As filed with the Securities and Exchange Commission on
February 13, 1996
Registration Nos. 33-54748
811-7348
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[ X ]
Pre-Effective Amendment No.
[ ]
Post-Effective Amendment No. 13
[ X ]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[ X ]
Amendment No. 15
[ X ]
(Check appropriate box or boxes)
The Munder Funds, Inc.
(Exact Name of Registrant as Specified in Charter)
480 Pierce Street, Birmingham, Michigan 48009
(Address of Principal Executive Offices) (Zip code)
Registrant's Telephone Number: (810) 647-9200
Lisa Anne Rosen
First Data Investor Services Group, Inc.
One Exchange Place, 4th Floor
Boston, Massachusetts 02109-2873
(Name and Address of Agent for Service)
Copies to:
Paul F. Roye, Esq.
Dechert Price & Rhoads
1500 K Street, N.W., Suite 500
Washington, D.C. 20005
[X] It is proposed that this filing will become effective on
February 29, 1996 pursuant to paragraph (b) of Rule 485
The Registrant is registering an indefinite number of
shares under the Securities Act of 1933 pursuant to Rule 24f-2
under the Investment Company Act of 1940. Registrant intends to
file the notice required by Rule 24f-2 with respect to its fiscal
year ended June 30, 1996 on or before August 29, 1996.
THE MUNDER FUNDS, INC.
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Part A
Item Heading
1. Cover Page Cover Page
2. Synopsis Prospectus
Summary; Fund Expenses
3. Condensed Financial Information
Financial Highlights
4. General Description of Registrant Cover
Page; Summary; Investment Objectives and Policies; Description of
Shares
5. Management of the Fund Management;
Investment Objectives and Policies; Dividends and Distributions;
Performance
6. Capital Stock and Other Securities
Management; Purchase and Redemption of Shares; Dividends
and Distributions; Taxes; Description of Shares
7. Purchase of Securities Being Offered
Purchase of Shares; Net Asset Value
8. Redemption or Repurchase How
to Redeem Shares
9. Pending Legal Proceedings Not
Applicable
Part B
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History See
Prospectus -- "Management;" General; Trustees, Directors and
Officers
13. Investment Objectives and Policies Additional
Information on Fund Investments; Additional Investment
Limitations; Portfolio Transactions
14. Management of the Fund See Prospectus --
"Management;" Trustees, Directors and Officers; Miscellaneous
15. Control Persons and Principal See
Prospectus -- "Management;"
Holders of Securities
Miscellaneous
16. Investment Advisory and Other Investment
Advisory
Services and Other Service
Arrangements; See Prospectus -- "Management"
17. Brokerage Allocation and Other Portfolio
Transactions
Practices
18. Capital Stock and Other Securities See
Prospectus -- "Description of Shares" and "Management;"
Additional Information Concerning Shares
19. Purchase, Redemption and Pricing Purchase
and Redemption
of Securities Being Offered
Information; Net Asset Value; Additional Information
Concerning Shares
20. Tax Status Taxes
21. Underwriters
Distribution of Fund Shares
22. Calculation of Performance Data Performance
Information
23. Financial Statements Financial
Statements
THE MUNDER FUNDS, INC.
The purpose of this filing is to comply with an undertaking
pursuant to Item 32(b) of Form N-1A to file a post-effective
amendment containing unaudited financial statements within four
to six months after the commencement of operations of the Munder
Mid-Cap Growth Fund and Munder Value Fund. The Prospectuses
dated October 28, 1995 and the Statement of Additional
Information, also dated October 28, 1995, are incorporated into
Part A and Part B, respectively, by reference to the Registrant's
filing of a definitive copy under Rule 497(c) under the
Securities Act of 1933, as amended.
The Munder Funds
Supplement Dated February 29, 1996
to Prospectus Dated October 28, 1995
Class A, B and C Shares of:
Munder Multi-Season Growth Fund, Munder Real Estate Equity
Investment Fund,
Munder Accelerating Growth Fund, Munder Small Company Growth Fund,
Munder Mid-Cap Growth Fund, Munder International Equity Fund,
Munder Index 500 Fund, Munder Growth & Income Fund, Munder Value
Fund and Munder Balanced Fund
The following supplements the Prospectus dated October 28,
1995 relating to Class A, B and C Shares of the Munder Multi-
Season Growth Fund, Munder Real Estate Equity Investment Fund,
Munder Accelerating Growth Fund, Munder Small Company Growth Fund,
Munder Mid-Cap Growth Fund, Munder International Equity Fund,
Munder Index 500 Fund, Munder Growth & Income Fund, Munder Value
Fund and Munder Balanced Fund (the "Prospectus"):
FINANCIAL HIGHLIGHTS
The following tables of "Financial Highlights" relating to
the Munder Mid-Cap Growth Fund and Munder Value Fund supplement
information contained in the Prospectus and are derived from each
Fund's unaudited Financial Statements dated December 31, 1995.
Financial information is not provided for Class B Shares for the
Munder Mid-Cap Growth Fund or Class C Shares for the Munder Value
Fund as no Shares were sold with respect to those Classes during
the period ended December 31, 1995.
Munder Mid-Cap Growth Fund (a)
A Shares C Shares
Period Period
Ended Ended
12/31/95(b) 12/31/95(b)
(Unaudited) (Unaudited)
Net asset value, beginning of period $ 10.55 $ 10.40
Income from investment operations:
Net investment income/(loss) 0.00(c) (0.01)
Net realized and unrealized gain on investments 0.20 0.35
Total from investment operations 0.20 0.34
Less distributions:
Dividends from net investment income ------- -------
Total distributions ------- -------
Net asset value, end of period $ 10.75 $ 10.74
Total return(d) 1.90% 3.27%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 35 $ 15
Ratio of operating expenses to average net assets 1.19%(e) 1.94%(e)
Ratio of net investment loss to average net assets (0.26)%(e) (1.01)%(e)
Portfolio turnover rate 86% 86%
Ratio of operating expenses to average net assets
without waivers 1.44%(e) 2.19%(e)
Net investment income/(loss) per share without waivers $ 0.00(c)
$ (0.01)
[FN]
(a) The Munder Mid-Cap Growth Fund is authorized to issue Class
B Shares. As
of December 31, 1995, the Fund had not commenced selling Class B Shares.
(b) The Munder Mid-Cap Growth Fund Class A Shares and Class C Shares
commenced
operations on December 22, 1995 and November 9, 1995, respectively.
(c) Amount represents less than $0.01 per share.
(d) Total return represents aggregate total return for the period
indicated and
does not reflect any applicable sales charges.
(e) Annualized. [/FN]
Munder Value Fund (a)
A Shares B Shares
Period
Period Ended
Ended 12/31/95(b)
12/31/95(b)
(Unaudited)
(Unaudited)
Net asset value, beginning of period $ 10.38 $ 10.41
Income from investment operations:
Net investment income 0.01 0.00(e)
Net realized and unrealized gain on investments 0.34 0.30
Total from investment operations 0.35 0.30
Less distributions:
Dividends from net investment income (0.02) -------
Total distributions (0.02) -------
Net asset value, end of period $ 10.71 $ 10.71
Total return(c) 3.33% 2.88%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 195 $ 61
Ratio of operating expenses to average net assets 1.20%(d) 1.95%(d)
Ratio of net investment income/(loss) to average net assets 0.59%(d)
(0.16)%(d)
Portfolio turnover rate 97% 97%
Ratio of operating expenses to average net assets
without waivers 1.35%(d) 2.10%(d)
Net investment income/(loss) per share without waivers $ 0.01 $
(0.01)
[FN]
(a) The Munder Value Fund is authorized to issue Class C Shares.
As of December
31, 1995, the Fund had not commenced selling Class C Shares.
(b) The Munder Value Fund Class A Shares and Class B Shares
commenced operations
on September 14, 1995 and September 19, 1995, respectively.
(c) Total return represents aggregate total return for the
period indicated and
does not reflect any applicable sales charges.
(d) Annualized.
(e) Amount represents less than $0.01 per share. [/FN]
shared/bankgrp/munder/parta/296supp2
The Munder Funds
Supplement Dated February 29, 1996
to Prospectus Dated October 28, 1995
Class K Shares of:
Munder Multi-Season Growth Fund, Munder Real Estate Equity
Investment Fund,
Munder Accelerating Growth Fund, Munder Small Company Growth Fund,
Munder Mid-Cap Growth Fund, Munder International Equity Fund,
Munder Index 500 Fund, Munder Growth & Income Fund, Munder Value
Fund, Munder Balanced Fund, Munder Bond Fund, Munder Intermediate
Bond Fund, Munder U.S. Government Income Fund, Munder Michigan
Triple Tax-Free Bond Fund, Munder Tax-Free Bond Fund, Munder Tax-
Free Intermediate Bond Fund, Munder Tax-Free Money Market Fund,
Munder U.S. Treasury Money Market Fund and Munder Cash Investment
Fund
The following supplements the Prospectus dated October 28,
1995 relating to Class K Shares of the Munder Multi-Season Growth
Fund, Munder Real Estate Equity Investment Fund, Munder
Accelerating Growth Fund, Munder Small Company Growth Fund, Munder
Mid-Cap Growth Fund, Munder International Equity Fund, Munder
Index 500 Fund, Munder Growth & Income Fund, Munder Value Fund,
Munder Balanced Fund Munder Bond Fund, Munder Intermediate Bond
Fund, Munder U.S. Government Income Fund, Munder Michigan Triple
Tax-Free Bond Fund, Munder Tax-Free Bond Fund, Munder Tax-Free
Intermediate Bond Fund, Munder Tax-Free Money Market Fund, Munder
U.S. Treasury Money Market Fund and Munder Cash Investment Fund
(the "Prospectus"):
FINANCIAL HIGHLIGHTS
The following tables of "Financial Highlights" relating to the Munder Mid-Cap
Growth
Fund and Munder Value Fund supplement information contained in the
Prospectus and are
derived from each Fund's unaudited Financial Statements dated
December 31, 1995.
