[ OUTSIDE FRONT COVER ]
CLASS K SHARES
[ LOGO ART for ANNUAL
The MUNDER Funds ] REPORT
Investments
for all seasons JUNE 30, 1996
"Above all, we are proud of the overall performance of the funds."
The Munder Funds Letter to Shareholders:
Dear Fellow Shareholders: August 29, 1996
This has been an exciting twelve months for the Munder Funds. Since
the start of the fiscal year in July 1995, we made a singular commitment to
increase the overall performance of the funds without altering their
respective investment styles and while limiting portfolio volatility. I am
happy to report that we have made significant progress on these initiatives.
Above all, we are proud of the overall performance of the funds. For
the twelve month period ended June 30, 1996 all the funds posted attractive
absolute returns and competitive, if not superior relative returns. Related to
this achievement, we were particularly proud to have been recognized by
Barron's* as one of the top mutual fund families in the country. This ranking
took into consideration performance, asset size and breadth of funds.
Significant gains have also been made to the lineup of the funds
available. The Munder Mid-Cap Growth Fund was added as a complement to our
primarily large cap Munder Multi-Season Growth Fund. We also added the Munder
Value Fund to offer shareholders a value investment style which complements
our range of growth style funds. We hope to address still more of your
investment needs as we introduce the Munder International Bond Fund which will
allow shareholders to take advantage of the capital appreciation potential of
international bonds while still investing in income producing securities.
From a technological point of view, we are also making great strides.
In addition to being recognized throughout the country for being the first
mutual fund family to describe the rationale behind portfolio transactions, we
have gained attention for out registration of the Net Net Fund. The Net Net
Fund, a mutual fund which will focus on Internet-related investments will be
offered on the Internet via The Munder Funds' home page web site at
http://www.munder.com.
Although I would naturally like to see continued progress in the
coming year, I sincerely hope that you, as a shareholder of the Munder Funds,
are pleased with the results we have delivered. As always, we are pleased to
receive feedback from you, our shareholders, or your financial advisors.
Please feel free to call us or your financial advisor with questions. Or if
you'd like, send us a message from our Internet site.
Sincerely,
/s/ Lee Munder President
Lee Munder President
*February 5, 1996 issue
Table of Contents
EQUITY FUNDS OVERVIEW
ii Munder Multi-Season Growth Fund
iii Munder Accelerating Growth Fund
iii Munder Small Company Growth Fund
iii Munder Mid-Cap Growth Fund
iv Munder International Equity Fund
v Munder Index 500 Fund
v Munder Growth & Income Fund
v Munder Value Fund
vi Munder Balanced Fund
FIXED INCOME FUNDS OVERVIEW
vii Munder Bond Fund
vii Munder Intermediate Bond Fund
vii Munder U.S. Government Income Fund
viii Munder Michigan Triple Tax-Free Bond Fund
viii Munder Tax-Free Bond Fund
viii Munder Tax-Free Intermediate Bond Fund
ix Hypotheticals and Total Returns
PORTFOLIO
Equity funds: OF INVESTMENTS
1 Munder Multi-Season Growth Funds
4 Munder Real Estate Equity Investment Fund
5 Munder Accelerating Growth Fund
8 Munder Small Company Growth Fund
11 Munder Mid-Cap Growth Fund
13 Munder International Equity Fund
24 Munder Index 500 Fund
35 Munder Growth & Income Fund
37 Munder Value Fund
39 Munder Balanced Fund
Income Funds:
44 Munder Bond Fund
46 Munder Intermediate Bond Fund
49 Munder U.S. Government Income Fund
51 Munder Michigan Triple Tax-Free Bond Fund
54 Munder Tax-Free Bond Fund
59 Munder Tax-Free Intermediate Bond Fund
Money Market Funds:
66 Munder Money Market Fund
68 Munder Tax-Free Money Market Fund
76 Munder U.S. Treasury Money Market Fund
77 Munder Cash Investment Fund
80 Financial Statements
114 Financial Highlights
133 Notes to Financial Statements
141 Report of Ernst & Young LLP,IndependentAuditors
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
Management's Discussion Of Fund Performance
Equity Funds Overview
This year ended June 30, 1996 has been a rollercoaster ride for
investors. The stock market started last summer at the same fast pace it
exhibited early in 1995. The market paused in October and November when
technology and related market sectors suffered a mild correction with concerns
over these companies' ability to continue to grow their earnings. 1995 ended,
however, on an up note for the stock market, which continued until mid-May of
1996. Since May, the board market as measured by the S&P 500 has been flat to
end the twelve month period ended June 30, 1996 with a total return of 26.00%.
Defensive areas of the market exhibited strength near the end of calendar
1995, as the technology correction took hold and investors fled to high
quality and larger capitalization equities. Small-cap stocks have been the
star performers for the six months ended June 30, 1996, with the Russell 2000
Index generating a return of 10.40% as compared to the return of the S&P 500
at 10.10%.
Interest rates remained relatively stable during most of 1995,
although fears over a stronger than expected economy have caused interest
rates to rise in 1996. While rising interest rates are seen as negative for
stocks, the stock market has continued to be boosted by strong corporate
profits and continued strong cash inflows from mutual fund shareholders.
However, the downturn in the market since mid-May has reflected continuing
concerns over strength of the economy and the ability of corporate profits to
remain high.
The following paragraphs detail the performance of each fund
comprising The Munder Funds family of mutual funds. Each fund offers its
shares to investors in several classes. More details regarding the performance
of each class shares can be found in the accompanying performance charts.
MUNDER MUTLI-SEASON GROWTH FUND
Fund Managers: Lee Munder, CFA and Leonard J. Bar II, CFA
The Fund generated a return of 27.56% for the year ended June
30, 1996, compared to the 22.20% average return for the Lipper universe of
growth stock mutual funds and a 26.00% return for the S&P 500. The Fund showed
an above-median return for the one year period ended June 30, 1996 and has
outperformed the S&P 500 for the quarter, year-to-date and one-year periods
ended June 30, 1996.
We believe that the Fund is an excellent choice for the
investor seeking a conservatively run core portfolio holding. We further
believe that the Fund is well positioned to generate good relative performance
in an environment of slowing earnings growth. As an example, the Fund's total
returns over the three and six month periods ended June 30, 1996 were 5.10%
and 11.81% respectively, while the broad market reflected by the S&P 500
returned 4.49% and 10.10% respectively.
This Fund adheres to Munder Capital's core style of equity
investing, focusing on companies which exhibit strong, consistent earnings
growth with above average capital and below average debt. This is a strongly
held discipline followed in the management of the Fund. For example, select
characteristics of the holdings of the Fund follow:
<TABLE>
<CAPTION>
PORTFOLIO CHARACTERISTICS (June 30, 1996)
Multi-Season
Growth Fund S&P 500
------------ -------
<S> <C> <C>
Return on Equity 21% 15%
Earnings Growth Rate(last 5 years) 17% 9%
Price/Earnings Ratio 20x 18x
Debt/Equity Ratio 34% 41%
</TABLE>
ii
As of June 30, 1996 a majority of the Fund's holdings were with
companies rated A or better by Standard & Poors. We believe that investments
in these types of companies not only provide strong long-term return
potential, but also provide quality, lower risk investments during uncertain
market cycles such as that which we are now experiencing.
MUNDER ACCELERATING GROWTH FUND
Fund Manager: Ann J. Conrad, CFA
The Fund earned a return of 22.03% for the year ended June 30,
1996, compared to the 22.20% average return for the Lipper universe of growth
stock mutual funds. The Fund earned a first quartile return in its Lipper
universe for the year-to-date period ended June 30, 1996.
This is one of the Munder Funds' most aggressive growth funds,
investing primarily in companies that exhibit strong earning momentum. The
Fund suffered last Fall when technology companies were particularly hard hit.
Since that time we have reduced that volatility of the Fund, especially during
uncertain markets. The Fund continues to be invested for a slow growth and low
inflation environment. There is an emphasis on interest-sensitive companies as
well as those that can sustain above-average growth in this environment. These
include companies benefiting from being consolidators in mature industries or
from being positioned in huge new market segments such as networking, health
information services, and beneficiaries of growth related to the Internet.
MUNDER SMALL COMPANY GROWTH FUND
Fund Manger: Kurt R. Stalzer
The fund generated a return of 48.28% for the year ended June
30, 1996, compared to the 29.71% average return for the Lipper universe of
small company growth funds and a 23.89% return for the Russell 2000 Index. The
Fund has generated superior returns for the five year period ended June 30,
1996 and a first quartile return within its Lipper universe for the
three-month and one-year periods ended June 30, 1996.
Stock selection continues to be a key factor in the strong performance
of the Fund. The fund follows Munder Capital's core equity style of investing,
specifically applied to the small capitalization range of the market. The
Fund's technology holdings performed well, particularly in the software area.
Holdings in computer services area, where the Fund is overweighted, also made
a significant and positive contribution to performance. Returns were also
boosted by holdings in the healthcare sector where service related companies
rose strongly while healthcare product companies tempered the gains. The
retail and apparel holdings, which performed very well during the first
quarter of 1996, retreated in performance in the second quarter of 1996. The
Fund's holdings in these sectors, however, were trimmed at the end of March.
MUNDER MID-CAP GROWTH FUND
Fund Managers: Arnold Kent Douville and Jeffrey A. Wrona, CFA
The Fund commenced operations October 2, 1995. For the period
ended June 30, 1996, the Fund earned a return of 9.78% compared to the 13.26%
average for the Lipper universe of mid-cap funds and a 10.77% return for the
S&P 400 Mid-Cap Index.
iii
The underperformance of the Fund over the period can be
attributed principally to timing of the Fund's commencement of operations and
timing of cash flows. This Fund adheres to Munder Capital's core growth
investment style, specifically applied to companies with a market
capitalization of between $300 million and $1 billion. Many
technology-oriented companies make up this range of the market. Therefore, at
the Fund's early stages, the market in general, and technology in particular,
were particularly hard hit in October and November 1995.
Since that time, patience with technology investments has paid
off, with nine of thirteen holdings in this sector generating double digit
returns in 1996. With the current turmoil in the markets, the Fund has
realigned its sector-weightings, with the most significant sector changes
being a moderate increase in consumer cyclicals and an increase in finance
stocks. The Fund's portfolio in constructed in three broad segments: core
holdings, "story stocks" and a trading segment. The core holdings consist of
companies which we believe exhibit long-term growth prospects consistent
with Munder Capital's basic investment philosophy. The "story stocks" holdings
consist of those high-quality companies which we believe could benefit from a
particular trend or business shift. Finally, the trading segment of the
portfolio consists of high-quality companies which we would not expect to be
long-term holdings---such as certain initial public offerings.
The Fund's portfolio in constructed in three broad segments:
core holdings, "story stocks" and a trading segment. The core holdings consist
of companies which we believe exhibit long-term growth prospects consistent
with Munder Capital's basic investment philosophy. The "story stocks" holdings
consist of those high-quality companies which we believe could benefit from a
particular trend or business shift. Finally, the trading segment of the
portfolio consists of high-quality companies which we would not expect to be
long-term holdings---such as certain initial public offerings.
MUNDER INTERNATIONAL EQUITY FUND
Fund Manger: Todd Johnson
The Fund earned a return of 13.29% for the year ended June 30,
1996, compared to the 14.02% return for the FT Actuaries World ex U.S. Index
and a 15.46% average return for the Lipper universe of international stock
funds. The MSCI EAFE Index returned 13.62% for the same period. The Fund has
increased the number of international holdings to create a broad foreign
market exposure. This increase has been responsible for a reduction in the
volatility of the Fund and the methodical production of consistent returns.
The Fund seeks to create a widely diversified, broad market
core of international holdings through the use of U.S. traded ADR's and
foreign equities and enhance its returns with a quantitative equity selection
process. As a result, as of June 30, 1996, the Fund held 571 equalities in 40
countries in 39 industry categories.
iv
MUNDER INDEX 500 FUND
Fund Manager: Todd Johnson
The Fund earned a return of 25.37% for the year ended June 30,
1996, as compared to the 26.00% return for the Lipper S&P 500 universe stocks.
The primary difference between the returns of this Fund and the returns of the
S&P 500 Index is due to the fact that all expenses are deducted from the Fund
before performance is calculated. Since the S&P 500 Index is not an actual
fund, there are no expenses charged against its return. As of June 30, 1996
the Fund held all 500 stocks in the S&P 500 universe. Its heaviest sector
weightings, like those of the S&P 500 universe, are consumer cyclicals,
finance, technology, utilities and healthcare.
MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
For the year ended June 30, 1996, the Fund earned a return of
20.97%, compared to the 22.13% average return for the Lipper universe of
equity income funds. Returns for funds seeking high dividends and growth
stocks, such as the Fund, relative to pure growth stocks, have been volatile
as reflected by the fact that the Fund generated first quartile performance in
the last six months of 1995, and last quartile performance during the first
six months of 1996 as measured by the Lipper universe of equity income funds.
To a large degree, the same factors that led to the Fund's strong performance
in 1995 contributed to its weak performance in 1996. Since the Fund's goal is
to generate income in excess income in excess of the S&P 500, it tends to
favor higher yielding stocks. As fears of inflation heated up in early 1996,
the securities of interest sensitive companies, and those companies with
higher dividend yields (financials, utilities, etc.) were particularly hard
hit. However, we continue to believe that dividends represent a significant
portion of the potential income from a stock investment, and that over time,
adherence to a strict discipline will benefit shareholders.
Despite near-term market anticipation of a stronger economy,
conditions appear to support slower earnings growth, caution with respect to
corporate earnings and a possibility of lower interest rates later in the
year. The current strategy of holding a blend of high quality, higher yielding
securities and high quality, moderate growth stocks remains in place.
MUNDER VALUE FUND
Fund Manager: Gerald L. Seizert, CFA
The Fund commenced operations November 30, 1995 and its return
for the period ended June 30, 1996 was 7.33% as compared to 10.71% for the
Lipper growth and income fund universe average. For the year-to-date period
ended June 30, 1996, the Fund achieved a return of 8.34%, compared to the
8.57% return for the S&P BARRA/Value Index. The Fund adheres to value style,
investing in companies that appear to be undervalued or overlooked by the
market. This value style provides an excellent complement to growth funds. The
Fund has essentially matched the market during this start-up period. Strong
performance earlier in 1996 was offset recently as signs of a strong economy
pointed to near-term uncertainty. To maintain defensive positioning, the Fund
intends to emphasize companies believed to be able to generate relatively
strong earnings.
v
Although the financial sector continues to be under some
pressure due to the rise in interest rates during the first six months of 1996
and the popular belief that the economy will remain strong for the near
future, this sector remains attractively valued and it is anticipated that
consolidation within the banking, savings and loan, and insurance industries
should prove favorable for this sector and act as a catalyst for revaluation
to higher levels. We have viewed the recent underperformance of this sector as
an excellent buying opportunity for select fundamentally undervalued financial
stocks. Despite some short term pullback during this uncertain market time in
financial stocks, the Fund remains committed to the financial sector.
MUNDER BALANCED FUND
Fund Managers: Leonard J. Barr II, CFA, Ann J. Conrad, CFA, James C. Robinson
The Fund exhibited a 17.71% return for the year ended June 30,
1996 as compared to the average return for the Lipper balanced fund universe
of 15.52%. The Fund earned an above-median return for the two year period
ended June 30, 1996.
The Fund had an asset allocation of 57% equities, 39% bonds and
4 % cash as of June 30, 1996. Both the stock and bond portions of the Fund
generated strong relative performance during the second quarter of 1996. The
strong performance of the stocks in the Fund was largely a function of
above-average stock selection. The Fund's holdings performed very well
relative to both their sectors and to the market as a whole during the second
quarter of 1996.
vi
Fixed-Income Funds Overview
The fixed income market has performed relatively poorly
year-to-date in 1996, as compared to the double digit returns it posted in
1995. The interest rate on the 30-year Treasury bond increased by close to one
percentage point during 1996, as investors reacted to higher commodity prices
and fears of a strengthening economy. With the rise in interest rates, bond
market benchmarks showed a negative total return for the June 30, 1996
year-to-date period. Among all bond market sectors, the lower quality,
high-yield bonds (often referred to as junk bonds) were more active and showed
the greatest returns. This reflected investors' appetite for increased yield
opportunities, even at the expense of quality.
At Munder Capital, we do not believe that one can consistently
forecast the direction and impact of interest rates. Therefore, our fixed
income investment philosophy follows a duration neutral stance, which means we
do not assume any interest rate risk beyond the applicable benchmark. We then
seek to add value in the active management of the portfolio to capture
inefficiencies in the market.
MUNDER BOND FUND
Fund Manager: James C. Robinson
The Fund generated a return of 4.35% for the year ended June
30, 1996, compared to the 4.06% average return for the Lipper universe of
corporate A rated debt funds and a 4.66% return for the Lehman
Government/Corporate Bond Index. The Fund has earned an above-median return
relative to its Lipper universe for the six month time period through two
years. Since low quality bond perform best, the Fund" focus in high quality
bonds impacted its return near-term. The Index includes lower rated corporate
bonds than those held by the Fund which, as of June 30, 1996, had an average
rating of AAA by Standard & Poors. In addition, the Fund's performance
reflects expenses whereas the Index includes neither transaction costs nor
expenses.
MUNDER INTERMEDIATE BOND FUND
Fund Manger: Anne K. Kennedy
The Fund generated a return of 4.04% for the year ended June
30, 1996, compared to the 4.91% average return for the Lipper universe of
short investment grade debt funds. The recent underperformance of the Fund
relative to its Lipper universe is due to the fact that the Fund's price
sensitivity to changes in interest rates is benchmarked to the Lehman
Government/Corporate Intermediate Index. Both the Fund and its related
benchmark Index have a longer duration (greater sensitivity to interest rate
changes) than the average fund in Lipper universe. Therefore, both the Index
and the Fund will experience underperformance relative to the Lipper universe
when interest rates are rising and bond prices are falling.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Manager: Peter G. Root
The Fund earned a return of 4.32% for the year ended June 30,
1996, compared to the 3.48% average return for the Lipper universe of general
U.S. Government funds and a 4.50% return for the Lehman Government Bond Index.
The Fund has earned first quartile returns compared to the Lipper universe for
the three months, year-to-date and one-year periods. Fund performance was
enhanced during the 1996 fiscal year by an overweighing in corporate bonds and
in government-related mortgage securities relative to the other funds in the
Lipper universe.
vii
MUNDER MICHIGAN TRIPLE TAX-FREE BOND FUND
Fund Manager: Wendy B. Harries
For the year ended June 30, 1996, the Fund generated a return
of 5.14% compared to the 5.74% average return for the Lipper universe of
Michigan municipal debt funds. The longer maturity structure of the Fund,
which held back performance in April and May 1996 contributed to strong
relative performance in June. Unlike the rising interest rate environment
earlier in the second quarter of 1996, yields declined along the ten-year to
thirty-year maturity spectrum in June. Lack of yield-enhancing opportunities
in the market made it difficult to lift the Fund's yield during the second
quarter of 1996.
MUNDER TAX-FREE BOND FUND
Fund Manager: Wendy B. Harries
The Fund generated a 5.12% return for the year ended June 30,
1996, compared to the 5.67% average return for the Lipper universe of general
municipal debt funds. The Fund earned above-median return for the three-year
period ended June 30, 1996. The relative modest underperformance of the Fund
is due to a heavy weighting in longer-term maturities. As of June 30, 1996
close to 45% of the Fund's holdings mature in ten to twenty years. This longer
maturity has hindered the Fund in the current, declining market since bond
prices fall as interest rates rise. We continue to look for opportunities to
enhance the yield of the Fund in this interest rate environment.
MUNDER TAX-FREE INTERMEDIATE BOND FUND
Fund Manager: Wendy B. Harries
The Fund earned a return of 3.69% for the year ended June 30,
1996, compared to the 4.86% average return for the Lipper universe of
intermediate municipal debt funds. Fund returns were boosted in April by the
defensive nature of the Fund but performance was held back in May by an
underweighting in the one to three-year maturity segment of the Fund. Given
the uncertainty of the tax-exempt fixed income market in June, the market was
not attractively priced thereby eliminating swap activities.
viii
Hypotheticals and Total Returns
The following graphs represent the performance of the fund since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately seventeen months) and a period of time when the
Funds were managed by the predecessor.
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
MULTI-SEASON GROWTH FUND
Lipper Growth
Class K S&P 500 Funds Average
------- ------- -------------
<S> <C> <C> <C>
6/23/95 $10,000.00 $10,000.00 $10,000.00
6/30/95 $ 9,852.00 $10,000.00 $10,000.00
$10,189.00 $10,331.00 $10,480.00
$10,164.00 $10,357.00 $10,531.00
$10,598.00 $10,794.00 $10,860.00
$10,607.00 $10,755.00 $10,695.00
$11,221.00 $11,227.00 $11,066.00
$11,240.00 $11,443.00 $11,105.00
$11,714.00 $11,832.00 $11,343.00
$11,883.00 $11,942.00 $11,597.00
$11,958.00 $12,057.00 $11,699.00
$12,144.00 $12,235.00 $12,079.00
$12,382.00 $12,550.00 $12,398.00
6/30/96 $12,568.00 $12,597.00 $12,219.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Multi-Season Lipper Growth One Since
Growth Fund S&P 500 Funds Average Year Inception
------------ ---------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $12,568.00 $12,597.96 $12,219.67 27.56% 25.13%
</TABLE>
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
ACCELERATING GROWTH FUND
Lipper Growth
Class K S&P 500 Funds Average
------- ------- -------------
<S> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00
$10,187.00 $10,000.00 $10,000.00
$10,511.00 $10,120.00 $10,177.00
$10,665.00 $10,198.00 $10,306.00
2/28/93 $10,543.00 $10,335.00 $10,146.00
$11,128.00 $10,550.00 $10,432.00
$10,610.00 $10,288.00 $10,109.00
$11,151.00 $10,557.00 $10,478.00
$11,291.00 $10,582.00 $10,509.00
$11,344.00 $10,535.00 $10,471.00
$12,035.00 $10,927.00 $10,918.00
$12,244.00 $10,843.00 $11,026.00
$12,343.00 $11,063.00 $11,174.00
$11,749.00 $10,953.00 $10,964.00
$12,343.00 $11,082.00 $11,269.00
$12,592.00 $11,451.00 $11,623.00
2/28/94 $12,440.00 $11,132.00 $11,431.00
$11,702.00 $10,646.00 $10,864.00
$11,577.00 $10,782.00 $10,939.00
$11,257.00 $10,953.00 $10,994.00
$10,545.00 $10,682.00 $10,631.00
$10,901.00 $11,028.00 $10,912.00
$11,435.00 $11,472.00 $11,410.00
$11,257.00 $11,189.00 $11,192.00
$11,755.00 $11,438.00 $11,371.00
$11,097.00 $11,021.00 $10,952.00
$11,309.00 $11,181.00 $11,054.00
$11,190.00 $11,468.00 $11,130.00
2/28/95 $11,638.00 $11,909.00 $11,560.00
$12,031.00 $12,254.00 $11,884.00
$12,095.00 $12,609.00 $12,143.00
$12,507.00 $13,104.00 $12,511.00
6/30/95 $13,549.00 $13,402.00 $13,038.00
$14,564.00 $13,839.00 $13,660.00
$14,710.00 $13,871.00 $13,766.00
$15,048.00 $14,448.00 $14,171.00
$14,408.00 $14,396.00 $13,969.00
$14,609.00 $15,021.00 $14,472.00
$14,219.00 $15,303.00 $14,546.00
$14,661.00 $15,816.00 $14,857.00
$15,360.00 $15,955.00 $15,182.00
$15,726.00 $16,110.00 $15,321.00
$16,383.00 $16,343.00 $15,797.00
$17,018.00 $16,754.00 $16,201.00
6/30/96 $16,534.00 $16,816.00 $15,979.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Accelerating Lipper Growth One Since
Growth Fund S&P 500 Funds Average Year Inception
------------ ------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $16,534.00 $16,816.81 $15,979.76 22.03% 14.98%
</TABLE>
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares upon redemption may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends. The Lipper mutual fund averages were derived from a
universe of only those mutual funds that were in existence as of the inception
date of the Funds and are comprised of mutual funds which are categorized
under the Funds' respective objectives by Lipper Analytical Services, Inc.
ix
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
SMALL COMPANY GROWTH FUND
Lipper Small Co.
Class K Russell 2000 Index Growth Funds Average
------- ------------------ ----------------------
<S> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00
$10,187.00 $10,000.00 $10,000.00
$10,438.00 $10,348.00 $10,334.00
$10,739.00 $10,698.00 $10,589.00
2/28/93 $10,325.00 $10,451.00 $10,239.00
$10,731.00 $10,790.00 $10,594.00
$10,089.00 $10,494.00 $10,251.00
$10,511.00 $10,958.00 $10,778.00
$10,568.00 $11,027.00 $10,858.00
$10,552.00 $11,179.00 $10,925.00
$10,990.00 $11,662.00 $11,455.00
$11,412.00 $11,991.00 $11,812.00
$11,510.00 $12,300.00 $12,001.00
$11,080.00 $11,895.00 $11,625.00
$11,810.00 $12,302.00 $12,106.00
$11,777.00 $12,687.00 $12,435.00
2/28/94 $11,885.00 $12,641.00 $12,425.00
$11,157.00 $11,974.00 $11,769.00
$11,281.00 $12,045.00 $11,761.00
$10,983.00 $11,910.00 $11,556.00
$10,355.00 $11,505.00 $11,136.00
$10,529.00 $11,694.00 $11,336.00
$11,364.00 $12,346.00 $11,994.00
$11,455.00 $12,305.00 $12,051.00
$11,662.00 $12,256.00 $12,204.00
$11,050.00 $11,761.00 $11,747.00
$11,487.00 $12,077.00 $11,992.00
$11,098.00 $11,925.00 $11,870.00
2/28/95 $11,503.00 $12,421.00 $12,371.00
$11,926.00 $12,635.00 $12,684.00
$11,735.00 $12,916.00 $12,858.00
$11,909.00 $13,138.00 $13,063.00
6/30/95 $12,655.00 $13,819.00 $13,813.00
$13,789.00 $14,615.00 $14,817.00
$13,822.00 $14,918.00 $15,055.00
$14,303.00 $15,184.00 $15,447.00
$14,187.00 $14,505.00 $14,947.00
$14,609.00 $15,115.00 $15,481.00
$14,892.00 $15,513.00 $15,670.00
$15,007.00 $15,497.00 $15,577.00
$15,595.00 $15,980.00 $16,209.00
$16,574.00 $16,305.00 $16,602.00
$18,105.00 $17,177.00 $17,764.00
$19,093.00 $17,854.00 $18,463.00
6/30/96 $18,764.00 $17,121.00 $17,762.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lipper Small
Small Company Company Growth One Since
Growth Fund Russell 2000 Funds Average Year Inception
----------- ------------ ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $18,764.00 $17,121.22 $17,762.65 48.28% 19.09%
</TABLE>
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
MID-CAP GROWTH FUND
Lipper Mid-Cap
Class K S&P Mid-Cap 400 Index Funds Average
------- --------------------- --------------
<S> <C> <C> <C>
10/2/95 $10,000.00 $10,000.00 $10,000.00
$ 9,753.00 $ 9,742.70 $ 9,751.00
$ 9,953.00 $10,168.21 $10,100.00
$10,209.00 $10,142.00 $10,181.00
$10,180.00 $10,290.00 $10,244.00
$10,598.00 $10,639.00 $10,597.00
$10,693.00 $10,767.00 $10,779.00
$11,396.00 $11,096.00 $11,335.00
$11,643.00 $11,246.00 $11,662.00
6/30/96 $10,978.00 $11,077.00 $11,317.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AGGREGATE TOTAL RETURNS
------------------------------ -----------------------
Mid-Cap S&P Mid-Cap Lipper Mid-Cap One Since
Growth Fund 400 Index Funds Average Year Inception
----------- --------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $10,978.00 $11,077.46 $11,317.22 N/A 9.78%
</TABLE>
Please refer to the preceding and following pages for additional information
on performance and index description.
x
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY FUND
Lipper
MSCI FT/S&P Actuaries International
Class K EAFE Index World Index ex U.S. Funds Average
------- ---------- ------------------- -------------
<S> <C> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00 $10,000.00
$10,134.00 $10,000.00 $10,000.00 $10,000.00
$10,172.00 $10,051.00 $10,031.43 $10,133.00
$10,044.00 $10,050.00 $10,035.08 $10,174.00
2/28/93 $10,296.00 $10,354.00 $10,375.68 $10,409.00
$10,634.00 $11,256.00 $11,294.40 $11,008.00
$10,847.00 $12,324.00 $12,340.30 $11,570.00
$11,050.00 $12,585.00 $12,685.28 $11,807.00
$10,963.00 $12,388.00 $12,374.65 $11,561.00
$11,331.00 $12,822.00 $12,926.47 $11,914.00
$11,979.00 $13,514.00 $13,534.57 $12,655.00
$11,882.00 $13,210.00 $13,170.59 $12,584.00
$12,637.00 $13,617.00 $13,522.88 $13,152.00
$12,250.00 $12,427.00 $12,373.92 $12,647.00
$13,479.00 $13,324.00 $13,259.03 $13,871.00
$13,856.00 $14,451.00 $14,375.82 $14,712.00
2/28/94 $13,237.00 $14,411.00 $14,353.90 $14,384.00
$12,231.00 $13,790.00 $13,793.31 $13,729.00
$12,521.00 $14,375.00 $14,364.13 $14,093.00
$12,628.00 $14,293.00 $14,318.81 $14,059.00
$12,095.00 $14,495.00 $14,492.03 $13,893.00
$12,657.00 $14,634.00 $14,644.06 $14,294.00
$13,005.00 $14,980.00 $14,994.88 $14,731.00
$12,618.00 $14,509.00 $14,586.32 $14,352.00
$12,918.00 $14,992.00 $15,052.62 $14,627.00
$12,453.00 $14,271.00 $14,306.39 $13,941.00
$12,325.00 $14,361.00 $14,367.78 $13,785.00
$11,741.00 $13,809.00 $13,758.95 $13,124.00
2/28/95 $11,965.00 $13,769.00 $13,650.78 $13,156.00
$12,296.00 $14,628.00 $14,501.53 $13,590.00
$12,705.00 $15,178.00 $15,082.59 $14,042.00
$12,891.00 $14,997.00 $14,883.79 $14,175.00
6/30/95 $13,076.00 $14,734.00 $14,615.55 $14,183.00
$13,690.00 $15,652.00 $15,538.66 $14,965.00
$13,397.00 $15,055.00 $14,973.69 $14,679.00
$13,758.00 $15,349.00 $15,227.31 $14,929.00
$13,670.00 $14,936.00 $14,829.70 $14,637.00
$13,738.00 $15,352.00 $15,278.47 $14,800.00
$14,018.00 $15,970.00 $15,869.02 $15,240.00
$14,156.00 $16,036.00 $16,018.86 $15,569.00
$14,175.00 $16,090.00 $16,007.16 $15,637.00
$14,372.00 $16,432.00 $16,336.79 $15,896.00
$14,824.00 $16,909.00 $16,858.65 $16,404.00
$14,745.00 $16,598.00 $16,580.91 $16,355.00
6/30/96 $14,814.00 $16,692.00 $16,662.04 $16,471.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
FT/S&P Lipper
International MSCI Actuaries World International One Since
Equity Fund EAFE Index Index ex U.S. Funds Average Year Inception
----------- ---------- ------------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $14,814.00 $16,692.03 $16,667.15 $16,471.94 13.29% 11.53%
</TABLE>
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
INDEX 500 FUND
Lipper S&P
Class K S&P 500 500 Funds Average
------- ------- -----------------
<S> <C> <C> <C>
12/7/92 $10,000.00 $10,000.00 $10,000.00
$10,017.00 $10,122.00 $10,120.00
$10,109.00 $10,207.00 $10,198.00
2/28/93 $10,243.00 $10,346.00 $10,335.00
$10,457.00 $10,564.00 $10,550.00
$10,201.00 $10,309.00 $10,288.00
$10,470.00 $10,584.00 $10,557.00
$10,497.00 $10,615.00 $10,582.00
$10,450.00 $10,572.00 $10,535.00
$10,839.00 $10,972.00 $10,927.00
$10,757.00 $10,888.00 $10,843.00
$10,980.00 $11,113.00 $11,063.00
$10,870.00 $11,007.00 $10,953.00
$10,998.00 $11,140.00 $11,082.00
$11,371.00 $11,519.00 $11,451.00
2/28/94 $11,050.00 $11,206.00 $11,132.00
$10,574.00 $10,718.00 $10,646.00
$10,698.00 $10,856.00 $10,782.00
$10,864.00 $11,033.00 $10,953.00
$10,597.00 $10,763.00 $10,682.00
$10,936.00 $11,116.00 $11,028.00
$11,372.00 $11,571.00 $11,472.00
$11,084.00 $11,288.00 $11,189.00
$11,338.00 $11,542.00 $11,438.00
$10,928.00 $11,122.00 $11,021.00
$11,089.00 $11,287.00 $11,181.00
$11,365.00 $11,579.00 $11,468.00
2/28/95 $11,813.00 $12,030.00 $11,909.00
$12,154.00 $12,384.00 $12,254.00
$12,508.00 $12,749.00 $12,609.00
$12,997.00 $13,257.00 $13,104.00
6/30/95 $13,288.00 $13,565.00 $13,402.00
$13,731.00 $14,015.00 $13,839.00
$13,760.00 $14,050.00 $13,871.00
$14,331.00 $14,642.00 $14,448.00
$14,283.00 $14,590.00 $14,396.00
$14,902.00 $15,230.00 $15,021.00
$15,187.00 $15,523.00 $15,303.00
$15,697.00 $16,051.00 $15,816.00
$15,809.00 $16,200.00 $15,955.00
$15,961.00 $16,356.00 $16,110.00
$16,197.00 $16,597.00 $16,343.00
$16,597.00 $17,024.00 $16,754.00
6/30/96 $16,660.00 $17,089.00 $16,816.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lipper S&P 500 One Since
Index 500 Fund S&P 500 Funds Average Year Inception
-------------- ------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $16,660.00 $17,089.63 $16,816.81 25.37% 15.40%
</TABLE>
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares upon redemption may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends. Aggregate total returns are derived by dividing the
initial investment into the value of shares held at the end of a period and
subtracting one from the result.
Figures for the S&P 500 and the S&P 400 Mid-Cap, unmanaged indicies of common
stock prices, include reinvestment of dividends. The Russell 2000 Index is a
capitalization weighted total return index which is comprised of 2,000 of the
smallest capitalized U.S. domiciled companies whose stock is traded in the
United States on the New York Stock Exchange, American Stock Exchange and the
NASDAQ. The Morgan Stanley (MSCI) EAFE Index is an unmanaged index used to
portray the pattern of common stock price movement in Europe, Australia, New
Zealand and countries in the Far East. The index is weighted based on the
market capitalization of those stocks in the Index and includes gross
reinvestment of dividends. The FT/S&P Actuaries World Index ex U.S. is an
unmanaged index used to portray global equity markets excluding the U.S. The
Index is weighted based on the market capitalization of those stocks selected
to represent each country and includes gross reinvestment of dividends. The
Index is more appropriate comparison for the International Equity Fund than
the Morgan Stanley (MSCI) EAFE Index because the Advisor believes the Index
reflects a broader market exposure and a security selection process more
representative of the Fund's process.
xi
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
GROWTH & INCOME FUND
Lipper Equity
Class K S&P 500 Income Funds Average
------- ------- --------------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
$10,090.00 $10,328.00 $10,263.00
$10,190.00 $10,750.00 $10,597.00
$10,130.00 $10,487.00 $10,402.00
$10,154.00 $10,723.00 $10,460.00
$ 9,902.00 $10,333.00 $10,058.00
$ 9,944.00 $10,486.00 $10,124.00
$10,239.00 $10,757.00 $10,312.00
2/28/95 $10,594.00 $11,176.00 $10,649.00
$10,796.00 $11,506.00 $10,902.00
$11,052.00 $11,844.00 $11,149.00
$11,442.00 $12,317.00 $11,486.00
6/30/95 $11,502.00 $12,602.00 $11,632.00
$11,657.00 $13,020.00 $11,957.00
$11,709.00 $13,053.00 $12,090.00
$12,221.00 $13,603.00 $12,486.00
$12,242.00 $13,555.00 $12,341.00
$12,825.00 $14,149.00 $12,875.00
$13,321.00 $14,422.00 $13,189.00
$13,648.00 $14,912.00 $13,494.00
$13,606.00 $15,051.00 $13,615.00
$13,750.00 $15,195.00 $13,797.00
$13,633.00 $15,419.00 $13,959.00
$13,782.00 $15,816.00 $14,185.00
6/30/96 $13,914.00 $15,877.00 $14,200.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lipper
Growth & Equity Income One Since
Income Fund S&P 500 Funds Average Year Inception
----------- ------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $13,914.00 $15,877.07 $14,200.10 20.97% 18.09%
</TABLE>
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
VALUE FUND
Lipper
S&P/BARRA Growth & Income
Class K Value Index Funds Average
------- ----------- ---------------
<S> <C> <C> <C>
11/30/95 $10,000.00 $10,000.00 $10,000.00
$ 9,906.00 $10,277.00 $10,159.00
$10,258.00 $10,584.00 $10,428.00
$10,461.00 $10,683.00 $10,570.00
$10,649.00 $10,933.00 $10,712.00
$10,751.00 $11,045.00 $10,900.00
$10,881.00 $11,211.00 $11,105.00
6/30/96 $10,733.00 $11,158.00 $11,069.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AGGREGATE TOTAL RETURNS
------------------------------ -----------------------
Lipper
S&P/BARRA Growth & Income One Since
Value Fund Value Index Funds Average Year Inception
---------- ----------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $10,733.00 $11,158.25 $11,069.98 N/A 7.33%
</TABLE>
Please refer to the preceding and following pages for additional information
on performance and index description.
xii
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
BALANCED FUND
Lipper Balanced
Class K S&P 500 Funds Average
------- ------- ---------------
<S> <C> <C> <C>
4/16/93 $10,000.00 $10,000.00 $10,000.00
$ 9,890.00 $ 9,758.00 $ 9,885.00
$10,030.00 $10,018.00 $10,040.00
$10,100.00 $10,047.00 $10,155.00
$10,092.00 $10,007.00 $10,177.00
$10,384.00 $10,386.00 $10,481.00
$10,434.00 $10,306.00 $10,515.00
$10,475.00 $10,519.00 $10,619.00
$10,222.00 $10,419.00 $10,479.00
$10,516.00 $10,545.00 $10,662.00
$10,685.00 $10,903.00 $10,920.00
2/28/94 $10,503.00 $10,607.00 $10,711.00
$10,046.00 $10,146.00 $10,316.00
$ 9,990.00 $10,276.00 $10,335.00
$ 9,909.00 $10,444.00 $10,384.00
$ 9,593.00 $10,188.00 $10,201.00
$ 9,781.00 $10,522.00 $10,431.00
$10,067.00 $10,953.00 $10,697.00
$ 9,954.00 $10,685.00 $10,498.00
$10,097.00 $10,925.00 $10,549.00
$ 9,809.00 $10,528.00 $10,297.00
$ 9,947.00 $10,683.00 $10,398.00
$ 9,999.00 $10,960.00 $10,536.00
2/28/95 $10,298.00 $11,387.00 $10,855.00
$10,486.00 $11,723.00 $11,048.00
$10,590.00 $12,068.00 $11,245.00
$10,932.00 $12,549.00 $11,620.00
6/30/95 $11,259.00 $12,840.00 $11,852.00
$11,604.00 $13,266.00 $12,123.00
$11,667.00 $13,299.00 $12,228.00
$11,968.00 $13,860.00 $12,506.00
$11,915.00 $13,810.00 $12,470.00
$12,262.00 $14,416.00 $12,865.00
$12,272.00 $14,694.00 $13,044.00
$12,558.00 $15,193.00 $13,286.00
$12,695.00 $15,334.00 $13,334.00
$12,759.00 $15,482.00 $13,382.00
$12,939.00 $15,710.00 $13,511.00
$13,152.00 $16,115.00 $13,679.00
6/30/96 $13,193.00 $16,176.00 $13,691.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lipper Balanced One Since
Balanced Fund S&P 500 Funds Average Year Inception
------------- ------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $13,193.00 $16,176.57 $13,691.92 17.17% 9.03%
</TABLE>
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
BOND FUND
Lipper Corp
Lehman Govt/Corp Debt A Rated
Class K Bond Index Funds Average
------- ---------------- -------------
<S> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00
$ 9,959.00 $10,000.00 $10,000.00
$10,098.00 $10,171.13 $10,168.00
$10,298.00 $10,392.00 $10,389.00
2/28/93 $10,524.00 $10,608.00 $10,625.00
$10,608.00 $10,644.00 $10,662.00
$10,690.00 $10,725.00 $10,731.00
$10,656.00 $10,720.00 $10,733.00
$10,890.00 $10,963.00 $10,977.00
$10,948.00 $11,033.00 $11,063.00
$11,204.00 $11,286.00 $11,324.00
$11,261.00 $11,326.00 $11,358.00
$11,329.00 $11,372.00 $11,412.00
$11,193.00 $11,244.00 $11,257.00
$11,226.00 $11,293.00 $11,315.00
$11,395.00 $11,463.00 $11,489.00
2/28/94 $11,115.00 $11,213.00 $11,231.00
$10,850.00 $10,939.00 $10,928.00
$10,761.00 $10,848.00 $10,812.00
$10,761.00 $10,828.00 $10,776.00
$10,726.00 $10,803.00 $10,739.00
$10,886.00 $11,019.00 $10,933.00
$10,895.00 $11,023.00 $10,934.00
$10,747.00 $10,856.00 $10,763.00
$10,713.00 $10,844.00 $10,735.00
$10,684.00 $10,825.00 $10,713.00
$10,749.00 $10,896.00 $10,795.00
$10,932.00 $11,106.00 $10,985.00
2/28/95 $11,163.00 $11,363.00 $11,237.00
$11,225.00 $11,439.00 $11,318.00
$11,369.00 $11,599.00 $11,475.00
$11,784.00 $12,085.00 $11,953.00
6/30/95 $11,865.00 $12,182.00 $12,031.00
$11,854.00 $12,135.00 $11,979.00
$11,990.00 $12,290.00 $12,144.00
$12,097.00 $12,415.00 $12,274.00
$12,269.00 $12,597.00 $12,451.00
$12,440.00 $12,805.00 $12,646.00
$12,628.00 $12,993.00 $12,844.00
$12,701.00 $13,074.00 $12,902.00
$12,445.00 $12,797.00 $12,613.00
$12,365.00 $12,689.00 $12,513.00
$12,272.00 $12,602.00 $12,417.00
$12,243.00 $12,581.00 $12,394.00
6/30/96 $12,381.00 $12,749.00 $12,549.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lehman Lipper Corp
Gov't/Corp Debt A Rated One Since
Bond Fund Bond Index Funds Average Year Inception
--------- ---------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $12,381.00 $12,749.43 $12,549.17 4.35% 6.11%
</TABLE>
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares upon redemption may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends. Aggregate total returns are derived by dividing the
initial investment into the value of shares held at the end of a period and
subtracting one from the result.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends. The S&P/BARRA Value Index is an unmanaged ,
capitalization-weighted index of all the stocks in the S&P 500 that have low
price-to-book ratios. The Index is designed so that approximately 50% of the
S&P 500 market capitalization is in the Value Index. The Lehman Brothers
Government/Corporate Bond Index is a weighted composite of (i) Lehman
Brothers Government Bond Index, which is comprised of all publicly issued,
non-convertible debt of the U.S. Government or any agency thereof,
quasi-federal corporations, and corporate debt guaranteed by the U.S.
