% maturing 05/15/2001
(value $1,168,538) 1,145,000
------------
OTHER INVESTMENTS**
(Cost $11,358,698) 16.5% 11,358,698
----- ------------
TOTAL INVESTMENTS
(Cost $63,158,946*) 116.2% 79,960,118
OTHER ASSETS AND
LIABILITIES (Net) (16.2) (11,159,382)
----- ------------
NET ASSETS 100.0% $ 68,800,736
===== ============
- ---------
*Aggregate cost for Federal tax purposes.
**As of December 31, 1999, the market value of the securities on loan
is $11,069,648. Collateral received for securities
loaned consists of $11,358,698 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.
Munder Framlington Emerging Markets Funds
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1999 sector diversification of the Munder Framlington
Emerging Markets Fund was a follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 23.6% $ 16,264,502
Banking and Financial Services... 10.8 7,421,758
Electronics...................... 10.2 6,999,206
Computer Hardware, Software
or Services.................. 4.8 3,317,846
Diversified...................... 3.9 2,713,612
Retail........................... 3.5 2,389,751
Building and Building Materials.. 3.5 2,433,524
Oil and Gas...................... 3.2 2,195,810
Broadcasting and Advertising..... 3.0 2,057,733
Metals and Mining................ 2.5 1,709,758
Utilities........................ 2.3 1,547,678
Food and Beverages............... 2.3 1,608,544
Private Placements............... 1.9 1,282,101
Business Services................ 1.7 1,182,726
Banks............................ 1.7 1,195,746
Steel............................ 1.6 1,105,539
Investment Company Securities.... 1.6 1,111,229
Paper and Forest Products........ 1.3 915,161
Miscellaneous.................... 1.3 869,500
Real Estate...................... 1.2 857,722
Telecommunications
Equipment..................... 1.1 763,274
Chemicals........................ 1.0 673,728
Household Appliances and
Home Furnishings.............. 0.9 634,082
Telecommunications --
Satellite..................... 0.9 618,094
Automobiles...................... 0.9 606,356
Apparel and Textiles............. 0.8 536,009
Household Products............... 0.7 471,053
Leisure Time..................... 0.6 396,251
Medical Products................. 0.5 349,802
Other............................ 0.2 112,463
----- ------------
TOTAL COMMON STOCKS ............. 93.5 64,340,558
INVESTMENT COMPANY
SECURITIES ................... 4.4 3,024,250
PREFERRED STOCKS ................ 0.1 82,331
RIGHTS .......................... 0.0 --
WARRANTS ........................ 0.0# 9,281
REPURCHASE AGREEMENT ............ 1.7 1,145,000
OTHER INVESTMENTS ............... 16.5 11,358,698
----- ------------
TOTAL INVESTMENTS ............... 116.2 79,960,118
OTHER ASSETS AND
LIABILITIES (Net) ............ (16.2) (11,159,382)
----- ------------
NET ASSETS ...................... 100.0% $ 68,800,736
===== ============
- ------------
# Amount represents less than 0.1% of net assets.
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- DOMESTIC -- 80.0%
Biotechnology -- 29.8%
4,000 Abegenix, Inc.+ $ 530,000
1,960 Affymetrix, Inc.+ 332,587
12,500 Alexion Pharmaceuticals, Inc.+ 376,562
35,000 Ariad Pharmaceuticals, Inc.+ 98,438
7,000 Biomatrix, Inc.+ 134,750
13,000 Corixa Corporation+ 221,000
32,000 Cubist Pharmaceuticals, Inc.+ 616,000
15,000 Digene Corporation+ 185,051
20,000 Gene Logic+ 530,000
3,500 Gilead Sciences, Inc.+ 189,438
6,000 ICOS Corporation+ 175,500
5,000 Incyte Pharmaceuticals, Inc.+ 300,000
4,875 Invitrogen Corporation+ 292,500
1,100 Maxygen, Inc.+ 78,100
14,000 Medarex, Inc.+ 521,500
4,000 Millennium Pharmaceuticals, Inc.+ 488,000
15,000 Neurocrine Biosciences, Inc.+ 371,250
16,000 NPS Pharmaceuticals, Inc.+ 196,000
25,000 OSI Pharmaceuticals, Inc.+ 198,437
15,000 Pharmacopeia, Inc.+ 339,375
8,000 Pharmacyclics, Inc.+ 330,000
15,000 Synaptic Pharmaceutical
Corporation+ 101,250
6,000 TranskaryoticTherapies, Inc.+ 231,000
10,000 Trimeris, Inc.+ 236,250
12,000 Vical, Inc.+ 359,250
------------
7,432,238
------------
Contract Sales and Research
Organizations -- 4.3%
7,000 Accredo Health, Inc.+ 215,250
17,000 Aurora Bioscience Corporation+ 450,500
8,000 BioReliance Corporation+ 45,750
9,000 Pharmaceutical Product
Development, Inc.+ 106,875
8,000 Quintiles TransNational
Corporation+ 149,500
19,100 US Oncology, Inc.+ 94,306
------------
1,062,181
------------
Distribution and Marketing Services -- 3.0%
11,000 Advance Paradigm, Inc.+ 237,188
15,000 Healthworld Corporation+ 311,250
16,000 Omnicare, Inc. 192,000
------------
740,438
------------
Drugs -- 15.2%
18,600 AVANT Immunotherapeutics,
Inc.+ 45,919
3,500 Celgene Corporation+ 245,000
3,950 ChiRex, Inc.+ 57,769
15,000 Collagenex Pharmaceuticals, Inc.+ 375,000
25,825 Connetics Corporation+ 271,163
175 Crescendo Pharmaceuticals
Corporation+ 3,199
13,000 CV Therapeutics, Inc.+ 338,812
3,000 Forest Laboratories, Inc.+ 184,313
10,000 GelTex Pharmaceuticals, Inc.+ 128,125
7,500 Jones Medical Industries, Inc. 325,781
10,000 Medicis Pharmaceutical
Corporation+ 425,625
3,000 Medimmune, Inc.+ 497,625
3,000 Sepracor, Inc.+ 297,562
9,000 United Therapeutics
Corporation+ 414,000
4,000 Watson Pharmaceuticals, Inc.+ 143,250
8,000 Zonagen, Inc.+ 35,000
------------
3,788,143
------------
Drug Delivery -- 1.9%
10,000 Anesta Corporation+ 171,875
7,000 Inhale Therapeutic Systems+ 297,938
------------
469,813
------------
Hospital/Medical Services -- 1.9%
15,190 American Healthcorp, Inc.+ 69,304
8,000 Amsurg Corporation, Class A+ 52,000
15,000 Amsurg Corporation, Class B+ 97,500
4,000 Express Scripts, Inc., Class A+ 256,000
------------
474,804
------------
Managed Health Care -- 4.7%
20,000 Hanger Orthopedic Group+ 200,000
8,000 IMPATH, Inc.+ 203,500
40,000 ProMedCo Management
Company+ 117,500
10,000 Renal Care Group, Inc.+ 233,750
25,000 Renex Corporation+ 232,812
14,000 Res-Care, Inc.+ 178,500
------------
1,166,062
------------
Medical Devices -- 14.7%
25,000 Aksys Ltd.+ 121,875
4,000 ArthroCare Corporation+ 244,000
5,000 Bionx Implants, Inc.+ 15,625
12,000 Cyberonics, Inc.+ 191,250
18,000 Endocardial Solutions, Inc.+ 157,500
30,500 EndoSonics Corporation+ 137,250
20,000 EPIX Medical, Inc.+ 200,000
8,000 Gliatech, Inc.+ 133,000
4,000 Guidant Corporation 188,000
40,000 LifeCell Corporation+ 205,000
13,000 Lifecore Biomedical, Inc.+ 274,625
40,000 LJL Biosystems, Inc.+ 315,000
6,000 Medtronic, Inc. 218,625
3,500 MiniMed, Inc.+ 256,375
9,000 Molecular Devices Corporation+ 468,000
8,000 Novoste Corporation+ 132,000
9,350 ResMed, Inc.+ 390,362
------------
3,648,487
------------
Medical Information Systems -- 3.6%
7,000 Allscripts, Inc.+ 308,000
1,325 eBenX, Inc.+ 59,956
15,000 First Consulting Group, Inc.+ 232,500
8,825 InfoCure Corporation+ 275,230
1,155 MedicaLogic, Inc.+ 24,255
------------
899,941
------------
Medical Services -- 0.9%
9,000 MedQuist, Inc.+ 232,313
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $13,691,144) 19,914,420
------------
COMMON STOCKS -- FOREIGN -- 16.5%
Biotechnology -- 8.4%
25,000 Celltech Group Plc+ 213,623
5,000 Cerep+ 105,772
30,400 KS Biomedix Holdings+ 283,828
12,000 Maxim Pharmaceutical+ 246,798
4,000 NeuroSearch A/S+ 142,376
10,200 Oxford Asymmetry International
Plc+ 53,877
800,000 Oxford BioMedica Plc+ 436,131
1,250 Oxford Glyco Sciences+ 10,499
108,000 Peptide Therapeutics Group+ 87,226
20,000 Pharming Group NV+ 191,396
37,500 Shield Diagnostics Group Plc+ 333,156
------------
2,104,682
------------
Drugs -- 4.7%
64,000 AMRAD Corporation Ltd.+ 35,714
8,000 BioChem Pharma, Inc.+ 174,000
22,000 Bioglan Pharma Plc+ 222,104
150 CliniChem Development, Inc.+ 1,331
7,225 Galen Holdings Plc 58,936
1,750 H. Lundbeck A/S 69,868
8,650 Karo Bio AB+ 125,038
20,000 Shire Pharmaceuticals Group
Plc+ 198,682
4,000 Teva Pharmaceutical, ADR 286,750
------------
1,172,423
------------
Medical Devices -- 3.2%
10,000 Biora AB+ 51,005
50,000 Chemunex SA+ 29,213
210 CyBio AG+ 8,567
60,000 Gyrus Group Plc+ 261,679
60,000 NMT Group Plc+ 93,526
6,000 Ortivus AB+ 29,545
4,300 QIAGEN N.V., ADR+ 324,650
------------
798,185
------------
Medical Services -- 0.2%
3,000 TLC Laser Eye Centers, Inc.+ 39,187
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $3,507,298) 4,114,477
------------
WARRANTS -- 0.0%
(Cost $0)
Drugs -- 0.0%
2,400 AVANT Immunotherapeutics,
Inc., expires 08/24/03+ --
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.6%
(Cost $160,000)
$160,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999,
to be repurchased at $160,044
on 01/03/2000, collateralized
by $165,000 U.S. Treasury Note,
5.625% maturing 05/15/2001
(value $164,794) 160,000
------------
OTHER INVESTMENTS**
(Cost $5,385,214) 21.6% 5,385,214
----- ------------
TOTAL INVESTMENTS
(Cost $22,743,656*) 118.7% 29,574,111
OTHER ASSETS AND
LIABILITIES (Net) (18.7) (4,663,836)
----- ------------
NET ASSETS 100.0% $ 24,910,275
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
** As of December 31, 1999, the market value of the
securities on loan is $5,110,909. Collateral received
for securities loaned includes $4,100 in U.S.
Government securities and the remaining $5,381,114
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- --------------------------------------------------------
COMMON STOCKS -- 92.3%
Australia -- 1.7%
18,000 Australia & New Zealand
Banking Group Ltd. $ 130,944
30,000 Broken Hill Proprietary
Company Ltd. 393,920
93,275 ecorp Ltd.+ 233,306
20,000 News Corporation Ltd. 194,193
80,000 Telstra Corporation Ltd. 282,032
30,000 WMC Ltd. 165,438
------------
1,399,833
------------
Belgium -- 0.9%
16,200 Lernout & Hauspie Speech
Products NV+ 749,250
------------
China\Hong Kong -- 2.3%
170,000 China Everbright Ltd. 138,869
90,000 China Telecom (Hong Kong)
Ltd.+ 561,523
240,000 Cosco Pacific Ltd. 199,138
28,000 Dao Heng Bank Group Ltd. 144,439
28,000 Hutchison Whampoa Ltd. 407,024
600,000 Shanghai Diesel Engine
Company Ltd., B Shares 111,600
600,000 TCL International Holdings
Ltd.+ 416,801
------------
1,979,394
------------
Finland -- 3.0%
10,600 Nokia AB Oyj 1,922,023
18,400 Sampo Insurance Oyj,
A Shares 643,173
------------
2,565,196
------------
France -- 10.5%
11,253 Aventis SA 652,937
6,300 AXA 878,328
11,250 Banque Nationale de Paris 1,038,074
3,000 Castorama Dubois SA 912,659
10,100 Credit Lyonnais SA+ 461,910
12,000 Pechiney SA 857,657
2,700 Publicis SA 1,019,941
8,200 STMicroelectronics NV 1,262,169
6,707 Total Fina SA, Class B 895,209
9,750 Vivendi 880,512
------------
8,859,396
------------
Germany -- 3.0%
11,900 Bayerische Hypo-Und
Vereinsbank AG 812,750
7,000 Mannesmann AG 1,688,821
------------
2,501,571
------------
Ireland -- 1.2%
28,000 Global TeleSystems Group,
Inc.+ 969,500
------------
Italy -- 2.3%
130,000 ENI SpA 715,017
90,000 Telecom Italia SpA 1,269,260
------------
1,984,277
------------
Japan -- 27.8%
3,800 Aiful Corporation 464,911
80,000 Asahi Bank, Ltd. 493,296
13,000 Canon, Inc. 516,590
13,000 Computer Engineering &
Consulting Ltd. 347,362
18,800 Credit Saison Company Ltd. 327,533
30 DDI Corporation 411,080
8,000 Family Mart Company Ltd. 532,446
27,000 FCC Company Ltd. 449,251
17,000 Fuji Machine MFG Company
Ltd. 1,371,048
34,000 Fujisawa Pharmaceutical
Company Ltd. 825,291
17,000 Honda Motor Company Ltd. 632,280
3,200 Keyence Corporation 1,299,795
20,000 Kokuyo Company 266,223
120,000 Marubeni Corporation 503,866
13,000 Marui Company Ltd. 194,167
23,700 Meitec Corporation 753,891
117,000 Mitsubishi Chemical
Corporation 412,254
176,000 Mitsubishi Heavy Industries 587,413
11,900 Nichiei Company Ltd. 258,569
40,000 Nikko Securities Company Ltd. 506,215
200,000 Nippon Steel Corporation 467,848
32,000 Nomura Securities Company
Ltd. 577,860
61,000 NSK Ltd. 417,334
20 NTT Mobile Communications
Network, Inc. 769,306
40,000 Onward Kashiyama Company
Ltd. 548,106
3,700 Orix Corporation 833,650
43,000 Ricoh Company Ltd. 810,590
4,000 Rohm Company 1,644,318
13,000 Shin-Etsu Chemical Company
Ltd. 559,851
6,000 Sony Corporation 1,779,387
28,000 Sumitomo Bank Ltd. 383,400
32,000 Sumitomo Electric Industries 369,893
41,000 Sumitomo Trust & Banking 276,891
20,000 The Bank of Tokyo-Mitsubishi
Ltd. 278,751
5,000 Tokyo Electron Ltd. 685,133
70,000 Toshiba Corporation 534,404
43,000 Ube-Nitto Kasei Company Ltd. 164,138
8,600 World Company Ltd. 1,069,003
47,000 Yamato Kogyo Company Ltd. 212,068
------------
23,535,412
------------
Netherlands -- 6.0%
30,370 ABN AMRO Holdings NV 758,712
10,200 Equant NV+ 1,157,989
12,500 Getronics NV 997,276
11,000 ING Groep NV 664,186
2,450 KPNQwest NV+ 163,135
10,700 United Pan-Europe
Communicatins NV+ 1,368,887
------------
5,110,185
------------
Portugal -- 0.8%
121,500 Banco Comercial Portugues
SA (BCP) 674,385
------------
Singapore -- 0.7%
40,000 Datacraft Asia Ltd. 332,000
25,000 Singapore Airlines Ltd. 283,699
------------
615,699
------------
Slovakia -- 0.0%#
2,000 Slovnaft AS, GDR 28,000
------------
South Korea -- 1.4%
4,000 Hankuk Electric Glass Company
Ltd. 169,089
8,000 Korea Electric Power
Corporation, ADR 134,000
8,000 Korea Tobacco & Ginseng
Corporation+ 176,839
2,000 Pohang Iron & Steel Company
Ltd. 220,167
1,846 Samsung Electronics 432,440
1,854 SK Telecom Company Ltd.,
ADR 71,147
------------
1,203,682
------------
Spain -- 5.8%
32,000 Argentaria SA 752,047
25,000 Cortefiel SA 654,777
26,800 Sogecable SA+ 1,711,608
60,000 Sol Melia SA 680,566
44,569 Telefonica SA 1,113,432
------------
4,912,430
------------
Sweden -- 4.3%
25,000 Ericsson (L.M.) AB, Class B 1,607,122
105,000 Nordbanken Holding AB 616,994
81,000 Orvitus AB, Series B+ 398,860
33,000 Skandia Forsakrings AB 996,709
------------
3,619,685
------------
Switzerland -- 4.6%
1,451 Adecco SA 1,129,963
500 Novartis AG 734,158
70 Roche Holdings AG 830,874
2,500 UBS AG -- Registered 675,124
950 Zurich Allied AG 541,732
------------
3,911,851
------------
Thailand -- 0.6%
121,000 Total Access Communication
Public Company Ltd.+ 476,740
------------
United Kingdom -- 15.4%
144,500 BBA Group Plc 1,197,398
85,000 Bowthorpe Plc 1,493,830
89,000 BP Amoco Plc 898,396
80,000 Compass Group Plc 1,098,404
10,000 Energis Plc+ 480,552
50,000 Hays Plc 797,958
45,000 HSBC Holdings Plc 623,667
26,500 Laporte Plc 232,006
45,000 Logica Plc 1,163,016
102,000 Norwich Union Plc 781,789
53,000 Ocean Group Plc 988,806
22,000 Pearson Plc 716,062
77,000 Smithkline Beecham Plc 976,368
170,000 Vodafone Group Plc 847,391
157,692 Williams Plc 718,310
------------
13,013,953
------------
TOTAL COMMON STOCKS
(Cost $51,049,305) 78,110,439
------------
PREFERRED STOCKS -- 3.1%
Germany -- 3.1%
17,000 Fresenius Medical Care AG 707,260
300 Porsche AG 821,997
1,725 SAP AG 1,039,132
------------
2,568,389
------------
TOTAL PREFERRED STOCKS
(Cost $2,050,983) 2,568,389
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 2.6%
(Cost $2,210,000)
$2,210,000 Agreement with State Street Bank and
Trust Company, 3.300% dated 12/31/1999,
to be repurchased at $2,210,608 on
01/03/2000, collateralized by $2,205,000
U.S. Treasury Note, 6.625% maturing
03/31/2002 (value
$2,257,369) 2,210,000
------------
OTHER INVESTMENTS**
(Cost $1,861,800) 2.2% 1,861,800
----- ------------
TOTAL INVESTMENTS
(Cost $57,172,088*) 100.2% 84,750,628
OTHER ASSETS AND
LIABILITIES (Net) (0.2) (136,647)
----- ------------
NET ASSETS 100.0% $ 84,613,981
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the
securities on loan is $1,856,250. Collateral received
for securities loaned includes $793,800 in U.S.
Government securities and the remaining $1,068,000
invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1999 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking and Financial Services... 13.6% $11,495,740
Electronics...................... 13.2 11,151,206
Telecommunications............... 12.5 10,616,656
Oil and Gas...................... 5.3 4,458,644
Drugs and Health Care............ 4.8 4,019,628
Diversified Industrial........... 4.8 4,088,587
Insurance........................ 4.5 3,841,731
Machinery........................ 3.7 3,155,859
Retail........................... 2.7 2,294,049
Broadcasting..................... 2.3 1,905,801
Computers........................ 2.1 1,807,866
Apparel and Textiles............. 1.9 1,617,109
Software......................... 1.8 1,510,378
Chemicals........................ 1.6 1,368,249
Metal Processing................. 1.5 1,274,991
Air Travel....................... 1.5 1,272,505
Electric and Electrial Equipment. 1.4 1,167,851
Automotive....................... 1.4 1,193,131
Private Placements............... 1.3 1,129,963
Food and Beverages............... 1.3 1,098,404
Communication Services........... 1.3 1,101,306
Business Services................ 1.2 1,031,264
Advertising...................... 1.2 1,019,942
Holding Companies --
Diversified................... 1.1 915,201
Building and Building Materials.. 0.9 762,435
Steel............................ 0.8 688,015
Hotels........................... 0.8 680,565
Pharmaceuticals and Medical
Supplies...................... 0.5 398,860
Forest Paper and Products........ 0.3 266,223
Other............................ 1.0 778,280
----- -----------
TOTAL COMMON STOCKS ............. 92.3 78,110,439
PREFERRED STOCKS ................ 3.1 2,568,389
REPURCHASE AGREEMENT ............ 2.6 2,210,000
OTHER INVESTMENTS ............... 2.2 1,861,800
----- -----------
TOTAL INVESTMENTS ............... 100.2 84,750,628
OTHER ASSETS AND
LIABILITIES (Net) ............ (0.2) (136,647)
----- -----------
NET ASSETS ...................... 100.0% $84,613,981
===== ===========
Munder Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------
ASSET-BACKED SECURITIES -- 6.7%
$5,345,000 Ford Credit Auto Owner Trust,
Series 1999 D Class A5,
6.520% due 09/15/2003 $ 5,325,651
2,040,912 Residential Accredit Loans,
Inc., Series 1997 QS5
Class A 5,
7.250% due 06/25/2027 2,035,054
5,940,000 Standard Credit Card Master
Trust, Class A, Series 1994-2,
7.250% due 04/07/2008 5,881,604
2,300,000 Union Acceptance Corporation,
Class A3, Series 1996-C,
6.630% due 10/08/2003+ 2,278,411
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $15,736,121) 15,520,720
------------
CORPORATE BONDS AND NOTES -- 40.8%
Drugs -- 2.9%
6,400,000 Eli Lilly and Company,
8.375% due 02/07/2005 6,687,040
------------
Finance -- 16.2%
4,800,000 Associates Corporation of
North America,
5.800% due 04/20/2004 4,541,345
4 BankAmerica National Trust,
9.000% due 03/01/2008 4
3,830,000 Block Financial Corporation,
6.750% due 11/01/2004 3,709,917
6,000,000 CIT Group, Inc., Class A,
5.625% due 10/15/2003 5,674,474
4,750,000 Countrywide Capital III,
Subordinated Capital Income,
Secs Series B,
8.050% due 06/15/2027++ 4,412,471
2,500,000 First Union National Bank
Commercial Mortgage Trust,
Series 1999 C4 Class A2,
7.390% due 11/15/2009 2,482,825
2,500,000 Ford Motor Credit Company,
6.550% due 09/10/2002 2,467,233
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 4,864,780
4,520,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 4,858,420
4,850,000 Transamerica Capital III,
7.625% due 11/15/2037 4,344,311
------------
37,355,780
------------
Finance -- Foreign -- 4.2%
5,250,000 Abbey National Plc,
6.700% due 06/29/2049 4,774,027
5,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 4,836,500
------------
9,610,527
------------
Food and Beverage -- 2.5%
5,750,000 Coca-Cola Enterprises,
6.625% due 09/30/2002 5,675,250
------------
Industrial -- 10.4%
4,250,000 American Greetings Corporation,
6.100% due 08/01/2028 3,805,491
3,895,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,325,615
6,725,000 Harris Corporation Delaware,
6.350% due 02/01/2028 6,165,552
5,000,000 IBM Corporation,
7.500% due 06/15/2013 5,046,284
4,750,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001++ 4,709,918
------------
24,052,860
------------
Utility -- Electric -- 4.6%
2,500,000 Montana Power Company,
Series A, MTN,
8.680% due 02/07/2022 2,481,260
4,100,000 National Rural Utilities
Cooperative Finance, Note,
6.125% due 05/15/2005 3,842,424
4,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 4,209,987
------------
10,533,671
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $101,414,401) 93,915,128
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS --
23.8%
Collateralized Mortgage Obligations (CMO) --
10.9%
Federal Home Loan Mortgage Corporation:
5,000,000 Series 1541, Class F,
6.250% due 05/15/2019 4,938,585
1,925,000 Series 1702-A, Class PD,
6.500% due 04/15/2022 1,871,099
6,175,000 Series 1669, Class G,
6.500% due 02/15/2023 6,003,990
Federal National Mortgage Association:
7,000,000 Remic Trust 1994 30 Class H,
6.250% due 11/25/2022 6,682,651
2,502,627 Remic Trust 1997 G1 Class K,
6.750% due 02/18/2004 2,456,835
2,937,943 Remic Trust 1990-41 Class D,
9.500% due 04/25/2020 3,112,414
------------
25,065,574
------------
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.4%
FHLMC:
854,350 Pool #E62394, Gold,
7.500% due 09/01/2010 860,324
96,835 Pool #200021,
10.500% due 11/01/2000 101,330
------------
961,654
------------
Federal National Mortgage Association
(FNMA) -- 5.4%
FNMA:
4,810,742 Pool #455598,
5.500% due 12/01/2028 4,268,536
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,381,696
1,563,898 Pool #303105,
11.000% due 11/01/2020 1,713,190
1,755,531 Pool #100081,
11.500% due 08/01/2016 1,960,709
------------
12,324,131
------------
Government Agency Debentures -- 4.4%
6,555,000 Federal National Mortgage
Association, Benchmark Note,
5.250% due 01/15/2009 5,780,232
4,600,000 Tennessee Valley Authority,
6.375% due 06/15/2005 4,453,881
------------
10,234,113
------------
Government National Mortgage Association
(GNMA) -- 2.7% GNMA:
3,113,081 Pool #371438,
6.500% due 01/15/2024 2,986,242
1,431,797 Pool #780584,
7.000% due 06/15/2027 1,392,855
1,739,416 Pool #780840,
8.500% due 07/20/2028 1,770,648
------------
6,149,745
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $56,826,328) 54,735,217
------------
U.S. TREASURY OBLIGATIONS -- 25.3%
U.S. Treasury Bonds -- 14.2%
6,000,000 3.875% due 04/15/2029,TIPS 5,601,958
6,500,000 5.250% due 02/15/2029 5,381,047
19,125,000 8.000% due 11/15/2021 21,703,310
------------
32,686,315
------------
U.S. Treasury Notes -- 11.1%
4,300,000 6.000% due 08/15/2009 4,165,825
3,300,000 6.250% due 02/15/2007 3,247,529
5,100,000 7.000% due 07/15/2006 5,222,444
12,180,000 7.875% due 11/15/2004 12,875,473
------------
25,511,271
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $61,098,808) 58,197,586
------------
REPURCHASE AGREEMENT-- 2.1%
(Cost $4,865,000)
$4,865,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at
$4,866,338 on 01/03/2000,
collateralized by $4,865,000
U.S. Treasury Note, 6.250%
maturing 02/28/2002
(value $4,962,300) 4,865,000
------------
OTHER INVESTMENTS**
(Cost $52,325,550) 22.7% 52,325,550
----- ------------
TOTAL INVESTMENTS
(Cost $292,266,208*) 121.4% 279,559,201
OTHER ASSETS AND
LIABILITIES (Net) (21.4) (49,237,010)
----- ------------
NET ASSETS 100.0% $230,322,191
===== ============
- -------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on loan is
$51,455,067. Collateral received for securities loaned of $52,325,550 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Floating rate note. The interest shown reflects the rate currently in
effect.
++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATIONS:
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
See Notes to Financial Statements.
Munder Intermediate Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------
ASSET-BACKED SECURITIES -- 11.6%
$ 5,000,000 American Express Credit
Account Master,
Series 96 Class A,
6.800% due 12/15/2003 $ 5,020,301
5,000,000 Banc One Credit Card Master Trust,
Series 1995-A Class A,
6.150% due 07/15/2002 4,998,061
12,000,000 Carco Auto Loan Master Trust,
Series 1999 Class A1,
5.650% due 03/15/2003 11,762,701
5,000,000 Chase Manhattan Credit Card
Master, Series 1996 3 Class A,
7.040% due 02/15/2005 5,036,013
10,000,000 Chemical Master Credit Card,
Trust 1,
6.230% due 06/15/2003 10,000,748
5,405,000 Contimortgage Home Equity
Loan, 1997 2 Passthru
Certificate Class A9,
7.090% due 04/15/2028 5,270,274
443,318 CWMBS, Mortgage Passthru
Series 1996 I Class A6,
7.750% due 09/25/2026 441,381
11,320,000 Standard Credit Card and Trust,
Series 1990-6A,
7.850% due 02/07/2002 11,338,943
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $55,216,153) 53,868,422
------------
CORPORATE BONDS AND NOTES -- 44.5%
Banking and Financial Services -- 17.6%
10,000,000 America Express Bank, Ltd.,
5.864% due 02/10/2004+ 9,850,000
10,000,000 American General Finance
Corporation,
6.850% due 07/12/2004 9,811,000
Associates Corporation of North America:
5,000,000 6.000% due 03/15/2000 4,997,084
5,275,000 5.800% due 04/20/2004 4,990,749
2,570,000 MTN,
8.250% due 10/15/2004 2,659,070
10,000,000 Countrywide Home Loans,
Inc., MTN,
6.850% due 06/15/2004 9,784,009
2,400,000 Ford Motor Credit Corporation,
6.500% due 02/15/2006 2,277,802
11,000,000 IBM Credit Corporation, MTN,
6.350% due 08/30/2001 10,917,500
10,000,000 SunAmerica Institutional, MTN,
5.750% due 02/16/2009 9,004,680
3,360,000 Swiss Bank Corporation,
7.250% due 09/01/2006 3,297,416
904,231 Textron Financial Corporation
Receivables,
6.050% due 03/16/2009 897,239
10,000,000 Transamerica Finance
Corporation, MTN,
6.370% due 05/14/2004 9,453,870
4,000,000 U.S. Leasing International, MTN,
9.880% due 03/06/2001 4,122,391
------------
82,062,810
------------
Consumer Durable Goods -- 3.8%
10,000,000 Daimlerchrysler NA Holding
Corporation, MTN,
6.630% due 09/21/2001 9,952,572
8,000,000 Fortune Brands, Inc., 144A,
7.125% due 11/01/2004++ 7,871,909
------------
17,824,481
------------
Consumer Non-Durables -- 1.2%
6,000,000 Avon Products, Inc., 144A,
7.150% due 11/15/2009++ 5,775,073
------------
Foreign -- 3.4%
6,480,000 Abbey National Plc,
6.700% due 06/29/2049 5,892,513
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 9,673,000
------------
15,565,513
------------
Industrial -- 14.1%
2,500,000 American Greetings Corporation,
6.100% due 08/01/2028 2,238,524
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,639,903
3,701,813 Chevron Corporation, Trust Fund,
8.110% due 12/01/2004 3,790,182
4,900,000 General Motors Corporation,
5.910% due 03/11/2002 4,781,450
4,000,000 Pitney Bowes, Inc.,
5.950% due 02/01/2005 3,782,006
10,000,000 Racers-Kellogg,
Series 1998-1 144A,
5.750% due 02/02/2001++ 9,915,617
4,000,000 Rohm and Haas Company,
6.950% due 07/15/2004 3,935,198
9,500,000 TCI Communciations, Inc.,
8.650% due 09/15/2004 10,026,688
9,425,000 Textron, Inc.,
6.750% due 09/15/2002 9,287,648
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 3,987,907
10,140,000 Tyco International Group SA,
5.875% due 11/01/2004 9,333,518
------------
65,718,641
------------
Transportation -- 1.2%
5,505,000 Ryder System, Inc., MTN,
6.910% due 06/18/2002 5,441,580
------------
Utility -- Electric -- 2.1%
4,500,000 Montana Power Company, MTN,
8.680% due 02/07/2022 4,466,268
5,925,000 National Rural Utilities, MTN,
5.540% due 12/15/2005 5,390,387
------------
9,856,655
------------
Utility -- Telephone -- 1.1%
5,000,000 MCI WorldCom, Inc.,
6.125% due 08/15/2001 4,939,173
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $214,061,187) 207,183,926
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 38.2%
Federal Home Loan Mortgage Corporation (FHLMC) -- 5.6%
FHLMC:
10,250,000 6.000% due 07/20/2001 10,148,700
1,847,148 8.000% due 03/01/2028 1,865,029
2,844,600 Pool #A00813,
9.000% due 10/01/2020 2,950,621
601,216 Pool #E61740,
9.000% due 04/01/2010 624,702
2,479,112 Pool #F70013, Gold,
7.000% due 12/01/2011 2,457,448
576,105 Pool #G50249, REMIC,
8.500% due 03/01/2000 577,186
7,850,000 Series 1650 Class 1650 J,
6.500% due 06/15/2023 7,398,244
------------
26,021,930
------------
Federal National Mortgage Association
(FNMA) -- 15.6%
FNMA:
15,776,000 5.125% due 02/13/2004 14,835,419
9,590,930 6.000% due 02/01/2013 9,123,372
10,504,355 6.000% due 06/01/2013 9,972,519
11,913,038 6.000% due 05/01/2018 11,060,422
5,764,361 5.819% due 12/01/2028 5,533,787
16,500,000 Benchmark Note,
5.250% due 01/15/2009 14,549,784
1,823,349 Pool #070225,
7.500% due 08/01/2018 1,815,265
6,125,668 Pool #250550,
6.500% due 05/01/2026 5,846,932
------------
72,737,500
------------
Government Agency Debentures -- 13.5%
17,000,000 AID-Israel,
0.000% due 02/15/2004 12,810,802
8,500,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,149,247
30,000,000 Government Trust Certificates,
Class 3-C,
0.000% due 11/15/2004 21,473,658
10,950,000 SallieMae Student Loan Trust,
Class A2,
5.923% due 01/25/2010+ 10,744,688
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 9,682,349
------------
62,860,744
------------
Government National Mortgage Association (GNMA) --
3.1%
GNMA:
1,576,483 Pool #780077,
8.000% due 03/15/2025 1,592,186
4,436,989 Pool #780840,
8.500% due 07/20/2028 4,516,656
9,054,725 Pool #781008,
6.000% due 03/15/2029 8,254,842
------------
14,363,684
------------
Small Business Administration (SBA) -- 0.4%
1,690,920 SBA, Pool #502796,
6.500% due 11/25/2019 1,705,716
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $183,650,841) 177,689,574
------------
U.S. TREASURY OBLIGATIONS -- 4.9%
U.S. Treasury Bonds -- 1.0%
5,000,000 U.S. Treasury Bonds,
3.875% due
04/15/2029, TIPS 4,668,298
------------
U.S. Treasury Notes -- 3.9%
U.S. Treasury Notes:
16,100,000 7.875% due 11/15/2004 17,019,304
1,000,000 6.000% due 08/15/2009 968,796
------------
17,988,100
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $23,292,789) 22,656,398
------------
REPURCHASE AGREEMENT -- 1.2%
(Cost $5,485,000)
$5,485,000 Agreement with State Street
Bank and Trust Company, 3.300%
dated 12/31/1999, to be
repurchased at $5,486,508 on
01/03/2000, collateralized by
$5,485,000 U.S. Treasury Note,
6.250% maturing 02/28/2002
(value $5,594,700) 5,485,000
------------
OTHER INVESTMENTS**
(Cost $10,946,495) 2.3% 10,946,495
----- ------------
TOTAL INVESTMENTS
(Cost $492,652,465*) 102.7% 477,829,815
OTHER ASSETS AND
LIABILITIES (Net) (2.7) (12,378,331)
----- ------------
NET ASSETS 100.0% $465,451,484
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
** As of December 31,1999 the market value of the
securities on loan is $10,716,566. Collateral
received for securities loaned of $10,946,495 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.
ABBREVIATIONS:
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder International Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------------------------------------------
<S> <C>
FOREIGN BONDS AND NOTES -- 85.8%
Belgium -- 3.2%
Government -- 3.2%
BEF 1,512,151 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 $ 1,672,392
------------
Denmark -- 4.2%
Government -- 4.2%
DKK 14,000,000 Kingdom of Denmark,
8.000% due 03/15/2006 2,141,428
------------
Finland -- 1.2%
Government -- 1.2%
FIM 504,564 Republic of Finland,
9.500% due 03/15/2004 594,219
------------
France -- 6.1%
Government -- 6.1%
Government of France:
FRF 2,405,103 5.500% due 04/25/2007 2,456,698
548,816 8.500% due 12/26/2012 701,235
------------
3,157,933
------------
Germany -- 11.7%
Finance -- 2.6%
DEM 1,329,359 Bayerische Vereinsbank New York, Global Bond,
4.500% due 06/24/2002 1,341,138
Government -- 9.1%
3,451,220 Federal Republic of Germany,
5.625% due 01/04/2028 3,311,448
1,278,230 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 1,380,719
------------
6,033,305
------------
Italy -- 2.8%
Government -- 2.8%
ITL 1,291,140 Government of Italy,
8.500% due 04/01/2004 1,443,699
------------
Japan -- 41.1%
Government -- 31.5%
Government of Japan:
JPY 548,000,000 1.500% due 09/22/2008 5,349,734
1,000,000,000 3.100% due 03/20/2006 10,879,574
Supranational -- 9.6%
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 2,560,454
220,000,000 Interamerican Development Bank,
6.000% due 10/30/2001 2,373,211
------------
21,162,973
------------
Netherlands -- 4.1%
Government -- 4.1%
NLG 1,951,255 Government of Netherlands, Series 2,
8.250% due 06/15/2002 2,132,672
------------
Spain -- 3.3%
Government -- 3.3%
ESP 1,750,000 Kingdom of Spain,
5.150% due 07/30/2009 1,715,021
------------
Sweden -- 2.5%
Government -- 2.5%
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,295,041
------------
United Kingdom -- 2.4%
Supranational -- 2.4%
GBP 750,000 European Investment Bank,
8.500% due 11/06/2001 1,240,669
------------
United States -- 3.2%
Supranational -- 3.2%
GBP 1,000,000 KFW International Finance,
7.625% due 12/30/2003 1,654,279
------------
TOTAL FOREIGN BONDS AND NOTES
(Cost $45,543,735) 44,243,631
------------
GOVERNMENT AGENCY OBLIGATIONS -- 8.6%
GBP 600,000 Federal National Mortgage Association, Global Bond,
6.875% due 06/07/2002 968,695
DEM 3,700,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 1,995,251
USD 1,500,000 U.S. Treasury Note,
6.000% due 08/15/2009 1,453,195
------------
4,417,141
------------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $4,761,167) 4,417,141
------------
REPURCHASE AGREEMENT -- 3.2%
(Cost $1,629,000)
USD 1,629,000 Agreement with State
Street Bank and Trust Company,
3.300% dated 12/31/1999, to be
repurchased at $1,629,448 on
01/03/2000, collateralized by
$1,645,000 U.S. Treasury Notes,
5.625-6.750% having
maturities from 04/30/2000 through
05/15/2001 (value $1,665,594) 1,629,000
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $51,933,902*) 97.6% 50,289,772
OTHER ASSETS AND LIABILITIES (Net) 2.4 1,241,317
----- ------------
NET ASSETS 100.0% $ 51,531,089
===== ============
<FN>
- ----------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
BEF -- Belgian Francs
DEM -- German Deutsche Mark
DKK -- Danish Krone
ESP -- Spanish Peseta
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
ITL -- Italian Lira
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
USD -- United States Dollar
See Notes to Financial Statements.
</TABLE>
Munder U.S. Government Income Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- --------------------------------------------------------
ASSET-BACKED SECURITY-- 1.7%
(Cost $4,759,224)
$ 4,802,521 Residential Accreditation
Loans, Inc. $ 4,805,614
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 86.4%
Federal Home Loan Bank (FHLB) -- 0.8%
$2,500,000 FHLB,
5.800% due 09/02/2008 2,304,226
------------
Federal Home Loan Mortgage Corporation
(FHLMC) -- 49.8%
FHLMC:
1,392,678 Pool #A01048, Gold,
8.500% due 02/01/2020 1,427,151
4,407,842 Pool #E00160, Gold,
7.000% due 11/01/2007 4,384,689
861,674 Pool #G00479, Gold,
9.000% due 04/01/2025 894,290
5,500,000 Series 1399, Class Q,
7.000% due 02/15/2021 5,412,330
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 5,584,298
5,000,000 Series 1531, Class M,
6.000% due 06/15/2008 4,729,264
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 4,906,250
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 8,973,686
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 4,714,050
4,000,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,860,000
4,300,000 Series 1617, Class C,
6.500% due 02/15/2023 4,091,708
11,585,000 Series 1633, Class PL,
6.500% due 03/15/2023 10,918,863
5,000,000 Series 1638, Class H,
6.500% due 12/15/2023 4,596,733
2,000,000 Series 1650, Class H,
6.250% due 10/15/2022 1,928,740
12,000,000 Series 1669, Class G,
6.500% due 02/15/2023 11,667,672
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,640,900
8,000,000 Series 1676, Class H,
6.500% due 10/15/2022 7,781,301
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,583,309
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,320,317
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 983,892
1,200,000 Series 1722, Class PH,
6.500% due 08/15/2022 1,165,956
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 1,905,344
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 8,264,620
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 3,995,572
7,000,000 Series 1870, Class VB,
6.500% due 04/15/2007 6,835,920
1,345,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,301,363
3,352,241 Series 43, Class D,
10.000% due 06/15/2020 3,577,644
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,331,804
------------
137,777,666
------------
Federal Housing Authority/Veterans Administration
(FHA/VA) -- 0.3%
976,417 FHA, Azalea Garden,
8.500% due 09/01/2030 935,834
------------
Federal National Mortgage Association
(FNMA) -- 27.5%
FNMA:
67,785 Pool #040305,
11.500% due 02/01/2014 74,933
31,846 Pool #058255,
11.500% due 11/01/2010 35,210
42,630 Pool #081585,
11.500% due 07/01/2012 47,132
1,073,417 Pool #100081,
11.500% due 08/01/2016 1,198,872
130,073 Pool #210448,
11.500% due 11/01/2015 143,867
1,047,538 Pool #303105,
11.000% due 11/01/2020 1,147,537
160,538 Pool #336457,
10.500% due 11/01/2020 174,005
2,950,000 Pool #375618,
6.420% due 12/01/2007 2,783,060
2,542,767 Series 1990-117, Class E,
8.950% due 10/25/2020 2,642,149
5,000,000 Series 1990-45, Class J,
9.500% due 05/25/2020 5,284,830
7,500,000 Series 1993 203 Class PL,
6.500% due 10/25/2023 6,995,656
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,458,886
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022 1,936,148
5,100,000 Series 1993-163, Class BJ,
7.000% due 07/25/2006 5,022,144
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023 2,677,239
10,319,600 Series 1993-226, Class PN,
9.000% due 05/25/2022 10,999,971
3,500,000 Series 1993-240, Class PD,
6.250% due 12/25/2013 3,273,585
2,000,000 Series 1993-83, Class VE,
6.600% due 12/25/2005 1,935,399
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,432,607
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,456,395
1,600,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,519,222
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,089,447
5,150,000 Series 1996-70, Class PJ,
6.500% due 02/25/2026 4,742,116
6,250,000 Series 1999-17, Class PC,
6.000% due 12/25/2022 5,949,187
------------
76,019,597
------------
Government National Mortgage Association (GNMA) -- 7.9%
GNMA:
1,389,437 Pool #780840,
8.500% due 07/20/2028 1,414,385
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 9,872,592
6,000,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 5,858,470
5,200,000 Series 1999-13, Class PC,
6.000% due 03/20/2028 4,689,304
------------
21,834,751
------------
Small Business Administration (SBA) -- 0.1%
286,770 SBA, Pool # 503548,
5.875% due 11/25/2021+++ 283,544
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $247,723,343) 239,155,618
------------
U.S. TREASURY OBLIGATIONS -- 7.6%
U.S. Treasury Bonds -- 7.6%
U.S. Treasury Bonds:
2,500,000 10.375% due 11/15/2012 3,038,986
2,000,000 7.500% due 11/15/2016 2,139,809
4,000,000 8.125% due 08/15/2019 4,557,013
10,000,000 8.000% due 11/15/2021 11,348,136
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $22,896,633) 21,083,944
------------
REPURCHASE AGREEMENT -- 1.0%
(Cost $2,750,000)
$2,750,000 Agreement with State Street Bank and Trust Company, 3.300%
dated 12/31/1999, to be repurchased at $2,750,756 on
01/03/2000, collateralized by $2,750,000 U.S. Treasury Note,
6.250% maturing 02/28/2002
(value $2,805,000) 2,750,000
------------
OTHER INVESTMENTS**
(Cost $24,088,025) 8.7% $ 24,088,025
----- ------------
TOTAL INVESTMENTS
(Cost $302,217,225*) 105.4% 291,883,201
OTHER ASSETS AND
LIABILITIES (Net) (5.4) (14,956,167)
----- ------------
NET ASSETS 100.0% $276,927,034
===== ============
- -------------------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1999, the market value of the securities on loan is
$23,720,736. Collateral received for securities loaned of $24,088,025 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.