Munder Mid-Cap Growth Fund
Class K Shares
Period Ended 12/31/95(a)
(Unaudited)
Net asset value, beginning of period $ 10.53
Income from investment operations:
Net investment income 0.00(d)
Net realized and unrealized gain on investments 0.22
Total from investment operations 0.22
Less distributions:
Dividends from net investment income. ----------
Total distributions ----------
Net asset value, end of period $ 10.75
Total return(c) 2.09%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 168
Ratio of operating expenses to average net assets 1.19%(b)
Ratio of net investment loss to average net assets. (0.26)%(b)
Portfolio turnover rate. 86%
Ratio of operating expenses to average net assets without waivers 1.44%(b)
Net investment loss per share without waivers $ (0.01)
[FN]
(a) The Munder Mid-Cap Growth Fund Class K Shares commenced
operations on October
2, 1995.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated.
(d) Amount represents less than $0.01 per share. [/FN]
Munder Value Fund
Class K Shares
Period
Ended
12/31/95(a)
(Unaudited)
Net asset value, beginning of period $ 10.83
Income from investment operations:
Net investment income 0.01
Net realized and unrealized loss on investments. (0.11)
Total from investment operations. (0.10)
Less distributions:
Dividends from net investment income. (0.02)
Total distributions (0.02)
Net asset value, end of period $ 10.71
Total return(c) (0.94)%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 82
Ratio of operating expenses to average net assets 1.20%(b)
Ratio of net investment income to average net assets. 0.59%(b)
Portfolio turnover rate 97%
Ratio of operating expenses to average net assets without waiver 1.35%(b)
Net investment income per share without waivers. $0.00(d)
[FN]
(a) The Munder Value Fund Class K Shares commenced operations on November 30,
1995.
(b) Annualized.
(c) Total return represents aggregate total return for the period.
(d) Amount represents less than $0.01 per share. [/FN]
shared/bankgrp/munder/parta/296supk2
The Munder Funds
Supplement Dated February 29, 1996
to Prospectus Dated October 28, 1995
Class Y Shares of:
Munder Multi-Season Growth Fund, Munder Real Estate Equity
Investment Fund, Munder Accelerating Growth Fund, Munder Small
Company Growth Fund, Munder Mid-Cap Growth Fund, Munder
International Equity Fund, Munder Index 500 Fund, Munder Growth &
Income Fund, Munder Value Fund, Munder Balanced Fund, Munder Bond
Fund, Munder Intermediate Bond Fund, Munder U.S. Government Income
Fund, Munder Michigan Triple Tax-Free Bond Fund, Munder Tax-Free
Bond Fund, Munder Tax-Free Intermediate Bond Fund, Munder Money
Market Fund, Munder Tax-Free Money Market Fund, Munder U.S.
Treasury Money Market Fund and Munder Cash Investment Fund
The following supplements the Prospectus dated October 28,
1995 relating to Class Y Shares of the Munder Multi-Season Growth
Fund, Munder Real Estate Equity Investment Fund, Munder
Accelerating Growth Fund, Munder Small Company Growth Fund, Munder
Mid-Cap Growth Fund, Munder International Equity Fund, Munder
Index 500 Fund, Munder Growth & Income Fund, Munder Value Fund,
Munder Balanced Fund Munder Bond Fund, Munder Intermediate Bond
Fund, Munder U.S. Government Income Fund, Munder Michigan Triple
Tax-Free Bond Fund, Munder Tax-Free Bond Fund, Munder Tax-Free
Intermediate Bond Fund, Munder Money Market Fund, Munder Tax-Free
Money Market Fund, Munder U.S. Treasury Money Market Fund and
Munder Cash Investment Fund (the "Prospectus"):
FINANCIAL HIGHLIGHTS
The following tables of "Financial Highlights" relating to
the Munder Mid-Cap Growth Fund and Munder Value Fund supplement
information contained in the Prospectus and are derived from each
Fund's unaudited Financial Statements dated December 31, 1995.
Munder Mid-Cap Growth Fund
Y Shares
Period
Ended
12/31/95(a)
(Unaudited)
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.00(d)
Net realized and unrealized gain on investments 0.75
Total from investment operations 0.75
Less distributions:
Dividends from net investment income -------
Total distributions -------
Net asset value, end of period $10.75
Total return(c) 7.50%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $18,819
Ratio of operating expenses to average net assets 0.94%(b)
Ratio of net investment income to average net assets 0.01%(b)
Portfolio turnover rate 86%
Ratio of operating expenses to average net assets without waivers 1.19%(b)
Net investment loss per share without waivers $(0.01)
[FN]
(a) The Munder Mid-Cap Growth Fund Class Y Shares commenced
operations on August
14, 1995.
(b) Annualized.
(c) Total return represents aggregate total return for
the period indicated
and does not reflect any applicable sales charges.
(d) Amount represents less than $0.01 per share. [/FN]
Munder Value Fund
Y Shares
Period
Ended
12/31/95(a)
(Unaudited)
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.03
Net realized and unrealized gain on investments 0.71
Total from investment operations 0.74
Less distributions:
Dividends from net investment income (0.02)
Total distributions (0.02)
Net asset value, end of period $10.72
Total return(b) 7.41%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $29,225
Ratio of operating expenses to average net assets 0.95%(c)
Ratio of net investment income to average net assets 0.84%(c)
Portfolio turnover rate 97%
Ratio of operating expenses to average net assets without waivers 1.10%(c)
Net investment income per share without waivers $ 0.02
[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. [/FN]
shared/bankgrp/munder/parta/296supy2
The Munder Funds, Inc.
The Munder Funds Trust
Supplement Dated February 29, 1996
to Statement of Additional Information Dated October 28, 1995
Munder Multi-Season Growth Fund, Munder Real Estate Equity
Investment Fund,
Munder Accelerating Growth Fund, Munder Small Company Growth
Fund,
Munder Mid-Cap Growth Fund, Munder International Equity Fund,
Munder Index 500 Fund,
Munder Growth & Income Fund, Munder Value Fund, Munder Balanced
Fund, Munder Bond Fund, Munder Intermediate Bond Fund, Munder U.S.
Government Income Fund,
Munder Michigan Triple Tax-Free Bond Fund, Munder Tax-Free Bond
Fund,
Munder Tax-Free Intermediate Bond Fund, Munder Money Market Fund,
Munder Tax-Free Money Market Fund, Munder U.S. Treasury Money
Market Fund
and Munder Cash Investment Fund (collectively, the "Funds")
The following unaudited Financial Statements dated December
31, 1995 relating to the Munder Mid-Cap Growth Fund and Munder
Value Fund supplement the Funds' Statement of Additional
Information dated October 28, 1995.