Government and (ii) Lehman Brothers Corporate Bond Index, which is comprised
of all public fixed-rate, non-convertible investment-grade domestic corporate
debt, excluding collateralized mortgage obligations.
xiii
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND
Lehman Int. Lipper Short Invt.
Govt/Corp Grage Debt
Class K Bond Index Funds Average
------- ---------- ------------------
<S> <C> <C> <C>
11/20/92 $10,000.00 $10,000.00 $10,000.00
$ 9,961.00 $10,000.00 $10,000.00
$10,069.00 $10,130.00 $10,075.00
$10,241.00 $10,327.00 $10,182.00
2/28/93 $10,415.00 $10,490.00 $10,277.00
$10,461.00 $10,532.00 $10,314.00
$10,537.00 $10,617.00 $10,371.00
$10,502.00 $10,593.00 $10,375.00
$10,660.00 $10,759.00 $10,452.00
$10,695.00 $10,786.00 $10,490.00
$10,864.00 $10,957.00 $10,578.00
$10,910.00 $11,002.00 $10,611.00
$10,935.00 $11,032.00 $10,644.00
$10,835.00 $10,970.00 $10,642.00
$10,879.00 $11,020.00 $10,688.00
$11,004.00 $11,143.00 $10,761.00
2/28/94 $10,805.00 $10,978.00 $10,697.00
$10,594.00 $10,797.00 $10,623.00
$10,495.00 $10,723.00 $10,583.00
$10,495.00 $10,731.00 $10,595.00
$10,483.00 $10,732.00 $10,605.00
$10,595.00 $10,887.00 $10,684.00
$10,628.00 $10,921.00 $10,722.00
$10,520.00 $10,820.00 $10,711.00
$10,512.00 $10,819.00 $10,731.00
$10,481.00 $10,769.00 $10,713.00
$10,528.00 $10,808.00 $10,707.00
$10,675.00 $10,990.00 $10,807.00
2/28/95 $10,864.00 $11,218.00 $10,932.00
$10,920.00 $11,282.00 $10,989.00
$11,034.00 $11,421.00 $11,088.00
$11,359.00 $11,766.00 $11,272.00
6/30/95 $11,411.00 $11,845.00 $11,338.00
$11,405.00 $11,847.00 $11,373.00
$11,506.00 $11,955.00 $11,445.00
$11,590.00 $12,041.00 $11,507.00
$11,710.00 $12,176.00 $11,597.00
$11,863.00 $12,336.00 $11,690.00
$11,980.00 $12,465.00 $11,778.00
$12,060.00 $12,573.00 $11,869.00
$11,916.00 $12,425.00 $11,827.00
$11,835.00 $12,361.00 $11,820.00
$11,779.00 $12,317.00 $11,830.00
$11,751.00 $12,308.00 $11,852.00
6/30/96 $11,872.00 $12,439.00 $11,934.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lehman Lipper Short
Intermediate Gov't/Corp Invt. Grade Debt One Since
Bond Fund Bond Index Funds Average Year Inception
--------- ---------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $11,872.00 $12,439.12 $11,934.96 4.04% 4.87%
</TABLE>
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
U.S. GOVERNMENT INCOME FUND
Lehman Lipper
Govt/Corp U.S. Govt Grade
Class K Bond Index Debt Funds Average
------- -------------- ------------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
$10,130.00 $10,199.00 $10,168.00
$10,126.00 $10,204.00 $10,165.00
$ 9,974.00 $10,049.00 $10,005.00
$ 9,951.00 $10,038.00 $ 9,977.00
$ 9,927.00 $10,020.00 $ 9,957.00
$ 9,989.00 $10,086.00 $10,030.00
$10,146.00 $10,280.00 $10,210.00
2/28/95 $10,368.00 $10,518.00 $10,440.00
$10,431.00 $10,589.00 $10,492.00
$10,555.00 $10,736.00 $10,621.00
$10,966.00 $11,186.00 $11,028.00
6/30/95 $11,047.00 $11,276.00 $11,095.00
$11,005.00 $11,232.00 $11,041.00
$11,135.00 $11,376.00 $11,178.00
$11,241.00 $11,491.00 $11,292.00
$11,391.00 $11,660.00 $11,453.00
$11,566.00 $11,852.00 $11,624.00
$11,707.00 $12,027.00 $11,795.00
$11,748.00 $12,102.00 $11,848.00
$11,541.00 $11,845.00 $11,572.00
$11,469.00 $11,746.00 $11,464.00
$11,392.00 $11,665.00 $11,372.00
$11,383.00 $11,645.00 $11,331.00
6/30/96 $11,525.00 $11,801.00 $11,462.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lehman Lipper U.S.
U.S. Government Gov't/Corp Gov't Grade Debt One Since
Income Fund Bond Index Funds Average Year Inception
----------- ---------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $11,525.00 $11,801.22 $11,462.17 4.32% 7.41%
</TABLE>
Please refer to the preceding and following pages for additional information
on performance and index description.
xiv
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
MICHIGAN TRIPLE TAX-FREE BOND FUND
Lehman Muni Bond Lipper Michigan Muni
Class K 15 Year Index Debt Funds Average
------- ---------------- --------------------
<S> <C> <C> <C>
1/31/94 $10,000.00 $10,000.00 $10,000.00
$10,050.00 $10,132.00 $10,123.00
2/28/94 $ 9,752.00 $ 9,826.00 $ 9,857.00
$ 9,268.00 $ 9,360.00 $ 9,451.00
$ 9,341.00 $ 9,465.00 $ 9,490.00
$ 9,408.00 $ 9,563.00 $ 9,576.00
$ 9,343.00 $ 9,492.00 $ 9,517.00
$ 9,518.00 $ 9,681.00 $ 9,688.00
$ 9,534.00 $ 9,711.00 $ 9,711.00
$ 9,382.00 $ 9,548.00 $ 9,560.00
$ 9,215.00 $ 9,359.00 $ 9,362.00
$ 9,040.00 $ 9,159.00 $ 9,172.00
$ 9,209.00 $ 9,385.00 $ 9,413.00
$ 9,483.00 $ 9,702.00 $ 9,700.00
2/28/95 $ 9,736.00 $10,022.00 $ 9,979.00
$ 9,833.00 $10,146.00 $10,047.00
$ 9,832.00 $10,150.00 $10,048.00
$10,130.00 $10,503.00 $10,351.00
6/30/95 $10,013.00 $10,383.00 $10,209.00
$10,068.00 $10,483.00 $10,272.00
$10,199.00 $10,641.00 $10,391.00
$10,295.00 $10,737.00 $10,455.00
$10,445.00 $10,893.00 $10,633.00
$10,630.00 $11,087.00 $10,834.00
$10,742.00 $11,204.00 $10,957.00
$10,809.00 $11,307.00 $11,012.00
$10,676.00 $11,234.00 $10,921.00
$10,474.00 $11,069.00 $10,749.00
$10,416.00 $11,020.00 $10,705.00
$10,393.00 $11,011.00 $10,706.00
6/30/96 $10,527.00 $11,136.00 $10,814.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lehman Lipper
Michigan Triple Muni Bond Muni Debt One Since
Tax-Free Bond Fund 15 Yr. Index Funds Average Year Inception
------------------ ------------ ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $10,527.00 $11,136.35 $10,785.04 5.14% 2.08%
</TABLE>
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
TAX-FREE BOND FUND
Lehman Muni Bond Lipper Muni Debt
Class K 15 Year Index Funds Average
------- ---------------- ----------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
$10,130.00 $10,198.00 $10,177.00
$10,168.00 $10,231.00 $10,202.00
$10,048.00 $10,058.00 $10,032.00
$ 9,946.00 $ 9,859.00 $ 9,838.00
$ 9,778.00 $ 9,649.00 $ 9,630.00
$ 9,965.00 $ 9,887.00 $ 9,868.00
$10,201.00 $10,221.00 $10,164.00
2/28/95 $10,464.00 $10,558.00 $10,466.00
$10,577.00 $10,689.00 $10,561.00
$10,583.00 $10,693.00 $10,561.00
$10,903.00 $11,064.00 $10,892.00
6/30/95 $10,787.00 $10,938.00 $10,769.00
$10,871.00 $11,043.00 $10,839.00
$10,997.00 $11,211.00 $10,957.00
$11,057.00 $11,311.00 $11,022.00
$11,203.00 $11,476.00 $11,192.00
$11,425.00 $11,680.00 $11,409.00
$11,548.00 $11,803.00 $11,539.00
$11,611.00 $11,911.00 $11,596.00
$11,513.00 $11,835.00 $11,506.00
$11,318.00 $11,661.00 $11,324.00
$11,230.00 $11,610.00 $11,274.00
$11,219.00 $11,600.00 $11,282.00
6/30/96 $11,339.00 $11,731.00 $11,386.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Lehman Lipper
Tax-Free Muni Bond Muni Debt One Since
Bond Fund 15 Yr. Index Funds Average Year Inception
--------- ------------ ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $11,339.00 $11,731.98 $11,386.84 5.12% 6.53%
</TABLE>
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares upon redemption may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index is a weighted composite of
(i) Lehman Brothers Government Bond Index, which is comprised of all
publicly issued, non-convertible debt of the U.S. Government or any agency
thereof, quasi-federal corporations, and corporate debt guaranteed by the U.S.
Government and (ii) Lehman Brothers Corporate Bond Index, which is comprised
of all public fixed-rate, non-convertible investment-grade domestic corporate
debt, excluding collateralized mortgage obligations. The Lehman Brothers
Intermediate Government/Corporate Bond Index is a weighted composite of (i)
Lehman Brothers Intermediate Government Bond Index, which is comprised of all
publicly issued, non-convertible debt of the U.S. Government or any agency
thereof, quasi-federal corporations, and corporate debt guaranteed by the U.S.
Government with a maturity of between one and ten years and (ii) Lehman
Brothers Corporate Bond Index. The Lehman 15-year Municipal Bond Index is a
performance benchmark for the long-term investment-grade tax-exempt bond
market.
xv
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
TAX-FREE INTERMEDIATE BOND FUND
Lipper Short
Lehman Muni Bond Muni Debt Lipper Muni Debt
Class K 10 Year Index Funds Average Funds Average
------- ----------------- ------------- ----------------
<S> <C> <C> <C> <C>
2/9/87 $10,000.00 $10,000.00 $10,000.00 $10,000.00
$10,150.00 $10,108.00 $10,043.00 $10,080.00
$10,136.00 $10,049.00 $10,051.00 $10,017.00
$ 9,951.00 $ 9,489.00 $ 9,963.00 $ 9,398.00
$ 9,963.00 $ 9,538.00 $ 9,998.00 $ 9,306.00
$10,085.00 $ 9,803.00 $10,101.00 $ 9,512.00
$10,189.00 $ 9,936.00 $10,133.00 $ 9,607.00
$10,221.00 $ 9,921.00 $10,148.00 $ 9,639.00
$ 9,987.00 $ 9,573.00 $10,083.00 $ 9,226.00
$10,010.00 $ 9,629.00 $10,069.00 $ 9,248.00
$10,187.00 $ 9,831.00 $10,151.00 $ 9,494.00
$10,283.00 $10,038.00 $10,252.00 $ 9,672.00
$10,560.00 $10,375.00 $10,388.00 $10,052.00
2/29/88 $10,580.00 $10,446.00 $10,464.00 $10,159.00
$10,473.00 $10,340.00 $10,484.00 $ 9,965.00
$10,539.00 $10,439.00 $10,529.00 $10,018.00
$10,550.00 $10,340.00 $10,558.00 $10,039.00
$10,630.00 $10,480.00 $10,609.00 $10,210.00
$10,641.00 $10,579.00 $10,642.00 $10,275.00
$10,641.00 $10,576.00 $10,664.00 $10,313.00
$10,730.00 $10,736.00 $10,739.00 $10,506.00
$10,798.00 $10,902.00 $10,805.00 $10,725.00
$10,769.00 $10,777.00 $10,830.00 $10,626.00
$10,849.00 $10,822.00 $10,866.00 $10,790.00
$10,919.00 $11,062.00 $10,939.00 $10,958.00
$10,904.00 $10,962.00 $10,954.00 $10,865.00
$10,839.00 $10,921.00 $10,965.00 $10,856.00
$10,945.00 $11,130.00 $11,049.00 $11,123.00
$11,035.00 $11,355.00 $11,154.00 $11,334.00
$11,116.00 $11,487.00 $11,253.00 $11,484.00
$11,229.00 $11,653.00 $11,333.00 $11,603.00
$11,209.00 $11,584.00 $11,366.00 $11,474.00
$11,205.00 $11,530.00 $11,407.00 $11,435.00
$11,304.00 $11,661.00 $11,485.00 $11,572.00
$11,408.00 $11,856.00 $11,562.00 $11,760.00
$11,475.00 $11,978.00 $11,628.00 $11,840.00
$11,467.00 $11,942.00 $11,667.00 $11,705.00
2/28/90 $11,560.00 $12,031.00 $11,738.00 $11,824.00
$11,628.00 $12,011.00 $11,776.00 $11,819.00
$11,522.00 $11,931.00 $11,793.00 $11,660.00
$11,688.00 $12,190.00 $11,889.00 $11,971.00
$11,774.00 $12,304.00 $11,960.00 $12,086.00
$11,894.00 $12,475.00 $12,039.00 $12,287.00
$11,824.00 $12,296.00 $12,070.00 $12,013.00
$11,898.00 $12,299.00 $12,119.00 $12,029.00
$12,055.00 $12,569.00 $12,188.00 $12,206.00
$12,252.00 $12,826.00 $12,283.00 $12,501.00
$12,325.00 $12,857.00 $12,357.00 $12,554.00
$12,461.00 $13,069.00 $12,439.00 $12,712.00
$12,570.00 $13,182.00 $12,525.00 $12,785.00
$12,585.00 $13,175.00 $12,567.00 $12,811.00
$12,694.00 $13,357.00 $12,646.00 $12,999.00
$12,787.00 $13,458.00 $12,713.00 $13,114.00
$12,756.00 $13,442.00 $12,748.00 $13,074.00
$12,761.00 $13,582.00 $12,816.00 $13,266.00
$12,982.00 $13,766.00 $12,901.00 $13,440.00
$13,091.00 $13,977.00 $12,979.00 $13,616.00
$13,199.00 $14,091.00 $13,048.00 $13,737.00
$13,269.00 $14,114.00 $13,112.00 $13,752.00
$13,527.00 $14,415.00 $13,248.00 $14,080.00
$13,610.00 $14,445.00 $13,310.00 $14,064.00
2/29/92 $13,586.00 $14,424.00 $13,342.00 $14,083.00
$13,543.00 $14,402.00 $13,353.00 $14,089.00
$13,625.00 $14,538.00 $13,418.00 $14,222.00
$13,746.00 $14,709.00 $13,499.00 $14,423.00
$13,896.00 $14,964.00 $13,587.00 $14,690.00
$14,169.00 $15,454.00 $13,739.00 $15,213.00
$14,104.00 $15,271.00 $13,718.00 $14,964.00
$14,186.00 $15,399.00 $13,787.00 $15,017.00
$14,155.00 $15,242.00 $13,797.00 $14,748.00
$14,360.00 $15,520.00 $13,872.00 $15,124.00
$14,446.00 $15,701.00 $13,948.00 $15,316.00
$14,581.00 $15,965.00 $14,010.00 $15,487.00
$14,920.00 $16,549.00 $14,127.00 $16,093.00
$14,774.00 $16,308.00 $14,114.00 $15,912.00
$14,838.00 $16,463.00 $14,178.00 $16,084.00
$14,871.00 $16,521.00 $14,207.00 $16,170.00
$15,033.00 $16,847.00 $14,271.00 $16,453.00
$15,039.00 $16,889.00 $14,278.00 $16,448.00
$15,227.00 $17,239.00 $14,362.00 $16,815.00
$15,321.00 $17,451.00 $14,415.00 $17,014.00
$15,342.00 $17,480.00 $14,442.00 $17,051.00
$15,288.00 $17,337.00 $14,476.00 $16,873.00
$15,465.00 $17,706.00 $14,551.00 $17,215.00
$15,585.00 $17,924.00 $14,616.00 $17,403.00
2/28/94 $15,310.00 $17,433.00 $14,561.00 $16,957.00
$14,963.00 $16,767.00 $14,508.00 $16,221.00
$15,084.00 $16,978.00 $14,540.00 $16,270.00
$15,163.00 $17,087.00 $14,584.00 $16,420.00
$15,096.00 $17,013.00 $14,608.00 $16,308.00
$15,245.00 $17,299.00 $14,678.00 $16,600.00
$15,311.00 $17,366.00 $14,718.00 $16,646.00
$15,185.00 $17,132.00 $14,725.00 $16,374.00
$15,045.00 $16,882.00 $14,713.00 $16,062.00
$14,845.00 $16,563.00 $14,695.00 $15,728.00
$15,062.00 $16,861.00 $14,738.00 $16,119.00
$15,302.00 $17,298.00 $14,844.00 $16,600.00
$15,625.00 $17,787.00 $14,972.00 $17,098.00
$15,757.00 $18,028.00 $15,058.00 $17,251.00
$15,793.00 $18,050.00 $15,111.00 $17,258.00
$16,140.00 $18,622.00 $15,256.00 $17,797.00
6/30/95 $16,148.00 $18,506.00 $15,319.00 $17,599.00
$16,312.00 $18,778.00 $15,391.00 $17,712.00
$16,446.00 $19,033.00 $15,467.00 $17,902.00
$16,449.00 $19,155.00 $15,505.00 $18,010.00
$16,547.00 $19,376.00 $15,578.00 $18,296.00
$16,697.00 $19,636.00 $15,673.00 $18,651.00
$16,767.00 $19,756.00 $15,733.00 $18,869.00
$16,917.00 $19,956.00 $15,822.00 $18,959.00
$16,860.00 $19,874.00 $15,849.00 $18,808.00
$16,691.00 $19,627.00 $15,833.00 $18,515.00
$16,681.00 $19,557.00 $15,857.00 $18,430.00
$16,655.00 $19,503.00 $15,900.00 $18,448.00
6/30/96 $16,744.00 $19,688.00 $15,955.00 $18,625.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------ ----------------------------
Tax-Free Lehman Lipper Short Lipper
Intermediate Muni Bond Muni Debt Muni Debt One Since
Bond Fund 10 Yr. Index Funds Average Funds Average Year Inception
--------- ------------ ------------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $16,744.00 $19,688.58 $15,955.49 $18,625.49 3.69% 5.64%
</TABLE>
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that an investor's shares upon redemption may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
The Lehman 10-year Municipal Bond Index is a performance benchmark for the
intermediate-term investment-grade tax-exempt bond market.
xvi
The Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 95.3%
Advertising -- 1.8%
<S> <C> <C>
134,600 Omnicom, Inc. $ 6,258,900
-----------
<CAPTION>
Automobile Parts -- 2.5%
<S> <C> <C>
83,200 Johnson Controls, Inc. 5,782,400
132,071 Mark IV Industries, Inc. 2,988,106
-----------
8,770,506
-----------
<CAPTION>
Banks -- 3.1%
<S> <C> <C>
56,000 Northern Trust Corporation 3,234,000
220,000 Norwest Corporation 7,672,500
-----------
10,906,500
-----------
<CAPTION>
Beverages -- 1.8%
<S> <C> <C>
180,000 PepsiCo Inc. 6,367,500
-----------
<CAPTION>
Building Materials -- 1.6%
<S> <C> <C>
125,000 Sherwin-Williams Company 5,812,500
-----------
<CAPTION>
Chemical -- Specialty -- 3.0%
<S> <C> <C>
104,000 Avery Dennison Corporation 5,707,000
132,000 Morton International, Inc. 4,917,000
-----------
10,624,000
-----------
<CAPTION>
Computer -- Peripherals -- 3.8%
<S> <C> <C>
75,000 Compaq Computer Corporation+ 3,693,750
62,000 Hewlett-Packard Company 6,176,750
79,000 Tektronix Inc. 3,535,250
-----------
13,405,750
-----------
<CAPTION>
Computer Software/Services -- 5.7%
<S> <C> <C>
54,000 BMC Software Inc.+ 3,226,500
73,744 First Data Corporation 5,871,866
29,500 Microsoft Corporation+ 3,543,687
189,500 Oracle Systems Corporation+ 7,473,406
-----------
20,115,459
-----------
<CAPTION>
Diversified -- 7.0%
<S> <C> <C>
115,000 AlliedSignal Corporation 6,569,375
66,500 Textron, Inc. 5,311,687
151,125 Thermo Electron Corporation+ 6,290,578
163,000 Tyco International Ltd. 6,642,250
-----------
24,813,890
-----------
<CAPTION>
Diversified Electronics -- 3.4%
<S> <C> <C>
118,800 Raytheon Corporation 6,133,050
100,000 Rockwell International Corporation 5,725,000
-----------
11,858,050
-----------
<CAPTION>
Drugs -- 8.8%
<S> <C> <C>
114,000 American Home Products Corporation 6,854,250
57,000 Amgen Inc.+ 3,070,875
92,000 Merck & Co., Inc. 5,945,500
86,500 Pfizer, Inc. 6,173,938
141,300 Schering-Plough Corporation 8,866,575
-----------
30,911,138
-----------
<CAPTION>
Drug -- Store -- 1.3%
<S> <C> <C>
136,000 Walgreen Company 4,556,000
-----------
<CAPTION>
Electrical Equipment -- 5.0%
<S> <C> <C>
70,000 Emerson Electric Company 6,326,250
113,333 Federal Signal Corporation 2,663,326
100,000 General Electric Company 8,650,000
-----------
17,639,576
-----------
<CAPTION>
Electronics -- 2.6%
<S> <C> <C>
82,750 Cabletron Systems, Inc.+ 5,678,719
59,000 CISCO Systems, Inc.+ 3,340,875
-----------
9,019,594
-----------
<CAPTION>
Financial Services -- 8.3%
<S> <C> <C>
142,600 Automatic Data Processing Inc. 5,507,925
262,000 Equifax Inc. 6,877,500
240,000 Federal National Mortgage Association 8,040,000
185,000 Green Tree Financial Corporation 5,781,250
55,000 MGIC Investment Corporation 3,086,875
-----------
29,293,550
-----------
<CAPTION>
Food Processing -- 2.9%
<S> <C> <C>
100,000 ConAgra, Inc. 4,537,500
172,500 Sara Lee Corporation 5,584,688
-----------
10,122,188
-----------
<CAPTION>
Grocery -- 1.5%
<S> <C> <C>
125,000 Albertson's, Inc. 5,171,875
-----------
<CAPTION>
Health Care -- 1.7%
<S> <C> <C>
111,320 Columbia/HCA Healthcare Corporation 5,941,705
-----------
<CAPTION>
Home Furnishings -- 0.8%
<S> <C> <C>
108,000 Leggett & Platt Inc. 2,997,000
-----------
<CAPTION>
Household Products -- 2.6%
<S> <C> <C>
87,066 Lancaster Colony Corporation 3,254,092
63,500 Procter & Gamble Company 5,754,687
-----------
9,008,779
-----------
<CAPTION>
Insurance -- Diversified -- 4.0%
<S> <C> <C>
87,000 American International Group Inc. 8,580,375
70,000 MBIA Inc. 5,451,250
-----------
14,031,625
-----------
<CAPTION>
Machinery -- 0.2%
<S> <C> <C>
30,000 Donaldson Company, Inc. 772,500
-----------
<CAPTION>
Manufactured Housing -- 1.7%
<S> <C> <C>
300,000 Clayton Homes, Inc. 6,000,000
-----------
<CAPTION>
Medical Services -- 2.6%
<S> <C> <C>
170,000 HEALTHSOUTH Rehabilitation Corporation+ 6,120,000
60,000 United Healthcare Corporation 3,030,000
-----------
9,150,000
-----------
<CAPTION>
Medical Supplies -- 2.4%
<S> <C> <C>
68,200 Boston Scientific Corporation+ 3,069,000
110,000 Johnson & Johnson Company 5,445,000
-----------
8,514,000
-----------
<CAPTION>
Natural Gas -- 1.6%
<S> <C> <C>
142,400 Enron Corporation 5,820,600
-----------
<CAPTION>
Railroad -- 1.6%
<S> <C> <C>
195,000 Illinois Central Corporation 5,533,125
-----------
<CAPTION>
Recreation -- 1.8%
<S> <C> <C>
216,000 Carnival Corporation, Class A 6,237,000
-----------
<CAPTION>
Retail Store -- 1.8%
<S> <C> <C>
175,000 Consolidated Stores Corporation+ 6,431,250
-----------
<CAPTION>
Semiconductors -- 0.8%
<S> <C> <C>
100,000 Linear Technology Corporation 3,000,000
-----------
<CAPTION>
Telecommunication Services -- 4.2%
<S> <C> <C>
159,000 Century Telephone Enterprises 5,068,125
115,500 SBC Communications 5,688,375
75,000 WorldCom Inc.+ 4,153,125
-----------
14,909,625
-----------
<CAPTION>
Thrift -- 0.7%
<S> <C> <C>
67,000 Standard Federal Bancorporation 2,579,500
-----------
<CAPTION>
Toiletries/Cosmetics -- 1.0%
<S> <C> <C>
55,000 Gillette Company 3,430,626
-----------
<CAPTION>
Toys -- 0.8%
<S> <C> <C>
100,000 Mattel, Inc. 2,862,500
-----------
<CAPTION>
Other -- 0.9%
<S> <C> <C>
95,000 CUC International, Inc.+ 3,372,500
-----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $254,393,126) 336,239,311
-----------
Principal
Amount
- ----------
REPURCHASE AGREEMENT -- 4.8%
(Cost $16,889,000)
<S> <C> <C>
$16,889,000 Agreement with Morgan (J.P.) & Company,
5.300% dated 06/28/1996 to be
repurchased at $16,896,459 on
07/01/1996, collateralized by
$13,088,000 U.S. Treasury Notes,
11.625% due 11/15/2004
(value $17,227,080)
16,889,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $271,282,126*) 100.1% $ 353,128,311
OTHER ASSETS AND LIABILITIES
(Net) (0.1) (386,900)
----- -------------
NET ASSETS 100.0% $ 352,741,411
===== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
The Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 1996
- ----------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 93.8%
Apartment -- 26.7%
<S> <C> <C>
38,300 Amli Residential Properties Inc. $ 789,938
35,725 Associated Estates Realty Corporation 750,225
36,600 Avalon Properties, Inc. 796,050
34,050 Bay Apartment Communities Inc. 881,044
24,700 Equity Residential Properties Trust 812,013
36,600 Evans Withycombe Residential Corporation 764,025
23,900 Post Properties Inc. 845,462
-----------
5,638,757
-----------
<CAPTION>
Community Shopping Center -- 7.3%
<S> <C> <C>
25,550 Developers Diversified Realty Corporation 814,406
25,325 Kimco Realty Corporation 715,431
-----------
1,529,837
-----------
<CAPTION>
Factory Outlet Center -- 1.9%
<S> <C> <C>
19,150 HGI Realty, Inc. 392,575
-----------
<CAPTION>
Hotels -- 9.9%
<S> <C> <C>
7,500 Equity Inns, Inc. 86,250
23,700 FelCor Suite Hotels, Inc. 722,850
20,800 Patriot American Hospitality, Inc. 616,200
18,300 Starwood Lodging Trust 665,663
-----------
2,090,963
-----------
<CAPTION>
Office & Industrial -- 26.7%
<S> <C> <C>
34,250 Beacon Properties Corporation 877,656
31,100 Cali Realty Corporation 754,175
21,400 Crescent Real Estates Equities Inc. 786,450
27,400 Duke Realty Investments, Inc. 828,850
27,750 Highwoods Properties Inc. 766,594
23,800 Reckson Associates Realty Corporation 785,400
30,500 Spieker Properties, Inc. 831,125
-----------
5,630,250
-----------
<CAPTION>
Regional Mall -- 10.5%
<S> <C> <C>
34,250 CBL & Associates Properties Inc. 766,344
34,550 JP Realty Inc. 738,506
29,350 Simon Property Group Inc. 719,075
-----------
2,223,925
-----------
<CAPTION>
Storage -- 7.2%
<S> <C> <C>
29,600 Shurgard Storage Centers, Class A 747,400
23,900 Storage USA 770,775
-----------
1,518,175
-----------
<CAPTION>
Other -- 3.6%
<S> <C> <C>
26,400 Trinet Corporate Realty Trust, Inc. 765,600
-----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $17,707,670) 19,790,082
-----------
<CAPTION>
Principal
Amount
- --------
REPURCHASE AGREEMENT -- 4.6%
(Cost $975,000)
<S> <C> <C>
$975,000 Agreement with Morgan (J.P.) & Company,
5.300% dated 06/28/1996 to be
repurchased at $975,431 on 07/01/1996,
collateralized by $660,000 U.S.
Treasury Bonds, 12.500% due 08/15/2014
(value $994,950)
975,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $18,682,670*) 98.4% 20,765,082
OTHER ASSETS AND
LIABILITIES (Net) 1.6 338,959
------ -----------
NET ASSETS 100.0% $21,104,041
====== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
The Munder Accelerating Growth Fund
Portfolio of Investments, June 30, 1996
- --------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 95.4%
Apparel -- 1.0%
<S> <C> <C>
61,300 Jones Apparel Group Inc.+ $ 3,011,362
-----------
<CAPTION>
Banking and Financial Services -- 13.3%
<S> <C> <C>
86,000 BankAmerica Corporation 6,514,500
81,100 Finova Group Inc. 3,953,625
55,200 First Data Corporation 4,395,300
131,900 Green Tree Financial Corporation 4,121,875
69,300 Household International Inc. 5,266,800
141,150 MBNA Corporation 4,022,775
61,200 Oxford Resources Corporation, Class A+ 1,422,900
101,650 PMI Group Inc. 4,320,125
145,350 Travelers Group Inc. 6,631,594
-----------
40,649,494
-----------
<CAPTION>
Broadcasting-Cable -- 2.0%
<S> <C> <C>
121,300 Renaissance Communications Corporation+ 3,911,925
56,800 Viacom Inc., Class B (non-voting)+ 2,208,100
-----------
6,120,025
-----------
<CAPTION>
Chemical -- Basic -- 0.1%
<S> <C> <C>
27,400 ThermoQuest Corporation 380,175
-----------
<CAPTION>
Computer Hardware, Software or Services
-- 5.2%
<S> <C> <C>
94,900 Affinity Technology Group 806,650
135,600 Baan Company NV+ 4,610,400
116,100 Epic Design Technology+ 2,931,525
82,200 Saville Systems, ADS+ 2,270,775
67,600 Shiva Corporation+ 5,408,000
-----------
16,027,350
-----------
<CAPTION>
Computer Peripherals -- 3.9%
<S> <C> <C>
129,200 Microcom Inc. 1,631,150
120,400 U.S. Robotics Corporation 10,294,200
-----------
11,925,350
-----------
<CAPTION>
Consumer Services -- 1.2%
<S> <C> <C>
103,400 CUC International Inc.+ 3,670,700
-----------
<CAPTION>
Diversified -- 6.3%
<S> <C> <C>
61,100 Ceridian Corporation+ 3,085,550
102,600 Corrections Corporation of America+ 7,182,000
91,950 Thermo Electron Corporation+ 3,827,419
126,200 Tyco International Ltd. 5,142,650
-----------
19,237,619
-----------
<CAPTION>
Drugs -- 2.1%
<S> <C> <C>
70,600 Schering-Plough Corporation 4,430,150
51,500 Teva Pharmaceuticals, ADR 1,950,562
-----------
6,380,712
-----------
<CAPTION>
Electronics -- 1.9%
<S> <C> <C>
104,100 CISCO Systems Inc.+ 5,894,663
-----------
<CAPTION>
Environmental Control -- 0.9%
<S> <C> <C>
346,500 Philip Environmental Inc. 2,728,687
-----------
<CAPTION>
Food -- 0.9%
<S> <C> <C>
86,100 Richfood Holdings Inc. 2,798,250
-----------
<CAPTION>
Homebuilding -- 0.9%
<S> <C> <C>
121,800 Oakwood Homes Corporation 2,755,725
-----------
<CAPTION>
Hotels and Restaurants -- 4.5%
<S> <C> <C>
133,200 Boston Chicken Inc.+ 4,329,000
90,300 Harrah's Entertainment Inc. 2,550,975
99,800 La Quinta Inns Inc. 3,343,300
81,100 Planet Hollywood International, Class A+ 2,189,700
45,200 Promus Hotel Corporation 1,339,050
-----------
13,752,025
-----------
<CAPTION>
Industrial Services -- 3.2%
<S> <C> <C>
132,500 AccuStaff Inc.+ 3,610,625
152,600 Corporate Express Inc. 6,104,000
-----------
9,714,625
-----------
<CAPTION>
Insurance -- 2.8%
<S> <C> <C>
46,800 American International Group Inc. 4,615,650
25,500 General Re Corporation 3,882,375
-----------
8,498,025
-----------
<CAPTION>
Machinery -- 0.7%
<S> <C> <C>
47,000 Foster Wheeler Corporation 2,109,125
-----------
<CAPTION>
Medical Services -- 13.7%
<S> <C> <C>
215,096 American Oncology Resources+ 4,678,338
131,800 Apria Healthcare Group+ 4,135,225
84,100 Columbia/HCA Healthcare Corporation 4,488,838
54,400 CRA Managed Care, Inc. 2,434,400
166,000 Emeritus Corporation+ 2,925,750
62,600 HBO & Company 4,241,150
137,700 HEALTHSOUTH Corporation+ 4,957,200
179,800 Omnicare, Inc. 4,764,700
91,800 Oxford Health Plans, Inc.+ 3,775,275
131,400 Total Renal Care Holdings Inc.+ 5,551,650
-----------
41,952,526
-----------
<CAPTION>
Medical Supplies -- 3.5%
<S> <C> <C>
65,400 Boston Scientific Corporation+ 2,943,000
93,200 Johnson & Johnson 4,613,400
63,000 Nellcor Inc. 3,055,500
-----------
10,611,900
-----------
<CAPTION>
Office Equipment and Supplies -- 4.1%
<S> <C> <C>
157,600 Danka Business Systems, ADR 4,609,800
251,200 Viking Office Products Inc.+ 7,881,400
-----------
12,491,200
-----------
<CAPTION>
Oil Equipment and Services -- 1.6%
<S> <C> <C>
108,100 SEACOR Holdings, Inc.+ 4,837,475
-----------
<CAPTION>
Precision Instrument -- 0.2%
<S> <C> <C>
31,000 Trex Medical Company 585,125
-----------
<CAPTION>
Railroads -- 1.4%
<S> <C> <C>
52,100 Burlington Northern Santa Fe 4,213,587
-----------
<CAPTION>
Retail -- Specialty -- 4.0%
<S> <C> <C>
100,000 Friedman's Inc., Class A 2,550,000
169,800 General Nutrition Companies, Inc.+ 2,971,500
99,300 Regis Corporation 3,103,125
151,200 Sunglass Hut International+ 3,685,500
-----------
12,310,125
-----------
<CAPTION>
Retail -- Store -- 0.8%
<S> <C> <C>
73,000 Mens Warehouse Inc. 2,354,250
-----------
<CAPTION>
Shoe -- 2.0%
<S> <C> <C>
58,200 NIKE Inc., Class B 5,980,050
-----------
<CAPTION>
Telecommunications -- Services -- 2.9%
<S> <C> <C>
61,100 American Telephone & Telegraph
Corporation 3,788,200
90,700 WorldCom Inc.+ 5,022,513
-----------
8,810,713
-----------
<CAPTION>
Telecommunications -- Equipment -- 5.6%
<S> <C> <C>
78,000 FORE Systems Inc.+ 2,817,750
80,500 Lucent Technologies+ 3,048,938
82,000 Newbridge Networks+ 5,371,000
86,100 Tellabs, Inc.+ 5,757,938
-----------
16,995,626
-----------
<CAPTION>
Textiles -- 4.7%
<S> <C> <C>
108,600 Gucci Group N.V. 7,004,700
137,100 Tommy Hilfiger Corporation+ 7,351,987
-----------
14,356,687
-----------
TOTAL COMMON STOCKS
(Cost $222,377,862) 291,153,176
-----------
<CAPTION>
Principal
Amount
- ----------
REPURCHASE AGREEMENT -- 4.5%
(Cost $13,767,396)
<S> <C> <C>
$13,767,396 Agreement with Merrill Lynch & Company
Inc., 5.200% dated 06/28/1996 to be
repurchased at $13,773,362 on
07/01/1996, collateralized by
$14,006,000 U.S. Treasury Notes,
6.500%-7.250% having maturities
ranging from 09/30/1996 through
04/30/1999 (value $14,232,627)
13,767,396
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $236,145,258*) 99.9% 304,920,572
OTHER ASSETS AND
LIABILITIES (Net) 0.1 243,676
----- -------------
NET ASSETS 100.0% $ 305,164,248
===== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $236,188,141.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial Statements.