<TABLE>
<CAPTION>
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -----------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 96.3%
Michigan -- 96.3%
$ 1,000,000 Auburn Hills, Michigan, Building Authority, Refunding,
(AMBAC Insured),
5.000% due 11/01/2017 AAA Aaa $ 879,140
1,000,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2008 AA+ Aa2 1,116,530
625,000 Cadillac, Michigan, Area Public Schools, Pre-refunded,
5.375% due 05/01/2012 AAA Aaa 638,544
1,000,000 Central Michigan University Revenue, (FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,031,430
515,000 Clinton Township, Michigan Building Authority, Refunding,
(AMBAC Insured),
4.750% due 11/01/2012 AAA NR 474,650
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 566,580
De Witt, Michigan, Public Schools, GO:
750,000 4.700% due 05/01/2012 AAA Aaa 694,552
1,055,000 AMBAC Insured, Q-SBLF,
5.500% due 05/01/2011 AAA Aaa 1,084,329
700,000 Dearborn School District, Michigan, GO, (MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 645,729
Detroit, Michigan, Water Supply Systems, Revenue:
500,000 Series A,
5.000% due 07/01/2027 AAA Aaa 418,360
375,000 Series A,
5.750% due 07/01/2011 AAA Aaa 385,980
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 907,710
1,000,000 Eastern Michigan University Revenue, GO, (FGIC Insured),
5.500% due 06/01/2017 AAA Aaa 966,090
500,000 Farmington Hills, Michigan, Hospital Revenue,
Botsford General Hospital, Series A, Pre-refunded,
6.500% due 02/15/2022 AAA Aaa 527,750
1,000,000 Ferris State University, Michigan, Revenue Refunding,
(MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 955,310
750,000 Fowlerville, Michigan, Community School District, Refunding,
(FSA Insured),
4.500% due 05/01/2015 AAA Aaa 640,665
Grand Rapids, Michigan:
500,000 Building Authority,
4.550% due 04/01/2010 AA- Aa3 463,265
705,000 Building Authority,
5.000% due 04/01/2016 AA- Aa3 643,165
1,000,000 Community College Refunding, GO, (MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 928,810
1,000,000 Grand Traverse County, Michigan Hospital,
Munson Healthcare, Series A, Pre-refunded,
6.250% due 07/01/2022 AAA Aaa 1,055,750
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 610,953
500,000 Hesperia, Michigan Community Schools,
5.625% due 05/01/2017 AAA Aaa 520,165
1,100,000 Ingham County Michigan, Refunding, (FSA Insured),
5.125% due 11/01/2012 AAA Aaa 1,049,246
610,000 Kalamazoo, Michigan, Building Authority,
5.250% due 10/01/2017 AAA Aaa 565,299
1,000,000 Kalamazoo, Michigan, City School District, GO, (FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,046,440
760,000 Kent County, Michigan, Airport Facility Revenue,
4.750% due 01/01/2016 AAA Aa1 658,707
515,000 Lansing, Michigan, Water Supply, Steam & Electric
Utility System, Series A,
5.500% due 07/01/2009 AA Aa3 523,492
Lincoln, Michigan, Consolidate School District:
650,000 7.000% due 05/01/2005 AA+ Aa1 713,037
500,000 FSA Insured,
5.000% due 05/01/2018 AAA Aaa 439,655
1,000,000 Lincoln, Michigan, School District, Refunding,
5.000% due 05/01/2011 AAA Aaa 963,480
550,000 Michigan Municipal Bond Authority Revenue,
Local Government Loan (AMBAC Insured),
4.550% due 05/01/2008 AAA NR 523,584
1,100,000 Michigan Public Power Agency Revenue, (Belle River Project),
Series A,
5.250% due 01/01/2018 AA- A1 999,581
Michigan State Building Authority Revenue:
1,000,000 Facilities Project, Series 1,
5.000% due 10/15/2014 AA Aa2 919,980
1,000,000 Refunding Facilities Program, Series 1,
4.750% due 10/15/2021 AA Aa2 825,620
1,000,000 Michigan State Comprehensive Transportation Revenue
Series A, (MBIA Insured),
5.250% due 08/01/2012 AAA Aaa 980,670
1,200,000 Michigan State Enviromental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 1,289,232
Michigan State Hospital Finance Authority Revenue:
1,000,000 Genesys Health System, Series A,
7.500% due 10/01/2027 AAA Baa2 1,129,130
500,000 Hackley Hospital, Series A,
4.800% due 05/01/2005 NR A3 482,485
1,000,000 Mercy Health Services, Series S,
5.500% due 08/15/2020 AA- Aa3 897,490
715,000 Saint John Hospital & Medical Center, Series A,
6.000% due 05/15/2010 AAA Aaa 757,378
Michigan State Housing Development Authority:
1,000,000 Series A, (AMBAC Insured),
6.450% due 12/01/2014 AA+ NR 1,018,410
500,000 Series A, AMT, (AMBAC Insured),
6.050% due 12/01/2027 AAA Aaa 486,875
1,000,000 Michigan State Housing Development Rental Revenue,
Series C, AMT,
5.050% due 10/01/2015 AAA Aaa 908,160
750,000 Michigan State Housing Single Family Mortgage, Series B, AMT,
5.200% due 12/01/2018 AAA Aaa 676,073
1,000,000 Michigan State Trunk Line, Series A,
5.250% due 11/01/2011 AA- Aa3 987,410
1,000,000 Michigan State Trunk Line Highway Revenue, Pre-refunding,
Series A, (FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,037,430
500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 521,555
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 454,880
Oakland County Michigan:
700,000 Detroit Country Day School Project,
4.950% due 10/01/2018 NR Aaa 595,973
700,000 Economic Development Obligation Revenue,
Cranbrook Educational Community, Series B, Refunding,
6.375% due 11/01/2014 NR Aaa 745,661
1,000,000 Plainwell, Michigan Community School District, Refunding,
(FSA Insured),
5.000% due 05/01/2018 AAA Aaa 877,300
500,000 Redford, Michigan Union School District,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2014 AAA Aaa 493,965
1,500,000 Redford, Michigan Union School District, Refunding,
5.000% due 05/01/2022 AAA Aaa 1,299,885
1,000,000 Redford, Michigan, Unified School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,049,130
750,000 Rochester Community School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2019 AAA Aaa 658,425
750,000 Rockford Michigan Public Schools, (FGIC Insured),
6.500% due 05/01/2009 AAA Aaa 819,142
1,000,000 Saint Johns, Michigan, Public Schools District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,041,730
1,000,000 South Lake, Michigan, Public Schools System, (FGIC Insured),
5.125% due 05/01/2014 AAA Aaa 932,680
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,018,710
750,000 Three Rivers, Michigan, Community Schools, Pre-refunded,
5.600% due 05/01/2010 AAA Aaa 780,810
1,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 1,035,530
1,000,000 Williamston, Michigan, Community School District,
(MBIA Insured),
5.500% due 05/01/2025 AAA Aaa 937,680
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 448,230
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $52,266,007) 49,745,607
------------
<S> <C> <C>
SHORT-TERM INVESTMENTS-- 3.5%
(Cost $1,797,675)
1,797,675 Valiant Fund Tax Exempt Money Market 1,797,675
------------
TOTAL INVESTMENTS (Cost $54,063,682*) 99.8% 51,543,282
OTHER ASSETS AND LIABILITIES (Net) 0.2 77,928
----- ------------
NET ASSETS 100.0% $ 51,621,210
===== ============
<FN>
- -------------
*Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -----------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 96.6%
Arizona -- 1.8%
$ 1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,766,928
1,000,000 Tempe, Arizona, High School District Number 213,
(FGIC Insured),
4.500% due 07/01/2010 AAA Aaa 934,240
------------
2,701,168
------------
California -- 2.7%
2,905,000 Perris, California Community Facilities Revenue, ETM,
8.750% due 10/01/2021 NR Aaa 3,898,946
------------
Colorado -- 1.0%
1,350,000 Colorado Health Facilities, Hospital Revenue Bonds,
Series A, Pre-refunded,
6.875% due 02/15/2023 NR Aaa 1,456,528
------------
District of Columbia -- 1.4%
2,500,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 2,105,875
------------
Florida -- 12.0%
2,000,000 Dade County, Florida, GO, (FGIC Insured),
12.000% due 10/01/2001 AAA Aaa 2,244,300
2,000,000 Florida State, Board of Education, Administrative
Capital Revenue,
8.400% due 06/01/2007 AA Aa2 2,411,160
3,000,000 Gainesville, Florida, Utility Systems Revenue, Series A,
6.500% due 10/01/2012 AA Aa3 3,323,400
2,500,000 Orlando, Florida, Utilities Commission, Water and Electric
Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 2,743,200
3,050,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa1 3,420,300
3,000,000 Port Everglades, Florida, Port Authority Revenue, ETM,
7.125% due 11/01/2016 AAA Aaa 3,422,820
------------
17,565,180
------------
Georgia -- 6.6%
2,000,000 Atlanta, Georgia, Water & Sewer Revenue, (FGIC Insured),
5.250% due 01/01/2027 AAA Aaa 2,038,600
Georgia State, GO:
2,500,000 7.400% due 08/01/2007 AAA Aaa 2,876,225
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,169,860
2,500,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 2,551,100
------------
9,635,785
------------
Hawaii-- 1.6%
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA- Aa3 2,285,160
------------
Illinois -- 6.4%
1,000,000 Addison, Illinois, Single-family Mortgage Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,118,230
2,500,000 Chicago, Illinois, Wastewater Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,447,675
2,500,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,364,725
2,500,000 Illinois State, Sales Tax Revenue, Series Y,
5.250% due 06/15/2009 AAA Aa2 2,491,275
1,000,000 Regional Transport Authority, Illinois, (FGIC Insured),
6.000% due 06/01/2015 AAA Aaa 1,028,140
------------
9,450,045
------------
Indiana -- 3.5%
3,000,000 Indiana State Office Building Capital Revenue, (MBIA Insured),
7.400% due 07/01/2015 AAA Aaa 3,489,180
1,525,000 Indiana Transportation Finance Airport Lease, Refunding
Series A, (AMBAC Insured),
6.000% due 11/01/2010 AAA Aaa 1,616,485
------------
5,105,665
------------
Louisiana -- 0.7%
1,100,000 Shreveport, Louisiana, Refunding,
5.000% due 02/01/2013 AAA Aaa 1,032,152
------------
Maryland -- 1.4%
2,000,000 Baltimore, Maryland, Series A, (FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 2,106,260
------------
Massachusetts -- 5.2%
3,500,000 Massachusetts Bay Transport Authority, General Transportation
Systems, Series A, (MBIA Insured),
5.500% due 03/01/2011 AAA Aaa 3,553,760
1,150,000 Massachusetts State, Series C,
5.250% due 08/01/2010 AA- Aa3 1,147,585
1,000,000 Massachusetts State Port Authority Revenue, Refunding Series A,
5.750% due 07/01/2012 AA- Aa3 1,022,930
2,000,000 Massachusetts State, Grant Anticipation Notes, Series A,
5.250% due 12/15/2012 NR Aa3 1,946,140
------------
7,670,415
------------
Michigan -- 16.0%
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,310,235
1,500,000 Detroit, Michigan, City School District, GO, Series C,
(FGIC Insured),
5.250% due 05/01/2011 AAA Aaa 1,476,630
2,000,000 Grand Valley, Michigan State University Revenue,
(FGIC Insured),
5.500% due 02/01/2018 AAA NR 1,924,260
1,625,000 Jenison, Michigan, Public Schools, Pre-refunded,
5.250% due 05/01/2015 AAA Aaa 1,531,335
2,120,000 Kent County, Michigan, Building Authority, GO,
4.875% due 06/01/2012 AAA Aa1 1,990,150
5,000,000 Michigan State Enviromental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 5,371,800
Michigan State, Hospital Finance Authority Revenue:
2,250,000 Henry Ford Health System, (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,354,715
1,000,000 McLaren Health Care Corporation Series A,
5.250% due 06/01/2009 NR A1 966,990
1,000,000 Saint John Hospital & Medical Center Series A,
(AMBAC Insured),
6.000% due 05/15/2010 AAA Aaa 1,059,270
1,000,000 Michigan State, Housing Development Rental Revenue,
AMT, Series C,
5.050% due 10/01/2015 AAA Aaa 908,160
2,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 2,194,750
1,500,000 South Lake, Michigan, Public Schools System, (FGIC Insured),
5.125% due 05/01/2014 AAA Aaa 1,399,020
1,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 1,056,000
------------
23,543,315
------------
Minnesota -- 1.6%
2,500,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa2 2,399,450
------------
Missouri -- 0.7%
1,000,000 St. Louis County, Missouri,
5.250% due 02/01/2008 AAA Aaa 1,015,150
------------
Nevada -- 2.5%
Nevada State:
1,000,000 Refunding,
6.000% due 05/15/2010 AA Aa2 1,053,930
2,500,000 Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,637,750
------------
3,691,680
------------
New Mexico -- 0.7%
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 976,200
------------
North Carolina -- 1.7%
2,500,000 North Carolina, Municipal Power Agency, Catawba Electric
Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,519,975
------------
Ohio -- 4.9%
1,000,000 Cleveland, Ohio, GO, (MBIA Insured),
4.400% due 10/01/2011 AAA Aaa 910,940
1,350,000 Cleveland, Ohio, Waterworks Revenue, (MBIA Insured),
5.500% due 01/01/2021 AAA Aaa 1,280,677
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,292,175
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,166,400
585,000 University Cincinnati, Ohio, General Receipts, Series AA,
5.500% due 06/01/2012 AA Aa3 579,051
------------
7,229,243
------------
Oklahoma -- 0.8%
1,000,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue, (Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,160,670
------------
Oregon -- 0.6%
1,025,000 Tualatin Hills, Oregon, Park and Recreational District, GO,
(FGIC Insured),
4.600% due 03/01/2011 AAA Aaa 949,919
------------
Pennsylvania -- 2.0%
1,000,000 Pennsylvania Intergovernmental Cooperative,
Philadelphia Funding Program, Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 1,087,930
2,000,000 Pennsylvania State, GO,
5.000% due 10/15/2015 AA Aa3 1,819,880
------------
2,907,810
------------
Rhode Island -- 0.7%
1,000,000 Rhode Island Depositors Economic Protection, ETM,
5.800% due 08/01/2012 AAA Aaa 1,040,440
------------
South Carolina -- 1.5%
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,182,395
------------
Tennessee -- 1.6%
1,475,000 Johnson City, Tennessee, Water & Sewer, (FGIC Insured),
4.750% due 06/01/2013 AAA Aaa 1,353,357
1,000,000 Williamson County, Tennessee, Refunding, GO,
5.500% due 09/01/2014 NR Aa1 990,730
------------
2,344,087
------------
Texas -- 10.0%
1,000,000 Harris County, Texas, Toll Road Series A, Pre-refunded,
6.125% due 08/15/2020 AAA Aa1 1,070,670
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 4,977,160
2,750,000 Houston, Texas, Water & Sewer Systems Revenue, Series A,
Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,932,710
San Antonio, Texas, Electric & Gas Revenue:
995,000 Series A,
5.000% due 02/01/2012 AA Aa1 946,872
5,000 Series A, ETM,
5.000% due 02/01/2012 AA Aa1 4,820
2,000,000 Spring, Texas, Independent School District Authority, GO,
(PSFG),
6.875% due 08/15/2009 AAA Aaa 2,218,720
2,000,000 Texas State, Refunding Water Financial Assistance, Series C,
5.000% due 08/01/2018 AA Aa1 1,756,920
1,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 850,300
------------
14,758,172
------------
Utah -- 1.4%
2,000,000 Utah State, Building Ownership Authority,
5.500% due 05/15/2009 AAA Aaa 2,029,520
------------
Virginia -- 1.5%
2,500,000 Richmond, Virginia, Series B,
5.000% due 01/15/2021 AAA Aaa 2,181,475
------------
Washington -- 2.7%
1,815,000 Douglas County, Washington, Public Utility District No.1, GO,
(Wells Hydroelectric Project), Pre-refunded,
8.750% due 09/01/2018 AA- Aaa 2,278,097
1,000,000 King County, Washington, Series B, (MBIA Insured),
4.750% due 01/01/2020 AAA Aaa 814,110
1,000,000 Vancouver, Washington, Water & Sewer Revenue,
(MBIA Insured),
4.250% due 06/01/2009 AAA Aaa 919,630
------------
4,011,837
------------
Wisconsin -- 1.4%
Wisconsin State, Transportation Revenue:
1,000,000 Series A,
5.500% due 07/01/2011 AA- A1 1,011,490
1,000,000 Series A,
5.500% due 07/01/2012 AA- A1 1,005,030
------------
2,016,520
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $146,264,696) 141,971,037
------------
<S> <C> <C>
Shares
- ---------
SHORT-TERM INVESTMENTS-- 1.8%
(Cost $2,624,430)
2,624,430 Valiant Fund Tax Exempt Money Market 2,624,430
------------
TOTAL INVESTMENTS (Cost $148,889,126*) 98.4% 144,595,467
OTHER ASSETS AND LIABILITIES (Net) 1.6 2,402,271
----- ------------
NET ASSETS 100.0% $146,997,738
===== ============
<FN>
- -----------
*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
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -----------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 97.1%
Alabama -- 2.0%
$ 3,500,000 Alabama State Public School and College Authority Revenue,
Series A,
5.750% due 08/01/2003 AA Aa3 $ 3,629,885
1,000,000 Huntsville, Alabama Health Care, Series B, Pre-refunded,
6.625% due 06/01/2023 AAA Aaa 1,088,280
------------
4,718,165
------------
Arizona -- 4.4%
2,500,000 Maricopa County, Arizona, School District 48, Series D,
6.250% due 07/01/2008 AA Aa2 2,691,175
Phoenix, Arizona:
3,000,000 Pre-refunded, GO,
7.500% due 07/01/2004 AA+ Aa1 3,323,670
1,840,000 Pre-refunded, GO, Series A,
5.500% due 07/01/2015 AA+ Aa1 1,909,368
2,500,000 Tempe, Arizona, High School District, GO,
6.250% due 07/01/2004 AAA Aaa 2,651,000
------------
10,575,213
------------
California -- 3.8%
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 3,317,160
5,070,000 Sacramento County, California, Sanitation District Financing
Authority Revenue,
9.000% due 12/01/2002 AA Aa3 5,672,823
------------
8,989,983
------------
Delaware -- 1.1%
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,495,400
------------
Florida -- 3.4%
4,000,000 Dade County, Florida, School District, (MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,219,600
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 3,884,111
------------
8,103,711
------------
Georgia -- 0.9%
1,975,000 Georgia State, Series C,
7.250% due 07/01/2006 AAA Aaa 2,223,179
------------
Hawaii -- 1.3%
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 3,121,830
------------
Illinois -- 9.4%
4,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa1 4,734,135
6,000,000 Illinois Educational Facilities Authority Revenues,
Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 5,934,420
2,000,000 Illinois Health Facilities Authority Revenue, Pre-refunded,
5.500% due 05/15/2023 AAA Aaa 2,080,120
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 AAA Aa2 4,041,520
4,525,000 Lake County, Illinois, Adalai E. Stevenson School District,
No. 125, 5.500% due 01/01/2003 NR Aa1 4,612,423
1,000,000 Waukegan, Illinois, Series A, Pre-refunded,
6.750% due 11/15/2013 AAA Aaa 1,098,540
------------
22,501,158
------------
Indiana -- 2.6%
1,900,000 IPS School Building Corporation, First Mortgage,
6.050% due 01/15/2014 AAA NR 2,023,044
4,000,000 Kokomo, Indiana, Hospital Authority Revenue,
Saint Joseph's Hospital, Pre-refunded,
6.350% due 08/15/2013 AAA Aaa 4,273,200
------------
6,296,244
------------
Maryland -- 4.5%
Maryland State:
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,060,240
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,295,862
5,000,000 Prince George's County, Maryland, Consolidated Public
Improvement, GO, (MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,309,700
------------
10,665,802
------------
Massachusetts -- 0.9%
2,000,000 Massachusetts Water Resource Authority Revenue,
Series A, Pre-refunded,
6.750% due 07/15/2012 AAA Aaa 2,138,620
------------
Michigan -- 27.6%
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,582,791
2,500,000 Caledonia, Michigan, Community Schools, (AMBAC Insured),
Pre-refunded,
6.700% due 05/01/2022 AAA Aaa 2,658,025
1,000,000 Clarkston, Michigan, Community Schools, Pre-refunded,
5.750% due 05/01/2016 AAA Aaa 1,047,530
1,410,000 Detroit, Michigan, Sewage Disposal Revenue, Series A,
(FGIC Insured), Pre-refunded,
5.700% due 07/01/2013 AAA NR 1,477,934
2,000,000 Detroit, Michigan, Water Supply Systems Revenue,
Senior Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,022,700
2,000,000 Farmington Hills, Michigan, Hospital Authority Revenue,
Botsford General Hospital, Series A, (MBIA Insured),
6.500% due 02/15/2022 AAA Aaa 2,111,000
2,350,000 Gaylord, Michigan, Community Schools, GO, Pre-refunded,
6.600% due 05/01/2021 AA Aa2 2,490,741
3,075,000 Goodrich, Michigan, Area School District, Pre-refunded,
5.875% due 05/01/2024 AAA Aaa 3,262,729
1,000,000 Lake Orion, Michigan, Community School District,
Pre-refunded,
7.000% due 05/01/2020 AAA Aaa 1,105,470
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2022 AAA Aaa 2,109,000
Michigan State, Building Authority Revenue, Series I:
2,500,000 6.500% due 10/01/2004 AA Aa2 2,679,250
2,500,000 AMBAC Insured,
6.000% due 10/01/2006 AAA Aaa 2,635,275
2,500,000 AMBAC Insured,
6.250% due 10/01/2003 AAA Aaa 2,629,475
Michigan State, Hospital Finance Authority Revenue:
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 972,870
1,900,000 Oakwood Hospital Obligated Group, (FGIC Insured),
Pre-refunded,
7.000% due 07/01/2010 AAA Aaa 1,964,106
850,000 Oakwood Hospital Obligated Group, Pre-refunded,
7.100% due 07/01/2018 AAA Aaa 879,087
1,450,000 Michigan State, Housing Development Authority,
Rental Housing Revenue, Series A, AMT,
5.000% due 10/01/2003 AAA Aaa 1,454,350
1,095,000 Michigan State, Housing Single Family Mortgage,
Series A, AMT,
5.300% due 12/01/2006 AAA Aaa 1,099,752
2,000,000 Michigan State, Municipal Bond Authority Revenue,
Local Government Loan,
3.750% due 11/01/2002 A NR 1,948,680
Michigan State, Trunk Line Highway Revenue:
2,500,000 Series A,
5.500% due 11/15/2009 AA- Aa3 2,615,725
3,000,000 Series A,
5.625% due 10/01/2003 AA- Aa3 3,085,620
3,500,000 Michigan State, Underground Storage Tank Financial
Assurance Authority, Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,679,200
2,000,000 Oakland County, Michigan, Economic Development
Obligation, Cranbrook Educational Community, Series B,
6.375% due 11/01/2014 NR Aaa 2,130,460
2,000,000 Redford, Michigan, Union School District, Pre-refunded,
5.950% due 05/01/2015 AAA Aaa 2,119,720
Rochester Community School District, Michigan, GO:
2,000,000 6.000% due 05/01/2002 AA+ Aa2 2,060,400
2,000,000 Pre-refunded,
6.500% due 05/01/2011 AA+ NR 2,079,500
3,000,000 University of Michigan, Hospital Revenue, Series A,
7.500% due 12/01/2001 AA Aa2 3,155,700
1,510,000 Wayne County, Michigan Transportation Fund Series A,
5.000% due 10/01/2007 AA- Aa3 1,503,205
5,000,000 Wayne State University, Michigan, University Revenues,
(AMBAC Insured),
5.500% due 11/15/2018 AAA Aaa 5,177,650
2,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 2,112,000
------------
65,849,945
------------
Minnesota -- 0.4%
1,000,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2011 AAA Aaa 1,039,060
------------
Missouri -- 1.6%
3,500,000 Missouri State Regional Convention and Sport, Series A,
Pre-refunded,
6.900% due 08/15/2021 AAA Aaa 3,738,420
------------
Nebraska -- 1.3%
2,950,000 Nebraska, Public Power District Revenue, Pre-refunded,
6.125% due 01/01/2015 AAA Aaa 3,115,583
------------
New Jersey -- 1.6%
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,774,400
------------
New York -- 2.5%
3,600,000 Municipal Assistance Corporation, City of New York, Series G,
5.000% due 07/01/2003 AA Aa2 3,634,344
2,500,000 New York State Thruway Authority, Highway & Bridge
Transportation Fund, Series B, (FGIC Insured),
4.000% due 04/01/2004 AAA Aaa 2,424,575
------------
6,058,919
------------
Ohio -- 1.8%
1,500,000 Cleveland Ohio, Waterworks Revenue, Series I,
5.000% due 01/01/2008 AAA Aaa 1,490,310
2,500,000 Warren Ohio Hospital Revenue, Warren General Hospital Project,
Series B, Pre-refunded,
7.300% due 11/15/2014 AAA NR 2,766,800
------------
4,257,110
------------
Oklahoma -- 1.5%
3,250,000 Tulsa Oklahoma Industrial Authority Hospital Revenue,
Tulsa Regional Medical Center, Pre-refunded,
7.200% due 06/01/2017 AAA NR 3,556,085
------------
Oregon -- 0.9%
2,000,000 Washington County Or Unified Sewer Agency,
Agency Sewer Revenue, Pre-refunded,
6.125% due 10/01/2012 AAA Aaa 2,111,820
------------
Pennsylvania -- 1.3%
1,000,000 Intragovernmental Cooperative, Philadelphia Funding Program,
Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 1,087,930
2,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA Aa3 2,087,820
------------
3,175,750
------------
Rhode Island -- 0.9%
2,000,000 Rhode Island Depositors Economic Protection Corporation,
Special Obligation, Series A, Pre-refunded,
6.950% due 08/01/2022 AAA Aaa 2,144,740
------------
Tennessee -- 2.5%
2,000,000 Tennergy Corporation, Tennessee, Gas Revenue, (MBIA Insured),
4.500% due 06/01/2004 AAA Aaa 1,920,840
3,775,000 Tennessee State, GO, Series A,
5.600% due 03/01/2011 AAA Aaa 3,935,249
------------
5,856,089
------------
Texas -- 13.8%
Austin, Texas, Independent School District:
2,820,000 Pre-refunded,
7.000% due 08/01/2006 AAA Aaa 3,142,326
680,000 PSFG,
7.000% due 08/01/2006 AAA Aaa 756,561
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 2,891,845
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,279,067
5,070,000 Dallas, Texas, Waterworks and Sewer Authority Revenue,
7.750% due 04/01/2003 AA Aa2 5,536,998
Harris County, Texas:
2,000,000 Series A, (AMBAC Insured), Pre-refunded,
6.500% due 08/15/2017 AAA Aaa 2,126,880
1,500,000 Toll Road, Series A, Pre-refunded,
6.125% due 08/15/2020 AAA Aa1 1,606,005
2,000,000 Harris County, Texas, Housing Finance Corporation,
7.000% due 03/01/2007 AAA Aaa 2,231,700
2,000,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,132,880
2,175,000 Plano, Texas, Independent School District, GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,416,120
Texas State, GO:
2,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 2,559,200
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa1 2,022,260
3,250,000 University of Texas, Permanent University Funding, (PSFG),
5.000% due 07/01/2004 AAA Aaa 3,284,970
------------
32,986,812
------------
Virginia -- 1.5%
1,000,000 Fairfax County, Virginia, Water Authority Revenue, Pre-refunded,
6.000% due 04/01/2022 AAA Aaa 1,071,480
2,500,000 Hampton, Virginia, Public Improvement Revenue, Series C,
6.000% due 08/01/2003 AA Aa3 2,604,800
------------
3,676,280
------------
Wisconsin -- 3.6%
2,200,000 Madison, Wisconsin, GO, Series A,
5.000% due 05/01/2003 NR Aaa 2,219,932
Wisconsin State:
1,500,000 5.000% due 11/01/2007 AA Aa2 1,493,220
2,000,000 6.000% due 05/01/2003 AA Aa2 2,073,980
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,674,980
------------
8,462,112
------------
<S> <C> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $233,297,576) 231,632,430
------------
SHORT-TERM INVESTMENTS -- 1.5%
(Cost $3,686,391)
3,686,391 Valiant Fund Tax Exempt Money Market 3,686,391
------------
TOTAL INVESTMENTS (Cost $236,983,967*) 98.6% 235,318,821
OTHER ASSETS AND LIABILITIES (Net) 1.4 3,342,928
----- ------------
NET ASSETS 100.0% $238,661,749
===== ============
<FN>
- -------------
* 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.
</TABLE>
<TABLE>
<CAPTION>
Munder Cash Investment Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -------------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 17.1%
$25,000,000 Bank of Tokyo Mitsubishi Ltd.
6.120% due 01/12/2000+,+++ A2/A- P1/A2 $ 25,000,000
22,000,000 Barclays Bank Plc
5.610% due 06/14/2000+ A1+/AA P1/Aa2 21,996,186
20,000,000 Deutsche Bank AG
5.150% due 03/17/2000+ A1+/AA P1/Aa3 20,000,000
Rabobank Nederland:
40,000,000 5.350% due 05/22/2000+ A1+/AAA P1/Aaa 40,000,000
5,000,000 6.000% due 08/16/2000+ A1+/AAA P1/Aaa 4,997,606
Societe Generale:
40,000,000 5.300% due 03/03/2000+ A1+/AA- P1/Aa3 40,000,000
20,000,000 5.700% due 07/25/2000+ A1+/AA- P1/Aa3 20,000,000
50,000,000 Union Bank of California
6.090% due 01/28/2000+,+++ A2/A- P1/A1 50,000,000
-------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $221,993,792) 221,993,792
-------------
COMMERCIAL PAPER -- 58.4%
25,000,000 Assets Securitization Cooperative Corporation
5.750% due 02/14/2000+ A1+/NR P1/NR 24,824,306
50,000,000 Blue Ridge Asset Funding
6.500% due 01/18/2000+ A1/NR P1/NR 49,846,528
50,000,000 Centric Capital Corporation
6.100% due 01/24/2000+ A1+/NR P1/NR 49,805,139
50,000,000 Corporate Receivables Corporation
5.750% due 01/27/2000+ A1+/NR P1/NR 49,792,361
50,000,000 CXC, Inc.
6.030% due 01/26/2000+ A1+/NR P1/NR 49,790,625
20,000,000 Falcon Asset Securitization Corporation
6.050% due 01/13/2000+ A1/NR P1/NR 19,959,667
30,000,000 Finova Capital Corporation
6.579% due 02/22/2000+,+++ A2/A- P2/Baa1 30,000,000
30,000,000 Fleet Funding Corporation
6.000% due 01/25/2000+ A1+/NR P1/NR 29,880,000
25,000,000 FPL Group Capital, Inc.
5.420% due 01/24/2000+ A1/A+ P1/A2 24,913,430
25,000,000 Hanson Finance Plc
5.600% due 01/18/2000+,+++ A1/A P2/A3 24,933,889
30,000,000 International Lease Finance Corporation
4.920% due 02/07/2000+ A1+/A+ P1/A1 29,848,300
50,000,000 Koch Industries, Inc.
4.500% due 01/05/2000+ A1+/AA+ P1/NR 49,975,000
25,000,000 Lexington Parker Capital Corporation
5.810% due 02/25/2000+,+++ A1/NR NR/NR 24,778,090
50,000,000 Moat Funding LLC
6.000% due 01/21/2000+,+++ NR/NR P1/NR 49,833,333
50,000,000 New Center Asset Trust
4.500% due 01/03/2000+ A1+/NR P1/NR 49,987,500
50,000,000 Preferred Receivables Funding Corporation
6.020% due 02/01/2000+ A1/NR P1/NR 49,740,806
50,000,000 Receivables Capital Corporation
5.890% due 02/15/2000+ A1+/NR P1/NR 49,631,875
50,000,000 Sheffield Receivables Corporation
6.100% due 01/28/2000+ A1+/NR P1/NR 49,771,250
50,000,000 UBS Finance Delaware Inc.