shared/bankgrp/munder/parta/296sai1
<TABLE>
<CAPTION>
The Munder Funds
Munder Mid-Cap Growth Fund
Portfolio of Investments
December 31, 1995 (Unaudited)
Shares Value
- ------------- -----------
COMMON STOCKS - 99.4%
<C> <S> <C>
Banking and Finance - 2.0%
5,000 MBIA Inc. $ 375,000
-----------
Basic Industries - 6.0%
18,600 BMC Industries 432,450
10,000 Minerals Technologies 365,000
6,800 Pentair, Inc. 338,300
-----------
1,135,750
-----------
Broadcasting - 2.2%
11,200 Infinity Broadcasting Corporation, Class A+ 417,200
-----------
Capital Goods - 4.1%
16,500 Allen Group, Inc. 369,187
16,000 Federal Signal Corporation 414,000
-----------
783,187
-----------
Commercial Services - 14.1%
10,600 Affiliated Computer Services, Class A+ 397,500
12,500 American Medical Response, Inc.+ 406,250
16,000 Cerner Corporation+ 328,000
11,400 ITI Technology Inc.+ 339,150
14,400 Keane Inc.+ 318,600
13,000 Quintiles Transnational Corporation+ 533,000
10,000 Stewart Enterprises Inc., Class A 370,000
-----------
2,692,500
-----------
Computer Hardware, Software or Services - 9.5%
20,000 Black Box Corporation+ 327,500
12,000 Diamond Multimedia Systems+ 430,500
17,000 Netmanage Inc.+ 395,250
6,000 Objective Systems Integrator+ 328,500
14,000 Symantec Corporation+ 325,500
-----------
1,807,250
-----------
Electrical Equipment - 4.2%
10,000 Lam Research Corporation+ 457,500
14,000 Tencor Instruments+ 341,250
-----------
798,750
-----------
Electrical Machinery - 1.6%
16,000 Mark IV Industries, Inc. 316,000
-----------
Electronics - 2.1%
15,500 AVX Corporation 410,750
-----------
Electronics - Semiconductors - 9.8%
3,200 Altera Corporation+ 159,200
14,000 International Rectifier Corporation+ 350,000
19,000 Lattice Semiconductor Corporation+ 619,875
10,000 Maxim Integrated Products, Inc.+ 385,000
11,600 Xilinx Inc.+ 353,800
-----------
1,867,875
-----------
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Munder Mid-Cap Growth Fund
Portfolio of Investments (Continued)
December 31, 1995 (Unaudited)
Shares Value
- ------------- -----------
COMMON STOCKS (Continued)
<C> <S> <C>
Health Care Facilities - 7.1%
11,000 Health Care & Retirement Corporation+ $ 385,000
14,000 Health Management Associates, Inc., Class A+ 365,750
6,000 Surgical Care 204,000
12,000 Vencor Inc. 390,000
-----------
1,344,750
-----------
Hotels - 2.2%
19,000 Promus Hotel Corporation+ 422,750
-----------
Insurance - 4.3%
18,600 Capmac Holdings+ 467,325
11,000 Equitable of Iowa, (New) 353,375
-----------
820,700
-----------
Iron/Steel - 1.6%
25,000 Citation Corporation+ 300,000
-----------
Machinery - Diversified - 2.1%
8,500 York International Corporation 399,500
-----------
Medical Instruments & Supplies - 12.4%
19,500 Biomet, Inc.+ 348,563
8,600 Boston Scientific Corporation+ 421,400
15,200 Mylan Laboratories, Inc. 357,200
7,300 Nellcor Puritan Bennett Inc.+ 428,875
14,000 Patterson Dental+ 378,000
24,000 Physio-Control International Corporation+ 429,000
-----------
2,363,038
-----------
Medical Services - 0.8%
3,500 Healthcare COMPARE Corporation+ 152,250
-----------
Metal Fabricate/Hardware - 1.8%
9,000 Wolverine Tube Inc.+ 337,500
-----------
Packaging & Container - 1.9%
9,500 AptarGroup Inc. 355,063
-----------
Publishing/Printing - 2.4%
37,000 Mail-Well Inc.+ 453,250
-----------
Retail - 2.6%
13,300 Dollar Tree Stores+ 329,175
7,700 General Nutrition Companies, Inc.+ 177,100
-----------
506,275
-----------
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Munder Mid-Cap Growth Fund
Portfolio of Investments (Continued)
December 31, 1995 (Unaudited)
Shares Value
- ------------- -----------
COMMON STOCKS (Continued)
<C> <S> <C>
Telecommunications - 0.7%
4,000 Aspect Telecommunications+ $ 134,000
-----------
Textiles - 2.1%
10,000 Jones Apparel Group+ 393,750
-----------
Transportation Services - 1.8%
13,000 Expeditors International 339,625
-----------
TOTAL COMMON STOCKS
(Cost $18,634,359) 18,926,713
-----------
<CAPTION>
Principal
Amount
- -------------
REPURCHASE AGREEMENT - 0.4% (Cost $80,000)
<C> <S> <C>
$80,000 Agreement with Morgan (J.P.) & Company,
5.600% dated 12/29/1995 to be repurchased
at $80,050 on 01/02/1996, collateralized
by $68,000 U.S. Treasury Notes, 7.625%
due 11/15/2022 (value $82,365) 80,000
-----------
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $18,714,359*) 99.8% 19,006,713
OTHER ASSETS AND LIABILITIES (Net) 0.2 30,467
----- -----------
NET ASSETS 100.0% $19,037,180
===== ===========
<FN>
- --------------------------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Mid-Cap Growth Fund
Statement of Assets and Liabilities
December 31, 1995 (Unaudited)
- -----------------------------------
<S> <C>
ASSETS:
Investments, at value (Cost $18,714,359)
See accompanying schedule:
Securities ................................................ $18,926,713
Repurchase Agreements ..................................... 80,000
Cash .............................................................. 377
Interest receivable ............................................... 37
Dividends receivable .............................................. 5,047
Receivable for investment securities sold ......................... 46,250
Receivable from investment advisor ................................ 14,000
Unamortized organization costs .................................... 51,935
-----------
Total Assets ......................................... 19,124,359
-----------
LIABILITIES:
Payable for Fund shares redeemed .................................. 13
Payable for investment securities purchased ....................... 66,600
Investment advisory fee payable ................................... 11,696
Administration fee payable ........................................ 1,802
Shareholder servicing fees payable ................................ 35
Distribution fees payable ......................................... 16
Transfer agent fee payable ........................................ 367
Custodian fees payable ............................................ 898
Legal and audit fees payable ...................................... 2,226
Accrued Trustees'/Directors' fees and expenses .................... 112
Accrued expenses and other payables ............................... 3,414
-----------
Total Liabilities ...................................... 87,179
-----------
NET ASSETS .............................................................. $19,037,180
===========
NET ASSETS consist of:
Undistributed net investment income ............................... $ 469
Accumulated net realized gain on investments sold ................. 429,904
Net unrealized appreciation of investments ........................ 292,354
Par value ......................................................... 1,770
Paid-in capital in excess of par value ............................ 18,312,683
-----------
Total Net Assets ........................................ $19,037,180
===========
NET ASSET VALUE:
CLASS A SHARES:
Net asset value and redemption price per share
($34,656 / 3,223 shares of beneficial interest outstanding) ............. $ 10.75
===========
Maximum sales charge .................................................... 5.50%
Maximum offering price per share ........................................ $ 11.38
===========
CLASS C SHARES:
Net asset value and offering price per share*
($15,385 / 1,432 shares of beneficial interest outstanding) ............. $ 10.74
===========
CLASS K SHARES:
Net asset value, offering price and redemption price per share
($168,491 / 15,674 shares of beneficial interest outstanding) ........... $ 10.75
===========
CLASS Y SHARES:
Net asset value, offering price and redemption price per share
($18,818,648 / 1,749,844 shares of beneficial interest outstanding) ..... $ 10.75
===========
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Mid-Cap Growth Fund
Statement of Operations
For the Period Ended December 31, 1995 (a) (Unaudited)
- ------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest ................................................ $ 38,425
Dividends ............................................... 14,739
---------
Total Investment Income ...................... 53,164
---------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ....................................... 1
Class C Shares ....................................... 17
Shareholder servicing fees: Class K Shares .............. 59
Investment advisory fee ................................. 40,924
Administration fee ...................................... 6,312
Transfer agent fee ...................................... 1,295
Custodian fees .......................................... 4,510
Legal and audit fees .................................... 2,226
Trustees'/Directors' fees and expenses .................. 187
Amortization of organization costs ...................... 4,721
Registration and filing fees ............................ 2,358
Other ................................................... 4,085
---------
Total Expenses ................................. 66,695
Expenses reimbursed by investment advisor ............... (14,000)
---------
Net Expenses ................................... 52,695
---------
NET INVESTMENT INCOME ......................................... 469
---------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions ............ 429,904
Net change in unrealized appreciation of securities ..... 292,354
---------
Net realized and unrealized gain on investments ............... 722,258
---------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .................................................. $ 722,727
=========
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund commenced operations on August 14, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Mid-Cap Growth Fund
Statement of Changes in Net Assets
- ----------------------------------
Period Ended
12/31/95 (a)
(Unaudited)
------------
<S> <C>
Net investment income .............................................. $ 469
Net realized gain on investments sold during the period ............ 429,904
Net change in unrealized appreciation of investments
during the period ............................................ 292,354
-----------
Net increase in net assets resulting from operations ............... 722,727
Net increase in net assets from Fund share transactions:
Class A Shares ............................................... 34,002
Class C Shares ............................................... 14,988
Class K Shares ............................................... 163,142
Class Y Shares ............................................... 18,102,321
-----------
Net increase in net assets ......................................... 19,037,180
NET ASSETS:
Beginning of period ................................................ --
-----------
End of period (including undistributed net investment of $469) ..... $19,037,180
===========
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund commenced operations on August 14, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Mid-Cap Growth Fund
Statement of Changes - Capital Stock Activity
For the Period Ended December 31, 1995 (a) (Unaudited)
- ------------------------------------------------------
Amount Shares
------------ ----------
<S> <C> <C>
Class A Shares:
Sold ....................... $ 34,002 3,223
------------ ----------
Net increase ............... $ 34,002 3,223
============ ==========
Class C Shares:
Sold ....................... $ 15,209 1,453
Redeemed ................... (221) (21)
------------ ----------
Net increase ............... $ 14,988 1,432
============ ==========
Class K Shares:
Sold ....................... $ 171,718 16,501
Redeemed ................... (8,576) (827)
------------ ----------
Net increase ............... $ 163,142 15,674
============ ==========
Class Y Shares:
Sold ....................... $ 18,112,517 1,750,806
Redeemed ................... (10,196) (962)
------------ ----------
Net increase ............... $ 18,102,321 1,749,844
============ ==========
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund Class A Shares, Class C Shares, Class K
Shares and Class Y Shares commenced operations on December 22, 1995,
November 9, 1995, October 2, 1995 and August 14, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Munder Value Fund
Portfolio of Investments
December 31, 1995 (Unaudited)
Shares Value
- ------------- -----------
COMMON STOCKS - 90.5%
<C> <S> <C>
Apparel - 2.2%
16,300 Jones Apparel Group Inc.+ $ 641,812
-----------
Banking and Financial Services - 15.9%
27,000 Ahmanson (H.F.) & Company 715,500
14,000 BankAmerica Corporation 906,500
6,900 Finova Group Inc. 332,925
4,200 First Interstate Bancorp+ 573,300
30,000 Great Western Financial Corporation 765,000
37,400 Jefferson Banco 719,950
41,300 Springfield Institution for Savings+ 676,288
-----------
4,689,463
-----------
Basic Industries - 1.9%