</TABLE>
The Munder Small Company Growth Fund
Portfolio of Investments, June 30, 1996
- ----------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 96.4%
Apparel -- 2.7%
<S> <C> <C>
132,000 Nautica Enterprises, Inc.+ $ 3,795,000
52,400 St. John Knits Inc. 2,338,350
-----------
6,133,350
-----------
<CAPTION>
Banking and Financial Services -- 9.6%
<S> <C> <C>
46,000 Corus Bankshares Inc. 1,380,000
53,776 Credit Acceptance
Corporation+ 1,129,296
93,800 Cullen Frost Bankers Inc. 2,602,950
109,700 Financial Federal Corporation+ 1,714,062
95,300 First Financial Corporation-Wisconsin 2,144,250
94,000 HUBCO Inc. 1,985,750
92,000 Imperial Credit Industries 2,783,000
112,000 Imperial Thrift & Loan Association+ 1,652,000
109,000 Litchfield Financial Corporation 1,526,000
94,000 Oxford Resources Corporation, Class A+ 2,185,500
89,300 Sirrom Capital Corporation 2,433,425
-----------
21,536,233
-----------
<CAPTION>
Broadcast, Radio and Television -- 4.2%
<S> <C> <C>
69,705 American Radio Systems Corporation 2,997,315
51,300 Clear Channel Communications Inc.+ 4,225,838
71,580 Renaissance Communications+ 2,308,455
-----------
9,531,608
-----------
<CAPTION>
Building and Building Supplies -- 3.4%
<S> <C> <C>
220,600 Champion Enterprises Inc.+ 4,605,025
144,408 Watsco, Inc., Class A 3,032,568
-----------
7,637,593
-----------
<CAPTION>
Business Services -- 1.1%
<S> <C> <C>
160,300 May & Speh Inc.+ 2,524,725
-----------
<CAPTION>
Commercial Services -- 8.0%
<S> <C> <C>
90,000 Consolidated Graphics, Inc.+ 1,957,500
120,000 Greenwich Air Services, Class B+ 2,340,000
55,200 Interim Services+ 2,373,600
143,700 PMT Services Inc.+ 4,113,412
232,450 Regis Corporation 7,264,062
-----------
18,048,574
-----------
<CAPTION>
Computer Hardware, Software or Services
-- 11.8%
<S> <C> <C>
38,357 BDM International Inc.+ 1,783,600
61,700 Boca Research 1,126,025
27,300 Check Point Software Technologies 655,200
97,200 CIBER Inc.+ 2,138,400
65,500 Computer Horizons Corporation 2,587,250
94,600 Concord EFS Inc. 3,358,300
59,900 Engineering Animation Inc.+ 1,198,000
86,500 Factset Research Systems Inc. 1,730,000
54,300 FileNet Corporation+ 1,981,950
86,200 HPR Inc.+ 1,831,750
119,000 Integrated Measurement Systems+ 3,064,250
102,800 Pinnacle Systems Inc.+ 2,133,100
101,400 Smith Micro Software Inc.+ 1,216,800
94,800 USCS International Inc. 1,824,900
-----------
26,629,525
-----------
<CAPTION>
Computer Industry -- 1.7%
<S> <C> <C>
120,400 Microcom, Inc. 1,520,050
103,900 National Instruments Corporation+ 2,337,750
-----------
3,857,800
-----------
<CAPTION>
Consumer Products -- 1.1%
<S> <C> <C>
110,800 Norwood Promotional
Products+ 2,493,000
-----------
<CAPTION>
Consumer Services -- 1.0%
<S> <C> <C>
52,100 CRA Managed Care, Inc.+ 2,331,475
-----------
<CAPTION>
Electrical Equipment -- 3.8%
<S> <C> <C>
98,300 Belden Inc. 2,949,000
100,000 Charter Power Systems 3,475,000
58,800 Littlefuse, Inc. 2,205,000
-----------
8,629,000
-----------
<CAPTION>
Electronics -- 4.2%
<S> <C> <C>
166,800 Computer Products Inc. 2,856,450
72,200 Flextronics International+ 1,895,250
106,500 SDL Inc.+ 2,955,375
76,500 Trident International, Inc. 1,663,875
-----------
9,370,950
-----------
<CAPTION>
Energy and Natural Resources -- 2.6%
<S> <C> <C>
140,900 Benton Oil & Gas+ 3,099,800
76,800 Newpark Resources Inc. 2,822,400
-----------
5,922,200
-----------
<CAPTION>
Health Care Services -- 1.0%
<S> <C> <C>
82,600 Curative Technologies Inc. 2,168,250
-----------
<CAPTION>
Hotels and Restaurants -- 4.2%
<S> <C> <C>
153,500 CKE Restaurants Inc. 3,914,250
62,800 Doubletree Corporation+ 2,229,400
73,000 Interstate Hotels Company+ 1,624,250
123,500 Red Roof Inns 1,744,438
-----------
9,512,338
-----------
<CAPTION>
Insurance -- 5.0%
<S> <C> <C>
40,015 Capital RE Corporation 1,470,551
38,100 CMAC Investment Corporation 2,190,750
84,400 Executive Risk Inc. 3,228,300
126,500 HCC Insurance Holdings Inc. 2,846,250
32,700 Trenwick Group Inc. 1,635,000
-----------
11,370,851
-----------
<CAPTION>
Machinery -- Tools -- 1.3%
<S> <C> <C>
86,800 Greenfield Industries Inc. 2,864,400
-----------
<CAPTION>
Manufacturing -- 4.2%
<S> <C> <C>
51,950 IDEX Corporation 1,974,100
142,100 Miller Industries+ 4,067,613
90,900 Paxar Corporation+ 1,590,750
49,900 Wolverine Tube Inc.+ 1,746,500
-----------
9,378,963
-----------
<CAPTION>
Medical -- Services -- 5.5%
<S> <C> <C>
112,600 Occusystems+ 4,208,425
140,600 Omnicare Inc. 3,725,900
80,000 Renal Treatment Centers+ 2,300,000
104,000 Sterling Healthcare Group
Inc.+ 2,080,000
-----------
12,314,325
-----------
<CAPTION>
Medical Supplies -- 7.4%
<S> <C> <C>
142,150 Chad Therapeutics Inc. 2,629,775
119,000 Mentor Corporation 3,034,500
132,200 Meridian Diagnostics Inc. 2,024,313
165,200 Molecular Devices Corporation 1,466,150
124,500 Physio-Control International Corporation+ 2,194,312
115,171 Serologicals Group Inc.+ 3,052,032
75,866 Sola International Inc.+ 2,181,148
-----------
16,582,230
-----------
<CAPTION>
Metal and Metal Products -- 0.9%
<S> <C> <C>
94,200 NN Ball & Roller Inc. 1,954,650
-----------
<CAPTION>
Pharmaceuticals -- 1.1%
<S> <C> <C>
43,100 DURA Pharmaceuticals Inc.+ 2,413,600
-----------
<CAPTION>
Retail -- 5.4%
<S> <C> <C>
26,000 Garden Ridge Corporation+ 1,313,000
65,975 Men's Wearhouse Inc.+ 2,127,694
87,400 Petco Animal Supply Inc.+ 2,512,750
135,800 Smart & Final Inc. 3,479,875
38,000 West Marine Inc.+ 2,717,000
-----------
12,150,319
-----------
<CAPTION>
Technology -- 1.2%
<S> <C> <C>
90,700 BMC Industries 2,607,624
-----------
<CAPTION>
Telecommunications -- 2.9%
<S> <C> <C>
84,000 Comverse Technology+ 2,562,000
149,300 Computer Telephone Corporation, Class 1+ 1,940,900
77,600 EIS International Inc. 1,978,800
-----------
6,481,700
-----------
<CAPTION>
Waste Management -- 1.1%
<S> <C> <C>
79,200 United Waste Systems Inc.+ 2,554,200
-----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $158,432,173) 216,999,483
-----------
<CAPTION>
Principal
Amount
- ----------
REPURCHASE AGREEMENT -- 4.7%
(Cost $10,523,575)
<S> <C> <C>
$10,523,575 Agreement with Merrill Lynch & Company
Inc., 5.200% dated 06/28/1996 to be
repurchased at $10,528,135 on
07/01/1996, collateralized by
$10,812,000 U.S. Treasury Notes,
6.250% -- 6.500% having maturities
ranging from 04/30/1999 through
02/15/2003 (value $10,879,190)
10,523,575
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $168,955,748*) 101.1% 227,523,058
OTHER ASSETS AND
LIABILITIES (Net) (1.1) (2,462,747)
----- -------------
NET ASSETS 100.0% $ 225,060,311
===== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $168,959,614.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
The Munder Mid-Cap Growth Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 94.0%
Basic Industries -- 7.1%
<S> <C> <C>
20,500 BMC Industries $ 589,375
15,000 Pentair, Inc. 450,000
16,100 Waters Corporation+ 531,300
-----------
1,570,675
-----------
<CAPTION>
Commercial Services -- 13.5%
<S> <C> <C>
3,200 Affinity Technology Group+ 27,200
12,500 American Medical Response, Inc.+ 440,625
11,200 BDM International+ 520,800
17,200 Career Horizons+ 602,000
18,500 Cerner Corporation+ 395,438
5,800 COREStaff Inc.+ 259,550
15,000 ITI Technology Inc.+ 495,000
8,250 Stewart Enterprises Inc., Class A 257,813
-----------
2,998,426
-----------
<CAPTION>
Computer Hardware, Software or Services
-- 13.0%
<S> <C> <C>
3,500 Arbor Software+ 209,125
22,000 Black Box Corporation+ 522,500
7,000 Cabletron Systems+ 480,375
14,700 FORE Systems+ 531,037
21,800 Indus Group+ 441,450
5,500 Objective Systems Integrator+ 200,750
1,100 3Com Corporation+ 50,325
9,500 Xylan Corporation+ 441,750
-----------
2,877,312
-----------
<CAPTION>
Electronics -- 0.8%
<S> <C> <C>
7,800 Berg Electronics+ 185,250
-----------
<CAPTION>
Electronics -- Semiconductors -- 4.1%
<S> <C> <C>
13,900 Analog Devices, Inc.+ 354,450
13,800 International Rectifier Corporation+ 222,525
2,600 Lattice Semiconductor Corporation+ 62,725
11,400 Zilog, Inc.+ 273,600
-----------
913,300
-----------
<CAPTION>
Entertainment -- 2.0%
<S> <C> <C>
8,400 Mirage Resorts+ 453,600
-----------
<CAPTION>
Financial Services -- 11.8%
<S> <C> <C>
8,000 ADVANTA Corporation, Class A 408,000
18,300 ContiFinancial Corporation+ 539,850
4,500 Finova Group 219,375
12,500 Green Tree Financial 390,625
19,900 Imperial Credit Industries, Inc.+ 601,975
6,600 TCF Financial Corporation 219,450
7,800 Washington Mutual, Inc. 233,025
-----------
2,612,300
-----------
<CAPTION>
Health Care Facilities -- 1.9%
<S> <C> <C>
13,600 Vencor Inc.+ 414,800
-----------
<CAPTION>
Insurance -- 2.0%
<S> <C> <C>
15,500 CapMAC Holdings 441,750
-----------
<CAPTION>
Lodging -- 1.1%
<S> <C> <C>
10,200 Suburban Lodges of America, Inc.+ 235,875
-----------
<CAPTION>
Machinery -- Semiconductors -- 1.4%
<S> <C> <C>
8,600 Novellus Systems, Inc.+ 309,600
-----------
<CAPTION>
Manufactured Housing -- 2.2%
<S> <C> <C>
24,000 Clayton Homes, Inc. 480,000
-----------
<CAPTION>
Medical Instruments & Supplies -- 18.3%
<S> <C> <C>
6,800 Arterial Vascular Engineering, Inc. 246,500
11,500 Boston Scientific Corporation+ 517,500
9,200 Guidant Corporation 453,100
8,300 Heartport, Inc.+ 250,038
10,500 IDEXX Laboratories+ 412,125
9,100 Nellcor Puritan Bennett Inc.+ 441,350
14,000 Patterson Dental+ 507,500
22,300 Physio-Control International Corporation+ 393,037
22,400 Respironics, Inc.+ 414,400
13,000 STERIS Corporation 416,000
-----------
4,051,550
-----------
<CAPTION>
Medical Services -- 1.9%
<S> <C> <C>
6,200 PacifiCare Health Systems, Inc.+ 420,050
-----------
<CAPTION>
Metal Fabricate/Hardware -- 1.9%
<S> <C> <C>
11,900 Wolverine Tube Inc.+ 416,500
-----------
<CAPTION>
Oil & Gas -- 0.9%
<S> <C> <C>
8,400 Rutherford-Moran Oil Corporation+ 204,750
-----------
<CAPTION>
Packaging & Container -- 1.6%
<S> <C> <C>
12,000 AptarGroup Inc. 360,000
-----------
<CAPTION>
Restaurants -- 1.2%
<S> <C> <C>
9,700 Planet Hollywood International, Inc.+ 261,900
-----------
<CAPTION>
Retail -- 2.5%
<S> <C> <C>
32,300 General Nutrition Companies, Inc.+ 565,250
-----------
<CAPTION>
Telecommunications -- 4.8%
<S> <C> <C>
10,500 ADC Telecommunications+ 472,500
7,500 Open Market, Inc.+ 182,812
11,700 Uniphase Corporation+ 415,350
-----------
1,070,662
<CAPTION> -----------
TOTAL COMMON STOCKS
(Cost $21,274,465) 20,843,550
-----------
<CAPTION>
Principal
Amount
- ----------
REPURCHASE AGREEMENT -- 5.7%
(Cost $1,275,000)
<S> <C> <C> <C> <C>
$1,275,000 Agreement with Morgan
(J.P.) & Company,
5.300% dated 06/28/1996
to be repurchased at
$1,275,563 on
07/01/1996,
collateralized by
$1,013,000 U.S.
Treasury Notes, 11.125%
due 08/15/2003 (value
$1,301,705)
1,275,000
-----------
TOTAL INVESTMENTS
(Cost $22,549,465*) 99.7% 22,118,550
OTHER ASSETS AND
LIABILITIES (Net) 0.3 58,673
---------- -----------
NET ASSETS 100.0% $22,177,223
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $22,554,725.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
The Munder International Equity Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.1%
Argentina -- 0.9%
<S> <C> <C>
1,300 Alpargatas S.A.I.C.+ $ 9,913
2,300 Banco de Galicia Bueno 59,512
1,875 Banco Frances del Rio 53,906
1,800 Buenos Aires Embotelladora SA 23,850
400 IRSA Inversiones Y Representaciones SA 13,500
2,600 Metrogas SA 27,462
17,778 Perez Companc SA 237,870
5,200 Telecommunications de Argentina 243,750
12,500 Telefonica de Argentina 370,312
17,000 WMC Ltd. 488,750
18,800 Y.P.F Sociedad Anonima 423,000
-----------
1,951,825
-----------
<CAPTION>
Australia -- 3.7%
<S> <C> <C>
45,000 Amcor Ltd.++ 305,892
8,300 Amcor Ltd. 229,287
15,500 Ampolex Ltd.+ 58,125
3,000 Ashton Mining 21,269
14,500 Australia & New Zealand Bank 342,562
10,400 Australian National Industries 35,100
7,300 Boral Ltd. 151,475
62,940 Broken Hill Proprietary Ltd. 1,754,452
3,800 Burns, Philip & Company Ltd. 43,106
10,200 Coca-Cola Amatil Ltd. 226,950
7,800 Coles Myer Ltd. 229,125
1,100 Cortecs International Ltd.+ 25,987
7,970 CRA Ltd. 494,140
12,500 CSR Ltd. 178,125
7,400 E-mail Ltd. 38,474
3,200 FAI Insurance Ltd.+ 8,000
1,400 FH Faulding & Company 33,747
50,800 Gold Mines Kalgoorlie Ltd. 53,316
15,600 Goodman Fielder Ltd. 63,411
13,300 Great Central Mines+ 106,400
10,200 James Hardie Industries 41,300
6,600 Kidston Gold Mines Ltd. 18,197
3,300 Mayne Nickless Ltd. 94,875
300 Memtec Ltd. 11,025
67,100 M.I.M. Holdings Ltd. 159,362
16,000 National Australia Bank Ltd. 742,000
44,000 News Corporation Ltd. 1,034,000
5,100 Normandy Mining Ltd. 40,376
1,500 Orbital Engineering Ltd.,
New+ 10,312
14,100 Pacific Dunlop Olympic Ltd. 128,662
46,000 Pioneer International Ltd. 132,430
3,910 Posgold Ltd. 49,852
7,200 Santos Ltd. 100,350
1,000 Simsmetal Ltd. 23,443
600 Sons of Gwalia 21,000
6,000 Southcorp Holdings Ltd. 75,750
6,200 TNT Ltd.+ 34,921
19,400 Westpac Banking 436,500
47,000 Woodside Petroleum Ltd. 282,183
-----------
7,835,481
-----------
<CAPTION>
Austria -- 0.0%#
<S> <C> <C>
2,540 EVN-Energy Versorg Nied 69,850
-----------
<CAPTION>
Belgium -- 0.2%
<S> <C> <C>
12,400 Petrofina SA 378,200
-----------
<CAPTION>
Bermuda -- 0.1%
<S> <C> <C>
900 Brilliance China Automotive 4,725
1,500 Comcast UK Cable Partners Ltd.+ 19,125
1,300 GCR Holdings Ltd. 34,450
400 London & Overseas Freight 5,225
400 Mutual Risk Management Inc. 12,500
2,700 Partnerre Ltd. 80,662
900 Sphere Drake Holdings Ltd. 9,225
-----------
165,912
-----------
<CAPTION>
Brazil -- 0.7%
<S> <C> <C>
15,300 Aracruz Celulose SA 145,350
6,900 Cemig-Companhia Energetica de Minas,
(New) 196,650
1,800 Copene Petroquimica 43,200
16,400 Telebras 1,141,850
-----------
1,527,050
-----------
<CAPTION>
Canada -- 2.2%
<S> <C> <C>
4,400 Abitidi Price Inc. 59,950
2,000 Agnico Eagle Mines Ltd. 32,500
600 Arakis Energy Corporation+ 2,813
14,000 Bank of Montreal 343,000
16,700 BCE Inc. 659,650
2,600 Biochem Pharmaceuticals Inc.+ 97,500
800 Biomira Inc.+ 5,100
4,800 Brascan Ltd., Class A 90,000
2,800 Cambior, Inc. 37,450
6,600 Campbell Resource Inc.+ 8,250
1,200 Canadian Marconi Company 12,000
6,800 Canadian Occidental Petroleum 113,900
18,200 Canadian Pacific Ltd. 400,400
600 Chieftain International, Inc.+ 12,075
700 Clearly Canadian Beverages Inc. 2,450
1,000 Clearnet Communication Inc. 16,750
2,100 Cognos Inc. 48,300
4,500 Cominco 96,750
2,600 Corel+ 26,975
3,200 Cott Corporation 29,570
6,800 Domatar Inc. 49,300
600 Fahnestock Viner Holdings Inc. 7,875
600 Glamis Gold Ltd. 4,275
1,500 Goldcorp Inc., Class A 24,750
11,600 Gulf Canada Resources+ 59,450
5,100 Hemlo Gold Mines Inc. 54,188
5,400 Horsham Corporation 74,925
3,100 Imperial Oil Ltd. 130,587
1,000 Intertape Polymer Group Inc. 20,250
600 International Colin Energy Corporation+ 3,525
2,200 IPL Energy Inc. 55,550
1,400 Ipsco Inc. 32,025
300 Jetform Corporation+ 5,663
13,500 Laidlaw Transportation Inc., Class A 136,687
2,200 Loewen Group Inc. 66,550
6,600 Macmillan Bloedel Ltd. 87,450
3,200 Magna International, Class A 147,200
7,900 Methanex Corporation+ 59,250
5,600 Mitel Corporation+ 37,100
9,000 National Grid 238,200
4,400 Newbridge Network+ 288,200
700 North American Vaccine Inc.+ 12,775
25,400 Nova Corporation of Alberta 228,600
200 Nowsco Well Service Ltd. 5,112
5,000 Numac Energy Inc.+ 23,125
1,700 Pegasus Gold Inc.+ 20,825
1,500 Petersburg Long Distance Inc.+ 12,281
1,900 Philip Environmental Inc. 14,962
2,300 Potash Corporation of Saskatchewan 152,375
3,500 Quebecor Inc., Class A 55,562
6,500 Repap Enterprises Inc.+ 24,781
1,800 Rigel Energy Corporation+ 17,381
2,800 Rio Algom Ltd. 53,900
5,000 Rogers Cantel Mobil Communications, Class
B+ 116,875
6,100 Royal Oak Mines (U.S)+ 22,494
1,200 Tee Communications Electronics 11,906
900 Total Petroleum of North America 8,775
10,500 Transcanada Pipeline Ltd. 154,875
8,500 TVX Gold Inc.+ 61,625
1,100 United Dominion Industries 25,300
4,600 West Coast Energy Inc. 69,000
-----------
4,770,912
-----------
<CAPTION>
Cayman Islands -- 0.1%
<S> <C> <C>
300 Anangel-American Shipholdings Ltd. 2,925
400 APCO Argentina Inc. 9,700
2,800 Exel Ltd. 197,400
-----------
210,025
-----------
<CAPTION>
Chile -- 0.6%
<S> <C> <C>
800 AFP Provida 19,900
1,200 Banco de Edwards 25,200
2,000 Banco O Higgins 48,250
3,100 Chilgener SA 74,400
2,600 Compania Cervecerias 61,100
2,700 Compania de Telefonica de Chile 264,937
1,100 Cristalerias de Chile 25,850
3,100 Embotelladora Andina SA 113,925
11,000 Empresa Nacional Electricidad Chile 236,500
3,000 Empresas Telex Chile 24,375
6,200 Enersis SA 192,200
700 Laboratorio Chile SA 9,450
1,700 Madeco 47,813
1,200 Maderas Y Sinteticos Sociedad (Masisa) 21,300
1,000 Quimica Y Minera Chile SA 54,250
800 Santa Isabel SA 22,200
700 Vina Concha Y Toro SA 12,950
-----------
1,254,600
-----------
<CAPTION>
China -- 0.1%
<S> <C> <C>
1,800 China Yuchai 13,725
6,600 Huaneng Power International+ 117,975
500 Macronix International Company Ltd. 8,125
3,100 Shandong Huaneng 25,575
5,100 Shanghai Chlor-Alkali Chemical Company 12,444
2,530 Shanghai Erfangji Company 3,488
3,500 Shanghai Petrochemicals Ltd. 99,750
4,300 Shanghai Tire & Rubber Company Ltd. 10,750
-----------
291,832
-----------
<CAPTION>
Columbia -- 0.0%#
<S> <C> <C>
1,400 Banco Ganadero SA 33,950
1,900 Banco Industrial Colombiano 32,063
-----------
66,013
-----------
<CAPTION>
Denmark -- 0.4%
<S> <C> <C>
3,200 ISS International Service Systems 35,600
2,800 Novo Nordisk AS, Series B 396,655
13,900 Tele Danmark, Series B 352,713
-----------
784,968
-----------
<CAPTION>
Finland -- 0.4%
<S> <C> <C>
2,400 American Group Ltd. 20,137
2,000 Instrumentarium Corporation 32,250
20,000 Oy Nokia 739,862
1,800 Rauma-Repola 35,550
4,000 Valmet Corporation 132,000
-----------
959,799
-----------
<CAPTION>
France -- 6.3%
<S> <C> <C>
33,100 Alcatel Alsthom Cie Generale D'Electric 583,388
49,600 AXA Company 2,715,140
800 Business Objects SA 32,200
15,900 Campagnie de Suez 308,062
4,100 Canal Plus 200,268
5,550 Carrefour SA 3,111,474
2,800 Clarins SA 85,928
27,600 Elf Aquitaine 1,014,300
900 Forasol-Foramer NV 11,363
18,300 Groupe Danone 553,082
9,700 Havas SA 201,275
13,000 Lafarge SA 261,849
4,300 Lagardere Group 110,691
23,100 Louis Vuitton Moet Hennessy 1,094,363
5,400 Pechiney SA 109,013
12,000 Pernod Ricard 192,047
16,000 Rhone-Poulenc SA 424,000
7,300 SGS-Thompson Microelectronics 261,888
20,700 Societe Generale 454,557
500 Stolt Comex Seaway SA 4,938
6,100 Thomson CSF 170,038
16,800 Total SA "B" 1,246,876
3,700 Valeo SA 206,275
-----------
13,353,015
-----------
<CAPTION>
Germany -- 4.2%
<S> <C> <C>
11,050 AGIV AG 210,732
31,000 Bayer AG 1,092,981
16,000 Bayer AG++ 565,548
2,100 Berliner Kraft-und Licht AG 595,896
8,900 Commerzbank AG 367,793
2,500 Continental AG 40,505
20,600 Daimler Benz AG 1,109,825
1,950 Deutsche Babcock AG 112,334
25,200 Deutsche Bank AG 1,184,400
23,600 Dresdner Bank AG 592,129
2,200 Fresenius AG 403,643
550 Hertel AG 72,337
1,100 Hornbach Holding AG 94,762
16,500 Kloeckner-Humboldt-Deutz AG+ 60,763
2,550 Kloeckner-Werke AG+ 89,715
2,600 Mannesmann AG 899,352
200 Porsche AG+ 120,343
17,600 RWE AG 682,000
3,300 SGL Carbon AG+ 126,225
7,200 Volkswagen AG 528,300
450 Zanders Feinpapiere AG+ 30,776
-----------
8,980,359
-----------
<CAPTION>
Hong Kong -- 3.4%
<S> <C> <C>
26,500 Amoy Properties Ltd. 142,437
3,200 Amway Asia Pacific Ltd. 96,800
46,940 Bank East Asia Ltd. 170,862
14,500 Cathay Pacific Airways 132,313
14,300 Champion Tech Holding 7,865
500 Concordia Paper Holdings+ 3,562
4,500 C.P. Pokphand 45,000
8,500 Dairy Farm International Ltd. 36,125
2,100 First Pacific Company Ltd. 161,413
4,400 Guangshen Railway Company Ltd.+ 84,150
84,900 Henderson Land Development Company Ltd. 636,119
89,400 Hong Kong and China Gas Company Ltd. 142,629
19,700 Hong Kong Land Holdings 219,163
25,200 Hong Kong Telecommunications Ltd. 456,750
46,500 Hopewell Holdings Ltd. 123,690
203,000 HSBC Holdings 3,068,307
26,700 Hysan Development Ltd. 163,491
24,800 Jardine Matheson & Company Ltd. 178,560
8,600 Jardine Strategic Holding 52,675
1,500 Johnson Electric Holdings 33,750
14,800 Peregrine Investment Holdings 42,463
7,800 Shuntak Holdings Ltd. 47,166
2,700 Singer Company 54,675
16,000 South China Morning Post 54,375
84,400 Swire Pacific Ltd. 723,730
14,700 Wharf Holdings Ltd. 262,763
-----------
7,140,833
-----------
<CAPTION>
Indonesia -- 0.4%
<S> <C> <C>
7,500 Indorayon Utama 21,760
7,283 PT Indosat 243,981
22,300 Telekomunikasi Indonesia 663,425
1,300 Tri Polyta Indonesia 13,975
-----------
943,141
-----------
<CAPTION>
Israel -- 0.2%
<S> <C> <C>
100 American-Israeli Paper Mills 4,225
4,000 ECI Telecommunications Ltd. 93,000
600 Elbit Ltd. 10,575
1,560 Electrochemical Industries Frutar+ 1,950
1,100 Elron Electronic Industries Ltd. 12,513
800 Elscint Ltd., ORD+ 9,300
800 ESC Medical Systems Ltd.+ 22,600
1,560 Frutarom 654
300 Gilat Satellite Network Ltd.+ 6,600
3,200 Koor Industries Ltd. 55,200
2,300 Scitex Corporation 39,675
1,000 Tadiran Ltd. 27,000
2,800 Teva Pharmaceutical 106,050
-----------
389,342
-----------
<CAPTION>
Italy -- 2.2%
<S> <C> <C>
4,600 Benetton Group Spa 120,750
42,500 Ente Nazionale Idrocarburi
Spa+ 2,125,000
34,900 Fiat Spa 593,300
1,300 Fila Holding Spa 112,125
10,600 IMI Plc 270,300
1,400 Industrie Natuzzi 71,750
21,300 Istituto Nazionale Assic+ 316,838
2,400 Luxottica Group 176,100
28,300 Montedison Spa+ 169,800
20,400 Stet Societa Finanziaria Telefonica Spa 698,700
-----------
4,654,663
-----------
<CAPTION>
Japan -- 27.3%
<S> <C> <C>
15,900 Amway Japan Ltd. 395,513
7,000 Ando Electric Company Ltd. 107,495
9,800 Bandai Company Ltd. 85,750
160,795 Bank of Tokyo 3,758,583
57,000 Banyu Pharmaceutical Company Ltd. 807,587
18,600 Canon Inc. 1,939,050
3,400 CSK Corporation 100,938
13,000 Daido Steel Company Ltd. 216,271
19,000 Dai'El Inc. 460,750
33,000 Daiwabo Company Ltd. 167,715
466 DDI Corporation 4,072,175
14,400 Eisai Company Ltd. 271,723
28,000 Fudo Construction 223,437
27,400 Fuji Photo Film Company Ltd. 873,375
23,000 Fujitsu Ltd. 210,238
61,000 General Sekiyu 538,071
17,500 Hitachi Ltd. 1,640,625
24,600 Honda Motor Company Ltd. 1,254,600
9,000 Ito-Yokado Ltd. 2,169,000
47,300 Japan Airlines Company 780,450
89 Japan Telecom Company Ltd. 1,976,874
143 Japan Tobacco Inc. 1,097,989
9,000 Kanematsu-NNK Corporation 386,654
218,000 Kawasaki Heavy Industries 1,105,941
17,300 Kawasaki Steel Corporation 622,926
5,300 Kirin Brewery Company 657,200
9,000 KOA 147,258
30,200 Kobe Steel Ltd. 433,592
5,000 Koei Company Ltd. 158,592
2,700 Komatsu Ltd. 531,632
3,700 Kubota Corporation 505,050
5,000 Kyocera Corporation 696,250
8,600 Makita Corporation 137,600
11,200 Matsushita Electric Industrial Company
Ltd. 2,083,200
41,700 Mitsubishi Corporation 1,094,768
4,100 Mitsui & Company Ltd. 748,250
11,000 Mitsumi Electric Company Ltd. 174,954
37,000 National House Industrial 578,336
16,400 NEC Corporation 885,600
16,000 Nippon Chemical Industrial 168,190
165,900 Nippon Telegraph & Telephone Corporation 6,055,350
66,800 Nissan Motor Company Ltd. 1,185,700
14,000 Olympus Optical Company 140,383
9,100 Pioneer Electronics Corporation 214,988
6,900 Ricoh Company Ltd. 364,813
20,700 Sanyo Electric Corporation 631,350
500 Sawako Corporation 17,250
17,100 Sega Enterprises 196,650
21,300 Shiseido Ltd. 271,832
19,900 Sony Corporation 1,315,887
16,700 Sumitomo Metal Industries 521,875
267,000 Sumitomo Trust & Banking 3,660,877
14,000 Suzuken Company Ltd. 569,470
61 Taito Corporation 128,245
11,000 Tamura Electric Works 108,592
16,000 TDK Corporation 970,000
16,500 Tokio Marine & Fire Insurance Ltd. 1,099,313
35,000 Toshiba Machine Company 223,949
99,370 Toyota Motor Corporation 4,980,921
15,000 Tsumura & Company 257,770
24,000 Universal Securities 152,468
41,000 Victor Company of Japan Ltd. 588,391
1,500 Wacoal Corporation+ 101,531
-----------
58,021,807
-----------
<CAPTION>
Luxembourg -- 0.2%
<S> <C> <C>
1,500 Espirito Sanyo Financial Holdings 19,125
2,600 Millicom International Cellular SA+ 123,825
12,000 Minorco SA 285,000
-----------
427,950
-----------
<CAPTION>
Malaysia -- 0.2%
<S> <C> <C>
60,200 Amalgamated Steelmills Berhad 45,361
11,600 Resorts World 332,425
-----------
377,786
-----------
<CAPTION>
Mexico -- 1.3%
<S> <C> <C>
3,000 Apasco SA, Series A 82,125
1,100 Bufete Industries+ 19,112
32,600 Cemex SA 248,830
2,400 Coca-Cola Femsa SA 68,700
3,400 Consorcio G. Grupo Dina+ 8,500
3,670 Desc de CV, Series C 77,070
6,100 Empresas La Moderna 109,800
5,500 Empress Ica 76,312
1,300 Grupo Casa Autrey 27,950
1,100 Grupo Industrial Duango SA 11,137
9,500 Grupo Elecktra 137,750
6,500 Grupo Financiero 33,312
3,300 Grupo Indus Maseca 51,975
3,000 Grupo Iusacell, Series L 32,250
2,300 Grupo Mexicano de Desarrollo, Class L 4,888
700 Grupo Radio Central 6,912
5,800 Grupo Sidek 7,250
100 Grupo Simec SA+ 500
8,200 Grupo Telivisa SA+ 252,150
3,800 Grupo Tribasa SA+ 21,850
5,300 Kimberly Clark Inc. 192,125
1,800 Panamerican Beverages Inc., Class A 80,550
27,900 Telefono de Mexico SA 934,650
2,000 Tolmex 104,000
2,900 Transport Matima Mexico, Class L 21,387
3,700 Tubos de Acero de Mexico+ 34,919
6,400 Vitro Sociedad Anomina 44,000
-----------
2,690,004
-----------
<CAPTION>
Netherlands -- 4.3%
<S> <C> <C>
15,600 ABN AMRO Holding 822,900
13,800 AEGON Insurance 636,525
7,600 Akzo Nobel 454,100
5,000 Baan Company 170,000
7,700 DSM 192,500
18,600 Elsevier 564,975
9,500 Fortis Amev 271,714
2,400 Gucci Group 154,800
94,405 ING Groep 2,817,481
4,800 KLM Royal Dutch Airlines 152,400
4,400 Koninklije Bolfwessanan 73,604
6,420 Koninklijke Ahold 347,483
1,500 Madge Networks NV+ 21,750
1,100 Oce Van Der Grinten 115,913
18,000 Philips Electronics NV 587,250
3,500 Polygram NV 205,188
2,300 Royal Nedlloyd Group 26,434
24,500 Royal PTT Nederland 924,875
4,600 Toolex Alpha NV 110,400
800 Van Ommeren 31,444
3,500 Wolters Kluwer 392,000
-----------
9,073,736
-----------
<CAPTION>
Netherland Antilles -- 0.0%#
<S> <C> <C>
500 Orthofix International 5,500
200 Velcro Industries NV 11,100
-----------
16,600
-----------
<CAPTION>
New Zealand -- 0.2%
<S> <C> <C>
1,925 Fletcher Challenge, Building 38,259
1,925 Fletcher Challenge, Energy 42,831
3,900 Fletcher Challenge, Forest 48,262
4,050 Fletcher Challenge, Paper 77,962
3,200 Telecommunications of New Zealand Ltd. 213,600
500 Tranz Rail Holdings Ltd. 6,938
-----------
427,852
-----------
<CAPTION>
Norway -- 0.4%
<S> <C> <C>
4,900 Hafslund Nycomed 31,333
12,200 Norsk Hydro AS 596,275
10,000 Nycomed AS, Class A+ 141,250
2,900 Petroleum Geo -- Services+ 82,288
6,000 Saga Petroleum, Class A 88,500
1,000 United Ships Service 16,130
-----------
955,776
-----------
<CAPTION>
Peru -- 0.0%#
<S> <C> <C>
3,400 Banco Wiese 24,225
-----------
<CAPTION>
Philippines -- 0.3%
<S> <C> <C>
2,900 Philippine Long Distance Telephone
Company 168,563
11,150 San Miguel Corporation,
Class B 385,290
-----------
553,853
-----------
<CAPTION>
Portugal -- 0.2%
<S> <C> <C>
5,800 Banco Comercial Portuges SA 66,700
10,100 Portugal Telecom SA 265,125
-----------
331,825
-----------
<CAPTION>
Republic of Ireland -- 0.2%
<S> <C> <C>
5,900 Allied Irish Banks 183,637
3,700 CRH Plc 183,150
1,600 Elan Corporation Plc+ 91,400
3,500 Waterford Wedgwood Plc 45,500
-----------
503,687
-----------
<CAPTION>
Republic of South Korea -- 1.1%
<S> <C> <C>
73,300 Korea Electric Power Corporation 1,777,525
20,000 Pohang Iron & Steel 487,500
-----------
2,265,025
-----------
<CAPTION>
Russia -- 0.1%
<S> <C> <C>
6,800 Lukoil+ 275,400
-----------
<CAPTION>
Singapore -- 0.7%
<S> <C> <C>
9,600 Asia Pacific Resources International
Holdings, Class A+ 72,000
4,700 Cycle & Carriage Ltd. 100,560
12,875 Development Bank of Singapore 634,094
35,000 Keppel Corporation 292,700
8,600 Neptune Orient Lines Ltd. 36,069
23,900 United O/S Singapore 454,100
-----------
1,589,523
-----------
<CAPTION>
Spain -- 1.5%
<S> <C> <C>
12,300 Banco Bilbao Vizcaya 493,537
17,400 Banco Central Hispano 178,350
32,800 Banco Espanol de Credito SA 106,133
8,500 Banco Santander SA 394,188
4,400 Compania Sevillana Electric 81,400
13,300 Corporation Banc Argentaria 292,600
7,200 Mapfre 80,937
16,000 Repsol 556,000
16,600 Telefonica de Espana SA 915,075
-----------
3,098,220
-----------
<CAPTION>
South Africa -- 0.6%
<S> <C> <C>
7,100 Driefontein Consolidated 93,187
4,900 Kloof Gold Mining Ltd. 47,469
17,800 Malbak Ltd. 88,373
4,800 Pepkor Ltd. 46,554
30,600 Sasol Ltd. 328,950
3,100 Servgro International Ltd. 36,509
14,900 South African Breweries 439,550
6,500 The Sage Group 49,304
19,200 Wooltru Ltd.+ 73,155
-----------
1,203,051
-----------
<CAPTION>
Sweden -- 2.3%
<S> <C> <C>
6,900 ABB AB 725,363
12,700 AGA AB, Series B, 217,698
32,800 Astra AB 1,435,000
9,766 Atlas Copco 181,355
3,900 Electrolux AB 195,975
50,900 Ericsson (L. M.) Telephone Company, Class
B 1,094,350
14,800 Sandvik AB 340,486
6,000 SKF AB 141,000
22,500 Swedish Match Company+ 70,005
22,500 Volvo AB, Series B 13,140
-----------
4,914,372
-----------
<CAPTION>
Switzerland -- 6.5%
<S> <C> <C>
4,700 ABB AG 580,307
27,600 CS Holdings 655,500
31,200 Ciba Geigy AG 1,901,250
42,900 Nestle 2,445,300
630 Roche Holdings Genuscheine AG 4,810,680
40,300 Sandoz Ltd. 2,307,175
55,700 Schweizerische Bankgesellschaft 1,088,455
-----------
13,788,667
-----------
<CAPTION>
Thailand -- 0.1%
<S> <C> <C>
5,300 Advanced Information Services PCL 83,057
14,700 Shinawatra Corporation 143,325
-----------
226,382
-----------
<CAPTION>
Trinidad -- 0.4%
<S> <C> <C>
13,800 Empresa Nacional de Electric 864,225
-----------
<CAPTION>
United Kingdom -- 23.1%
<S> <C> <C>
35,100 Abbey National Plc 589,536
3,800 Albert Fischer Group Plc 27,664
54,800 Allied Domeq Plc 397,300
3,400 Alvis Plc 5,945
18,200 APV Plc 18,105
3,200 Automated Securities
Holdings Plc+ 3,600
54,700 BAA Plc 396,575
71,200 Bank of Scotland Plc 257,307
23,300 Barclays Plc 1,118,400
23,200 Bass Publishing Limited Company Plc 574,200
81,900 B.A.T. Industries Plc 1,295,044
27,200 BBA Group Plc 130,217
2,900 Bell Cable Media Plc+ 48,575
1,300 Bespak Plc 8,022
12,100 BET Plc 170,912
2,400 Blenheim Exhibit Group Plc 30,912
38,700 Blue Circle Industries Plc 216,266
2,800 Bluebird Toys Plc 10,141
1,900 Body Shop International Plc 25,175
3,000 Booker Plc 72,000
12,500 Britannic Assurance Plc 139,114
5,100 British Airways Plc 437,325
900 British Biotech Plc+ 70,312
23,100 British Gas Plc 646,800
309,000 British Petroleum Company Plc++ 2,711,259
4,300 British Petroleum Company Plc 459,562
9,800 British Sky Broadcasting Group Plc 398,125
10,700 British Steel Plc 271,512
33,100 British Telecommunications Plc 1,779,125
49,660 BTR Plc 781,667
5,300 Burmah Castrol Plc 167,944
38,900 Cable & Wireless Plc 768,275
13,100 Cadbury Schweppes Plc 422,475
38,100 Carlton Communications
Plc++ 306,763
6,000 Carlton Communications Plc 245,250
1,700 Central Transportation Plc+ 956
3,100 Christian Salvesen Plc 61,355
900 Christies International Plc 30,375
12,400 Coats Viyella Plc 99,034
3,900 Cordiant Plc 19,500
21,400 Courtaulds Plc 149,800
2,400 Danka Business Systems Plc 70,200
7,100 Dixons Group Plc 174,163
26,400 Dixons Group Plc++ 217,074
5,100 East Midlands Electric 82,492
5,400 English China Clays Plc 66,150
7,600 Enterprise Oil Plc 161,500
10,700 First Leisure Corporation Plc 59,707
216,300 Glaxo Wellcome Plc++ 2,913,223
84,000 Glaxo Wellcome Plc 2,247,000
27,800 Grand Metropolitan Plc 743,650
17,200 Guiness Plc 616,448
55,000 Hanson Trust Plc 783,750
9,200 Hills Down Holdings Plc 99,728
1,000 Huntingtdon International Holdings Plc+ 6,000
9,600 Imperial Chemical Industries Plc 471,600
17,700 Kingfisher Plc 355,261
10,200 Kwik Save Group Plc 71,820
15,400 Lasmo Plc 126,087
14,300 Laura Ashley Holdings Plc++ 42,232
2,500 Laura Ashley Holdings Plc 38,750
7,500 Lloyds Chemists Plc 55,957
306,900 Lloyds TSB Group Plc 1,502,644
8,999 London Electric Plc 87,377
36,900 London International Group Plc++ 86,894
3,600 London International Group Plc 43,200
800 London Pacific Group Ltd., Plc 12,700
7,600 London Scottish Bank Plc 12,522
24,800 Marks & Spenser Plc 1,086,772
3,700 Medeva Plc 57,350
700 Micro Focus Group Plc+ 8,750
5,100 Midlands Electricity Plc 66,342
9,600 M.L. Laboritories Plc 62,821
15,200 National Westminister Bank Plc 874,000
7,400 NFC Plc 103,137
5,200 Northern Electricity Plc 46,010
13,800 Orange Plc+ 241,500
29,400 Pearson Plc 303,034
16,000 Peninsular & Oriental Steam
Plc 238,000
400 Planning Sciences International Plc+ 9,000
9,600 Powergen Plc 283,200
700 Powergen Plc++ 14,525
7,200 Premier Farnell Plc+ 150,300
2,200 Premier Oil Plc 10,245
20,200 Prudential Plc 635,752
7,500 Racal Electronics Plc 70,575
22,000 Rank Organization Plc 341,000
27,500 Redland Ltd., Plc 171,875
34,300 Reed International Plc 574,194
20,400 Reuters Holdings Plc, Class B 1,479,000
26,500 Rexam Plc 135,812
4,800 Schroders Plc 77,966
1,900 Scottish Hydro-Electric Plc 87,301
4,300 Scottish Power Plc 202,917
5,800 Sedgwick Group Plc 62,123
29,400 Shell Transportation & Trading, Plc (New) 2,587,200
39,000 Siebe Plc 554,063
29,100 Smithkline Beecham Group
Plc 1,582,313
164,952 Smithkline Beecham Group
Plc++ 1,765,264
13,456 Southern Electric Corporation
Plc 149,034
58,700 Standard Chatered Bank Plc+ 584,850
350 Stolt-Nielsen SA++ 6,519
1,500 Stolt-Nielsen SA 27,188
4,400 Tate & Lyle Plc 123,750
5,700 Telemetrix Plc 7,974
4,500 Telewest Communications Plc+ 112,219
128,800 Tesco Plc 588,589
14,200 The Ritz Corporation Plc 855,550
22,700 Thorn EMI Plc 628,790
12,400 TI Group Plc 210,800
15,700 Tomkins Plc 239,425
1,700 Trinity International Plc 22,906
24,700 Unilever Plc 1,994,525
900 Unitech Plc 38,894
28,000 United Biscuits Holdings Plc 91,000
6,500 United News & Media Plc 140,969
34,650 Vodafone Group Plc 1,277,719
1,300 Wace Group Plc 10,292
4,400 Waste Management International Plc+ 48,950
3,400 Wembley Plc+ 74,945
10,300 Williams Holdings Ltd., Plc 162,365
4,500 Willis Corroon Group Plc 53,438
3,800 WPP Group Plc 127,300
9,116 Yorkshire Electricity Group Plc 102,593
16,800 Zeneca Group Plc 1,129,800
-----------
49,203,278
-----------
<CAPTION>
Venezuela -- 0.0%#
<S> <C> <C>
1,300 Corimon Saca+ 1,625
3,200 Mavesa SA 12,674
8,900 Sivensa 27,812
-----------
42,111
-----------
<CAPTION> <C>
TOTAL COMMON STOCKS
(Cost $185,117,985) 206,603,175
-----------
SHORT-TERM INVESTMENT -- 2.4%
(Cost $5,041,474)
<S> <C> <C>
5,041,474 Federated Prime Obligations Fund 5,041,474
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $190,159,459*) 99.5% 211,644,649
OTHER ASSETS AND
LIABILITIES (Net) 0.5 1,152,890
----- -------------
NET ASSETS 100.0% $ 212,797,539
===== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $190,164,987.