5.000% due 01/03/2000+ A1+/AA+ P1/Aa1 49,986,111
-------------
TOTAL COMMERCIAL PAPER
(Cost $757,298,210) 757,298,210
-------------
CORPORATE BONDS AND NOTES -- 19.0%
25,000,000 Allstate Funding Agreement
6.130% due 05/16/2000++ NR/AA+ NR/Aa2 25,000,000
40,000,000 Fleet National Bank
5.040% due 03/15/2000++ A1/A P1/A2 39,996,833
52,000,000 GTE Corporation
6.155% due 06/12/2000++,+++ A1/A P2/Baa1 51,985,092
35,000,000 Household Finance Corporation
5.220% due 09/14/2000++ A1/A P1/A2 34,985,254
25,000,000 Jackson National Life Insurance
5.580% due 09/25/2000++ NR/AA NR/Aa3 25,000,000
20,000,000 Keycorp
6.423% due 10/23/2000++,+++ A2/A- P1/A1 20,000,000
25,000,000 Sears Roebuck Acceptance Corporation
6.259% due 11/07/2000++,+++ A2/A- P1/A2 24,968,580
25,000,000 Transamerica Life and Annuity Company
6.109% due 02/17/2000++ A1/AAA P1/Aa3 25,000,000
-------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $246,935,759) 246,935,759
-------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 4.9%
(Cost $63,509,167)
$ 63,509,167 Agreement with Lehman Brothers Holdings Inc.,
3.000% dated 12/31/1999, to be repurchased at
$63,525,044 on 01/03/2000, collateralized by
$69,180,000 U.S. Treasury Note, 4.250% maturing
11/15/2003 (value $64,773,987) 63,509,167
--------------
TOTAL INVESTMENTS (Cost $1,289,736,928*) 99.4% 1,289,736,928
OTHER ASSETS AND LIABILITIES (Net) 0.6 7,742,764
----- --------------
NET ASSETS 100.0% $1,297,479,692
===== ==============
<FN>
- -----------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by
Duff and Phelps, or both, and thus are defined as being eligible
securities under Rule 2a7.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder Tax-Free Money Market Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Rating
Principal -------------------
Amount S&P Moody's Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 95.6%
Alabama -- 3.1%
$ 2,040,000 Hoover, Alabama, Warrants, Series B, (AMBAC Insured),
Pre-refunded,
8.000% due 03/01/2020+ AAA Aaa $ 2,093,955
4,250,000 Huntsville, Alabama, Warrants, Pre-refunded,
6.750% due 02/01/2010 NR Aa2 4,345,471
5,500,000 Mobile, Alabama, Industrial Development Board
Dock & Wharf Revenue, Refunding Holnam, Inc. Project,
Series B, (Wachovia Bank, LOC),
5.200% due 06/01/2032+ A-1+ VMIG1 5,500,000
------------
11,939,426
------------
Alaska -- 0.8%
3,000,000 Anchorage, Alaska, Tax Anticipation Notes,
3.750% due 01/04/2000 SP-1+ MIG1 3,000,056
------------
Arizona -- 6.8%
3,400,000 Apache County, Arizona, Industrial Development Authority,
Industrial Development Revenue, (Tucson Electric -- 83C),
(Society Generale, LOC),
5.500% due 12/15/2018+ A-1+ VMIG1 3,400,000
Maricopa County, Arizona, Pollution Control:
4,400,000 El Paso Elec -- Palo Verdes,
5.250% due 12/01/2014+ NR Aa2 4,400,000
6,400,000 El Paso A, Rmkt,
5.250% due 08/27/2015+ NR VMIG1 6,400,000
6,750,000 Phoenix Arizona Multifamily Housing Revenue,
Paradise Shadows Apartments, (Citibank N.A., LOC),
5.250% due 12/01/2002+ A-1+ NR 6,750,000
3,000,000 Pima County, Arizona Industrial Development Authority,
(Tucson Electric), (Toronto Dominion, LOC),
5.650% 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 2,084,976
------------
26,034,976
------------
Arkansas -- 1.6%
6,000,000 Arkansas Hospital Equipment Finance Authority, Baptist
Health Project, (MBIA Insured)
(SBPA -- Credit Suisse exp 3/26/01),
5.700% due 11/01/2010+ A-1+ VMIG1 6,000,000
------------
Colorado -- 3.8%
3,300,000 Arapahoe County,Colorado School District Number
005 Cherry Creek,
4.250% due 06/30/2000 NR MIG1 3,308,458
1,700,000 Denver, Colorado City & County, Series A, Pre-refunded,
6.200% due 08/01/2006 AAA Aa2 1,738,768
3,180,000 Jefferson County, Colorado, Rocky Mountain Butterfly Project,
(Wells Fargo, LOC),
5.550% due 06/01/2010+ A-1+ NR 3,180,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
(Bank of America, LOC),
5.000% due 10/01/2035+ A-1+ NR 6,500,000
------------
14,727,226
------------
Delaware -- 0.6%
2,500,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire, (First Union, LOC),
5.350% due 08/15/2020 A-1 NR 2,500,000
------------
District of Columbia -- 0.5%
2,000,000 District of Columbia, Series A, (MBIA Insured),
Pre-refunded,
6.875% due 06/01/2011 AAA Aaa 2,062,460
------------
Florida -- 2.2%
2,500,000 Broward County, Florida, Multifamily Housing,
Southern Pointe Project,
4.900% due 05/15/2027+ A-1+ NR 2,500,000
1,000,000 Palm Beach County Florida, Criminal Justice Facilities Revenue,
Pre-refunded (FGIC Insured),
7.250% due 06/01/2011 AAA Aaa 1,035,687
5,000,000 Palm Beach County Florida Revenue, Community Foundation
Palm Beach Project, (Northern Trust Company, LOC),
5.350% due 07/01/2034+ A-1+ NR 5,000,000
------------
8,535,687
------------
Georgia -- 4.5%
5,425,000 Clayton County, Georgia, Multifamily Housing Revenue,
Rivers Edge Development, (Wachovia, LOC),
5.050% due 08/01/2006+ NR VMIG1 5,425,000
8,500,000 DeKalb County, Georgia, Development Authority Pollution
Control Revenue, General Motors Corporation Project,
5.150% due 11/01/2003+ NR VMIG1 8,500,000
3,400,000 Richmond County, Georgia, Board of Education,
4.500% due 09/01/2000 AA- Aa2 3,416,524
------------
17,341,524
------------
Hawaii -- 0.4%
1,420,000 Hawaii State, Series BT, Pre-refunded,
8.125% due 02/01/2000 NR Aaa 1,425,619
------------
Illinois -- 12.5%
4,700,000 Chicago, Illinois Multifamily Housing Revenue,
Waveland Association, (UBS, LOC),
5.550% due 11/01/2010+ NR VMIG1 4,700,000
Illinois Development Finance Authority Revenue:
4,000,000 Chicago Symphony Project, (Bank One, LOC),
5.350% due 12/01/2033+ A-1+ NR 4,000,000
2,000,000 Jewish Charity, Revenue Anticipation Notes,
(Harris Bank, LOC),
5.450% due 06/30/2000+ A-1+ NR 2,000,000
2,225,000 Illinois Development Finance Authority, Industrial Revenue,
Tajon Warehouse, Series B, (National City Bank, PA, LOC),
5.500% 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),
5.400% due 03/01/2027+ A-1+ VMIG1 5,200,000
3,640,000 University Pooled Financing Program, (FGIC Insured),
(Bank One, SBPA),
5.350% due 12/01/2005+ AAA Aaa 3,640,000
Illinois Health Facilities Authority:
11,010,000 Advocate Health Care, Series B, (Multi LOC's),
5.350% due 08/15/2022+ A-1+ VMIG1 11,010,000
2,000,000 Blessing Hospital, Series B, (FSA Insured),
5.700% due 11/15/2029+ A-1+ VMIG1 2,000,000
2,500,000 Gottlieb Health Resources Inc., (Harris Bank, LOC),
5.350% 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),
5.550% due 12/01/2024+ A-1+ NR 2,000,000
Illinois State Sales Tax Revenue:
1,000,000 Series Q,
5.300% due 06/15/2000 AAA Aa2 1,007,807
1,015,000 Series X,
4.400% due 06/15/2000 AAA Aa2 1,018,890
4,000,000 Orland Hills, Illinois, Multifamily Mortgage Revenue,
(Lasalle National Bank, LOC),
5.550% 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 AA Aa2 1,530,792
1,500,000 Will County Illinois Community School District 201-U,
Crete-Monee,4.000% due 05/01/2000 NR NR 1,501,157
------------
48,333,646
------------
Indiana -- 3.4%
2,150,000 Hamilton Southeastern Indiana, Development School Building,
First Mortgage, Pre-refunded,
7.500% due 01/15/2010 AAA NR 2,196,001
3,000,000 Indiana Educational Facilities Authority Revenue,
Franklin College, (Bank One, Indiana, LOC),
5.500% due 10/01/2019+ A-1+ NR 3,000,000
6,000,000 Indiana Municipal Power Supply Systems Revenue,
Refunding Series A, (Toronto-Dominion Bank, LOC),
5.200% due 01/01/2018+ A-1+ VMIG1 6,000,000
1,980,000 Indianapolis, Indiana Public Improvement Bond Bank, Series A,
4.000% due 02/01/2000 AAA Aaa 1,980,973
------------
13,176,974
------------
Kansas -- 0.3%
1,000,000 Shawnee, Kansas Industrial Revenue, Shawnee Village
Association, (Chase Bank of Texas, LOC),
5.700% due 12/01/2009+ A-1+ NR 1,000,000
------------
Louisiana -- 1.4%
1,000,000 Louisiana Local Government Enviromental Facilities,
Community Development Authority Revenue,
Construction Notes,
4.250% due 10/15/2000 NR MIG1 1,004,030
3,100,000 Louisiana Public Facilities Authority Hospital Revenue,
Hospital Equipment Financing & Refunding, Series A,
(Rabobank, LOC),
5.700% due 12/01/2010+ A-1+ NR 3,100,000
1,400,000 Louisiana State, Series A,
7.000% due 05/01/2000 AAA Aaa 1,416,691
------------
5,520,721
------------
Maryland -- 0.8%
3,100,000 Baltimore County, Maryland, Revenue Bonds,
Sheppard & Enoch Pratt Hospital, (Societe Generale, LOC),
5.100% due 07/01/2022+ NR VMIG1 3,100,000
------------
Massachusetts -- 1.2%
1,000,000 Boston, Massachusetts, Series A, (MBIA Insured),
10.000% due 07/01/2000 AAA Aaa 1,031,572
1,500,000 Massachusetts State Water Resources Authority,
Series A, Pre-refunded,
7.500% due 04/01/2009 AAA Aaa 1,544,502
1,900,000 New England Education Loan Marketing Corporation,
Student Loan Revenue, Refunding, Series B,
5.400% due 06/01/2000 AA Aa2 1,910,804
------------
4,486,878
------------
Michigan -- 6.5%
2,000,000 Comstock Park, Michigan, Public Schools, Student Aid Notes,
4.750% due 10/20/2000 NR NR 2,009,986
3,000,000 Kalamazoo County, Michigan, Economic Development Revenue,
(Old Kent Bank, LOC),
5.550% due 09/01/2015+ NR NR 3,000,000
2,000,000 Michigan Public Power Agency Revenue, Belle River Project,
Series A,
5.300% due 01/01/2000 AA- A1 2,000,000
Michigan State Hospital Finance Authority Revenue:
1,000,000 Henry Ford Health System, Series A, Pre-refunded,
7.000% due 04/01/2010 AAA Aa3 1,036,406
7,300,000 Hospital Equipment Loan Program, Series A,
5.650% due 12/01/2023+ NR VMIG1 7,300,000
8,750,000 Michigan State, Strat Fund, Series 1987,
3.600% due 01/24/2000 NR A1 8,750,000
1,000,000 Saline, Michigan, Economic Development Obligation,
Brecon Village Project, (Bank One, LOC),
5.350% due 11/01/2025+ A-1+ NR 1,000,000
------------
25,096,392
------------
Minnesota -- 3.5%
3,800,000 Arden Hills, Minnesota Housing & Health Care Facilities Revenue,
Presbyterian Homes, Series B, (U.S. Bank N.A., LOC),
4.700% due 09/01/2029+ A-1 NR 3,800,000
3,000,000 City of Rochester, Minnesota, Mayo Clinic,
3.800% due 02/23/2000 A-1+ Aaa 3,000,000
2,000,000 Duluth, Minnesota Economic Development Health Care
Authority Revenue, Benedictine Hospital, St. Mary's Project,
Pre-refunded,
8.375% due 02/15/2020 AAA NR 2,051,495
1,500,000 Eagan, Minnesota Multifamily Revenue, Aspenwoods of Eagan,
Housing Project, (Firstar, LOC)
5.500% due 01/01/2026+ A-1 NR 1,500,000
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 1,045,205
2,200,000 St Paul, Minnesota Housing & Redevelopment Authority,
Science Museum, Series A, (First Bank, LOC),
5.200% due 05/01/2027+ NR VMIG1 2,200,000
------------
13,596,700
------------
Missouri -- 1.1%
2,000,000 Columbia, Missouri, Special Obligation Reserve, Series A,
(Toronto Dominion Bank, LOC),
5.250% due 06/01/2008+ NR VMIG1 2,000,000
2,000,000 St Charles County, Missouri Community College,
(AMBAC Insured), Pre-refunded,
6.900% due 03/01/2009 AAA Aaa 2,070,016
------------
4,070,016
------------
Nebraska -- 1.1%
Omaha Public Power District Nebraska:
1,050,000 Electric Revenue, Series A,
4.300% due 02/01/2000 AA Aa2 1,050,601
1,000,000 Electric Revenue, Series B,
4.700% due 02/01/2000 AA Aa2 1,001,215
2,000,000 Electric Utilities Revenue, Series A, Pre-refunded,
6.800% due 02/01/2017 AA NR 2,035,518
------------
4,087,334
------------
Nevada -- 0.7%
2,570,000 Reno, Nevada Economic Development Revenue,
University of Nevada, Student Aid Fund, (Wells Fargo, LOC),
5.650% due 05/01/2018+ NR NR 2,570,000
------------
New Hampshire -- 0.4%
1,500,000 New Hampshire State Turnpike Systems Revenue, Pre-refunded,
7.400% due 04/01/2000 AAA Aaa 1,544,847
------------
New Mexico -- 2.1%
2,125,000 Albuquerque, New Mexico, Educational Facilities Revenue,
(Wells Fargo, LOC),
5.650% 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),
5.250% 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 Aa2 999,973
------------
8,124,973
------------
North Carolina -- 2.1%
North Carolina Medical Care Commission:
5,000,000 Catholic Health East, Series D, (AMBAC Insured),
5.600% due 11/15/2028+ A-1+ VMIG1 5,000,000
3,000,000 Hospital Revenue, Series B, (Wachovia, LOC),
5.450% due 06/01/2022+ A-1+ VMIG1 3,000,000
------------
8,000,000
------------
Ohio -- 2.7%
1,100,000 Cuyahoga County, Ohio,
4.100% due 09/14/2000 NR VMIG1 1,102,603
1,900,000 Franklin County, Ohio, Hospital Revenue,
US Health Corporation, Series A, (Morgan Guaranty, LOC),
5.400% due 12/01/2021+ NR VMIG1 1,900,000
3,250,000 Indian Hill, Ohio, Economic Development,
Cincinnati County Day School, (Fifth Third, LOC),
5.400% due 05/01/2019+ NR NR 3,250,000
2,875,000 Montgomery County, Ohio, Society Saint Vincent DePaul,
(Nat City, LOC),
5.500% due 12/01/2010+ A-1 NR 2,875,000
1,115,000 Ohio State Water Development Authority Revenue,
Water Development-Fresh Water Series,
5.000% due 06/01/2000 A+ Aa3 1,122,741
------------
10,250,344
------------
Oregon -- 2.2%
1,340,000 Clackamas County, Oregon, School District 12, Pre-refunded,
6.500% due 06/01/2007 NR AAA 1,357,324
2,700,000 Multnomah County, Oregon,
4.300% due 10/01/2000 NR Aa1 2,710,780
4,550,000 Portland, Oregon Multifamily Revenue,
(Harris Trust and Savings Bank, LOC),
5.150% due 12/01/2011+ A-1+ NR 4,550,000
------------
8,618,104
------------
Pennsylvania -- 5.6%
4,000,000 Bucks County, Pennsylvania Industrial Development Authority,
Industrial Revenue, Edgecomb Metals Company,
(Wells Fargo, LOC),
4.800% due 10/01/2009+ NR Aa2 4,000,000
2,000,000 Delaware Valley, Pennsylvania, Registered Finance, Series A,
(Credit Suisse, LOC),
5.200% due 12/01/2017+ A-1+ VMIG1 2,000,000
1,500,000 Philadelphia, Pennsylvania, Hospital & Higher Education,
Health Systems, Series B,
3.250% due 05/15/2023+ A-1+ NR 1,500,000
8,300,000 Schuylkill County, Pennsylvania Industrial Development
Authority, Gilbertown Power Project, (Mellon Bank, LOC),
5.200% due 12/01/2002+ A-1+ NR 8,300,000
1,000,000 Venango County, Pennsylvania, Pre-refunded,
7.000% due 07/15/2015 AAA Aaa 1,016,341
4,765,000 York County, Pennsylvania, Industrial Development Authority,
Industrial Development Revenue,
(New Edgecomb Corporation Project), (Wells Fargo, LOC),
4.800% due 07/01/2009+ NR Aa2 4,765,000
------------
21,581,341
------------
Rhode Island -- 1.0%
2,800,000 Rhode Island Industrial Facilities Corporation,
Blackstone Valley Electric Company, (Bank of New York, LOC),
5.150% due 12/01/2014+ A-1+ NR 2,800,000
1,000,000 Rhode Island State, Series B, Pre-refunded,
6.250% due 05/15/2005+ AA- Aa3 1,029,520
------------
3,829,520
------------
South Carolina -- 0.8%
3,000,000 South Carolina State Public Authority, Refunding Series A,
4.500% due 01/01/2001 AA- Aa2 3,011,010
------------
South Dakota -- 0.3%
1,250,000 Sioux Fall South Dakota School District Number 49-5,
Capital Outlay Certificates,
4.000% due 07/01/2000 NR Aa3 1,251,856
------------
Tennessee -- 0.5%
2,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, Industrial Development Board Revenue,
Multifamily Housing, (Arbor Crest Apartments), Series B,
(Wachovia, LOC),
5.500% due 12/01/2007+ NR VMIG1 2,000,000
------------
Texas -- 10.6%
5,395,000 Bexar County, Texas, Health Facilities Development Company,
Retirement Community, Air Force, Series B, (Rabobank, LOC),
5.000% due 03/01/2012+ A-1+ NR 5,395,000
3,450,000 Brazos Texas Harbor Industrial Development Corporation,
3.850% due 02/10/2000+ NR A1 3,450,000
3,485,000 Fort Worth, Texas, Independent School District, Refunding,
3.110% due 02/15/2000 AA Aa2 3,471,448
2,105,000 Plano, Texas, Waterworks & Sewer Systems Revenue, Refunding,
7.000% due 05/01/2010 AAA Aaa 2,126,832
8,800,000 Port Corpus Christi, Texas, Nueces County
Marine Term Revenue, (West Deutche, LOC)
5.000% due 09/01/2014+ A-1+ NR 8,800,000
1,910,000 San Antonio Texas Electric & Gas Revenue,
5.100% due 02/01/2000 AA Aa1 1,912,025
2,000,000 Tarrant County,Texas, Housing Finance Corporation Revenue,
Multifamily Housing, (Remington Project),
5.500% due 02/15/2028+ A-1+ NR 2,000,000
Texas State:
3,500,000 National Research Laboratory Commission, SuperCond,
Pre-refunded,
7.000% due 04/01/2002 AA Aaa 3,599,067
10,000,000 Series A,
4.500% due 08/31/2000 SP-1+ MIG1 10,051,330
------------
40,805,702
------------
Utah -- 2.0%
1,305,000 Alpine Utah School District, School Bond Program,
4.250% due 03/15/2000 NR Aaa 1,307,104
6,500,000 Intermountain Power Agency Utah Power Supply Revenue,
Series 1, Pre-refunded,
0.000% due 07/01/2015 AAA Aaa 6,416,959
------------
7,724,063
------------
Vermont -- 0.5%
2,000,000 Vermont State, Series B,
5.000% due 01/15/2000 AA Aa2 2,001,341
------------
Virginia -- 2.8%
3,150,000 Arlington County Virginia Revenue, Ballston Public Parking,
(Citibank, N.A., LOC),
5.150% due 08/01/2017+ A-1+ NR 3,150,000
1,640,000 Hampton, Virginia,
7.625% due 01/15/2000 AA Aa3 1,642,708
1,655,000 Richmond, Virginia, Redevelopment & Housing Authority,
Stony Point Project, (First Union, LOC),
5.400% due 04/01/2029+ A-1 NR 1,655,000
1,570,000 Virginia Beach Virginia, Series 1993,
4.650% due 07/15/2000 AA Aa2 1,578,591
2,825,000 Virginia State Public School Authority, Series B,
6.000% due 08/01/2000 AAA Aa1 2,861,013
------------
10,887,312
------------
Washington -- 2.8%
1,625,000 Seattle, Washington, Municipality Metropolitan, Series T,
Pre-refunded,
6.800% due 01/01/2012 AA- A1 1,657,500
Washington State:
2,950,000 Series B, Pre-refunded,
6.375% due 08/01/2010 AA+ Aa1 2,989,831
1,000,000 Series B, Pre-refunded,
6.750% due 08/01/2002 AA+ Aa1 1,016,030
2,100,000 Series B, Pre-refunded,
6.800% due 08/01/2005 AA+ Aa1 2,134,263
2,100,000 Washington State Healthcare Facilities Revenue,
Sisters of Providence, Series D, (Rabobank Nederland, SPA),
4.700% due 10/01/2005+ A-1+ VMIG1 2,100,000
1,000,000 Washington State Public Power Supply, Series C, Pre-refunded,
8.000% due 07/01/2017 AA+ Aa1 1,041,250
------------
10,938,874
------------
Wisconsin -- 2.4%
3,000,000 Kenosha, Wisconsin Unified School District Number 001,
Tax & Revenue Anticipation Notes, Series A,
4.150% due 10/06/2000 NR MIG1 3,008,807
Milwaukee, Wisconsin:
2,445,000 Series O,
4.750% due 06/15/2000 AA+ Aa1 2,458,479
2,850,000 Corporation Purpose, Series P,
5.000% due 12/15/2000 AA+ Aa1 2,876,883
1,000,000 Wisconsin Rural Water Construction Loan,
Bond Anticipation Notes, (GIC-FGIC Insured),
4.250% due 09/15/2000 NR MIG1 1,001,318
------------
9,345,487
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $368,520,409) 368,520,409
------------
<S> <C> <C>
Shares
- ---------
SHORT-TERM INVESTMENTS -- 3.2%
10,401,787 Dreyfus Tax-Exempt Cash Management 10,401,787
1,813,703 Valiant Fund Tax Exempt Money Market 1,813,703
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,215,490) 12,215,490
------------
TOTAL INVESTMENTS (Cost $380,735,899*) 98.8% 380,735,899
OTHER ASSETS AND LIABILITIES (Net) 1.2 4,695,603
----- ------------
NET ASSETS 100.0% $385,431,502
===== ============
<FN>
- -------------
* 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
FSA -- Financial Security Assurance
GIC -- Guaranteed Investment Contract
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand by Purchase Agreement
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Principal
Amount Value
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
U.S. TREASURY OBLIGATIONS-- 49.7%
U.S. Treasury Notes -- 49.7%
$10,000,000 5.875% due 02/15/2000 $ 10,009,594
10,000,000 5.500% due 05/31/2000 9,995,165
5,000,000 5.375% due 06/30/2000 4,994,682
5,000,000 5.750% due 11/15/2000 5,001,369
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $30,000,810) 30,000,810
------------
REPURCHASE AGREEMENTS -- 49.3%
12,725,804 Agreement with Lehman Brothers Holdings, Inc., 3.000% dated
12/31/1999, to be repurchased at $12,728,985 on
01/03/2000, collateralized by $12,880,000 U.S. Treasury
Note, 5.500% maturing 08/31/2001 (value $12,976,524) 12,725,804
2,500,000 Agreement with Merrill Lynch and Company, Inc., 3.250% dated
12/31/1999, to be repurchased at $2,500,677 on
01/03/2000, collateralized by $2,520,000 U.S. Treasury
Note, 5.500% maturing 07/31/2001 (value $2,551,500) 2,500,000
2,500,000 Agreement with Morgan (J.P.) and Co., Inc., 3.000% dated
12/31/1999, to be repurchased at $2,500,625 on
01/03/2000, collateralized by $2,461,000 U.S. Treasury
Bond, 6.750% maturing 08/15/2026 (value $2,549,990) 2,500,000
12,000,000 Agreement with State Street Bank and Trust Company,
3.300% dated 12/31/1999, to be repurchased at
$12,003,300 on 01/03/2000, collateralized by
$10,455,000 U.S. Treasury Bond, 8.125% maturing
08/15/2019 (value $12,245,419) 12,000,000
------------
<S> <C> <C>
TOTAL REPURCHASE AGREEMENTS
(Cost $29,725,804) 29,725,804
------------
TOTAL INVESTMENTS (Cost $59,726,614*) 99.0% 59,726,614
OTHER ASSETS AND LIABILITIES (Net) 1.0 617,329
----- ------------
NET ASSETS 100.0% $ 60,343,943
===== ============
<FN>
- ----------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
EQUITY FUNDS
------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
----------- ------------ -------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ................ $38,321,932 $205,689,072 $1,507,875,744 $296,059,442 $90,387,234 $764,489,652
Repurchase Agreements ..... 2,669,000 10,109,000 20,173,000 3,543,000 3,538,000 39,000,000
----------- ------------ -------------- ------------ ----------- ------------
Total Investments ............. 40,990,932 215,798,072 1,528,048,744 299,602,442 93,925,234 803,489,652
Cash .......................... 769 896 5,797 2,403 368 981
Interest receivable ........... 100,559 927 1,849 325 324 3,575
Dividends receivable .......... 13,670 403,794 1,342,634 273,051 2,844 504,741
Receivable for investment
securities sold ............. 6,085 1,903,735 867,451 984,534 -- 3,530,507
Receivable for Fund shares sold 205,829 57,462 9,882,728 365,615 1,178,407 1,320,575
Receivable from investment
advisor ..................... -- -- -- -- -- --
Unamortized organization costs -- -- -- -- -- --
Receivable for future variation
margin ...................... -- -- 59,042 -- -- --
Prepaid expenses and other
assets ...................... 24,861 29,161 86,166 27,676 30,318 54,788
----------- ------------ -------------- ------------ ----------- ------------
Total Assets .................. 41,342,705 218,194,047 1,540,294,411 301,256,046 95,137,495 808,904,819
----------- ------------ -------------- ------------ ----------- ------------
LIABILITIES:
Due to custodian .............. -- -- -- -- -- --
Unrealized depreciation of
foreign currency and net
other assets ................ -- -- -- 24 -- --
Payable for Fund shares
redeemed .................... 2,207 595,648 3,996,866 15,348,204 45,600 1,297,303
Payable for investment
securities purchased ........ -- 3,360,197 468,696 -- -- --
Payable upon return of
securities loaned ........... 5,310,662 8,980,963 -- 55,473,436 15,883,572 40,028,728
Investment advisory fee payable 18,807 129,272 118,625 149,349 59,496 473,448
Administration fee payable .... 37 21,390 165,963 22,399 6,726 71,492
Shareholder servicing fees
payable ..................... 4,882 34,496 63,711 25,118 816 65,795
Distribution fees payable ..... 2,989 5,048 209,892 5,537 28,138 82,511
Transfer agent fee payable .... 3,982 13,100 56,026 9,320 1,183 44,553
Custodian fees payable ........ 10,169 12,855 120,805 40,734 8,381 52,608
Accrued Trustees'/Directors'
fees and expenses ........... 237 1,264 8,396 1,149 247 6,005
Accrued expenses and other
payables .................... 19,265 66,495 185,502 69,400 20,514 431,398
----------- ------------ -------------- ------------ ----------- ------------
Total Liabilities ............. 5,373,237 13,220,728 5,394,482 71,144,670 16,054,673 42,553,841
----------- ------------ -------------- ------------ ----------- ------------
NET ASSETS .................... $35,969,468 $204,973,319 $1,534,899,929 $230,111,376 $79,082,822 $766,350,978
=========== ============ ============== ============ =========== ============
Investments, at cost .......... $36,356,465 $178,254,405 $ 994,806,637 $203,937,581 $71,221,492 $554,481,406
=========== ============ ============== ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
102
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$61,820,663 $103,384,149 $291,049,351 $110,444,031 $78,815,118 $29,414,111 $82,540,628
174,000 -- 4,689,000 20,634,000 1,145,000 160,000 2,210,000
----------- ------------ ------------ ------------ ----------- ----------- -----------
61,994,663 103,384,149 295,738,351 131,078,031 79,960,118 29,574,111 84,750,628
154 -- 304 85 7,371 1,133 1,244,609
16 -- 430 1,891 105 15 203
652,235 155,438 15,558 209,984 84,358 225 60,249
1,062,435 164,523 -- 988,517 24,111 491,292 119
275,369 146,451 349,937 222,237 206,093 388,504 487,163
-- -- -- -- 5,073 931 --
-- -- -- 8,162 3,384 2,771 12,490
-- -- -- 528 -- -- --
27,795 30,858 30,380 33,436 28,918 31,396 40,051
----------- ------------ ------------ ------------ ----------- ----------- -----------
64,012,667 103,881,419 296,134,960 132,542,871 80,319,531 30,490,378 86,595,512
----------- ------------ ------------ ------------ ----------- ----------- -----------
-- 418,653 -- -- -- -- --
-- -- -- -- 18 -- 1,046
63,096 138,021 2,960,074 18,889,923 34,596 3,118 1,872
-- -- -- -- -- 150,307 --
-- 12,244,881 37,648,816 6,173,590 11,358,698 5,385,214 1,861,800
38,488 56,463 155,253 77,378 65,954 17,360 65,968
6,315 9,336 24,749 12,569 5,897 1,957 7,407
292 8,304 15,976 1,292 8,061 17 500
3,860 3,907 14,169 2,914 1,700 8,943 1,175
4,840 7,533 19,549 8,854 1,969 992 2,734
8,219 11,218 24,186 12,096 35,986 9,755 31,956
375 565 1,319 664 271 100 369
56,445 64,865 74,139 73,796 5,645 2,340 6,704
----------- ------------ ------------ ------------ ----------- ----------- -----------
181,930 12,963,746 40,938,230 25,253,076 11,518,795 5,580,103 1,981,531
----------- ------------ ------------ ------------ ----------- ----------- -----------
$63,830,737 $ 90,917,673 $255,196,730 $107,289,795 $68,800,736 $24,910,275 $84,613,981
=========== ============ ============ ============ =========== =========== ===========
$69,830,601 $102,502,272 $243,544,505 $124,111,982 $63,158,946 $22,743,656 $57,172,088
=========== ============ ============ ============ =========== =========== ===========
</TABLE>
103
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
(Continued)
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 ................... $274,694,201 $472,344,815 $48,660,772 $289,133,201 $51,543,282
Repurchase Agreements ........ 4,865,000 5,485,000 1,629,000 2,750,000 --
------------ ------------ ----------- ------------ -----------
Total Investments ................ 279,559,201 477,829,815 50,289,772 291,883,201 51,543,282
Cash ............................. -- 42 299,238 412 --
Interest receivable .............. 3,219,878 6,305,227 1,092,801 1,784,879 595,060
Receivable for investment
securities sold ................ 11,797 -- -- 11,798 --
Receivable for Fund shares sold .. 185,845 1,653,283 29,561 7,835,989 270,000
Unamortized organization costs ... -- -- 12,378 -- --
Prepaid expenses and other assets 28,539 38,419 23,615 28,851 2,251
------------ ------------ ----------- ------------ -----------
Total Assets ............... 283,005,260 485,826,786 51,747,365 301,545,130 52,410,593
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Due to custodian ................. 144 -- -- -- --
Payable for Fund shares redeemed . 106,547 8,951,047 -- 231,378 696,874
Payable for investment securities
purchased ...................... -- -- 129,000 -- --
Payable upon return of securities
loaned ......................... 52,325,550 10,946,495 -- 24,088,025 --
Dividends payable ................ -- -- -- -- --
Investment advisory fee payable .. 98,719 205,299 22,134 114,895 23,075
Administration fee payable ....... 21,967 43,899 5,178 27,062 5,525
Shareholder servicing fees payable 8,852 62,517 7 39,274 10,559
Distribution fees payable ........ 3,559 7,180 265 6,616 851
Transfer agent fee payable ....... 13,237 29,028 2,513 14,939 3,570
Custodian fees payable ........... 18,723 27,241 14,177 19,616 6,738
Accrued Trustees'/Directors' fees
and expenses ................... 1,280 2,894 292 1,568 441
Accrued expenses and other
payables ....................... 84,491 99,702 42,710 74,723 41,750
------------ ------------ ----------- ------------ -----------
Total Liabilities .......... 52,683,069 20,375,302 216,276 24,618,096 789,383
------------ ------------ ----------- ------------ -----------
NET ASSETS ....................... $230,322,191 $465,451,484 $51,531,089 $276,927,034 $51,621,210
============ ============ =========== ============ ===========
Investments, at cost ............. $292,266,208 $492,652,465 $51,933,902 $302,217,225 $54,063,682
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
104
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------- --------------------------------------------
Munder Munder
Munder Tax-Free Munder Munder U.S.
Tax-Free Short- Cash Tax-Free Treasury
Bond Intermediate Investment Money Market Money Market
Fund Bond Fund Fund Fund Fund
------------ ------------ -------------- ------------ -----------
<S> <C> <C> <C> <C>
$144,595,467 $235,318,821 $1,226,227,761 $380,735,899 $30,000,810
-- -- 63,509,167 -- 29,725,804
------------ ------------ -------------- ------------ -----------
144,595,467 235,318,821 1,289,736,928 380,735,899 59,726,614
-- -- -- -- --
2,610,998 4,000,309 8,082,814 3,254,094 310,452
-- -- -- 15,000 --
391,672 127,862 8,677,575 6,409,948 856,536
-- -- -- -- --
26,991 30,001 107,649 21,452 14,027
------------ ------------ -------------- ------------ -----------
147,625,128 239,476,993 1,306,604,966 390,436,393 60,907,629
------------ ------------ -------------- ------------ -----------
-- -- -- -- --
463,478 537,078 2,995,633 2,337,268 330,173
-- -- -- 1,531,594 --
-- -- -- -- --
-- -- 5,277,607 804,778 164,543
64,856 103,310 403,123 112,538 19,837
14,956 23,818 134,651 36,546 6,371
31,470 48,585 117,389 29,756 3,020
1,743 2,473 29,875 16,968 3,227
6,955 15,679 -- 15,456 2,868
12,004 17,543 71,206 27,899 9,322
844 1,334 8,371 2,252 519
31,084 65,424 87,419 89,836 23,806
------------ ------------ -------------- ------------ -----------
627,390 815,244 9,125,274 5,004,891 563,686
------------ ------------ -------------- ------------ -----------
$146,997,738 $238,661,749 $1,297,479,692 $385,431,502 $60,343,943
============ ============ ============== ============ ===========
$148,889,126 $236,983,967 $1,289,736,928 $380,735,899 $59,726,614
============ ============ ============== ============ ===========
</TABLE>
105
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
----------- ------------ -------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income/(loss) ............... $ 33,812 $ 58,121 $ (2,623,690) $ (429,628) $ (429,307) $ (632,354)
Accumulated net realized
gain/(loss) on investments
sold, futures contracts and
currency transactions ....... 2,378,390 4,414,129 2,763,240 2,638,142 5,095,942 20,417,453
Net unrealized
appreciation/(depreciation)
of investments, foreign
currency and net other assets 4,634,467 37,543,667 533,941,061 95,661,645 22,703,742 249,008,246
Par value ..................... 3,366 15,081 49,547 12,143 29,663 362,775
Paid-in capital in excess of
par value ................... 28,919,433 162,942,321 1,000,769,771 132,229,074 51,682,782 497,194,858
----------- ------------ -------------- ------------ ----------- ------------
$35,969,468 $204,973,319 $1,534,899,929 $230,111,376 $79,082,822 $766,350,978
=========== ============ ============== ============ =========== ============
NET ASSETS:
Class A Shares ................ $ 2,349,353 $ 6,817,552 $ 478,839,208 $ 7,239,514 $17,381,929 $ 58,765,968
=========== ============ ============== ============ =========== ============
Class B Shares ................ $ 2,965,230 $ 3,458,848 $ 383,853,094 $ 2,173,936 $24,260,509 $ 70,801,194
=========== ============ ============== ============ =========== ============
Class C Shares ................ $ 689,090 $ 939,918 -- $ 2,966,785 $ 9,565,287 $ 12,035,526
=========== ============ ============== ============ =========== ============
Class K Shares ................ $24,133,755 $165,311,576 $ 311,235,058 $122,690,785 $ 4,288,155 $332,193,412
=========== ============ ============== ============ =========== ============
Class Y Shares ................ $ 5,832,040 $ 28,445,425 $ 360,972,569 $ 95,040,356 $23,586,942 $292,554,878
=========== ============ ============== ============ =========== ============
SHARES OUTSTANDING:
Class A Shares ................ 220,163 501,644 15,466,254 382,532 646,141 2,782,699
=========== ============ ============== ============ =========== ============
Class B Shares ................ 278,975 255,627 12,385,166 117,057 923,564 3,529,493
=========== ============ ============== ============ =========== ============
Class C Shares ................ 64,562 69,542 -- 158,252 363,878 599,236
=========== ============ ============== ============ =========== ============
Class K Shares ................ 2,256,962 12,161,555 10,053,615 6,489,404 159,876 15,729,333
=========== ============ ============== ============ =========== ============
Class Y Shares ................ 545,568 2,092,197 11,642,144 4,995,461 872,812 13,636,723
=========== ============ ============== ============ =========== ============
CLASS A SHARES:
Net asset value and redemption
price per share ............. $ 10.67 $ 13.59 $ 30.96 $ 18.93 $ 26.90 $ 21.12
=========== ============ ============== ============ =========== ============
Maximum sales charge .......... 5.50% 5.50% 2.50% 5.50% 5.50% 5.50%
Maximum offering price per
share ....................... $ 11.29 $ 14.38 $ 31.75 $ 20.03 $ 28.47 $ 22.35
=========== ============ ============== ============ =========== ============
CLASS B SHARES:
Net asset value and offering
price per share* ............ $ 10.63 $ 13.53 $ 30.99 $ 18.57 $ 26.27 $ 20.06
=========== ============ ============== ============ =========== ============
CLASS C SHARES:
Net asset value and offering
price per share* ............ $ 10.67 $ 13.52 N/A $ 18.75 $ 26.29 $ 20.08
=========== ============ ============== ============ =========== ============
CLASS K SHARES:
Net asset value, offering price
and redemption price per
share ....................... $ 10.69 $ 13.59 $ 30.96 $ 18.91 $ 26.82 $ 21.12
=========== ============ ============== ============ =========== ============
CLASS Y SHARES:
Net asset value, offering price
and redemption price per
share ....................... $ 10.69 $ 13.60 $ 31.01 $ 19.03 $ 27.02 $ 21.45
=========== ============ ============== ============ =========== ============
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
106
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ----------- ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ (4,103) $ 229,980 $ (988,576) $ 254,673 $ 151,996 $ (159,753) $(1,203,401)
(7,057,822) (5,223,791) (54,438,124) 1,526,265 (9,080,204) (100,243) 1,751,677
(7,835,938) 881,877 52,193,846 6,966,049 16,798,386 6,830,459 27,580,381
57,640 76,728 14,191 75,027 46,600 15,549 51,921
78,670,960 94,952,879 258,415,393 98,467,781 60,883,958 18,324,263 56,433,403
----------- ----------- ------------ ------------ ----------- ----------- -----------
$63,830,737 $90,917,673 $255,196,730 $107,289,795 $68,800,736 $24,910,275 $84,613,981
=========== =========== ============ ============ =========== =========== ===========
$ 2,663,178 $ 3,659,435 $ 15,345,515 $ 2,540,433 $ 1,039,716 $ 4,951,235 $ 2,158,035
=========== =========== ============ ============ =========== =========== ===========
$ 3,185,153 $ 2,561,987 $ 9,640,395 $ 2,486,698 $ 1,951,969 $ 9,408,680 $ 908,036
=========== =========== ============ ============ =========== =========== ===========
$ 702,082 $ 1,324,933 $ 3,642,899 $ 480,755 $ 694,607 $ 2,226,938 $ 469,417
=========== =========== ============ ============ =========== =========== ===========
$ 1,018,751 $40,301,531 $ 80,935,221 $ 6,200,401 $41,441,747 $ 83,489 $ 2,491,515
=========== =========== ============ ============ =========== =========== ===========
$56,261,573 $43,069,787 $145,632,700 $ 95,581,508 $23,672,697 $ 8,239,933 $78,586,978
=========== =========== ============ ============ =========== =========== ===========
240,793 308,423 855,511 177,997 69,858 306,473 132,371
=========== =========== ============ ============ =========== =========== ===========
288,218 218,479 571,020 176,640 133,142 595,177 56,469
=========== =========== ============ ============ =========== =========== ===========
63,268 113,252 212,307 34,193 47,792 140,942 29,125
=========== =========== ============ ============ =========== =========== ===========
92,289 3,403,030 4,537,973 434,338 2,810,979 5,175 153,154
=========== =========== ============ ============ =========== =========== ===========
5,079,385 3,629,579 8,014,680 6,679,524 1,598,244 507,163 4,820,934
=========== =========== ============ ============ =========== =========== ===========
$ 11.06 $ 11.86 $ 17.94 $ 14.27 $ 14.88 $ 16.16 $ 16.30
=========== =========== ============ ============ =========== =========== ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$ 11.70 $ 12.56 $ 18.98 $ 15.10 $ 15.75 $ 17.10 $ 17.25
=========== =========== ============ ============ =========== =========== ===========
$ 11.05 $ 11.73 $ 16.88 $ 14.08 $ 14.66 $ 15.81 $ 16.08
=========== =========== ============ ============ =========== =========== ===========
$ 11.10 $ 11.70 $ 17.16 $ 14.06 $ 14.53 $ 15.80 $ 16.12
=========== =========== ============ ============ =========== =========== ===========
$ 11.04 $ 11.84 $ 17.84 $ 14.28 $ 14.74 $ 16.13 $ 16.27
=========== =========== ============ ============ =========== =========== ===========
$ 11.08 $ 11.87 $ 18.17 $ 14.31 $ 14.81 $ 16.25 $ 16.30
=========== =========== ============ ============ =========== =========== ===========
</TABLE>
107
The Munder Funds
Statements of Assets and Liabilities, December 31, 1999 (Unaudited)
(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) .................. $ 21,983 $ 13,388 $ (357,020) $ (322,214) $ (9,366)
Accumulated net realized
gain/(loss) on investments sold (5,921,773) (25,961,179) 463,595 (568,099) (620,524)
Net unrealized
appreciation/(depreciation) of
investments and foreign currency
transactions ................... (12,707,007) (14,822,650) (1,665,300) (10,334,024) (2,520,401)
Par value ........................ 25,007 51,387 53,508 28,509 5,598
Paid-in capital in excess of par
value .......................... 248,903,981 506,170,538 53,036,306 288,122,862 54,765,903
------------ ------------ ----------- ------------ -----------
$230,322,191 $465,451,484 $51,531,089 $276,927,034 $51,621,210
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares ................... $ 2,335,733 $ 9,691,491 $ 377,427 $ 6,027,449 $ 1,358,775
============ ============ =========== ============ ===========
Class B Shares ................... $ 3,314,278 $ 6,703,701 $ 141,492 $ 6,031,642 $ 467,000
============ ============ =========== ============ ===========
Class C Shares ................... $ 513,287 $ 914,271 $ 74,269 $ 1,781,300 $ 183,683
============ ============ =========== ============ ===========
Class K Shares ................... $ 44,746,243 $289,931,042 $ 33,682 $184,132,270 $48,337,064
============ ============ =========== ============ ===========
Class Y Shares ................... $179,412,650 $158,210,979 $50,904,219 $ 78,954,373 $ 1,274,688
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares ................... 253,676 1,068,557 39,330 620,841 147,533
============ ============ =========== ============ ===========
Class B Shares ................... 360,023 740,777 14,782 620,996 50,544
============ ============ =========== ============ ===========
Class C Shares ................... 55,493 100,957 7,709 183,619 19,904
============ ============ =========== ============ ===========
Class K Shares ................... 4,858,846 32,012,303 3,505 18,954,257 5,241,883
============ ============ =========== ============ ===========
Class Y Shares ................... 19,478,727 17,464,171 5,285,515 8,129,107 138,143
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption
price per share ................ $ 9.21 $ 9.07 $ 9.60 $ 9.71 $ 9.21
============ ============ =========== ============ ===========
Maximum sales charge ............. 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share . $ 9.59 $ 9.45 $ 10.00 $ 10.11 $ 9.59
============ ============ =========== ============ ===========
CLASS B SHARES:
Net asset value and offering price
per share* ..................... $ 9.21 $ 9.05 $ 9.57 $ 9.71 $ 9.24
============ ============ =========== ============ ===========
CLASS C SHARES:
Net asset value and offering price
per share* ..................... $ 9.25 $ 9.06 $ 9.63 $ 9.70 $ 9.23
============ ============ =========== ============ ===========
CLASS K SHARES:
Net asset value, offering price
and redemption price per share . $ 9.21 $ 9.06 $ 9.61 $ 9.71 $ 9.22
============ ============ =========== ============ ===========
CLASS Y SHARES:
Net asset value, offering price
and redemption price per share . $ 9.21 $ 9.06 $ 9.63 $ 9.71 $ 9.23
============ ============ =========== ============ ===========
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
108
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
------------------------------ -------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder
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>
$ (23,860) $ (38,709) -- -- --
(667,316) 164,588 (4,951) (141,028) 41,582
(4,293,659) (1,665,146) -- -- --
15,333 23,802 1,297,482 385,529 60,302
151,967,240 240,177,214 1,296,187,161 385,187,001 60,242,059
------------ ------------ -------------- ------------ -----------
$146,997,738 $238,661,749 $1,297,479,692 $385,431,502 $60,343,943
============ ============ ============== ============ ===========
$ 2,112,924 $ 5,491,041 $ 142,343,221 $ 80,168,383 $11,914,457
============ ============ ============== ============ ===========
$ 1,506,984 $ 1,105,097 -- -- --
============ ============ ============== ============ ===========
$ 132,362 $ 290,731 -- -- --
============ ============ ============== ============ ===========
$140,703,062 $225,700,671 $ 902,150,420 $282,826,429 $22,659,989
============ ============ ============== ============ ===========
$ 2,542,406 $ 6,074,209 $ 252,986,051 $ 22,436,690 $25,769,497
============ ============ ============== ============ ===========
220,487 547,561 142,349,939 80,151,658 11,916,365
============ ============ ============== ============ ===========
157,437 110,338 -- -- --
============ ============ ============== ============ ===========
13,801 28,839 -- -- --
============ ============ ============== ============ ===========
14,676,005 22,509,771 902,150,839 282,929,924 22,641,868
============ ============ ============== ============ ===========
265,352 605,453 252,981,427 22,447,358 25,744,128
============ ============ ============== ============ ===========
$ 9.58 $ 10.03 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ===========
4.00% 4.00% -- -- --
$ 9.98 $ 10.45 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ===========
$ 9.57 $ 10.02 N/A N/A N/A
============ ============ ============== ============ ===========
$ 9.59 $ 10.08 N/A N/A N/A
============ ============ ============== ============ ===========
$ 9.59 $ 10.03 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ===========
$ 9.58 $ 10.03 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ===========
</TABLE>
109
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1999 (Unaudited)
EQUITY FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
---------- ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ....................... $ 359,875 $ 247,694 $ 1,049,212 $ 60,132 $ 64,619 $ 1,104,655
Dividends (a) .................. 107,760 2,569,656 8,283,270 1,891,164 7,926 2,870,227
Other .......................... 6,494 6,163 -- 172,913 14,335 1,194
---------- ------------ ------------ ----------- ----------- -----------
Total investment income .. 474,129 2,823,513 9,332,482 2,124,209 86,880 3,976,076
---------- ------------ ------------ ----------- ----------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ............... 2,128 7,182 532,308 8,599 14,658 60,948
Class B Shares ............... 11,206 18,073 1,674,361 7,406 82,004 432,619
Class C Shares ............... 2,317 6,366 -- 11,939 34,157 60,794
Shareholder servicing fees:
Class K Shares ............... 30,972 225,701 356,146 135,025 3,652 369,471
Investment advisory fee ........ 121,364 834,799 701,120 809,042 278,944 3,375,254
Administration fee ............. 19,424 115,762 712,732 112,048 28,977 380,714
Transfer agent fee ............. 8,846 47,500 302,128 41,226 10,329 147,034
Custodian fees ................. 23,903 28,700 187,117 96,245 15,168 82,240
Legal and audit fees ........... 1,906 9,445 44,612 8,137 1,868 30,048
Trustees'/Directors' fees and
expenses ..................... 892 4,544 21,951 3,889 939 13,526
Amortization of organization
costs ........................ -- -- -- -- -- --
Registration and filing fees ... 9,541 15,093 38,015 14,077 14,976 37,894
Other .......................... -- 44,916 316,495 65,760 35,197 246,303
---------- ------------ ------------ ----------- ----------- -----------
Total Expenses ........... 232,499 1,358,081 4,886,985 1,313,393 520,869 5,236,845
Fees waived and/or expenses
reimbursed by investment
advisor ...................... -- -- (1,107,790) -- (4,682) (628,415)
---------- ------------ ------------ ----------- ----------- -----------
Net Expenses ............. 232,499 1,358,081 3,779,195 1,313,393 516,187 4,608,430
---------- ------------ ------------ ----------- ----------- -----------
NET INVESTMENT INCOME/(LOSS) ... 241,630 1,465,432 5,553,287 810,816 (429,307) (632,354)
---------- ------------ ------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions (b) .... 3,861,386 4,414,739 4,054,311 15,472,825 11,841,642 25,050,287
Futures contracts ............ -- -- 1,279,532 -- -- --
Foreign currency transactions -- -- 37 (1,014) -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities ................. (609,121) (18,042,122) 97,452,896 39,467,820 12,896,997 (6,604,880)
Futures contracts .......... -- -- (270,484) -- -- --
Foreign currency and net other
assets ....................... -- -- -- 6,515 -- --
---------- ------------ ------------ ----------- ----------- -----------
Net realized and unrealized
gain/(loss) on investments ... 3,252,265 (13,627,383) 102,516,292 54,946,146 24,738,639 18,445,407
---------- ------------ ------------ ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS ................... $3,493,895 $(12,161,951) $108,069,579 $55,756,962 $24,309,332 $17,813,053
========== ============ ============ =========== =========== ===========
<FN>
- ----------------
(a) Net of foreign withholding taxes of $6,680, $37,331, $114,119, $19,000,
$194, $26,695 for Munder Growth & Income Fund, Munder Index 500 Fund,
Munder International Equity 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 $112,803 for Munder Framlington
Emerging Markets Fund.