23,900 Fletcher Challenge Ord 552,688
-----------
Computer Hardware, Software or Services - 5.7%
23,000 Compaq Computer Corporation+ 1,104,000
50,000 Computer Products Inc 575,000
-----------
1,679,000
-----------
Computer-Semiconductors - 2.2%
11,600 Intel Corporation 658,300
-----------
Electronics - 7.6%
15,500 Lam Research Corporation+ 709,125
26,700 Lattice Semiconductor Corporation 871,087
14,200 Raytheon Company 670,950
-----------
2,251,162
-----------
Engineering - 2.0%
51,800 Insituform Technologies, Class A + 602,175
-----------
Food and Beverages - 1.1%
10,000 Canandaigua Wine Company, Inc., Class A+ 326,250
100 Rykoff-Sexton Inc 1,750
-----------
328,000
-----------
Health Care - 1.3%
9,000 HealthCare COMPARE Corporation 391,500
-----------
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Munder Value Fund
Portfolio of Investments (Continued)
December 31, 1995 (Unaudited)
Shares Value
- ------------- -----------
COMMON STOCKS (Continued)
<C> <S> <C>
Industrial - 4.7%
25,000 Praxair Inc. $ 840,625
7,000 TRW Inc. 542,500
-----------
1,383,125
-----------
Insurance - 10.5%
16,100 ACE Limited 639,975
20,100 Allstate Corporation 826,612
9,400 CIGNA Corporation 970,550
28,000 Prudential Reinsurance Holdings 654,500
-----------
3,091,637
-----------
Machine-Diversified - 1.3%
7,700 Tecumseh Products Company, Class A 398,475
-----------
Oil and Gas - 8.8%
19,700 Columbia Gas System Inc 864,338
10,500 du Pont (E.I.) de Nemours & Company 733,687
39,600 Union Pacific Resources Group 1,004,850
-----------
2,602,875
-----------
Pharmaceuticals - 4.4%
6,100 American Home Products Corporation 591,700
18,650 Pharmacia & Upjohn Incorporated 722,687
-----------
1,314,387
-----------
Restaurants - 0.9%
40,000 Ryan's Family Steak Houses Inc. + 280,000
-----------
Telecommunications - 9.1%
10,400 American Telephone & Telegraph Corporation 673,400
19,900 Frontier Corporation 597,000
13,000 Harris Corporation 710,125
26,900 MCI Communications Corporation 702,763
-----------
2,683,288
-----------
Transportation - 1.4%
15,000 Midwest Express Holdings+ 416,250
-----------
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Munder Value Fund
Portfolio of Investments (Continued)
December 31, 1995 (Unaudited)
Shares Value
- ------------- -----------
COMMON STOCKS (Continued)
<C> <S> <C>
Utilities - 5.9%
11,000 DQE Inc $ 338,250
15,200 Entergy Corporation, New 444,600
7,100 FPL Group Inc. 329,263
11,100 Illinova Corporation 333,000
11,200 TECO Energy Inc 287,000
-----------
1,732,113
-----------
Other - 3.6%
7,700 Textron, Inc 519,750
5,600 United Technologies Corporation 531,300
-----------
1,051,050
-----------
TOTAL COMMON STOCKS
(Cost $25,250,959) 26,747,300
-----------
<CAPTION>
Principal
Amount
- -------------
REPURCHASE AGREEMENT - 6.0% (Cost $1,793,000)
<C> <S> <C>
$1,793,000 Agreement with Morgan (J.P.) & Company, 5.600%
dated 12/29/1995 to be repurchased at $1,794,116
on 01/02/1996, collateralized by $1,459,000
U.S. Treasury Notes, 8.000% due 11/15/2021
(value $1,829,221) 1,793,000
-----------
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $27,043,959*) 96.5% 28,540,300
OTHER ASSETS AND LIABILITIES (Net) 3.5 1,021,744
----- -----------
NET ASSETS 100.0% $29,562,044
===== ===========
<FN>
- ----------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Value Fund
Statement of Assets and Liabilities
December 31, 1995 (Unaudited)
- -----------------------------------
<S> <C>
ASSETS:
Investments, at value (Cost $27,043,959)
See accompanying schedule:
Securities ................................................ $26,747,300
Repurchase Agreements ..................................... 1,793,000
Cash .............................................................. 1,123
Interest receivable ............................................... 841
Dividends receivable .............................................. 19,399
Receivable for investment securities sold ......................... 1,257,623
Receivable from investment advisor ................................ 14,000
Unamortized organization costs .................................... 51,013
-----------
Total Assets ......................................... 29,884,299
-----------
LIABILITIES:
Payable for investment securities purchased ....................... 291,789
Investment advisory fee payable ................................... 18,532
Administration fee payable ........................................ 2,856
Shareholder servicing fees payable ................................ 29
Distribution fees payable ......................................... 74
Transfer agent fee payable ........................................ 600
Custodian fees payable ............................................ 825
Legal and audit fees payable ...................................... 2,371
Accrued Trustees'/Directors' fees and expenses .................... 178
Accrued expenses and other payables ............................... 5,001
-----------
Total Liabilities ...................................... 322,255
-----------
NET ASSETS .............................................................. $29,562,044
===========
NET ASSETS consist of:
Undistributed net investment income ............................... $ 21,799
Accumulated net realized gain on investments sold ................. 95,826
Net unrealized appreciation of investments ........................ 1,496,341
Par value ......................................................... 2,759
Paid-in capital in excess of par value ............................ 27,945,319
-----------
Total Net Assets ........................................ $29,562,044
===========
NET ASSET VALUE:
CLASS A SHARES:
Net asset value and redemption price per share
($194,662 / 18,175 shares of beneficial interest outstanding) ........... $ 10.71
===========
Maximum sales charge .................................................... 5.50%
Maximum offering price per share ........................................ $ 11.33
===========
CLASS B SHARES:
Net asset value and offering price per share*
($60,594 / 5,659 shares of beneficial interest outstanding) ............. $ 10.71
===========
CLASS K SHARES:
Net asset value, offering and redemption price per share
($82,000 / 7,655 shares of beneficial interest outstanding) ............. $ 10.71
===========
CLASS Y SHARES:
Net asset value, offering and redemption price per share
($29,224,788 / 2,727,252 shares of beneficial interest outstanding) ..... $ 10.72
===========
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Value Fund
Statement of Operations
For the Period Ended December 31, 1995 (a) (Unaudited)
- ------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest ................................................ $ 42,167
Dividends ............................................... 126,691
-----------
Total Investment Income ...................... 168,858
-----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ....................................... 89
Class B Shares ....................................... 134
Shareholder servicing fees: Class K Shares .............. 17
Investment advisory fee ................................. 69,717
Administration fee ...................................... 10,753
Transfer agent fee ...................................... 2,281
Custodian fees .......................................... 4,492
Legal and audit fees .................................... 2,371
Trustees'/Directors' fees and expenses .................. 339
Amortization of organization costs ...................... 4,638
Registration and filing fees ............................ 3,558
Other ................................................... 5,516
-----------
Total Expenses ................................. 103,905
Expenses reimbursed by investment advisor ............... (14,000)
-----------
Net Expenses ................................... 89,905
-----------
NET INVESTMENT INCOME ......................................... 78,953
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions ............ 95,826
Net change in unrealized appreciation of securities ..... 1,496,341
-----------
Net realized and unrealized gain on investments ............... 1,592,167
-----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .................................................. $ 1,671,120
===========
<FN>
- ----------------
(a) The Munder Value Fund commenced operations on August 18, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Value Fund
Statement of Changes in Net Assets
- ----------------------------------
Period Ended
12/31/95(a)
(Unaudited)
------------
<S> <C>
Net investment income ................................................. $ 78,953
Net realized gain on investments sold during the period ............... 95,826
Net change in unrealized appreciation of investments
during the period ............................................... 1,496,341
------------
Net increase in net assets resulting from operations .................. 1,671,120
Distribution to shareholders from net investment income:
Class A Shares .................................................. (293)
Class B Shares .................................................. --
Class K Shares .................................................. (142)
Class Y Shares .................................................. (56,719)
Net increase in net assets from Fund share transactions:
Class A Shares .................................................. 190,978
Class B Shares .................................................. 58,783
Class K Shares .................................................. 82,886
Class Y Shares .................................................. 27,615,431
------------
Net increase in net assets ............................................ 29,562,044
NET ASSETS:
Beginning of period ................................................... --
------------
End of period (including undistributed net investment of $21,799) ..... $ 29,562,044
============
<FN>
- ----------------
(a) The Munder Value Fund commenced operations on August 18, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
The Munder Funds
Munder Value Fund
Statement of Changes - Capital Stock Activity
For the Period Ended December 31, 1995 (a) (Unaudited)
- ------------------------------------------------------
Amount Shares
------------ ----------
<S> <C> <C>
Class A Shares:
Sold ........................................... $ 190,978 18,175
------------ ----------
Net increase ................................... $ 190,978 18,175
============ ==========
Class B Shares:
Sold ........................................... $ 63,390 6,104
Redeemed ....................................... (4,607) (445)
------------ ----------
Net increase ................................... $ 58,783 5,659
============ ==========
Class K Shares:
Sold ........................................... $ 84,243 7,786
Issued as reinvestment of dividends ............ 5 --
Redeemed ....................................... (1,362) (131)
------------ ----------
Net increase ................................... $ 82,886 7,655
============ ==========
Class Y Shares:
Sold ........................................... $ 27,686,747 2,733,841
Issued as reinvestment of dividends ............ 2,996 279
Redeemed ....................................... (74,312) (6,868)
------------ ----------
Net increase ................................... $ 27,615,431 2,727,252
============ ==========
<FN>
- ----------------
(a) The Munder Value Fund Class A Shares, Class B Shares, Class K Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, November 30, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment Company
Act of 1940, as amended, (the "1940 Act"), as an open-end investment company,
which was organized as a Maryland corporation on November 18, 1992. The Munder
Funds Trust ("MFT") is registered under the 1940 Act, as an open-end investment
company, which was organized as a Massachusetts business trust on August 30,
1989. MFI and MFT consist of 20 portfolios (each a "Fund" collectively, the
"Munder Funds"), as follows:
MFI:
Equity Funds
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Mid-Cap Growth Fund
Munder Value Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
Munder Accelerating Growth Fund
Munder Small Company Growth Fund
Munder International Equity Fund
Munder Index 500 Fund
Munder Growth & Income Fund
Munder Balanced Fund
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Triple Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
Munder Cash Investment Fund
The Equity Funds (with the exception of the Munder Index 500 Fund) and
the Income Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. The Munder Index 500 Fund offers four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Money Market Funds
of MFT offer three classes of shares -- Class A, Class K and Class Y Shares.