+ Non-income producing security.
++ Foreign ordinary security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
The Munder International Equity Fund
Portfolio of Investments, June 30, 1996
(Continued)
- --------------------------------------------------------------------------
At June 30, 1996 sector diversification of the Munder International Equity
Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- ------------
<S> <C> <C>
COMMON STOCKS:
Banking 11.8% $ 25,019,597
Telecommunications 11.5 24,495,532
Pharmaceuticals 8.7 18,613,057
Diversified Industrial 8.2 17,569,007
Oil/Gas 7.1 15,142,610
Automotive 4.9 10,374,036
Retail 4.7 10,085,170
Food & Beverage 4.7 9,951,089
Financial Services 4.6 9,751,051
Electronics 4.4 9,312,748
Utility -- Electric 3.6 7,784,720
Metals 2.3 4,966,460
Chemicals 2.2 4,662,121
Transportation 2.0 4,228,410
Printing & Publishing 1.7 3,716,215
Insurance 1.4 2,965,591
Electrical & Electrical Equipment 1.2 2,588,174
Tobacco 1.2 2,502,833
Business Supplies 1.2 2,459,976
Paper & Packaging 1.0 2,186,786
Building & Building Materials 1.0 2,166,782
Machinery and Heavy Equipment 1.0 2,158,081
Real Estate 0.9 1,958,063
Iron/Steel 0.8 1,790,063
Entertainment 0.8 1,650,862
Utility -- Gas 0.6 1,251,304
Commercial/Consumer Services 0.6 1,228,849
Broadcasting 0.5 1,012,162
Engineering Construction 0.4 898,915
Health & Personal Care 0.4 849,467
Textiles & Apparel 0.4 842,974
Computer Software 0.4 804,022
Mining 0.3 532,786
Advertising 0.2 348,075
Household Goods 0.2 322,400
Aerospace 0.1 192,613
Miscellaneous 0.1 220,574
----- ------------
TOTAL COMMON STOCKS 97.1 206,603,175
SHORT-TERM INVESTMENT 2.4 5,041,474
----- ------------
TOTAL INVESTMENTS 99.5 211,644,649
OTHER ASSETS AND LIABILITIES (Net) 0.5 1,152,890
----- ------------
NET ASSETS 100.0% $ 212,797,539
===== =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Index 500 Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 90.3%
Advertising -- 0.1%
<S> <C> <C>
3,200 Interpublic Group of Companies, Inc. $ 150,000
-----------
<CAPTION>
Aerospace -- 1.0%
<S> <C> <C>
11,500 AlliedSignal Inc. 656,938
2,600 General Dynamics Corporation 161,200
9,000 McDonnell Douglas Company 436,500
2,300 Northrop Grumman Corporation 156,687
3,400 Textron, Inc. 271,575
5,000 United Technologies Corporation 575,000
-----------
2,257,900
-----------
<CAPTION>
Aircraft Manufacturing -- 0.8%
<S> <C> <C>
14,150 Boeing Company 1,232,819
8,071 Lockheed Martin Corporation 677,964
-----------
1,910,783
-----------
<CAPTION>
Airline -- 0.3%
<S> <C> <C>
3,700 AMR Corporation+ 336,700
2,500 Delta Air Lines, Inc. 207,500
5,900 Southwest Airlines Company 171,838
2,600 USAir Group, Inc.+ 46,800
-----------
762,838
-----------
<CAPTION>
Apparel -- 0.5%
<S> <C> <C>
700 Brown Group Inc. 12,162
3,100 Fruit Of The Loom Inc.+ 79,050
4,300 Melville Corporation 174,150
5,800 NIKE, Inc., Class B 595,950
2,600 V. F. Corporation 155,025
-----------
1,016,337
-----------
<CAPTION>
Automobiles -- 1.8%
<S> <C> <C>
15,200 Chrysler Corporation 942,400
47,900 Ford Motor Company 1,550,763
30,800 General Motors Corporation 1,613,150
3,080 Navistar International Corporation+ 30,415
-----------
4,136,728
-----------
<CAPTION>
Automobile Parts and Equipment -- 0.3%
<S> <C> <C>
1,600 Cummins Engine, Inc. 64,600
4,100 Dana Corporation 127,100
2,500 Echlin Inc. 94,688
4,950 Genuine Parts Company 226,463
1,700 Johnson Controls Inc. 118,150
2,500 Pep Boys-Manny, Moe & Jack 85,000
2,700 TRW Inc. 242,662
-----------
958,663
-----------
<CAPTION>
Banks -- 6.6%
<S> <C> <C>
18,441 Banc One Corporation 626,994
4,600 Bank of Boston Corporation 227,700
7,800 Bank of New York Inc. 399,750
14,916 BankAmerica Corporation 1,129,887
3,200 Bankers Trust New York Corporation 236,400
3,800 Barnett Banks Inc. 231,800
6,400 Boatmen's Bancshares Inc. 256,800
17,784 Chase Manhattan Corporation 1,255,995
19,800 Citicorp 1,635,975
4,800 Comerica Inc. 214,200
9,062 CoreStates Financial Corporation 348,887
4,200 Fifth Third Bancorporation 226,800
5,700 First Bank System Inc. 330,600
12,931 First Chicago Corporation 505,925
11,640 First Union Corporation 708,585
10,690 Fleet Financial Group Inc. 465,015
5,600 Great Western Financial Corporation 133,700
9,400 KeyCorp (New) 364,250
9,075 MBNA Corporation 258,637
5,600 Mellon Bank Corporation 319,200
7,700 Morgan (J.P.) & Company, Inc. 651,612
6,200 Morgan Stanley Group Inc. 304,575
9,000 National City Corporation 316,125
12,225 NationsBank Corporation 1,010,091
14,900 Norwest Corporation 519,638
13,900 PNC Bank Corporation 413,525
2,300 Republic New York Corporation 143,175
9,200 SunTrust Banks Inc. 340,400
6,550 U.S. Bancorp 236,619
6,900 Wachovia Corporation 301,875
3,966 Wells Fargo & Company 947,378
-----------
15,062,113
-----------
<CAPTION>
Broadcasting -- 0.0%#
<S> <C> <C>
1,100 Meredith Corporation 45,925
-----------
<CAPTION>
Building and Building Supplies -- 0.7%
<S> <C> <C>
1,200 Crane Company 49,200
1,900 Fleetwood Enterprises 58,900
19,482 Home Depot Inc. 1,052,028
1,600 Kaufman & Broad Home Corporation 23,200
6,500 Masco Corporation 196,625
4,633 Pall Corporation 111,771
-----------
1,491,724
-----------
<CAPTION>
Business Equipment -- 1.1%
<S> <C> <C>
22,100 International Business Machines
Corporation 2,187,900
6,100 Pitney Bowes Inc. 291,275
-----------
2,479,175
-----------
<CAPTION>
Business Services -- 0.5%
<S> <C> <C>
7,750 CUC International Inc.+ 275,125
2,300 Federal Express Corporation+ 188,600
4,100 Moore Corporation Ltd. 77,388
13,200 Xerox Corporation 706,200
-----------
1,247,313
-----------
<CAPTION>
Check Printers -- 0.1%
<S> <C> <C>
3,400 Deluxe Corporation 120,700
1,300 Harland (John H.) Company 32,012
-----------
152,712
-----------
<CAPTION>
Chemicals -- 3.5%
<S> <C> <C>
4,600 Air Products & Chemicals Inc. 265,650
10,150 Dow Chemical Company 771,400
22,800 duPont (E.I.) de Nemours & Company 1,804,050
3,275 Eastman Chemical Company 199,366
2,600 Ecolab Inc. 85,800
5,850 Engelhard Corporation 134,550
1,500 FMC Corporation+ 97,875
4,000 Grace (W.R.) & Company 283,500
2,600 Great Lakes Chemical Corporation 161,850
4,400 Hercules, Inc. 243,100
2,000 Kerr-McGee Corporation 121,750
3,000 Mallinckrodt Group Inc. 116,625
17,000 Minnesota Mining & Manufacturing Company 1,173,000
24,000 Monsanto Company 780,000
6,000 Morton International Inc. 223,500
2,700 Nalco Chemical Company 85,050
6,300 Praxair Inc. 266,175
8,900 Rockwell International Corporation 509,525
2,700 Rohm & Haas Company 169,425
2,006 Sigma-Aldrich Corporation 107,321
2,800 Union Camp Corporation 136,500
5,400 Union Carbide Corporation 214,650
-----------
7,950,662
-----------
<CAPTION>
Coal -- 0.3%
<S> <C> <C>
8,600 CSX Corporation 414,950
800 Eastern Enterprises 26,600
3,400 Fluor Corporation 222,275
-----------
663,825
-----------
<CAPTION>
Communication Equipment -- 0.7%
<S> <C> <C>
24,100 Motorola, Inc. 1,515,287
5,500 National Semiconductor Corporation+ 85,250
3,100 Scientific-Atlanta Inc. 48,050
-----------
1,648,587
-----------
<CAPTION>
Communications -- 1.2%
<S> <C> <C>
4,700 DSC Communications Corporation+ 141,588
28,200 MCI Communications Corporation 722,625
24,800 SBC Communications 1,221,400
15,100 Viacom Inc., Class B+ 587,013
-----------
2,672,626
-----------
<CAPTION>
Computer Hardware, Software or Services
-- 5.2%
<S> <C> <C>
5,500 Advanced Micro Devices Inc.+ 74,938
4,900 Amdahl Corporation+ 52,675
8,824 AMP Inc. 354,063
5,000 Apple Computer Inc. 105,000
1,900 Autodesk, Inc. 56,763
11,800 Automatic Data Processing Inc. 455,775
7,700 Bay Networks, Inc. 198,275
2,800 Ceridian Corporation+ 141,400
23,200 CISCO Systems Inc.+ 1,313,700
10,900 Compaq Computer Corporation+ 536,825
9,900 Computer Associates International Inc. 685,575
2,300 Computer Sciences Corporation+ 171,925
1,600 Data General Corporation+ 20,800
6,200 Digital Equipment Corporation+ 279,000
5,200 Honeywell, Inc. 283,400
33,500 Intel Corporation 2,460,156
1,900 Intergraph Corporation+ 23,038
24,200 Microsoft Corporation+ 2,907,025
14,900 Novell Inc.+ 206,737
26,700 Oracle Systems Corporation+ 1,052,981
7,500 Sun Microsystems Inc.+ 441,563
4,800 Tandem Computers Inc.+ 59,400
7,000 Unisys Corporation+ 49,875
-----------
11,930,889
-----------
<CAPTION>
Computer -- Semiconductors -- 0.2%
<S> <C> <C>
7,300 Applied Materials+ 222,650
9,400 EMC Corporation 175,075
-----------
397,725
-----------
<CAPTION>
Construction -- 0.0% #
<S> <C> <C>
1,200 Centex Corporation 37,350
-----------
<CAPTION>
Consumer Cyclicals -- 0.1%
<S> <C> <C>
7,917 Price/Costco Inc.+ 171,205
-----------
<CAPTION>
Consumer Non-Durables -- 3.1%
<S> <C> <C>
9,400 Corning Inc. 360,725
3,900 Dial Corporation 111,637
67,700 General Electric Corporation 5,856,050
2,100 Grainger (W.W.), Inc. 162,750
6,600 Lowe's Companies Inc. 238,425
6,500 Newell Company 199,062
4,300 Whitman Corporation 103,737
-----------
7,032,386
-----------
<CAPTION>
Consumer Staples -- 0.1%
<S> <C> <C>
3,400 Pioneer Hi-Bred International Inc. 179,775
-----------
<CAPTION>
Containers -- 0.1%
<S> <C> <C>
1,200 Ball Corporation 33,150
5,200 Crown Cork & Seal Company Inc.+ 234,000
-----------
267,150
-----------
<CAPTION>
Cosmetics-Toiletry -- 0.1%
<S> <C> <C>
1,100 Alberto-Culver Company, Class B 51,012
5,500 Avon Products Inc. 248,187
-----------
299,199
-----------
<CAPTION>
Diversified -- 0.7%
<S> <C> <C>
5,200 Alco Standard Company 235,300
4,800 Loews Corporation 378,600
6,500 Unilever NV 943,312
-----------
1,557,212
-----------
<CAPTION>
Electric Power -- 0.1%
<S> <C> <C>
6,200 Carolina Power & Light Company 235,600
2,000 National Service Industries, Inc. 78,250
-----------
313,850
-----------
<CAPTION>
Electrical Equipment -- 1.4%
<S> <C> <C>
4,400 Cooper Industries Inc. 182,600
1,700 Foster Wheeler Corporation 76,288
5,100 General Instrument Corporation 147,262
2,000 General Signal Corporation 75,750
20,800 Hewlett-Packard Company 2,072,200
1,300 Tektronix Inc. 58,175
76 Teledyne Inc., Series E 1,169
7,700 Texas Instruments Inc. 384,038
1,600 Thomas & Betts Corporation 60,000
1,200 TRINOVA Corporation 40,050
-----------
3,097,532
-----------
<CAPTION>
Electronics -- 0.9%
<S> <C> <C>
3,200 Eaton Corporation 187,600
1,900 EG&G Inc. 40,612
9,100 Emerson Electric Company 822,412
9,700 Raytheon Company 500,763
2,500 Tandy Corporation 118,438
2,300 Teledyne Inc. 83,087
17,000 Westinghouse Electric Corporation 318,750
-----------
2,071,662
-----------
<CAPTION>
Energy and Resources -- 0.2%
<S> <C> <C>
5,200 Burlington Resources, Inc. 223,600
7,400 Dresser Industries Inc. 218,300
-----------
441,900
-----------
<CAPTION>
Entertainment -- 1.5%
<S> <C> <C>
27,636 Disney (Walt) Company 1,737,613
2,900 Harcourt General Corporation 145,000
3,500 Hasbro Inc. 125,125
4,800 ITT Corporation (New)+ 318,000
1,500 King World Productions, Inc.+ 54,562
11,290 Mattel, Inc. 323,176
16,000 Time Warner Inc. 628,000
-----------
3,331,476
-----------
<CAPTION>
Financial Services -- 2.9%
<S> <C> <C>
19,700 American Express Company 879,112
8,500 American General Corporation 309,188
6,837 Dean Witter, Discover & Company 391,418
4,000 Dow Jones & Company Inc. 167,000
7,300 Federal Home Loan Mortgage Corporation 624,150
44,500 Federal National Mortgage Association 1,490,750
9,096 First Data Corporation 724,269
5,600 Green Tree Financial Corporation 175,000
4,000 Household International, Inc. 304,000
7,000 Merrill Lynch & Company Inc. 455,875
1,100 Pulte Corporation 29,425
4,300 Salomon Inc. 189,200
2,300 Temple-Inland Inc. 107,525
19,367 Travelers Group Inc. 883,619
-----------
6,730,531
-----------
<CAPTION>
Financing Corporation -- 0.1%
<S> <C> <C>
2,200 Beneficial Corporation 123,475
-----------
<CAPTION>
Food and Beverages -- 7.3%
<S> <C> <C>
10,300 Albertson's, Inc. 426,162
10,300 Anheuser-Busch Companies Inc. 772,500
10,200 Campbell Soup Company 719,100
101,700 Coca-Cola Company 4,970,588
9,925 ConAgra Inc. 450,347
1,600 Coors (Adolph) Company, Class B 28,600
5,900 CPC International Inc. 424,800
1,500 Fleming Companies Inc. 21,563
15,100 Heinz (H.J.) Company 458,662
3,200 Hershey Foods Corporation 234,800
8,700 Kellogg Company 637,275
63,800 PepsiCo Inc. 2,256,925
33,800 Philip Morris Companies Inc. 3,515,200
5,500 Quaker Oats Company 187,688
4,300 Ralston-Purina Group 275,738
19,700 Sara Lee Corporation 637,787
15,200 Seagram Company Ltd. 511,100
4,700 Wrigley (Wm) Jr. Company 237,350
-----------
16,766,185
-----------
<CAPTION>
Food Distribution -- 0.7%
<S> <C> <C>
21,173 Archer-Daniels-Midland Company 404,934
6,500 General Mills Inc. 354,250
2,400 Giant Food, Inc., Class A 86,100
1,600 Great Atlantic & Pacific Tea Company Inc. 52,600
5,100 Kroger Company+ 201,450
2,700 Supervalu Inc. 85,050
7,400 Sysco Corporation 253,450
6,200 Winn Dixie Stores Inc. 219,325
-----------
1,657,159
-----------
<CAPTION>
Freight and Shipping -- 0.0%#
<S> <C> <C>
1,600 Caliber Systems Inc. 54,400
1,800 Consolidated Freightways Inc. 38,025
1,200 Yellow Corporation 15,900
-----------
108,325
-----------
<CAPTION>
Glass Products -- 0.2%
<S> <C> <C>
2,100 Owens Corning Fiberglass Corporation+ 90,300
7,700 PPG Industries Inc. 375,375
-----------
465,675
-----------
<CAPTION>
Health Care Facilities -- 0.7%
<S> <C> <C>
4,100 Beverly Enterprises+ 49,200
18,218 Columbia/HCA Healthcare Corporation 972,386
1,800 Community Psychiatric Centers 17,100
6,600 Humana Inc.+ 117,975
8,800 Tenet Healthcare Corporation+ 188,100
6,300 U.S. HealthCare Inc. 346,500
-----------
1,691,261
-----------
<CAPTION>
Health Care Products -- 3.0%
<S> <C> <C>
32,000 Abbott Laboratories 1,392,000
2,600 Allergan, Inc. 102,050
2,300 Bausch & Lomb Inc. 97,750
2,600 Becton, Dickinson & Company 208,650
50,000 Merck & Company Inc. 3,231,250
26,000 Pfizer, Inc. 1,855,750
-----------
6,887,450
-----------
<CAPTION>
Holding Companies -- 0.3%
<S> <C> <C>
4,900 General Public Utilities Corporation 172,725
3,800 Providian, LLC 162,925
10,000 Public Service Enterprise 273,750
-----------
609,400
-----------
<CAPTION>
Home Appliances -- 0.4%
<S> <C> <C>
3,600 Black & Decker Corporation 139,050
4,900 Illinois Tool Works Inc. 331,363
4,200 Maytag Corporation 87,675
1,700 Snap-On, Inc. 80,538
3,600 Stanley Works 107,100
3,000 Whirlpool Corporation 148,875
-----------
894,601
-----------
<CAPTION>
Home Furnishings and Housewares -- 0.9%
<S> <C> <C>
25,800 American Home Products Corporation 1,551,225
1,500 Armstrong World 86,438
6,100 Rubbermaid, Inc. 166,225
800 Springs Industries, Inc. 40,400
2,500 Tupperware Corporation 105,625
-----------
1,949,913
-----------
<CAPTION>
Hotels -- 0.3%
<S> <C> <C>
4,200 Harrah's Entertainment Corporation 118,650
2,000 Hilton Hotels Corporation 225,000
5,200 Marriott International Inc. 279,500
-----------
623,150
-----------
<CAPTION>
Insurance -- 3.0%
<S> <C> <C>
4,700 Aetna Life & Casualty Company 336,050
1,800 Alexander & Alexander Services, Inc. 35,550
18,160 Allstate Corporation 828,550
19,243 American International Group, Inc. 1,897,841
4,400 AON Corporation 223,300
7,200 Chubb Corporation 359,100
3,100 CIGNA Corporation 365,412
3,300 General Re Corporation 502,425
4,800 ITT Hartford Group Inc.+ 255,600
2,900 Jefferson-Pilot Corporation 149,712
4,200 Lincoln National Corporation 194,250
3,000 Marsh & McLennan Companies, Inc. 289,500
5,100 SAFECO Corporation 180,412
3,400 St. Paul Companies Inc. 181,900
2,950 Torchmark Corporation 129,062
2,800 Transamerica Corporation 228,900
7,400 United Healthcare Corporation 373,700
3,000 UNUM Corporation 186,750
4,900 USF & G Corporation 80,237
1,375 USLife Corporation 45,203
-----------
6,843,454
-----------
<CAPTION>
Laboratory Equipment -- 0.1%
<S> <C> <C>
6,200 Tyco International Ltd. 252,650
-----------
<CAPTION>
Machinery and Heavy Equipment -- 0.6%
<S> <C> <C>
7,900 Caterpillar Inc. 535,225
1,600 Cincinnati Milacron Inc. 38,400
10,700 Deere & Company 428,000
4,400 Ingersoll Rand Company 192,500
3,000 Parker-Hannifin Corporation 127,125
1,600 Varity Corporation+ 77,000
-----------
1,398,250
-----------
<CAPTION>
Machinery (Electric) -- 0.1%
<S> <C> <C>
4,600 Dover Corporation 212,175
-----------
<CAPTION>
Manufacturing -- 1.1%
<S> <C> <C>
9,250 Alcan Aluminum Ltd. 282,125
7,200 Aluminum Company of America 413,100
7,300 Boston Scientific Corporation+ 328,500
1,200 Briggs & Stratton Corporation 49,350
2,800 Brown-Forman Corporation, Class B 112,000
3,000 Case Corporation 144,000
1,400 Giddings & Lewis, Inc. 22,750
5,200 LSI Logic Corporation+ 135,200
8,500 Micron Technology Inc. 219,938
800 Outboard Marine Corporation 14,500
1,620 PACCAR Inc. 79,380
2,600 Reynolds Metals Company 135,525
3,500 Sherwin-Williams Company 162,750
6,600 Silicon Graphics Inc.+ 158,400
6,800 3COM Corporation+ 311,100
-----------
2,568,618
-----------
<CAPTION>
Medical and Medical Services -- 0.0%#
<S> <C> <C>
900 Shared Medical Systems Corporation 57,825
-----------
<CAPTION>
Medical Instruments and Supplies -- 0.6%
<S> <C> <C>
2,300 Bard (C.R.), Inc. 78,200
11,100 Baxter International Inc. 524,475
4,700 Biomet, Inc.+ 67,562
9,500 Medtronic, Inc. 532,000
3,250 St. Jude Medical, Inc.+ 108,875
2,500 United States Surgical Corporation 77,500
-----------
1,388,612
-----------
<CAPTION>
Metals and Mining -- 0.3%
<S> <C> <C>
1,700 ASARCO Inc. 47,388
14,500 Barrick Gold Corporation 393,313
4,800 Inco Ltd. 154,800
2,700 Phelps Dodge Corporation 168,413
-----------
763,914
-----------
<CAPTION>
Mining -- 0.4%
<S> <C> <C>
3,800 Cyprus Amax Minerals Company 85,975
5,300 Echo Bay Mines Ltd. 56,975
7,800 Freeport McMoRan Copper & Gold, Class B 248,625
6,000 Homestake Mining Company 102,750
400 NACCO Industries Inc., Class A 22,150
4,046 Newmont Mining Corporation 199,771
9,700 Placer Dome, Inc. 231,588
5,392 Santa Fe Pacific Gold 76,162
-----------
1,023,996
-----------
<CAPTION>
Natural Gas -- 0.5%
<S> <C> <C>
2,200 Columbia Gas System, Inc. 114,675
3,800 Consolidated Natural Gas Company 198,550
10,200 Enron Corporation 416,925
2,800 ENSEARCH Corporation 60,900
2,000 NICOR Inc. 56,750
5,500 Noram Energy Corporation 59,813
1,100 ONEOK Inc. 27,500
3,300 Pacific Enterprises Inc. 97,762
3,500 Sonat, Inc. 157,500
-----------
1,190,375
-----------
<CAPTION>
News and Publishing -- 0.8%
<S> <C> <C>
5,700 Gannett Company Inc. 403,275
11,432 Kimberly-Clark Corporation 883,122
2,000 Knight-Ridder Inc. 145,000
4,000 New York Times Company, Class A 130,500
4,200 Times Mirror Company (New), Class A 182,700
2,500 Tribune Company 181,563
-----------
1,926,160
-----------
<CAPTION>
Office Equipment -- 0.1%
<S> <C> <C>
2,200 Avery Dennison Corporation 120,725
-----------
<CAPTION>
Oil -- 7.9%
<S> <C> <C>
3,800 Amerada Hess Corporation 203,775
20,200 Amoco Corporation 1,461,975
2,600 Ashland Oil, Inc. 103,025
6,600 Atlantic Richfield Company 782,100
5,800 Baker Hughes Inc. 190,675
26,600 Chevron Corporation 1,569,400
4,300 Coastal Corporation 179,525
50,600 Exxon Corporation 4,395,875
4,700 Halliburton Company 260,850
1,400 Louisiana Land & Exploration Company 80,675
2,200 McDermott International, Inc. 45,925
16,100 Mobil Corporation 1,805,212
13,000 Occidental Petroleum Corporation 321,750
4,300 Oryx Energy Company+ 69,875
6,100 PanEnergy Corporation 200,538
1,900 Pennzoil Company 87,875
10,700 Phillips Petroleum Company 448,063
21,800 Royal Dutch Petroleum Company 3,351,750
3,674 Santa Fe Energy Resources, Inc.+ 43,629
7,100 Tenneco Inc. 362,988
10,800 Texaco Inc. 905,850
8,400 Union Pacific Corporation 586,950
10,100 Unocal Corporation 340,875
11,700 USX-Marathon Group Common (New) 235,463
-----------
18,034,618
-----------
<CAPTION>
Oil Equipment and Services -- 0.4%
<S> <C> <C>
1,000 Helmerich & Payne, Inc. 36,625
9,900 Schlumberger Ltd. 834,075
2,200 Western Atlas, Inc.+ 128,150
-----------
998,850
-----------
<CAPTION>
Paper and Forest Products -- 0.9%
<S> <C> <C>
2,100 Bemis Company Inc. 73,500
2,000 Boise Cascade Corporation 73,250
3,900 Champion International Corporation 162,825
3,700 Georgia-Pacific Corporation 262,700
1,900 Harnischfeger Industries Inc. 63,175
12,119 International Paper Company 446,888
3,500 James River Corporation of Virginia 92,313
4,400 Louisiana Pacific Corporation 97,350
2,100 Mead Corporation 108,938
1,200 Potlatch Corporation 46,950
4,081 Stone Container Corporation 56,114
8,050 Weyerhaeuser Company 342,125
2,200 Willamette Industries Inc. 130,900
-----------
1,957,028
-----------
<CAPTION>
Personal Items -- 2.3%
<S> <C> <C>
6,000 Colgate-Palmolive Company 508,500
18,160 Gillette Company 1,132,730
4,500 International Flavors & Fragrances, Inc. 214,312
1,600 Jostens Inc. 31,600
27,900 Proctor & Gamble Company 2,528,437
8,200 UST Inc. 280,850
11,100 Warner-Lambert Company 610,500
-----------
5,306,929
-----------
<CAPTION>
Personal Services -- 0.3%
<S> <C> <C>
4,200 Block (H & R) Inc. 137,025
2,550 Manor Care Inc. 100,406
2,000 Ogden Corporation 36,250
2,400 Safety-Kleen Corporation 42,000
4,750 Service Corporation International 273,125
-----------
588,806
-----------
<CAPTION>
Petroleum Refining -- 0.2%
<S> <C> <C>
3,500 Rowan Companies 51,625
3,000 Sun Company 91,125
4,300 Williams Companies Inc. 212,850
-----------
355,600
-----------
<CAPTION>
Pharmaceuticals -- 3.5%
<S> <C> <C>
3,400 ALZA Corporation+ 93,075
20,460 Bristol-Myers Squibb Company 1,841,400
54,300 Johnson & Johnson 2,687,850
22,400 Lilly (Eli) & Company 1,456,000
20,720 Pharmacia & Upjohn Inc.+ 919,450
15,000 Schering-Plough Corporation 941,250
-----------
7,939,025
-----------
<CAPTION>
Photographic Equipment and Supplies -- 0.5%
<S> <C> <C>
14,100 Eastman Kodak Company 1,096,275
1,850 Polaroid Corporation 84,406
-----------
1,180,681
-----------
<CAPTION>
Plastic -- 0.1%
<S> <C> <C>
1,800 Raychem Corporation 129,375
-----------
<CAPTION>
Printing and Publishing -- 0.3%
<S> <C> <C>
3,000 American Greetings Corporation, Class A 82,125
6,300 Donnelly (RR) & Sons Company 219,712
4,100 McGraw-Hill Inc. 187,575
4,150 Westvaco Corporation 123,981
-----------
613,393
-----------
<CAPTION>
Publishing -- 0.2%
<S> <C> <C>
6,940 Dun & Bradstreet Corporation 433,750
-----------
<CAPTION>
Railroads -- 0.3%
<S> <C> <C>
3,200 Conrail Inc. 212,400
5,200 Norfolk Southern Corporation 440,700
-----------
653,100
-----------
<CAPTION>
Recreational -- 0.1%
<S> <C> <C>
2,000 Bally Entertainment Corporation+ 55,000
4,000 Brunswick Corporation 80,000
-----------
135,000
-----------
<CAPTION>
Research and Development -- 0.3%
<S> <C> <C>
10,800 Amgen Inc.+ 583,200
-----------
<CAPTION>
Restaurants -- 0.7%
<S> <C> <C>
6,500 Darden Restaurants Inc. 69,875
1,000 Luby's Cafeterias Inc. 23,500
28,500 McDonald's Corporation 1,332,375
2,100 Ryan's Family Steak Houses Inc.+ 19,425
1,700 Shoney's Inc.+ 18,487
5,200 Wendy's International Inc. 96,850
-----------
1,560,512
-----------
<CAPTION>
Retail -- 3.3%
<S> <C> <C>
6,100 American Stores Company 251,625
4,200 Charming Shoppes Inc. 29,662
4,000 Circuit City Stores Inc. 144,500
2,900 Dayton Hudson Corporation 299,063
4,600 Dillard Department Stores, Class A 167,900
8,500 Federated Department Store+ 290,063
11,700 Gap Inc. 375,863
19,600 K mart Corporation 242,550
11,064 Limited Inc. 237,876
3,000 Liz Claiborne Inc. 103,875
800 Longs Drug Stores Company 35,700
10,200 May Department Stores Company 446,250
1,500 Mercantile Stores Company 87,938
3,300 Nordstrom, Inc. 146,850
9,200 Penney (J.C.) Company Inc. 483,000
3,000 Reebok International, Inc. 100,875
3,400 Rite Aid Corporation 101,150
1,600 Russell Corporation 44,200
16,000 Sears, Roebuck & Company 778,000
2,000 Stride Rite Corporation 16,500
3,000 TJX Companies, Inc. 101,250
11,150 Toys R Us Inc.+ 317,775
93,400 Wal-Mart Stores, Inc. 2,370,025
10,000 Walgreen Company 335,000
5,400 Woolworth Corporation 121,500
-----------
7,628,990
-----------
<CAPTION>
Savings and Loan Associations -- 0.1%
<S> <C> <C>
4,700 Ahmanson (H.F.) Company 126,900
2,400 Golden West Financial Corporation 134,400
-----------
261,300
-----------
<CAPTION>
Soaps and Detergents -- 0.1%
<S> <C> <C>
2,100 Clorox Company 186,112
-----------
<CAPTION>
Steel -- 0.2%
<S> <C> <C>
4,300 Armco Inc.+ 21,500
4,400 Bethlehem Steel Corporation+ 52,250
2,000 Inland Steel Industries Inc. 39,250
3,600 Nucor Corporation 182,250
1,300 Timken Company 50,375
3,440 USX-U.S. Steel Group Inc. 97,610
3,725 Worthington Industries, Inc. 77,759
-----------
520,994
-----------
<CAPTION>
Technology -- 0.7%
<S> <C> <C>
22,600 Ameritech Corporation 1,341,875
4,800 ITT Industries+ 120,600
1,800 Millipore Corporation 75,375
1,800 Perkin-Elmer Corporation 86,850
-----------
1,624,700
-----------
<CAPTION>
Telecommunications -- 6.6%
<S> <C> <C>
20,300 AirTouch Communications, Inc.+ 573,475
7,700 ALLTEL Corporation 236,775
2,425 Andrew Corporation+ 130,344
65,506 AT&T Corporation 4,061,372
17,800 Bell Atlantic Corporation 1,134,750
40,500 BellSouth Corporation 1,716,188
2,900 Cabletron Systems, Inc.+ 199,012
9,800 Comcast Corporation Special, Class A
(non-voting) 181,300
39,700 GTE Corporation 1,776,575
1,600 Harris Corporation 97,600
10,500 Northern Telecommunications Ltd. 570,937
17,800 NYNEX Corporation 845,500
17,500 Pacific Telesis Group. 590,625
17,800 Sprint Corporation 747,600
26,600 Tele-Communications Inc., Class A+ 482,125
3,600 Tellabs, Inc.+ 240,750
19,300 US West, Inc. 615,187
19,200 US West Media, Inc.+ 350,400
7,900 WorldCom, Inc. 437,463
-----------
14,987,978
-----------
<CAPTION>
Tire and Rubber -- 0.2%
<S> <C> <C>
3,400 Cooper Tire & Rubber Company 75,650
2,100 Goodrich (B.F.) Company 78,488
6,300 Goodyear Tire & Rubber Company 303,975
-----------
458,113
-----------
<CAPTION>
Tobacco -- 0.1%
<S> <C> <C>
7,200 American Brands Inc. 326,700
-----------
<CAPTION>
Transportation -- 0.3%
<S> <C> <C>
6,163 Burlington Northern Santa Fe 498,433
3,200 Ryder System, Inc. 90,000
-----------
588,433
-----------
<CAPTION>
Utilities-Combination -- 0.2%
<S> <C> <C>
9,300 Entergy Corporation 263,887
6,500 PP & L Resources Inc. 153,562
-----------
417,449
-----------
<CAPTION>
Utilities-Electric -- 2.0%
<S> <C> <C>
7,600 American Electric Power Company, Inc. 323,950
8,500 Central & Southwest Corporation 246,500
6,434 Cinergy Corporation 205,888
5,900 DTE Energy Company 182,162
7,200 Dominion Resources, Inc. 288,000
8,300 Duke Power Company 425,375
18,100 Edison International 319,012
7,500 FPL Group, Inc. 345,000
10,700 Houston Industries, Inc. 263,488
6,200 Ohio Edison Company 135,625
12,000 PacifiCorp 267,000
27,300 Southern Company 672,262
9,200 Texas Utilities Company 393,300
8,700 Unicom Corporation 242,512
4,200 Union Electric Company 169,050
-----------
4,479,124
-----------
<CAPTION>
Utilities-Electric and Gas -- 0.4%
<S> <C> <C>
6,050 Baltimore Gas & Electric Company 171,669
5,900 Niagara Mohawk Power Corporation 45,725
2,800 Northern States Power Company 138,250
17,000 Pacific Gas & Electric Company 395,250
9,100 PECO Energy Company 236,600
-----------
987,494
-----------
<CAPTION>
Utilities-Gas -- 0.1%
<S> <C> <C>
9,600 Consolidated Edison Company 280,800
1,400 Peoples Energy Corporation 46,900
-----------
327,700
-----------
<CAPTION>
Waste Management -- 0.4%
<S> <C> <C>
8,700 Browning-Ferris Industries, Inc. 252,300
12,000 Laidlaw Inc., Class B (non-voting) 121,500
20,100 WMX Technologies Inc. 658,275
-----------
1,032,075
-----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $157,864,919) 206,288,130
-----------
WARRANTS - 0.0% #
(Cost $10,165)
<S> <C> <C>
3 Emcor Group Inc, expires 12/15/1999+ 0
-----------
<CAPTION>
Principal
Amount
- ----------
U.S. TREASURY BILLS -- 0.5%
<S> <C> <C>
$ 600,000 4.920%++ 09/19/1996** 593,651
500,000 5.330%++ 12/12/1996** 488,292
-----------
<S> <C>
TOTAL U.S. TREASURY BILLS
(Cost $1,081,943) 1,081,943
-----------
REPURCHASE AGREEMENT -- 5.8%
(Cost $13,188,695)
<S> <C> <C>
13,188,695 Agreement with Merrill Lynch & Company
Inc., 5.200% dated 06/28/1996, to be
repurchased at $13,194,410 on
07/01/1996, collateralized by
$13,421,000 U.S. Treasury Notes,
6.500% due 04/30/1999 (value
$13,634,370)
13,188,695
-----------
<CAPTION>
Shares
- ----------
SHORT-TERM INVESTMENTS -- 1.3%
(Cost $3,009,723)
<S> <C> <C>
3,009,723 SEI Daily Income Trust
Government II 3,009,723
-------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $175,155,445*) 97.9% 223,568,491
OTHER ASSETS AND
LIABILITIES (Net) 2.1 4,802,990
----- -------------
NET ASSETS 100.0% $228,371,481
===== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $175,265,546.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Appreciation
- ---------- -------------
<S> <C> <C>
FUTURES CONTRACTS -- LONG POSITION
48 S&P 500 Index, September 1996 $ 131,920
===========
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Growth & Income Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 89.1%
Aerospace/Defense -- 3.0%
<S> <C> <C>
26,000 Lockheed Martin Corporation $ 2,184,000
73,000 Rockwell International 4,179,250
-----------
6,363,250
-----------
<CAPTION>
Automobile Parts and Equipment -- 2.0%
<S> <C> <C>
60,500 Johnson Controls, Inc. 4,204,750
-----------
<CAPTION>
Banking and Finance -- 13.1%
<S> <C> <C>
57,500 BankAmerica Corporation 4,355,625
56,000 Chase Manhattan Corporation 3,955,000
92,000 CoreStates Financial Corporation 3,542,000
158,400 Federal National Mortgage Association 5,306,400
129,000 Great Western Financial Corporation 3,079,875
66,000 KeyCorp (New) 2,557,500
150,500 Norwest Corporation 5,248,687
-----------
28,045,087
-----------
<CAPTION>
Chemicals -- 3.0%
<S> <C> <C>
43,000 Dow Chemical Company 3,268,000
39,000 duPont (E.I.) de Nemours & Company 3,085,875
-----------
6,353,875
-----------
<CAPTION>
Electrical Machinery -- 2.5%
<S> <C> <C>
61,000 General Electric Corporation 5,276,500
-----------
<CAPTION>
Food Processing -- 5.8%
<S> <C> <C>
90,000 ConAgra Inc. 4,083,750
69,000 General Mills Inc. 3,760,500
145,000 Sara Lee Corporation 4,694,375
-----------
12,538,625
-----------
<CAPTION>
Holding Companies -- Diversified -- 3.6%
<S> <C> <C>
51,300 Textron Inc. 4,097,588
72,377 Tenneco Inc. 3,700,274
-----------
7,797,862
-----------
<CAPTION>
Insurance -- 1.5%
<S> <C> <C>
70,000 Lincoln National Corporation Ltd. 3,237,500
-----------
<CAPTION>
News and Publishing -- 1.9%
<S> <C> <C>
90,000 McGraw-Hill Companies Inc. 4,117,500
-----------
<CAPTION>
Office Equipment -- 1.9%
<S> <C> <C>
75,187 Avery Dennison Corporation 4,125,887
-----------
<CAPTION>
Oil and Petroleum -- 3.4%
<S> <C> <C>
43,000 Exxon Corporation 3,735,625
32,000 Mobil Corporation 3,588,000
-----------
7,323,625
-----------
<CAPTION>
Paper -- 1.7%
<S> <C> <C>
47,000 Kimberly-Clark Corporation 3,630,750
-----------
<CAPTION>
Pharmaceuticals -- 9.5%
<S> <C> <C>
97,000 American Home Products Corporation 5,832,125
42,000 Bristol-Myers Squibb 3,780,000
50,000 Merck & Company, Inc. 3,231,250
88,225 Pharmacia & Upjohn Incorporated 3,914,984
56,000 Schering-Plough Corporation 3,514,000
-----------
20,272,359
-----------
<CAPTION>
Publishing/Printing -- 1.1%
<S> <C> <C>
64,000 Deluxe Corporation 2,272,000
-----------
<CAPTION>
Railroads -- 1.8%
<S> <C> <C>
138,300 Illinois Central Corporation 3,924,263
-----------
<CAPTION>
Real Estate -- 4.7%
<S> <C> <C>
132,800 FelCor Suite Hotels 4,050,400
92,000 Health Care Property Investors 3,105,000
90,000 Meditrust SBI 3,003,750
-----------
10,159,150
-----------
<CAPTION>
Retail -- 3.8%
<S> <C> <C>
87,000 Genuine Parts Company 3,980,250
93,000 May Department Stores 4,068,750
-----------
8,049,000
-----------
<CAPTION>
Telecommunications -- 7.5%
<S> <C> <C>
57,000 AT&T Corporation 3,534,000
132,000 Frontier Corporation 4,042,500
86,200 SBC Communications Inc. 4,245,350
132,300 US West Inc. 4,217,062
-----------
16,038,912
-----------
<CAPTION>
Tobacco -- 2.0%
<S> <C> <C>
123,000 UST Inc. 4,212,750
-----------
<CAPTION>
Utilities -- Electric -- 8.2%
<S> <C> <C>
100,000 Carolina Power & Light Company 3,800,000
134,000 DPL Inc. 3,266,250
119,000 DQE Inc. 3,272,500
72,000 Duke Power Company 3,690,000
77,500 FPL Group Inc. 3,565,000
-----------
17,593,750
-----------
<CAPTION>
Utilities -- Natural Gas -- 3.3%
<S> <C> <C>
176,371 MCN Corporation Holding Company 4,299,043
87,000 PanEnergy Corporation 2,860,125
-----------
7,159,168
-----------
<CAPTION>
Utilities -- Water --1.9%
<S> <C> <C>
102,000 American Water Works 4,016,250
-----------
<CAPTION>
Waste Management -- 1.9%
<S> <C> <C>
143,700 Browning-Ferris Industries Inc. 4,167,300
-----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $161,631,799) 190,880,113
-----------
CONVERTIBLE PREFERRED STOCK --1.4%
(Cost $1,831,867)
<S> <C> <C>
29,000 First Bank Systems Inc., $3.5625, Conv.