See Notes to Financial Statements.
</TABLE>
110
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------ ----------- ------------ ----------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 33,132 $ 136,563 $ 293,561 $ 155,921 $ 22,545 $ 4,719 $ 24,302
2,834,384 806,465 195,039 1,015,509 596,490 1,888 244,536
-- 11,394 84,988 9,157 15,193 13,574 21,554
------------ ------------ ----------- ------------ ----------- ---------- -----------
2,867,516 954,422 573,588 1,180,587 634,228 20,181 290,392
------------ ------------ ----------- ------------ ----------- ---------- -----------
3,455 5,839 20,159 3,353 927 4,248 3,277
21,203 14,131 41,023 16,176 7,168 35,441 3,402
4,839 7,647 17,320 6,400 2,651 8,147 718
2,599 72,909 126,863 10,138 39,077 83 2,545
262,391 434,437 1,015,768 514,656 323,571 90,414 354,589
36,880 60,290 140,879 72,328 26,912 9,392 36,835
15,475 26,372 59,436 29,535 9,809 3,408 13,047
12,201 19,046 40,039 21,995 96,328 18,546 83,071
3,105 5,238 12,215 5,895 1,871 647 2,134
1,508 2,568 5,880 2,895 933 336 1,251
3,739 -- -- 5,492 143 249 2,516
10,570 14,658 16,906 12,673 11,800 10,931 11,520
36,693 44,434 65,676 52,172 18,770 9,824 8,152
------------ ------------ ----------- ------------ ----------- ---------- -----------
414,658 707,569 1,562,164 753,708 539,960 191,666 523,057
-- -- -- -- (57,728) (15,386) (19,222)
------------ ------------ ----------- ------------ ----------- ---------- -----------
414,658 707,569 1,562,164 753,708 482,232 176,280 503,835
------------ ------------ ----------- ------------ ----------- ---------- -----------
2,452,858 246,853 (988,576) 426,879 151,996 (156,099) (213,443)
------------ ------------ ----------- ------------ ----------- ---------- -----------
(5,110,835) (1,386,140) 5,840,393 2,627,534 4,764,351 489,521 4,396,497
-- -- -- 88,111 -- -- --
-- -- -- -- (167,024) (3,791) (137,507)
(5,865,828) (14,737,674) 9,051,278 (14,517,052) 9,558,003 8,311,125 17,317,835
-- -- -- -- -- -- --
-- -- -- -- 2,430 8 7,626
------------ ------------ ----------- ------------ ----------- ---------- -----------
(10,976,663) (16,123,814) 14,891,671 (11,801,407) 14,157,760 8,796,863 21,584,451
------------ ------------ ----------- ------------ ----------- ---------- -----------
$ (8,523,805) $(15,876,961) $13,903,095 $(11,374,528) $14,309,756 $8,640,764 $21,371,008
============ ============ =========== ============ =========== ========== ===========
</TABLE>
111
The Munder Funds
Statements of Operations, Period Ended December 31, 1999 (Unaudited)
(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 $3,865
for the Munder International
Bond Fund) ................... $ 8,413,451 $ 16,390,876 $1,078,199 $ 9,819,193 $ 1,580,247
Other .......................... 35,480 35,696 245 13,576 --
----------- ------------ ---------- ----------- -----------
Total investment income ........ 8,448,931 16,426,572 1,078,444 9,832,769 1,580,247
----------- ------------ ---------- ----------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ............. 3,216 12,605 462 7,113 1,892
Class B Shares ............. 15,037 21,468 679 22,472 2,632
Class C Shares ............. 2,410 3,661 382 6,219 629
Shareholder servicing fees:
Class K Shares .............. 62,058 394,991 42 248,930 73,590
Investment advisory fee ........ 617,026 1,282,473 132,262 708,963 156,088
Administration fee ............. 128,232 266,157 27,477 147,351 32,466
Transfer agent fee ............. 49,543 105,128 10,267 57,254 13,294
Custodian fees ................. 37,875 68,850 27,546 39,052 19,102
Legal and audit fees ........... 9,776 20,956 2,029 11,317 2,588
Trustees'/Directors' fees and
expenses ..................... 4,762 10,057 972 5,459 1,237
Amortization of organization
costs ........................ -- -- 2,895 -- --
Registration nd filing fees .... 14,981 19,999 15,132 14,928 1,749
Other .......................... 60,193 74,538 23,575 52,722 14,215
----------- ------------ ---------- ----------- -----------
Total Expenses ........ 1,005,109 2,280,883 243,720 1,321,780 319,482
----------- ------------ ---------- ----------- -----------
NET INVESTMENT INCOME .......... 7,443,822 14,145,689 834,724 8,510,989 1,260,765
----------- ------------ ---------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ....... (3,816,481) (5,219,821) 513,928 (554,720) (609,766)
Foreign currency transactions -- -- (38,812) -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities ................. (4,648,858) (4,947,459) 620,949 (7,625,242) (1,932,184)
Foreign currency and net
other assets ............. -- -- 17,918 -- --
----------- ------------ ---------- ----------- -----------
Net realized and unrealized
gain/(loss) on investments ... (8,465,339) (10,167,280) 1,113,983 (8,179,962) (2,541,950)
----------- ------------ ---------- ----------- -----------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS ................... $(1,021,517) $ 3,978,409 $1,948,707 $ 331,027 $(1,281,185)
=========== ============ ========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
112
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------- --------------------------------------------
Munder Munder
Munder Tax-Free Munder Munder U.S.
Tax-Free Short- Cash Tax-Free Treasury
Bond Intermediate Investment Money Market Money Market
Fund Bond Fund Fund Fund Fund
----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
$ 4,254,069 $ 6,122,544 $39,544,185 $6,526,462 $1,676,840
-- -- -- -- --
----------- ----------- ----------- ---------- ----------
4,254,069 6,122,544 39,544,185 6,526,462 1,676,840
----------- ----------- ----------- ---------- ----------
2,655 6,531 172,963 94,945 18,516
4,592 6,299 -- -- --
856 594 -- -- --
199,986 312,070 732,632 208,299 16,984
414,941 657,137 2,507,074 660,749 116,014
86,268 136,610 743,898 196,126 34,127
36,871 54,500 322,482 71,508 15,583
30,756 41,945 155,110 47,342 15,346
7,001 10,946 52,189 13,921 3,042
3,374 5,288 24,916 6,640 1,345
-- -- -- -- --
12,867 16,456 38,289 13,376 7,223
15,868 36,883 38,425 63,153 8,888
----------- ----------- ----------- ---------- ----------
816,035 1,285,259 4,787,978 1,376,059 237,068
----------- ----------- ----------- ---------- ----------
3,438,034 4,837,285 34,756,207 5,150,403 1,439,772
----------- ----------- ----------- ---------- ----------
(667,689) 370,049 -- (8,084) --
-- -- -- -- --
(5,086,386) (3,603,820) -- -- --
-- -- -- -- --
----------- ----------- ----------- ---------- ----------
(5,754,075) (3,233,771) -- (8,084) --
----------- ----------- ----------- ---------- ----------
$(2,316,041) $ 1,603,514 $34,756,207 $5,142,319 $1,439,772
=========== =========== =========== ========== ==========
</TABLE>
113
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1999 (Unaudited)
EQUITY FUNDS
-----------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ -------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ... $ 241,630 $ 1,465,432 $ 5,553,287 $ 810,816 $ (429,307) $ (632,354)
Net realized gain/(loss) on
investments sold ............. 3,861,386 4,414,739 5,333,880 15,471,811 11,841,642 25,050,287
Net change in unrealized
appreciation/ (depreciation)
of investments ............... (609,121) (18,042,122) 97,182,412 39,474,335 12,896,997 (6,604,880)
------------ ------------ -------------- ------------ ----------- ------------
Net increase/(decrease) in net
assets resulting from
operations ................... 3,493,895 (12,161,951) 108,069,579 55,756,962 24,309,332 17,813,053
Dividends to shareholders from
net investment income:
Class A Shares ............. (10,744) (40,727) (2,682,639) (36,839) -- --
Class B Shares ............. (6,559) (11,076) (1,605,371) (3,995) -- --
Class C Shares ............. (1,327) (3,652) -- (5,583) -- --
Class K Shares ............. (153,144) (1,149,047) (1,640,874) (677,814) -- --
Class Y Shares ............. (50,289) (233,313) (2,248,093) (717,546) -- --
Distributions to shareholders
from net realized gains:
Class A Shares ............. (439,740) (226,313) (4,022,665) (572,043) -- (2,340,098)
Class B Shares ............. (640,901) (142,947) (3,182,924) (157,754) -- (6,210,187)
Class C Shares ............. (124,756) (52,897) -- (224,004) -- (814,812)
Class K Shares ............. (6,544,611) (7,199,658) (2,699,949) (10,135,297) -- (18,930,584)
Class Y Shares ............. (1,916,915) (1,232,719) (3,123,424) (8,856,940) -- (18,414,803)
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares ............. 1,038,338 1,791,672 58,114,091 (10,138,022) 2,239,226 8,674,919
Class B Shares ............. 1,549,586 109,312 55,893,402 803,548 3,230,194 (22,855,229)
Class C Shares ............. 396,691 (300,629) -- 463,351 356,374 (486,088)
Class K Shares ............. 1,228,003 (21,644,783) 21,257,310 (380,717) 247,459 16,218,587
Class Y Shares ............. (8,630,631) (7,904,076) 9,333,840 (19,030,756) (1,571,132) (10,590,529)
------------ ------------ -------------- ------------ ----------- ------------
Net increase/(decrease) in net
assets ....................... (10,813,104) (50,402,804) 231,462,283 6,086,551 28,811,453 (37,935,771)
NET ASSETS:
Beginning of period ............ 46,782,572 255,376,123 1,303,437,646 224,024,825 50,271,369 804,286,749
------------ ------------ -------------- ------------ ----------- ------------
End of period .................. $ 35,969,468 $204,973,319 $1,534,899,929 $230,111,376 $79,082,822 $766,350,978
============ ============ ============== ============ =========== ============
Undistributed net investment
income/(loss) ................ $ 33,812 $ 58,121 $ (2,623,690) $ (429,628) $ (429,307) $ (632,354)
============ ============ ============== ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
114
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ 2,452,858 $ 246,853 $ (988,576) $ 426,879 $ 151,996 $ (156,099) $ (213,443)
(5,110,835) (1,386,140) 5,840,393 2,715,645 4,597,327 485,730 4,258,990
(5,865,828) (14,737,674) 9,051,278 (14,517,052) 9,560,433 8,311,133 17,325,461
------------ ------------ ------------ ------------ ----------- ----------- -----------
(8,523,805) (15,876,961) 13,903,095 (11,374,528) 14,309,756 8,640,764 21,371,008
(94,782) (150) -- (1,941) -- -- (15,604)
(121,566) -- -- -- -- -- --
(27,446) -- -- -- -- -- --
(64,937) (2,138) -- (6,196) -- -- (18,967)
(2,148,230) (31,077) -- (164,069) -- -- (851,344)
-- -- -- (13,659) -- -- (67,545)
-- -- -- (16,856) -- -- (25,644)
-- -- -- (8,269) -- -- (15,041)
-- -- -- (43,610) -- -- (80,151)
-- -- -- (632,101) -- -- (2,455,083)
(458,579) (1,726,159) (11,611,692) (237,001) (104,531) (74,398) (1,532,063)
(1,447,696) (363,456) 89,218 (972,537) 385,300 (564,143) 182,709
(386,234) (319,702) (417,212) (1,177,147) 75,104 (190,758) 255,193
(899,069) (25,517,567) (44,895,740) (3,463,847) (3,337,185) (9,342) 143,116
(3,247,461) (10,295,383) (27,352,025) (33,668,597) 598,503 28,901 1,362,731
------------ ------------ ------------ ------------ ----------- ----------- -----------
(17,419,805) (54,132,593) (70,284,356) (51,780,358) 11,926,947 7,831,024 18,253,315
81,250,542 145,050,266 325,481,086 159,070,153 56,873,789 17,079,251 66,360,666
------------ ------------ ------------ ------------ ----------- ----------- -----------
$ 63,830,737 $ 90,917,673 $255,196,730 $107,289,795 $68,800,736 $24,910,275 $84,613,981
============ ============ ============ ============ =========== =========== ===========
$ (4,103) $ 229,980 $ (988,576) $ 254,673 $ 151,996 $ (159,753) $(1,203,401)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
115
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1999 (Unaudited)
(Continued)
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 ............ $ 7,443,822 $ 14,145,689 $ 834,724 $ 8,510,989 $ 1,260,765
Net realized gain/(loss) on
investments sold ............... (3,816,481) (5,219,821) 475,116 (554,720) (609,766)
Net change in unrealized
appreciation/(depreciation) of
investments .................... (4,648,858) (4,947,459) 638,867 (7,625,242) (1,932,184)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) in net
assets resulting from operations (1,021,517) 3,978,409 1,948,707 331,027 (1,281,185)
Dividends to shareholders from net
investment income:
Class A Shares ................. (81,002) (287,876) (18,709) (187,681) (30,826)
Class B Shares ................. (85,310) (118,013) (6,250) (131,763) (9,160)
Class C Shares ................. (12,916) (19,670) (3,487) (36,937) (2,303)
Class K Shares ................. (1,562,464) (9,163,388) (1,754) (6,452,228) (1,249,739)
Class Y Shares ................. (6,271,906) (5,477,695) (2,663,378) (2,471,016) (31,667)
Distributions to shareholders from
net realized gains: ............
Class A Shares ................. (16,458) -- -- (248) --
Class B Shares ................. (18,891) -- -- (209) --
Class C Shares ................. (3,023) -- -- (59) --
Class K Shares ................. (297,938) -- -- (7,580) --
Class Y Shares ................. (1,136,861) -- -- (2,921) --
Net increase/(decrease) in net
assets from Fund share transactions:
Class A Shares ................. (68,419) (393,295) 23,694 1,718,782 (1,025,931)
Class B Shares ................. 843,878 3,037,398 5,021 1,488,783 (136,463)
Class C Shares ................. 101,845 324,219 408 632,138 74,365
Class K Shares ................. (4,590,066) (42,834,424) 7,407 (22,945,168) (13,279,382)
Class Y Shares ................. (13,231,528) (31,292,236) 446,454 7,964,471 (179,781)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) in net
assets ......................... (27,452,576) (82,246,571) (261,887) (20,100,609) (17,152,072)
NET ASSETS: ......................
Beginning of period .............. 257,774,767 547,698,055 51,792,976 297,027,643 68,773,282
------------ ------------ ----------- ------------ ------------
End of period .................... $230,322,191 $465,451,484 $51,531,089 $276,927,034 $ 51,621,210
============ ============ =========== ============ ============
Undistributed net investment
income/(loss) .................. $ 21,983 $ 13,388 $ (357,020) $ (322,214) $ (9,366)
============ ============ =========== ============ ============
</TABLE>
See Notes to Financial Statements.
116
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
------------------------------ -------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder
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>
$ 3,438,034 $ 4,837,285 $ 34,756,207 $ 5,150,403 $ 1,439,772
(667,689) 370,049 -- (8,084) --
(5,086,386) (3,603,820) -- -- --
------------ ------------ -------------- ------------ ------------
(2,316,041) 1,603,514 34,756,207 5,142,319 1,439,772
(45,805) (101,908) (3,290,481) (1,009,080) (317,255)
(17,408) (19,767) -- -- --
(3,020) (2,138) -- -- --
(3,466,535) (4,813,916) (23,587,838) (3,798,616) (490,279)
(64,274) (135,344) (7,877,888) (342,707) (632,238)
(15,960) (24,533) -- -- --
(6,652) (6,322) -- -- --
(2,012) (515) -- -- --
(1,280,935) (1,268,135) -- -- --
(22,655) (31,956) -- -- --
(130,549) (56,816) 6,645,150 12,323,442 (15,122,363)
790,260 (155,376) -- -- --
(277,901) 142,285 -- -- --
(26,188,056) (38,687,547) 32,439,722 (6,703,222) 881,520
(161,698) (901,932) (105,144,564) 646,322 (8,199,937)
------------ ------------ -------------- ------------ ------------
(33,209,241) (44,460,406) (66,059,692) 6,258,458 (22,440,780)
180,206,979 283,122,155 1,363,539,384 379,173,044 82,784,723
------------ ------------ -------------- ------------ ------------
$146,997,738 $238,661,749 $1,297,479,692 $385,431,502 $ 60,343,943
============ ============ ============== ============ ============
$ (23,860) $ (38,709) $ -- $ -- $ --
============ ============ ============== ============ ============
</TABLE>
117
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ -------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) .. $ 1,237,873 $ 3,632,954 $ 10,065,348 $ 2,457,024 $ (623,751) $ (691,376)
Net realized gain/(loss) on
investments sold ............ 14,076,577 10,528,419 16,041,464 9,078,930 (6,696,854) 89,416,385
Net change in unrealized
appreciation/ (depreciation)
of investments .............. (10,208,561) 1,735,753 180,563,695 10,045,666 10,124,607 9,480,176
------------ ------------ -------------- ------------ ----------- ------------
Net increase/(decrease) in net
assets resulting from
operations .................. 5,105,889 15,897,126 206,670,507 21,581,620 2,804,002 98,205,185
Dividends to shareholders from
net investment income:
Class A Shares ............ (20,597) (75,395) (2,632,324) (59,090) -- --
Class B Shares ............ (9,726) (11,422) (1,254,520) (6,706) -- --
Class C Shares ............ (1,589) (4,869) -- (12,169) -- --
Class K Shares ............ (495,656) (2,515,841) (1,806,046) (1,142,060) -- --
Class Y Shares ............ (653,889) (546,965) (3,323,108) (1,239,749) -- (345,882)
Distributions to shareholders
in excess of net investment
income:
Class A Shares ............ -- -- -- -- -- --
Class B Shares ............ -- -- -- -- -- --
Class C Shares ............ -- -- -- -- -- --
Class K Shares ............ -- -- -- -- -- --
Class Y Shares ............ -- -- -- -- -- --
Distributions to shareholders
from net realized gains:
Class A Shares ............ (111,254) (453,417) (2,169,071) (76,269) (158,713) (2,451,617)
Class B Shares ............ (91,842) (202,291) (1,537,617) (13,857) (282,930) (7,432,162)
Class C Shares ............ (12,800) (66,154) -- (25,947) (123,793) (1,028,461)
Class K Shares ............ (3,289,822) (18,732,778) (1,904,925) (1,540,788) (44,400) (22,000,121)
Class Y Shares ............ (3,992,119) (3,210,916) (2,728,139) (1,475,693) (301,983) (21,500,520)
Distributions to shareholders
in excess of realized gains:
Class A Shares ............ -- -- -- -- -- --
Class B Shares ............ -- -- -- -- -- --
Class C Shares ............ -- -- -- -- -- --
Class K Shares ............ -- -- -- -- -- --
Class Y Shares ............ -- -- -- -- -- --
Distributions to shareholders
from capital:
Class A Shares ............ -- -- -- -- -- --
Class B Shares ............ -- -- -- -- -- --
Class C Shares ............ -- -- -- -- -- --
Class K Shares ............ -- -- -- -- -- --
Class Y Shares ............ -- -- -- -- -- --
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares ............ 701,203 (4,014,850) 134,515,408 8,893,119 (1,056,169) 14,240,459
Class B Shares ............ 1,149,209 1,998,157 134,033,626 (67,178) (2,329,218) (4,872,510)
Class C Shares ............ 239,877 (421,392) -- 99,990 (1,095,036) (1,410,384)
Class K Shares ............ (3,404,875) (2,066,361) 61,622,699 (7,374,138) (354,975) 56,882,761
Class Y Shares ............ (28,897,431) 5,560,859 (43,886,978) (10,808,955) 599,445 (60,956,845)
------------ ------------ -------------- ------------ ----------- ------------
Net increase/(decrease) in net
assets ...................... (33,785,422) (8,866,509) 475,599,512 6,732,130 (2,343,770) 47,329,903
NET ASSETS:
Beginning of period ........... 80,567,994 264,242,632 827,838,134 217,292,695 52,615,139 756,956,846
------------ ------------ -------------- ------------ ----------- ------------
End of period ................. $ 46,782,572 $255,376,123 $1,303,437,646 $224,024,825 $50,271,369 $804,286,749
============ ============ ============== ============ =========== ============
Undistributed net investment
income/(loss) ............... $ 14,245 $ 30,504 $ -- $ 201,333 $ -- $ --
============ ============ ============== ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
118
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ 4,085,199 $ 747,138 $ (1,192,489) $ 1,171,383 $ 193,154 $ (307,022) $ 35,565
(1,754,780) (3,939,228) (59,134,679) (179,867) (7,298,698) (472,670) 433,878
(9,497,908) (5,751,711) 16,665,056 (3,617,537) 19,150,617 (1,882,965) 3,799,029
------------ ------------ ------------ ------------ ----------- ----------- -----------
(7,167,489) (8,943,801) (43,662,112) (2,626,021) 12,045,073 (2,662,657) 4,268,472
(148,737) (32,483) -- (17,723) -- -- --
(229,771) (590) -- -- -- -- --
(51,338) (365) -- -- -- -- --
(90,219) (301,291) -- (30,305) -- -- --
(3,909,906) (420,084) -- (770,952) -- -- --
-- (11,564) -- -- -- -- --
-- (4,201) -- -- -- -- --
-- (2,599) -- -- -- -- --
-- (26,396) -- -- -- -- --
-- -- (245,135) -- -- -- --
(92,242) (182,203) (1,595,064) (239,222) -- (34,003) (1,318)
(173,403) (68,000) (920,567) (65,020) -- (61,201) (264)
(39,951) (42,037) (370,434) (41,943) -- (18,261) (92)
(60,204) (1,344,886) (9,282,837) (416,053) -- (1,180) (904)
(2,367,839) (1,361,469) (12,457,292) (5,372,785) -- (38,003) (31,731)
-- -- -- -- -- (6,191) --
-- -- -- -- -- (11,143) --
-- -- -- -- -- (3,325) --
-- -- -- -- -- (215) --
-- -- -- -- -- (6,919) --
(21,931) -- -- -- -- -- --
(38,530) -- -- -- -- -- --
(8,546) -- -- -- -- -- --
(12,479) -- -- -- -- -- --
(522,878) -- -- -- -- -- --
49,263 (1,568,355) 4,650,565 (3,384,827) 238,069 (995,684) 892,175
(576,360) 337,976 (2,785,595) 1,530,743 479,951 (905,614) (36,560)
(26,150) 116,967 (1,252,201) 672,528 277,007 (1,224,944) (27,499)
480,851 (2,862,277) (7,189,080) (3,137,313) (3,994,617) (82,506) (479,640)
(1,066,406) (5,824,485) (9,567,847) (16,271,565) 429,997 483,685 (7,524,088)
------------ ------------ ------------ ------------ ----------- ----------- -----------
(16,074,265) (22,542,143) (84,677,599) (30,170,458) 9,475,480 (5,568,161) (2,941,449)
97,324,807 167,592,409 410,158,685 189,240,611 47,398,309 22,647,412 69,302,115
------------ ------------ ------------ ------------ ----------- ----------- -----------
$ 81,250,542 $145,050,266 $325,481,086 $159,070,153 $56,873,789 $17,079,251 $66,360,666
============ ============ ============ ============ =========== =========== ===========
$ -- $ 16,492 $ -- $ -- $ -- $ (3,654) $ (104,043)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
119
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Net investment income ............ $ 15,805,008 $ 31,114,588 $ 1,756,534 $ 17,445,233 $ 2,679,295
Net realized gain/(loss) on
investments sold ............... 113,541 (638,020) 869,858 (332,111) 363,391
Net change in unrealized
appreciation/(depreciation) of
investments .................... (10,652,037) (13,474,110) (617,503) (10,742,077) (2,577,732)
------------ ------------ ----------- ------------ -----------
Net increase in net assets
resulting from operations ...... 5,266,512 17,002,458 2,008,889 6,371,045 464,954
Dividends to shareholders from net
investment income:
Class A Shares ................. (110,890) (467,224) (5,912) (213,866) (84,644)
Class B Shares ................. (76,952) (104,235) (1,778) (169,414) (20,266)
Class C Shares ................. (13,121) (10,373) (43) (33,137) (7,361)
Class K Shares ................. (2,596,504) (18,796,958) (1,327) (11,734,377) (2,518,676)
Class Y Shares ................. (12,260,301) (11,485,716) (1,019,898) (4,114,959) (43,650)
Distributions to shareholders from
net realized gains:
Class A Shares ................. -- -- (4,410) (4,336) (29,157)
Class B Shares ................. -- -- (1,957) (4,239) (10,432)
Class C Shares ................. -- -- (50) (976) (3,824)
Class K Shares ................. -- -- (1,083) (254,250) (1,053,829)
Class Y Shares ................. -- -- (732,896) (84,482) (15,888)
Distributions in excess of net
realized capital gains:
Class A Shares ................. -- -- -- (1,949) --
Class B Shares ................. -- -- -- (1,905) --
Class C Shares ................. -- -- -- (439) --
Class K Shares ................. -- -- -- (114,252) --
Class Y Shares ................. -- -- -- (37,964) --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ................. 1,082,357 3,155,208 204,393 2,106,533 717,704
Class B Shares ................. 2,032,030 3,287,122 32,380 3,922,510 24,599
Class C Shares ................. 386,963 552,291 52,731 1,142,790 40,325
Class K Shares ................. 10,118,927 (7,527,036) (53,407) 1,090,361 9,613,181
Class Y Shares ................. (13,039,842) (28,657,896) 1,107,190 4,931,332 553,700
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net
assets ......................... (9,210,821) (43,052,359) 1,582,822 2,794,026 7,626,736
NET ASSETS:
Beginning of period .............. 266,985,588 590,750,414 50,210,154 294,233,617 61,146,546
------------ ------------ ----------- ------------ -----------
End of period .................... $257,774,767 $547,698,055 $51,792,976 $297,027,643 $68,773,282
============ ============ =========== ============ ===========
Undistributed net investment
income ......................... $ 591,759 $ 934,341 $ 1,501,834 $ 446,422 $ 53,564
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
120
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------- --------------------------------------------
Munder Munder
Munder Tax-Free Munder Munder U.S.
Tax-Free Short- Cash Tax-Free Treasury
Bond Intermediate Investment Money Market Money Market
Fund Bond Fund Fund Fund Fund
------------ ------------ -------------- ------------ ------------
<S> <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>
121
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1999
(Unaudited)
EQUITY FUNDS
--------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 946,306 $ 7,767,445 $ 168,408,817 $ 52,427,542 $ 17,216,215 $ 337,889,332
Issued as reinvestment of
dividends ................. 398,326 159,863 3,877,512 369,828 -- 1,622,149
Redeemed .................... (306,294) (6,135,636) (114,172,238) (62,935,392) (14,976,989) (330,836,562)
------------ ------------ ------------- ------------ ------------ -------------
Net increase/(decrease) ..... $ 1,038,338 $ 1,791,672 $ 58,114,091 $(10,138,022) $ 2,239,226 $ 8,674,919
============ ============ ============= ============ ============ =============
Class B Shares:
Sold ........................ $ 1,814,015 $ 1,002,419 $ 74,430,693 $ 1,012,223 $ 5,581,312 $ 5,859,171
Issued as reinvestment of
dividends ................. 433,176 88,195 2,464,172 73,313 -- 2,533,148
Redeemed .................... (697,605) (981,302) (21,001,463) (281,988) (2,351,118) (31,247,548)
------------ ------------ ------------- ------------ ------------ -------------
Net increase/(decrease) ..... $ 1,549,586 $ 109,312 $ 55,893,402 $ 803,548 $ 3,230,194 $ (22,855,229)
============ ============ ============= ============ ============ =============
Class C Shares:
Sold ........................ $ 864,339 $ 645,360 $ -- $ 4,982,615 $ 1,645,421 $ 5,186,858
Issued as reinvestment of
dividends ................. 31,498 20,875 -- 38,384 -- 63,530
Redeemed .................... (499,146) (966,864) -- (4,557,648) (1,289,047) (5,736,476)
------------ ------------ ------------- ------------ ------------ -------------
Net increase/(decrease) ..... $ 396,691 $ (300,629) $ -- $ 463,351 $ 356,374 $ (486,088)
============ ============ ============= ============ ============ =============
Class K Shares:
Sold ........................ $ 7,546,312 $ 22,873,038 $ 41,187,487 $ 13,555,767 $ 601,828 $ 72,822,062
Issued as reinvestment of
dividends ................. -- 1,118 8,233 6,284 -- 120,077
Redeemed .................... (6,318,309) (44,518,939) (19,938,410) (13,942,768) (354,369) (56,723,552)
------------ ------------ ------------- ------------ ------------ -------------
Net increase/(decrease) ..... $ 1,228,003 $(21,644,783) $ 21,257,310 $ (380,717) $ 247,459 $ 16,218,587
============ ============ ============= ============ ============ =============
Class Y Shares:
Sold ........................ $ 2,298,509 $ 3,209,777 $ 38,203,913 $ 10,687,375 $ 2,107,120 $ 29,580,565
Issued as reinvestment of
dividends ................. 66,405 43,133 211,221 303,077 -- 890,816
Redeemed .................... (10,995,545) (11,156,986) (29,081,294) (30,021,208) (3,678,252) (41,061,910)
------------ ------------ ------------- ------------ ------------ -------------
Net increase/(decrease) ..... $ (8,630,631) $ (7,904,076) $ 9,333,840 $(19,030,756) $ (1,571,132) $ (10,590,529)
============ ============ ============= ============ ============ =============
<FN>
See Notes to Financial Statements.
</TABLE>
122
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ------------ ------------- ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 841,898 $ 29,529,924 $ 102,464,797 $ 834,278 $ 1,169,623 $ 975,472 $ 13,105,047
55,045 130 7 11,025 -- -- 83,422
(1,355,522) (31,256,213) (114,076,496) (1,082,304) (1,274,154) (1,049,870) (14,720,532)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$ (458,579) $ (1,726,159) $ (11,611,692) $ (237,001) $ (104,531) $ (74,398) $ (1,532,063)
=========== ============ ============= ============ ============ =========== ============
$ 543,570 $ 619,986 $ 2,304,447 $ 966,033 $ 1,291,218 $ 908,517 $ 576,185
38,740 -- 348 5,041 -- -- 21,092
(2,030,006) (983,442) (2,215,577) (1,943,611) (905,918) (1,472,660) (414,568)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$(1,447,696) $ (363,456) $ 89,218 $ (972,537) $ 385,300 $ (564,143) $ 182,709
=========== ============ ============= ============ ============ =========== ============
$ 40,180 $ 276,397 $ 538,102 $ 122,695 $ 287,233 $ 271,008 $ 678,338
9,321 -- -- 5,962 -- -- 12,538
(435,735) (596,099) (955,314) (1,305,804) (212,129) (461,766) (435,683)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$ (386,234) $ (319,702) $ (417,212) $ (1,177,147) $ 75,104 $ (190,758) $ 255,193
=========== ============ ============= ============ ============ =========== ============
$ 303,374 $ 6,524,489 $ 7,173,209 $ 173,786 $ 7,116,629 $ -- $ 157,196
-- -- -- 39 -- -- --
(1,202,443) (32,042,056) (52,068,949) (3,637,672) (10,453,814) (9,342) (14,080)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$ (899,069) $(25,517,567) $ (44,895,740) $ (3,463,847) $ (3,337,185) $ (9,342) $ 143,116
=========== ============ ============= ============ ============ =========== ============
$ 6,197,987 $ 1,397,868 $ 4,458,988 $ 4,032,588 $ 2,829,717 $ 190,011 $ 5,210,408
530,331 6,500 -- 121,074 -- -- 653,347
(9,975,779) (11,699,751) (31,811,013) (37,822,259) (2,231,214) (161,110) (4,501,024)
----------- ------------ ------------- ------------ ------------ ----------- ------------
$(3,247,461) $(10,295,383) $ (27,352,025) $(33,668,597) $ 598,503 $ 28,901 $ 1,362,731
=========== ============ ============= ============ ============ =========== ============
</TABLE>
123
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1999 (Unaudited)
(Continued)
EQUITY FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
-------- ---------- ---------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 84,913 542,650 5,850,049 3,181,206 900,353 16,259,584
Issued as reinvestment of
dividends ................. 40,586 12,298 139,704 21,249 -- 84,115
Redeemed .................... (26,624) (425,518) (3,948,584) (3,808,612) (796,242) (15,810,795)
-------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... 98,875 129,430 2,041,169 (606,157) 104,111 532,904
======== ========== ========== ========== ======== ===========
Class B Shares:
Sold ........................ 159,113 71,852 2,585,187 60,025 270,453 310,084
Issued as reinvestment of
dividends ................. 44,370 6,812 88,927 4,260 -- 139,044
Redeemed .................... (66,014) (70,821) (723,347) (16,347) (120,972) (1,647,192)
-------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... 137,469 7,843 1,950,767 47,938 149,481 (1,198,064)
======== ========== ========== ========== ======== ===========
Class C Shares:
Sold ........................ 79,646 47,063 -- 305,838 77,916 263,853
Issued as reinvestment of
dividends ................. 3,219 1,616 -- 2,203 -- 3,469
Redeemed .................... (46,144) (70,769) -- (280,962) (68,841) (287,329)
-------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... 36,721 (22,090) -- 27,079 9,075 (20,007)
======== ========== ========== ========== ======== ===========
Class K Shares:
Sold ........................ 752,666 1,671,556 1,426,645 779,875 27,819 3,605,264
Issued as reinvestment of
dividends ................. -- 86 297 356 -- 6,261
Redeemed .................... (591,434) (3,204,540) (676,645) (831,140) (18,874) (2,734,313)
-------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... 161,232 (1,532,898) 750,297 (50,909) 8,945 877,212
======== ========== ========== ========== ======== ===========
Class Y Shares:
Sold ........................ 228,501 231,611 1,322,275 616,683 99,006 1,469,099
Issued as reinvestment of
dividends ................. 6,781 3,315 7,564 17,408 -- 45,764
Redeemed .................... (908,073) (767,635) (999,392) (1,686,592) (186,571) (1,958,677)
-------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... (672,791) (532,709) 330,447 (1,052,501) (87,565) (443,814)
======== ========== ========== ========== ======== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
124
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
-------- ---------- ---------- ---------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
74,640 2,445,080 6,559,089 60,662 98,060 76,168 943,133
4,974 12 -- 815 -- -- 5,559
(115,125) (2,595,664) (7,259,894) (76,166) (110,399) (93,145) (1,040,635)
-------- ---------- ---------- ---------- -------- -------- ----------
(35,511) (150,572) (700,805) (14,689) (12,339) (16,977) (91,943)
======== ========== ========== ========== ======== ======== ==========
47,683 51,850 164,949 68,188 111,642 73,467 41,695
3,472 -- 23 377 -- -- 1,427
(180,927) (85,592) (150,645) (138,111) (76,232) (128,957) (30,126)
-------- ---------- ---------- ---------- -------- -------- ----------
(129,772) (33,742) 14,327 (69,546) 35,410 (55,490) 12,996
======== ========== ========== ========== ======== ======== ==========
3,559 23,819 35,889 8,504 24,548 22,572 45,968
835 -- -- 447 -- -- 839
(38,738) (52,420) (64,006) (94,471) (20,092) (42,508) (31,352)
-------- ---------- ---------- ---------- -------- -------- ----------
(34,344) (28,601) (28,117) (85,520) 4,456 (19,936) 15,455
======== ========== ========== ========== ======== ======== ==========
25,495 572,981 465,446 12,269 608,020 -- 10,378
-- -- -- 3 -- -- --
(111,336) (2,848,345) (3,385,633) (256,248) (937,133) (600) (1,071)
-------- ---------- ---------- ---------- -------- -------- ----------
(85,841) (2,275,364) (2,920,187) (243,976) (329,113) (600) 9,307
======== ========== ========== ========== ======== ======== ==========
528,235 120,679 285,456 283,152 260,007 15,053 347,263
47,636 581 -- 8,935 -- -- 43,415
(877,033) (1,016,774) (2,006,125) (2,652,516) (195,294) (12,818) (328,477)
-------- ---------- ---------- ---------- -------- -------- ----------
(301,162) (895,514) (1,720,669) (2,360,429) 64,713 2,235 62,201
======== ========== ========== ========== ======== ======== ==========
</TABLE>
125
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1999 (Unaudited)
(Continued)
INCOME FUNDS
----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ............................. $ 754,694 $ 17,057,494 $ 21,102 $ 18,010,522 $ 413,330
Issued as reinvestment of
dividends ...................... 72,807 228,348 14,944 101,346 24,448
Redeemed ......................... (895,920) (17,679,137) (12,352) (16,393,086) (1,463,709)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $ (68,419) $ (393,295) $ 23,694 $ 1,718,782 $ (1,025,931)
============ ============ =========== ============ ============
Class B Shares:
Sold ............................. $ 2,767,579 $ 6,382,664 $ 15,838 $ 5,174,038 $ 161,132
Issued as reinvestment of
dividends ...................... 37,639 58,323 164 31,890 6,248
Redeemed ......................... (1,961,340) (3,403,589) (10,981) (3,717,145) (303,843)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $ 843,878 $ 3,037,398 $ 5,021 $ 1,488,783 $ (136,463)
============ ============ =========== ============ ============
Class C Shares:
Sold ............................. $ 436,456 $ 2,085,227 $ 148,034 $ 1,959,335 $ 116,675
Issued as reinvestment ........... 3,822 4,814 41 24,642 34
Redeemed ......................... (338,433) (1,765,822) (147,667) (1,351,839) (42,344)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $ 101,845 $ 324,219 $ 408 $ 632,138 $ 74,365
============ ============ =========== ============ ============
Class K Shares:
Sold ............................. $ 6,308,594 $ 20,616,757 $ 37,076 $ 15,728,331 $ 9,027,428
Issued as reinvestment ........... 2,785 8,921 -- 2,297 2
Redeemed ......................... (10,901,445) (63,460,102) (29,669) (38,675,796) (22,306,812)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $ (4,590,066) $(42,834,424) $ 7,407 $(22,945,168) $(13,279,382)
============ ============ =========== ============ ============
Class Y Shares:
Sold ............................. $ 15,283,845 $ 14,006,863 $ 1,678,759 $ 12,262,838 $ 4,030
Issued as reinvestment ........... 84,548 96,063 1,058,142 13,326 8,586
Redeemed ......................... (28,599,921) (45,395,162) (2,290,447) (4,311,693) (192,397)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $(13,231,528) $(31,292,236) $ 446,454 $ 7,964,471 $ (179,781)
============ ============ =========== ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
126
<TABLE>
<CAPTION>
Munder
Munder Tax-Free
Tax-Free Short-
Bond Intermediate
Fund Bond Fund
------------ ------------
<S> <C>
$ 1,007,412 $ 1,990,056
22,386 66,920
(1,160,347) (2,113,792)
------------ ------------
$ (130,549) $ (56,816)
============ ============
$ 1,218,117 $ 620,026
6,238 1,973
(434,095) (777,375)
------------ ------------
$ 790,260 $ (155,376)
============ ============
$ 144,546 $ 367,471
3,918 1,376
(426,365) (226,562)
------------ ------------
$ (277,901) $ 142,285
============ ============
$ 12,174,738 $ 9,901,806
2,437 4,767
(38,365,231) (48,594,120)
------------ ------------
$(26,188,056) $(38,687,547)
============ ============
$ 529,710 $ 960,020
3,900 1,319
(695,308) (1,863,271)
------------ ------------
$ (161,698) $ (901,932)
============ ============
</TABLE>
127
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1999 (Unaudited)
(Continued)
INCOME FUNDS
-------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ............................. 79,675 1,852,841 2,173 1,805,082 44,238
Issued as reinvestment ........... 7,734 24,891 1,536 10,281 2,595
Redeemed ......................... (95,267) (1,918,868) (1,259) (1,644,966) (155,013)
---------- ---------- ------- ---------- ----------
Net increase/(decrease) .......... (7,858) (41,136) 2,450 170,397 (108,180)
========== ========== ======= ========== ==========
Class B Shares:
Sold ............................. 292,861 696,760 1,630 525,562 17,050
Issued as reinvestment ........... 4,014 6,379 17 3,238 664
Redeemed ......................... (208,434) (370,745) (1,103) (375,463) (31,960)
---------- ---------- ------- ---------- ----------
Net increase/(decrease) .......... 88,441 332,394 544 153,337 (14,246)
========== ========== ======= ========== ==========
Class C Shares:
Sold ............................. 46,262 227,271 15,385 199,205 12,455
Issued as reinvestment ........... 404 526 4 2,506 4
Redeemed ......................... (35,826) (192,436) (15,341) (136,518) (4,526)
---------- ---------- ------- ---------- ----------
Net increase/(decrease) .......... 10,840 35,361 48 65,193 7,933
========== ========== ======= ========== ==========
Class K Shares:
Sold ............................. 665,694 2,246,652 3,723 1,588,527 960,272
Issued as reinvestment ........... 296 975 -- 233 --
Redeemed ......................... (1,158,325) (6,912,922) (3,018) (3,899,781) (2,380,328)
---------- ---------- ------- ---------- ----------
Net increase/(decrease) .......... (492,335) (4,665,295) 705 (2,311,021) (1,420,056)
========== ========== ======= ========== ==========
Class Y Shares:
Sold ............................. 1,623,794 1,524,482 171,862 1,253,735 422
Issued as reinvestment of
dividends ...................... 9,058 10,487 108,433 1,352 912
Redeemed ......................... (3,024,891) (4,951,422) (232,232) (434,776) (20,483)
---------- ---------- ------- ---------- ----------
Net increase/(decrease) .......... (1,392,039) (3,416,453) 48,063 820,311 (19,149)
========== ========== ======= ========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
128
<TABLE>
<CAPTION>
Munder
Munder Tax-Free
Tax-Free Short-
Bond Intermediate
Fund Bond Fund
---------- ----------
<S> <C>
103,469 196,663
2,294 6,611
(118,424) (207,668)
---------- ----------
(12,661) (4,394)
========== ==========
124,972 60,967
639 195
(44,338) (76,708)
---------- ----------
81,273 (15,546)
========== ==========
14,625 36,028
400 135
(43,024) (22,121)
---------- ----------
(27,999) 14,042
========== ==========
1,248,091 972,822
250 471
(3,911,568) (4,779,656)
---------- ----------
(2,663,227) (3,806,363)
========== ==========
53,463 94,407
399 130
(70,602) (182,989)
---------- ----------
(16,740) (88,452)
========== ==========
</TABLE>
129
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1999 (Unaudited)
(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.