The Munder Money Market Fund offers four classes of shares -- Class A, Class B,
Class C and Class Y Shares. Each Fund is classified as a
diversified management investment company under the 1940 Act, other than the
Munder Tax-Free Intermediate Bond Fund and the Munder Michigan Triple Tax-Free
Bond Fund which are classified as non-diversified due to their intention to
invest their assets, when possible, in municipal obligations issued by the
State of Michigan and its political subdivisions.
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements:
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
(Continued)
- -------------------------------------------------------------------------------
Security Valuation: With respect to the Equity and Income Funds,
securities (including financial futures) traded on a recognized stock exchange
or on the NASDAQ National Market System are valued at the last sale price on
the securities exchange on which such securities are primarily traded or at the
last sale price on the national securities market. Securities for which there
were no transactions are valued at the average of the current bid and asked
prices. Securities traded only on over-the-counter markets are valued on the
basis of closing over-the-counter bid prices. Restricted securities, securities
for which market quotations are not readily available, and other assets are
valued at fair value by the advisor, under the supervision of the Boards of
Trustees and Directors. Portfolio securities primarily traded on the London
Stock Exchange are generally valued at the mid-price between the current bid
and asked prices. Portfolio securities that are primarily traded on foreign
securities exchanges, other than the London Stock Exchange, are generally
valued at the preceding closing values of such securities on their respective
exchanges, except when an occurrence subsequent to the time a value was so
established is likely to have changed such value. In such an event, the fair
value of those securities will be determined through the consideration of other
factors by or under the direction of the Boards of Trustees and Directors. Debt
securities with remaining maturities of 60 days or less at the time of purchase
are valued on an amortized cost basis, which approximates current market value.
Debt securities in the Money Market Funds are also valued on an amortized cost
basis, which approximates current market value. Under this method, securities
are valued initially at cost when purchased (or on the 61st day before
maturity). Thereafter, a constant proportionate amortization of any discount or
premium is recorded until maturity of the security. Regular review and
monitoring of the valuation of securities held by the Money Market Funds is
performed pursuant to procedures established by the Boards of Trustees and
Directors. Each Money Market Fund seeks to maintain a net asset value per share
of $1.00.
Forward Foreign Currency Contracts: Each Equity Fund may engage in
forward foreign currency contracts in an effort to reduce the level of
volatility caused by changes in foreign currency exchange rates. The Funds may
use forward foreign currency contracts to facilitate transactions in foreign
securities and to manage a Fund's currency exposure. Forward foreign currency
contracts are valued at the exchange rate and are marked-to-market daily. The
change in market value is recorded by the Fund as an unrealized gain or loss.
When the contract is closed, the Fund records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the Fund could
be exposed to risks if the counterparties to the contracts are unable to meet
the terms of their contracts.
Foreign Currency: The books and records of the Munder International
Equity Fund are maintained in United States (U.S.) dollars. Foreign currencies,
investments and other assets and liabilities are translated into U.S. dollars
at the exchange rates prevailing at the end of the period. Purchases and sales
of investment securities and items of income and expense are translated on the
respective dates of such transactions. Unrealized gains and losses, not
relating to securities, which result from changes in foreign currency exchange
rates have been included in the unrealized appreciation/ (depreciation) of
foreign currency and net other assets. Net realized foreign currency gains and
losses resulting from changes in exchange rates include foreign currency gains
and losses between trade date and settlement date on investment security
transactions, foreign currency transactions and the difference between the
amounts of interest and dividends recorded on the books of the Fund and the
amounts actually received. The portion of foreign currency gains and losses
related to fluctuation in exchange rates between the initial purchase trade
date and subsequent sale trade date is included in realized gains and losses on
investment securities sold.
Futures Contracts: The Munder Index 500 Fund may enter into futures
contracts for the purpose of hedging against changes in the value of the
portfolio securities held and in the value of the securities it intends to
purchase, or in order to maintain liquidity. Upon entering into a futures
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
(Continued)
- -------------------------------------------------------------------------------
contract, the Fund is required to deposit with the broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin." Subsequent payments ("variation margin") are
made or received by the Fund each day, depending on the daily fluctuation of
the value of the contract. The daily changes in the contract are recorded as
unrealized gains or losses. The Fund recognizes a realized gain or loss when
the contract is closed. The net unrealized appreciation/(depreciation) is shown
in the financial statements.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend
date. General expenses of the Munder Funds are allocated to each Fund based
upon relative net assets of each Fund. Operating expenses of each Fund directly
attributable to a class of shares are charged to that class' operations.
Expenses of each Fund not directly attributable to the operations of any class
of shares are prorated among the classes based on the relative average net
assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the amount
of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid quarterly by the Equity Funds
(excluding the Munder Multi-Season Growth Fund, Mid-Cap Growth Fund, Munder
International Equity Fund and the Munder Value Fund which are declared and paid
at least annually and the Munder Real Estate Equity Investment Fund which is
declared and paid monthly); declared and paid monthly by the Income Funds; and
declared daily and paid monthly by the Money Market Funds. Each Fund's net
realized capital gains (including net short-term capital gains), if any, are
declared and distributed at least annually. Distributions to shareholders are
recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by a Fund,
timing differences and differing characterization of distributions made by a
Fund as a whole.
As determined at June 30, 1995, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, different book and tax accounting for currency gains and losses and
market discount of certain debt instruments were reclassified to paid-in
capital at year end. These reclassifications had no effect on net investment
income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the Internal
Revenue Code of 1986, as amended, applicable to regulated investment companies
and to distribute substantially all of its earnings to its shareholders.
Therefore, no Federal income or excise tax provision is required.
Repurchase Agreements: Each Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
(Continued)
- -------------------------------------------------------------------------------
This arrangement results in a fixed rate of return that is not subject to
market fluctuations during the Fund's holding period. The value of the
collateral is at least equal, at all times, to the total amount of the
repurchase obligations, including interest. In the event of counterparty
default, the Fund has the right to use the collateral to satisfy the terms of
the repurchase agreement. However, there could be potential loss to the Fund in
the event the Fund is delayed or prevented from exercising its right to dispose
of the collateral securities, including the risk of a possible decline in the
value of the collateral securities during the period while the Fund seeks to
assert its rights. The Munder Fund's investment advisor, acting under the
supervision of the Boards of Trustees and Directors, reviews the value of the
collateral and the creditworthiness of those banks and dealers with which a
Fund enters into repurchase agreements to evaluate potential risks.
2. Investment Advisor, Administrator, Custodian, Transfer Agent and Other
Related Party Transactions
Munder Capital Management (the "Advisor"), an independent investment
management firm, serves as each Fund's advisor. For its advisory services, the
Advisor is entitled to receive from each Fund a fee, computed daily and payable
monthly, based on the average daily net assets of the respective Fund, at the
following annual rates:
<TABLE>
<CAPTION>
Fees on Assets
Fees on Assets Between Fees on Assets
up to $250 and Exceeding
$250 Million $500 million $500 Million
------------ ------------ ------------
<S> <C> <C> <C>
Munder Index 500 Fund 0.20% 0.12% 0.07%
</TABLE>
<TABLE>
<CAPTION>
Fees on Assets Fees on Assets
up to Exceeding
$500 Million $500 Million
------------ ------------
<S> <C> <C>
Munder Multi-Season Growth Fund 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
The Income Funds 0.50%
Munder Accelerating Growth Fund, Munder Small Company
Growth Fund, Munder International Equity Fund, and
Munder Growth & Income Fund 0.75%
Munder Real Estate Equity Investment Fund, Munder
Value Fund and Munder Mid-Cap Growth Fund 0.74%
Munder Balanced Fund 0.65%
The Money Market Funds (excluding Munder Money Market
Fund) 0.35%
Munder Money Market Fund 0.40%
</TABLE>
Prior to October 28, 1995, the Advisor received investment advisory fees
at the following annual rates: 0.74% of the first $500 million of average daily
net assets and 0.50% of daily net assets in excess of $500 million for The
Income Funds; 1.00% of average daily net assets up to $250 million, 0.85% of
average daily net assets between $250 million and $500 million, and 0.75% of
average daily net assets exceeding $500 million for the Accelerating Growth,
Small Company Growth, International Equity, Growth & Income Fund and Balanced
Fund; and 0.40% of average daily net assets up to $500 million and 0.35% of
average daily net assets exceeding $500 million for the Tax-Free Money Market,
U.S. Treasury Money Market and Cash Investment Funds.
The Advisor voluntarily waived all or a portion of its advisory fees,
payable by each Fund, for the period ended December 31, 1995, as reflected in
the Statement of Operations. For the period ended December 31, 1995, the
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
(Continued)
- -------------------------------------------------------------------------------
Advisor reimbursed expenses of $15,000, $14,000 and $14,000 to the Munder Real
Estate Equity Investment Fund, the Munder Mid-Cap Growth Fund and the Munder
Value Fund.