Pfd. 2,871,000
-----------
<CAPTION>
Principal
Amount
- ----------
CONVERTIBLE BONDS AND NOTES -- 3.3%
<S> <C> <C>
$ 800,000 Liebert Corporation,
Conv. Senior Debenture,
8.000% due 11/15/2010 2,664,000
2,500,000 Michaels Stores Inc., Conv. Bond,
4.750% due 01/15/2003 2,118,750
2,200,000 Pennzoil Company, Conv. Bond,
4.750% due 10/01/2003 2,359,500
----------
<CAPTION>
TOTAL CONVERTIBLE BONDS AND NOTES
(Cost $6,139,958) 7,142,250
----------
REPURCHASE AGREEMENT -- 5.9%
(Cost $12,722,030)
<S> <C> <C>
12,722,030 Agreement with Merrill Lynch & Company,
Inc., 5.171% dated 06/28/1996 to be
repurchased at $12,727,512 on
07/01/1996, collateralized by
$12,477,000 U.S. Treasury Notes,
6.500% --9.250% having maturities
ranging from 09/30/1996 through
11/15/2016 (value $13,151,934) 12,722,030
----------
<CAPTION>
Shares
- ----------
SHORT-TERM INVESTMENT -- 0.1%
(Cost $180,000)
<S> <C> <C> <C>
180,000 Dreyfus Cash Management
Plus Fund 180,000
----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $182,505,654*) 99.8% 213,795,393
OTHER ASSETS AND LIABILITIES (Net) 0.2 544,082
---------- ------------
NET ASSETS 100.0% $214,339,475
========== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
The Munder Value Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 94.3%
Aerospace -- 2.4%
<S> <C> <C>
10,500 Lockheed Martin Corporation $ 882,000
------------
<CAPTION>
Banking and Financial Services -- 21.0%
<S> <C> <C>
50,000 Atlantic Bank & Trust Company+ 337,500
20,000 Banco BHIF, ADR 402,500
40,075 Bank Plus Corporation+ 350,656
40,000 Catskill Financial Corporation+ 407,500
31,000 Charter Financial Inc. 354,563
6,500 Citicorp 537,062
20,000 Cullen Frost Bankers Inc. 555,000
16,500 First America Bank Corporation 738,375
12,400 First America Corporation 522,350
41,300 First Colorado Bancorp, Inc. 547,225
50,800 Hibernia Corporation, Class A 552,450
45,000 Imperial Thrift & Loan Association+ 663,750
50,000 PFF Bancorporation Inc.+ 556,250
30,000 Springfield Institution for Savings+ 543,750
20,000 Standard Federal Bancorporation 770,000
-----------
7,838,931
-----------
<CAPTION>
Building Materials -- 2.7%
<S> <C> <C>
76,000 Dayton Superior Corporation 997,500
-----------
<CAPTION>
Chemicals -- 1.6%
<S> <C> <C>
30,000 General Chemical Group Inc.+ 607,500
-----------
<CAPTION>
Computer Hardware, Software or Services
-- 4.5%
<S> <C> <C>
20,000 Adobe Systems, Inc. 717,500
11,000 Check Point Software Technology+ 264,000
10,000 Gateway 2000+ 340,000
15,000 Silicon Graphics+ 360,000
-----------
1,681,500
-----------
<CAPTION>
Consumer Durables -- 2.1%
<S> <C> <C>
74,500 Lifetime Hoan Corporation+ 800,875
-----------
<CAPTION>
Electronics -- 2.7%
<S> <C> <C>
26,000 National Service Industries Inc. 1,017,250
-----------
<CAPTION>
Energy and Natural Resources -- 3.2%
<S> <C> <C>
20,000 Barrett Resources Corporation+ 595,000
26,275 Fletcher Challenge Energy, ADS+ 584,619
-----------
1,179,619
-----------
<CAPTION>
Engineering -- 1.4%
<S> <C> <C>
65,400 Insituform Technologies, Class A+ 506,850
-----------
<CAPTION>
Food and Beverages -- 2.4%
<S> <C> <C>
27,000 Seagram Company Ltd. 907,875
-----------
<CAPTION>
Food-Processing -- 2.6%
<S> <C> <C>
56,000 Worthington Foods 966,000
-----------
<CAPTION>
Health Care -- 1.4%
<S> <C> <C>
30,000 Mylan Labs Inc. 517,500
-----------
<CAPTION>
Insurance -- 4.4%
<S> <C> <C>
16,100 ACE Limited 756,700
20,000 American States Financial+ 430,000
22,000 IPC Holdings 442,750
-----------
1,629,450
-----------
<CAPTION>
Machine-Diversified -- 2.5%
<S> <C> <C>
17,100 Tecumseh Products Company, Class A 919,125
-----------
<CAPTION>
Manufacturing -- 1.9%
<S> <C> <C>
50,600 Core Industries Inc. 727,375
-----------
<CAPTION>
Medical Services -- 2.9%
<S> <C> <C>
22,700 Baxter International Inc. 1,072,575
-----------
<CAPTION>
Oil and Gas -- 6.2%
<S> <C> <C>
6,000 Atlantic Richfield Company 711,000
14,000 Louisiana Land and Exploration Company 806,750
21,000 Noble Affiliates, Inc. 792,750
-----------
2,310,500
-----------
<CAPTION>
Paper -- 1.4%
<S> <C> <C>
27,350 Fletcher Challenge Paper, ADS+ 526,488
-----------
<CAPTION>
Pharmaceuticals -- 2.9%
<S> <C> <C>
19,000 Astra AB, Class A 840,809
6,000 Astra AB, Class B 260,250
-----------
1,101,059
-----------
<CAPTION>
Restaurants -- 4.1%
<S> <C> <C>
45,000 Casa Ole' Restaurants Inc.+ 615,937
85,000 Shoney's Inc.+ 924,375
-----------
1,540,312
-----------
<CAPTION>
Technology -- 4.5%
<S> <C> <C>
6,300 International Business Machines
Corporation 623,700
27,500 ITT Industries+ 690,938
16,025 Vishay International, Inc. 378,591
-----------
1,693,229
-----------
<CAPTION>
Telecommunications -- 9.5%
<S> <C> <C>
11,200 American Telephone and Telegraph
Corporation 694,400
71,700 Century Communication Corporation, Class
A+ 609,450
31,000 Frontier Corporation 949,375
14,700 Harris Corporation 896,700
22,500 U.S. West Media Group, Inc.+ 410,625
-----------
3,560,550
-----------
<CAPTION>
Transportation -- 2.6%
<S> <C> <C>
70,000 Tranz Rail Holdings, ADR 971,250
-----------
<CAPTION>
Utilities -- 3.4%
<S> <C> <C>
14,500 DQE Inc. 398,750
15,200 Entergy Corporation, New 431,300
14,700 Illinova Corporation 422,625
-----------
1,252,675
-----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $34,891,611) 35,207,988
-----------
<CAPTION>
Principal
Amount
- ----------
REPURCHASE AGREEMENT -- 7.8%
(Cost $2,895,000)
<S> <C> <C>
$2,895,000 Agreement with Morgan (J.P.) & Company,
5.300% dated 06/28/1996 to be
repurchased at $2,896,278 on
07/01/1996, collateralized by
$2,358,000 U.S. Treasury Notes,
10.750% due 02/15/2003 (value
$2,953,395)
2,895,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $37,786,611*) 102.1% 38,102,988
OTHER ASSETS AND LIABILITIES (Net) (2.1) (779,264)
------- -----------
NET ASSETS 100.0% $37,323,724
======= ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $37,878,986.
+ Non-income producing security.
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
See Notes to Financial Statements.
</TABLE>
The Munder Balanced Fund
Portfolio of Investments, June 30, 1996
- --------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 58.1%
Advertising -- 0.8%
<S> <C> <C>
10,000 Omnicom Group Inc. $ 465,000
-----------
<CAPTION>
Apparel -- 0.2%
<S> <C> <C>
2,600 Jones Apparel Group Inc.+ 127,725
-----------
<CAPTION>
Automobile Parts and Equipment -- 1.1%
<S> <C> <C>
5,400 Johnson Controls Inc. 375,300
13,009 Mark IV Industries Inc. 294,329
-----------
669,629
-----------
<CAPTION>
Banking and Financial Services -- 6.3%
<S> <C> <C>
9,000 Automatic Data Processing, Inc. 347,625
3,300 BankAmerica Corporation 249,975
13,000 Equifax Inc. 341,250
18,800 Federal National Mortgage Assocation 629,800
3,550 Finova Group Inc. 173,062
12,600 Green Tree Financial Corporation 393,750
2,800 Household International Inc. 212,800
6,000 MBNA Corporation 171,000
3,800 MGIC Investment 213,275
3,700 Northern Trust Corporation 213,675
17,000 Norwest Corporation 592,875
2,600 Oxford Resources Corporation, Class A+ 60,450
4,400 PMI Group Inc. 187,000
-----------
3,786,537
-----------
<CAPTION>
Broadcasting -- Cable -- 0.4%
<S> <C> <C>
4,650 Renaissance Communications Corporation+ 149,962
2,200 Viacom Inc., Class B (non-voting)+ 85,525
-----------
235,487
-----------
<CAPTION>
Building and Building Supplies -- 0.7%
<S> <C> <C>
9,000 Sherwin-Williams Company 418,500
-----------
<CAPTION>
Chemicals -- Basic -- 0.0% #
<S> <C> <C>
1,200 ThermoQuest Corporation 16,650
-----------
<CAPTION>
Chemicals -- Specialty -- 1.3%
<S> <C> <C>
7,000 Avery Dennison Corporation 384,125
10,000 Morton International Inc. 372,500
-----------
756,625
-----------
<CAPTION>
Computer Hardware, Software
or Services -- 4.8%
<S> <C> <C>
2,800 Affinity Technology Group 23,800
5,400 Baan Company NV+ 183,600
4,100 BMC Software Inc.+ 244,975
5,400 Epic Design Technology+ 136,350
7,800 First Data Corporation 621,075
2,400 HBO & Company 162,600
4,600 Hewlett-Packard Company 458,275
1,500 Microsoft Corporation+ 180,188
13,500 Oracle Corporation+ 532,406
3,600 Saville Systems, ADS+ 99,450
2,600 Shiva Corporation+ 208,000
-----------
2,850,719
-----------
<CAPTION>
Computer -- Peripherals -- 1.6%
<S> <C> <C>
4,500 Compaq Computer Corporation+ 221,625
6,500 Microcom, Inc.+ 82,062
6,000 Tektronix Inc. 268,500
4,800 U.S. Robotics Corporation 410,400
-----------
982,587
-----------
<CAPTION>
Diversified -- 4.1%
<S> <C> <C>
2,800 Ceridian Corporation+ 141,400
4,500 Corrections Corporation of America+ 315,000
7,600 Raytheon Corporation 392,350
5,000 Textron, Inc. 399,375
14,100 Thermo Electron Corporation+ 586,912
15,800 Tyco International Ltd. 643,850
-----------
2,478,887
-----------
<CAPTION>
Drugs -- 4.1%
<S> <C> <C>
7,400 American Home Products Corporation 444,925
3,700 Amgen, Inc.+ 199,800
6,500 Merck & Company Inc. 420,062
5,700 Pfizer, Inc. 406,837
13,750 Schering-Plough Corporation 862,813
2,500 Teva Pharmaceuticals, ADR 94,688
-----------
2,429,125
-----------
<CAPTION>
Drug Store -- 0.6%
<S> <C> <C>
11,200 Walgreen Company 375,200
-----------
<CAPTION>
Electrical Equipment -- 2.1%
<S> <C> <C>
4,900 Emerson Electric Company 442,837
7,900 Federal Signal Corporation 185,650
7,100 General Electric Company 614,150
-----------
1,242,637
-----------
<CAPTION>
Electronics -- 2.0%
<S> <C> <C>
4,900 Cabletron Systems Inc.+ 336,263
8,100 CISCO Systems Inc.+ 458,663
6,900 Rockwell International 395,025
-----------
1,189,951
-----------
<CAPTION>
Environmental Control -- 0.2%
<S> <C> <C>
15,100 Philip Environmental Inc.+ 118,912
-----------
<CAPTION>
Food and Beverages -- 1.1%
<S> <C> <C>
15,000 PepsiCo Inc. 530,625
3,700 Richfood Holdings Inc. 120,250
-----------
650,875
-----------
<CAPTION>
Food Processing -- 0.7%
<S> <C> <C>
12,200 Sara Lee Corporation 394,975
-----------
<CAPTION>
Grocery -- 0.8%
<S> <C> <C>
12,000 Albertson's, Inc. 496,500
-----------
<CAPTION>
Homebuilding -- 0.3%
<S> <C> <C>
8,200 Oakwood Homes Corporation 185,525
-----------
<CAPTION>
Home Furnishings -- 0.4%
<S> <C> <C>
7,600 Leggett & Platt Inc. 210,900
-----------
<CAPTION>
Hotels and Restaurants -- 1.0%
<S> <C> <C>
5,300 Boston Chicken Inc.+ 172,250
3,800 Harrah's Entertainment Inc. 107,350
4,525 La Quinta Inns Inc. 151,588
3,500 Planet Hollywood International, Class A+ 94,50
1,900 Promus Hotel Corporation+ 56,288
-----------
581,976
-----------
<CAPTION>
Household Products -- 0.8%
<S> <C> <C>
6,200 Lancaster Colony Corporation 231,725
3,000 Procter & Gamble Company 271,875
-----------
503,600
-----------
<CAPTION>
Industrial Services -- 0.6%
<S> <C> <C>
5,400 AccuStaff, Inc.+ 147,150
5,600 Corporate Express Inc. 224,000
-----------
371,150
-----------
<CAPTION>
Insurance -- 2.3%
<S> <C> <C>
8,350 American International Group Inc. 823,519
1,100 General Re Corporation 167,475
4,900 MBIA Inc. 381,588
-----------
1,372,582
-----------
<CAPTION>
Insurance -- Diversified -- 0.4%
<S> <C> <C>
4,650 Travelers Group Inc. 212,156
-----------
<CAPTION>
Machine Construction/Manufacuring -- 0.2%
<S> <C> <C>
2,000 Foster Wheeler Corporation 89,750
-----------
<CAPTION>
Manufactured Housing -- 0.8%
<S> <C> <C>
23,000 Clayton Homes, Inc. 460,000
-----------
<CAPTION>
Medical Services -- 4.5%
<S> <C> <C>
9,000 American Oncology
Resources+ 195,750
5,900 Apria Healthcare Group+ 185,112
10,040 Columbia/HCA Healthcare Corporation 535,885
2,200 CRA Mananaged Care Inc. 98,450
7,000 Emeritus Corporation+ 123,375
19,200 HEALTHSOUTH Corporation+ 691,200
7,400 Omnicare, Inc. 196,100
4,600 Oxford Health Plans, Inc.+ 189,175
6,000 Total Renal Care Holdings
Inc.+ 253,500
4,000 United Healthcare Corporation 202,000
-----------
2,670,547
-----------
<CAPTION>
Medical Supplies -- 1.5%
<S> <C> <C>
6,900 Boston Scientific Corporation+ 310,500
9,000 Johnson & Johnson 445,500
2,800 Nellcor Inc 135,800
-----------
891,800
-----------
<CAPTION>
Natural Gas -- 0.7%
<S> <C> <C>
10,500 Enron Corporation 429,187
-----------
<CAPTION>
Office Supplies and Equipment -- 0.3%
<S> <C> <C>
7,000 Danka Business Systems, ADR 204,750
-----------
<CAPTION>
Oil Equipment and Services -- 0.3%
<S> <C> <C>
4,500 SEACOR Holdings, Inc.+ 201,375
-----------
<CAPTION>
Precision Instrument -- 0.0% #
<S> <C> <C>
1,000 Trex Medical Company+ 18,875
-----------
<CAPTION>
Railroads -- 1.0%
<S> <C> <C>
2,500 Burlington Northern Santa Fe 202,187
14,200 Illinois Central Corporation 402,925
-----------
605,112
-----------
<CAPTION>
Recreation -- 0.7%
<S> <C> <C>
13,400 Carnival Corporation, Class A 386,925
-----------
<CAPTION>
Retail -- Specialty -- 1.3%
<S> <C> <C>
4,400 Friedman's Inc., Class A 112,200
6,800 General Nutrition Companies, Inc.+ 119,000
4,650 Regis Corporation 145,312
6,800 Sunglass Hut International+ 165,750
8,300 Viking Office Products Inc.+ 260,413
-----------
802,675
-----------
<CAPTION>
Retail -- Store -- 0.8%
<S> <C> <C>
10,700 Consolidated Stores Corporation+ 393,225
3,100 Men's Warehouse Inc. 99,975
-----------
493,200
-----------
<CAPTION>
Semiconductors -- 0.3%
<S> <C> <C>
6,300 Linear Technology Corporation 189,000
-----------
<CAPTION>
Shoe -- 0.5%
<S> <C> <C>
2,800 NIKE Inc., Class B 287,700
-----------
<CAPTION>
Telecommunications -- 1.3%
<S> <C> <C>
12,000 Century Telephone Enterprise 382,500
8,000 SBC Communications Inc. 394,000
-----------
776,500
-----------
<CAPTION>
Telecommunications -- Equipment -- 1.3%
<S> <C> <C>
3,000 FORE Systems+ 108,375
3,000 Lucent Technologies 113,625
4,300 Newbridge Network+ 281,650
3,800 Tellabs, Inc.+ 254,125
-----------
757,775
-----------
<CAPTION>
Telecommunications -- 1.1%
<S> <C> <C>
2,900 American Telephone & Telegraph
Corporation 179,800
8,100 WorldCom Inc.+ 448,538
-----------
628,338
-----------
<CAPTION>
Textile -- 1.0%
<S> <C> <C>
4,600 Gucci Group, N.V. 296,700
6,000 Tommy Hilfiger Corporation+ 321,750
-----------
618,450
-----------
<CAPTION>
Thrift -- 0.3%
<S> <C> <C>
4,800 Standard Federal Bancorporation 184,800
-----------
<CAPTION>
Toiletries -- 0.5%
<S> <C> <C>
4,300 Gillette Company 268,213
-----------
<CAPTION>
Toy/School Supply -- 0.3%
<S> <C> <C>
6,250 Mattel, Inc. 178,906
-----------
<CAPTION>
Other -- 0.7%
<S> <C> <C>
12,100 CUC International Inc.+ 429,550
-----------
TOTAL COMMON STOCKS
(Cost $26,579,947) 34,697,838
-----------
<CAPTION>
Principal
Amount
- ----------
ASSET BACKED SECURITY -- 0.3%
(Cost $211,779)
<S> <C> <C>
$200,000 Banc One Credit Card Master Trust,
Series 1994-C, Class A, 7.800% due
11/15/1998 206,389
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 8.1%
Finance -- 0.9%
<S> <C> <C>
400,000 American Telephone & Telegraph Capital
Corporation, MTN, 6.490% due 05/17/1999 395,500
150,000 Ford Motor Credit Coporation 7.500% due
06/15/2004 152,250
-----------
547,750
-----------
<CAPTION>
Finance -- Foreign -- 1.4%
<S> <C> <C>
400,000 Bayerische Vereinsbank, MTN, 8.125% due
01/27/2000 415,000
400,000 KFW International Finance, 8.850% due
06/15/1999 425,000
-----------
840,000
-----------
<CAPTION>
Foreign Government -- 2.0%
<S> <C> <C>
375,000 Generalitat de Catalunya, 6.375% due
12/15/2007 345,469
400,000 Province of Ontario, 7.750% due
06/04/2002 416,500
200,000 Republic of Italy, Zero Coupon due
01/10/2001 147,602
300,000 Republic of Portugal, 5.750% due
10/08/2003 279,000
-----------
1,188,571
-----------
<CAPTION>
Industrial -- 1.0%
<S> <C> <C>
$400,000 International Telecommunications
Satellite, 7.375% due 08/06/2002 404,000
210,000 Walt Disney Company, 6.750% due
03/30/2006 203,700
-----------
607,700
-----------
<CAPTION>
Industrial -- Foreign -- 0.8%
<S> <C> <C>
500,000 Glaxo Wellcome, PLC, 6.125% due
01/25/2006 453,750
-----------
<CAPTION>
Supranational -- 1.4%
<S> <C> <C>
350,000 African Development Bank, Notes, 6.750%
due 07/30/1999 350,437
400,000 International Bank Reconstruction and
Development, 9.250% due 07/15/2017 481,000
-----------
831,437
-----------
<CAPTION>
Telecommunications -- 0.6%
<S> <C> <C>
400,000 Southwestern Bell Corporation, MTN,
6.620% due 12/04/2007 373,500
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $4,874,580) 4,842,708
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.6%
Collateralized Mortgage Obligation
(CMO) -- 0.7%
<S> <C> <C>
457,487 CMO, General Electric Capital Mortgage
Services, Series #1994-25A, Class A,
6.000% due 09/25/2024 415,049
-----------
<CAPTION>
Federal Home Loan Bank (FHLB) -- 0.6%
<S> <C> <C>
350,000 FHLB, 7.315% due 04/21/2005 356,436
-----------
<CAPTION>
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.5%
<S> <C> <C>
$267,825 FHLMC, Gold, Pool#E62394
7.500% due 09/01/2010 269,080
-----------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 5.6%
<S> <C> <C>
928,533 Pool #100081, 11.500% due 08/20/2016 1,042,569
618,998 Pool #303105, 11.000% due 11/01/2020 689,409
242,306 Pool #250345, 7.000% due 09/01/2025 233,068
908,741 Pool #303020, 7.000% due 10/25/2025 874,095
500,000 Series #1990-120, Class H, 9.000% due
10/25/2020 533,630
-----------
3,372,771
-----------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 1.2%
<S> <C> <C>
649,126 GNMA, Pool #780096,
11.000% due 04/15/2021 727,630
-----------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $5,153,873) 5,140,966
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 20.7%
U.S. Treasury Bond -- 5.9%
<S> <C> <C>
3,200,000 8.000% due 11/15/2021 3,558,496
-----------
<CAPTION>
U.S. Treasury Notes -- 14.1%
<S> <C> <C>
$ 2,000,000 6.125% due 07/31/1996 2,001,940
1,070,000 4.375% due 08/15/1996 1,069,101
500,000 8.625% due 08/15/1997 514,745
1,630,000 7.750% due 01/31/2000 1,699,340
500,000 8.500% due 02/15/2000 533,575
600,000 7.500% due 11/15/2001 626,394
1,850,000 7.875% due 11/15/2004 1,988,639
-----------
8,433,734
-----------
<CAPTION>
U.S. Treasury Strip -- 0.7%
<S> <C> <C>
1,025,000 Zero Coupon due 11/15/2014 407,929
-----------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $12,525,817) 12,400,159
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 3.4%
(Cost $2,018,488)
<S> <C> <C>
2,018,488 Agreement with Merrill Lynch & Company
Inc., 5.200% dated 06/28/1996 to be
repurchased at $2,019,363 on
07/01/1996, collateralized by
$2,054,000 U.S. Treasury Notes,
5.875% due 08/15/1998
(value $2,086,688)
2,018,488
-----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $51,364,484*) 99.2% 59,306,548
OTHER ASSETS AND LIABILITIES (Net) 0.8 501,817
---------- -----------
NET ASSETS 100. % $59,808,365
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $51,413,507.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depositary Receipt
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
The Munder Bond Fund
Portfolio of Investments, June 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- -------- -----
ASSET BACKED SECURITIES -- 3.7%
<S> <C> <C>
$2,500,000 Banc One Credit Card Master Trust, Series
1994-C, Series A,
7.800% due 11/15/1998 $ 2,579,858
3,100,000 Chemical Credit Card Master Trust,
5.980% due 09/15/2008 2,868,506
-----------
5,448,364
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $5,758,935) 39,195,366
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 26.8%
Finance -- 4.5%
<S> <C> <C>
4,000,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 3,955,000
2,500,000 Ford Motor Credit Corporation,
8.375% due 01/15/2000 2,625,000
-----------
6,580,000
-----------
<CAPTION>
Finance -- Foreign -- 3.1%
<S> <C> <C>
2,300,000 Bayerische Vereinsbank, MTN, 8.125% due
01/27/2000 2,386,250
2,000,000 KFW International Finance Inc., 8.850%
due 06/15/1999 2,125,000
-----------
4,511,250
-----------
<CAPTION>
Foreign Government -- 4.4%
<S> <C> <C>
1,625,000 Generalitat de Catalunya, 6.375% due
12/15/2007 1,497,031
2,000,000 Province of Ontario,
7.750% due 06/04/2002 2,082,500
2,300,000 Republic of Italy, Zero Coupon due
01/10/2001 1,697,423
1,300,000 Republic of Portugal,
5.750% due 10/08/2003 1,209,000
-----------
6,485,954
-----------
<CAPTION>
Industrial -- 2.0%
<S> <C> <C>
2,080,000 Walt Disney Global,
6.750% due 03/30/2006 2,017,600
$ 900,000 Worthington Industries, 7.125% due 892,124
05/15/2006 -----------
2,909,724
-----------
<CAPTION>
Industrial -- Foreign -- 2.8%
<S> <C> <C>
2,000,000 Glaxo Wellcome, PLC,
6.125% due 01/25/2006 1,815,000
2,200,000 International Telecommunications
Satellite,
7.375% due 08/06/2002 2,222,000
-----------
4,037,000
-----------
<CAPTION>
Telecommunications -- 2.9%
<S> <C> <C>
4,600,000 Southwestern Bell Corporation, MTN,
6.620% due 12/04/2007 4,295,250
-----------
<CAPTION>
Transportation -- 0.7%
<S> <C> <C>
1,000,000 Consolidated Rail Corporation, MTN,
7.000% due 07/01/1999 1,010,000
-----------
<CAPTION>
Supranational -- 6.4%
<S> <C> <C>
3,950,000 African Development Bank, Notes,
6.750% due 07/30/1999 3,954,938
4,500,000 International Bank Reconstruction and
Development,
9.250% due 07/15/2017 5,411,250
-----------
9,366,188
-----------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
(Cost $39,291,892) 39,195,366
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS --
29.3%
Collateralized Mortgage Obligations
(CMO) -- 5.7%
<S> <C> <C>
3,080,000 CMO Tranche 60, Class F, 9.000% due
08/01/2016 3,186,873
4,574,870 General Electric Capital Mortgage
Services, Series 1994-25, Class A,
6.000% due 09/25/2024 4,150,488
Merrill Lynch Mortgage Investors,
Inc.:
698,718 Series 87-C,
10.100% due 12/15/2007 727,317
272,098 Series 89-B,
10.800% due 04/15/2009 287,115
-----------
8,351,793
-----------
<CAPTION>
Federal Home Loan Bank (FHLB) -- 2.1%
<S> <C> <C>
3,000,000 FHLB,
7.315% due 04/21/2005 3,055,170
-----------
<CAPTION>
Federal Home Mortgage
Corporation (FHLMC) -- 1.6%
<S> <C> <C>
2,401,345 FHLMC, Gold,
Pool #E62394,
7.500% due 09/01/2010 2,412,602
-----------
<CAPTION>
Federal National Mortgage
Association (FNMA) -- 12.9%
FNMA:
<S> <C> <C>
3,050,000 7.875% due 02/24/2005 3,212,656
5,073,928 Pool #100081, 11.500% due 08/20/2016 5,697,070
5,347,456 Pool #303105, 11.000% due 11/01/2020 5,955,729
2,229,211 Pool #250345, 7.000%
due 09/01/2025 2,144,223
1,750,000 Series #1990-120, Class H, 9.000% due
10/25/2020 1,867,706
-----------
18,877,384
-----------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 7.0%
GNMA:
<S> <C> <C>
4,904,508 Pool #780096,
11.000% due 04/15/2021 5,497,647
5,079,415 Pool #366732,
6.500% due 03/15/2024 4,728,618
-----------
10,226,265
<CAPTION> -----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $43,634,664) 42,923,214
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 35.9%
U.S. Treasury Bonds -- 15.7%
<S> <C> <C>
1,000,000 7.250% due 11/15/1996 1,006,639
19,850,000 8.000% due 11/15/2021 22,073,794
-----------
23,080,433
-----------
<CAPTION>
U.S. Treasury Notes -- 18.8%
<S> <C> <C>
14,500,000 6.125% due 07/31/1996 14,514,064
5,000,000 7.875% due 01/15/1998 5,134,900
3,500,000 7.750% due 11/30/1999 3,644,725
3,900,000 7.875% due 11/15/2004 4,192,266
-----------
27,485,955
-----------
<CAPTION>
U.S. Treasury Strip -- 1.4%
<S> <C> <C>
5,150,000 Zero Coupon due 11/15/2014 2,049,596
-----------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $53,826,901) 52,615,984
-----------
<CAPTION>
Shares
- ----------
SHORT-TERM INVESTMENTS -- 2.8%
(Cost $4,092,095)
<S> <C> <C> <C>
4,092,095 Dreyfus Cash Management
Plus Fund 4,092,095
-----------
TOTAL INVESTMENTS
(Cost $146,604,487*) 98.5% 144,275,023
OTHER ASSETS AND LIABILITIES (Net) 1.5 2,196,677
--------- -----------
NET ASSETS 100.0% $146,471,700
========== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $146,967,388.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
The Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
ASSET-BACKED SECURITIES -- 8.4%
<S> <C> <C>
$ 140,202 Chemical Bank, Grantor Trust, Series
1989-B, 8.900% due 12/15/1996 $ 143,770
5,000,000 Dayton Hudson Credit Card Master
Trust, Series 1995-1A,
6.100% due 02/25/2002 4,968,750
10,000,000 Discover Card Trust, Series 1991-DA,
8.000% due 10/16/2000 10,285,930
10,000,000 First Deposit Master Trust, Series
1993-2A,
5.750% due 06/15/2001 9,883,265
10,000,000 Sears Credit Company, Master Trust,
Series 1995-4A,
5.283% due 01/15/2003++ 9,975,930
11,320,000 Standard Credit Card and Trust, Series
1990-6A, 9.375% due 07/10/1997 11,697,465
-----------
<CAPTION>
TOTAL ASSET-BACKED SECURITES
(Cost $47,201,577) 46,955,110
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 36.7%
Bank and Financial Services -- 25.2%
<S> <C> <C>
10,000,000 American Express Bank, Ltd., 5.284%
due 02/10/2004+ 9,862,500
5,000,000 Associates Corporation of North
America,
6.000% due 03/15/2000 4,881,250
13,600,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 13,447,000
8,595,000 Caterpillar Financial Service, 8.950%
due 05/12/2000 9,236,359
10,000,000 Chrysler Financial Corporation, MTN,
6.190% due 01/04/2000 9,812,500
5,000,000 Discover Credit Corporation, MTN,
9.000% due 04/01/1998 5,212,500
$3,200,000 European Investment Bank, MTN,
7.350% due 06/01/1999 3,260,000
5,400,000 First Chicago Corporation, 5.613% due
07/28/2003+ 5,375,538
Ford Motor Credit Corporation:
9,425,000 7.250% due 05/15/1999 9,566,375
7,600,000 7.500% due 06/15/2004 7,714,000
6,500,000 General Motors Acceptance Corporation,
7.000% due 03/01/2000 6,540,625
5,000,000 Grand Metropolitan Investment
Corporation, 7.125% due 09/15/2004 4,956,250
4,535,000 IBM Credit Corporation, MTN,
6.600% due 05/10/1999 4,536,859
International Lease Finance
Corporation:
2,750,000 5.500% due 01/15/1999 2,681,250
10,000,000 5.700% due 06/02/1999+ 10,000,998
5,000,000 NationsBank Corporation, MTN,
5.700% due 02/09/2001 4,762,500
13,000,000 Norwest Corporation, MTN, 5.625% due
02/05/2001 12,415,000
13,000,000 U.S. Bancorporation, MTN, 6.200% due
04/30/1998 13,000,000
3,500,000 U.S. West Financial Services, Inc.,
Note,
8.375% due 10/18/1999 3,648,750
-----------
140,910,254
-----------
<CAPTION>
Foreign Government -- 2.9%
<S> <C> <C>
3,000,000 Generaliata de Catalunya, 6.375% due
12/15/2007 2,763,750
14,500,000 Republic of Italy, Zero Coupon due
01/10/2001 10,701,145
3,000,000 Republic of Portugal,
5.750% due 10/08/2003 2,790,000
-----------
16,254,895
-----------
<CAPTION>
Industrial -- 8.2%
<S> <C> <C>
8,000,000 American Home Products, 7.700% due
02/15/2000 8,230,000
10,000,000 duPont (E.I.) de Nemours Inc., MTN,
6.210% due 10/11/2000 9,812,500
14,450,000 Monsanto Company,
6.000% due 07/01/2000 14,070,687
Wal-Mart Stores:
6,350,000 9.100% due 07/15/2000 6,873,875
6,500,000 7.500% due 05/15/2004 6,638,125
-----------
45,625,187
-----------
<CAPTION>
Telecommunications and Utilities -- 0.4%
<S> <C> <C>
2,000,000 National Rural Utilities Cooperative,
MTN, 9.640% due 05/19/1997 2,057,500
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $206,758,691) 204,847,836
-----------
<CAPTION>
YANKEE BOND -- 1.7%
(Cost $9,520,354)
<S> <C> <C>
10,000,000 BOC Group, Plc.,
5.875% due 01/29/2001 9,589,300
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS
-- 10.4%
<S> <C> <C>
Federal Home Loan Mortgage
Corporation (FHLMC):
2,527,414 Pool #E61740,
9.000% due 04/01/2010 2,636,408
15,767,403 Pool #E63967, Gold,
6.500% due 02/01/2011 15,254,962
<CAPTION>
Federal National Mortgage
Association (FNMA):
<S> <C> <C>
$10,942,859 Pool #303108,
6.500% due 09/01/2024 10,234,993
15,116,086 Pool #303922,
6.000% due 05/01/2016 13,968,209
10,000,000 Government Trust Certificates,
9.250% due 11/15/2001 10,675,000
5,059,760 Small Business Association, Pool
#502796, 6.250 due 11/25/2019++ 5,135,657
-----------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $58,493,811) 57,905,229
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 40.5%
U.S. Treasury Bond -- 0.6%
<S> <C> <C>
3,500,000 7.250% due 05/15/2004 3,626,665
-----------
<CAPTION>
U.S. Treasury Notes -- 39.9%
<S> <C> <C>
23,000,000 8.250% due 07/15/1998 23,920,227
84,250,000 7.500% due 10/31/1999 87,006,651
25,000,000 7.750% due 01/31/2000 26,063,496
24,000,000 7.875% due 08/15/2001 25,432,799
36,200,000 6.250% due 02/15/2003 35,578,442
23,400,000 7.875% due 11/15/2004 25,153,594
-----------
223,155,209
-----------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $229,902,705) 226,781,874
-----------
<CAPTION>
Shares
- ------
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS -- 0.7%
3,940,323 Dreyfus Cash Management
Plus Fund 3,940,323
112,390 Federated Prime
Obligations Fund 112,390
-------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,052,713) 4,052,713
-------------
TOTAL INVESTMENTS
(Cost $555,929,851*) 98.4% 550,132,062
OTHER ASSETS AND
LIABILITIES (Net) 1.6 8,808,305
------ -------------
NET ASSETS 100.0% $ 558,940,367
====== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $556,372,532.
+ Floating rate note. The interest rate shown reflects the rate
currently in effect.