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 ............................. $ 539,582,640 $ 57,489,993 $ 46,850,908
Issued as reinvestment of
dividends ...................... 3,084,379 1,002,526 294,943
Redeemed ......................... (536,021,869) (46,169,077) (62,268,214)
------------- ------------- ------------
Net increase/(decrease) .......... $ 6,645,150 $ 12,323,442 $(15,122,363)
============= ============= ============
Class K Shares:
Sold ............................. $ 530,060,733 $ 143,056,587 $ 28,372,092
Issued as reinvestment ........... 5,024 1,860 2
Redeemed ......................... (497,626,035) (149,761,669) (27,490,574)
------------- ------------- ------------
Net increase/(decrease) .......... $ 32,439,722 $ (6,703,222) $ 881,520
============= ============= ============
Class Y Shares:
Sold ............................. $ 283,297,324 $ 31,287,824 $ 23,578,444
Issued as reinvestment ........... 67,978 21,820 174,526
Redeemed ......................... (388,509,866) (30,663,322) (31,952,907)
------------- ------------- ------------
Net increase/(decrease) .......... $(105,144,564) $ 646,322 $ (8,199,937)
============= ============= ============
<FN>
See Notes to Financial Statements.
</TABLE>
130
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 1,140,908 $ 36,363,414 $ 306,026,628 $ 154,582,825 $ 9,475,953 $ 785,755,717
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 3,645,184
Issued as reinvestment of
dividends ................. 110,159 289,589 2,276,020 76,045 111,618 1,788,540
Redeemed .................... (549,864) (40,667,853) (173,787,240) (145,765,751) (10,643,740) (776,948,982)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ 701,203 $ (4,014,850) $ 134,515,408 $ 8,893,119 $ (1,056,169) $ 14,240,459
============ ============ ============= ============= ============ =============
Class B Shares:
Sold ........................ $ 1,373,486 $ 2,903,698 $ 159,019,278 $ 419,856 $ 4,873,253 $ 11,477,272
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 423,609
Issued as reinvestment of
dividends ................. 25,182 82,783 1,198,821 8,577 127,867 2,980,135
Redeemed .................... (249,459) (988,324) (26,184,473) (495,611) (7,330,338) (19,753,526)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ 1,149,209 $ 1,998,157 $ 134,033,626 $ (67,178) $ (2,329,218) $ (4,872,510)
============ ============ ============= ============= ============ =============
Class C Shares:
Sold ........................ $ 365,546 $ 5,675,166 $ -- $ 784,962 $ 2,511,654 $ 14,691,587
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 27,285
Issued as reinvestment of
dividends ................. 3,270 22,089 -- 2,507 41,160 69,569
Redeemed .................... (128,939) (6,118,647) -- (687,479) (3,647,850) (16,198,825)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ 239,877 $ (421,392) $ -- $ 99,990 $ (1,095,036) $ (1,410,384)
============ ============ ============= ============= ============ =============
Class K Shares:
Sold ........................ $ 9,051,179 $ 43,942,687 $ 99,263,563 $ 16,375,849 $ 874,607 $ 110,054,804
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 30,893,203
Issued as reinvestment of
dividends ................. -- 2,558 8,661 862 325 147,907
Redeemed .................... (12,456,054) (46,011,606) (37,649,525) (23,750,849) (1,229,907) (84,213,153)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ (3,404,875) $ (2,066,361) $ 61,622,699 $ (7,374,138) $ (354,975) $ 56,882,761
============ ============ ============= ============= ============ =============
Class Y Shares:
Sold ........................ $ 10,363,069 $ 64,513,627 $ 79,091,960 $ 11,617,421 $ 5,619,141 $ 61,127,513
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 8,653,859
Issued as reinvestment of
dividends ................. 25,568 87,471 132,854 84,636 174,800 1,623,598
Redeemed .................... (39,286,068) (59,040,239) (123,111,792) (22,511,012) (5,194,496) (132,361,815)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $(28,897,431) $ 5,560,859 $ (43,886,978) $ (10,808,955) $ 599,445 $ (60,956,845)
============ ============ ============= ============= ============ =============
<FN>
See Notes to Financial Statements.
</TABLE>
132
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------- ------------- ------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,097,125 $ 204,932,864 $ 516,745,495 $ 243,685,685 $ 1,420,206 $ 882,935 $ 18,526,567
-- -- -- -- -- -- --
126,652 147,666 857,595 77,126 -- 13,738 1,313
(3,174,514) (206,648,885) (512,952,525) (247,147,638) (1,182,137) (1,892,357) (17,635,705)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 49,263 $ (1,568,355) $ 4,650,565 $ (3,384,827) $ 238,069 $ (995,684) $ 892,175
============ ============= ============= ============= ============ =========== ============
$ 1,967,281 $ 1,605,943 $ 8,733,728 $ 3,512,851 $ 1,650,573 $ 1,720,586 $ 462,021
-- -- -- -- -- -- --
137,336 29,154 350,225 21,686 -- 39,333 203
(2,680,977) (1,297,121) (11,869,548) (2,003,794) (1,170,622) (2,665,533) (498,784)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (576,360) $ 337,976 $ (2,785,595) $ 1,530,743 $ 479,951 $ (905,614) $ (36,560)
============ ============= ============= ============= ============ =========== ============
$ 689,276 $ 1,563,402 $ 2,114,641 $ 1,891,202 $ 481,365 $ 402,803 $ 181,063
-- -- -- -- -- -- --
25,554 15,741 77,875 9,682 -- 3,123 77
(740,980) (1,462,176) (3,444,717) (1,228,356) (204,358) (1,630,870) (208,639)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (26,150) $ 116,967 $ (1,252,201) $ 672,528 $ 277,007 $(1,224,944) $ (27,499)
============ ============= ============= ============= ============ =========== ============
$ 1,114,941 $ 30,619,211 $ 57,197,271 $ 3,272,167 $ 17,037,605 $ 43,800 $ 502,556
-- -- -- -- -- -- --
-- 87 18,166 193 -- -- --
(634,090) (33,481,575) (64,404,517) (6,409,673) (21,032,222) (126,306) (982,196)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 480,851 $ (2,862,277) $ (7,189,080) $ (3,137,313) $ (3,994,617) $ (82,506) $ (479,640)
============ ============= ============= ============= ============ =========== ============
$ 18,204,684 $ 60,951,348 $ 96,528,187 $ 75,168,143 $ 6,623,826 $ 1,004,715 $ 8,894,961
-- -- -- -- -- -- --
1,286,467 302,524 1,414,591 761,480 -- 17,579 8,595
(20,557,557) (67,078,357) (107,510,625) (92,201,188) (6,193,829) (538,609) (16,427,644)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (1,066,406) $ (5,824,485) $ (9,567,847) $ (16,271,565) $ 429,997 $ 483,685 $ (7,524,088)
============ ============= ============= ============= ============ =========== ============
</TABLE>
133
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
(Continued)
EQUITY FUNDS
--------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 94,099 2,500,882 11,616,038 9,829,257 593,060 38,411,153
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 189,419
Issued as reinvestment of
dividends ................. 9,486 21,050 89,599 5,276 7,866 92,718
Redeemed .................... (44,882) (2,760,800) (6,690,820) (9,262,579) (695,471) (37,949,040)
---------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... 58,703 (238,868) 5,014,817 571,954 (94,545) 744,250
========== ========== ========== ========== ======== ===========
Class B Shares:
Sold ........................ 111,387 201,879 5,992,982 27,512 324,276 597,140
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 22,939
Issued as reinvestment of
dividends ................. 2,172 6,054 47,391 599 9,133 161,175
Redeemed .................... (20,174) (68,980) (1,030,228) (34,578) (507,788) (1,016,015)
---------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... 93,385 138,953 5,010,145 (6,467) (174,379) (234,761)
========== ========== ========== ========== ======== ===========
Class C Shares:
Sold ........................ 29,333 396,608 -- 51,188 166,176 750,825
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 1,474
Issued as reinvestment of
dividends ................. 283 1,617 -- 168 2,938 3,756
Redeemed .................... (10,311) (420,836) -- (47,992) (256,106) (832,142)
---------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... 19,305 (22,611) -- 3,364 (86,922) (76,087)
========== ========== ========== ========== ======== ===========
Class K Shares:
Sold ........................ 745,255 3,015,495 3,874,623 1,116,407 57,922 4,506,451
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 1,608,086
Issued as reinvestment of
dividends ................. -- 186 346 60 23 7,679
Redeemed .................... (1,002,737) (3,158,624) (1,471,425) (1,623,278) (86,489) (4,127,521)
---------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... (257,482) (142,943) 2,403,544 (506,811) (28,544) 1,994,695
========== ========== ========== ========== ======== ===========
Class Y Shares:
Sold ........................ 865,614 4,418,808 3,006,663 792,809 402,801 4,819,485
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 444,900
Issued as reinvestment of
dividends ................. 2,203 6,324 5,350 5,889 12,267 83,310
Redeemed .................... (3,153,292) (4,027,938) (4,805,069) (1,509,586) (354,262) (6,599,730)
---------- ---------- ---------- ---------- -------- -----------
Net increase/(decrease) ..... (2,285,475) 397,194 (1,793,056) (710,888) 60,806 (1,252,035)
========== ========== ========== ========== ======== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
134
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
---------- ----------- ----------- ----------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
240,492 17,282,016 31,110,553 17,219,329 136,734 81,639 1,557,057
-- -- -- -- -- -- --
10,178 12,700 53,566 5,660 -- 1,298 113
(248,777) (17,290,366) (30,655,150) (17,388,370) (124,885) (181,202) (1,467,146)
---------- ----------- ----------- ----------- ---------- -------- ----------
1,893 4,350 508,969 (163,381) 11,849 (98,265) 90,024
========== =========== =========== =========== ========== ======== ==========
155,151 131,184 563,596 241,284 186,048 164,817 38,471
-- -- -- -- -- -- --
11,127 2,515 22,966 1,609 -- 3,771 18
(214,152) (109,601) (761,308) (139,996) (145,442) (258,818) (44,954)
---------- ----------- ----------- ----------- ---------- -------- ----------
(47,874) 24,098 (174,746) 102,897 40,606 (90,230) (6,465)
========== =========== =========== =========== ========== ======== ==========
54,141 129,366 131,826 131,656 52,223 38,586 14,652
-- -- -- -- -- -- --
2,053 1,361 5,021 719 -- 299 7
(59,643) (125,088) (221,158) (85,949) (23,616) (166,856) (17,543)
---------- ----------- ----------- ----------- ---------- -------- ----------
(3,449) 5,639 (84,311) 46,426 28,607 (127,971) (2,884)
========== =========== =========== =========== ========== ======== ==========
87,288 2,569,270 3,443,786 219,174 2,088,599 3,932 43,933
-- -- -- -- -- -- --
-- 8 1,135 14 -- -- --
(52,699) (2,834,248) (3,995,528) (451,292) (2,485,396) (11,980) (90,573)
---------- ----------- ----------- ----------- ---------- -------- ----------
34,589 (264,970) (550,607) (232,104) (396,797) (8,048) (46,640)
========== =========== =========== =========== ========== ======== ==========
1,409,073 5,090,624 5,745,898 5,266,369 708,935 94,073 779,551
-- -- -- -- -- -- --
103,706 25,949 87,075 55,701 -- 1,657 740
(1,656,986) (5,589,940) (6,419,767) (6,460,284) (768,253) (51,824) (1,433,472)
---------- ----------- ----------- ----------- ---------- -------- ----------
(144,207) (473,367) (586,794) (1,138,214) (59,318) 43,906 (653,181)
========== =========== =========== =========== ========== ======== ==========
</TABLE>
135
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
(Continued)
INCOME FUNDS
----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ............................. $ 2,106,920 $ 30,380,505 $ 1,205,890 $ 14,807,969 $ 2,571,027
Issued as reinvestment of
dividends ...................... 79,742 351,589 10,601 115,866 43,931
Redeemed ......................... (1,104,305) (27,576,886) (1,012,098) (12,817,302) (1,897,254)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $ 1,082,357 $ 3,155,208 $ 204,393 $ 2,106,533 $ 717,704
============ ============ =========== ============ ============
Class B Shares:
Sold ............................. $ 4,553,570 $ 6,654,765 $ 68,173 $ 9,678,927 $ 216,428
Issued as reinvestment of
dividends ...................... 16,294 37,461 243 17,266 24,024
Redeemed ......................... (2,537,834) (3,405,104) (36,036) (5,773,683) (215,853)
------------ ------------ ----------- ------------ ------------
Net increase ..................... $ 2,032,030 $ 3,287,122 $ 32,380 $ 3,922,510 $ 24,599
============ ============ =========== ============ ============
Class C Shares:
Sold ............................. $ 718,929 $ 2,174,048 $ 112,666 $ 2,089,267 $ 355,873
Issued as reinvestment of
dividends ...................... 2,201 3,281 92 10,851 2,926
Redeemed ......................... (334,167) (1,625,038) (60,027) (957,328) (318,474)
------------ ------------ ----------- ------------ ------------
Net increase ..................... $ 386,963 $ 552,291 $ 52,731 $ 1,142,790 $ 40,325
============ ============ =========== ============ ============
Class K Shares:
Sold ............................. $ 20,031,702 $ 57,610,345 $ 8,061 $ 37,500,971 $ 22,921,774
Issued as reinvestment of
dividends ...................... 4,085 17,103 -- 2,136 --
Redeemed ......................... (9,916,860) (65,154,484) (61,468) (36,412,746) (13,308,593)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $ 10,118,927 $ (7,527,036) $ (53,407) $ 1,090,361 $ 9,613,181
============ ============ =========== ============ ============
Class Y Shares:
Sold ............................. $ 32,488,800 $ 47,989,563 $ 2,744,051 $ 14,132,700 $ 763,455
Issued as reinvestment of
dividends ...................... 93,684 193,082 677,932 48,621 27,277
Redeemed ......................... (45,622,326) (76,840,541) (2,314,793) (9,249,989) (237,032)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) .......... $(13,039,842) $(28,657,896) $ 1,107,190 $ 4,931,332 $ 553,700
============ ============ =========== ============ ============
<FN>
- ----------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
See Notes to Financial Statements.
</TABLE>
136
<TABLE>
<CAPTION>
Munder
Munder Tax-Free
Tax-Free Short-
Bond Intermediate
Fund Bond Fund(a)
------------ ------------
<S> <C>
$ 3,419,758 $ 4,563,388
74,814 156,463
(3,492,813) (5,542,370)
------------ ------------
$ 1,759 $ (822,519)
============ ============
$ 1,271,532 $ 2,012,200
4,047 3,282
(940,850) (1,160,121)
------------ ------------
$ 334,729 $ 855,361
============ ============
$ 436,399 $ 209,573
598 1,132
(53,046) (55,519)
------------ ------------
$ 383,951 $ 155,186
============ ============
$ 19,482,729 $ 33,941,440
2,040 11,048
(27,341,518) (54,284,489)
------------ ------------
$ (7,856,749) $(20,332,001)
============ ============
$ 1,089,291 $ 1,944,090
11,185 3,242
(2,203,609) (4,103,854)
------------ ------------
$ (1,103,133) $ (2,156,522)
============ ============
</TABLE>
137
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
(Continued)
INCOME FUNDS
-------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
---------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ............................. 211,326 3,209,933 120,716 1,462,472 256,138
Issued as reinvestment of
dividends ...................... 8,014 37,056 988 11,306 4,419
Redeemed ......................... (110,897) (2,914,147) (101,387) (1,273,651) (189,320)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) .......... 108,443 332,842 20,317 200,127 71,237
========== ========== ======== ========== ==========
Class B Shares:
Sold ............................. 455,010 700,296 6,668 933,231 21,223
Issued as reinvestment of
dividends ...................... 1,638 3,973 22 1,687 2,394
Redeemed ......................... (253,626) (358,948) (3,519) (560,693) (21,374)
---------- ---------- -------- ---------- ----------
Net increase ..................... 203,022 345,321 3,171 374,225 2,243
========== ========== ======== ========== ==========
Class C Shares
Sold ............................. 71,841 230,747 10,495 201,382 35,318
Issued as reinvestment of
dividends ...................... 223 348 8 1,065 291
Redeemed ......................... (33,737) (172,824) (6,077) (93,731) (31,370)
---------- ---------- -------- ---------- ----------
Net increase ..................... 38,327 58,271 4,426 108,716 4,239
========== ========== ======== ========== ==========
Class K Shares (b):
Sold ............................. 2,011,523 6,061,011 759 3,616,886 2,272,829
Issued as reinvestment of
dividends ...................... 409 1,801 -- 207 --
Redeemed ......................... (992,995) (6,849,313) (5,962) (3,514,490) (1,335,639)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) .......... 1,018,937 (786,501) (5,203) 102,603 937,190
========== ========== ======== ========== ==========
Class Y Shares
Sold ............................. 3,257,465 5,048,703 258,271 1,362,880 78,010
Issued as reinvestment of
dividends ...................... 9,354 20,328 63,149 4,707 2,719
Redeemed ......................... (4,555,297) (8,067,135) (230,301) (883,177) (23,872)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) .......... (1,288,478) (2,998,104) 91,119 484,410 56,857
========== ========== ======== ========== ==========
<FN>
- ----------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
See Notes to Financial Statements.
</TABLE>
138
<TABLE>
<CAPTION>
Munder
Munder Tax-Free
Tax-Free Short-
Bond Intermediate
Fund Bond Fund(a)
---------- ------------
<S> <C>
326,184 436,147
7,121 14,921
(334,187) (525,554)
---------- ----------
(882) (74,486)
========== ==========
119,587 191,087
388 316
(89,391) (110,000)
---------- ----------
30,584 81,403
========== ==========
42,972 19,998
59 109
(5,081) (5,311)
---------- ----------
37,950 14,796
========== ==========
1,845,545 3,238,883
195 1,054
(2,573,738) (5,175,469)
---------- ----------
(727,998) (1,935,532)
========== ==========
104,036 185,468
1,062 309
(207,087) (391,669)
---------- ----------
(101,989) (205,892)
========== ==========
</TABLE>
139
<TABLE>
<CAPTION>
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.
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)
=============== ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
140
<TABLE>
<CAPTION>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(d) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .................... $ 12.98 $ 13.49 $ 13.03 $12.37 $10.78 $ 9.97 $10.35
------- ------- ------- ------ ------ ------ ------
Income from investment
operations:
Net investment income ....... 0.08 0.22 0.31 0.29 0.27 0.07 0.21
Net realized and unrealized
gain/(loss) on investments 0.93 1.02 1.64 1.30 1.57 0.86 (0.42)
------- ------- ------- ------ ------ ------ ------
Total from investment
operations ................ 1.01 1.24 1.95 1.59 1.84 0.93 (0.21)
------- ------- ------- ------ ------ ------ ------
Less distributions:
Dividends from net investment
income .................... (0.07) (0.23) (0.32) (0.27) (0.25) (0.12) (0.17)
Distributions from net
realized gains ............ (3.23) (1.52) (1.17) (0.66) -- -- --
------- ------- ------- ------ ------ ------ ------
Total distributions ......... (3.30) (1.75) (1.49) (0.93) (0.25) (0.12) (0.17)
------- ------- ------- ------ ------ ------ ------
Net asset value, end of
period .................... $ 10.69 $ 12.98 $ 13.49 $13.03 $12.37 $10.78 $ 9.97
======= ======= ======= ====== ====== ====== ======
Total return (b) ............ 11.16% 10.83% 15.86% 13.64% 17.17% 9.33% (1.95)%
======= ======= ======= ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) .................... $24,134 $27,206 $31,748 $6,588 $1,718 $ 168 $ 151
Ratio of operating expenses
to average net assets ..... 1.25%(c) 1.22% 1.17% 1.22% 1.15% 1.16% (c) 1.22%
Ratio of net investment
income to average net
assets .................... 1.30%(c) 1.78% 2.41% 2.30% 2.29% 2.51% (c) 1.89%
Portfolio turnover rate ..... 52% 116% 79% 125% 197% 52% 116%
Ratio of operating expenses
to average net assets
without waivers ........... 1.25%(c) 1.22% 1.17% 1.22% 1.26% 1.51% (c) 1.57%
<FN>
- ----------------
(a) The Munder Balanced Fund Class K Shares commenced operations on April 16,
1993.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
141
<TABLE>
<CAPTION>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .................... $ 15.00 $ 15.64 $ 15.23 $ 13.05 $ 11.14 $ 10.43 $ 10.00
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income ....... 0.09 0.21 0.28 0.32 0.32 0.11 0.22
Net realized and unrealized
gain on investments ....... (0.84) 0.72 2.97 3.14 1.99 0.78 0.36
-------- -------- -------- -------- -------- -------- --------
Total from investment
operations ................ (0.75) 0.93 3.25 3.46 2.31 0.89 0.58
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income .................... (0.09) (0.18) (0.28) (0.32) (0.31) (0.18) (0.15)
Distributions from net
realized gains ............ (0.57) (1.39) (2.56) (0.96) (0.09) -- (0.00)(g)
-------- -------- -------- -------- -------- -------- --------
Total distributions ......... (0.66) (1.57) (2.84) (1.28) (0.40) (0.18) (0.15)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of
period .................... $ 13.59 $ 15.00 $ 15.64 $ 15.23 $ 13.05 $ 11.14 $ 10.43
======== ======== ======== ======== ======== ======== ========
Total return (b) ............ (4.81)% 6.95% 23.00% 28.12% 20.97% 8.57% 5.94%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) .................... $165,312 $205,364 $216,387 $212,415 $192,592 $132,583 $105,629
Ratio of operating expenses
to average net assets ..... 1.24%(c) 1.21% 1.19% 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment
income to average net
assets .................... 1.30%(c) 1.45% 1.78% 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ..... 15% 50% 73% 62% 37% 13% 12%
Ratio of operating expenses
to average net assets
without waivers ........... 1.24%(c) 1.21% 1.19% 1.20% 1.28% 15.51%(c) 1.53%(c)
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class K Shares commenced operations on
July 5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Managment, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
142
<TABLE>
<CAPTION>
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
----------- ------- ------- ------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ..................... $ 29.29 $ 24.44 $ 20.94 $ 16.16 $ 13.80 $12.40 $12.06
-------- -------- -------- ------- ------- ------ ------
Income from investment
operations:
Net investment income ........ 0.11 0.22 0.28 0.31 0.33 0.10 0.30
Net realized and unrealized
gain on investments ........ 2.00 5.09 5.48 5.04 3.07 1.44 0.50
-------- -------- -------- ------- ------- ------ ------
Total from investment
operations ................. 2.11 5.31 5.76 5.35 3.40 1.54 0.80
-------- -------- -------- ------- ------- ------ ------
Less distributions:
Dividends from net investment
income ..................... (0.16) (0.22) (0.27) (0.30) (0.32) (0.14) (0.29)
Distributions from net
realized gains ............. (0.28) (0.24) (1.99) (0.27) (0.72) -- (0.17)
-------- -------- -------- ------- ------- ------ ------
Total distributions .......... (0.44) (0.46) (2.26) (0.57) (1.04) (0.14) (0.46)
-------- -------- -------- ------- ------- ------ ------
Net asset value, end of period $ 30.96 $ 29.29 $ 24.44 $ 20.94 $ 16.16 $13.80 $12.40
======== ======== ======== ======= ======= ====== ======
Total return (b) ............. 7.42% 21.99% 29.42% 33.79% 25.37% 12.49% 6.90%
======== ======== ======== ======= ======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ..................... $311,235 $272,450 $168,639 $61,254 $17,068 $2,778 $1,746
Ratio of operating expenses to
average net assets ......... 0.58%(c) 0.55% 0.53% 0.54% 0.51% 0.50%(c) 0.50%
Ratio of net investment income
to average net assets ...... 0.78%(c) 0.96% 1.23% 1.76% 2.13% 2.41%(c) 2.49%
Portfolio turnover rate ...... 2% 6% 8% 11% 8% 6% 7%
Ratio of operating expenses to
average net assets without
waivers .................... 0.59%(c) 0.60% 0.60% 0.64% 0.69% 0.63%(c) 0.64%
<FN>
- ----------------
(a) The Munder Index 500 Fund Class K Shares commenced operations on December
7, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Managment, Inc.
See Notes to Financial Statements.
</TABLE>
143
<TABLE>
<CAPTION>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(d) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98 6/30/97(d) 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
----------- ---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .................... $ 16.22 $ 15.03 $ 15.74 $ 15.08 $ 13.42 $ 12.28 $ 13.68
-------- -------- -------- -------- -------- ------- -------
Income from investment
operations:
Net investment income ....... 0.06 0.16 0.16 0.14 0.15 0.11 0.17
Net realized and unrealized
gain/(loss) on investments 4.33 1.43 0.32 2.31 1.63 1.03 (1.48)
-------- -------- -------- -------- -------- ------- -------
Total from investment
operations ................ 4.39 1.59 0.48 2.45 1.78 1.14 (1.31)
-------- -------- -------- -------- -------- ------- -------
Less distributions:
Dividends from net investment
income .................... (0.11) (0.17) (0.19) (0.20) (0.12) -- (0.03)
Distributions from net
realized gains ............ (1.59) (0.23) (1.00) (1.59) -- -- --
Distributions from capital .. -- -- -- -- -- -- (0.06)
-------- -------- -------- -------- -------- ------- -------
Total distributions ......... (1.70) (0.40) (1.19) (1.79) (0.12) -- (0.09)
-------- -------- -------- -------- -------- ------- -------
Net asset value, end of
period .................... $ 18.91 $ 16.22 $ 15.03 $ 15.74 $ 15.08 $ 13.42 $ 12.28
======== ======== ======== ======== ======== ======= =======
Total return (b) ............ 28.31% 10.94% 4.24% 18.09% 13.29% 9.28% (9.68)%
======== ======== ======== ======== ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) .................... $122,691 $106,106 $105,916 $135,593 $116,053 $73,168 $63,159
Ratio of operating expenses
to average net assets ..... 1.31%(c) 1.29% 1.25% 1.26% 1.26% 1.21%(c) 1.18%
Ratio of net investment
income to average net
assets .................... 0.65%(c) 1.09% 1.03% 0.98% 1.07% 2.57%(c) 1.31%
Portfolio turnover rate ..... 11% 23% 41% 46% 75% 14% 20%
Ratio of operating expenses
to average net assets
without waivers ........... 1.31%(c) 1.29% 1.25% 1.26% 1.33% 1.46%(c) 1.43%
<FN>
- ----------------
(a) The Munder International Equity Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
144
<TABLE>
<CAPTION>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 .............. (0.13) (0.18) (0.17) (0.05)
Net realized and unrealized gain
on investments ................. 8.80 1.63 4.99 2.75
-------- ------ ------ ------
Total from investment operations . 8.67 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 ... $ 26.82 $18.15 $17.00 $12.82
======== ====== ====== ======
Total return (b) ................. 47.77% 9.04% 37.90% 26.68%
======== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 4,288 $2,740 $3,050 $ 199
Ratio of operating expenses to
average net assets ............. 1.61%(c) 1.53% 1.53% 1.50%(c)
Ratio of net investment loss to
average net assets ............. (1.30)% (c) (1.21)% (0.98)% (0.88)%(c)
Portfolio turnover rate .......... 92% 184% 172% 68%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.63%(c) 1.64% 1.78% 7.90%(c)
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Class K Shares commenced operations on
December 31, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
145
<TABLE>
<CAPTION>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period
12/31/99(e) Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98(e) 6/30/97(e) 6/30/96(e) 6/30/95(d,f)
----------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 22.04 $ 21.42 $ 18.00 $ 14.83 $ 12.02 $ 12.20
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............ (0.02) (0.02) 0.00(g) 0.04 0.06 0.00(g)
Net realized and unrealized
gain/(loss) on investments ..... 0.47 2.22 4.35 3.89 3.20 (0.18)
-------- -------- -------- -------- -------- --------
Total from investment operations . 0.45 2.20 4.35 3.93 3.26 (0.18)
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ......................... -- -- (0.01) (0.01) (0.05) --
Distributions from net realized
gains .......................... (1.37) (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 ... $ 21.12 $ 22.04 $ 21.42 $ 18.00 $ 14.83 $ 12.02
======== ======== ======== ======== ======== ========
Total return (b) ................. 2.65% 11.40% 25.05% 27.55% 27.56% (1.48)%
======== ======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $332,193 $327,355 $275,378 $237,330 $140,833 $104,767
Ratio of operating expenses to
average net assets ............. 1.25%(c) 1.22% 1.21% 1.25% 1.26% 1.20%(c)
Ratio of net investment income to
average net assets ............. (0.17)%(c) (0.09)% 0.00%(g) 0.25% 0.44% 0.28%(c)
Portfolio turnover rate .......... 23% 53% 34% 33% 54% 27%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.43%(c) 1.39% 1.39% 1.50% 1.51% 1.58%(c)
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class K Shares commenced operations
on June 23, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
(f) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
(g) Amount represents less than 0.01.
See Notes to Financial Statements.
</TABLE>
146
<TABLE>
<CAPTION>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 ............ 0.39 0.58 0.69 0.40
Net realized and unrealized
gain/(loss) on investments ..... (1.73) (1.64) 0.61 2.38
------- ------ ------ ------
Total from investment operations . (1.34) (1.06) 1.30 2.78
------- ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.40) (0.61) (0.62) (0.41)
Distributions in excess of net
investment income ................ -- -- -- (0.01)
Distributions from net realized
gains .......................... -- (0.39) (0.14) --
Distributions from capital ....... -- (0.10) -- (0.03)
------- ------ ------ ------
Total distributions .............. (0.40) (1.10) (0.76) (0.45)
------- ------ ------ ------
Net asset value, end of period ... $ 11.04 $12.78 $14.94 $14.40
======= ====== ====== ======
Total return (b) ................. (10.48)% (6.66)% 8.92% 23.11%
======= ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 1,019 $2,277 $2,145 $1,481
Ratio of operating expenses to
average net assets ............. 1.33%(c) 1.27% 1.28% 1.35%(c)
Ratio of net investment income to
average net assets ............. 6.76%(c) 4.50% 4.15% 3.80%(c)
Portfolio turnover rate .......... 6% 22% 15% 15%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.33%(c) 1.27% 1.28% 1.38%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
147
<TABLE>
<CAPTION>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 ............ 0.02 0.05 0.08 0.09
Net realized and unrealized
gain/(loss) on investments ..... (1.29) (0.85) 2.83 1.91
------- ------- ------- -------
Total from investment operations . (1.27) (0.80) 2.91 2.00
------- ------- ------- -------
Less distributions:
Dividends from net investment
income ......................... (0.00)(e) (0.06) (0.06) (0.04)
Dividends in excess of net
investment income ................ -- (0.01) -- --
Distributions from net realized
capital gains .................. -- (0.27) (0.64) --
------- ------- ------- -------
Total distributions .............. (0.00)(e) (0.34) (0.70) (0.04)
------- ------- ------- -------
Net asset value, end of period ... $ 11.84 $ 13.11 $ 14.25 $ 12.04
======= ======= ======= =======
Total return (b) ................. (9.68)% (5.33)% 24.53% 19.85%
======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $40,302 $74,472 $84,699 $50,769
Ratio of operating expenses to
average net assets ............. 1.30%(c) 1.23% 1.27% 1.38%(c)
Ratio of net investment income to
average net assets ............. 0.35%(c) 0.45% 0.56% 1.93%(c)
Portfolio turnover rate .......... 20% 69% 53% 73%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.30%(c) 1.23% 1.27% 1.51%(c)
<FN>
- ----------------
(a) The Munder Small-Cap Value Fund Class K Shares commenced operations on
December 31, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
148
<TABLE>
<CAPTION>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 16.54 $ 19.96 $ 21.62 $ 21.08 $ 15.28 $ 13.89 $ 14.37
------- -------- -------- -------- -------- ------- -------
Income from investment
operations:
Net investment loss ........... (0.06) (0.07) (0.13) (0.12) (0.12) (0.02) (0.04)
Net realized and unrealized
gain/(loss) on investments .. 1.36 (2.14) 2.58 3.65 7.16 1.41 (0.42)
------- -------- -------- -------- -------- ------- -------
Total from investment
operations .................. 1.30 (2.21) 2.45 3.53 7.04 1.39 (0.46)
------- -------- -------- -------- -------- ------- -------
Less distributions:
Distributions from net realized
gains ....................... -- (1.21) (4.11) (2.99) (1.24) -- (0.02)
------- -------- -------- -------- -------- ------- -------
Total distributions ........... -- (1.21) (4.11) (2.99) (1.24) -- (0.02)
------- -------- -------- -------- -------- ------- -------
Net asset value, end of period $ 17.84 $ 16.54 $ 19.96 $ 21.62 $ 21.08 $ 15.28 $ 13.89
======= ======== ======== ======== ======== ======= =======
Total return (b) .............. 7.93% (10.92)% 12.36% 18.93% 48.28% 10.01% (3.21)%
======= ======== ======== ======== ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $80,935 $123,341 $159,837 $152,766 $111,669 $52,077 $45,080
Ratio of operating expenses to
average net assets .......... 1.25%(c) 1.22% 1.20% 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to
average net assets .......... (0.83)%(c) (0.44)% (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ....... 60% 108% 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without
waivers ..................... 1.25%(c) 1.22% 1.20% 1.22% 1.28% 1.46%(c) 1.48%
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
149
<TABLE>
<CAPTION>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
--------------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99(d) Ended Ended Ended Ended
(Unaudited) 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 ......................... $15.46 $ 16.21 $ 13.98 $11.57 $10.83
------ ------- ------- ------ ------
Income from investment operations:
Net investment income ............ 0.03 0.07 0.09 0.08 0.05
Net realized and unrealized
gain/(loss) on investments ..... (1.13) (0.23) 3.38 3.64 0.74
------ ------- ------- ------ ------
Total from investment operations . (1.10) (0.16) 3.47 3.72 0.79
------ ------- ------- ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.01) (0.04) (0.09) (0.09) (0.05)
Distributions from net realized
gains .......................... (0.07) (0.55) (1.15) (1.22) --
------ ------- ------- ------ ------
Total distributions .............. (0.08) (0.59) (1.24) (1.31) (0.05)
------ ------- ------- ------ ------
Net asset value, end of period ... $14.28 $ 15.46 $ 16.21 $13.98 $11.57
====== ======= ======= ====== ======
Total return (b) ................. (7.06)% (0.48)% 25.84% 34.37% 7.33%
====== ======= ======= ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $6,200 $10,487 $14,754 $7,940 $1,018
Ratio of operating expenses to
average net assets ............. 1.28%(c) 1.23% 1.24% 1.27% 1.20%(c)
Ratio of net investment income to
average net assets ............. 0.42%(c) 0.51% 0.61% 0.70% 0.64%(c)
Portfolio turnover rate .......... 57% 138% 92% 139% 223%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.28%(c) 1.23% 1.24% 1.31% 1.30%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class K Shares commenced operations on November 30,
1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
150
<TABLE>
<CAPTION>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 ............ 0.03 0.03 0.10 0.05
Net realized and unrealized
gain/(loss) on investments ..... 3.11 2.58 (3.72) 2.84
------- ------- ------- ------
Total from investment operations . 3.14 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 ... $ 14.74 $ 11.60 $ 8.99 $12.92
======= ======= ======= ======
Total return (b) ................. 27.07% 29.03% (28.34)% 28.69%
======= ======= ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $41,442 $36,438 $31,790 $4,419
Ratio of operating expenses to
average net assets ............. 1.91%(c) 1.85% 1.89% 1.79%(c)
Ratio of net investment income to
average net assets ............. 0.53%(c) 0.39% 0.93% 1.14%(c)
Portfolio turnover rate .......... 89% 159% 94% 46%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 2.14%(c) 2.12% 2.14% 5.43%(c)
<FN>
- ----------------
(a) The Munder Framlington Emerging Markets Fund Class K Shares commenced
operations on January 10, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
151
<TABLE>
<CAPTION>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/99 Ended Ended Ended
(Unaudited) 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 .............. (0.09) (0.13) (0.14) (0.02)
Net realized and unrealized
gain/(loss) on investments ..... 5.78 (1.13) 1.05 1.46
-------- ------- ------ ------
Total from investment operations . 5.69 (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 ... $ 16.13 $ 10.44 $11.80 $10.89
======== ======= ====== ======
Total return (b) ................. 54.35% (10.70)% 8.45% 15.24%
======== ======= ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 83 $ 60 $ 163 $ 119
Ratio of operating expenses to
average net assets ............. 1.66%(c) 1.61% 1.62% 1.55%(c)
Ratio of net investment loss to
average net assets ............. (1.61)% (c) (1.27)% (1.21)% (0.95)%(c)
Portfolio turnover rate .......... 31% 49% 47% 14%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.83%(c) 1.92% 2.40% 7.33%(c)
<FN>
- ----------------
(a) The Munder Framlington Healthcare Fund Class K Shares commenced operations
on April 1, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
152
<TABLE>
<CAPTION>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 ................. 4.24 0.86 0.61 1.43
------ ------ ------ ------
Total from investment operations . 4.19 0.84 0.63 1.48
------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.13) -- (0.02) --
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 ... $16.27 $12.75 $11.92 $11.35
====== ====== ====== ======
Total return (b) ................. 33.24% 7.02% 5.60% 14.99%
====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $2,492 $1,834 $2,271 $1,089
Ratio of operating expenses to
average net assets ............. 1.64%(c) 1.61% 1.62% 1.55%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... (0.82)%(c) (0.17)% 0.21% 1.01%(c)
Portfolio turnover rate .......... 29% 66% 38% 15%
Ratio of operating expenses to
average net assets without
expenses reimbursed ............ 1.69%(c) 1.76% 1.82% 2.56%(c)
<FN>
- ----------------
(a) The Munder Framlington International Growth Class K Shares commenced
operations on January 10, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
153
<TABLE>
<CAPTION>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(d) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98(d) 6/30/97 6/30/96 6/30/95(e) 2/28/95(d,f)
----------- ---------- ---------- ------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 9.62 $ 9.99 $ 9.57 $ 9.53 $ 9.69 $ 9.31 $ 9.91
------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income ......... 0.28 0.58 0.59 0.61 0.61 0.21 0.62
Net realized and unrealized
gain/(loss) on investments .. (0.33) (0.40) 0.40 0.01 (0.19) 0.37 (0.64)
------- ------- ------- ------- ------- ------- -------
Total from investment
operations .................. (0.05) 0.18 0.99 0.62 0.42 0.58 (0.02)
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ...................... (0.30) (0.55) (0.57) (0.58) (0.58) (0.20) (0.58)
Distributions from net realized
capital gains ............... (0.06) -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Total distributions ........... (0.36) (0.55) (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $ 9.21 $ 9.62 $ 9.99 $ 9.57 $ 9.53 $ 9.69 $ 9.31
======= ======= ======= ======= ======= ======= =======
Total return (b) .............. (0.57)% 1.72% 10.57% 6.72% 4.35% 6.28% 0.44%
======= ======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $44,746 $51,465 $43,281 $34,999 $32,211 $36,718 $33,842
Ratio of operating expenses to
average net assets .......... 1.00%(c) 0.97% 0.96% 0.96% 0.95% 0.95%(c) 0.92%
Ratio of net investment income
to average net assets ....... 5.85%(c) 5.77% 5.93% 6.34% 6.26% 6.47%(c) 6.57%
Portfolio turnover rate ....... 60% 142% 222% 279% 507% 99% 165%
Ratio of operating expenses to
average net assets without
waivers ..................... 1.00%(c) 0.97% 0.96% 0.96% 1.04% 1.19%(c) 1.16%
<FN>
- ----------------
(a) The Munder Bond Fund Class K Shares commenced operations on November 23,
1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
154
<TABLE>
<CAPTION>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 9.26 $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27 $ 9.91
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income ......... 0.25 0.51 0.55 0.55 0.58 0.22 0.56
Net realized and unrealized
gain/(loss) on investments .. (0.18) (0.24) 0.15 0.02 (0.20) 0.24 (0.57)
-------- -------- -------- -------- -------- -------- --------
Total from investment
operations .................. 0.07 0.27 0.70 0.57 0.38 0.46 (0.01)
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ...................... (0.27) (0.51) (0.53) (0.55) (0.58) (0.22) (0.62)
Distributions from net realized
gains ....................... -- -- -- -- -- -- (0.01)
-------- -------- -------- -------- -------- -------- --------
Total distributions ........... (0.27) (0.51) (0.53) (0.55) (0.58) (0.22) (0.63)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period $ 9.06 $ 9.26 $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27
======== ======== ======== ======== ======== ======== ========
Total return (b) .............. 0.76% 2.83% 7.73% 6.34% 4.04% 5.04% 0.54%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $289,931 $339,622 $355,840 $325,331 $370,493 $300,596 $285,493
Ratio of operating expenses to
average net assets .......... 0.97%(c) 0.95% 0.93% 0.93% 0.94% 0.95%(c) 0.93%
Ratio of net investment income
to average net assets ....... 5.44%(c) 5.38% 5.77% 5.91% 6.08% 7.12%(c) 6.71%
Portfolio turnover rate ....... 66% 128% 194% 325% 494% 84% 80%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.97%(c) 0.95% 0.93% 0.93% 1.02% 1.19%(c) 1.18%
<FN>
- ----------------
(a) The Munder Intermediate Bond Fund Class K Shares commenced operations on
November 20, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
155
<TABLE>
<CAPTION>
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/99(d) Ended Ended Ended
(Unaudited) 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 ............ 0.14 0.31 0.19 0.09
Net realized and unrealized
gain/(loss) on investments ..... 0.22 0.10 (0.11) 0.20
------ ------ ------ -----
Total from investment operations . 0.36 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 ... $ 9.61 $ 9.75 $ 9.67 $9.83
====== ====== ====== =====
Total return (b) ................. 3.69% 3.92% 0.80% 3.04%
====== ====== ====== =====
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 34 $ 27 $ 77 $ 103
Ratio of operating expenses to
average net assets ............. 1.17%(c) 1.14% 1.11% 1.14%(c)
Ratio of net investment income to
average net assets ............. 2.91%(c) 3.03% 3.53% 3.61%(c)
Portfolio turnover rate .......... 61% 59% 81% 75%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.17%(c) 1.14% 1.11% 1.18%(c)
<FN>
- ----------------
(a) The Munder International Bond Fund Class K Shares commenced operations on
March 25, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
156
<TABLE>
<CAPTION>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ....................... $ 10.03 $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89 $ 10.00
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income .......... 0.30 0.59 0.60 0.65 0.71 0.23 0.47
Net realized and unrealized
gain/(loss) on investments ... (0.29) (0.37) 0.36 0.07 (0.27) 0.41 (0.12)
-------- -------- -------- -------- -------- -------- --------
Total from investment operations 0.01 0.22 0.96 0.72 0.44 0.64 0.35
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ....................... (0.33) (0.55) (0.61) (0.61) (0.68) (0.23) (0.46)
Distributions from net realized
gains ........................ (0.00)(g) (0.01) (0.06) (0.00)(g) (0.08) -- --
Distributions in excess of net
realized gains ............... -- (0.01) -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total distributions ............ (0.33) (0.57) (0.67) (0.61) (0.76) (0.23) (0.46)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period . $ 9.71 $ 10.03 $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89
======== ======== ======== ======== ======== ======== ========
Total return (b) ............... 0.05% 2.11% 9.70% 7.49% 4.32% 6.55% 3.68%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ....................... $184,132 $213,327 $219,724 $197,479 $158,948 $174,674 $165,298
Ratio of operating expenses to
average net assets ........... 0.98%(c) 0.96% 0.94% 0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income
to average net assets ........ 5.95%(c) 5.74% 6.00% 6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ........ 6% 23% 85% 130% 133% 42% 143%
Ratio of operating expenses to
average net assets without
waivers ...................... 0.98%(c) 0.96% 0.94% 0.96% 1.04% 1.21%(c) 1.19%(c)
<FN>
- ----------------
(a) The Munder U.S. Government Income Fund Class K Shares commenced
operations on July 5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
157
<TABLE>
<CAPTION>
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(d) 6/30/98 6/30/97(d) 6/30/96(d) 6/30/95(d,e) 2/28/95(d,f)
----------- ---------- ------- ---------- ---------- -------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $ 9.62 $ 10.06 $ 9.64 $ 9.34 $ 9.34 $ 9.24 $ 9.73
------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income ........... 0.20 0.39 0.42 0.43 0.48 0.16 0.44
Net realized and unrealized
gain/(loss) on investments .... (0.39) (0.28) 0.44 0.30 0.00(g) 0.10 (0.50)
------- ------- ------- ------- ------- ------- -------
Total from investment operations (0.19) 0.11 0.86 0.73 0.48 0.26 (0.06)