First Data Investor Services Group, Inc. ("First Data"), formerly The
Shareholder Services Group, Inc., (the "Administrator"), serves as the Munder
Funds administrator and assists in all aspects of their administration and
operations. First Data also serves as the Munder Fund's transfer agent and
dividend disbursing agent ("Transfer Agent").
As compensation for its services, the Administrator is entitled to
receive a fee, based on the aggregate average daily net assets of the Funds
computed daily and payable monthly, at an annual rate of 0.12% of the first
$2.8 billion of net assets, plus 0.105% of the next $2.2 billion of net assets,
plus 0.10% of all net assets in excess of $5 billion. As compensation for its
services, the Transfer Agent is entitled to receive a fee, based on the
aggregate average daily net assets of the Funds computed daily and payable
monthly, at an annual rate of 0.02% of the first $2.8 billion of net assets,
plus 0.015% of the next $2.2 billion of net assets, plus 0.01% of net assets in
excess of $5 billion. The Transfer Agent and Administrator are also entitled to
reimbursement for out-of-pocket expenses. The Administrator has entered into a
Sub-Administration Agreement with Funds Distributor, Inc. ("FDI" or the
"Distributor") under which FDI provides certain administrative services with
respect to the Funds. The Administrator pays FDI a fee for these services out
of its own resources at no additional cost to the Funds.
Comerica Bank ("Comerica") provides custodial services to the Funds. As
compensation for its services, Comerica is entitled to receive fees, based on
the aggregate average daily net assets of the Funds computed daily and payable
monthly at an annual rate of 0.03% of the first $100 million of average daily
net assets, plus 0.02% of the next $500 million of net assets, plus 0.01% of
net assets in excess of $600 million. Comerica also receives certain
transaction based fees. Comerica earned $331,402 for its services to the Funds
for the period ended December 31, 1995. Boston Safe Deposit and Trust Company
("Boston Safe") serves as the custodian of foreign securities for the Munder
Multi-Season Growth Fund, the Munder Accelerating Growth Fund, the Munder Small
Company Growth Fund, the Munder Mid-Cap Growth Fund, the Munder International
Equity Fund, the Munder Value Fund, the Munder Bond Fund and the Munder
Intermediate Bond Fund.
The Munder Funds pay each Trustee or Director $14,000 per year,
consisting of a $2,500 quarterly retainer for services in such capacity plus
$1,000 for each meeting attended per year, plus out-of-pocket expenses incurred
as a Board member. The Trustees or Directors are also reimbursed for any
expenses incurred by them in connection with their duties as Trustees or
Directors. No officer, director or employee of the Advisor, Comerica, Boston
Safe, FDI or First Data currently receives any compensation from The Munder
Funds.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Munder Funds shares. For the period
ended December 31, 1995, the Distributor received $75,314, representing
commissions (sales charges) on sales of Class A Shares of the Funds. For the
period ended December 31, 1995, the Distributor received $47,815 in contingent
deferred sales charges from Class B and Class C Shares of the Funds.
The Munder Funds have adopted Shareholder Servicing Plans and
Distribution and Service Plans (collectively, the "Plans") pursuant to Rule
12b-1, adopted by the Securities and Exchange Commission under the 1940 Act,
with respect to the Class A, Class B and Class C Shares. Under the Plans, the
Distributor uses the service fees primarily to pay ongoing trail commissions to
securities dealers and other financial institutions and organizations
(collectively, the "Service Organizations") who provide shareholder services
for the Funds. The Plans also permit payments to be made by the Funds to the
Distributor for expenditures incurred by the Distributor in connection with the
distribution of Fund shares to investors and provision of certain shareholder
services (which include but are not limited to the payment of compensation,
including compensation to Service Organizations to obtain various distribution
related services for the Funds). For the period ended December 31, 1995, the
contractual rates, as a percentage of average daily net assets, under the
Shareholder Servicing and Distribution and Servicing Plans are as follows:
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
(Continued)
- -------------------------------------------------------------------------------
The Munder Funds have also adopted Shareholder Servicing Plans (the
"Class K Plans") for the Class K Shares of the Funds. Under the Class K Plans,
the Munder Funds are permitted to enter into agreements with institutions that
provide shareholder services to their customers.
<TABLE>
<CAPTION>
Class A Shares Class B Shares Class C Shares Class K Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
The Equity Funds (excluding the Munder
Index 500 Fund) 0.25% 1.00% 1.00% 0.25%
Munder Index 500 Fund 0.10% 0.45% N/A N/A
The Income Funds 0.25% 1.00% 1.00% 0.25%
The Money Market Funds:
Munder Money Market Fund 0.25% 1.00% 1.00% N/A
Munder Tax-Free Money Market Fund 0.25% N/A N/A 0.15%
Munder U.S. Treasury Money Market Fund 0.25% N/A N/A 0.15%
</TABLE>
<TABLE>
<CAPTION>
Class A Shares Class K Shares
Service Fees Service Fees
------------ ------------
<S> <C> <C>
Munder Cash Investment Fund 0.25% 0.15%
</TABLE>
4. Securities Transactions
For the period ended December 31, 1995, purchases and sales of securities
other than short-term investments and U.S. Government securities were as
follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Multi-Season Growth Fund $109,758,974 $ 88,347,709
Munder Real Estate Equity Investment Fund 12,634,528 735,134
Munder Accelerating Growth Fund 191,955,843 251,857,596
Munder Small Company Growth Fund 75,065,012 72,326,137
Munder Mid-Cap Growth Fund 27,694,168 9,489,713
Munder International Equity Fund 66,532,995 39,331,213
Munder Index 500 Fund 24,706,012 10,277,872
Munder Growth & Income Fund 48,632,976 22,413,140
Munder Value Fund 45,082,600 19,927,467
Munder Balanced Fund 44,466,596 44,407,876
Munder Bond Fund 327,473,517 307,654,132
Munder Intermediate Bond Fund 477,564,164 655,493,513
Munder U.S. Government Income Fund 11,195,443 15,736,478
Munder Michigan Triple Tax-Free Bond Fund 4,727,601 5,983,223
Munder Tax-Free Bond Fund 32,531,356 61,252,442
Munder Tax-Free Intermediate Bond Fund 25,728,203 28,530,822
</TABLE>
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
(Continued)
- -------------------------------------------------------------------------------
For the period ended December 31, 1995, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
<S> <C> <C>
Munder Balanced Fund $ 15,665,328 $ 17,289,080
Munder Bond Fund 181,949,665 195,053,918
Munder Intermediate Bond Fund 704,418,903 502,680,062
Munder U.S. Government Income Fund 88,915,530 96,870,056
</TABLE>
At December 31, 1995, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an excess
of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Multi-Season Growth Fund $62,493,147 $2,301,400
Munder Real Estate Equity Investment Fund 1,287,456 37,648
Munder Accelerating Growth Fund 39,128,766 5,019,735
Munder Small Company Growth Fund 41,559,401 3,588,760
Munder Mid-Cap Growth Fund 1,486,667 1,194,313
Munder International Equity Fund 33,606,852 639,029
Munder Index 500 Fund 36,945,903 1,588,113
Munder Growth & Income Fund 31,593,765 913,520
Munder Value Fund 2,109,836 613,495
Munder Balanced Fund 6,593,893 343,068
Munder Bond Fund 7,247,775 358,107
Munder Intermediate Bond Fund 6,014,962 1,776,463
Munder U.S. Government Income Fund 7,929,958 389,058
Munder Michigan Triple Tax-Free Bond Fund 989,911 55,708
Munder Tax-Free Bond Fund 15,285,111 69,584
Munder Tax-Free Intermediate Bond Fund 14,424,217 67,580
</TABLE>
6. Concentration of Credit
The Munder Tax-Free Intermediate Bond Fund and Munder Michigan Triple
Tax-Free Bond Fund primarily invest in debt obligations issued by the State of
Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various
public purposes. The 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. The 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.
7. Foreign Securities
The Munder International Equity Fund invests primarily in foreign
securities. Investing in securities of foreign companies and foreign
governments involves special risks and considerations not typically associated
with investing in U.S. companies and the U.S. government securities. These
risks include revaluation of currencies and future adverse political and
economic developments. Moreover, securities of many foreign companies and
foreign governments and their markets may be less liquid and their prices more
volatile than those of securities of U.S. companies and the U.S. government.
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
(Continued)
- -------------------------------------------------------------------------------
8. Organizational Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying its shares for
distribution under Federal securities regulations, are being amortized on a
straight-line basis over a period of 5 years from commencement of operations.
9. Capital Loss Carryforwards
As determined at June 30, 1995, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Fund Amount Expiration
---- ----------- ----------
<S> <C> <C>
Munder Multi-Season Growth Fund................ $ 2,588,502 2003
Munder International Equity Fund............... 406,805 2002
2,149,275 2003
Munder Balanced Fund........................... 172,583 2002
1,783,000 2003
Munder Bond Fund............................... 470,092 2002
10,329,288 2003
Munder Intermediate Bond Fund.................. 15,284,729 2003
Munder U.S. Government Income Fund............. 946,213 2003
Munder Michigan Triple Tax-Free Bond Fund...... 301,387 2003
Munder Tax-Free Bond Fund...................... 559,311 2003
Munder Tax-Free Intermediate Bond Fund......... 1,305,925 2003
Munder Tax-Free Money Market Fund.............. 14,500 1999
20,091 2000
57,257 2001
39,684 2002
27,379 2003
Munder Cash Investment Fund.................... 556 1996
4,895 2000
1,650 2001
</TABLE>
10. Reorganization
On June 23, 1995, the Munder Multi-Season Growth Fund (Acquiring Fund)
acquired the assets and certain liabilities of the Ambassador Established
Company Growth Fund (Acquired Fund), in exchange for shares of the Acquiring
Fund, pursuant to a plan of tax-free reorganization approved by the Acquired
Fund's shareholders on June 21, 1995. Total shares issued by the Acquiring
Fund, the value of the shares issued by the Acquiring Fund, the total net
assets of the Acquired Fund and the Acquiring Fund and the unrealized
appreciation included in the Acquired Fund's total net assets on the acquiring
date were as follows:
<TABLE>
<CAPTION>
Value of
Shares Shares Total Net Total Net Acquired
Issued by Issuedby Assets of Assets of Fund
Acquiring Acquiring Acquired Acquiring Unrealized
Acquiring Fund Acquired Fund Fund Fund Fund* Fund Appreciation
-------------- ------------- --------- --------- --------- --------- ------------
<S> <S> <C> <C> <C> <C> <C>
Munder Multi-Season Ambassador Established
Growth Fund Company Growth Fund 15,524,720 $189,282,737 $189,260,209 $71,358,360 $27,807,281
<FN>
- ----------------
* The value of the net assets of the Acquiring Fund immediately after the
acquisition was $260,618,569.