++ Variable rate security. The interest rate shown reflects the
rate currently in effect.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
The Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
CORPORATE BONDS AND NOTES -- 7.9%
Finance -- 5.5%
<S> <C> <C>
$ 33,822 Bank America National Trust, 9.000%
due 03/01/2008 $ 33,653
6,500,000 British Telecommunications Finance BV,
Guaranteed Notes,
9.375% due 02/15/1999 6,938,750
4,100,000 General Electric Capital Corporation,
Debenture, 8.700% due 02/15/2003 4,499,750
-----------
11,472,153
-----------
<CAPTION>
Integrated Oil -- 2.4%
<S> <C> <C>
4,000,000 Atlantic Richfield Company, Debenture,
10.875% due 07/15/2005 4,995,000
-----------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
(Cost $16,046,355) 16,467,153
-----------
<CAPTION>
PROMISSORY NOTE -- 3.8%
(Cost $7,960,257)
<S> <C> <C>
8,000,000 OPIC African Growth Fund, 6.525% due
05/15/2001 7,892,000
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS --
56.2%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 9.5%
FHLMC:
<S> <C> <C>
4,209,644 Pool #A01048 Gold,
8.500% due 02/01/2020 4,356,435
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,597,780
7,315,000 Series 1644, Class I,
7.000% due 08/15/2023 7,186,052
2,600,000 Series 1669, Class G,
6.500% due 02/15/2023 2,466,750
-----------
19,607,017
-----------
<CAPTION>
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 2.9%
FHA,
<S> <C> <C>
996,840 Azalea Garden,
Series 051-11086,
8.375% due 08/30/2030 1,017,089
FHA/VA,
5,179,131 Pool #355533, 6.750% due 11/15/2028 4,894,279
-----------
5,911,368
-----------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 34.9%
FNMA:
<S> <C> <C>
261,706 Pool #040305,
11.500% due 02/01/2014 293,847
3,102,445 Pool #100081,
11.500% due 08/20/2016 3,483,464
536,356 Pool #210448,
11.500% due 11/01/2015 602,295
4,451,038 Pool #250323,
7.000% due 06/01/2002 4,437,128
5,909,164 Pool #303020,
7.000% due 10/01/2024 5,683,877
3,581,860 Pool #303105,
11.000% due 11/01/2020 3,989,296
3,897,816 Pool #303645,
11.000% due 09/01/2019 4,341,192
936,258 Pool #336457,
10.500% due 11/01/2020 1,029,007
86,955 Pool #58255,
11.500% due 11/01/2010 97,634
104,298 Pool #81585,
11.500% due 07/01/2012 117,107
2,000,000 Series G-22, Class G, 6.000% due
12/25/2016 1,814,155
8,811,600 Series G-94-13, Class G, 7.000% due
06/17/2017 8,821,261
4,835,833 Series 1989-98, Class D, 9.200% due
04/25/2019 5,031,206
5,000,000 Series 1990-117, Class E, 8.950% due
10/25/2020 5,265,310
8,500,000 Series 1990-120, Class H, 9.000% due
10/25/2020 9,071,716
8,060,450 Series 1991-98, Class H, 8.750% due
08/25/2021 8,357,639
7,500,000 Series 1993-144, Class C, 7.000% due
07/25/2019 7,249,200
2,500,000 Series 1994-17, Class G, 6.250% due
09/25/2007 2,417,175
-----------
72,102,509
-----------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 8.9%
GNMA:
<S> <C> <C>
7,955,287 Pool #406863,
7.250% due 07/15/2030 7,734,030
998,336 Pool #415928,
8.000% due 10/15/2030 1,005,823
251,204 Pool #415929,
8.000% due 10/15/2030 253,088
4,753,045 Pool #780096,
11.000% due 04/15/2021 5,327,867
3,540,962 Pool #780103,
11.000% due 02/15/2025 3,969,197
-----------
18,290,005
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $117,601,390) 115,910,899
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 26.6%
U.S. Treasury Bonds -- 25.6%
<S> <C> <C>
11,850,000 7.750% due 01/31/2000 12,354,098
4,200,000 7.875% due 11/15/2004 4,514,748
8,000,000 10.750% due 08/15/2005 10,165,999
2,000,000 8.750% due 11/15/2008 2,222,900
14,000,000 8.125% due 08/15/2019 15,711,360
7,000,000 8.000% due 11/15/2021 7,784,209
----------
52,753,314
----------
<CAPTION>
U.S. Treasury Note -- 1.0%
<S> <C> <C>
2,000,000 9.125% due 05/15/1999 2,145,540
-----------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $54,672,094) 54,898,854
-----------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENTS -- 4.0%
<S> <C> <C>
7,945,034 Dreyfus Cash Management Plus Fund 7,945,034
236,000 Federated Prime Obligations Fund 236,000
-------------
<CAPTION>
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,181,034) 8,181,034
-------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $204,461,130*) 98.5% 203,349,940
OTHER ASSETS AND
LIABILITIES (Net) 1.5 3,049,348
---------- -------------
NET ASSETS 100.0% $206,399,288
========== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $205,011,333.
See Notes to Financial Statements.
</TABLE>
The Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
--------- ------ ------- -----
MUNICIPAL BONDS AND NOTES -- 96.7%
Michigan -- 96.7%
<S> <C> <C> <C> <C>
$ 840,000 Birmingham Public Schools, Michigan, School
Building, GO, (MBIA Insured),
5.000% due 05/01/2014 AAA Aaa $ 754,950
1,000,000 Caledonia Community Schools, Michigan, GO,
(AMBAC Insured),
5.500% due 05/01/2022 AAA Aaa 932,500
1,000,000 Clarkston, Michigan, Community School, GO,
(FGIC Insured, Q-SBLF),
6.250% due 05/01/2005 AAA Aaa 1,085,000
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA Aa 554,250
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 632,625
1,000,000 Dexter Community Schools, Michigan, GO,
5.700% due 05/01/2014 AA Aa 978,750
1,000,000 Ferris State University, Michigan, Revenue
Refunding, (MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 938,750
1,000,000 Grand Ledge, Michigan, Public Schools
District, GO,
Pre-refunded, (MBIA Insured, Q-SBLF),
6.600% due 05/01/2004 AAA Aaa 1,120,000
750,000 Grand Rapids, Michigan, Building Authority,
Refunding and Improvement Revenue,
5.500% due 04/01/2013 A+ A1 739,688
1,000,000 Hastings, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2018 AAA Aaa 953,750
600,000 Holland, Michigan, Electric Revenue,
4.900% due 07/01/2006 AA- Aa 576,750
950,000 Hudsonville Public Schools, Michigan, Series
B, GO, (FGIC Insured),
6.000% due 05/01/2014 AAA Aaa 961,875
1,000,000 Kalamazoo, Michigan, City School District,
GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 983,750
500,000 Kenowa Hills, Michigan, Public Schools, GO,
(MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 503,125
500,000 Lansing Board of Water & Light, (Water Supply
& Electric Utility Systems Revenue), Series
A,
6.200% due 07/01/2004 AA Aa 540,000
890,000 Lansing Sewer Disposal Systems Revenue,
(FGIC Insured),
5.700% due 05/01/2009 AAA Aaa 886,662
1,000,000 Lincoln Consolidated School District,
Michigan, GO, (FGIC Insured, Q-SBLF),
5.800% due 05/01/2014 AAA Aaa 981,250
700,000 Livonia Public School District, Michigan, GO,
(FGIC Insured),
5.125% due 05/01/2022 AAA Aaa 622,125
600,000 Michigan Public Power Agency Revenue,
(Belle River Project), Series A,
5.250% due 01/01/2018 AA- A1 542,250
500,000 Michigan State Comprehensive Transportation
Revenue, Series A,
5.500% due 05/15/2022 AA- A1 465,625
1,000,000 Michigan State Hospital Financing Authority
Revenue, (Henry Ford Continuing Care),
6.750% due 07/01/2011 AA Aa 1,058,750
1,000,000 Michigan State Housing Development Authority,
Series A,
6.450% due 12/01/2014 AA+ NR 1,021,250
700,000 Michigan State Trunk Line Highway Revenue,
Series A, Pre-refunded,
5.600% due 11/15/2010 AA- A1 690,375
500,000 Michigan State University Revenue, Series A,
5.500% due 08/15/2022 AA- A1 469,375
700,000 Monroe County, Michigan, Municipal Building
Authority Revenue,
5.000% due 04/01/2006 A+ A 685,125
1,000,000 Northview, Michigan, Public School District,
GO,
(MBIA Insured, Q-SBLF),
5.800% due 05/01/2021 AAA Aaa 978,750
650,000 Novi, Michigan, Community School District,
GO,
(FGIC Insured, Q-SBLF),
5.300% due 05/01/2014 AAA Aaa 601,250
500,000 Oakland Community College, Michigan,
Refunding and Improvement, GO, (MBIA
Insured),
5.250% due 05/01/2018 AAA Aaa 456,250
1,000,000 Plymouth-Canton, Michigan, Community School
District, GO, Series A,
6.625% due 05/01/2016 AA Aa 1,050,000
1,000,000 Redford, Michigan, Unified School District,
GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,006,250
500,000 Rochester Community School District,
Michigan, GO, Pre-refunded,
6.500% due 05/01/2002 AA NR 540,000
600,000 Royal Oak, Michigan, Hospital Finance
Authority, Hospital Revenue, (William
Beaumont Hospital), Series G,
5.500% due 11/15/2013 AA Aa 567,000
1,000,000 Saint Johns, Michigan, Public School
District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 962,500
610,000 Traverse City Area Public Schools, Michigan,
GO,
(FGIC Insured),
4.850% due 05/01/2007 AAA Aaa 577,975
600,000 University of Michigan, Hospital Revenue,
Series A,
5.500% due 12/01/2021 AA Aa 552,750
1,000,000 Waterford Township School District, Michigan,
GO, (FGIC Insured),
6.250% due 06/01/2010 AAA Aaa 1,041,250
1,000,000 West Bloomfield School District, Michigan,
GO,
(MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 915,000
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 442,500
-----------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $29,704,150) 29,370,025
-----------
Shares
------
SHORT-TERM INVESTMENT -- 2.3% (Cost $711,642)
<S> <C> <C>
711,642 Navigator Tax-Free Money Market Fund 711,642
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $30,415,792*) 99.0% 30,081,667
OTHER ASSETS AND LIABILITIES (Net) 1.0 295,445
------ -----------
NET ASSETS 100.0% $30,377,112
====== ===========
<FN>
- -------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
--------- ------ ------- -----
MUNICIPAL BONDS AND NOTES -- 97.5%
Arizona -- 2.1%
<S> <C> <C> <C> <C>
$ 2,000,000 Arizona State University Student Fee Revenue,
Pre-refunded,
7.000% due 07/01/2002 AA Aaa $ 2,242,500
1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa 1,888,000
-----------
4,130,500
-----------
<CAPTION>
California -- 2.0%
<S> <C> <C> <C>
2,905,000 Perris, California Community Facilities
Revenue, ETM,
8.750% due 10/01/2021 NR Aaa 3,932,644
-----------
<CAPTION>
Connecticut -- 1.1%
<S> <C> <C> <C>
2,000,000 Connecticut State Transportation
Infrastructure, Special Tax Obligation
Revenue, Pre-refunded,
6.750% due 06/01/2003 AAA NR 2,215,000
-----------
<CAPTION>
Florida -- 23.7%
<S> <C> <C> <C> <C>
Florida State, Board of Education:
2,000,000 Administrative Capital Revenue,
8.400% due 06/01/2007 AA Aa 2,535,000
Capital Outlay, Refunding, Public Education,
GO:
3,000,000 Series A,
5.500% due 06/01/2014 AA Aa 2,891,250
4,500,000 Series D,
4.750% due 06/01/2022 AA Aa 3,751,875
2,500,000 Florida State Turnpike Authority Revenue,
Department of Transportation, Series A,
(FGIC Insured),
5.500% due 07/01/2012 AAA Aaa 2,443,750
Gainesville, Florida, Utility Systems
Revenue:
2,465,000 ETM,
8.125% due 10/01/2014 AAA Aaa 3,102,819
3,000,000 Series A,
6.500% due 10/01/2012 AA Aa 3,285,000
3,000,000 Hillsborough County, Florida, School District
Revenue, (MBIA Insured),
7.000% due 08/15/2005 AAA Aaa 3,412,500
5,000,000 Orlando, Florida, Utilities Commission, Water
and Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa 5,700,000
1,375,000 Orlando & Orange Counties, Florida,
Expressway Authority Revenue, ETM, (FGIC
Insured),
6.750% due 07/01/2019 AAA Aaa 1,502,188
4,135,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa 4,605,356
Port Everglades, Florida, Port Authority
Revenue, ETM:
4,460,000 7.500% due 11/01/2006 AAA Aaa 5,229,350
7,600,000 7.125% due 11/01/2016 AAA Aaa 8,873,000
-----------
47,332,088
-----------
<CAPTION>
Georgia -- 10.5%
<S> <C> <C> <C> <C>
Georgia State, GO:
4,500,000 7.400% due 08/01/2007 AA+ Aaa 5,321,250
2,000,000 Series B,
6.250% due 03/01/2011 AA+ Aaa 2,147,500
2,450,000 Series C,
7.500% due 04/01/2001 AA+ Aaa 2,747,063
5,130,000 Georgia State, Municipal Electric Power
Authority Revenue,
6.500% due 01/01/2012 A A 5,424,975
5,100,000 Metro Atlanta Rapid Transit Authority, Series
K,
6.250% due 07/01/2018 AA- A1 5,418,750
-----------
21,059,538
-----------
<CAPTION>
Hawaii -- 1.2%
<S> <C> <C> <C>
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA Aa 2,360,000
-----------
<CAPTION>
Illinois -- 4.4%
<S> <C> <C> <C>
1,000,000 Addison, Illinois, Single-family Mortgage
Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,168,750
2,200,000 Chicago, Illinois, Public Building Commission
Revenue, ETM,
7.700% due 01/01/2006 AAA A1 2,594,680
4,500,000 Illinois State, Sales Tax Revenue, Series P,
6.500% due 06/15/2022 AAA A1 4,882,500
-----------
8,645,930
-----------
<CAPTION>
Kansas -- 1.1%
<S> <C> <C> <C>
2,045,000 Shawnee County, Kansas, Series B, GO,
Pre-refunded,
7.375% due 09/01/2001 AA+ Aaa 2,282,731
-----------
<CAPTION>
Maryland -- 2.4%
<S> <C> <C> <C>
5,000,000 Maryland State, State and Local Facilities,
Second Series, GO,
5.000% due 10/15/2007 AAA Aaa 4,875,000
-----------
<CAPTION>
Michigan -- 19.9%
<S> <C> <C> <C>
2,040,000 Avondale, Michigan, School District Revenue,
8.250% due 05/01/2002 AA Aa 2,381,700
2,600,000 Clarkston, Michigan, Community Schools
District, GO, (FGIC Insured, Q-SBLF),
5.550% due 05/01/2010 AAA Aaa 2,596,750
5,000,000 Grand Ledge, Michigan, Public Schools
District, Refunding, GO, (MBIA Insured,
Q-SBLF),
5.375% due 05/01/2024 AAA Aaa 4,643,750
1,840,000 Grand Rapids, Michigan, Community College,
GO, (MBIA Insured),
5.900% due 05/01/2019 AAA Aaa 1,823,900
2,000,000 Grand Rapids, Michigan, Water Supply Revenue,
Pre-refunded, (FGIC Insured),
7.000% due 01/01/2000 AAA Aaa 2,185,000
3,000,000 Lake Orion, Michigan, Community School
District, Refunding, GO, (AMBAC Insured,
Q-SBLF),
5.800% due 05/01/2015 AAA Aaa 2,985,000
5,800,000 Michigan State, Building Authority Revenue,
Series I,
6.500% due 10/01/2004 AA- A1 6,336,500
9,000,000 Michigan State, Environmental Protection
Program, GO,
6.250% due 11/01/2012 AA Aa 9,663,750
Michigan State, Hospital Financing Authority
Revenue:
2,250,000 (Henry Ford Health System) (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,337,187
3,000,000 McLaren Obligated Group, Pre-refunded,
7.500% due 09/15/2001 NR Aaa 3,423,750
1,515,000 Saline, Michigan, Area Schools District, GO,
(FGIC Insured Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,477,125
-----------
39,854,412
-----------
<CAPTION>
Nevada -- 1.1%
<S> <C> <C> <C> <C>
2,000,000 Clark County, Nevada, School District
Revenue,
Pre-refunded,
7.650% due 05/01/2000 A+ Aaa 2,237,500
-----------
<CAPTION>
New Jersey -- 1.1%
<S> <C> <C> <C> <C>
2,350,000 Monmouth County, New Jersey, General
Improvement, GO,
4.500% due 09/01/2005 AA+ Aa1 2,229,562
-----------
<CAPTION>
New Mexico -- 3.5%
<S> <C> <C> <C> <C>
1,000,000 Albuquerque, New Mexico, Residential Mortgage
Bonds, Series A, ETM,
7.000% due 03/01/2004 NR Aaa 1,102,500
4,455,000 Farmington, New Mexico, Power Authority
Revenue,
Pre-refunded,
9.875% due 07/01/2005 AAA Aaa 5,819,344
-----------
6,921,844
-----------
<CAPTION>
Ohio -- 1.1%
<S> <C> <C> <C> <C>
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA Aa 2,197,500
-----------
<CAPTION>
Oklahoma -- 0.6%
<S> <C> <C> <C> <C>
1,000,000 Blackwell, Oklahoma, Hospital and Trust
Authority, First Mortgage Revenue,
(Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,248,750
-----------
<CAPTION>
South Carolina -- 2.8%
<S> <C> <C> <C> <C>
5,000,000 South Carolina, State Public Service
Authority Revenue, Series B, Pre-refunded,
7.100% due 07/01/2001 AAA Aaa 5,593,750
-----------
<CAPTION>
Tennessee -- 3.1%
<S> <C> <C> <C> <C>
6,100,000 Shelby County, Tennessee, Refunding, Series
A, GO,
5.500% due 04/01/2009 AA+ Aa 6,107,625
-----------
<CAPTION>
Texas -- 9.1%
<S> <C> <C> <C> <C>
2,750,000 Dallas, Texas, GO,
5.000% due 02/15/2011 AAA Aa1 2,571,250
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,360,000
2,495,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2004 AAA Aaa 3,053,256
4,700,000 Sherman, Texas, Independent School District
Refunding, GO, (PSFG),
6.500% due 02/15/2020 AAA Aaa 4,893,875
2,000,000 Spring, Texas, Independent School District
Authority, GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,227,500
-----------
18,105,881
-----------
<CAPTION>
Virginia -- 2.0%
<S> <C> <C> <C> <C>
2,085,000 Arlington County, Virginia, GO,
6.000% due 08/01/2014 AAA Aaa 2,150,156
2,000,000 Richmond, Virginia, Public Improvement,
Series A, GO,
5.500% due 01/15/2016 AA A1 1,907,500
-----------
4,057,656
-----------
<CAPTION>
Washington -- 1.2%
<S> <C> <C> <C> <C>
1,815,000 Douglas County, Washington, Public Utility
District No. 1, GO, (Wells Hydroelectric
Project),
Pre-refunded, 8.750% due 09/01/2006 A+ Aaa 2,366,306
-----------
<CAPTION>
Wisconsin -- 3.5%
<S> <C> <C> <C> <C>
6,145,000 Wisconsin State, GO, Series B,
7.000% due 05/01/2004 AA Aa 6,905,444
------------
TOTAL MUNICIPAL BONDS AND NOTES (Cost $188,330,038) 194,659,661
------------
TOTAL INVESTMENTS (Cost $188,330,038*) 97.5% 194,659,661
OTHER ASSETS AND LIABILITIES (Net) 2.5 5,060,512
------ ------------
NET ASSETS 100.0% $199,720,173
====== ============
<FN>
- -----------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
--------- ------ ------- -----
<CAPTION>
MUNICIPAL BONDS AND NOTES -- 98.1%
Alabama -- 3.3%
<S> <C> <C> <C> <C>
Alabama State Public School and College
Authority:
$5,000,000 Capital Improvement,
4.750% due 11/01/2006 N/R Aa $ 4,781,250
6,265,000 Series A,
5.750% due 08/01/2003 AA- Aa 6,539,094
-----------
11,320,344
-----------
<CAPTION>
Arizona -- 3.6%
<S> <C> <C> <C> <C>
5,525,000 Arizona State Transportation Board, Highway
Revenue, Series A,
6.000% due 07/01/2000 AA Aa 5,808,156
Phoenix, Arizona, Civic Improvement
Corporation, Wastewater System Revenue,
Pre-refunded:
4,000,000 6.000% due 07/01/2003 AAA NR 4,325,000
2,000,000 6.125% due 07/01/2003 AAA NR 2,177,500
-----------
12,310,656
-----------
<CAPTION>
California -- 5.2%
<S> <C> <C> <C> <C>
6,100,000 Los Angeles County, California, Metropolitan
Transportation Authority,
Sales Tax Revenue, Series B, (AMBAC
Insured),
8.000% due 07/01/2003 AAA Aaa 7,159,875
6,070,000 Sacramento County, California, Sanitation
District Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa 7,458,512
3,000,000 West Basin, California, Municipal Water
District, COP, (AMBAC Insured),
Pre-refunded,
6.850% due 08/01/2000 AAA Aaa 3,296,250
-----------
17,914,637
-----------
<CAPTION>
Colorado -- 1.0%
<S> <C> <C> <C> <C>
3,000,000 Poudre Valley, Colorado, Hospital District,
Hospital Revenue, (AMBAC Insured),
Pre-refunded,
6.625% due 12/01/2001 AAA Aaa 3,281,250
-----------
<CAPTION>
Florida -- 5.5%
<S> <C> <C> <C> <C>
6,500,000 Florida State, Board of Education, Capital
Outlay, Series D,
6.000% due 06/01/2005 AA Aa 6,906,250
Jacksonville, Florida, Electric Authority
Revenue:
5,000,000 Bulk Power Supply System Sherer, Series
4-1-A,
Pre-refunded,
6.750% due 10/01/2000 AA Aaa 5,468,750
3,100,000 St. John's River Power Park System, Series
10,
6.500% due 10/01/2003 AA Aa1 3,390,625
3,000,000 Orlando, Florida, Utilities Commission, Water
and Electric Revenue, Series A,
Pre-refunded,
6.500% due 10/01/2001 AA- Aaa 3,296,250
-----------
19,061,875
-----------
<CAPTION>
Georgia -- 1.0%
<S> <C> <C> <C> <C>
3,000,000 Georgia State, GO, Series D,
7.400% due 08/01/1999 AA+ Aaa 3,258,750
-----------
<CAPTION>
Hawaii -- 3.2%
<S> <C> <C> <C> <C>
Hawaii State, GO:
3,000,000 Series BS, Pre-refunded,
7.125% due 09/01/2000 AA Aaa 3,307,500
3,000,000 Series BZ,
6.250% due 10/01/2002 AA Aa 3,213,750
3,650,000 Honolulu, Hawaii, City and County, GO, Series
A, ETM,
10.000% due 08/01/2000 AA Aaa 4,361,750
-----------
10,883,000
-----------
<CAPTION>
Illinois -- 1.1%
<S> <C> <C> <C> <C>
3,500,000 Chicago, Illinois, Metropolitan Water
District, Capital Improvement,
6.700% due 01/01/2003 AA Aa 3,832,500
-----------
<CAPTION>
Maryland -- 8.6%
<S> <C> <C> <C> <C>
5,000,000 Maryland State Department of Transportation,
4.250% due 12/15/2002 AA Aa 4,812,500
Maryland State, GO:
5,000,000 State and Local Facilities Loan, First
Series,
4.000% due 02/15/2000 AAA Aaa 4,887,500
3,000,000 4.375% due 08/01/2003 AAA Aaa 2,902,500
Montgomery County, Maryland, Consolidated
Public Improvement, GO:
4,000,000 Series A,
5.200% due 10/01/2001 AAA Aaa 4,095,000
3,750,000 Series B,
6.875% due 10/01/2000 AAA Aaa 4,078,125
5,000,000 Prince George's County, Maryland,
Consolidated Public Improvement, GO, (MBIA
Insured),
6.250% due 01/01/2005 AAA Aaa 5,406,250
3,030,000 Washington County, Maryland, Suburban
Sanitary District, General Construction,
Series 1, Pre-refunded,
6.900% due 06/01/2000 AAA Aaa 3,321,638
-----------
29,503,513
-----------
<CAPTION>
Massachusetts -- 6.4%
<S> <C> <C> <C> <C>
5,000,000 Massachusetts Bay Transportation Authority,
Series B, Pre-refunded,
7.800% due 03/01/2001 A+ Aaa 5,712,500
<CAPTION>
<S> <C> <C> <C> <C>
Massachusetts Water Resource Authority
Revenue,
Series A, Pre-refunded:
3,675,000 7.500% due 04/01/2000 AAA Aaa 4,093,031
11,000,000 6.750% due 07/15/2002 AAA Aaa 12,251,250
-----------
22,056,781
-----------
<CAPTION>
Michigan -- 28.3%
<S> <C> <C> <C> <C>
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2002 AAA Aaa 2,768,750
10,200,000 Chippewa Valley, Michigan, Schools, GO,
(FGIC Insured), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 11,028,750
Gaylord, Michigan, Community Schools, GO:
1,075,000 7.000% due 05/01/2001 AA Aa 1,177,125
3,350,000 Pre-refunded,
6.600% due 05/01/2002 AA Aa 3,685,000
2,400,000 Grand Rapids, Michigan, Public Schools, GO,
8.000% due 05/01/1999 AA- Aa 2,619,000
4,475,000 Kentwood, Michigan, Public School District,
GO,
Pre-refunded,
7.150% due 05/01/1999 A+ NR 4,872,156
2,000,000 Livonia, Michigan, Public Schools, (FGIC
Insured), Series II, Pre-refunded,
6.300% due 05/01/2002 AAA Aaa 2,175,000
Michigan State Building Authority Revenue,
Series I:
5,000,000 (AMBAC Insured),
6.250% due 10/01/2003 AAA Aaa 5,375,000
5,000,000 6.500% due 10/01/2004 AA- A1 5,462,500
Michigan State Comprehensive Transportation
Revenue:
3,000,000 Series 1988-I, Pre-refunded,
7.625% due 09/01/1998 AA- NR 3,266,250
2,445,000 Series B,
5.625% due 05/15/2003 AA- A1 2,539,744
Michigan State Hospital Finance Authority
Revenue,
Pre-refunded:
1,000,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001 NR AAA 1,141,250
2,900,000 Oakwood Hospital Obligated Group, (FGIC
Insured),
7.000% due 07/01/2000 AAA Aaa 3,193,625
Michigan State Trunk Line Highway Revenue:
3,160,000 Series A,
5.625% due 10/01/2003 AA- A1 3,270,600
7,000,000 Series A, Pre-refunded,
7.000% due 08/15/1999 AAA NR 7,647,500
2,300,000 Series B,
5.400% due 11/15/2001 AA- A1 2,357,500
1,000,000 Okemos, Michigan, Public School District, GO,
Series I,
6.400% due 05/01/2001 AA Aa 1,073,750
6,875,000 Plymouth-Canton, Michigan, Community School
District, GO, Series B, Pre-refunded,
6.800% due 05/01/2001 AA Aa 7,519,531
Rochester Community School District,
Michigan, GO:
3,350,000 6.000% due 05/01/2002 AA Aa 3,530,062
2,000,000 Pre-refunded,
6.500% due 05/01/2002 AA NR 2,160,000
5,000,000 Royal Oak, Michigan, Hospital Finance
Authority Revenue, William Beaumont
Hospital, Series C,
Pre-refunded,
7.200% due 01/01/1999 NR Aaa 5,425,000
1,250,000 Troy, Michigan, City School District, GO,
7.000% due 05/01/2001 AA Aa 1,371,875
University of Michigan, Hospital Revenue,
Series A:
3,000,000 7.500% due 12/01/2001 AA Aa 3,356,250
3,000,000 5.600% due 12/01/2003 AA Aa 3,112,500
6,750,000 Western Michigan University Revenue, Series
A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2001 AAA Aaa 7,382,812
-----------
97,511,530
-----------
<CAPTION>
Minnesota -- 1.1%
<S> <C> <C> <C> <C>
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002 AAA Aaa 3,753,750
-----------
<CAPTION>
New Jersey -- 2.1%
<S> <C> <C> <C> <C>
New Jersey State Transit Trust Fund
Authority, (Transportation Systems),
ETM, Series A:
3,000,000 6.000% due 06/15/2001 A+ Aa 3,157,500
4,000,000 5.400% due 12/15/2002 NR Aa 4,110,000
-----------
7,267,500
-----------
<CAPTION>
New York -- 1.6%
<S> <C> <C> <C> <C>
5,000,000 New York State, Local Assistance Corporation,
Series A,
7.250% due 04/01/2001 AAA Aaa 5,606,250
-----------
<CAPTION>
North Carolina -- 0.6%
<S> <C> <C> <C> <C>
2,150,000 Mecklenburg County, North Carolina, GO,
3.750% due 04/01/2001 AAA Aaa 2,050,562
-----------
<CAPTION>
Pennsylvania -- 1.5%
<S> <C> <C> <C> <C>
5,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA- A1 5,293,750
-----------
<CAPTION>
Rhode Island -- 1.7%
<S> <C> <C> <C> <C>
5,100,000 Rhode Island Depositors Economic Protection
Corporation, Special Obligation, Series A,
Pre-refunded,
6.950% due 08/01/2002 AAA Aaa 5,718,375
-----------
<CAPTION>
South Carolina -- 6.7%
<S> <C> <C> <C> <C>
4,500,000 South Carolina Capital Improvement, Series A,
6.200% due 02/01/2000 AAA Aaa 4,741,875
4,500,000 South Carolina State Public Service Authority
Revenue, Series B, Pre-refunded,
6.500% due 07/01/2001 AAA Aaa 4,916,250
Santee Cooper, South Carolina, Series D,
Pre-refunded:
2,615,000 6.625% due 07/01/2002. AAA Aaa 2,892,844
2,440,000 (AMBAC Insured),
6.500% due 07/01/2002 AAA Aaa 2,684,000
7,000,000 York County, South Carolina, Public
Facilities Corporation, COP, Pre-refunded,
7.500% due 06/01/2001 NR Aaa 7,945,000
-----------
23,179,969
-----------
<CAPTION>
Texas -- 7.2%
<S> <C> <C> <C> <C>
2,100,000 Dallas, Texas, GO, ETM,
7.000% due 05/01/2004 AAA Aaa 2,388,750
3,070,000 Dallas, Texas, Waterworks and Sewer Authority
Revenue,
7.750% due 04/01/2003 AA Aa 3,565,038
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002 AAA Aaa 4,488,394
2,175,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,620,875
3,500,000 Tarrant County, Texas, Water Control Revenue,
Pre-refunded,
6.000% due 03/01/2001 AA Aaa 3,675,000
3,000,000 Texas National Research Laboratory
Commission, Lease Revenue, (Superconducting
Super Collider Project),
Pre-refunded,
6.550% due 12/01/2001 AAA Aaa 3,292,500
4,500,000 Texas State, GO, Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 4,775,625
-----------
24,806,182
-----------
<CAPTION>
Virginia -- 5.4%
<S> <C> <C> <C> <C>
3,200,000 Chesapeake, Virginia, Public Improvement
Revenue,
7.000% due 05/01/2004 AA Aa 3,612,000
1,600,000 Chesapeake, Virginia, Water & Sewer Revenue,
7.000% due 12/01/2005 AA Aa 1,834,000
4,870,000 Hampton, Virginia, Public Improvement
Revenue, Series C,
6.000% due 08/01/2003 AA- Aa 5,204,813
2,500,000 Roanoke, Virginia, Industrial Development
Authority, Hospital Revenue, Carilion
Health Systems,
Pre-refunded,
7.500% due 07/01/2000 A+ Aaa 2,800,000
5,200,000 Virginia State, Public School System
Authority, Series C,
4.500% due 01/01/2001 AA Aa 5,154,500
-----------
18,605,313
-----------
<CAPTION>
Wisconsin -- 3.0%
<S> <C> <C> <C> <C>
4,000,000 Wisconsin State, GO, Series C, Pre-refunded,
6.250% due 05/01/2003 AA Aaa 4,300,000
5,775,000 Wisconsin State Transportation, Series B,
Pre-refunded,
5.750% due 07/01/2002 AAA NR 6,027,656
-----------
10,327,656
-----------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $332,132,750) 337,544,143
Shares
------
SHORT-TERM INVESTMENT -- 0.1% (Cost $440,228)
<S> <C> <C>
440,228 Navigator Tax-Free Money Market Fund 440,228
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $332,572,978*) 98.2% 337,984,371
OTHER ASSETS AND LIABILITIES (Net) 1.8 6,129,200
---- ------------
NET ASSETS 100.0% $344,113,571
===== ============
<FN>
- --------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
See Notes to Financial Statements.
</TABLE>
The Munder Money Market Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
--------- ------ ------- -----
<CAPTION>
CERTIFICATES OF DEPOSIT -- 13.4%
<S> <C> <C> <C> <C>
$10,000,000 Bank of Nova Scotia,
5.490% due 09/05/1996 A1+/AA- P1/Aa3 $ 10,000,000
10,000,000 Deutsche Bank,
5.370% due 07/15/1996 A1+/AAA P1/Aaa 10,000,171
10,000,000 National Westminster Bank,
5.360% due 07/19/1996 A1+/AA P1/Aa2 10,000,185
-----------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $30,000,356) 30,000,356
-----------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 66.7%
<S> <C> <C> <C> <C>
10,000,000 American Home Products Corporation, Inc.,
5.380% due 07/22/1996+,+++ A2/A- P1/A2 9,968,617
10,000,000 Bass Finance Ltd.,
5.370% due 08/01/1996+ A1/A+ P1/NR 9,953,758
10,000,000 Bear Stearns Companies Inc.,
5.310% due 07/01/1996+ A1 P1 10,000,000
10,000,000 Corporate Asset Funding Company Inc.,
5.270% due 07/24/1996+ A1+/AAA P1/Aa1 9,966,331
10,000,000 Fleet Funding Corporation,
5.390% due 08/16/1996+ A1+/NR P1/NR 9,931,128
10,000,000 Lucent Technologies,
5.370% due 08/26/1996+ A1/NR P1/A2 9,916,467
10,000,000 National Rural Utilities Cooperative Finance
Corporation,
5.350% due 08/19/1996+ A1+/AA P1/A1 9,927,181
10,000,000 Pearson Inc.,
5.400% due 07/23/1996+ A1/NR P1/A1 9,967,000
5,000,000 Receivables Capital Corporation,
5.400% due 08/12/1996+ A1/NR P1/NR 4,968,500
10,000,000 Sanwa Business Credit Corporation,
5.350% due 07/08/1996+,+++ A2/A- P1/Aa3 9,989,597
10,000,000 Sheffield Receivables Corporation,
5.400% due 07/26/1996+ A1+/NR P1/NR 9,962,500
10,000,000 Stellar Capital Corporation,
5.480% due 09/18/1996 A1/NR P1/NR 9,879,744
10,000,000 Strategic Asset Funding Corporation,
5.400% due 09/30/1996+ A1/NR P1/NR 9,863,500
5,000,000 Transamerica Finance Corporation,
5.340% due 09/27/1996+ A1/A P1/A2 4,934,733
10,000,000 Toyota Motor Credit Corporation,
5.370% due 09/04/1996+ A+/AAA P1/Aaa 9,903,042
10,000,000 US Leasing Corporation,
5.380% due 07/01/1996+ A1/A+ P1/A1 10,000,000
<CAPTION>
Principal
Amount Value
- ---------
<S> <C> <C>
TOTAL COMMERCIAL PAPER -- DISCOUNT
(Cost $149,132,098)
149,132,098
------------
<CAPTION>
CORPORATE NOTES -- 2.6%
Finance -- 2.6%
<S> <S> <C>
4,150,000 Capital One Funding Corporation,
5.500% due 07/01/2014++ 4,150,000
1,750,206 TMS Home Equity, TR1995-B-A7,
5.470% due 01/15/2026++ 1,750,206
------------
<S> <S>
TOTAL CORPORATE NOTES
(Cost $5,900,206) 5,900,206
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 17.2% (Cost $38,360,000)
<S> <C> <C>
38,360,000 Agreement with Morgan (J.P.) & Company, 5.300% dated 06/28/1996 to be
repurchased at $38,376,942 on 07/01/1996, collateralized by
$30,450,000 U.S. Treasury Notes, 11.125% due 08/15/2003 (value
$39,128,250) 38,360,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $223,392,660*) 99.9% 223,392,660
OTHER ASSETS AND LIABILITIES (Net) 0.1 150,882
------ -----------
NET ASSETS 100.0% $223,543,542
====== ============
<FN>
- ----------------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ American Home Products Corporation, Inc., rated D-1+ by Duff and Phelps
and Sanwa Business Credit Corporation, rated D-1 by Duff and Phelps, are
defined as being "Eligible Securites" under Rule 2a7.
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
--------- ------ ------- -----
<CAPTION>
MUNICIPAL BONDS AND NOTES -- 86.9%
Arizona -- 6.3%
<S> <C> <C> <C> <C>
$3,400,000 Apache County, Arizona, Industrial
Development Authority, Industrial
Development Revenue, (Tucson Electric --
83C), (Bankers Trust (NY), LOC),
3.400% due 12/15/2018+ AA- A1 $3,400,000
Pima County, Arizona, Industrial Development
Authority Revenue:
1,000,000 (Brush Wellman Inc. Project),
(National City Bank, LOC),
3.500% due 09/01/2009+ NR NR 1,000,000
3,000,000 (Tucson Electric Project), Series A,
(Bank of America, LOC),
4.850% due 07/01/2022+ AA- Aa3 3,000,000
3,000,000 (Barclays Bank, LOC),
3.400% due 03/15/2018+ AA Aa2 3,000,000
4,000,000 Pinal County, Arizona, Industrial Development
Authority, Pollution Control Revenue,
(Magma Copper Company Project), (Banque
Nationale de Paris, LOC),
3.300% due 12/01/2011+ AA- Aa1 4,000,000
-----------
14,400,000
-----------
<CAPTION>
Arkansas -- 2.6%
<S> <C> <C> <C> <C>
6,000,000 Little Rock, Arkansas, Health Facilities
Board, Hospital Revenue, (Southwest
Hospital), (FGIC Insured),
(Bank of Nova Scotia, SBPA),
3.500% due 10/01/2018+ AAA Aaa 6,000,000
-----------
<CAPTION>
California -- 7.3%
<S> <C> <C> <C> <C>
California State School Cash Reserve Pool,
Series A:
3,000,000 4.750% due 07/02/1997+++ Sp1+ MIG1 3,025,920
3,000,000 (Industrial Bank of Japan, LOC),
4.750% due 07/03/1996 Sp1+ MIG1 3,000,158
4,000,000 Los Angeles County, California,
4.500% due 07/01/1996 Sp1+ MIG1 4,000,000
3,000,000 Los Angeles County, California, School
District, Tax and Revenue Anticipation
Notes, GO,
4.500% due 07/03/1996 Sp1+ MIG1 3,000,126
3,600,000 Upland California, Multi-family Housing
Authority Revenue, (Upland Village Green
Project),
(Bank of Tokyo, LA, LOC),
3.250% due 09/01/2010+ NR Aa3 3,600,000
-----------
16,626,204
-----------
<CAPTION>
Colorado -- 1.3%
<S> <C> <C> <C> <C>
1,540,000 Cherry Creek, Colorado, Metropolitan District
Number One, GO, (Dresdner Bank, A.G., NY,
LOC),
3.400% due 06/01/2006+ A-1+ NR 1,540,000
460,000 Clear Creek County, Colorado, Revenue Bond,
(National Westminster),
3.400% due 06/01/1998+ A-1+ NR 460,000
985,000 Englewood, Colorado, Industrial Development
Revenue, (Swedish Mob I Ltd. Project),
(Mitsubishi Ltd., LOC),
3.450% due 12/01/2010+ AA- NR 985,000
-----------
2,985,000
-----------
<CAPTION>
District of Columbia -- 3.8%
<S> <C> <C> <C> <C>
District Of Columbia, Revenue, Aces,
(Georgetown University):
1,000,000 Series D, (SBPA-Sanwa Bank exp.