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ........................ (0.21) (0.39) (0.42) (0.43) (0.48) (0.16) (0.43)
Distributions from net realized
gains ......................... -- (0.16) (0.02) (0.00)(g) -- -- --
------- ------- ------- ------- ------- ------- -------
Total distributions ............. (0.21) (0.55) (0.44) (0.43) (0.48) (0.16) (0.43)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period .. $ 9.22 $ 9.62 $ 10.06 $ 9.64 $ 9.34 $ 9.34 $ 9.24
======= ======= ======= ======= ======= ======= =======
Total return (b) ................ (2.05)% 0.99% 9.02% 8.00% 5.14% 2.84% (0.16)%
======= ======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ........................ $48,337 $64,065 $57,574 $43,316 $29,476 $25,549 $27,731
Ratio of operating expenses to
average net assets ............ 1.02%(c) 1.00% 0.98% 0.88% 0.51% 0.52%(c) 0.56%
Ratio of net investment income to
average net assets ............ 4.04%(c) 3.89% 4.29% 4.57% 5.01% 5.06%(c) 4.81%
Portfolio turnover rate ......... 7% 33% 34% 19% 31% 8% 53%
Ratio of operating expenses to
average net assets without
waivers ....................... 1.02%(c) 1.00% 0.98% 1.02% 1.09% 1.26%(c) 1.30%
<FN>
- ----------------
(a) The Munder Michigan Tax-Free Bond Fund Class K Shares commenced
operations on January 3, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
158
<TABLE>
<CAPTION>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Period
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d,f) 2/28/95(e)
----------- ------- ------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 10.03 $ 10.74 $ 10.52 $ 10.35 $ 10.30 $ 10.14 $ 10.00
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income ......... 0.21 0.42 0.49 0.47 0.46 0.15 0.31
Net realized and unrealized
gain/(loss) on investments .. (0.35) (0.32) 0.38 0.25 0.07 0.16 0.14
-------- -------- -------- -------- -------- -------- --------
Total from investment
operations .................. (0.14) 0.10 0.87 0.72 0.53 0.31 0.45
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ...................... (0.22) (0.42) (0.49) (0.47) (0.47) (0.15) (0.31)
Distributions from net realized
gains ....................... (0.08) (0.39) (0.16) (0.08) (0.01) -- --
-------- -------- -------- -------- -------- -------- --------
Total distributions ........... (0.30) (0.81) (0.65) (0.55) (0.48) (0.15) (0.31)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period $ 9.59 $ 10.03 $ 10.74 $ 10.52 $ 10.35 $ 10.30 $ 10.14
======== ======== ======== ======== ======== ======== ========
Total return (b) .............. (1.45)% 0.82% 8.43% 7.13% 5.12% 3.09% 4.64%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $140,703 $173,863 $194,077 $190,243 $196,645 $232,040 $251,636
Ratio of operating expenses to
average net assets .......... 0.98%(c) 0.98% 0.93% 0.95% 0.98% 1.02%(c) 0.93%(c)
Ratio of net investment income
to average net assets ....... 4.14%(c) 3.94% 4.60% 4.52% 4.42% 4.38%(c) 4.69%(c)
Portfolio turnover rate ....... 3% 32% 61% 45% 15% 12% 50%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.98%(c) 0.98% 0.93% 0.95% 1.06% 1.26%(c) 1.17%(c)
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class K Shares commenced operations on July
5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
159
<TABLE>
<CAPTION>
Munder Tax-Free Short-Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ....................... $ 10.22 $ 10.46 $ 10.41 $ 10.34 $ 10.37 $ 10.17 $ 10.44
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income .......... 0.19 0.38 0.43 0.41 0.41 0.14 0.38
Net realized and unrealized
gain/(loss) on investments ... (0.13) (0.14) 0.13 0.10 (0.03) 0.20 (0.21)
-------- -------- -------- -------- -------- -------- --------
Total from investment operations 0.06 0.24 0.56 0.51 0.38 0.34 0.17
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ....................... (0.20) (0.38) (0.42) (0.41) (0.41) (0.14) (0.42)
Distributions from net realized
gains ........................ (0.05) (0.10) (0.09) (0.03) -- -- (0.02)
-------- -------- -------- -------- -------- -------- --------
Total distributions ............ (0.25) (0.48) (0.51) (0.44) (0.41) (0.14) (0.44)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period . $ 10.03 $ 10.22 $ 10.46 $ 10.41 $ 10.34 $ 10.37 $ 10.17
======== ======== ======== ======== ======== ======== ========
Total return (b) ............... 0.60% 2.27% 5.44% 5.04% 3.69% 3.35% 2.05%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ....................... $225,701 $268,948 $295,601 $283,641 $333,768 $333,067 $345,658
Ratio of operating expenses to
average net assets ........... 0.98%(c) 0.96% 0.94% 0.93% 0.96% 0.98%(c) 0.95%
Ratio of net investment income
to average net assets ........ 3.68%(c) 3.63% 4.07% 3.96% 3.91% 4.01%(c) 4.19%
Portfolio turnover rate ........ 9% 25% 27% 31% 20% 5% 52%
Ratio of operating expenses to
average net assets without
waivers ...................... 0.98%(c) 0.96% 0.94% 0.93% 1.04% 1.22%(c) 1.19%
<FN>
- ----------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class K Shares commenced
operations on February 9, 1987.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
160
<TABLE>
<CAPTION>
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income ........... 0.024 0.046 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- -------- -------- --------
Total from investment operations 0.024 0.046 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ........................ (0.024) (0.046) (0.050) (0.048) (0.050) (0.018) (0.040)
-------- -------- -------- -------- -------- -------- --------
Total distributions ............. (0.024) (0.046) (0.050) (0.048) (0.050) (0.018) (0.040)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total return (b) ................ 2.45% 4.68% 5.14% 4.90% 5.10% 1.81% 4.08%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ........................ $902,150 $869,709 $672,842 $599,858 $547,523 $558,628 $559,212
Ratio of operating expenses to
average net assets ............ 0.69%(c) 0.68% 0.66% 0.70% 0.68% 0.67%(c) 0.70%
Ratio of net investment income to
average net assets ............ 4.83%(c) 4.57% 5.02% 4.81% 4.98% 5.49%(c) 4.12%
Ratio of operating expenses to
average net assets without
waivers ....................... 0.69%(c) 0.68% 0.66% 0.70% 0.68% 0.69%(c) 0.73%
<FN>
- ----------------
(a) The Munder Cash Investment Fund Class K Shares commenced on November 23,
1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
161
<TABLE>
<CAPTION>
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income ......... 0.014 0.026 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- -------- -------- --------
Total from investment
operations .................. 0.014 0.026 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ...................... (0.014) (0.026) (0.029) (0.028) (0.030) (0.011) (0.024)
-------- -------- -------- -------- -------- -------- --------
Total distributions ........... (0.014) (0.026) (0.029) (0.028) (0.030) (0.011) (0.024)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total return (b) .............. 1.38% 2.61% 2.98% 2.90% 3.00% 1.12% 2.44%
======== ======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $282,826 $289,536 $205,600 $226,782 $192,591 $195,730 $195,926
Ratio of operating expenses to
average net assets .......... 0.72%(c) 0.70% 0.69% 0.68% 0.68% 0.69%(c) 0.70%
Ratio of net investment income
to average net assets ....... 2.74%(c) 2.57% 2.93% 2.86% 2.99% 3.36%(c) 2.39%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.72%(c) 0.70% 0.69% 0.68% 0.70% 0.74%(c) 0.75%
<FN>
- ----------------
(a) The Munder Tax-Free Money Market Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
162
<TABLE>
<CAPTION>
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99(f) 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income ......... 0.022 0.042 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- ------- ------- -------
Total from investment
operations .................. 0.022 0.042 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ...................... (0.022) (0.042) (0.048) (0.047) (0.048) (0.017) (0.037)
------- ------- ------- ------- ------- ------- -------
Total distributions ........... (0.022) (0.042) (0.048) (0.047) (0.048) (0.017) (0.037)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= =======
Total return (b) .............. 2.20% 4.33% 4.87% 4.73% 4.89% 1.76% 3.83%
======= ======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) ...................... $22,660 $21,777 $41,247 $41,877 $62,133 $74,210 $75,197
Ratio of operating expenses to
average net assets .......... 0.76%(c) 0.73% 0.72% 0.69% 0.69% 0.70%(c) 0.70%
Ratio of net investment income
to average net assets ....... 4.34%(c) 4.23% 4.77% 4.64% 4.74% 5.23%(c) 3.73%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.76%(c) 0.73% 0.72% 0.69% 0.71% 0.75%(c) 0.75%
<FN>
- ----------------
(a) The Munder U. S. Treasury Money Market Fund Class K Shares commenced
operations on November 25, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
163
The Munder Funds
Notes To Financial Statements, December 31, 1999
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company, and was organized as a Maryland corporation on November
18, 1992. The Munder Funds Trust ("MFT") is registered under the 1940 Act as
an open-end management investment company, and was organized as a
Massachusetts business trust on August 30, 1989. The Munder Framlington Funds
Trust ("Framlington") is registered under the 1940 Act as an open-end
management investment company, and was organized as a Massachusetts business
trust on October 30, 1996. MFI, MFT and Framlington consist of 33 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
Munder Value Fund
Income Funds
Munder International Bond Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
Munder Balanced Fund
Munder Growth & Income Fund
Munder Index 500 Fund
Munder International Equity Fund
Munder Small Company Growth Fund
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Short-Intermediate Bond Fund
Money Market Funds
Munder Cash Investment Fund
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
Framlington:
Equity Funds
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
The Equity Funds (with the exception of the Munder Index 500 Fund) and
the Income Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. The Munder Index 500 Fund offers four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Money Market
Funds of MFT offer three classes of
165
shares -- Class A, Class K and Class Y Shares. The Munder Money Market Fund
offers four classes of shares -- Class A, Class B, Class C and Class Y
Shares. The Financial Highlights of Class A, Class B, Class C and Class Y
Shares are presented in separate annual reports. Each Fund is classified as a
diversified management investment company under the 1940 Act, other than the
Munder Tax-Free Short-Intermediate Bond Fund, Munder Michigan Tax-Free Bond
Fund and Munder International Bond Fund which are each classified as
non-diversified.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the 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 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.
166
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 decline in the value of the collateral securities during the period
during which a Fund seeks to assert its rights. The Advisor or World, acting
under the guidelines approved by the Boards of Trustees and Directors,
reviews the value of the collateral and the creditworthiness of those banks
and dealers with which a Fund enters into repurchase agreements to evaluate
potential risks.
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.
167
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend
date. General expenses of the Munder Funds are allocated to each Fund based
upon relative net assets of each Fund. Operating expenses of each Fund
are prorated among the share classes based on the relative average net assets
of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets with a current value at least equal to the amount of its when-issued
purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid at least annually by the Equity Funds
(excluding Munder Balanced Fund, Munder Growth & Income Fund, Munder Index
500 Fund and Munder Small Company Growth Fund for which dividends are
declared and paid quarterly and the Munder Real Estate Equity Investment Fund
for which dividends are declared and paid monthly); declared and paid monthly
by the Income Funds (excluding the Munder International Bond Fund for which
dividends are declared and paid quarterly); and declared daily and paid
monthly by the Money Market Funds. Each Fund's net realized capital gains
(including net short-term capital gains), if any, are declared and
distributed at least annually. Distributions to shareholders are recorded on
the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by a Fund, timing differences and differing characterization of
distributions made by the Fund as a whole. The Munder Growth & Income Fund,
Munder Multi-Season Growth Fund, Munder Index 500 Fund and Munder Value Fund
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax purposes.
As determined on June 30, 1999, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year-end. These reclassifications had no
effect on net investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its earnings to its shareholders. Therefore,
no Federal income or excise tax provision is required.
168
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%
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Million Exceeding $250 Million
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund ............. 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
Munder Micro-Cap Equity ............................. 1.00%
Munder Growth & Income Fund, Munder Small-Cap Value
Fund, and Munder Small Company Growth Fund ........ 0.75%
Munder Real Estate Equity Investment Fund and Munder
Value Fund ........................................ 0.74%
Munder Balanced Fund ................................ 0.65%
The Income Funds .................................... 0.50%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.35%
Munder Money Market Fund ............................ 0.40%
Munder Framlington Emerging Markets Fund ............ 1.25%
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 Fund, at the following annual rates:
</TABLE>
<TABLE>
<CAPTION>
Fees on Assets
Fees on Assets Between Fees on Assets
up to $250 and Exceeding
$250 Million $500 Million $500 Million
-------------- --------------- --------------
<S> <C> <C> <C>
Munder Index 500 Fund .............. 0.20% 0.12% 0.07%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
Munder International Equity Fund ... 0.75%
</TABLE>
169
The Advisor or World voluntarily waived fees and reimbursed expenses
for the period ended December 31, 1999 for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Index 500 Fund ............................... $ 56,557 --
Munder Micro-Cap Equity Fund ........................ -- $ 4,682
Munder Multi-Season Growth Fund ..................... 628,415 --
Munder Framlington Emerging Markets Fund ............ -- 57,728
Munder Framlington Healthcare Fund .................. -- 15,386
Munder Framlington International Growth Fund ........ -- 19,221
</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 88% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder
services provided to the Funds, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Funds beneficially owned by
Comerica and its customers. Comerica earned $341,840 for its shareholder
services to the Funds for the period ended December 31, 1999.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFT, MFI,
Framlington and St. Clair Funds, Inc. The fee consists of a $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 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 period ended December 31, 1999, the
Distributor paid $13,131 and $39,322 to Comerica Securities and LPM,
respectively, for shareholder services provided to the Funds.
170
For the period ended December 31, 1999, 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 ............................... 0.20% 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 period ended December 31, 1999, 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 period ended December 31, 1999 the waivers
amounted to $213,186 for the Class A Shares and $838,047 for the Class B
Shares of the Fund.
4. Securities Transactions
For the period ended December 31, 1999, purchases and sales of
securities other than short-term investments and U.S. Government securities
were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund ................................ $ 17,950,324 $ 32,961,770
Munder Growth & Income Fund ......................... 32,052,272 58,290,291
Munder Index 500 Fund ............................... 162,159,825 28,031,557
Munder International Equity Fund .................... 24,000,515 52,366,793
Munder Micro-Cap Equity Fund ........................ 51,853,743 49,430,554
Munder Multi-Season Growth Fund ..................... 159,972,308 242,223,523
Munder Real Estate Equity Investment Fund ........... 4,474,550 11,415,293
Munder Small-Cap Value Fund ......................... 21,687,424 49,985,048
Munder Small Company Growth Fund .................... 157,685,104 227,088,360
Munder Value Fund ................................... 74,339,310 112,778,797
Munder Framlington Emerging Markets Fund ............ 46,699,960 50,059,095
Munder Framlington Healthcare Fund .................. 5,732,700 7,096,495
Munder Framlington International Growth Fund ........ 20,226,204 25,911,973
Munder Bond Fund .................................... 71,404,915 87,467,033
Munder Intermediate Bond Fund ....................... 175,485,120 172,197,105
Munder International Bond Fund ...................... 30,809,812 35,051,679
Munder Michigan Tax-Free Bond Fund .................. 4,295,191 19,687,978
Munder Tax-Free Bond Fund ........................... 5,203,110 29,317,495
Munder Tax-Free Short-Intermediate Bond Fund ........ 23,885,012 64,209,759
</TABLE>
171
For the period ended December 31, 1999 purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund ................................ $ 1,099,650 $ 1,192,309
Munder Bond Fund .................................... 69,489,431 64,268,533
Munder Intermediate Bond Fund ....................... 152,190,312 209,280,181
Munder International Bond Fund ...................... 1,457,109 --
Munder U.S. Government Income Fund .................. 15,873,813 34,651,446
</TABLE>
At December 31, 1999 aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Balanced Fund ................................ 6,098,783 1,464,316
Munder Growth & Income Fund ......................... 41,731,366 4,187,699
Munder Index 500 Fund ............................... 580,112,507 46,870,400
Munder International Equity Fund .................... 107,021,543 11,356,682
Munder Micro-Cap Equity Fund ........................ 25,499,386 2,795,644
Munder Multi-Season Growth Fund ..................... 270,381,705 21,373,459
Munder Real Estate Equity Investment Fund ........... 1,343,489 9,179,427
Munder Small-Cap Value Fund ......................... 12,003,820 11,121,943
Munder Small Company Growth Fund .................... 63,525,951 11,332,105
Munder Value Fund ................................... 13,242,834 6,276,785
Munder Framlington Emerging Markets Fund ............ 19,472,412 2,671,240
Munder Framlington Healthcare Fund .................. 9,560,947 2,730,492
Munder Framlington International Growth Fund ........ 30,850,467 3,271,927
Munder Bond Fund .................................... 73,687 12,780,694
Munder Intermediate Bond Fund ....................... 61,839 14,884,489
Munder International Bond Fund ...................... 1,571,064 3,215,194
Munder U.S. Government Income Fund .................. 744,902 11,078,926
Munder Michigan Tax-Free Bond Fund .................. 399,206 2,919,606
Munder Tax-Free Bond Fund ........................... 2,146,713 6,440,372
Munder Tax-Free Short-Intermediate Bond Fund ........ 1,321,441 2,986,587
172
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
December 31, 1999, 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 47.5%, 25.2% and 16.4% of holdings,
respectively.
The Munder International Equity Fund and the Munder International Bond
Fund primarily invest in foreign securities and the Munder Framlington
International Growth Fund and Munder Framlington Emerging Markets Fund each
intend to invest as least 65% of their total net assets in foreign
securities. Investing in securities of foreign companies and/or foreign
governments involves special risks and considerations not typically
associated with investing in U.S. companies and/or U.S. Government
securities. These risks include revaluation of currencies and future adverse
political and economic developments. Moreover, securities of many foreign
companies and foreign governments and their markets may be less liquid and
their prices more volatile than those of securities of U.S. companies and the
U.S. Government.
The Munder Real Estate Equity Investment Fund primarily invests in
equity securities of United States companies which are principally engaged in
the real estate industry or which own significant real estate assets, and
accordingly, is more susceptible to factors adversely affecting the U.S. real
estate industry.
The Munder Framlington Healthcare Fund primarily invests in securities
of companies in healthcare industries. These industries are characterized by
rapidly changing technology and extensive government regulation.
6. Organizational Costs
Expenses incurred 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.
173
7. Income Tax Information
As determined at June 30, 1999 the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
</TABLE>
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring
Fund 2000 2001 2002 2003 2005 2007
---- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Munder Micro-Cap Fund ...................... -- -- -- -- -- $ 6,169,618
Munder Small-Cap Value Fund ................ -- -- -- -- -- 3,803,999
Munder Small Company Growth Fund ........... -- -- -- -- -- 46,123,147
Munder Framlington Emerging Markets Fund ... -- -- -- -- -- 13,156,700
Munder Intermediate Bond Fund .............. -- -- -- $8,154,852 $11,240,318 --
Munder International Bond Fund ............. -- -- -- -- -- 11,521
Munder Cash Investment Fund ................ $ 1,650 -- -- -- -- --
Munder Tax-Free Money Market Fund .......... 57,257 $39,684 $15,088 12,291 -- --
</TABLE>
8. Subsequent Event
On February 14, 2000 the Board of Directors for the Munder Funds, Inc.
voted to close and liquidate the Munder Value Fund effective April 17, 2000.
174
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
SANNK1299
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS A, B & Y SHARES
Semi-Annual
Report
The Munder Funds
Investments December 31, 1999
for all seasons THE MUNDER LIFESTYLE FUNDS
All-Season Conservative
All-Season Moderate
All-Season Aggressive
"The Munder Lifestyle
Funds are designed for
investors who seek a
diversified portfolio
with a targeted level of
risk."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages you will find the most recent financial
information for The Munder Lifestyle Funds. I hope you are pleased with the
performance and operation of the Funds.
The Munder Lifestyle Funds are designed for investors who seek a
diversified portfolio with a targeted level of risk. Each Fund is made up of
shares of other Munder Funds. The asset mix is carefully chosen on the basis
of Munder Capital's proprietary asset allocation process. The degree of
exposure to each market sector and investment style is carefully set to
reflect the appropriate risk and return level targeted for each of the three
Munder Lifestyle Funds.
As of December 31, 1999, the Munder All-Season Aggressive Fund had an
asset allocation of 93.9% equity funds, 4.2% fixed income funds and 1.9%
money market funds. Among the strongest contributors to Fund performance over
the past six months were its holdings of the Munder NetNet Fund and the
Munder Future Technology Fund (started in August 1999). Both Funds benefited
from the strength of technology stocks in the overall market. Reflecting the
rebound in global stock markets, the international funds represented in the
Munder All-Season Aggressive Fund were also among the performance leaders
during the past six months.
The Munder All-Season Moderate Fund had an asset allocation of 75.7%
equity funds, 23.7% fixed income funds and 0.6% money market funds as of
December 31, 1999. Like the Munder All-Season Aggressive Fund, the Fund
benefited from its holdings of the Munder NetNet Fund and Munder Future
Technology Fund (started in August 1999). Reflecting the rebound of smaller
capitalization stocks in the fourth quarter of 1999, holdings of Munder Funds
representing the smaller and mid-capitalization segments of the stock market
also helped to boost the Fund's return during the last half of the year.
Given its defensive structure, the Munder All-Season Conservative Fund
typically has the lowest exposure to equities and highest exposure to fixed
income securities of the three Munder Lifestyle Funds. As of December 31,
1999, the Fund had an asset allocation of 37.8% equity funds, 59.7% fixed
income funds and 2.5% money market funds. Given the strength of the stock
market and weakness in the bond market during the last half of the year, this
defensive allocation pulled down the overall returns of the Fund during the
last half of the year.
If you have any questions about the The Munder Lifestyle Funds, please
call your financial advisor or contact the Fund at 1-800-4MUNDER with your
inquiries. You may also contact us 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>
Table of
Contents
FUNDS OVERVIEW
iv Munder All-Season Conservative Fund
iv Munder All-Season Moderate Fund
iv Munder All-Season Aggressive Fund
PORTFOLIO OF INVESTMENTS --
1 Munder All-Season Conservative Fund
2 Munder All-Season Moderate Fund
3 Munder All-Season Aggressive Fund
4 Financial Statements
11 Financial Highlights
20 Notes to Financial Statements
- -----------------------------------------------------------------------------
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
The dominance of technology in the stock market during 1999 was
mirrored in its dominance within the manufacturing sector of the economy as
well. Manufacturing output rose by 5.1% during 1999. Without the technology
sector (which rose by 38%), that increase would have been a far smaller 1.6%.
While manufacturing output increased by over 5% during the year, capacity
utilization remained at a fairly low level. This is one factor that has
helped to keep the pricing power of firms -- and therefore inflation -- in
check.
Looking at activity within the industrial sector of the economy, the
National Association of Purchasing Management's Index ended the year at 55.5.
Since any number above 50 indicates an expansion in the industrial sector,
this is another indication of continued growth in the economy. While the
components of new orders and production declined slightly in December, both
showed a reading of 55.5, indicating a healthy level of both current
production and new orders in the pipeline.
Consumer spending remained strong through the fourth quarter of the
year, with support from job growth and high levels of consumer sentiment.
Relief at the lack of Y2K problems caused consumer sentiment to set new
records as the new year unfolded.
In the midst of strong economic growth, inflation remained subdued. The
December Consumer Price Index (CPI) was only 2.68% higher than year-ago
levels. The core portion of the CPI -- excluding volatile food and energy
prices -- was up by an even lower 1.9% from year-ago levels. There is no
question that the rapid technology advances we have seen over the past decade
have helped to boost productivity and keep inflation in check. Nonetheless,
the continued rapid pace of economic growth is a concern to Alan Greenspan,
the chairman of the Federal Reserve. Additional tightening of monetary policy
is likely in the months ahead to help force a slowdown in economic growth.
The Stock Market
Portfolio diversification did not help the performance of domestic
stock portfolios in 1999. Technology dominated all size segments of the
market. In fact, the commanding performance of technology stocks resulted in
a two-tiered U.S. stock market in 1999. Close to half of the stocks in the
S&P 500 universe posted a negative return for the year. In contrast, the
technology sector of that universe generated a return of almost 79%.
Technology stocks, which make up 70% of the NASDAQ Composite, powered that
index to an 86% return, a record for a U.S. stock market index.
In large part, the strong performance of technology stocks was due to
strong fundamentals and continued strength in both the actual and projected
earnings of stocks in that sector. The prices of technology stocks were also
boosted by a momentum psychology. Investors poured money into the current
winners, helping to drive the technology group to unprecedented valuations.
In the technology-dominated environment of 1999, diversification would
tend to hold back performance of any broad based stock portfolio, and this
was no different for any of the diversified stock portfolios in the Munder
Family of Mutual Funds. Interestingly, the search for reasonable valuations
- -- the relationship between the price of a stock and the estimated growth of
its future earnings, also dragged down returns. Although among the equity
sectors, technology was our largest commitment (approximately 24% at
year-end), concerns about the extreme valuations prevented us from investing
in those technology stocks with the highest ratios of current
price-to-projected earnings. Lack of earnings also caused us to avoid many of
the Internet stocks. These were exactly the key stocks driving technology
returns in 1999.
ii
We anticipate continued market strength in 2000. Among the positive
factors for the market are the likelihood of continued economic growth and
low to moderate inflation. Productivity should continue to improve, which
will boost corporate earnings even in an environment where firms have little
or no pricing power. With one-third of S&P 500 earnings coming from abroad,
the global recovery will also be a positive for U.S. companies. While we look
forward to some broadening of the market, we anticipate the technology sector
will continue to do well given its strong fundamentals. However, investors
may become somewhat more discerning about their technology purchases with an
increased focus on valuation. Differentiation in the growth of technology
companies' earnings may also lead to more selectivity within the sector,
especially in the Internet space where investors and analysts are now
beginning to focus on "the path to profitability" rather than just the
novelty of a new idea.
We are maintaining our portfolio diversification by continuing a market
weighting in the technology sector as we move into the new year. Given that
the market won't go up indefinitely, we continue to believe that controlling
portfolio risk is important. Diversification and valuation are two tools that
we use to achieve what we believe is the appropriate risk/return tradeoff in
our equity portfolios. That having been said, we expect to see greater
volatility in the market. In this upcoming environment it will be even more
important for investors to focus on their long-term goals, and to look past
short-term market swings.
Although we remain positive about the market's prospects, there are
risks on the horizon -- the primary one being the potential for the Federal
Reserve to further tighten monetary policy by raising interest rates. The Fed
is clearly concerned about stock valuations and the possibility of an "asset
bubble". It appears determined to raise rates until the speculative excesses
are wrung out of the market. The resulting reduction in liquidity would have
a negative impact on both the stock and bond markets.
The Bond Market
During 1999, the Federal Reserve became increasingly concerned about
economic strength and the potential for inflationary pressures. The Fed began
tightening monetary policy in June 1999, and raised rates at three different
intervals during the ensuing six months. At year end, the Federal Funds rate
was 0.75% higher than at the beginning of the year and other fixed income
rates (treasury, corporate, mortgage) were more than 1% higher. As a result,
the bond market experienced its worst year since 1994.
In 1998, a global flight to liquidity, caused by the Asian financial
crisis, made U.S. Treasury bonds the star performers in the U.S. bond market.
In contrast, the corporate and mortgage sectors of the bond market led
performance in 1999. Corporate bonds have benefited from the strong economy
and the resulting increase in corporate profits. The relative returns of
mortgage-backed securities were boosted because mortgage refinancings
declined and the predictability of mortgage prepayments increased. Therefore,
our heavy weightings in corporate and mortgage-backed securities contributed
positively to the performance of our bond portfolios in 1999.
We are maintaining our overweighting in both corporate bonds and
mortgage-backed securities. These sectors continue to yield substantially
more than Treasury bonds with similar maturities. We therefore believe that
investors are well compensated for owning these securities. Within the
corporate market we continue to focus on the higher quality end of the
spectrum. The Federal Reserve has clearly signaled its intention to raise
rates until economic growth slows. Lower quality corporate bonds tend to
underperform in periods of slow economic growth, and
iii
investors are not adequately compensated for the additional risk at present.
Most investors view fixed income securities as relatively stable and
the income-producing component of their overall portfolio. We believe that
injecting volatility into this portion of a portfolio through interest rate
forecasting adds an element of risk most investors are not seeking. Our core
fixed income style is therefore based on a "targeted duration" philosophy. We
align the interest rate sensitivity of our fixed income portfolios with that
of their benchmark index. Performance is then enhanced through sector
weightings, credit and issue analysis, and other strategies we believe add
value to the fixed income portion of portfolios. We consider the bond market
volatility of 1999 as further evidence that it is risky to base fixed income
strategy on the direction of interest rates.
Please note: In some of the following commentary, the Munder Lifestyle
Funds are compared to Lehman indices. It is important to remember that the
returns for the Munder Lifestyle 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.
The following paragraphs detail the performance of The Munder Lifestyle
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 the Class Y Shares, net of Fund expenses.
MUNDER ALL-SEASON CONSERVATIVE FUND
MUNDER ALL-SEASON MODERATE FUND
MUNDER ALL-SEASON AGGRESSIVE FUND
Fund Managers: Leonard J. Barr, II, CFA, James C. Robinson and Peter G. Root
These Funds are designed for investors who seek a diversified portfolio
with a targeted level of risk. Each Fund is made up of shares of other Munder
Funds. The asset mix is carefully chosen on the basis of Munder Capital's
proprietary asset allocation process. The degree of exposure to each market
sector and investment style is carefully set to reflect the appropriate risk
and return level targeted for each Fund.
The Munder All-Season Conservative Fund is the most conservative of the
Munder Lifestyle Funds. As of December 31, 1999, the Fund had an asset
allocation of 37.8% equity funds, 59.7% fixed income funds and 2.5% money
market funds. The Fund earned a total return of 1.97% for the six months
ending December 31, 1999, relative to the 0.98 return for the Lehman Brothers
Intermediate Government Corporate Index and the 0.85% average return for the
Lipper universe of income mutual funds. The Fund has earned an above-average
return for the one-month, three- month, six-month and nine-month time periods
ending December 31, 1999.
The Munder All-Season Moderate Fund is a moderate risk Lifestyle Fund.
As of December 31, 1999, the Fund had an asset allocation of 75.7% equity
funds, 23.7% fixed income funds and 0.6% money market funds. The Fund
generated a return of 9.78% for the six months ending December 31, 1999,
relative to the 4.73% return for the 60% S&P 500/40% Lehman Government
Corporate Index 5.51% average return for the Lipper universe of flexible
portfolio mutual funds. The Fund has earned an above-average return for
one-month, three-month, six-month, nine-month, and one-year time periods
ending December 31, 1999.
The Munder All-Season Aggressive Fund is the most aggressive of the
Munder Lifestyle Funds. As of December 31, 1999, it had an allocation of
93.9% equity funds, 4.2% fixed income funds and 1.9% money market funds.
During the six months ending December 31, 1999, the Fund generated a
iv
return of 13.66%, compared to the 10.45% return for the Wilshire 5000 Index
and for the -0.39% average return for the Lipper universe of small-cap value
portfolio mutual funds. The Fund has earned above-average returns for the
one-month, three-month, six-month, nine-month, one-year and two-year time
periods ending December 31, 1999.
Technology dominated all segments of the stock market. As a result, the
Munder NetNet Fund and the Munder Future Technology Fund (begun in August
1999) were the strongest performing holdings of the Fund. The Munder NetNet
Fund also dominated performance for the year as a whole. Considering both the
returns and the weights of the Funds held in the Munder All-Season Aggressive
Fund, the Munder NetNet Fund had the largest positive impact on the quarter's
return for the Munder All-Season Aggressive Fund, followed closely by the
Munder Future Technology Fund.
Reflecting the rebound in global stock markets, the international funds
represented in the Fund were also among the performance leaders for the
quarter. The Munder Framlington Emerging Markets Fund had the strongest
returns in this category and was the third largest contributor to the
performance of the Munder All-Season Aggressive Fund.
In addition to the broadening out of performance to include non-U.S.
stock markets, the U.S. market also showed better performance across size
segments. The Munder Micro-Cap Equity Fund, the Munder Growth Opportunities
Fund (a mid-capitalization fund) and the Munder Small Company Growth Fund all
had strong returns for the quarter.
One sector that did not participate in stock market strength during the
quarter was the REIT sector. While REITs experienced some rebound in
performance during the latter half of December, they continue to show weak
relative and absolute performance. Another sector that has lagged the overall
market is the value sector. Value stocks tend to be stocks whose
characteristics include relative valuation that is below that of the market.
In contrast, growth stocks are selected largely because of anticipated growth
in earnings. One reason for the lagging performance of value stocks is that
value universes typically include a smaller representation of technology
stocks, particularly Internet stocks.
The Munder Lifestyle Funds were launched with the intent that investors
would shift their mutual fund buying habits toward more complete solutions,
funds providing broad based diversification in one spot. We viewed this
especially attractive in the retirement and 401k markets. Unfortunately, we
have been unable to raise a sufficient amount of assets in the Moderate and
the Conservative Lifestyle Funds to make them economic to continue to offer.
Since inception we have capped the expense ratios of these two funds, and we
will continue to do so at the current levels while we proceed with the
process of closing them down. We have requested and received approval from
the Funds' Board of Directors to close these Funds. We would expect the
process to be completed by the end of March 2000.
v
<TABLE>
<CAPTION>
Munder All-Season Conservative Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT COMPANY SECURITIES -- 88.9%
8,110 Munder Bond Fund, Class Y $ 74,696
10,640 Munder Cash Investment Fund, Class Y 10,640
3,184 Munder Equity Selection Fund, Class Y 38,558
405 Munder Framlington Global Financial Services Fund, Class Y 4,173
1,185 Munder Framlington International Growth Fund, Class Y 19,320
760 Munder Future Technology Fund, Class Y 11,524
20,742 Munder Intermediate Bond Fund, Class Y 187,918
449 Munder Micro-Cap Equity Fund, Class Y+ 12,124
834 Munder Multi-Season Growth Fund, Class Y 17,893
1,952 Munder Real Estate Equity Investment Fund, Class Y 21,631
582 Munder Small Company Growth Fund, Class Y+ 10,571
772 Munder Small-Cap Value Fund, Class Y 9,161
1,496 Munder Value Fund, Class Y 21,408
---------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $433,739) 439,617
---------------
TOTAL INVESTMENTS (Cost $433,739*) 88.9% 439,617
OTHER ASSETS AND LIABILITIES (Net) 11.1 54,711
----- ---------------
NET ASSETS 100.0% $ 494,328
===== ===============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
1
<TABLE>
<CAPTION>
Munder All-Season Moderate Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT COMPANY SECURITIES -- 99.1%
45,029 Munder Bond Fund, Class Y $ 414,716
20,412 Munder Cash Investment Fund, Class Y 20,412
27,849 Munder Equity Selection Fund, Class Y 337,251
7,250 Munder Framlington Emerging Markets Fund, Class Y + 107,374
17,506 Munder Framlington Global Financial Services, Class Y 180,310
7,143 Munder Framlington Healthcare Fund, Class Y + 116,068
13,874 Munder Framlington International Growth Fund, Class Y 226,148
16,743 Munder Future Technology Fund, Class Y 253,820
11,656 Munder Growth Opportunities Fund, Class Y 144,766
46,601 Munder Intermediate Bond Fund, Class Y 422,201
8,288 Munder Micro-Cap Equity Fund, Class Y + 223,938
7,785 Munder Multi-Season Growth Fund, Class Y 166,981
1,675 Munder NetNet Fund, Class Y 128,880
14,518 Munder Real Estate Equity Investment Fund, Class Y 160,861
8,593 Munder Small Company Growth Fund, Class Y + 156,132
15,816 Munder Small-Cap Value Fund, Class Y 187,576
19,925 Munder Value Fund, Class Y 285,131
---------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $3,175,646) 3,532,565
---------------
TOTAL INVESTMENTS (Cost $3,175,646*) 99.1% 3,532,565
OTHER ASSETS AND LIABILITIES (Net) 0.9 33,057
----- ---------------
NET ASSETS 100.0% $ 3,565,622
===== ===============
<FN>
- -------------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
2
<TABLE>
<CAPTION>
Munder All-Season Aggressive Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT COMPANY SECURITIES -- 99.8%
309,942 Munder Bond Fund, Class Y $ 2,854,568
1,206,755 Munder Cash Investment Fund, Class Y 1,206,755
812,523 Munder Equity Selection Fund, Class Y 9,839,653
398,807 Munder Framlington Emerging Markets Fund, Class Y + 5,906,338
383,211 Munder Framlington Global Financial Services Fund, Class Y 3,947,075
188,177 Munder Framlington Healthcare Fund, Class Y + 3,057,881
368,957 Munder Framlington International Growth Fund, Class Y 6,014,002
383,381 Munder Future Technology Fund, Class Y 5,812,063
321,374 Munder Growth Opportunities Fund, Class Y 3,991,460
157,736 Munder Micro-Cap Equity Fund, Class Y + 4,262,019
143,031 Munder Multi-Season Growth Fund, Class Y 3,068,022
44,085 Munder NetNet Fund, Class Y 3,391,875
240,418 Munder Real Estate Equity Investment Fund, Class Y 2,663,836
118,243 Munder Small Company Growth Fund, Class Y + 2,148,467
184,825 Munder Small-Cap Value Fund, Class Y 2,192,027
493,107 Munder Value Fund, Class Y 7,056,363
---------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $56,532,225) 67,412,404
---------------
TOTAL INVESTMENTS (Cost $56,532,225*) 99.8% 67,412,404
OTHER ASSETS AND LIABILITIES (Net) 0.2 116,024
----- ---------------
NET ASSETS 100.0% $ 67,528,428
===== ===============
<FN>
- -------------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
3
<TABLE>
<CAPTION>
The Munder Lifestyle Funds
Statements of Assets and Liabilities, December 31,1999 (Unaudited)
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (See accompanying schedules)... $ 439,617 $ 3,532,565 $ 67,412,404
Cash................................................. - 18,114 1,576,318
Receivable for Fund shares sold...................... 24,821 3,216 75,731
Receivable from investment advisor................... 9,689 7,750 -
Receivable for investment securities sold............ 843 - -
Dividends receivable................................. 48 92 5,583
Unamortized organization costs....................... 14,399 15,155 19,718
Prepaid expenses..................................... 10,850 9,934 10,974
------------- ------------- --------------
Total Assets..................................... 500,267 3,586,826 69,100,728
------------- ------------- --------------
LIABILITIES:
Due to custodian..................................... 858 - -
Administration fee payable........................... 2,268 1,579 5,776
Payable for fund shares redeemed..................... 2,032 - -
Custodian fees payable............................... 447 756 3,209
Distribution fees payable............................ 216 371 376
Transfer agent fee payable........................... 74 161 2,578
Investment advisory fee payable...................... 44 291 5,380
Payable for investments securities purchased......... - 18,023 1,543,215
Accrued Directors' fees and expenses................. - 23 341
Accrued expenses and other payables.................. - - 11,425
------------- ------------- --------------
Total Liabilities................................ 5,939 21,204 1,572,300
------------- ------------- --------------
NET ASSETS........................................... $ 494,328 $ 3,565,622 $ 67,528,428
============= ============= ==============
Investments at cost.................................. $ 433,739 $ 3,175,646 $ 56,532,225
============= ============= ==============
<FN>
See Notes to Financial Statements.