</TABLE>
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits.
(a) Financial Statements:
Included in Part A:
Unaudited Financial Highlights for Munder Mid-Cap
Growth Fund and Munder Value Fund for the period from
commencement of operations to December 31, 1995 are filed herein.
Included in Part B:
The following unaudited Financial Statements for
Munder Mid-Cap Growth Fund and Munder Value Fund for the period
from commencement of operations to December 31, 1995 are filed
herein:
Portfolios of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Statements of Changes in Capital Stock Activity
Notes to Financial Statements
(b) Exhibits (the number of each exhibit relates to the
exhibit designation in Form N-1A):
(1)(a) Articles of Incorporation1
(b) Articles of Amendment2
(c) Articles Supplementary3
(d) Articles Supplementary4
(e) Articles Supplementary9
(f) Articles Supplementary*
_____________________
*To be filed by Amendment.
(2) By-Laws1
(3) Not Applicable
(4) Specimen security for The Munder Multi-
Season Growth Fund2
(5)(a) Form of Investment Advisory Agreement for
The Munder Multi-Season Growth Fund7
(b) Form of Investment Advisory Agreement for
The Munder Money Market Fund7
(c) Form of Investment Advisory Agreement for
The Munder Real Estate Equity Investment Fund7
(d) Form of Investment Advisory Agreement for
The Munder Value Fund*
(e) Form of Investment Advisory Agreement for
The Munder Mid-Cap Fund*
(6)(a) Form of Underwriting Agreement7
(b) Amendment to Underwriting Agreement*
(7) Not Applicable
(8)(a) Form of Custodian Contract8
(b) Amendment to Custodian Contract*
(9)(a) Form of Transfer Agency and Service
Agreement9
(b) Amendment to Transfer Agency and Service
Agreement*
(c) Form of Administration Agreement8
(d) Amendment to Administration Agreement*
(10)(a) Opinion and Consent of Counsel with
respect to The Munder Multi-Season Growth Fund2
(b) Opinion and Consent of Counsel with
respect to The Munder Money Market Fund5
_____________________
*To be filed by amendment.
(c) Opinion and Consent of Counsel with
respect to The Munder Real Estate Equity Investment Fund4
(d) Opinion and Consent of Counsel with
respect to The Munder Value Fund and The Munder Mid-Cap Fund*
(11)(a) Consent of Dechert Price & Rhoads11
(b) Consent of Ernst & Young LLP11
(c) Consent of Arthur Andersen11
(d) Letter of Arthur Andersen LLP regarding
change in independent auditor required by Item 304 of Regulation
S-K. 11
(e) Powers of Attorney10
(13) Initial Capital Agreement2
(14) Not Applicable
(15)(a) Service Plan for The Munder Multi-Season
Growth Fund Class A Shares7
(b) Service and Distribution Plan for The
Munder Multi-Season Growth Fund Class B Shares7
(c) Service and Distribution Plan for The
Munder Multi-Season Growth Fund Class D Shares7
(d) Service Plan for The Munder Money Market
Fund Class A Shares7
(e) Service and Distribution Plan for The
Munder Money Market Fund Class B Shares7
(f) Service and Distribution Plan for The
Munder Money Market Fund Class D Shares7
(g) Service Plan for The Munder Real Estate
Equity Investment Fund Class A Shares7
(h) Service and Distribution Plan for The
Munder Real Estate Equity Investment Fund Class B Shares7
______________________
*To be filed by amendment.
(i) Service and Distribution Plan for The
Munder Real Estate Equity Investment Fund Class D Shares7
(j) Form of Service Plan for The Munder
Multi-Season Growth Fund Investor Shares8
(k) Form of Service Plan for The Munder Value
Fund and The Munder Mid-Cap Growth Fund*
(16) Schedule for Computation of Performance
Quotations6
(18) Multi-Class Plan8
(27) Financial Data Schedules are filed herein
______________________
*To be filed by amendment.
______________________
1. Filed in Registrant's initial Registration Statement on November 18, 1992
and incorporated by reference herein.
2. Filed in Pre-Effective Amendment No. 2 to the Registrant's Registration
Statement on February 26, 1993 and incorporated by reference herein.
3. Filed in Post-Effective Amendment No. 3 to the Registrant's Registration
Statement on July 28, 1993 and incorporated by reference herein.
4. Filed in Post-Effective Amendment No. 7 to the Registrant's Registration
Statement on August 26, 1994 and incorporated by reference herein.
5. Filed in Post-Effective Amendment No. 2 to the Registrant's Registration
Statement on July 9, 1993 and incorporated by reference herein.
6. Filed in Post-Effective Amendment No. 5 to the Registrant's Registration
Statement on March 28, 1994 and incorporated by reference herein.
7. Filed in Post-Effective Amendment No. 8 to the Registrant's Registration
Statement on February 28, 1995 and incorporated by reference herein.
8. Filed in Post-Effective Amendment No. 9 to the Registrant's Registration
Statement on April 13, 1995 and incorporated by reference herein.
9. Filed in Post-Effective Amendment No. 10 to the Registrant's Registration
Statement on May 2, 1995 and incorporated by reference herein.
10. Filed in Post-Effective Amendment No. 11 to the Registrant's
Registration
Statement on May 31, 1995 and incorporated by reference herein.
11. Filed in Post-Effective Amendment No. 12 to the Registrant's Registration
Statement on August 29, 1995 and incorporated by reference herein.
Item 25. Persons Controlled by or Under Common Control with
Registrant.
Not Applicable.
Item 26. Number of Holders of Securities.
As of January 29, 1996, the number of shareholders of
record of each Class of shares of each Series of the Registrant
that was offered as of that date was as follows:
C
l
a
s
s
A
C
l
a
s
s
B
C
l
a
s
s
C
C
l
a
s
s
K
C
l
a
s
s
Y
The Munder Multi-
Season Growth Fund
3
6
9
1
,
6
1
1
5
1
4
9
8
1
The Munder Money
Market Fund
6
9
1
N
/
A
8
1
The Munder Real
Estate Equity
Investment Fund
1
2
8
2
1
2
6
The Munder Mid-Cap
Growth Fund
2
2
2
2
2
1
The Munder Value Fund
2
6
1
3
2
4
Item 27. Indemnification.
Reference is made to Article 7.6 in the Registrant's
Articles of Incorporation, which are incorporated by reference
herein.
Insofar as indemnification for liabilities arising
under the Securities Act of 1933 , as amended, may be
permitted to directors, officers and controlling persons of the
Registrant by the Registrant pursuant to the Fund's Articles of
Incorporation, its By-Laws or otherwise, the Registrant is aware
that in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the
Act and, therefore, is unenforceable. In the event that a claim
for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by
directors, officers or controlling persons of the Registrant in
connection with the successful defense of any act, suit or
proceeding) is asserted by such directors, officers or
controlling persons in connection with shares being registered,
the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issues.
Item 28. Business and Other Connections of Investment Adviser.
Munder Capital Management
Position
Name with Adviser
Old MCM, Inc. Partner
Munder Group LLC Partner
WAM Holdings, Inc. Partner
Woodbridge Capital Management, Inc. Partner
Lee P. Munder President and
Chief Executive Officer
Leonard J. Barr, II Senior
Vice President and
Director of Research
Ann J. Conrad Vice President
and Director of Special
Equity Products
David W. Cornwell Vice President and
Director of Real
Estate
Terry H. Gardner Vice President and
Chief Financial
Officer
Elyse G. Essick Vice President and
Director of Client
Services
Otto G. Hinzmann Vice President
and Director of Equity
Portfolio Management
Ann F. Putallaz Vice President and
Director of
Fiduciary Services
John P. Richardson Vice President
and Director of Equity
Portfolio Management
James C. Robinson Vice President
and
Chief Investment
Officer/Fixed Income
Gerald L. Seizert Executive Vice
President and Chief
Investment
Officer/Equity
Paul D. Tobias Executive Vice
President and Chief
Operating Officer
For further information relating to the Investment Adviser's
officers, reference is made to Form ADV filed under the
Investment Advisers Act of 1940 by Munder Capital Management.
Item 29. Principal Underwriters.
(a) Funds Distributor, Inc. ("FDI") serves as
Distributor of shares of the Registrant. FDI also serves as
principal underwriter of the following investment companies other
than the Registrant:
HT Insight Funds, d/b/a Harris Insight Funds Waterhouse
Investors Cash Management Mutual Funds
The Munder Funds Trust Skyline Funds
Panagora Funds Foreign Fund, Inc.
BJB Investment Funds PanAgora Funds
BEA Investment Funds, Inc.