12/06/1996),
3.600% due 04/01/2017+ A-1+ A1 1,000,000
7,800,000 Series E,
3.600% due 04/01/2018+ A+ A1 7,800,000
-----------
8,800,000
-----------
<CAPTION>
Florida -- 8.2%
<S> <C> <C> <C> <C>
1,000,000 Boca Raton, Florida, Industrial Development
Authority, Revenue Bonds, (Parking Garage
Project),
(Bankers Trust (NY), LOC),
3.675% due 12/01/2014+ NR NR 1,000,000
5,100,000 Dade County, Florida, Housing Finance
Authority,
Multi-family Mortgage Revenue, (Miller Lake
Apartments), Series L, (John Hancock Mutual
Life Insured),
3.350% due 02/01/2005+ AA+ NR 5,100,000
1,300,000 Florida Housing Finance Agency, Multi-family
Housing Revenue Bonds, (Hampton Lakes),
(CG Life, Inc., LOC),
3.600% due 07/01/2008+ AA NR 1,300,000
4,760,000 Florida State, Municipal Power Agency
Revenue,
(St. Lucie Project),
6.500% due 10/01/1996 AAA AAA 4,799,176
6,500,000 University of North Florida, Foundation,
Inc., Capital Improvement Revenue, Series
1994, (First Union National Bank of North
Carolina, LOC),
3.300% due 11/01/2024+ NR Aa3 6,500,000
-----------
18,699,176
-----------
<CAPTION>
Georgia -- 3.5%
<S> <C> <C> <C> <C>
900,000 Dekalb County, Georgia, Industrial
Development Authority, Obligation Revenue,
(Dart Container Corporation Project),
(National Westminster Bank, LOC),
3.850% due 08/01/2011++ NR NR 900,000
6,995,000 Georgia Municipal Association Pool Board,
Certificates of Participation, (MBIA
Insured), (Credit Suisse, LOC),
3.300% due 12/15/2020+ AAA Aaa 6,995,000
-----------
7,895,000
-----------
<CAPTION>
Illinois -- 4.8%
<S> <C> <C> <C> <C>
2,000,000 Chicago, Illinois, GO, (MBIA Insured),
8.000% due 01/01/1997 AAA Aaa 2,108,642
955,000 East Peoria, Illinois, Multi-family Housing
Revenue, (Radnor/East Peoria Project),
(Bank of Nova Scotia, LOC),
3.550% due 06/01/2008+ NR Aa2 955,000
Illinois State Development Finance Authority,
Industrial Development Authority Revenue:
3,000,000 (Catholic Charities Housing),
(National Westminster Bank, LOC),
3.400% due 01/01/2028+ NR Aa2 3,000,000
4,000,000 (Lake Forest Academy Project), (Northern
Trust, LOC),
3.400% due 12/01/2024+ AA- NR 4,000,000
1,000,000 (Saint Ignatius College), (Northern Trust,
LOC),
3.400% due 06/01/2024+ AA- NR 1,000,000
-----------
11,063,642
-----------
<CAPTION>
Indiana -- 2.2%
<S> <C> <C> <C> <C>
5,000,000 Indiana State Bond Bank, Advanced Funding
Notes,
4.250% due 01/09/1997 Sp1+ MIG1 5,015,642
-----------
<CAPTION>
Iowa -- 3.2%
<S> <C> <C> <C> <C>
2,000,000 Cedar Rapids, Iowa, Pollution Control
Revenue, Refunding Bonds, (Iowa Electric
Light & Power Company), (Barclays Bank,
LOC),
3.400% due 11/01/2003+ NR NR 2,000,000
5,300,000 Chillicothe, Iowa, Pollution Control Revenue,
(Iowa Electric and Power Company),
(Barclays Bank, LOC),
3.400% due 11/01/2010+ NR NR 5,300,000
-----------
7,300,000
-----------
<CAPTION>
Maine -- 1.8%
<S> <C> <C> <C> <C>
4,000,000 Maine State, Tax Anticipation Notes, GO,
4.500% due 06/27/1997+++ Sp1+ MIG1 4,023,720
-----------
<CAPTION>
Maryland -- 3.1%
<S> <C> <C> <C> <C>
3,500,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital), (Societe
Generale, LOC),
3.300% due 07/01/2022+ NR Aa2 3,500,000
Maryland State Health & Higher Education,
Facilities Authority Revenue:
500,000 (Loyola College Issue), (Sanwa Bank, LOC),
3.750% due 10/01/2010++ A-1+ Aa3 500,000
3,000,000 (Helix Health Hospital), Issue-A,
(NationsBank, LOC),
3.350% due 07/01/2026+ A+ NR 3,000,000
-----------
7,000,000
-----------
<CAPTION>
Michigan -- 0.5%
<S> <C> <C> <C> <C>
1,200,000 Michigan State Strategic Fund Limited,
Obligation Revenue, (Community Care
Properties Project), (National Bank of
Detroit, LOC),
3.400% due 09/01/2007+ NR NR 1,200,000
-----------
<CAPTION>
Mississippi -- 2.6%
<S> <C> <C> <C> <C>
6,000,000 Lawrence County, Mississippi, Pollution
Control Revenue, (Georgia Pacific
Corporation Project),
(Bank of Tokyo, NY, LOC),
3.425% due 12/01/2000+ NR Aa3 6,000,000
-----------
<CAPTION>
Missouri -- 0.9%
<S> <C> <C> <C> <C>
2,000,000 Columbia, Missouri, Special Obligation
Reserve, Series A, (Toronto Dominion Bank,
LOC),
3.400% due 06/01/2008+ NR Aa2 2,000,000
-----------
<CAPTION>
Nebraska -- 4.4%
<S> <C> <C> <C> <C>
2,000,000 Hamilton County, Nebraska, Industrial
Development Authority Revenue, (The Iams
Company Project), (NationsBank, LOC),
3.400% due 07/01/2005+ NR NR 2,000,000
5,000,000 Nebraska Educational Facilities Authority
Revenue, Educational Equipment &
Improvement,
(FGIC Insured), (SBPA- Mitsubishi Bank of
New York exp. 04/15/1998),
3.500% due 12/01/2000+ AAA Aaa 5,000,000
3,000,000 Nebraska Public Power District Revenue,
(Nuclear Facilities),
4.300% due 07/01/1996 A+ A1 2,999,858
-----------
9,999,858
-----------
<CAPTION>
Nevada -- 3.1%
<S> <C> <C> <C> <C>
7,000,000 Clark County, Nevada, Airport Improvement
Revenue, Series A-1, (National Westminster
Place, LOC),
3.300% due 07/01/2012+ AAA Aaa 7,000,000
-----------
<CAPTION>
New York -- 3.3%
<S> <C> <C> <C> <C>
6,000,000 Nassau County, New York, Bond Anticipation
Notes, Series H, GO,
4.000% due 08/15/1996 Sp1 MIG1 6,004,653
1,635,000 New York State, Housing Finance Agency,
Health Facilities,
5.600% due 11/01/1996 AAA AAA 1,662,535
-----------
7,667,188
-----------
<CAPTION>
Ohio -- 1.0%
<S> <C> <C> <C> <C>
2,415,000 Cuyahoga County, Ohio, Industrial Development
Revenue Refunding, (Curtiss Wright
Project),
(National City Bank, LOC),
3.500% due 12/01/2008+ NR NR 2,415,000
-----------
<CAPTION>
South Dakota -- 0.6%
<S> <C> <C> <C> <C>
1,300,000 Lawrence County, South Dakota, Pollution
Control Revenue, (Homestake Mining),
(Bank of Nova Scotia, LOC),
3.550% due 04/01/2003+ AA- Aa3 1,300,000
-----------
<CAPTION>
Tennessee -- 8.7%
<S> <C> <C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial
Development Authority Revenue, (Market
Street Ltd. Project),
(ABN-Amro, LOC),
3.400% due 12/15/2012+ AAA NR 6,700,000
2,800,000 Clarkville, Tennessee, Public Building
Authority, (NationsBank, TN, LOC),
3.350% due 06/01/2024+ A+ NR 2,800,000
1,900,000 Greenville, Tennessee, Health & Elderly
Facilities Board Revenue, (Laughlin
Memorial Hospital Inc. Project),
(NationsBank, LOC),
3.350% due 10/01/2014+ NR NR 1,900,000
1,000,000 Hamilton County, Tennessee, Industrial
Development Revenue Board, (Tennessee
Aquarium -- Imax),
(Bank of NY, LOC),
3.350% due 03/01/2015+ A+ Aa3 1,000,000
Metropolitan Government Nashville and
Davidson County, Health and Education
Facilities Board:
1,500,000 (Richland Place, Inc.), (Societe Generale,
LOC),
3.200% due 05/01/2023+ NR Aa1 1,500,000
2,100,000 (West Mead Place Project),
(NationsBank of Georgia, LOC)
3.350% due 12/01/2015+ A+ NR 2,100,000
2,000,000 Metropolitan Government Nashville and
Davidson County, Tennessee, Industrial
Development Board Revenue, Multi-family
Housing, (Arbor Crest Apartments), Series
B, (NationsBank of GA, LOC),
3.400% due 12/01/2007+ NR Aa3 2,000,000
2,000,000 Tennessee State, School Board Authority,
Higher Education, Bond Anticipation Notes,
Series C,
(SBPA-Swiss Bank, NY exp. 02/23/1996),
3.850% due 03/01/1998+ Sp1+ MIG1 2,000,000
-----------
20,000,000
-----------
<CAPTION>
Texas -- 7.6%
<S> <C> <C> <C> <C>
8,700,000 Bexar County, Texas, Health Facilities,
(RaboBank, Netherlands, LOC),
3.300% due 07/01/2011+ AAA NR 8,700,000
3,000,000 Lower Neches Valley Authority, Texas, (Neches
River Treatment Project), (Mobil Oil
Corporation),
3.400% due 02/01/2004+ A-1+ NR 3,000,000
McAllen, Texas, Health Facilities:
5,075,000 (Charter Palms Hospital Inc.),
(Mitsubishi Bank Ltd., LOC),
3.700% due 03/01/2007+ NR Aa3 5,075,000
600,000 (McAllen Association No. 1), (Westpac
Banking Corporation, LOC),
3.350% due 12/01/2024+ NR NR 600,000
-----------
17,375,000
-----------
<CAPTION>
Utah -- 2.1%
<S> <C> <C> <C> <C>
2,000,000 Intermountain Power Agency, Utah, Power
Supply Revenue, Pre-refunded, Series F,
7.200% due 07/01/1996 AA Aaa 2,040,000
2,700,000 Salt Lake City, Utah, Industrial Development
Revenue,(Leeds and Northup Company),
(Wachovia Bank, Atlanta, GA, LOC),
3.500% due 04/01/2008+ NR NR 2,700,000
-----------
4,740,000
-----------
<CAPTION>
Virginia -- 0.7%
<S> <C> <C> <C> <C>
800,000 Montgomery County, Virginia, Industrial
Development Authority Revenue, (Lowes
Investment Corporation Project), (Wachovia
Bank, LOC),
3.750% due 12/01/2005++ NR NR 800,000
900,000 Tazwell County, Virginia, Industrial
Development Authority Revenue, (Lowes
Investment Corporation Project), (Wachovia
Bank, LOC),
3.750% due 09/01/2005++ NR NR 900,000
-----------
1,700,000
-----------
<CAPTION>
Washington -- 2.0%
<S> <C> <C> <C> <C>
1,700,000 Port of Seattle, Washington, GO, (Wachovia
Bank, LOC),
3.400% due 01/01/2005+ AA Aa1 1,700,000
2,900,000 Washington State, Public Power Supply
Systems, (Nuclear Project No. 1), Series
1A-1, (Bank of America, LOC),
3.300% due 07/01/2017+ A+ Aa3 2,900,000
-----------
4,600,000
-----------
<CAPTION>
Wisconsin -- 1.3%
<S> <C> <C> <C> <C>
2,200,000 Prairie, Wisconsin, Industrial Development
Authority Revenue, (Milwaukee Valve Company
Project), Series A, (National Bank of
Detroit, LOC),
3.400% due 11/01/2001+ NR NR 2,200,000
800,000 Wisconsin State Health Facilities Authority
Revenue, (Hope Sisters Obligation), Series
G,
(Morgan Guaranty Trust, LOC),
3.400% due 12/01/2001+ AAA Aaa 800,000
-----------
3,000,000
-----------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $198,805,430) 198,805,430
-----------
<CAPTION>
COMMERCIAL PAPER -- 9.6%
<S> <C> <C> <C> <C>
2,900,000 Burlington, Kansas, (Deutsche Bank, LOC),
3.600% due 07/16/1996 A-1+ NR 2,900,000
4,500,000 Lincoln County, Wyoming,
(Union Bank of Switzerland, LOC),
3.500% due 08/01/1996 A-1+ P1 4,500,000
2,000,000 North Carolina Eastern Municipal Power
Agency,
(Morgan/Union Bank of Switzerland, LOC),
3.600% due 07/08/1996 A-1+ NR 2,000,000
10,050,000 West Baton Rouge, Louisiana, (Dow Chemical,
LOC),
3.400% due 08/06/1996 NR P1 10,050,000
2,500,000 West Orange Hospital, (RaboBank, LOC),
3.600% due 07/09/1996 NR VMIG1 2,500,000
-----------
TOTAL COMMERCIAL PAPER (Cost $21,950,000) 21,950,000
-----------
<CAPTION>
Shares
------
SHORT-TERM INVESTMENTS -- 6.2%
<S> <C> <C>
3,178,719 Dreyfus Tax-Exempt Cash Management Fund 3,178,719
11,000,000 Navigator Tax-Free Money Market Fund 11,000,000
-----------
TOTAL SHORT-TERM INVESTMENTS (Cost $14,178,719) 14,178,719
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $234,934,149*) 102.7% 234,934,149
OTHER ASSETS AND LIABILITIES (Net) (2.7) (6,167,123)
------ ------------
NET ASSETS 100.0% $ 228,767,026
====== =============
<FN>
- ------------
* Aggregate cost for Federal tax purposes.
+ Variable rate weekly demand notes are payable upon not more than seven
calendar days' notice. The interest rate shown reflects the rate currently
in effect.
++ Variable rate monthly demand notes are payable upon not more than thirty
calendar days' notice. The interest rate shown reflects the rate currently
in effect.
+++ When-issued security (Note 1).
ABBREVIATIONS:
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand By Purchase Agreement
See Notes to Financial Statements.
</TABLE>
The Munder U.S. Treasury Money Market Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
U.S. TREASURY BILLS -- 58.1%
<S> <C>
$15,000,000 5.110% 07/11/1996+ $14,979,229
25,000,000 5.090% 07/25/1996+ 24,918,417
15,000,000 5.030% 08/01/1996+ 14,935,804
10,000,000 5.070% 08/08/1996+ 9,947,064
25,000,000 5.080% 08/22/1996+ 24,818,722
25,000,000 5.190% 09/19/1996+ 24,720,555
20,000,000 5.230% 10/03/1996+ 19,734,450
30,000,000 5.330% 10/31/1996+ 29,481,331
25,000,000 5.320% 11/14/1996+ 24,517,389
30,000,000 5.436% 12/26/1996+ 29,225,700
-----------
<CAPTION.
TOTAL U.S. TREASURY BILLS (Cost $217,278,661) 217,278,661
-----------
</TABLE>
<TABLE>
<CAPTION>
REPURCHASE AGREEMENTS -- 42.3%
<S> <C> <C>
18,000,000 Agreement with CS First Boston Corporation, 5.300% dated
06/28/1996 to be repurchased at $18,007,950 on
07/01/1996, collateralized by $18,240,000 U.S. Treasury
Notes, 6.125% due 05/31/1997 (value $18,367,680) 18,000,000
18,000,000 Agreement with Goldman Sachs & Company, 5.375% dated
06/28/1996 to be repurchased at $18,008,063 on
07/01/1996, collateralized by $11,995,000 U.S. Treasury
Notes, 14.000% due 11/15/2011 (value $18,376,340) 18,000,000
13,927,000 Agreement with Merrill Lynch & Company, Inc. 5.200% dated
06/28/1996 to be repurchased at $13,933,035 on
07/01/1996, collateralized by $14,190,000 U.S. Treasury
Notes, 6.125% due 09/30/2000 (value $14,243,213) 13,927,000
18,000,000 Agreement with Morgan (J.P.) & Company, 5.300% dated
06/28/1996 to be repurchased at $18,007,950 on
07/01/1996, collateralized by $14,043,000 U.S. Treasury
Notes, 11.875% due 11/15/2003 (value $18,361,223) 18,000,000
90,000,000 Agreement with Sanwa BGK Securities Company, L.P., 5.400%
dated 06/28/1996 to be repurchased at $90,040,500 on
07/01/1996, collateralized by $50,000,000 U.S. Treasury
Notes, 5.500% due 09/30/1997 (value $50,421,660) and
$25,000,000 U.S. Treasury Notes, 6.500% due 08/15/1997
(value $25,767,000) and $14,790,000 U.S. Treasury
Notes, 7.500% due 11/15/2016 (value $15,612,028) 90,000,000
-----------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS (Cost $157,927,000) 157,927,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $375,205,661*) 100.4% 375,205,661
OTHER ASSETS AND LIABILITIES (Net) (0.4) (1,579,489)
------ ------------
NET ASSETS 100.0% $373,626,172
====== ============
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
See Notes to Financial Statements.
</TABLE>
The Munder Cash Investment Fund
Portfolio of Investments, June 30, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
--------- ------ ------- -----
CERTIFICATES OF DEPOSIT -- 16.3%
<S> <C> <C> <C> <C>
$40,000,000 Bank of Nova Scotia,
5.300% due 07/16/1996 A1+/AA- P1/Aa3 $ 40,000,000
20,000,000 Bank Tokyo Misubishi,
5.590% due 09/30/1996 A1/A+ P1/Aa2 20,000,000
Canadian Imperial Bank of Commerce, NY:
25,000,000 5.340% due 08/05/1996 A1+/AA- P1/Aa3 25,000,000
25,000,000 5.330% due 08/27/1996 A1+/AA- P1/Aa3 25,000,000
50,000,000 Societe Generale,
5.360% due 07/08/1996 A1+/AA- P1/Aa2 50,000,000
-----------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $160,000,000) 160,000,000
-----------
<CAPTION>
COMMERCIAL PAPER -- 63.8%
<S> <C> <C> <C> <C>
ABN AMRO Bank, N.V.:
34,000,000 5.100% due 07/24/1996+ A1+/AA- P1/Aa1 33,889,217
10,000,000 5.340% due 11/07/1996+ A1+/AA- P1/Aa1 9,808,650
25,000,000 Akzo Nobel, N.V.,
5.300% due 09/13/1996+ A1/NR P1/NR 24,727,639
30,000,000 American Home Products Corporation,
5.340% due 08/05/1996+,+++ A2/A- P1/A2 29,844,250
25,000,000 AVCO Financial Services Inc.,
5.270% due 08/15/1996+ A1/A P1/A2 24,835,312
20,000,000 B.A.T. Capital Corporation,
5.280% due 08/01/1996+ A1/A+ P1/A2 19,909,067
25,000,000 Beta Finance Corporation,
5.400% due 09/09/1996+ A1+/AAA P1/NR 24,737,500
45,000,000 General Electric Capital Corporation,
5.100% due 07/15/1996+ A1+/AAA P1/Aaa 44,910,750
10,000,000 General Motors Acceptance Corporation,
5.640% due 07/01/1996+,+++ A2/A- P1/A3 10,000,000
50,000,000 Golden Managers Acceptance Corporation,
5.320% due 07/10/1996+,+++ A/1+/NR NR 49,933,500
50,000,000 Matterhorn Capital Corporation,
5.320% due 08/19/1996+ A1+/NR P1/NR 49,637,944
42,000,000 National Rural Utilities Cooperative Finance
Corporation,
5.280% due 07/22/1996+ A1+/AA P1/A1 41,870,640
40,000,000 New Center Asset Trust,
5.520% due 12/23/1996+ A1+1/NR P1/NR 38,926,667
30,000,000 Pearson Inc.,
5.370% due 07/18/1996+ A1/NR P1/A1 29,923,925
50,000,000 Philip Morris Companies, Inc.,
5.290% due 08/13/1996+ A1/A P1/A2 49,684,069
30,000,000 Receivables Capital Corporation,
5.320% due 07/15/1996+ A1/NR P1/NR 29,937,933
Sanwa Business Credit Company:
25,000,000 5.360% due 07/16/1996+,+++ A2/A- P1/Aa3 24,944,166
25,000,000 5.380% due 08/08/1996+,+++ A2/A- P1/Aa3 24,858,028
40,000,000 Stellar Capital Corporation,
5.380% due 07/19/1996+ A1/NR P1/NR 39,892,400
25,000,000 Strategic Asset Funding Corporation,
5.380% due 09/03/1996+ A1/NR P1/NR 24,760,890
-----------
<CAPTION>
TOTAL COMMERCIAL PAPER
(Cost $627,032,547) 627,032,547
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.6%
Federal Home Loan Bank (FHLB):
<S> <C> <C> <C> <C>
20,000,000 4.905% due 02/04/1997++ NR NR 20,000,000
25,000,000 5.590% due 03/28/1997 NR NR 25,000,000
-----------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $45,000,000) 45,000,000
-----------
<CAPTION>
REPURCHASE AGREEMENTS -- 15.5%
<S> <C> <C>
50,000,000 Agreement with Goldman Sachs Group, L.P., 5.300% dated
06/28/1996 to be repurchased at $50,022,083 on
07/01/1996, collateralized by $33,845,000 U.S. Treasury
Bonds, 12.500% due 08/15/2014 (value $51,038,260) 50,000,000
2,203,000 Agreement with Merrill Lynch & Company, Inc., 5.200%
dated 06/28/1996 to be repurchased at $2,203,955 on
07/01/1996, collateralized by $2,245,000 U.S. Treasury
Notes, 6.125% due 09/30/2000 (value $2,253,419) 2,203,000
50,000,000 Agreement with Morgan (J.P.) & Company,
5.300% dated 06/28/1996 to be repurchased
at $50,022,083 on 07/01/1996,
collateralized by $39,231,000 U.S. Treasury
Bonds, 9.875% due 11/15/2015 (value
$51,000,300) 50,000,000
50,000,000 Agreement with Sanwa BGK Securities Company L.P., 5.400%
dated 06/28/1996 to be repurchased at $50,022,500 on
07/01/1996, collateralized by $25,000,000 U.S. Treasury
Notes, 6.125% due 05/15/1998 (value $25,196,750) and
$20,943,000 U.S. Treasury Notes, 6.500% due 04/30/1997
(value $21,296,099) and $4,543,000 U.S. Treasury Bills
due 08/22/1996 (value $4,508,837) 50,000,000
------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
(Cost $152,203,000) 152,203,000
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $984,235,547*) 100.2% 984,235,547
OTHER ASSETS AND LIABILITIES (Net) (0.2) (2,264,709)
----- -----------
NET ASSETS 100.0% $981,970,838
===== =============
<FN>
- ---------------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ American Home Products Corporation, rated D-1+ by Duff and Phelps; General
Motors Acceptance Corporation, rated F1 by Fitch; Golden Manager
Acceptance Corporation, rated D-1+ by Duff and Phelps, and Sanwa Business
Credit, rated D-1 by Duff and Phelps; are defined as being "Eligible
Securities" under Rule 2a-7.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------
Munder
Munder Real Estate Munder Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ...................................... $ 336,239,311 $ 19,790,082 $ 291,153,176 $ 216,999,483
Repurchase Agreements ........................... 16,889,000 975,000 13,767,396 10,523,575
------------- ------------- -------------- -------------
Total Investments ................................... 353,128,311 20,765,082 304,920,572 227,523,058
Cash ................................................ 329 148,777 -- --
Interest receivable ................................. 7,459 503 54,252 40,306
Dividends receivable ................................ 233,661 153,660 135,760 11,554
Receivable for investment securities sold ........... -- -- 623,565 235,496
Receivable for Fund shares sold ..................... 448,261 2,689 417,866 382,076
Variation margin .................................... -- -- -- --
Unamortized organization costs ...................... 108,509 48,018 1,003 331
Prepaid expenses .................................... 10,960 630 15,045 14,395
------------- ------------- -------------- -------------
Total Assets .................................. 353,937,490 21,119,359 306,168,063 228,207,216
------------- ------------- -------------- -------------
LIABILITIES:
Payable for Fund shares redeemed .................... 294,182 2,076 267,924 179,906
Payable for investment securities purchased ......... 539,919 -- 434,000 2,754,733
Investment advisory fee payable ..................... 215,387 2,497 189,629 138,278
Administration fee payable .......................... 32,564 1,917 28,670 20,906
Shareholder servicing fees payable .................. 28,960 -- 22,983 23,203
Distribution fees payable ........................... 60,849 1,451 1,589 1,802
Transfer agent fee payable .......................... 5,010 548 8,239 5,733
Custodian fees payable .............................. 1,885 280 3,259 3,868
Legal and audit fees payable ........................ 7,305 2,476 12,163 8,772
Accrued shareholder reports expense ................. 6,030 3,445 8,171 5,945
Due to custodian .................................... -- -- -- 144
Accrued Trustees'/Directors' fees and expenses ...... 1,961 115 1,726 1,259
Accrued expenses and other payables ................. 2,027 513 25,462 2,356
------------- ------------- -------------- -------------
Total Liabilities ............................. 1,196,079 15,318 1,003,815 3,146,905
------------- ------------- -------------- -------------
NET ASSETS .......................................... $ 352,741,411 $ 21,104,041 $ 305,164,248 $ 225,060,311
============= ============= ============== =============
Investments at cost ................................. $ 271,282,126 $ 18,682,670 $ 236,145,258 $ 168,955,748
============= ============= ============== =============
<FN>
See Notes to Financial Statement.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ....................... $20,843,550 $211,644,649 $210,379,796 $201,073,363 $ 35,207,988 $ 57,288,060
Repurchase Agreements ............ 1,275,000 -- 13,188,695 12,722,030 2,895,000 2,018,488
------------ ------------ ------------ ------------ ------------ ------------
Total Investments .................... 22,118,550 211,644,649 223,568,491 213,795,393 38,102,988 59,306,548
Cash ................................. -- -- -- -- 67 --
Interest receivable .................. 563 16,134 55,673 165,209 1,279 363,522
Dividends receivable ................. 2,738 906,339 324,794 319,615 41,947 22,952
Receivable for investment securities
sold ............................... -- 1,046,053 -- -- -- 647,912
Receivable for Fund shares sold ...... 51,096 396,142 4,785,303 421,619 18,404 208,207
Variation margin ..................... -- -- 90,000 -- -- --
Unamortized organization costs ....... 52,221 273 523 4,861 51,164 6,943
Prepaid expenses ..................... 708 16,202 20,851 15,280 1,104 28,691
------------ ------------ ------------ ------------ ------------ ------------
Total Assets ................... 22,225,876 214,025,792 228,845,635 214,721,977 38,216,953 60,584,775
------------ ------------ ------------ ------------ ------------ ------------
LIABILITIES:
Payable for Fund shares redeemed ..... -- 32,140 406,741 133,140 -- 96,190
Payable for investment securities
purchased .......................... 27,500 -- -- -- 859,738 633,945
Investment advisory fee payable ...... 9,421 128,663 -- 130,123 18,695 31,237
Administration fee payable ........... 2,059 19,452 20,301 19,673 3,372 5,449
Shareholder servicing fees payable ... 74 23,438 3,297 39,231 204 352
Distribution fees payable ............ 121 2,979 6,500 408 442 136
Transfer agent fee payable ........... 601 5,530 5,563 5,599 956 1,596
Custodian fees payable ............... 760 8,500 7,080 2,103 1,169 1,305
Legal and audit fees payable ......... 2,500 8,111 8,386 8,193 2,721 3,069
Accrued shareholder reports expense .. 4,792 5,566 6,566 5,372 5,173 1,557
Due to custodian ..................... 179 973,689 -- -- -- --
Accrued Trustees'/Directors' fees and
expenses ........................... 124 1,171 1,222 1,185 203 328
Accrued expenses and other payables .. 522 19,014 8,498 37,475 556 1,246
------------ ------------ ------------ ------------ ------------ ------------
Total Liabilities .............. 48,653 1,228,253 474,154 382,502 893,229 776,410
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS ........................... $ 22,177,223 $212,797,539 $228,371,481 $214,339,475 $ 37,323,724 $ 59,808,365
============ ============ ============ ============ ============ ============
Investments at cost .................. $ 22,549,465 $190,159,459 $175,155,445 $182,505,654 $ 37,786,611 $ 51,364,484
============ ============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund Fund Fund Bond Fund Fund Bond Fund
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities .................. $ 144,275,023 $ 550,132,062 $ 203,349,940 $ 30,081,667 $ 194,659,661 $ 337,984,371
Repurchase Agreements ....... -- -- -- -- -- --
------------- ------------- -------------- ------------- ------------- -------------
Total Investments ............... 144,275,023 550,132,062 203,349,940 30,081,667 194,659,661 337,984,371
Cash ............................ -- -- -- -- -- --
Interest receivable ............. 2,222,865 9,437,423 2,853,852 347,644 3,598,810 6,073,286
Dividends receivable ............ -- 71,239 31,683 -- 1,523 2,154
Receivable for investment
securities sold ............... 4,066,557 -- -- -- 2,659,433 --
Receivable for Fund shares sold . 137,644 455,930 390,980 100,154 226,127 617,555
Unamortized organization costs .. -- -- 6,981 12,084 16,391 --
Prepaid expenses ................ 14,072 15,322 15,307 2,151 15,117 15,072
------------- ------------- -------------- ------------- ------------- -------------
Total Assets .............. 150,716,161 560,111,976 206,648,743 30,543,700 201,177,062 344,692,438
------------- ------------- -------------- ------------- ------------- -------------
LIABILITIES:
Payable for Fund shares redeemed 38,107 704,943 63,197 149,489 163,415 239,969
Payable for investment securities
purchased ..................... 4,101,797 -- -- -- -- --
Investment advisory fee payable . 59,028 227,050 83,732 -- 81,399 140,658
Administration fee payable ...... 13,386 51,491 18,989 2,797 18,460 31,899
Shareholder servicing fees
payable ......................... 6,535 75,641 32,246 5,984 40,059 68,260
Distribution fees payable ....... 458 1,198 488 293 293 1,087
Transfer agent fee payable ...... 4,052 15,407 5,701 794 5,660 9,706
Custodian fees payable .......... 1,781 5,866 2,076 297 1,919 3,351
Legal and audit fees payable .... 5,699 21,856 8,054 2,624 7,886 13,592
Dividends payable ............... -- -- -- -- -- --
Due to custodian ................ -- -- -- -- 1,081,632 --
Accrued Trustees'/Directors' fees
and expenses .................. 806 3,100 1,143 169 1,111 1,921
Accrued expenses and other
payables ...................... 12,812 65,057 33,829 4,141 55,055 68,424
------------- ------------- -------------- ------------- ------------- -------------
Total Liabilities ......... 4,244,461 1,171,609 249,455 166,588 1,456,889 578,867
------------- ------------- -------------- ------------- ------------- -------------
NET ASSETS ...................... $ 146,471,700 $ 558,940,367 $ 206,399,288 $ 30,377,112 $ 199,720,173 $ 344,113,571
============= ============= ============== ============= ============= =============
Investments at cost ............. $ 146,604,487 $ 555,929,851 $ 204,461,130 $ 30,415,792 $ 188,330,038 $ 332,572,978
============= ============= ============== ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
[CAPTION]
<TABLE>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
------------- ------------- ------------- -------------
ASSETS:
<S> <C> <C> <C> <C>
Investments, at value
See accompanying schedules:
Securities ...................... $ 185,032,660 $ 234,934,149 $ 217,278,661 $ 832,032,547
Repurchase Agreements ........... 38,360,000 -- 157,927,000 152,203,000
------------- ------------- ------------- -------------
Total Investments ................... 223,392,660 234,934,149 375,205,661 984,235,547
Cash ................................ 402 -- 895 99,524
Interest receivable ................. 298,081 1,657,634 70,497 1,605,158
Dividends receivable ................ -- -- -- --
Receivable for investment securities
sold .............................. -- -- -- --
Receivable for Fund shares sold ..... -- -- -- 50,104
Unamortized organization costs ...... 78,000 -- -- --
Prepaid expenses .................... 23,188 6,663 7,308 30,346
------------- ------------- ------------- -------------
Total Assets .................. 223,792,331 236,598,446 375,284,361 986,020,679
------------- ------------- ------------- -------------
LIABILITIES:
Payable for Fund shares redeemed .... -- 5,000 -- --
Payable for investment securities
purchased ......................... -- 7,049,640 -- --
Investment advisory fee payable ..... 70,456 73,003 108,905 292,447
Administration fee payable .......... 19,973 23,651 35,282 94,745
Shareholder servicing fees payable .. -- 2,222 9,825 94,030
Distribution fees payable ........... 108 24,797 404 --
Transfer agent fee payable .......... 2,547 7,525 10,143 19,419
Custodian fees payable .............. 976 2,769 4,086 7,795
Legal and audit fees payable ........ 3,558 10,445 14,531 27,286
Dividends payable ................... 147,645 538,184 1,440,000 3,490,063
Due to custodian .................... -- 66,361 -- --
Accrued Trustees'/Directors' fees and
expenses .......................... 1,203 1,424 2,124 5,705
Accrued expenses and other payables . 2,323 26,399 32,889 18,351
------------- ------------- ------------- -------------
Total Liabilities ............. 248,789 7,831,420 1,658,189 4,049,841
------------- ------------- ------------- -------------
NET ASSETS .......................... $ 223,543,542 $ 228,767,026 $ 373,626,172 $ 981,970,838
============= ============= ============= =============
Investments at cost ................. $ 223,392,660 $ 234,934,149 $ 375,205,661 $ 984,235,547
============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------
Munder
Munder Real Estate Munder Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund Fund Fund Fund
------------- ------------- ------------- -------------
NET ASSETS consist of:
<S> <C> <C> <C> <C>
Undistributed net investment income ................. $ 105,597 $ 17,227 $ -- $ --
Accumulated net realized gain/(loss) on investments
sold, forward foreign exchange contracts, futures
contracts and currency transactions ............... 14,507,165 (70,437) 22,920,485 27,826,842
Net unrealized appreciation/(depreciation) of
investments, futures contracts, foreign currency
and net other assets .............................. 81,846,185 2,082,412 68,775,314 58,567,310
Par value ........................................... 23,813 1,881 19,786 10,646
Paid-in capital in excess of par value .............. 256,258,651 19,072,958 213,448,663 138,655,513
------------- ------------- ------------- --------------
$ 352,741,411 $ 21,104,041 $ 305,164,248 $ 225,060,311
============= ============= ============= ==============
NET ASSETS:
Class A Shares ...................................... $ 9,544,209 $ 267,416 $ 6,098,152 $ 4,832,302
============= ============= ============= =============
Class B Shares ...................................... $ 66,629,532 $ 1,707,335 $ 285,912 $ 990,472
============= ============= ============= =============
Class C Shares ...................................... $ 5,605,405 $ 4,366 $ 117,804 $ 76,197
============= ============= ============= =============
Class K Shares ...................................... $ 140,833,039 -- $ 110,272,696 $ 111,668,905
============= ============= ============= =============
Class Y Shares ...................................... $ 130,129,226 $ 19,124,924 $ 188,389,684 $ 107,492,435
============= ============= ============= =============
SHARES OUTSTANDING:
Class A Shares ...................................... 643,684 23,841 397,121 229,265
============= ============= ============= =============
Class B Shares ...................................... 4,577,106 152,162 18,955 47,753
============= ============= ============= =============
Class C Shares ...................................... 384,672 388 7,725 3,641
============= ============= ============= =============
Class K Shares ...................................... 9,498,884 -- 7,180,556 5,297,946
============= ============= ============= =============
Class Y Shares ...................................... 8,708,894 1,704,621 12,181,485 5,067,714
============= ============= ============= =============
CLASS A SHARES:
Net asset value and redemption price per share ...... $ 14.83 $ 11.22 $ 15.36 $ 21.08
============= ============= ============= =============
Maximum sales charge ................................ 5.50% 5.50% 5.50% 5.50%
Maximum offering price per share .................... $ 15.69 $ 11.87 $ 16.25 $ 22.31
============= ============= ============= =============
CLASS B SHARES:
Net asset value and offering price per share* ....... $ 14.56 $ 11.22 $ 15.08 $ 20.74
============= ============= ============= =============
CLASS C SHARES:
Net asset value and offering price per share* ....... $ 14.57 $ 11.25 $ 15.25 $ 20.93
============= ============= ============= =============
CLASS K SHARES:
Net asset value, offering price and redemption price
per share ........................................... $ 14.83 N/A $ 15.36 $ 21.08
============= ============= ============= =============
CLASS Y SHARES:
Net asset value, offering price and redemption price
per share ........................................... $ 14.94 $ 11.22 $ 15.47 $ 21.21
============= ============= ============= =============
<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>
EQUITY FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS consist of:
<S> <C> <C> <C> <C> <C> <C>
Undistributed net investment income .. $ -- $ 1,746,683 $ 10,913 $ 89,116 $ 65,950 $ 11,028
Accumulated net realized gain/(loss)
on investments sold, forward foreign
exchange contracts, futures
contracts and currency transactions 2,646,397 20,607,997 2,788,761 7,409,750 3,729,086 2,304,090
Net unrealized
appreciation/(depreciation) of
investments, futures contracts,
foreign currency and net other
assets ............................. (430,915) 21,486,152 48,544,966 31,289,739 316,535 7,942,064
Par value ............................ 1,916 14,087 14,122 16,422 3,221 4,842
Paid-in capital in excess of par value 19,959,825 168,942,620 177,012,719 175,534,448 33,208,932 49,546,341
------------ ------------ ------------ ------------ ------------ ------------
$ 22,177,223 $212,797,539 $228,371,481 $214,339,475 $ 37,323,724 $ 59,808,365
NET ASSETS: ============ ============ ============ ============ ============ ============
Class A Shares ....................... $ 201,600 $ 4,767,306 $ 21,799,851 $ 1,024,927 $ 423,633 $ 375,013
============ ============ ============ ============ ============ ============
Class B Shares ....................... $ 52,651 $ 957,491 $ 14,810,918 $ 228,170 $ 102,710 $ 74,945
============ ============ ============ ============ ============ ============
Class C Shares ....................... $ 53,260 $ 1,584,206 -- $ 30,513 $ 347,878 $ 2,581
============ ============ ============ ============ ============ ============
Class K Shares ....................... $ 420,711 $116,053,356 $ 17,067,945 $192,592,171 $ 1,017,589 $ 1,718,349
============ ============ ============ ============ ============ ============
Class Y Shares ....................... $ 21,449,001 $ 89,435,180 $174,692,767 $ 20,463,694 $ 35,431,914 $ 57,637,477
============ ============ ============ ============ ============ ============
SHARES OUTSTANDING:
Class A Shares ....................... 17,443 315,993 1,348,645 78,578 36,601 30,360
============ ============ ============ ============ ============ ============
Class B Shares ....................... 4,568 64,220 916,456 17,525 8,896 6,079
============ ============ ============ ============ ============ ============
Class C Shares ....................... 4,629 105,467 -- 2,345 30,146 209
============ ============ ============ ============ ============ ============
Class K Shares ....................... 36,378 7,695,697 1,056,348 14,756,165 87,939 138,930
============ ============ ============ ============ ============ ============
Class Y Shares ....................... 1,853,008 5,905,153 10,800,838 1,567,766 3,057,467 4,666,456
============ ============ ============ ============ ============ ============
CLASS A SHARES:
Net asset value and redemption price
per share .......................... $ 11.56 $ 15.09 $ 16.16 $ 13.04 $ 11.57 $ 12.35
============ ============ ============ ============ ============ ============
Maximum sales charge ................. 5.50% 5.50% 2.50% 5.50% 5.50% 5.50%
Maximum offering price per share ..... $ 12.23 $ 15.97 $ 16.57 $ 13.80 $ 12.24 $ 13.07
============ ============ ============ ============ ============ ============
CLASS B SHARES:
Net asset value and offering price per
share* ............................. $ 11.53 $ 14.91 $ 16.16 $ 13.02 $ 11.55 $ 12.33
============ ============ ============ ============ ============ ============
CLASS C SHARES:
Net asset value and offering price per
share* ............................. $ 11.51 $ 15.02 N/A $ 13.01 $ 11.54 $ 12.35
============ ============ ============ ============ ============ ============
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ......... $ 11.56 $ 15.08 $ 16.16 $ 13.05 $ 11.57 $ 12.37
============ ============ ============ ============ ============ ============
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ......... $ 11.58 $ 15.15 $ 16.17 $ 13.05 $ 11.59 $ 12.35
============ ============ ============ ============ ============ ============
<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>
The Munder Funds
Statements of Assets and Liabilities, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund Fund Fund Bond Fund Fund Bond Fund
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS consist of:
<S> <C> <C> <C> <C> <C> <C>
Undistributed net investment
income ........................ $ 87,268 $22,268 $ -- $ 293 $ 30,941 $ 6,994
Accumulated net realized
gain/(loss) on investments sold (5,153,607) (20,791,909) (734,615) (45,660) 1,318,477 755,488
Net unrealized
appreciation/(depreciation) of
investments ................... (2,329,464) (5,797,789) (1,111,190) (334,125) 6,329,623 5,411,393
Par value ....................... 15,370 60,057 20,674 3,251 19,304 33,278
Paid-in capital in excess of par
value ......................... 153,852,133 585,447,740 208,224,419 30,753,353 192,021,828 337,906,418
------------ ------------ ------------- ------------ ------------ ------------
$146,471,700 $558,940,367 $ 206,399,288 $ 30,377,112 $199,720,173 $344,113,571
============ ============ ============= ============ ============ ============
NET ASSETS:
Class A Shares .................. $ 895,237 $ 5,356,280 $ 258,516 $ 446,315 $ 1,140,914 $ 5,011,506
============ ============ ============= ============ ============ ============
Class B Shares .................. $ 294,340 $ 102,827 $ 497,806 $ 250,736 $ 4,972 $ 49,914
============ ============ ============= ============ ============ ============
Class C Shares .................. $ 51,244 $ 51,600 -- -- -- --
============ ============ ============= ============ ============ ============
Class K Shares .................. $ 32,211,082 $370,493,108 $ 158,948,387 $29,476,244 196,645,015 $333,767,562
============ ============ ============= ============ ============ ============
Class Y Shares .................. $113,019,797 $182,936,552 $ 46,694,579 $ 203,817 $ 1,929,272 $ 5,284,589
============ ============ ============= ============ ============ ============
SHARES OUTSTANDING:
Class A Shares .................. 93,930 575,353 25,900 47,754 110,414 484,683
============ ============ ============= ============ ============ ============
Class B Shares .................. 30,884 11,055 49,866 26,821 481 4,827
============ ============ ============= ============ ============ ============
Class C Shares .................. 5,380 5,541 -- -- -- --
============ ============ ============= ============ ============ ============
Class K Shares .................. 3,379,905 39,808,050 15,919,504 3,154,551 19,006,622 32,277,834
============ ============ ============= ============ ============ ============
Class Y Shares .................. 11,859,819 19,656,935 4,678,343 21,791 186,616 510,959
============ ============ ============= ============ ============ ============
CLASS A SHARES:
Net asset value and redemption
price per share ............... $ 9.53 $ 9.31 $ 9.98 $ 9.35 $ 10.33 $ 10.34
============ ============ ============= ============ ============ ============
Maximum sales charge ............ 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share $ 9.93 $ 9.70 $ 10.40 $ 9.74 $ 10.76 $ 10.77
============ ============ ============= ============ ============ ============
CLASS B SHARES:
Net asset value and offering
price per share* .............. $ 9.53 $ 9.30 $ 9.98 $ 9.35 $ 10.34 $ 10.34
============ ============ ============ ============ ============ ============
CLASS C SHARES:
Net asset value and offering
price per share* .............. $ 9.52 $ 9.31 N/A N/A N/A N/A
============ ============ ============ ============ ============ ============
CLASS K SHARES:
Net asset value, offering price
and redemption price per share $ 9.53 $ 9.31 $ 9.98 $ 9.34 $ 10.35 $ 10.34
============ ============ ============ ============ ============ ============
CLASS Y SHARES:
Net asset value, offering price
and redemption price per share $ 9.53 $ 9.31 $ 9.98 $ 9.35 $ 10.34 $ 10.34
============ ============ ============ ============ ============ ============
<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>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
------------- ------------- ------------- -------------
NET ASSETS consist of:
<S> <C> <C> <C> <C>
Undistributed net investment income . $ -- $ -- $ -- $ --
Accumulated net realized gain/(loss)
on investments sold ............... 313 (173,138) 21,905 (5,211)
Net unrealized
appreciation/(depreciation) of
investments ....................... -- -- -- --
Par value ........................... 223,543 228,897 373,604 981,975
Paid-in capital in excess of par
value ............................. 223,319,686 228,711,267 373,230,663 980,994,074
------------- ------------- ------------- -------------
$ 223,543,542 $ 228,767,026 $ 373,626,172 $ 981,970,838
NET ASSETS: ============= ============= ============= =============
Class A Shares ...................... $ 23,022 $ 10,582,026 $ 1,619,841 $ 116,621,951
============= ============= ============= =============
Class B Shares ...................... $ 124,368 -- -- --
============= ============= ============= =============
Class C Shares ...................... -- -- -- --
============= ============= ============= =============
Class K Shares ...................... -- $ 192,590,993 $ 62,133,408 $ 547,523,460
============= ============= ============= =============
Class Y Shares ...................... $ 223,396,152 $ 25,594,007 $ 309,872,923 $ 317,825,427
============= ============= ============= =============
SHARES OUTSTANDING:
Class A Shares ...................... 23,022 10,588,021 1,619,747 116,622,421
============= ============= ============= =============
Class B Shares ...................... 124,367 -- -- --
============= ============= ============= =============
Class C Shares ...................... -- -- -- --
============= ============= ============= =============
Class K Shares ...................... -- 192,700,276 62,129,764 547,525,663
============= ============= ============= =============
Class Y Shares ...................... 223,395,840 25,608,530 309,854,756 317,826,705
============= ============= ============= =============
CLASS A SHARES:
Net asset value and redemption price
per share ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ============= =============
Maximum sales charge ................ -- -- -- --
Maximum offering price per share .... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ============= =============
CLASS B SHARES:
Net asset value and offering price
per share* ........................ $ 1.00 N/A N/A N/A
============= ============= ============= =============
CLASS C SHARES:
Net asset value and offering price
per share* ........................ N/A N/A N/A N/A
============= ============= ============= =============
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ........ N/A $ 1.00 $ 1.00 $ 1.00
CLASS Y SHARES: ============= ============= ============= =============
Net asset value, offering price and
redemption price per share ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ============= =============
<FN>
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------
Munder
Munder Real Estate Munder Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund Fund Fund Fund
------------- ------------- ------------- -------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest ............................................ $ 1,201,242 $ 76,465 $ 873,235 $ 489,500
Dividends (Net of foreign withholding taxes of
$205,316, $17,750 and $1,264 for the Munder
International Equity Fund, the Munder Index 500
Fund and the Munder Value Fund, respectively) ..... 3,949,421 847,045 1,333,523 440,535
------------- ------------- -------------- -------------
Total investment income ....................... 5,150,663 923,510 2,206,758 930,035
------------- ------------- -------------- -------------
EXPENSES:
Distribution and shareholder servicing fees :
Class A Shares .................................... 26,632 592 13,639 9,478
Class B Shares .................................... 605,598 15,971 1,691 2,997
Class C Shares .................................... 42,837 18 351 228
Shareholder servicing fees:
Class K Shares .................................... 304,354 -- 237,467 204,587
Investment advisory fee ............................. 3,033,959 124,342 2,338,102 1,399,209
Administration fee .................................. 345,388 19,120 322,121 194,176
Transfer agent fee .................................. 107,291 4,960 67,444 42,723
Custodian fees ...................................... 26,910 -- 40,638 30,968
Legal and audit fees ................................ 39,650 -- 35,331 22,196
Trustees'/Directors' fees and expenses .............. 10,214 494 9,429 5,713
Amortization of organization costs .................. 59,190 15,000 2,369 804
Registration and filing fees ........................ 82,506 45,398 20,464 30,625
Other ............................................... 103,642 3,150 56,385 29,048
------------- ------------- -------------- -------------
Total Expenses ................................ 4,788,171 229,045 3,145,431 1,972,752
Fees waived and/or expenses reimbursed by investment
advisor ........................................... (758,490) (44,683) (216,566) (119,541)
------------- ------------- -------------- -------------
Net Expenses .................................. 4,029,681 184,362 2,928,865 1,853,211
------------- ------------- -------------- -------------
NET INVESTMENT INCOME/(LOSS) ........................ 1,120,982 739,148 (722,107) (923,176)
------------- ------------- -------------- -------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ........................... 25,850,576 (76,088) 46,691,730 38,063,750
Forward foreign exchange contracts .............. -- -- -- --
Futures contracts ............................... -- -- -- --
Foreign currency transactions ................... -- -- -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities ...................................... 45,244,470 1,921,177 11,360,252 31,842,217
Forward foreign exchange contracts .............. -- -- -- --
Futures contracts ............................... -- -- -- --
Foreign currency and net other assets ........... -- -- -- --
------------- ------------- -------------- -------------
Net realized and unrealized gain on investments ... 71,095,046 1,845,089 58,051,982 69,905,967
------------- ------------- -------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 72,216,028 $ 2,584,237 $ 57,329,875 $ 68,982,791
============= ============= ============== =============
<FN>
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund(a) Fund Fund Fund Fund(a) Fund
------------ ------------ ------------ ------------ ------------ ------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C> <C>
Interest ............................ $ 71,739 $ 297,083 $ 557,808 $ 1,300,145 $ 107,403 $ 1,541,481
Dividends (Net of foreign withholding
taxes of $205,316, $17,750 and $1,264
for the Munder International Equity
Fund, the Munder Index 500 Fund and
the Munder Value Fund,
respectively) ..................... 34,690 3,826,498 3,799,360 5,408,801 373,942 337,583
------------ ------------ ------------ ------------ ------------ ------------
Total investment income ....... 106,429 4,123,581 4,357,168 6,708,946 481,345 1,879,064
EXPENSES: ------------ ------------ ------------ ------------ ------------ ------------
Distribution and shareholder
servicing fees : 225 6,414 6,668 1,587 585 811
Class A Shares .................... 118 4,175 20,251 1,531 565 534
Class B Shares .................... 172 4,781 -- 118 1,141 5
Class C Shares ....................