</TABLE>
4
<TABLE>
<CAPTION>
The Munder Lifestyle Funds
Statements of Assets and Liabilities, December 31,1999 (Unaudited)
(Continued)
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
NET ASSETS consist of:
Distributions in excess of net investment income..... $ (3,343) $ (29,492) $ (799,835)
Accumulated net realized gain/(loss) from
investments sold................................. (102,494) 28,309 340,251
Net unrealized appreciation of investments........... 5,878 356,919 10,880,179
Par value............................................ 557 2,824 46,843
Paid-in capital in excess of par value............... 593,730 3,207,062 57,060,990
------------- ------------- --------------
Total Net Assets................................. $ 494,328 $ 3,565,622 $ 67,528,428
============= ============= ==============
NET ASSETS:
Class A Shares....................................... $ 242,528 $ 636,397 $ 489,630
============= ============= ==============
Class B Shares....................................... $ 138,547 $ 273,985 $ 318,708
============= ============= ==============
Class Y Shares....................................... $ 113,253 $ 2,655,240 $ 66,720,090
============= ============= ==============
SHARES OUTSTANDING:
Class A Shares....................................... 27,449 50,388 33,874
============= ============= ==============
Class B Shares....................................... 15,565 21,692 22,124
============= ============= ==============
Class Y Shares....................................... 12,727 210,321 4,628,287
============= ============= ==============
CLASS A SHARES:
Net asset value and redemption price per share....... $ 8.84 $ 12.63 $ 14.45
============= ============= ==============
Maximum sales charge................................. 5.50% 5.50% 5.50%
Maximum offering price per share..................... $ 9.35 $ 13.37 $ 15.29
============= ============= ==============
CLASS B SHARES:
Net asset value and offering price per share*........ $ 8.90 $ 12.63 $ 14.41
============= ============= ==============
CLASS Y SHARES:
Net asset value, offering price and redemption
price per share.................................. $ 8.90 $ 12.62 $ 14.42
============= ============= ==============
<FN>
- -------------------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
5
<TABLE>
<CAPTION>
The Munder Lifestyle Funds
Statements of Operations, Period Ended December 31,1999 (Unaudited)
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends............................................ $ 10,523 $ 39,636 $ 334,702
------------- ------------- --------------
Total investment income....................... 10,523 39,636 334,702
------------- ------------- --------------
EXPENSES:
Administration fee................................... 13,722 14,012 29,661
Registration and filing fees......................... 7,641 7,504 8,174
Amortization of organization costs................... 2,432 3,345 4,265
Custodian fees....................................... 1,351 1,584 7,245
Distribution and shareholder servicing fees
Class A Shares................................... 298 844 551
Class B Shares................................... 897 1,120 1,229
Investment advisory fee.............................. 876 5,654 103,976
Transfer agent fee................................... 106 600 11,311
Legal and audit fees................................. 25 112 2,166
Directors' fees and expenses......................... 19 56 1,078
Other................................................ 724 461 13,068
------------- ------------- --------------
Total Expenses................................ 28,091 35,292 182,724
Expenses waived and reimbursed by investment advisor. (25,854) (27,067) (74,311)
------------- ------------- --------------
Net Expenses.................................. 2,237 8,225 108,413
------------- ------------- --------------
NET INVESTMENT INCOME................................ 8,286 31,411 226,289
------------- ------------- --------------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
INVESTMENTS:
Net realized gain/(loss) from security transactions.. (10,210) 68,028 474,393
Net realized gain from underlying funds' distributions 4,787 42,620 1,149,221
Net change in unrealized appreciation
of securities.................................... 4,726 178,810 6,224,621
------------- ------------- --------------
Net realized and unrealized gain/(loss) on investments (697) 289,458 7,848,235
------------- ------------- --------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS........................ $ 7,589 $ 320,869 $ 8,074,524
============= ============= ==============
<FN>
See Notes to Financial Statements.
</TABLE>
6
<TABLE>
<CAPTION>
The Munder Lifestyle Funds
Statements of Changes in Net Assets, Period Ended December 31, 1999
(Unaudited)
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
Net investment income................................ $ 8,286 $ 31,411 $ 226,289
Net realized gain/(loss)............................. (5,423) 110,648 1,623,614
Net change in unrealized appreciation
of investments................................... 4,726 178,810 6,224,621
------------- ------------- --------------
Net increase in net assets resulting from operations. 7,589 320,869 8,074,524
Dividends to shareholders from net investment income:
Class A Shares................................... (5,392) (10,283) (6,738)
Class B Shares................................... (3,225) (3,512) (4,009)
Class Y Shares................................... (3,017) (47,108) (1,025,740)
Distributions to shareholders from net realized gains:
Class A Shares................................... - (26,877) (9,090)
Class B Shares................................... - (10,966) (6,030)
Class Y Shares................................... - (114,110) (1,361,562)
Net increase/(decrease) in net assets from Fund share
transactions:
Class A Shares................................... 53,374 185,277 102,575
Class B Shares................................... (59,076) 108,432 68,938
Class Y Shares................................... (27,983) 268,058 1,894,342
------------- ------------- --------------
Net increase/(decrease) in net assets................ (37,730) 669,780 7,727,210
NET ASSETS:
Beginning of period.................................. 532,058 2,895,842 59,801,218
------------- ------------- --------------
End of period........................................ $ 494,328 $ 3,565,622 $ 67,528,428
============= ============= ==============
Distributions in excess of net investment income..... $ (3,343) $ (29,492) $ (799,835)
============= ============= ==============
<FN>
See Notes to Financial Statements.
</TABLE>
7
<TABLE>
<CAPTION>
The Munder Lifestyle Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
Net investment income................................ $ 34,704 $ 54,372 $ 223,898
Net realized gain/(loss)............................. (94,155) 90,100 952,913
Net change in unrealized appreciation/(depreciation)
of investments................................... (56,168) 137,170 2,314,678
------------- ------------- --------------
Net increase/(decrease) in net assets resulting from
operations....................................... (115,619) 281,642 3,491,489
Dividends to shareholders from net investment income:
Class A Shares................................... (1,652) (6,588) (1,079)
Class B Shares................................... (3,337) (1,366) -
Class Y Shares................................... (18,628) (59,426) (462,688)
Distributions to shareholders in excess of net
investment income:
Class A Shares................................... (60) (959) (314)
Class B Shares................................... (16,874) (379) (805)
Class Y Shares................................... - (5,145) (1,194)
Distributions to shareholders from net realized gains:
Class A Shares................................... (726) (4,387) (1,488)
Class B Shares................................... (1,223) (1,098) (2,042)
Class Y Shares................................... (9,459) (44,091) (426,392)
Net increase/(decrease) in net assets from Fund share
transactions:
Class A Shares................................... 188,525 76,170 177,662
Class B Shares................................... 16,743 (36,890) (42,969)
Class Y Shares................................... (4,155,838) 279,867 (2,122,535)
------------- ------------- --------------
Net increase/(decrease) in net assets................ (4,118,148) 477,350 607,645
NET ASSETS:
Beginning of year.................................... 4,650,206 2,418,492 59,193,573
------------- ------------- --------------
End of year.......................................... $ 532,058 $ 2,895,842 $ 59,801,218
============= ============= ==============
Undistributed net investment income.................. $ - $ - $ 10,363
============= ============= ==============
<FN>
See Notes to Financial Statements.
</TABLE>
8
<TABLE>
<CAPTION>
The Munder Lifestyle Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1999
(Unaudited)
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
Amount
Class A Shares:
Sold................................................. $ 117,727 $ 160,564 $ 134,043
Issued as reinvestment of dividends.................. 3,389 37,189 15,563
Redeemed............................................. (67,742) (12,476) (47,031)
------------- ------------- --------------
Net increase......................................... $ 53,374 $ 185,277 $ 102,575
============= ============= ==============
Class B Shares:
Sold................................................. $ 183,281 $ 100,119 $ 81,687
Issued as reinvestment of dividends.................. 1,628 10,286 5,491
Redeemed............................................. (243,985) (1,973) (18,240)
------------- ------------- --------------
Net increase/(decrease).............................. $ (59,076) $ 108,432 $ 68,938
============= ============= ==============
Class Y Shares:
Sold................................................. $ 23 $ 238,267 $ 2,526,617
Issued as reinvestment of dividends.................. 3,017 89,934 63,492
Redeemed............................................. (31,023) (60,143) (695,767)
------------- ------------- --------------
Net increase/(decrease).............................. $ (27,983) $ 268,058 $ 1,894,342
============= ============= ==============
Shares
Class A Shares:
Sold................................................. 13,448 13,168 10,247
Issued as reinvestment of dividends.................. 388 3,165 1,144
Redeemed............................................. (7,760) (1,090) (3,571)
------------- ------------- --------------
Net increase......................................... 6,076 15,243 7,820
============= ============= ==============
Class B Shares:
Sold................................................. 20,719 8,331 6,253
Issued as reinvestment of dividends.................. 185 873 403
Redeemed............................................. (27,551) (165) (1,315)
------------- ------------- --------------
Net increase/(decrease).............................. (6,647) 9,039 5,341
============= ============= ==============
Class Y Shares:
Sold................................................. 2 19,622 187,050
Issued as reinvestment of dividends.................. 343 7,658 4,766
Redeemed............................................. (3,561) (4,789) (55,598)
------------- ------------- --------------
Net increase/(decrease).............................. (3,216) 22,491 136,218
============= ============= ==============
<FN>
See Notes to Financial Statements.
</TABLE>
9
<TABLE>
<CAPTION>
The Munder Lifestyle Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------- ------------- --------------
<S> <C> <C> <C>
Amount
Class A Shares:
Sold................................................. $ 497,925 $ 73,071 $ 238,929
Issued as reinvestment of dividends.................. 1,431 11,934 2,774
Redeemed............................................. (310,831) (8,835) (64,041)
------------- ------------- --------------
Net increase......................................... $ 188,525 $ 76,170 $ 177,662
============= ============= ==============
Class B Shares:
Sold................................................. $ 803,449 $ 66,442 $ 151,304
Issued as reinvestment of dividends.................. 304 700 1,740
Redeemed............................................. (787,010) (104,032) (196,013)
------------- ------------- --------------
Net increase/(decrease).............................. $ 16,743 $ (36,890) $ (42,969)
============= ============= ==============
Class Y Shares:
Sold................................................. $ 100,211 $ 1,754,489 $ 1,326,984
Issued as reinvestment of dividends.................. 28,087 57,523 49,954
Redeemed............................................. (4,284,136) (1,532,145) (3,499,473)
------------- ------------- --------------
Net increase/(decrease).............................. $ (4,155,838) $ 279,867 $ (2,122,535)
============= ============= ===============
Shares
Class A Shares:
Sold................................................. 56,123 6,199 19,377
Issued as reinvestment of dividends.................. 150 1,030 228
Redeemed............................................. (35,020) (748) (5,786)
------------- ------------- --------------
Net increase......................................... 21,253 6,481 13,819
============= ============= ==============
Class B Shares:
Sold................................................. 89,156 5,613 12,652
Issued as reinvestment of dividends.................. 34 60 144
Redeemed............................................. (85,702) (9,202) (16,728)
------------- ------------- --------------
Net increase/(decrease).............................. 3,488 (3,529) (3,932)
============= ============= ==============
Class Y Shares:
Sold................................................. 9,273 156,808 110,462
Issued as reinvestment of dividends.................. 3,051 4,934 4,150
Redeemed............................................. (396,498) (132,150) (298,230)
------------- ------------- --------------
Net increase/(decrease).............................. (384,174) 29,592 (183,618)
============= ============= ==============
<FN>
See Notes to Financial Statements.
</TABLE>
10
<TABLE>
<CAPTION>
The Munder All-Season Conservative Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
---------------------------------------
Period
Ended Year Period
12/31/99 (d) Ended Ended
(Unaudited) 6/30/99 (d) 6/30/98 (d)
----------- ----------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period............................... $ 8.91 $ 11.10 $ 11.10
--------- -------- --------
Income from investment operations:
Net investment income.............................................. 0.15 0.25 0.14
Net realized and unrealized gain/(loss) on investments............. 0.01 (0.40) (0.04)
--------- -------- --------
Total from investment operations................................... 0.16 (0.15) 0.10
--------- --------- --------
Less distributions:
Dividends from net investment income............................... (0.23) (1.33) (0.10)
Distributions in excess of net investment income................... - (0.05) -
Distributions from net realized gains.............................. - (0.66) -
--------- -------- --------
Total distributions................................................ (0.23) (2.04) (0.10)
---------- -------- --------
Net asset value, end of period..................................... $ 8.84 $ 8.91 $ 11.10
========= ======== ========
Total return (c)................................................... 1.83% (0.98)% 0.91%
========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................... $ 243 $ 190 $ 1
Ratio of operating expenses to average net assets.................. 0.72% (b) 0.71% 0.93% (b)
Ratio of net investment income to average net assets............... 3.48% (b) 2.79% 4.46% (b)
Portfolio turnover rate............................................ 86% 167% 31%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed........................ 11.02% (b) 6.26% 23.99% (b)
<FN>
- ------------------------------------
(a) The Munder All-Season Conservative Fund Class A Shares commenced
operations on March 13, 1998.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
11
<TABLE>
<CAPTION>
The Munder All-Season Conservative Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
B Shares
---------------------------------------
Period
Ended Year Period
12/31/99 (d) Ended Ended
(Unaudited) 6/30/99 (d) 6/30/98 (d)
----------- ----------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period............................... $ 8.94 $ 11.10 $ 10.74
--------- -------- --------
Income from investment operations:
Net investment income.............................................. 0.12 0.21 0.19
Net realized and unrealized gain/(loss) on investments............. 0.04 (0.38) 0.23
--------- -------- --------
Total from investment operations................................... 0.16 (0.17) 0.42
--------- -------- --------
Less distributions:
Dividends from net investment income............................... (0.20) (0.22) (0.06)
Distributions in excess of net investment income................... - (1.11) -
Distributions from net realized gains.............................. - (0.66) -
--------- -------- --------
Total distributions................................................ (0.20) (1.99) (0.06)
--------- -------- --------
Net asset value, end of period..................................... $ 8.90 $ 8.94 $ 11.10
========= ======== ========
Total return (c)................................................... 1.80% (1.17)% 3.91%
========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................... $ 139 $ 199 $ 208
Ratio of operating expenses to average net assets.................. 1.42% (b) 1.41% 1.63% (b)
Ratio of net investment income to average net assets............... 2.78% (b) 2.21% 3.76% (b)
Portfolio turnover rate............................................ 86% 167% 31%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed........................ 11.74% (b) 6.96% 24.69% (b)
<FN>
- -----------
(a) The Munder All-Season Conservative Fund Class B Shares commenced
operations on January 14, 1998.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
12
<TABLE>
<CAPTION>
The Munder All-Season Conservative Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99 (d) Ended Ended Ended
(Unaudited) 6/30/99 (d) 6/30/98 (d) 6/30/97
----------- ----------- ----------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period...................... $ 8.97 $ 11.10 $ 10.55 $ 10.00
-------- -------- -------- --------
Income from investment operations:
Net investment income..................................... 0.17 0.40 0.52 0.10
Net realized and unrealized gain/(loss) on investments.... (0.00) (e) (0.47) 0.59 0.45
-------- -------- -------- --------
Total from investment operations.......................... 0.17 (0.07) 1.11 0.55
-------- -------- -------- --------
Less distributions:
Dividends from net investment income...................... (0.24) (1.40) (0.37) -
Distributions from net realized gains..................... - (0.66) (0.19) -
-------- -------- -------- --------
Total distributions....................................... (0.24) (2.06) (0.56) -
-------- -------- -------- --------
Net asset value, end of period............................ $ 8.90 $ 8.97 $ 11.10 $ 10.55
======== ======== ======== ========
Total return (c).......................................... 1.97% (0.05)% 10.73% 5.50%
======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $ 113 $ 143 $ 4,441 $ 105
Ratio of operating expenses to average net assets......... 0.42% (b) 0.41% 0.63% 0.55% (b)
Ratio of net investment income to average net assets...... 3.78% (b) 3.74% 4.76% 4.24% (b)
Portfolio turnover rate................................... 86% 167% 31% 18%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed............... 10.74% (b) 5.96% 23.69% 97.07% (b)
<FN>
- ----------------
(a) The Munder All-Season Conservative Fund Class Y Shares commenced
operations on April 3, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
13
<TABLE>
<CAPTION>
The Munder All-Season Moderate Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
-----------------------------------------------------
Period
Ended Year Year Period
12/31/99 (d) Ended Ended Ended
(Unaudited) 6/30/99 (d) 6/30/98 (d) 6/30/97
----------- ----------- ----------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period...................... $ 12.30 $ 11.92 $ 11.02 $ 10.00
-------- -------- -------- --------
Income from investment operations:
Net investment income..................................... 0.11 0.18 0.16 0.04
Net realized and unrealized gain on investments........... 1.00 0.60 1.44 0.98
-------- -------- -------- --------
Total from investment operations.......................... 1.11 0.78 1.60 1.02
-------- -------- -------- --------
Less distributions:
Dividends from net investment income...................... (0.21) (0.22) (0.18) -
Distributions in excess of net investment income.......... - (0.03) - -
Distributions from net realized gains..................... (0.57) (0.15) (0.52) -
-------- -------- -------- --------
Total distributions....................................... (0.78) (0.40) (0.70) -
-------- -------- -------- --------
Net asset value, end of period............................ $ 12.63 $ 12.30 $ 11.92 $ 11.02
======== ======== ======== ========
Total return (c).......................................... 9.60% 6.74% 15.10% 10.20%
======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $ 636 $ 432 $ 342 $ 214
Ratio of operating expenses to average net assets......... 0.69% (b) 0.66% 0.88% 0.85% (b)
Ratio of net investment income to average net assets...... 1.77% (b) 1.54% 1.38% 2.22% (b)
Portfolio turnover rate................................... 18% 115% 54% 5%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed............... 2.36% (b) 2.54% 11.07% 41.36% (b)
<FN>
- -------------
(a) The Munder All-Season Moderate Fund Class A Shares commenced operations
on April 4, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
14
<TABLE>
<CAPTION>
The Munder All-Season Moderate Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
B Shares
----------------------------------------
Period
Ended Year Period
12/31/99 (d) Ended Ended
(Unaudited) 6/30/99 (d) 6/30/98 (d)
----------- ----------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period............................... $ 12.29 $ 11.90 $ 11.14
--------- -------- --------
Income from investment operations:
Net investment income.............................................. 0.06 0.10 0.04
Net realized and unrealized gain on investments.................... 1.02 0.60 0.74
--------- -------- --------
Total from investment operations................................... 1.08 0.70 0.78
--------- -------- --------
Less distributions:
Dividends from net investment income............................... (0.17) (0.13) (0.02)
Distributions in excess of net investment income................... - (0.03) -
Distributions from net realized gains.............................. (0.57) (0.15) -
--------- -------- --------
Total distributions................................................ (0.74) (0.31) (0.02)
--------- -------- --------
Net asset value, end of period..................................... $ 12.63 $ 12.29 $ 11.90
========= ======== ========
Total return (c)................................................... 9.30% 6.06% 6.96%
========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................... $ 274 $ 155 $ 193
Ratio of operating expenses to average net assets.................. 1.39% (b) 1.36% 1.58% (b)
Ratio of net investment income to average net assets............... 1.07% (b) 0.83% 0.68% (b)
Portfolio turnover rate............................................ 18% 115% 54%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed........................ 3.06% (b) 3.24% 11.77% (b)
<FN>
- ---------------
(a) The Munder All-Season Moderate Fund Class B Shares commenced operations
on January 14, 1998.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
15
<TABLE>
<CAPTION>
The Munder All-Season Moderate Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/99 (d) Ended Ended Ended
(Unaudited) 6/30/99 (d) 6/30/98 (d) 6/30/97
----------- ----------- ----------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period...................... $ 12.29 $ 11.91 $ 11.02 $ 10.00
-------- -------- -------- --------
Income from investment operations:
Net investment income..................................... 0.12 0.21 0.20 0.06
Net realized and unrealized gain on investments........... 1.01 0.60 1.43 0.96
-------- -------- -------- --------
Total from investment operations.......................... 1.13 0.81 1.63 1.02
-------- -------- -------- --------
Less distributions:
Dividends from net investment income...................... (0.23) (0.26) (0.22) -
Distributions in excess of net investment income.......... - (0.02) - -
Distributions from net realized gains..................... (0.57) (0.15) (0.52) -
--------- -------- -------- --------
Total distributions....................................... (0.80) (0.43) (0.74) -
--------- -------- -------- --------
Net asset value, end of period............................ $ 12.62 $ 12.29 $ 11.91 $ 11.02
======== ======== ======== ========
Total return (c).......................................... 9.78% 7.03% 15.39% 10.20%
======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $ 2,655 $ 2,308 $ 1,884 $ 113
Ratio of operating expenses to average net assets......... 0.39% (b) 0.36% 0.58% 0.55% (b)
Ratio of net investment income to average net assets...... 2.07% (b) 1.85% 1.68% 2.52% (b)
Portfolio turnover rate................................... 18% 115% 54% 5%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed............... 2.06% (b) 2.24% 10.77% 41.06% (b)
<FN>
- ------------------
(a) The Munder All-Season Moderate Fund Class Y Shares commenced operations
on April 3, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
16
<TABLE>
<CAPTION>
The Munder All-Season Aggressive Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------
Period
Ended Year Period
12/31/99 Ended Ended
(Unaudited) 6/30/99 6/30/98 (d)
----------- ------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period............................... $ 13.20 $ 12.58 $ 13.23
--------- -------- --------
Income from investment operations:
Net investment income.............................................. 0.03 0.05 0.01
Net realized and unrealized gain/(loss) on investments............. 1.73 0.74 (0.25)
--------- -------- --------
Total from investment operations................................... 1.76 0.79 (0.24)
--------- -------- --------
Less distributions:
Dividends from net investment income............................... (0.21) (0.06) (0.01)
Distributions in excess of net investment income................... - (0.02) -
Distributions from net realized gains.............................. (0.30) (0.09) (0.36)
Distributions in excess of net realized gains...................... - - (0.04)
--------- -------- --------
Total distributions................................................ (0.51) (0.17) (0.41)
---------- -------- --------
Net asset value, end of period..................................... $ 14.45 $ 13.20 $ 12.58
========= ======== ========
Total return (c)................................................... 13.63% 6.41% (1.20)%
========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................... $ 490 $ 344 $ 154
Ratio of operating expenses to average net assets.................. 0.66% (b) 0.66% 0.88% (b)
Ratio of net investment income to average net assets............... 0.47% (b) 0.12% 0.09% (b)
Portfolio turnover rate............................................ 24% 73% 55%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed........................ 0.91% (b) 0.93% 1.06% (b)
<FN>
- ------------
(a) The Munder All-Season Aggressive Fund Class A Shares commenced
operations on October 7, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable
sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
17
<TABLE>
<CAPTION>
The Munder All-Season Aggressive Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
B Shares
----------------------------------------
Period
Ended Year Period
12/31/99 Ended Ended
(Unaudited) 6/30/99 6/30/98 (d)
----------- ------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period............................... $ 13.20 $ 12.54 $ 11.40
--------- -------- --------
Income from investment operations:
Net investment loss................................................ (0.03) (0.01) (0.04)
Net realized and unrealized gain on investments.................... 1.72 0.80 1.18
--------- -------- --------
Total from investment operations................................... 1.69 0.79 1.14
--------- -------- --------
Less distributions:
Dividends from net investment income............................... (0.18) - -
Distributions in excess of net investment income................... - (0.04) -
Distributions from net realized gains.............................. (0.30) (0.09) -
--------- -------- --------
Total distributions................................................ (0.48) (0.13) -
--------- -------- --------
Net asset value, end of period..................................... $ 14.41 $ 13.20 $ 12.54
========= ======== ========
Total return (c)................................................... 13.10% 6.40% 10.00%
========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................... $ 319 $ 222 $ 260
Ratio of operating expenses to average net assets.................. 1.36% (b) 1.36% 1.58% (b)
Ratio of net investment loss to average net assets................. (0.23)% (b) (0.58)% (0.61)%(b)
Portfolio turnover rate............................................ 24% 73% 55%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed........................ 1.61% (b) 1.63% 1.76% (b)
<FN>
- --------------
(a) The Munder All-Season Aggressive Fund Class B Shares commenced
operations on January 9, 1998.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
18
<TABLE>
<CAPTION>
The Munder All-Season Aggressive Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
--------------------------------------------------
Period
Ended Year Year Period
12/31/99 Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 (d) 6/30/97
----------- ------- ----------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period...................... $ 13.19 $ 12.57 $ 11.35 $ 10.00
-------- -------- -------- --------
Income from investment operations:
Net investment income..................................... 0.05 0.10 0.05 0.01
Net realized and unrealized gain on investments........... 1.71 0.71 1.61 1.34
-------- -------- -------- --------
Total from investment operations.......................... 1.76 0.81 1.66 1.35
-------- -------- -------- --------
Less distributions:
Dividends from net investment income...................... (0.23) (0.10) (0.04) -
Distributions in excess of net investment income.......... - (0.00) (e) - -
Distributions from net realized gains..................... (0.30) (0.09) (0.36) -
Distributions in excess of net realized gains............. - - (0.04) -
-------- -------- -------- --------
Total distributions....................................... (0.53) (0.19) (0.44) -
-------- -------- -------- --------
Net asset value, end of period............................ $ 14.42 $ 13.19 $ 12.57 $ 11.35
======== ======== ======== ========
Total return (c).......................................... 13.66% 6.63% 15.04% 13.50%
======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $ 66,720 $ 59,236 $ 58,780 $ 1,483
Ratio of operating expenses to average net assets......... 0.36% (b) 0.36% 0.58% 0.55% (b)
Ratio of net investment income to average net assets...... 0.77% (b) 0.41% 0.39% 1.08% (b)
Portfolio turnover rate................................... 24% 73% 55% 3%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed............... 0.61% (b) 0.63% 0.76% 14.30% (b)
<FN>
- -------------
(a) The Munder All-Season Aggressive Fund Class Y Shares commenced
operations on April 3, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
19
The Munder Lifestyle Funds
Notes to Financial Statements, December 31, 1999
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company, and was organized as a Maryland corporation on November
18, 1992. The Munder Funds Trust ("MFT") is registered under the 1940 Act, as
an open-end management investment company, and was organized as a
Massachusetts business trust on August 30, 1989. The Munder Framlington Funds
Trust ("Framlington") is registered under the 1940 Act, as an open-end
management investment company and was organized as a Massachusetts business
trust on October 30, 1996. MFI, MFT and Framlington consist of 33 portfolios
currently in operation. Information presented in these financial statements
pertains only to the Munder Lifestyle Funds (each a "Fund", and collectively,
the "Funds"). The Munder Lifestyle Funds consist of Munder All-Season
Conservative Fund (the "Conservative Fund"), Munder All-Season Moderate Fund
(the "Moderate Fund") and Munder All-Season Aggressive Fund (the "Aggressive
Fund") and are Funds of MFI. The financial statements for the other remaining
funds of MFI, MFT and the Framlington are presented in separate reports.
Each Fund seeks its investment objective by investing in a variety of
funds (the "Underlying Funds") offered by MFI, MFT and Framlington. In
addition to shares of the Underlying Funds, each Fund may invest cash
balances in repurchase agreements and other money market investments to
maintain liquidity in an amount to meet expenses or for day-to-day operating
purposes.
The Funds offer three classes of shares -- Class A, Class B and Class Y
Shares. 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: The Underlying Funds are valued according to their
stated net asset value ("NAV"). The Underlying Funds value their portfolio
securities as follows: Securities traded on a national securities exchange or
on the NASDAQ National Market System ("NASDAQ") are valued at the last sale
price on such exchange or market as of the close of business on the date of
valuation. Securities traded on a national securities exchange or on the
NASDAQ for which there were no sales on the date of valuation and securities
traded on other over-the-counter markets, including listed securities for
which the primary market is believed to be over-the-counter, are valued at
the mean between the most recently quoted bid and asked prices. Restricted
securities and securities and assets for which market quotations are not
readily available are valued at fair value by Munder Capital Management (the
"Advisor"), and under certain circumstances by a pricing committee, under the
guidelines approved by the Boards of Trustees and Directors. Debt securities
with remaining maturities of 60 days or less are valued at amortized cost,
unless the Boards of Trustees and Directors 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.
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
while a Fund seeks to assert its rights. The Advisor, acting under the
guidelines approved by the Boards of Trustees and Directors, reviews the
value of the collateral and the creditworthiness of those banks and dealers
with which a Fund enters into repurchase agreements to evaluate potential
risks.
20
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. 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.
Dividends and Distributions to Shareholders: Dividends from net
investment income and net realized capital gains (including net short-term
capital gains), if any, are declared and paid at least annually by the Funds.
Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by a Fund, timing differences and differing characterization of
distributions made by a Fund as a whole.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its earnings to its shareholders. Therefore,
no Federal income or excise tax provision is required.
2. Investment Advisor and Other Related Party Transactions
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, at an annual rate of 0.35%,
based on the average daily net assets of the respective Fund.
The Advisor voluntarily waived fees and reimbursed certain expenses,
payable by the Funds, for the period ended December 31, 1999, as follows:
Fees Waived Expenses Reimbursed
----------- -------------------
Conservative Fund............ $ 626 $25,228
Moderate Fund................ 4,040 23,027
Aggressive Fund.............. 74,311 -
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 88% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder
services provided to the Funds, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Funds beneficially owned by
Comerica and its customers. Comerica earned $3,153 for its shareholder
services to the Funds for the period ended December 31, 1999.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFT, MFI,
Framlington and St. Clair Funds, Inc. The fee consists of a $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 meeting. No officer, director or employee of the 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 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 Funds. The Class B Plan also permits payments to be made by the Funds
to the Distributor or directly to other service providers for expenditures
incurred by the Distributor or other service providers in connection with the
distribution of Fund shares to investors and provision of certain shareholder
services (which include but are not limited to the payment of compensation,
including compensation to Service Organizations to obtain various
distribution related services for the Funds). Comerica
21
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 period ended December 31, 1999, the Distributor paid
$188 and $626 to Comerica Securities and LPM, respectively, for shareholder
services provided to the Funds.
For the period ended December 31, 1999, the contractual rates, as a
percentage of average daily net assets, under the Plans were as follows:
Class A Class B
Shares Shares
12b-1 Fees 12b-1 Fees
---------- ----------
The Funds.......................... 0.30% 1.00%
4. Securities Transactions
For the period ended December 31, 1999, purchases and sales of
securities, other than short-term investments and U.S. Government securities,
were as follows:
Cost of Purchases Proceeds from Sales
----------------- -------------------
Conservative Fund.......... $ 379,122 $ 441,555
Moderate Fund.............. 992,373 548,419
Aggressive Fund............ 14,580,778 13,706,269
At December 31, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
Conservative Fund............. $ 11,678 $ 5,800
Moderate Fund................. 441,178 84,259
Aggressive Fund............... 11,994,794 1,114,615
5. Risk Factors of the Funds
Investing in the Underlying Funds through the Funds involves certain
additional expenses that would not be incurred in a direct investment in the
Underlying Funds.
Certain of the Underlying Funds may invest in securities of foreign
issuers, including issuers in emerging market countries (that involve risks
not typically associated with U.S. issuers), companies engaged in internet
and internet related activities, and certain options and futures strategies.
Certain of the Underlying Funds may invest in the securities of emerging
growth companies, which may involve greater price volatility and risk than
those incurred by funds that do not invest in such securities.
The Trustees/Directors of MFI, MFT and Framlington also serve as
Trustees/Directors of the Underlying Funds. In addition, conflicts may arise
as these Trustees/Directors seek to fulfill their fiduciary responsibilities
to both the Funds and the Underlying Funds.
From time to time, one or more of the Underlying Funds used for
investment by a Fund may experience relatively large subscription or
redemption requests from a Fund due to reallocations or rebalancings by the
Funds as recommended by the Advisor. These transactions will affect the
Underlying Funds, since the Underlying Funds that experience redemptions as a
result of the reallocations or rebalancings may have to sell portfolio
securities, and Underlying Funds that receive cash will have to invest such
cash. While it is impossible to predict the overall impact of these
transactions
22
over time, there could be adverse effects on portfolio management to the
extent that the Underlying Funds may be required to sell securities or invest
cash at times when they would not otherwise do so. These transactions could
also have tax consequences on the Underlying Funds if sales of securities
resulted in gains and could also increase transactions costs. The Advisor,
representing the interests of the Underlying Funds, is committed to
minimizing the impact of Fund transactions on the Underlying Funds to the
extent it is consistent with pursuing the investment objectives of the Funds.
The Advisor may, nevertheless, face conflicts in fulfilling its
responsibilities to both the Funds and Underlying Funds.
6. Organization Costs
Expenses incurred prior to June 30, 1998 in connection with the
organization of the Fund, including the fees and expenses of registering and
qualifying its shares for distribution under Federal securities regulations,
have been capitalized and are being amortized on a straight-line basis over a
period of 5 years from commencement of operations.
7. Subsequent Event
On February 14, 2000, the Board of Directors for the Munder Funds, Inc.
voted to close and liquidate the Munder All-Season Conservative Fund and the
Munder All-Season Moderate Fund effective April 17, 2000.
23
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
SANNLIFE1299
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS A, B & Y SHARES
Semi-Annual
Report
The Munder Funds
Investments DECEMBER 31, 1999
for all seasons
THE MUNDER INDEX 500 FUND
(INSIDE FRONT COVER)
"The goal of the Munder
Index 500 Fund is to track
the total return of the
S&P 500 Index."
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 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 December 31,
1999, the market value of the companies in the Index ranged from $361 million
to $602.4 billion.
The technology sector, which accounted for 30% of the S&P 500 market
value as of December 31, 1999, dominated the S&P 500 universe during the past
six months. In fact, the focus on technology stocks created a two-tiered S&P
500 universe for 1999 as a whole. Close to half of the stocks in the S&P 500
generated a negative return for the year. In contrast, the technology sector
of the S&P 500 universe generated a return of almost 79% for 1999. The
runner-up S&P 500 sector for the year was capital goods with a 30% return.
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 or contact the Fund at 1-800-4MUNDER with your
inquiries. You may also contact us 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
Table of
Contents
FUND OVERVIEW
ii Management's Disscussion and Analysis
iii Munder Index 500 Fund
PORTFOLIO OF INVESTMENTS --
1 Munder Index 500 Fund
11 Financial Statements
16 Financial Highlights
19 Notes to Financial Statements
- ----------------------------------------------------------------------------
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
The dominance of technology in the stock market during 1999 was
mirrored in its dominance within the manufacturing sector of the economy as
well. Manufacturing output rose by 5.1% during 1999. Without the technology
sector (which rose by 38%), that increase would have been a far smaller 1.6%.
While manufacturing output increased by over 5% during the year, capacity
utilization remained at a fairly low level. This is one factor that has
helped to keep the pricing power of firms -- and therefore inflation -- in
check.
Looking at activity within the industrial sector of the economy, the
National Association of Purchasing Management's Index ended the year at 55.5.
Since any number above 50 indicates an expansion in the industrial sector,
this is another indication of continued growth in the economy. While the
components of new orders and production declined slightly in December, both
showed a reading of 55.5, indicating a healthy level of both current
production and new orders in the pipeline.
Consumer spending remained strong through the fourth quarter of the
year, with support from job growth and high levels of consumer sentiment.
Relief at the lack of Y2K problems caused consumer sentiment to set new
records as the new year unfolded.
In the midst of strong economic growth, inflation remained subdued. The
December Consumer Price Index (CPI) was only 2.68% higher than year-ago
levels. The core portion of the CPI -- excluding volatile food and energy
prices -- was up by an even lower 1.9% from year-ago levels. There is no
question that the rapid technology advances we have seen over the past decade
have helped to boost productivity and keep inflation in check. Nonetheless,
the continued rapid pace of economic growth is a concern to Alan Greenspan,
the chairman of the Federal Reserve. Additional tightening of monetary policy
is likely in the months ahead to help force a slowdown in economic growth.
The Stock Market
Portfolio diversification did not help the performance of domestic
stock portfolios in 1999. Technology dominated all size segments of the
market. In fact, the commanding performance of technology stocks resulted in
a two-tiered U.S. stock market in 1999. Close to half of the stocks in the
S&P 500 universe posted a negative return for the year. In contrast, the
technology sector of that universe generated a return of almost 79%.
Technology stocks, which make up 70% of the NASDAQ Composite, powered that
index to an 86% return, a record for a U.S. stock market index.
In large part, the strong performance of technology stocks was due to
strong fundamentals and continued strength in both the actual and projected
earnings of stocks in that sector. The prices of technology stocks were also
boosted by a momentum psychology. Investors poured money into the current
winners, helping to drive the technology group to unprecedented valuations.
In the technology-dominated environment of 1999, diversification would
tend to hold back performance of any broad based stock portfolio, and this
was no different for any of the diversified stock portfolios in the Munder
Family of Mutual Funds. Interestingly, the search for reasonable valuations
- -- the relationship between the price of a stock and the estimated growth of
its future earnings, also dragged down returns. Although among the equity
sectors, technology was our largest commitment (approximately 24% at
year-end), concerns about the extreme valuations prevented us from investing
in those technology stocks with the highest ratios of current
price-to-projected earnings. Lack of earnings also caused us to avoid many of
the Internet stocks. These were exactly the key stocks driving technology
returns in 1999.
ii
We anticipate continued market strength in 2000. Among the positive
factors for the market are the likelihood of continued economic growth and
low to moderate inflation. Productivity should continue to improve, which
will boost corporate earnings even in an environment where firms have little
or no pricing power. With one-third of S&P 500 earnings coming from abroad,
the global recovery will also be a positive for U.S. companies. While we look
forward to some broadening of the market, we anticipate the technology sector
will continue to do well given its strong fundamentals. However, investors
may become somewhat more discerning about their technology purchases with an
increased focus on valuation. Differentiation in the growth of technology
companies' earnings may also lead to more selectivity within the sector,
especially in the Internet space where investors and analysts are now
beginning to focus on "the path to profitability" rather than just the
novelty of a new idea.
We are maintaining our portfolio diversification by continuing a market
weighting in the technology sector as we move into the new year. Given that
the market won't go up indefinitely, we continue to believe that controlling
portfolio risk is important. Diversification and valuation are two tools that
we use to achieve what we believe is the appropriate risk/return tradeoff in
our equity portfolios. That having been said, we expect to see greater
volatility in the market. In this upcoming environment it will be even more
important for investors to focus on their long-term goals, and to look past
short-term market swings.
Although we remain positive about the market's prospects, there are
risks on the horizon -- the primary one being the potential for the Federal
Reserve to further tighten monetary policy by raising interest rates. The Fed
is clearly concerned about stock valuations and the possibility of an "asset
bubble". It appears determined to raise rates until the speculative excesses
are wrung out of the market. The resulting reduction in liquidity would have
a negative impact on both the stock and bond markets.
The following paragraphs detail the performance of The Munder Index 500
Fund. 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 the 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 7.54% for the six months ending December
31, 1999, compared to the 7.39% average return for the Lipper universe of
mutual funds with the objective of tracking the S&P 500 Index, which earned a
return of 7.70%. The Fund has earned above-average returns for the one-month,
three-month, six-month, nine-month, one-year, two-year, three-year, five-year
and ten-year time periods ending December 31, 1999.
Technology stocks dominated virtually every U.S. stock market index for
the quarter and for the year, and the S&P 500 Index was no exception. By the
end of 1999, technology stocks accounted for approximately 30% of the
capitalization of the S&P 500 Index. In fact, the technology sector had
created a two-tiered S&P 500 universe in 1999. Close to half of the stocks in
the S&P 500 universe generated a negative return for the year. In contrast,
the technology sector of the S&P universe generated a return of almost 79%
for 1999. The runner-up S&P sector was capital goods with a 30% return.