(b) The directors and officers of FDI are set forth
below. Unless otherwise indicated, their address is One Exchange
Place, Boston, Massachusetts 02109.
Positions and Positions
and
Offices with Offices
with
Name FDI
Registrant
William J. Nutt Chairman None
Marie E. Connolly President, Chief None
Executive Officer
John E. Pelletier Senior Vice None
President General Counsel
Richard W. Healey Senior Vice President None
Rui M. Moura First Vice
None
President
Joseph F. Tower, III Senior Vice None
President, Treasurer,
Chief Financial Officer
Richard W. Ingram Senior Vice President None
Frederick C. Dey Vice President
None
Hannah Shaw Grove Vice President None
Richard S. Joseph Vice President None
Donald R. Robertson Senior Vice President None
Bernard A. Whalen Senior Vice President None
Maureen F. Walsh Vice President None
Jean M. O'Leary Assistant Secretary None
and Clerk
Eric B. Fischman Vice President and None
Assistant General
Counsel
Dale F. Lampe Vice President
None
Joseph A. Vignone Vice President None
Paul M. Prescott Vice President None
Dennis J. Gallant Vice President None
Linda C. Raftery Vice President None
Mary A. Nelson Assistant Treasurer None
John J. Pylaum Assistant Treasurer
None
(c) Not Applicable
Item 30. Location of Accounts and Records.
The account books and other documents required to be
maintained by Registrant pursuant to Section 31(a) of the
Investment Company Act of 1940 and the Rules thereunder will be
maintained at the offices of Munder Capital Management at 480
Pierce Street, Birmingham, MI 48009, at State Street Bank and
Trust Company, c/o National Financial Data Services,
1004 Baltimore, Kansas City, Missouri 64105-1807 or at First
Data Investor Services Group, Inc. (f/k/a The Shareholder
Services Group, Inc.), One Exchange Place, Boston, Massachusetts
02109.
Item 31. Management Services.
Not Applicable
Item 32. Undertakings.
(a) Not Applicable.
(b) Not Applicable.
(c) Registrant undertakes to furnish to each person to
whom a prospectus is delivered a copy of the Registrant's latest
annual report to shareholders upon request and without charge.
(d) Registrant undertakes to call a meeting of
Shareholders for the purpose of voting upon the question of
removal of a Director or Directors when requested to do so by the
holders of at least 10% of the Registrant's outstanding shares of
beneficial interest and in connection with such meeting to comply
with the shareholders communications provisions of Section 16(c)
of the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
as amended, and the Investment Company Act of 1940, as amended,
the Registrant certifies that this Post-Effective Amendment No.
13 to the Registration Statement meets the requirements for
effectiveness pursuant to Rule 485(b) of the Securities Act of
1933, as amended, and the Registrant has duly caused this Post-
Effective Amendment No. 13 to the Registration Statement to be
signed on its behalf by the undersigned, thereto duly authorized,
in the City of Boston and the Commonwealth of Massachusetts on
the 13th day of February, 1996.
The Munder Funds, Inc.
By: *
Lee P. Munder
Pursuant to the requirements of the Securities Act of 1933,
as amended, this Registration Statement has been signed by the
following persons in the capacities and on the date indicated.
Signatures Title Date
* President and
Chief February 13, 1996
Lee P. Munder Executive Officer
* Director
February 13, 1996
Charles W. Elliott
* Director
February 13, 1996
Joseph E. Champagne
* Director
February 13, 1996
Arthur DeRoy Rodecker
* Director
February 13, 1996
Jack L. Otto
* Director
February 13, 1996
Thomas B. Bender
* Director
February 13, 1996
Thomas D. Eckert
* Director
February 13, 1996
John Rakolta, Jr.
* Director
February 13, 1996
David J. Brophy
* Vice President,
February 13, 1996
Terry H. Gardner Treasurer and
Chief Financial
Officer
* By: _________________________
Lisa Anne Rosen
as Attorney-in-Fact
EXHIBIT INDEX
Exhibit Description
27 Financial Data Schedules
9
*
G:\SHARED\BANKGRP\MUNDER\PARTA\PEA13.DOC
G:\SHARED\BANKGRP\MUNDER\PARTA\PEA12.DOC
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MUNDER MID CAP GROWTH CL-A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 18,714,359
<INVESTMENTS-AT-VALUE> 19,006,713
<RECEIVABLES> 65,334
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,312
<TOTAL-ASSETS> 19,124,359
<PAYABLE-FOR-SECURITIES> 66,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,579
<TOTAL-LIABILITIES> 87,179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,002
<SHARES-COMMON-STOCK> 3,223
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 469
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 429,904
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 292,354
<NET-ASSETS> 34,656
<DIVIDEND-INCOME> 14,739
<INTEREST-INCOME> 38,425
<OTHER-INCOME> 0
<EXPENSES-NET> 52,695
<NET-INVESTMENT-INCOME> 469
<REALIZED-GAINS-CURRENT> 429,904
<APPREC-INCREASE-CURRENT> 292,354
<NET-CHANGE-FROM-OPS> 722,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,223
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,037,180
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,695
<AVERAGE-NET-ASSETS> 23,134
<PER-SHARE-NAV-BEGIN> 10.55
<PER-SHARE-NII> (0.00)
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.00
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<PER-SHARE-NAV-END> 10.75
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MUNDER MID CAP GROWTH CL-C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 18,714,359
<INVESTMENTS-AT-VALUE> 19,006,713
<RECEIVABLES> 65,334
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<OTHER-ITEMS-ASSETS> 52,312
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<OTHER-ITEMS-LIABILITIES> 20,579
<TOTAL-LIABILITIES> 87,179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,988
<SHARES-COMMON-STOCK> 1,432
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<ACCUMULATED-NII-CURRENT> 469
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<ACCUMULATED-NET-GAINS> 429,904
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 292,354
<NET-ASSETS> 15,385
<DIVIDEND-INCOME> 14,739
<INTEREST-INCOME> 38,425
<OTHER-INCOME> 0
<EXPENSES-NET> 52,695
<NET-INVESTMENT-INCOME> 469
<REALIZED-GAINS-CURRENT> 429,904
<APPREC-INCREASE-CURRENT> 292,354
<NET-CHANGE-FROM-OPS> 722,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,453
<NUMBER-OF-SHARES-REDEEMED> (21)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,037,180
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 40,924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,695
<AVERAGE-NET-ASSETS> 11,754
<PER-SHARE-NAV-BEGIN> 10.40
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.35
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.74
<EXPENSE-RATIO> 1.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MUNDER MID CAP GROWTH CL-K
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 18,714,359
<INVESTMENTS-AT-VALUE> 19,006,713
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163,142
<SHARES-COMMON-STOCK> 15,674
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 469
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 429,904
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 292,354
<NET-ASSETS> 168,491
<DIVIDEND-INCOME> 14,739
<INTEREST-INCOME> 38,425
<OTHER-INCOME> 0
<EXPENSES-NET> 52,695
<NET-INVESTMENT-INCOME> 469
<REALIZED-GAINS-CURRENT> 429,904
<APPREC-INCREASE-CURRENT> 292,354
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (827)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,037,180
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,695
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<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> (0.00)
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> 0.00
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<PER-SHARE-NAV-END> 10.75
<EXPENSE-RATIO> 1.19
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MUNDER MID CAP GROWTH CL-Y
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 18,714,359
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<ACCUM-APPREC-OR-DEPREC> 292,354
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<DIVIDEND-INCOME> 14,739
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<EXPENSES-NET> 52,695
<NET-INVESTMENT-INCOME> 469
<REALIZED-GAINS-CURRENT> 429,904
<APPREC-INCREASE-CURRENT> 292,354
<NET-CHANGE-FROM-OPS> 722,727
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 1,750,806
<NUMBER-OF-SHARES-REDEEMED> (962)
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,695
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
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<PER-SHARE-NAV-END> 10.75
<EXPENSE-RATIO> 0.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Munder Value CL-A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 27,043,959
<INVESTMENTS-AT-VALUE> 28,540,300
<RECEIVABLES> 1,291,859
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,140
<TOTAL-ASSETS> 29,884,299
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,466
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<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 95,826
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,496,341
<NET-ASSETS> 194,662
<DIVIDEND-INCOME> 126,691
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<EXPENSES-NET> 89,905
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<APPREC-INCREASE-CURRENT> 1,496,341
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (293)
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<NUMBER-OF-SHARES-SOLD> 18,175
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 29,562,044
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 103,905
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<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> 0.01
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<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Munder Value CL-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 27,043,959
<INVESTMENTS-AT-VALUE> 28,540,300
<RECEIVABLES> 1,291,859
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<TOTAL-ASSETS> 29,884,299
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<ACCUM-APPREC-OR-DEPREC> 1,496,341
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<DIVIDEND-INCOME> 126,691
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<EXPENSES-NET> 89,905
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<ACCUMULATED-GAINS-PRIOR> 0
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<PER-SHARE-NII> (0.00)
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<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Munder Value CL-K
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 27,043,959
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<ACCUM-APPREC-OR-DEPREC> 1,496,341
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<APPREC-INCREASE-CURRENT> 1,496,341
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<DISTRIBUTIONS-OF-INCOME> (142)
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<NUMBER-OF-SHARES-SOLD> 7,786
<NUMBER-OF-SHARES-REDEEMED> (131)
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<NET-CHANGE-IN-ASSETS> 29,562,044
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Munder Value CL-Y
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 27,043,959
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<NUMBER-OF-SHARES-SOLD> 2,733,841
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<PER-SHARE-NII> 0.03
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<PER-SHARE-DIVIDEND> (0.02)
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</TABLE>