Weaker sectors within the S&P 500 universe included utilities,
transportation, consumer staples and healthcare, all having negative returns
for the year.
iii
Since the goal of the Fund is to track the total returns 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.
iv
Munder Index 500 Fund
Portfolio of Investments, December 31, 1999 (Unaudited)
Shares Value
------ -----
COMMON STOCKS -- 98.0%
Advertising -- 0.3%
34,300 Interpublic Group of
Companies, Inc. $ 1,978,681
21,600 Omnicom Group, Inc. 2,160,000
------------
4,138,681
------------
Aerospace -- 0.7%
114,198 Boeing Company 4,746,354
24,600 General Dynamics Corporation 1,297,650
48,342 Lockheed Martin Corporation 1,057,481
8,400 Northrop Grumman
Corporation 454,125
3,346 Teledyne Technologies, Inc.+ 31,578
58,592 United Technologies
Corporation 3,808,480
------------
11,395,668
------------
Airlines -- 0.2%
18,100 AMR Corporation+ 1,212,700
16,200 Delta Air Lines, Inc. 806,963
61,612 Southwest Airlines Company 997,344
8,800 US Airways Group, Inc.+ 282,150
------------
3,299,157
------------
Apparel -- 0.2%
7,200 Liz Claiborne, Inc. 270,900
34,200 NIKE, Inc., Class B 1,695,037
6,900 Reebok International Ltd.+ 56,494
14,400 V.F. Corporation 432,000
------------
2,454,431
------------
Automobiles -- 0.9%
147,600 Ford Motor Company 7,887,375
78,300 General Motors Corporation 5,691,431
7,780 Navistar International
Corporation+ 368,578
------------
13,947,384
------------
Automobile Parts and Equipment -- 0.3%
17,600 AutoZone, Inc.+ 568,700
5,000 Cummins Engine, Inc. 241,562
20,118 Dana Corporation 602,283
69,033 Delphi Automotive Systems
Corporation 1,087,270
21,725 Genuine Parts Company 539,051
10,400 Johnson Controls, Inc. 591,500
6,400 Pep Boys-- Manny, Moe & Jack 58,400
14,900 TRW, Inc. 773,869
------------
4,462,635
------------
Banks -- 5.1%
47,850 AmSouth Bancorporation 924,103
208,599 Bank of America Corporation 10,469,062
90,000 Bank of New York, Inc. 3,600,000
140,105 Bank One Corporation 4,492,117
40,400 BB&T Corporation 1,105,950
100,768 Chase Manhattan Corporation 7,828,414
19,050 Comerica, Inc. 889,397
37,725 Fifth Third Bancorporation 2,768,072
120,734 First Union Corporation 3,961,584
119,774 Firstar Corporation 2,530,226
112,015 FleetBoston Financial
Corporation 3,899,522
27,993 Huntington Bancshares, Inc. 668,333
54,600 KeyCorp 1,208,025
97,952 MBNA Corporation 2,669,192
21,300 Morgan (J.P.) & Company, Inc. 2,697,112
68,089 Morgan Stanley, Dean Witter,
Discover and Company 9,719,705
75,200 National City Corporation 1,781,300
27,200 Northern Trust Corporation 1,441,600
14,400 Old Kent Financial Corporation 509,400
35,900 PNC Bank Corporation 1,597,550
12,700 Republic New York Corporation 914,400
20,500 Southtrust Corporation 775,156
19,600 State Street Corporation 1,432,025
21,500 Summit Bancorp 658,438
39,100 SunTrust Banks, Inc. 2,690,569
34,200 Synovus Financial Corporation 679,725
88,979 U.S. Bancorp 2,118,812
17,200 Union Planters Corporation 678,325
24,635 Wachovia Corporation 1,675,180
70,564 Washington Mutual, Inc. 1,834,664
------------
78,217,958
------------
Broadcasting -- 1.0%
93,166 CBS Corporation+ 5,956,801
41,400 Clear Channel
Communications+ 3,694,950
74,800 MediaOne Group, Inc.+ 5,745,575
6,300 Meredith Corporation 262,631
------------
15,659,957
------------
Building Materials -- 1.4%
7,200 Centex Corporation 177,750
8,075 Crane Company 160,491
4,000 Fleetwood Enterprises 82,500
281,319 Home Depot, Inc. 19,287,934
5,800 Kaufman & Broad Home
Corporation 140,287
54,600 Masco Corporation 1,385,475
15,133 Pall Corporation 326,305
5,300 Pulte Corporation 119,250
12,200 Vulcan Materials Company 487,237
------------
22,167,229
------------
Business Equipment and Supplies -- 1.8%
13,800 Avery Dennison Corporation 1,005,675
18,100 Ikon Office Solutions 123,306
220,300 International Business Machines
Corporation 23,792,400
32,500 Pitney Bowes, Inc. 1,570,157
81,200 Xerox Corporation 1,842,225
------------
28,333,763
------------
Business Services -- 0.3%
86,913 Cendant Corporation+ 2,308,627
9,000 Deluxe Corporation 246,937
37,580 IMS Health, Inc. 1,021,706
100 Navigant Consulting, Inc.+ 1,088
30,100 Paychex, Inc. 1,204,000
------------
4,782,358
------------
Chemicals and Plastics -- 1.8%
27,900 Air Products & Chemicals, Inc. 936,394
26,750 Dow Chemical Company 3,574,469
127,649 dupont (E.I.) de Nemours &
Company 8,408,878
9,575 Eastman Chemical Company 456,608
15,800 Ecolab, Inc. 618,175
15,350 Engelhard Corporation 289,731
3,700 FMC Corporation+ 212,056
7,000 Great Lakes Chemical
Corporation 267,313
12,900 Hercules, Inc. 359,588
10,537 Kerr-McGee Corporation 653,294
8,600 Mallinckrodt Group, Inc. 273,588
49,000 Minnesota Mining &
Manufacturing Company 4,795,875
77,500 Monsanto Company 2,760,937
19,400 Praxair, Inc. 976,062
23,300 Rockwell International
Corporation 1,115,487
26,752 Rohm & Haas Company 1,088,472
12,212 Sigma-Aldrich Corporation 367,123
16,300 Union Carbide Corporation 1,088,025
8,800 W R Grace & Company+ 122,100
------------
28,364,175
------------
Coal -- 0.1%
26,700 CSX Corporation 837,712
3,400 Eastern Enterprises 195,288
9,200 Fluor Corporation 422,050
------------
1,455,050
------------
Communication Equipment -- 1.6%
22,100 Cabletron Systems, Inc.+ 574,600
118,700 GTE Corporation 8,375,769
74,400 Motorola, Inc. 10,955,400
21,000 National Semiconductor
Corporation+ 899,062
9,600 Scientific-Atlanta, Inc. 534,000
49,200 Tellabs, Inc.+ 3,158,025
------------
24,496,856
------------
Computer Hardware, Software
or Services -- 17.1%
42,200 3COM Corporation+ 1,983,400
14,800 Adobe Systems, Inc. 995,300
17,900 Advanced Micro Devices, Inc.+ 517,981
273,200 America Online, Inc.+ 20,609,525
19,700 Apple Computer, Inc.+ 2,025,406
7,500 Autodesk, Inc. 253,125
76,400 Automatic Data Processing, Inc. 4,116,050
29,657 BMC Software, Inc.+ 2,370,706
17,600 Ceridian Corporation+ 379,500
399,650 Cisco Systems, Inc.+ 42,812,506
11,000 Citrix Systems, Inc.+ 1,353,000
207,723 Compaq Computer Corporation 5,621,504
65,875 Computer Associates
International, Inc. 4,607,133
20,300 Computer Sciences Corporation+ 1,920,888
43,700 Compuware Corporation+ 1,627,825
310,500 Dell Computer Corporation+ 15,835,500
57,500 Electronic Data Systems
Corporation 3,848,906
38,700 Gateway 2000, Inc.+ 2,788,819
124,500 Hewlett Packard Company 14,185,219
96,750 Honeywell International, Inc. 5,581,266
630,500 Microsoft Corporation+ 73,610,875
18,200 Network Appliance, Inc.+ 1,511,738
40,700 Novell, Inc.+ 1,625,456
173,975 Oracle Corporation+ 19,496,073
32,900 Parametric Technology
Corporation+ 890,356
32,888 Peoplesoft, Inc. 700,915
25,500 Seagate Technologies, Inc.+ 1,187,344
22,500 Silicon Graphics, Inc.+ 220,781
190,900 Sun Microsystems, Inc.+ 14,782,819
37,900 Unisys Corporation+ 1,210,431
32,300 Yahoo!, Inc.+ 13,975,806
------------
262,646,153
------------
Computer -- Semiconductors -- 3.7%
46,200 Applied Materials, Inc.+ 5,852,962
124,300 EMC Corporation+ 13,579,775
408,300 Intel Corporation 33,608,194
18,200 LSI Logic Corporation+ 1,228,500
33,000 Micron Technology, Inc.+ 2,565,750
------------
56,835,181
------------
Consumer Non-Durables -- 4.5%
29,800 Corning, Inc. 3,842,337
400,900 General Electric Company 62,039,275
11,300 Grainger (W.W.), Inc. 540,281
46,720 Lowe's Companies, Inc. 2,791,520
1,171 Water Pik Technologies, Inc.+ 11,198
------------
69,224,611
------------
Consumer Services -- 0.1%
11,900 Block (H & R), Inc. 520,625
33,100 Service Corporation
International 229,631
------------
750,256
------------
Containers -- 0.1%
3,700 Ball Corporation 145,688
14,900 Crown Cork & Seal Company,
Inc. 333,387
18,300 Owens-Illinois, Inc.+ 458,644
20,900 Pactiv Corporation+ 222,062
10,269 Sealed Air Corporation+ 532,063
------------
1,691,844
------------
Cosmetics -- Toiletry -- 0.1%
6,700 Alberto-Culver Company,
Class B 172,944
29,600 Avon Products, Inc. 976,800
------------
1,149,744
------------
Diversified -- 0.8%
20,000 Fortune Brands, Inc. 661,250
13,100 Loews Corporation 795,006
41,400 Raytheon Company, Class B 1,099,688
18,300 Textron, Inc. 1,403,381
19,200 Thermo Electron Corporation+ 288,000
206,318 Tyco International Ltd. 8,020,612
------------
12,267,937
------------
Drugs and Health Care -- 0.1%
14,100 Quintiles Transnational
Corporation+ 263,494
11,600 Watson Pharmaceuticals, Inc.+ 415,425
7,800 Wellpoint Health Networks,
Inc.+ 514,312
------------
1,193,231
------------
Electrical Equipment -- 0.8%
11,400 Cooper Industries, Inc. 460,987
5,000 Foster Wheeler Corporation 44,375
19,200 Molex, Inc. 1,088,400
5,750 Tektronix, Inc. 223,531
98,000 Texas Instruments, Inc. 9,493,750
7,100 Thomas & Betts Corporation 226,313
------------
11,537,356
------------
Electronics -- 2.0%
21,300 Analog Devices, Inc.+ 1,980,900
8,900 Eaton Corporation 646,363
53,100 Emerson Electric Company 3,046,612
11,000 KLA-Tencor Corporation+ 1,225,125
15,600 Lexmark International Group,
Inc.+ 1,411,800
80,800 QUALCOMM, Inc. 14,230,900
35,800 Solectron Corporation+ 3,405,475
23,500 Tandy Corporation 1,155,906
20,800 Teradyne, Inc.+ 1,372,800
39,000 Xilinx, Inc.+ 1,773,281
------------
30,249,162
------------
Energy and Resources -- 0.1%
26,465 Burlington Resources, Inc. 874,999
35,995 Reliant Energy, Inc. 823,385
29,378 Sempra Energy 510,443
------------
2,208,827
------------
Entertainment -- 1.3%
11,300 Brunswick Corporation 251,425
252,008 Disney (Walt) Company 7,371,234
8,600 Harcourt General Corporation 346,150
23,650 Hasbro, Inc. 450,828
51,411 Mattel, Inc. 674,769
157,300 Time Warner, Inc. 11,394,419
------------
20,488,825
------------
Financial Services -- 5.1%
54,600 American Express Company 9,077,250
30,328 American General Corporation 2,301,137
88,950 Associates First Capital
Corporation 2,440,566
24,000 Capital One Financial Corporation 1,156,500
100,200 Charles Schwab Corporation 3,845,175
412,018 Citigroup, Inc. 22,892,750
13,800 Countrywide Credit Industries 348,450
11,000 Dow Jones & Company, Inc. 748,000
17,300 Equifax, Inc. 407,631
125,200 Fannie Mae 7,817,175
84,900 Federal Home Loan Mortgage
Corporation 3,995,606
51,192 First Data Corporation 2,524,405
57,406 Household International, Inc. 2,138,373
14,600 Lehman Brothers Holdings, Inc. 1,236,438
62,200 Mellon Financial Corporation 2,118,687
45,300 Merrill Lynch & Company, Inc. 3,782,550
17,400 Paine Webber Group, Inc. 675,338
26,700 Regions Financial Corporation 670,838
19,400 SLM Holding Corporation 819,650
14,600 T Rowe Price & Associates, Inc. 539,288
6,800 Temple-Inland, Inc. 448,375
200,560 Wells Fargo & Company 8,110,145
------------
78,094,327
------------
Food and Beverages -- 3.9%
51,793 Albertson's, Inc. 1,670,324
56,800 Anheuser-Busch Companies, Inc. 4,025,700
34,100 Bestfoods 1,792,381
52,300 Campbell Soup Company 2,023,356
301,800 Coca-Cola Company 17,579,850
52,000 Coca-Cola Enterprises, Inc. 1,046,500
60,150 ConAgra, Inc. 1,357,134
4,500 Coors (Adolph) Company, Class B 236,250
43,800 Heinz (H.J.) Company 1,743,788
17,000 Hershey Foods Corporation 807,500
49,500 Kellogg Company 1,525,219
39,900 Nabisco Group Holdings
Corporation 423,938
177,800 PepsiCo, Inc. 6,267,450
289,100 Philip Morris Cos., Inc. 6,703,506
16,300 Quaker Oats Company 1,069,688
39,500 Ralston-Purina Company 1,101,063
111,000 Sara Lee Corporation 2,448,937
53,000 Seagram Company Ltd. 2,381,687
69,832 Unilever NV 3,801,479
20,900 UST, Inc. 526,419
14,100 Wrigley (Wm) Jr. Company 1,169,419
------------
59,701,588
------------
Food Distribution -- 0.4%
74,294 Archer-Daniels-Midland
Company 905,458
37,200 General Mills, Inc. 1,329,900
4,600 Great Atlantic & Pacific Tea
Company, Inc. 128,225
101,700 Kroger Company+ 1,919,587
17,100 Supervalu, Inc. 342,000
40,200 Sysco Corporation 1,590,413
18,200 Winn Dixie Stores, Inc. 435,663
------------
6,651,246
------------
Gas and Pipeline Utilities -- 0.1%
27,900 El Paso Energy Corporation 1,082,869
------------
Glass Products -- 0.1%
6,700 Owens Corning Fiberglass
Corporation 129,394
21,100 PPG Industries, Inc. 1,320,069
------------
1,449,463
------------
Health Care Facilities -- 0.2%
68,877 Columbia/HCA Healthcare
Corporation 2,018,957
20,400 Humana, Inc.+ 167,025
12,550 Manor Care, Inc.+ 200,800
38,000 Tenet Healthcare Corporation+ 893,000
------------
3,279,782
------------
Health Care Products -- 2.8%
187,900 Abbott Laboratories 6,823,119
16,200 Allergan, Inc. 805,950
7,000 Bausch & Lomb, Inc. 479,063
30,600 Becton, Dickinson & Company 818,550
285,600 Merck & Co, Inc. 19,153,050
473,000 Pfizer, Inc. 15,342,937
------------
43,422,669
------------
Holding Companies -- 0.2%
17,200 Providian, LLC 1,566,275
26,700 Public Service Enterprise 929,494
------------
2,495,769
------------
Home Appliances -- 0.3%
10,500 Black & Decker Corporation 548,625
36,680 Illinois Tool Works, Inc. 2,478,188
10,300 Maytag Corporation 494,400
7,150 Snap-On, Inc. 189,922
10,800 Stanley Works 325,350
9,200 Whirlpool Corporation 598,575
------------
4,635,060
------------
Home Furnishings and Housewares -- 0.5%
159,600 American Home Products
Corporation 6,294,225
4,800 Armstrong World 160,200
23,900 Leggett & Platt, Inc. 512,356
34,497 Newell Rubbermaid, Inc. 1,000,413
2,300 Springs Industries, Inc. 91,856
7,000 Tupperware Corporation 118,563
------------
8,177,613
------------
Hotels and Restaurants -- 0.7%
16,100 Darden Restaurants, Inc. 291,813
15,700 Harrah's Entertainment
Corporation+ 415,069
45,100 Hilton Hotels Corporation 434,087
30,400 Marriott International, Inc. 959,500
165,500 McDonald's Corporation 6,671,719
23,600 Mirage Resorts, Inc.+ 361,375
18,740 Tricon Global Restaurants, Inc.+ 723,832
14,600 Wendy's International, Inc. 301,125
------------
10,158,520
------------
Insurance -- 2.8%
18,314 Aetna Life & Casualty Company 1,022,150
32,500 AFLAC, Inc. 1,533,594
98,420 Allstate Corporation 2,362,080
189,145 American International Group,
Inc. 20,451,303
31,325 AON Corporation 1,253,000
21,399 Chubb Corporation 1,205,031
22,600 CIGNA Corporation 1,820,712
20,200 Cincinnati Financial Corporation 629,988
39,998 Conseco, Inc. 714,964
27,100 Hartford Financial Services
Group, Inc. 1,283,862
12,850 Jefferson-Pilot Corporation 877,013
23,900 Lincoln National Corporation 956,000
32,600 Marsh & McLennan
Companies, Inc. 3,119,412
12,100 MBIA, Inc. 639,031
12,900 MGIC Investment Corporation 776,419
9,000 Progressive Corporation 658,125
15,900 SAFECO Corporation 395,513
27,758 St. Paul Companies, Inc. 935,098
16,100 Torchmark, Inc. 467,906
20,700 United Healthcare Corporation 1,099,688
29,296 UnumProvident Corporation 939,303
------------
43,140,192
------------
Investment Companies -- 0.1%
14,542 Bear Stearns Companies, Inc. 621,670
30,700 Franklin Resources, Inc. 984,319
------------
1,605,989
------------
Machinery and Heavy Equipment -- 0.4%
43,400 Caterpillar, Inc. 2,042,512
28,600 Deere & Company 1,240,525
24,900 Dover Corporation 1,129,838
20,050 Ingersoll-Rand Company 1,104,003
13,650 Parker-Hannifin Corporation 700,416
------------
6,217,294
------------
Manufacturing -- 0.3%
26,750 Alcan Aluminum Ltd. 1,101,766
50,700 Boston Scientific Corporation+ 1,109,062
2,900 Briggs & Stratton Corporation 155,513
8,300 Brown-Forman Corporation,
Class B 475,175
17,300 Danaher Corporation 834,725
4,600 Milacron, Inc. 70,725
9,640 PACCAR, Inc. 427,172
7,600 Reynolds Metals Company 582,350
20,300 Sherwin-Williams Company 426,300
------------
5,182,788
------------
Medical Instruments, Services,
and Supplies -- 1.9%
6,300 Bard (C.R.), Inc. 333,900
35,600 Baxter International, Inc. 2,236,125
13,700 Biomet, Inc. 548,000
34,274 Cardinal Health, Inc. 1,640,868
37,600 Guidant Corporation 1,767,200
47,189 HEALTHSOUTH Corporation+ 253,641
169,900 Johnson & Johnson Company 15,821,937
146,100 Medtronic, Inc. 5,323,519
3,300 Shared Medical Systems
Corporation 168,094
10,350 St. Jude Medical, Inc.+ 317,615
------------
28,410,899
------------
Metals and Mining -- 0.5%
44,756 Alcoa, Inc. 3,714,748
48,200 Barrick Gold Corporation 852,537
19,900 Freeport McMoRan Copper &
Gold, Class B 420,388
31,800 Homestake Mining Company 248,438
23,500 Inco Ltd. 552,250
1,000 NACCO Industries, Inc., Class A 55,563
20,355 Newmont Mining Corporation 498,697
9,915 Phelps Dodge Corporation 665,544
39,800 Placer Dome, Inc. 427,850
------------
7,436,015
------------
Natural Gas -- 0.3%
11,700 Consolidated Natural Gas
Company 759,769
87,430 Enron Corporation 3,879,706
5,800 NICOR, Inc. 188,500
3,900 ONOEK, Inc. 97,988
------------
4,925,963
------------
Networking Products -- 0.0%#
12,600 Adaptec, Inc.+ 628,425
------------
News and Publishing -- 0.7%
34,000 Gannett Company, Inc. 2,773,125
66,494 Kimberly-Clark Corporation 4,338,733
10,300 Knight-Ridder, Inc. 612,850
20,900 New York Times Company,
Class A 1,026,713
7,300 Times Mirror Company (New),
Class A 489,100
29,000 Tribune Company 1,596,813
------------
10,837,334
------------
Oil -- 5.1%
11,000 Amerada Hess Corporation 624,250
13,800 Apache Corporation 509,737
8,900 Ashland, Inc. 293,144
39,400 Atlantic Richfield Company 3,408,100
40,220 Baker Hughes, Inc. 847,134
80,200 Chevron Corporation 6,947,325
26,100 Coastal Corporation 924,919
76,526 Conoco, Inc., Class B 1,903,584
421,998 Exxon Mobil Corporation 33,997,214
54,000 Halliburton Company 2,173,500
13,000 Louisiana Land & Exploration
Company 185,250
7,200 McDermott International, Inc. 65,250
44,900 Occidental Petroleum
Corporation 970,962
31,000 Phillips Petroleum Company 1,457,000
262,000 Royal Dutch Petroleum
Company 15,834,625
11,100 Sunoco, Inc. 260,850
67,600 Texaco, Inc. 3,671,525
17,600 Tosco Corporation 478,500
30,400 Union Pacific Corporation 1,326,200
30,655 Union Pacific Resources Group 390,851
29,500 Unocal Corporation 990,094
38,000 USX-Marathon Group 938,125
------------
78,198,139
------------
Oil Equipment and Services -- 0.2%
67,230 Schlumberger Ltd. 3,781,688
------------
Paper and Forest Products -- 0.6%
6,300 Bemis Company, Inc. 219,713
6,900 Boise Cascade Corporation 279,450
11,800 Champion International
Corporation 730,863
26,425 Fort James Corporation 723,384
20,800 Georgia-Pacific Corporation 1,055,600
50,609 International Paper Company 2,856,245
12,400 Mead Corporation 538,625
3,600 Potlatch Corporation 160,650
28,650 Weyerhaeuser Company 2,057,428
13,600 Willamette Industries, Inc. 631,550
------------
9,253,508
------------
Personal Items -- 2.4%
71,200 Colgate-Palmolive Company 4,628,000
131,120 Gillette Company 5,400,505
12,800 International Flavors &
Fragrances, Inc. 483,200
4,100 Jostens, Inc. 99,681
160,600 Procter & Gamble Company 17,595,737
104,900 Warner-Lambert Company 8,595,244
------------
36,802,367
------------
Petroleum Refining -- 0.2%
15,600 Anadarko Petroleum
Corporation 532,350
10,100 Rowan Companies+ 219,044
53,100 Williams Companies, Inc. 1,622,869
------------
2,374,263
------------
Petroleum -- Service and Equipment -- 0.1%
25,316 Transocean Sedco Forex, Inc. 852,824
------------
Pharmaceuticals -- 2.4%
12,420 ALZA Corporation+ 430,043
242,440 Bristol-Myers Squibb Company 15,561,618
133,300 Lilly (Eli) & Company 8,864,450
34,447 McKesson HBOC, Inc. 777,210
63,320 Pharmacia & Upjohn, Inc. 2,849,400
179,500 Schering-Plough Corporation 7,572,656
------------
36,055,377
------------
Photographic Equipment and Supplies -- 0.2%
38,500 Eastman Kodak Company 2,550,625
5,450 Polaroid Corporation 102,528
------------
2,653,153
------------
Printing and Publishing -- 0.2%
7,900 American Greetings
Corporation, Class A 186,638
15,400 Donnelley (R.R.) & Sons
Company 382,113
19,540 Dun & Bradstreet Corporation 576,430
23,900 McGraw-Hill, Inc. 1,472,837
12,250 Westvaco Corporation 399,656
------------
3,017,674
------------
Railroads -- 0.1%
13,400 Kansas City Southern Industries,
Inc. 999,975
46,500 Norfolk Southern Corporation 953,250
------------
1,953,225
------------
Recreation -- 0.2%
75,400 Carnival Corporation, Class A 3,605,063
------------
Research and Development -- 0.6%
124,800 Amgen, Inc.+ 7,495,800
12,600 PE Corp-PE Biosystems Group 1,515,938
------------
9,011,738
------------
Retail -- Store -- 4.7%
17,000 Bed Bath & Beyond, Inc.+ 590,750
25,100 Best Buy Company, Inc.+ 1,259,706
24,800 Circuit City Stores -- Circuit
City Group 1,117,550
13,480 Consolidated Stores Corporation+ 219,050
27,117 Costco Wholesale Corporation+ 2,474,426
47,882 CVS Corporation 1,912,287
53,700 Dayton Hudson Corporation 3,943,594
13,000 Dillard's, Inc. 262,438
32,525 Dollar General Corporation 739,944
25,700 Federated Department Stores+ 1,299,456
104,587 Gap, Inc. 4,811,002
60,300 K-mart Corporation+ 606,769
19,800 Kohls Corporation+ 1,429,312
26,232 Limited, Inc. 1,136,174
4,800 Long's Drug Stores Company 123,900
40,850 May Department Stores
Company 1,317,412
16,900 Nordstrom, Inc. 442,569
40,200 Office Depot, Inc.+ 439,688
31,800 Penney (J.C.) Company, Inc. 634,013
31,500 Rite Aid Corporation 352,406
4,100 Russell Corporation 68,675
62,200 Safeway, Inc.+ 2,211,987
46,200 Sears, Roebuck & Company 1,406,212
56,750 Staples, Inc.+ 1,177,563
37,900 TJX Companies, Inc. 774,581
29,950 Toys R Us, Inc.+ 428,659
543,800 Wal-Mart Stores, Inc. 37,590,175
122,600 Walgreen Company 3,586,050
------------
72,356,348
------------
Savings and Loan Associations -- 0.0%#
19,700 Golden West Financial
Corporation 659,950
------------
Soaps and Detergents -- 0.1%
28,924 Clorox Company 1,457,047
------------
Steel -- 0.1%
11,413 Allegheny Technologies, Inc. 256,079
16,000 Bethlehem Steel Corporation+ 134,000
10,700 Nucor Corporation 586,494
7,600 Timken Company 155,325
10,840 USX-U.S.Steel Group, Inc. 357,720
10,925 Worthington Industries, Inc. 180,945
------------
1,670,563
------------
Technology -- 0.1%
10,700 ITT Industries 357,781
5,500 Millipore Corporation 212,438
5,500 PerkinElmer, Inc.+ 229,281
------------
799,500
------------
Telecommunications -- 11.1%
18,300 ADC Telecommunications,
Inc.+ 1,327,894
38,366 ALLTEL Corporation 3,172,389
10,037 Andrew Corporation+ 190,075
390,490 AT&T Corporation 19,817,368
189,762 Bell Atlantic Corporation 11,682,223
230,000 BellSouth Corporation 10,766,875
17,000 CenturyTel, Inc. 805,375
91,900 Comcast Corporation Special,
Class A (non-voting) 4,646,694
8,800 Comverse Technology, Inc.+ 1,273,800
21,300 General Instrument
Corporation+ 1,810,500
92,720 Global Crossing Ltd.+ 4,636,000
382,845 Lucent Technologies, Inc. 28,641,592
346,811 MCI Worldcom, Inc.+ 18,402,632
44,400 NEXTEL Communications, Inc.+ 4,578,750
163,200 Nortel Networks Corporation 16,483,200
416,875 SBC Communications 20,322,656
106,500 Sprint Corporation 7,168,781
52,650 Sprint PCS+ 5,396,625
61,758 US West, Inc. 4,446,576
85,200 Viacom, Inc., Class B+ 5,149,275
------------
170,719,280
------------
Tire and Rubber -- 0.1%
9,200 Cooper Tire & Rubber Company 143,175
13,500 Goodrich (B.F.) Company 371,250
19,100 Goodyear Tire & Rubber
Company 538,381
------------
1,052,806
------------
Transportation -- 0.2%
55,789 Burlington Northern Santa Fe 1,352,883
36,460 FDX Corporation+ 1,492,581
7,800 Ryder System, Inc. 190,613
------------
3,036,077
------------
Utilities -- 1.5%
25,200 AES Corporation+ 1,883,700
16,700 Ameren Corporation 546,925
23,700 American Electric Power
Company, Inc. 761,362
19,400 Carolina Power & Light
Company 590,487
25,900 Central & Southwest
Corporation 518,000
19,334 Cinergy Corporation 466,433
14,100 CMS Energy Corporation 439,744
26,900 Consolidated Edison Company 928,050
18,150 Constellation Energy Group 526,350
23,300 Dominion Resources, Inc. 914,525
17,600 DTE Energy Company 552,200
44,670 Duke Energy Company 2,239,084
42,400 Edison International 1,110,350
30,200 Entergy Corporation 777,650
28,427 FirstEnergy Corporation 644,938
11,900 Florida Progress Corporation 503,519
21,800 FPL Group, Inc. 933,312
15,100 GPU, Inc. 452,056
4,900 National Service Industries, Inc. 144,550
14,100 New Century Energies, Inc. 428,288
22,800 Niagara Mohawk Holdings, Inc.+ 317,775
18,900 Northern States Power Company 368,550
22,700 PECO Energy Company 788,825
4,400 People's Energy Corporation 147,400
46,900 PG & E Corporation 961,450
10,400 Pinnacle West Capital
Corporation 317,850
17,600 PP & L Resources, Inc. 402,600
82,200 Southern Company 1,931,700
33,815 Texas Utilities Company 1,202,546
26,600 Unicom Corporation 891,100
------------
22,691,319
------------
Waste Management -- 0.1%
23,100 Allied Waste Industries, Inc.+ 203,569
75,753 Waste Management, Inc. 1,302,004
------------
1,505,573
------------
TOTAL COMMON STOCKS
(Cost $971,217,609) 1,504,459,716
-------------
U.S. TREASURY BILLS -- 0.3%
(Cost $3,416,028)
3,500,000 5.19%++ due 6/22/2000 ** 3,416,028
-------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.3%
(Cost $20,173,000)
$ 20,173,000 Agreement with State Street
Bank and Trust Company,
3.300% dated 12/31/1999,
to be repurchased at
$20,178,548 on 01/03/2000,
collateralized by $20,605,000
U.S. Treasury Bond, 6.125%
maturing 08/15/2007
(value $20,579,244) 20,173,000
-------------
TOTAL INVESTMENTS
(Cost $994,806,637*) 99.6% 1,528,048,744
OTHER ASSETS AND
LIABILITIES (Net) 0.4 6,851,185
----- --------------
NET ASSETS 100.0% $1,534,899,929
===== ==============
- ------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS -- LONG POSITION
71 S&P 500 Index -- March 2000 $698,936
========
See Notes to Financial Statements.
Munder Index 500 Fund
Statement of Assets and Liabilities, December 31, 1999 (Unaudited)
ASSETS:
Investments, at value (Cost $994,806,637)
See accompanying schedules:
Securities ............................. $1,507,875,744
Repurchase Agreements .................. 20,173,000
--------------
Total Investments .......................... 1,528,048,744
Cash ....................................... 5,797
Interest receivable ........................ 1,849
Dividends receivable ....................... 1,342,634
Receivable for Fund shares sold ............ 9,882,728
Receivable for investment securities sold .. 867,451
Receivable for future variation margin ..... 59,042
Prepaid expenses and other assets .......... 86,166
--------------
Total Assets ............................... 1,540,294,411
--------------
LIABILITIES:
Payable for Fund shares redeemed ........... 3,996,866
Payable for investment securities purchased 468,696
Investment advisory fee payable ............ 118,625
Administration fee payable ................. 165,963
Shareholder servicing fees payable ......... 63,711
Distribution fees payable .................. 209,892
Transfer agent fee payable ................. 56,026
Custodian fees payable ..................... 120,805
Accrued Trustees' fees and expenses ........ 8,396
Accrued expenses and other payables ........ 185,502
--------------
Total Liabilities .......................... 5,394,482
--------------
NET ASSETS ................................. $1,534,899,929
==============
See Notes to Financial Statements.
11
Munder Index 500 Fund
Statement of Assets and Liabilities, December 31, 1999 (Unaudited)
NET ASSETS consist of:
Distribution in excess of net investment
income ................................... $ (2,623,690)
Accumulated net realized gain on investments
sold, futures contracts and currency
transactions ............................. 2,763,240
Net unrealized appreciation of investments,
foreign currency and net other assets .... 533,941,061
Par value .................................. 49,547
Paid-in capital in excess of par value ..... 1,000,769,771
--------------
$1,534,899,929
==============
NET ASSETS:
Class A Shares ............................. $ 478,839,208
==============
Class B Shares ............................. $ 383,853,094
==============
Class K Shares ............................. $ 311,235,058
==============
Class Y Shares ............................. $ 360,972,569
==============
SHARES OUTSTANDING:
Class A Shares ............................. 15,466,254
==============
Class B Shares ............................. 12,385,166
==============
Class K Shares ............................. 10,053,615
==============
Class Y Shares ............................. 11,642,144
==============
CLASS A SHARES:
Net asset value and redemption price per
share .................................... $ 30.96
==============
Maximum sales charge ....................... 2.50%
Maximum offering price per share ........... $ 31.75
==============
CLASS B SHARES:
Net asset value and offering price per
share* ................................... $ 30.99
==============
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ............... $ 30.96
==============
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ............... $ 31.01
==============
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
12
Munder Index 500 Fund
Statement of Operations, Period Ended December 31, 1999 (Unaudited)
INVESTMENT INCOME:
Interest ................................... $ 1,049,212
Dividends (Net of foreign withholding taxes
of $37,331) .............................. 8,283,270
------------
Total investment income .............. 9,332,482
------------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ........................... 532,308
Class B Shares ........................... 1,674,361
Shareholder servicing fees:
Class K Shares ........................... 356,146
Investment advisory fee .................... 701,120
Administration fee ......................... 712,732
Transfer agent fee ......................... 302,128
Custodian fees ............................. 187,117
Legal and audit fees ....................... 44,612
Trustees' fees and expenses ................ 21,951
Registration and filing fees ............... 38,015
Other ...................................... 316,495
------------
Total Expenses ....................... 4,886,985
Fees waived and expenses reimbursed by
investment advisor and distributor ....... (1,107,790)
------------
Net Expenses ......................... 3,779,195
------------
NET INVESTMENT INCOME ...................... 5,553,287
------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain from:
Security transactions .................... 4,054,311
Futures contracts ........................ 1,279,532
Foreign currency transactions ............ 37
Net change in unrealized
appreciation/(depreciation) of:
Securities ............................... 97,452,896
Futures contracts ........................ (270,484)
------------
Net realized and unrealized gain on
investments .............................. 102,516,292
------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ............................... $108,069,579
============
See Notes to Financial Statements.
13
<TABLE>
<CAPTION>
Munder Index 500 Fund
Statement of Changes in Net Assets
Period
Ended Year
12/31/99 Ended
(Unaudited) 6/30/99
<S> <C> <C>
Net investment income ...................... $ 5,553,287 $ 10,065,348
Net realized gain on investments sold ...... 5,333,880 16,041,464
Net change in unrealized appreciation of
investments .............................. 97,182,412 180,563,695
-------------- --------------
Net increase in net assets resulting from
operations ............................... 108,069,579 206,670,507
Dividends to shareholders from net
investment income:
Class A Shares ......................... (2,682,639) (2,632,324)
Class B Shares ......................... (1,605,371) (1,254,520)
Class K Shares ......................... (1,640,874) (1,806,046)
Class Y Shares ......................... (2,248,093) (3,323,108)
Distributions to shareholders from
net realized gains:
Class A Shares ......................... (4,022,665) (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 in net assets from
Fund share transactions:
Class A Shares ......................... 58,114,091 134,515,408
Class B Shares ......................... 55,893,402 134,033,626
Class K Shares ......................... 21,257,310 61,622,699
Class Y Shares ......................... 9,333,840 (43,886,978)
-------------- --------------
Net increase in net assets ................. 231,462,283 475,599,512
NET ASSETS:
Beginning of period ........................ 1,303,437,646 827,838,134
-------------- --------------
End of period .............................. $1,534,899,929 $1,303,437,646
============== ==============
Distribution in excess of net investment
income ................................... $ (2,623,690) $ --
============== ==============
<FN>
See Notes to Financial Statements.
</TABLE>
14
<TABLE>
<CAPTION>
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ------- ------- ------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ...................... $ 29.29 $ 24.45 $ 20.94 $ 16.16 $ 13.80 $12.39 $12.06
-------- -------- -------- ------- ------- ------ ------
Income from investment
operations:
Net investment income ......... 0.13 0.25 0.31 0.34 0.33 0.09 0.29
Net realized and unrealized
gain on investments ......... 2.00 5.08 5.49 5.04 3.09 1.46 0.50
-------- -------- -------- ------- ------- ------ ------
Total from investment
operations .................. 2.13 5.33 5.80 5.38 3.42 1.55 0.79
-------- -------- -------- ------- ------- ------ ------
Less distributions:
Dividends from net investment
income ...................... (0.18) (0.25) (0.30) (0.33) (0.34) (0.14) (0.29)
Distributions from net realized
gains ....................... (0.28) (0.24) (1.99) (0.27) (0.72) -- (0.17)
-------- -------- -------- ------- ------- ------ ------
Total distributions ........... (0.46) (0.49) (2.29) (0.60) (1.06) (0.14) (0.46)
-------- -------- -------- ------- ------- ------ ------
Net asset value, end of period $ 30.96 $ 29.29 $ 24.45 $ 20.94 $ 16.16 $13.80 $12.39
======== ======== ======== ======= ======= ====== ======
Total return (b) .............. 7.44% 22.12% 29.61% 33.97% 25.51% 12.58% 6.81%
======== ======== ======== ======= ======= ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ...................... $478,839 $393,278 $205,660 $88,988 $21,800 $ 684 $ 429
Ratio of operating expenses to
average net assets .......... 0.48%(c) 0.44% 0.39% 0.39% 0.36% 0.50%(c) 0.50%
Ratio of net investment income
to average net assets ....... 0.88%(c) 1.08% 1.38% 1.91% 2.28% 2.41%(c) 2.49%
Portfolio turnover rate ....... 2% 6% 8% 11% 8% 6% 7%
Ratio of operating expenses to
average net assets without
waivers ..................... 0.59%(c) 0.60% 0.45% 0.49% 0.54% 0.63%(c) 0.64%
<FN>
- ----------------
(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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Managment, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
16
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/99 Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96(f)
----------- ------- ------- ------- ----------
<S> <C> <C> <C> <C>
$ 29.32 $ 24.48 $ 20.94 $ 16.16 $ 14.76
-------- -------- -------- ------- -------
0.08 0.16 0.22 0.29 0.20
2.00 5.09 5.50 5.03 2.15
-------- -------- -------- ------- -------
2.08 5.25 5.72 5.32 2.35
-------- -------- -------- ------- -------
(0.13) (0.17) (0.19) (0.27) (0.23)
(0.28) (0.24) (1.99) (0.27) (0.72)
-------- -------- -------- ------- -------
(0.41) (0.41) (2.18) (0.54) (0.95)
-------- -------- -------- ------- -------
$ 30.99 $ 29.32 $ 24.48 $ 20.94 $ 16.16
======== ======== ======== ======= =======
7.27% 21.71% 29.17% 33.57% 16.51%
======== ======== ======== ======= =======
$383,853 $305,955 $132,783 $61,738 $14,811
0.83%(c) 0.77% 0.73% 0.74% 0.71%(c)
0.53%(c) 0.74% 1.03% 1.56% 1.93%(c)
2% 6% 8% 11% 8%
1.34%(c) 1.35% 0.80% 0.84% 0.89%(c)
<CAPTION>
Y Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Year Period Year
12/31/99 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/99 6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ------- ------- ------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 29.33 $ 24.48 $ 20.97 $ 16.17 $ 13.81 $ 12.40 $ 12.07
-------- -------- -------- -------- -------- -------- --------
0.15 0.29 0.34 0.35 0.36 0.11 0.32
2.01 5.08 5.49 5.06 3.07 1.46 0.50
-------- -------- -------- -------- -------- -------- --------
2.16 5.37 5.83 5.41 3.43 1.57 0.82
-------- -------- -------- -------- -------- -------- --------
(0.20) (0.28) (0.33) (0.34) (0.35) (0.16) (0.32)
(0.28) (0.24) (1.99) (0.27) (0.72) -- (0.17)
-------- -------- -------- -------- -------- -------- --------
(0.48) (0.52) (2.32) (0.61) (1.07) (0.16) (0.49)
-------- -------- -------- -------- -------- -------- --------
$ 31.01 $ 29.33 $ 24.48 $ 20.97 $ 16.17 $ 13.81 $ 12.40
======== ======== ======== ======== ======== ======== ========
7.54% 22.30% 29.76% 34.19% 25.61% 12.69% 7.06%
======== ======== ======== ======== ======== ======== ========
$360,973 $331,755 $320,756 $338,406 $174,693 $124,902 $100,024
0.33%(c) 0.30% 0.29% 0.29% 0.26% 0.25%(c) 0.25%
1.03%(c) 1.23% 1.47% 2.01% 2.38% 2.66%(c) 2.74%
2% 6% 8% 11% 8% 6% 7%
0.34%(c) 0.35% 0.35% 0.39% 0.44% 0.38%(c) 0.39%
</TABLE>
17
Munder Index 500 Fund
Notes To Financial Statements, December 31, 1999
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.
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
19
market fluctuations during the Fund's holding period. The value of the
collateral is at least equal, at all times, to the total amount of the
repurchase obligations, including interest. In the event of counterparty
default, the Fund has the right to use the collateral to satisfy the terms of
the repurchase agreement. However, there could be potential loss to the Fund
in the event the Fund is delayed or prevented from exercising its right to
dispose of the collateral securities, including the risk of a possible
decline in the value of the collateral securities during the period while the
Fund seeks to assert its rights. The Advisor, acting under the guidelines
approved by the Board of Trustees, 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 utilize 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.
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 $56,557 payable by the Fund, for the
period ended December 31, 1999, as reflected in the Statement of Operations.
20
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 88% 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 $68,636 for its shareholder
services to the Fund for the period ended December 31, 1999.
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 period ended December 31,
1999, the Distributor paid $1,914 and $5,341 to Comerica Securities and LPM,
respectively for shareholder services provided to the Fund.
For the period ended December 31, 1999, the contractual rates, as a
percentage of average daily net assets, under the Plans and Class K Plan were
as follows:
Class A Shares Class B Shares Class K Shares
12b-1 Fees 12b-1 Fees Service Fees
-------------- -------------- --------------
The Fund ........... 0.25% 1.00% 0.25%
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 period ended December 31,
1999, the waiver amounted to $213,186 for the Class A Shares and $838,047 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 $162,159,825 and
$28,031,557 respectively, for the period ended December 31, 1999.
At December 31, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost was
$580,112,507 and aggregate gross unrealized depreciation for all securities
for which there was an excess of tax cost over value was $46,870,400.
21
5. Common Stock
At December 31, 1999, 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>
Period Ended Year Ended
12/31/99 6/30/99
-------------------------- --------------------------
Class A Shares: Shares Amount Shares Amount
- --------------- ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................................. 5,850,049 $ 168,408,816 11,616,038 $ 306,026,628
Issued as reinvestment of dividends ............... 139,704 3,877,512 89,599 2,276,020
Redeemed .......................................... (3,948,584) (114,172,237) (6,690,820) (173,787,240)
---------- ------------- ---------- -------------
Net increase ...................................... 2,041,169 $ 58,114,091 5,014,817 $ 134,515,408
========== ============= ========== =============
<CAPTION>
Period Ended Year Ended
12/31/99 6/30/99
------------------------ -------------------------
Class B Shares: Shares Amount Shares Amount
- --------------- ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................................. 2,585,187 $ 74,430,693 5,992,982 $159,019,278
Issued as reinvestment of dividends ............... 88,927 2,464,172 47,391 1,198,821
Redeemed .......................................... (723,347) (21,001,463) (1,030,228) (26,184,473)
--------- ------------ ---------- ------------
Net increase ...................................... 1,950,767 $ 55,893,402 5,010,145 $134,033,626
========= ============ ========== ============
<CAPTION>
Period Ended Year Ended
12/31/99 6/30/99
------------------------ -------------------------
Class K Shares: Shares Amount Shares Amount
- --------------- ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................................. 1,426,645 $ 41,187,487 3,874,623 $ 99,263,563
Issued as reinvestment of dividends ............... 297 8,233 346 8,661
Redeemed .......................................... (676,645) (19,938,410) (1,471,425) (37,649,525)
--------- ------------ ---------- ------------
Net increase ...................................... 750,297 $ 21,257,310 2,403,544 $ 61,622,699
========= ============ ========== ============
<CAPTION>
Period Ended Year Ended
12/31/99 6/30/99
------------------------ -------------------------
Class Y Shares: Shares Amount Shares Amount
- --------------- ------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................................. 1,322,275 $ 38,203,913 3,006,663 $ 79,091,960
Issued as reinvestment of dividends ............... 7,564 211,221 5,350 132,854
Redeemed .......................................... (999,392) (29,081,294) (4,805,069) (123,111,792)
--------- ------------ ---------- ------------
Net increase/(decrease) ........................... 330,447 $ 9,333,840 (1,793,056) $ (43,886,978)
========= ============ ========== ============
</TABLE>
22
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
SANNINDEX1299
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