Shareholder servicing fees: 402 236,151 19,879 408,700 689 2,712
Class K Shares .................... 117,160 1,452,686 331,100 1,456,912 193,223 412,406
Investment advisory fee ............. 18,006 201,299 188,416 202,655 29,705 62,095
Administration fee .................. 3,696 39,597 46,576 43,199 6,140 15,522
Transfer agent fee .................. 10,291 125,812 39,639 23,002 10,450 17,372
Custodian fees ...................... 4,603 18,579 19,361 19,594 4,966 7,834
Legal and audit fees ................ 549 6,001 5,631 6,072 933 1,864
Trustees'/Directors' fees and
expenses .......................... 11,116 628 1,278 1,823 10,903 3,466
Amortization of organization costs .. 5,935 31,923 30,810 35,040 7,137 27,384
Registration and filing fees ........ 7,731 34,231 57,200 46,972 9,541 3,170
Other ............................... ------------ ------------ ------------ ------------ ------------ ------------
Total Expenses ................ 180,004 2,162,277 766,809 2,247,205 275,978 555,175
Fees waived and/or expenses
reimbursed by investment advisor .. (28,515) (126,452) (297,763) (121,646) (24,689) (57,904)
------------ ------------ ------------ ------------ ------------ ------------
Net Expenses .................. 151,489 2,035,825 469,046 2,125,559 251,289 497,271
------------ ------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME/(LOSS) ........ (45,060) 2,087,756 3,888,122 4,583,387 230,056 1,381,793
------------ ------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ........... 2,680,323 23,164,077 4,021,169 8,003,703 3,729,086 4,247,352
Forward foreign exchange
contracts ..................... -- (301,202) -- -- (1,455) --
Futures contracts ............... -- -- 3,294,315 -- -- --
Foreign currency transactions ... -- 9,128 -- -- (3,921) --
Net change in unrealized
appreciation/(depreciation) of:
Securities ...................... (430,915) (2,976,039) 24,874,922 19,656,692 316,377 2,985,979
Forward foreign exchange
contracts ..................... -- 2,487 -- -- -- --
Futures contracts ............... -- -- 39,320 -- -- --
Foreign currency and net other
assets ........................ -- 33,424 -- -- 158 --
------------ ------------ ------------ ------------ ------------ ------------
Net realized and unrealized gain on
investments ..................... 2,249,408 19,931,875 32,229,726 27,660,395 4,040,245 7,233,331
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................... $ 2,204,348 $ 22,019,631 $ 36,117,848 $ 32,243,782 $ 4,270,301 $ 8,615,124
============ ============ ============ ============ ============ ============
<FN>
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund Fund Fund Bond Fund Fund Bond Fund
------------ ------------ ------------ ------------ ------------ ------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C> <C>
Interest .......................... $ 11,834,265 $ 35,103,455 $ 14,681,616 $ 1,518,228 $ 11,572,985 $ 17,016,317
Dividends ......................... 257,184 1,159,552 363,149 30,243 55,182 111,430
------------ ------------ ------------ ------------ ------------ ------------
Total investment
income .................... 12,091,449 36,263,007 15,044,765 1,548,471 11,628,167 17,127,747
------------ ------------ ------------ ------------ ------------ ------------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ................ 2,357 13,767 1,116 1,108 1,223 11,184
Class B Shares ................ 775 275 4,864 2,565 176 61
Class C Shares ................ 123 98 -- -- -- --
Shareholder servicing fees :
Class K Shares .................. 87,021 856,137 402,647 67,573 532,552 842,947
Investment advisory fee ........... 982,406 2,951,884 1,092,511 161,421 1,253,125 2,033,357
Administration fee ................ 190,967 587,790 216,969 31,899 245,271 400,485
Transfer agent fee ................ 40,939 124,351 45,856 7,105 56,847 87,391
Custodian fees .................... 23,340 65,899 23,852 3,514 25,010 40,840
Legal and audit fees .............. 15,183 59,891 22,858 6,103 25,484 44,981
Trustees'/Directors' fees and
expenses ........................ 5,685 17,493 6,408 946 7,262 11,862
Amortization of organization costs 1,885 -- 2,326 4,597 5,432 --
Registration and filing fees ...... 16,234 57,477 51,210 7,311 21,009 33,161
Other ............................. 46,697 89,721 50,250 12,386 106,959 116,663
------------ ------------ ------------ ------------ ------------ ------------
Total Expenses .............. 1,413,612 4,824,783 1,920,867 306,528 2,280,350 3,622,932
Fees waived and/or expenses
reimbursed by investment advisor (144,241) (370,471) (139,659) (161,421) (176,384) (274,999)
------------ ------------ ------------ ------------ ------------ ------------
Net Expenses ................ 1,269,371 4,454,312 1,781,208 145,107 2,103,966 3,347,933
------------ ------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME ............. 10,822,078 31,808,695 13,263,557 1,403,364 9,524,201 13,779,814
------------ ------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ........... 5,089,499 (5,532,526) 908,562 255,727 2,840,275 2,061,413
Net change in unrealized
appreciation/(depreciation) of:
Securities .................... (7,288,110) (7,370,694) (7,214,132) (226,095) (1,250,772) (2,983,212)
------------- ------------- ------------- ------------ ------------ -----------
Net realized and unrealized
gain/(loss) on investments ...... (2,198,611) (12,903,220) (6,305,570) 29,632 1,589,503 (921,799)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ....... $ 8,623,467 $ 18,905,475 $ 6,957,987 $ 1,432,996 $ 11,113,704 $ 12,858,015
============ ============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
------------- ------------- ------------- -------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest ............................ $ 14,642,792 $ 8,913,704 $ 18,095,830 $ 58,791,150
Dividends ........................... -- 291,563 -- --
------------- ------------- ------------- -------------
Total investment
income ...................... 14,642,792 9,205,267 18,095,830 58,791,150
------------- ------------- ------------- -------------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares .................. 86 22,629 4,119 179,134
Class B Shares .................. 1,995 -- -- --
Class C Shares .................. -- -- -- --
Shareholder servicing fees :
Class K Shares .................... -- 313,195 107,214 933,753
Investment advisory fee ............. 1,025,923 914,845 1,213,912 3,718,604
Administration fee .................. 292,172 285,214 378,955 1,183,419
Transfer agent fee .................. 90,420 60,356 79,615 240,158
Custodian fees ...................... 23,686 32,979 48,908 131,715
Legal and audit fees ................ 47,248 29,371 39,833 97,841
Trustees'/Directors' fees and
expenses .......................... 8,298 8,379 11,429 35,196
Amortization of organization costs .. 36,000 -- -- --
Registration and filing fees ........ 40,276 3,237 31,281 26,920
Other ............................... 27,826 49,245 55,904 114,283
------------- ------------- ------------- -------------
Total Expenses ................ 1,593,930 1,719,450 1,971,170 6,661,023
Fees waived and/or expenses
reimbursed by investment advisor .. -- (38,079) (48,774) (81,284)
------------- ------------- ------------- -------------
Net Expenses .................. 1,593,930 1,681,371 1,922,396 6,579,739
------------- ------------- ------------- -------------
NET INVESTMENT INCOME ............... 13,048,862 7,523,896 16,173,434 52,211,411
------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............. 313 (14,227) 8,412 1,334
Net change in unrealized
appreciation/(depreciation) of:
Securities ...................... -- -- -- --
------------- ------------- ------------- -------------
Net realized and unrealized
gain/(loss) on investments ........ 313 (14,227) 8,412 1,334
------------- ------------- ------------- -------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................... $ 13,049,175 $ 7,509,669 $ 16,181,846 $ 52,212,745
============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------
Munder
Munder Real Estate Munder Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income/(loss) ........................ $ 1,120,982 $ 739,148 $ (722,107) $ (923,176)
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the year ..... 25,850,576 (76,088) 46,691,730 38,063,750
Net change in unrealized appreciation/ (depreciation)
of investments, forward foreign exchange contracts,
futures contracts, foreign currency and net other
assets during the year ............................ 45,244,470 1,921,177 11,360,252 31,842,217
------------- -------------- -------------- ------------
Net increase in net assets resulting from operations 72,216,028 2,584,237 57,329,875 68,982,791
Dividends to shareholders from net investment income:
Class A Shares .................................. (36,473) (9,939) -- --
Class B Shares .................................. -- (54,551) -- --
Class C Shares .................................. -- (52) -- --
Class K Shares .................................. (421,941) -- -- --
Class Y Shares .................................. (556,971) (672,915) -- --
Distributions to shareholders from net realized gains:
Class A Shares .................................. (309,579) -- (796,263) (259,477)
Class B Shares .................................. (1,793,378) -- (23,756) (6,481)
Class C Shares .................................. (122,961) -- (2,880) (1,089)
Class K Shares .................................. (3,520,868) -- (13,343,959) (5,357,828)
Class Y Shares .................................. (3,008,122) -- (25,626,027) (5,515,603)
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares .................................. (2,077,788) 18,057 1,113,624 697,350
Class B Shares .................................. (93,613) 39,484 209,740 817,150
Class C Shares .................................. 1,523,560 4,276 115,764 67,972
Class K Shares .................................. 10,921,259 -- 18,983,889 32,039,504
Class Y Shares .................................. 20,686,357 12,487,433 (16,949,688) (1,365,551)
------------- -------------- -------------- ------------
Net increase in net assets .......................... 93,405,510 14,396,030 21,010,319 90,098,738
NET ASSETS:
Beginning of year ................................... 259,335,901 6,708,011 284,153,929 134,961,573
------------- ------------- -------------- ------------
End of year ......................................... $ 352,741,411 $ 21,104,041 $ 305,164,248 $225,060,311
============= ============= ============== ============
Undistributed net investment income ................. $ 105,597 $ 17,227 -- --
============= ============= ============== =============
<FN>
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund(a) Fund Fund Fund Fund(a) Fund
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) ........ $ (45,060) $ 2,087,756 $ 3,888,122 $ 4,583,387 $ 230,056 $ 1,381,793
Net realized gain/(loss) on
investments sold, forward foreign
exchange contracts, futures
contracts and foreign currency
transactions during the year ...... 2,680,323 22,872,003 7,315,484 8,003,703 3,723,710 4,247,352
Net change in unrealized
appreciation/ (depreciation) of
investments, forward foreign
exchange contracts, futures
contracts, foreign currency and net
other assets during the year ...... (430,915) (2,940,128) 24,914,242 19,656,692 316,535 2,985,979
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets resulting
from operations ................... 2,204,348 22,019,631 36,117,848 32,243,782 4,270,301 8,615,124
Dividends to shareholders from net
investment income:
Class A Shares .................. -- (14,197) (186,136) (17,557) (1,476) (6,769)
Class B Shares .................. -- (2,604) (116,232) (3,116) (115) (818)
Class C Shares .................. -- (1,373) -- (307) (635) (9)
Class K Shares .................. -- (756,166) (3,459,701) (4,155,513) (1,398) (24,416)
Class Y Shares .................. -- (693,758) (188,197) (386,649) (166,818) (1,271,592)
Distributions to shareholders from net
realized gains:
Class A Shares .................. -- -- (188,002) (6,398) -- --
Class B Shares .................. -- -- (113,627) (1,242) -- --
Class C Shares .................. -- -- -- (73) -- --
Class K Shares .................. -- -- (6,596,398) (1,184,869) -- --
Class Y Shares .................. -- -- (245,657) (95,719) -- --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................. 178,519 3,038,335 20,401,871 711,591 385,702 16,571
Class B Shares .................. 53,088 789,135 14,297,759 150,951 95,558 53,676
Class C Shares .................. 51,283 1,541,303 -- 30,096 341,761 2,488
Class K Shares .................. 401,098 32,126,143 13,217,252 35,683,395 996,793 1,416,161
Class Y Shares .................. 19,288,887 5,054,716 27,067,032 10,645,427 31,404,051 1,666,588
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets .......... 22,177,223 63,101,165 100,007,812 73,613,799 37,323,724 10,467,004
NET ASSETS:
Beginning of year ................... -- 149,696,374 128,363,669 140,725,676 -- 49,341,361
------------ ------------ ------------ ------------ ------------ ------------
End of year ......................... $ 22,177,223 $212,797,539 $228,371,481 $214,339,475 $ 37,323,724 $ 59,808,365
============ ============ ============ ============ ============ ============
Undistributed net investment income . -- $ 1,746,683 $ 10,913 $ 89,116 $ 65,950 $ 11,028
============ ============ ============ ============ ============ ============
<FN>
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund Fund Fund Bond Fund Fund Bond Fund
<S> <C> <C> <C> <C> <C> <C>
------------- ------------- ------------- ------------- ------------- -------------
Net investment income ......... $ 10,822,078 $ 31,808,695 $ 13,263,557 $ 1,403,364 $ 9,524,201 $ 13,779,814
Net realized gain/(loss) on
investments sold during the
year ........................ 5,089,499 (5,532,526) 908,562 255,727 2,840,275 2,061,413
Net change in unrealized
appreciation/(depreciation)
of investments during the
year ........................ (7,288,110) (7,370,694) (7,214,132) (226,095) (1,250,772) (2,983,212)
------------- ------------- ------------- ------------- ------------- -------------
Net increase in net assets
resulting from operations ... 8,623,467 18,905,475 6,957,987 1,432,996 11,113,704 12,858,015
Dividends to shareholders from
net investment income: ......
Class A Shares ............ (55,109) (333,474) (30,082) (22,125) (21,596) (173,307)
Class B Shares ............ (4,655) (1,689) (30,286) (10,899) (827) (1,236)
Class C Shares ............ (696) (697) -- -- -- --
Class K Shares ............ (2,050,434) (20,905,073) (10,651,494) (1,358,233) (9,420,177) (13,226,909)
Class Y Shares ............ (8,067,642) (10,621,666) (1,983,906) (11,889) (69,317) (371,368)
Distributions to shareholders
from net realized gains:
Class A Shares ............ -- -- (5,751) -- (197) --
Class B Shares ............ -- -- (5,860) -- (50) --
Class C Shares ............ -- -- -- -- -- --
Class K Shares ............ -- -- (1,176,686) -- (135,713) --
Class Y Shares ............ -- -- (39,436) -- (1,077) --
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares ............ (4,363) 13,571 197,767 29,546 1,168,560 903,172
Class B Shares ............ 298,564 96,014 538,045 (3,044) 3,052 48,503
Class C Shares ............ 51,999 52,083 -- -- -- --
Class K Shares ............ (3,960,599) 78,332,591 (10,495,058) 3,900,063 (36,863,317) 1,629,331
Class Y Shares ............ (32,736,204) 29,845,423 35,490,250 (570,397) 407,472 (5,857,566)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) in net
assets ...................... (37,905,672) 95,382,558 18,765,490 3,386,018 (33,819,483) (4,191,365)
NET ASSETS:
Beginning of year ............. 184,377,372 463,557,809 187,633,798 26,991,094 233,539,656 348,304,936
------------- ------------- ------------- ------------- ------------- -------------
End of year ................... $ 146,471,700 $ 558,940,367 $ 206,399,288 $ 30,377,112 $ 199,720,173 $ 344,113,571
============= ============= ============= ============= ============= =============
Undistributed net investment
income ...................... $ 87,268 $ 22,268 -- $ 293 $ 30,941 $ 6,994
============= ============= ============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income ............... $ 13,048,862 $ 7,523,896 $ 16,173,434 $ 52,211,411
Net realized gain/(loss) on
investments sold during the year .. 313 (14,227) 8,412 1,334
Net change in unrealized
appreciation/(depreciation) of
investments during the year ....... -- -- -- --
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations ................... 13,049,175 7,509,669 16,181,846 52,212,745
Dividends to shareholders from net
investment income: ................ (1,400) (259,717) (76,366) (3,466,266)
Class A Shares .................. (8,089) -- -- --
Class B Shares .................. -- -- -- --
Class C Shares .................. -- (6,237,517) (3,424,423) (31,064,112)
Class K Shares .................. (13,039,373) (1,026,662) (12,672,645) (17,681,033)
Class Y Shares ..................
Distributions to shareholders from
net realized gains:
Class A Shares .................. -- -- -- --
Class B Shares .................. -- -- -- --
Class C Shares .................. -- -- -- --
Class K Shares .................. -- -- -- --
Class Y Shares .................. -- -- -- --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................. 23,022 2,053,372 502,834 64,092,621
Class B Shares .................. (246,839) -- -- --
Class C Shares .................. -- -- -- --
Class K Shares .................. -- (3,128,945) (12,076,540) (11,105,184)
Class Y Shares .................. (40,117,628) 2,166,987 78,809,626 (22,568,719)
------------- ------------- ------------- -------------
Net increase/(decrease) in net assets (40,341,132) 1,077,187 67,244,332 30,420,052
NET ASSETS:
Beginning of year ................... 263,884,674 227,689,839 306,381,840 951,550,786
------------- ------------- ------------- -------------
End of year ......................... $ 223,543,542 $ 228,767,026 $ 373,626,172 $ 981,970,838
============= ============= ============= =============
Undistributed net investment income . -- -- -- --
============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended June 30, 1995
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------
Munder
Munder Real Estate Munder Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund(a) Fund(b) Fund(c) Fund(c)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income/(loss) ........................ $ (84,135) $ 141,270 $ (34,051) $ (110,736)
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the period ... (142,640) (11,477) 8,980,945 6,136,355
Net change in unrealized appreciation of investments,
forward foreign exchange contracts, futures
contracts, foreign currency and net other assets
during the period ................................. 34,935,080 161,235 31,560,432 6,177,950
------------- ------------- ------------- -------------
Net increase in net assets resulting from operations 34,708,305 291,028 40,507,326 12,203,569
Distributions to shareholders from net investment
income:
Class A Shares .................................. -- (5,335) -- --
Class B Shares .................................. -- (30,454) -- --
Class K Shares .................................. -- -- -- --
Class Y Shares .................................. -- (93,307) -- --
Net increase/(decrease) in net assets from Fund share
transactions:
Class A Shares .................................. 5,294,396 215,530 (97,484) (85,906)
Class B Shares .................................. 605,096 1,458,073 18,669 3,146
Class C Shares .................................. 773,065 -- -- --
Class K Shares .................................. 90,386,520 -- 2,376,801 2,390,046
Class Y Shares .................................. 72,874,799 4,872,476 (11,818,141) 427,637
------------- ------------- ------------- -------------
Net increase in net assets .......................... 204,642,181 6,708,011 30,987,171 14,938,492
NET ASSETS:
Beginning of period ................................. 54,693,720 -- 253,166,758 120,023,081
------------- ------------- ------------- -------------
End of period ....................................... $ 259,335,901 $ 6,708,011 $ 284,153,929 $ 134,961,573
============= ============= ============= =============
Undistributed net investment income ................. -- $ 24,083 -- --
============= ============= ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund commenced operations on
September 30, 1994. The numbers reflected are for the period September 30,
1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------
Munder Munder
International Munder Growth & Munder
Equity Index 500 Income Balanced
Fund(c) Fund(c) Fund(c) Fund(c)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income/(loss) ........ $ 1,285,461 $ 1,025,573 $ 1,408,388 $ 437,941
Net realized gain/(loss) on
investments sold, forward foreign
exchange contracts, futures
contracts and foreign currency
transactions during the period .... (237,117) 2,636,677 558,118 267,096
Net change in unrealized appreciation
of investments, forward foreign
exchange contracts, futures
contracts, foreign currency and net
other assets during the period .... 11,455,027 10,068,492 8,421,016 3,609,224
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations ................... 12,503,371 13,730,742 10,387,522 4,314,261
Distributions to shareholders from
net investment income:
Class A Shares .................. -- (5,950) (2,841) (3,328)
Class B Shares .................. -- -- (697) (117)
Class K Shares .................. -- (25,905) (1,982,742) (2,141)
Class Y Shares .................. -- (1,343,181) (105,869) (582,444)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................. (46,157) 199,510 88,384 4,049
Class B Shares .................. -- -- 1,724 (5,363)
Class C Shares .................. -- -- -- --
Class K Shares .................. 4,140,722 788,070 19,077,725 4,825
Class Y Shares .................. 219,666 12,820,929 3,312,130 (454,310)
------------- ------------- ------------- -------------
Net increase in net assets .......... 16,817,602 26,164,215 30,775,336 3,275,432
NET ASSETS:
Beginning of period ................. 132,878,772 102,199,454 109,950,340 46,065,929
------------- ------------- ------------- -------------
End of period ....................... $ 149,696,374 $ 128,363,669 $ 140,725,676 $ 49,341,361
============= ============= ============= =============
Undistributed net investment income . $ 1,419,099 $ 76,702 $ 67,558 --
============= ============= ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund commenced operations on
September 30, 1994. The numbers reflected are for the period September 30,
1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended June 30, 1995
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund(a) Fund(a) Fund(a) Bond Fund(a) Fund(a) Bond Fund(a)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income ......... $ 4,007,298 $ 11,058,642 $ 4,252,073 $ 478,180 $ 3,596,185 $ 4,784,230
Net realized gain/(loss) on
investments sold, forward
foreign exchange contracts,
futures contracts and foreign
currency transactions during
the period .................. 1,295,728 (8,141,056) 1,108,567 (100,634) 1,096,254 543,723
Net change in unrealized
appreciation of investments,
forward foreign exchange
contracts, futures contracts,
foreign currency and net
other assets during the
period ...................... 5,772,373 19,804,999 6,345,711 426,387 2,721,271 6,290,499
------------- ------------- ------------- ------------- ------------- -------------
Net increase in net assets
resulting from operations ... 11,075,399 22,722,585 11,706,351 803,933 7,413,710 11,618,452
Distributions to shareholders
from net investment income:
Class A Shares ............ (19,124) (129,702) (1,818) (7,476) -- (57,809)
Class B Shares ............ -- (167) -- (3,793) (17) --
Class K Shares ............ (737,356) (6,935,728) (3,899,463) (454,340) (3,571,652) (4,568,748)
Class Y Shares ............ (3,134,793) (3,891,527) (290,592) (12,496) (22,655) (157,673)
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares ............ 3,293 (143,405) 24,917 (31,708) -- (498,287)
Class B Shares ............ -- 1,168 -- 24,342 1,267 --
Class K Shares ............ 1,477,254 7,644,390 2,370,907 (2,493,854) (23,397,880) (19,130,557)
Class Y Shares ............ (713,223) (8,867,667) 708,827 160,020 527,883 180,852
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) in net
assets ...................... 7,951,450 10,399,947 10,619,129 (2,015,372) (19,049,344) (12,613,770)
NET ASSETS:
Beginning of period ........... 176,425,922 453,157,862 177,014,669 29,006,466 252,589,000 360,918,706
------------- ------------- ------------- ------------- ------------- -------------
End of period ................. $ 184,377,372 $ 463,557,809 $ 187,633,798 $ 26,991,094 $ 233,539,656 $ 348,304,936
============= ============= ============= ============= ============= =============
Undistributed net investment
income ...................... -- $ 101,518 $ 19,369 $ 75 -- --
============= ============= ============= ============= ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
(b) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
--------------------------------------------------------------
Munder Munder Munder U.S. Munder
Money Tax-Free Treasury Cash
Market Money Market Money Market Investment
Fund(b) Fund(a) Fund(a) Fund(a)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income ............... $ 7,015,357 $ 2,632,455 $ 5,693,731 $ 18,097,451
Net realized gain/(loss) on
investments sold, forward foreign
exchange contracts, futures
contracts and foreign currency
transactions during the period .... -- (12,291) 1,488 --
Net change in unrealized appreciation
of investments, forward foreign
exchange contracts, futures
contracts, foreign currency and net
other assets during the period .... -- -- -- --
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations ................... 7,015,357 2,620,164 5,695,219 18,097,451
Distributions to shareholders from
net investment income:
Class A Shares .................. -- (73,750) (19,214) (837,952)
Class B Shares .................. (10,532) -- -- --
Class K Shares .................. -- (2,233,629) (1,567,631) (10,750,617)
Class Y Shares .................. (7,004,825) (325,076) (4,106,886) (6,508,882)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................. -- 3,993,482 (2,698,263) 12,290,224
Class B Shares .................. (129,712) -- -- --
Class K Shares .................. -- (184,281) (987,830) (584,316)
Class Y Shares .................. 117,828,527 (7,456,669) (9,535,503) 15,600,325
------------- ------------- ------------- --------------
Net increase/(decrease) in net assets 117,698,815 (3,659,759) (13,220,108) 27,306,233
NET ASSETS:
Beginning of period ................. 146,185,859 231,349,598 319,601,948 924,244,553
------------- ------------- ------------- -------------
End of period ....................... $ 263,884,674 $ 227,689,839 $ 306,381,840 $ 951,550,786
============= ============= ============= ==============
Undistributed net investment income . -- -- -- --
============= ============= ============= ==============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
(b) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes- Capital Stock Activity, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------
Munder
Munder Real Estate Munder Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund Fund(f) Fund(a) Fund(a)
------------- ------------- ------------- -------------
Amount
<S> <C> <C> <C> <C>
Class A Shares:
Sold ................................................ $ 1,866,202 $ 94,626 $ 1,145,088 $ 982,874
Issued as reinvestment of dividends ................. 236,573 3,521 677,255 218,328
Redeemed ............................................ (4,180,563) (80,090) (708,719) (503,852)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ (2,077,788) $ 18,057 $ 1,113,624 $ 697,350
============= ============= ============= =============
Class B Shares:
Sold ................................................ $ 7,291,485 $ 214,109 $ 202,719 $ 829,305
Issued as reinvestment of dividends ................. 622,220 1,494 14,881 1,740
Redeemed ............................................ (8,007,318) (176,119) (7,860) (13,895)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ (93,613) $ 39,484 $ 209,740 $ 817,150
============= ============= ============= =============
Class C Shares:
Sold ................................................ $ 1,869,460 $ 4,981 $ 136,998 $ 87,879
Issued as reinvestment of dividends ................. 1,100 50 160 --
Redeemed ............................................ (347,000) (755) (21,394) (19,907)
------------- ------------- ------------- -------------
Net increase ........................................ $ 1,523,560 $ 4,276 $ 115,764 $ 67,972
============= ============= ============= =============
Class K Shares:
Sold ................................................ $ 45,610,023 -- $ 74,290,538 $ 54,634,185
Issued as reinvestment of dividends ................. 49,029 -- 3,882 292
Redeemed ............................................ (34,737,793) -- (55,310,531) (22,594,973)
------------- ------------- ------------- -------------
Net increase ........................................ $ 10,921,259 -- $ 18,983,889 $ 32,039,504
============= ============= ============= =============
Class Y Shares:
Sold ................................................ $ 44,920,483 $ 12,521,999 $ 38,068,446 $ 24,386,268
Issued as reinvestment of dividends ................. 285,464 35,483 382,085 104,346
Redeemed ............................................ (24,519,590) (70,049) (55,400,219) (25,856,165)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ 20,686,357 $ 12,487,433 $ (16,949,688) $ (1,365,551)
============= ============= ============= =============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
22, 1995, January 26, 1996, November 9, 1995, October 2, 1995 and August
14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares,
Class K Shares and Class Y Shares commenced operations on September 14,
1995, September 19, 1995, February 9, 1996, November 30, 1995 and August
18, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Balanced Fund Class C Shares commenced operations on January
24, 1996.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund(b) Fund(c) Fund Fund(d) Fund(e) Fund(g)
Amount ------------- ------------- ------------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Class A Shares:
Sold ................................. $ 178,579 $ 3,493,085 $ 21,789,661 $ 1,085,992 $ 385,702 $ 65,148
Issued as reinvestment of dividends .. -- 10,130 87,729 6,515 -- 6,383
Redeemed ............................. (60) (464,880) (1,475,519) (380,916) -- (54,960)
------------- ------------- ------------- ------------- ------------- ---------
Net increase/(decrease) .............. $ 178,519 $ 3,038,335 $ 20,401,871 $ 711,591 $ 385,702 $ 16,571
============= ============= ============= ============= ============= ==========
Class B Shares:
Sold ................................. $ 53,088 $ 799,832 $ 14,411,687 $ 156,778 $ 101,522 $ 81,707
Issued as reinvestment of dividends .. -- 2,604 9,649 1,396 37 302
Redeemed ............................. -- (13,301) (123,577) (7,223) (6,001) (28,333)
------------- ------------- ------------- ------------- ------------- -----------
Net increase/(decrease) .............. $ 53,088 $ 789,135 $ 14,297,759 $ 150,951 $ 95,558 $ 53,676
============= ============= ============= ============= ============= ===========
Class C Shares:
Sold ................................. $ 51,504 $ 1,570,934 -- $ 30,096 $ 341,761 $ 12,513
Issued as reinvestment of dividends .. -- -- -- -- -- --
Redeemed ............................. (221) (29,631) -- -- -- (10,025)
------------- ------------- ------------- ------------- ------------- ----------
Net increase ......................... $ 51,283 $ 1,541,303 -- $ 30,096 $ 341,761 $ 2,488
============= ============= ============= ============= ============= ==========
Class K Shares:
Sold ................................. $ 428,161 $ 46,236,105 $ 17,116,950 $ 62,205,961 $ 999,348 $1,521,143
Issued as reinvestment of dividends .. -- 532 2,396 928 14 --
Redeemed ............................. (27,063) (14,110,494) (3,902,094) (26,523,494) (2,569) (104,982)
------------- ------------- ------------- ------------- ------------- -----------
Net increase ......................... $ 401,098 $ 32,126,143 $ 13,217,252 $ 35,683,395 $ 996,793 $1,416,161
============= ============= ============= ============= ============= ===========
Class Y Shares:
Sold ................................. $ 19,316,468 $ 21,149,472 $ 57,654,834 $ 13,447,579 $ 31,713,079 $26,158,851
Issued as reinvestment of dividends .. -- 44,383 150,375 1,368 9,592 106
Redeemed ............................. ( 27,581) (16,139,139) (30,738,177) (2,803,520) (318,620) (24,492,369)
------------- ------------- ------------- ------------- ------------- ------------
Net increase/(decrease) .............. $ 19,288,887 $ 5,054,716 $ 27,067,032 $ 10,645,427 $ 31,404,051 $1,666,588
============= ============= ============= ============= ============= ============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
22, 1995, January 26, 1996, November 9, 1995, October 2, 1995 and August
14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares,
Class K Shares and Class Y Shares commenced operations on September 14,
1995, September 19, 1995, February 9, 1996, November 30, 1995 and August
18, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Balanced Fund Class C Shares commenced operations on January
24, 1996.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes- Capital Stock Activity, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------
Munder
Munder Real Estate Munder Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund Fund(f) Fund(a) Fund(a)
------------- ------------- ------------- -------------
Shares
<S> <C> <C> <C> <C>
Class A Shares:
Sold ................................................ 139,270 9,047 75,683 55,637
Issued as reinvestment of dividends ................. 17,884 330 51,659 13,200
Redeemed ............................................ (296,421) (7,693) (47,482) (27,481)
------------- ------------- -------------- -------------
Net increase/(decrease) ............................. (139,267) 1,684 79,860 41,356
============= ============= ============== =============
Class B Shares:
Sold ................................................ 549,554 20,379 13,808 45,308
Issued as reinvestment of dividends ................. 47,936 142 1,152 107
Redeemed ............................................ (605,737) (16,664) (596) (704)
------------- ------------- -------------- -------------
Net increase/(decrease) ............................. (8,247) 3,857 14,364 44,711
============= ============= ============== =============
Class C Shares:
Sold ................................................ 140,236 453 9,081 4,594
Issued as reinvestment of dividends ................. 85 5 12 --
Redeemed ............................................ (25,952) (70) (1,368) (953)
------------- ------------- -------------- -------------
Net increase ........................................ 114,369 388 7,725 3,641
============= ============= ============== =============
Class K Shares:
Sold ................................................ 3,335,619 -- 4,992,293 3,045,689
Issued as reinvestment of dividends ................. 3,710 -- 296 18
Redeemed ............................................ (2,559,031) -- (3,594,737) (1,156,557)
------------- ------------- -------------- -------------
Net increase ........................................ 780,298 -- 1,397,852 1,889,150
============= ============= ============== =============
Class Y Shares:
Sold ................................................ 3,304,727 1,213,257 2,648,565 1,351,024
Issued as reinvestment of dividends ................. 21,357 3,361 28,990 6,278
Redeemed ............................................ (1,857,504) (6,570) (3,517,122) (1,505,669)
------------- ------------- -------------- -------------
Net increase/(decrease) ............................. 1,468,580 1,210,048 (839,567) (148,367)
============= ============= ============== =============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
22, 1995, January 26, 1996, November 9, 1995, October 2, 1995 and August
14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares,
Class K Shares and Class Y Shares commenced operations on September 14,
1995, September 19, 1995, February 9, 1996, November 30, 1995 and August
18, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Balanced Fund Class C Shares commenced operations on January
24, 1996.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund(b) Fund(c) Fund Fund(d) Fund(e) Fund(g)
Shares ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Class A Shares:
Sold ................................. 17,448 242,557 1,388,335 89,004 36,601 5,551
Issued as reinvestment of dividends .. -- 709 5,718 531 -- 544
Redeemed ............................. (5) (31,547) (94,947) (31,289) -- (4,916)
----------- ----------- ----------- ----------- ----------- -----------
Net increase/(decrease) .............. 17,443 211,719 1,299,106 58,246 36,601 1,179
=========== =========== =========== =========== =========== ===========
Class B Shares:
Sold ................................. 4,568 56,033 923,629 12,936 9,460 7,137
Issued as reinvestment of dividends .. -- 184 606 118 3 25
Redeemed ............................. -- (1,613) (7,779) (616) (567) (2,478)
----------- ----------- ----------- ----------- ----------- -----------
Net increase/(decrease) .............. 4,568 54,604 916,456 12,438 8,896 4,684
=========== =========== =========== =========== =========== ===========
Class C Shares:
Sold ................................. 4,650 107,537 -- 2,345 30,146 1,066
Issued as reinvestment of dividends .. -- -- -- -- -- --
Redeemed ............................. (21) (2,070) -- -- -- (857)
----------- ----------- ----------- ----------- ----------- -----------
Net increase ......................... 4,629 105,467 -- 2,345 30,146 209
=========== =========== =========== =========== =========== ===========
Class K Shares:
Sold ................................. 38,842 3,219,387 1,101,748 5,017,201 88,171 132,003
Issued as reinvestment of dividends .. -- 37 160 78 1 --
Redeemed ............................. (2,464) (977,910) (246,829) (2,160,605) (233) (8,633)
----------- ----------- ----------- ----------- ----------- -----------
Net increase ......................... 36,378 2,241,514 855,079 2,856,674 87,939 123,370
=========== =========== =========== =========== =========== ===========
Class Y Shares:
Sold ................................. 1,855,470 1,472,148 3,781,785 1,086,646 3,087,099 2,227,419
Issued as reinvestment of dividends .. -- 3,097 10,014 112 854 9
Redeemed ............................. (2,462) (1,147,491) (2,035,333) (224,398) (30,486) (2,098,028)
----------- ----------- ----------- ----------- ----------- -----------
Net increase/(decrease) .............. 1,853,008 327,754 1,756,466 862,360 3,057,467 129,400
=========== =========== =========== =========== =========== ===========
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
22, 1995, January 26, 1996, November 9, 1995, October 2, 1995 and August
14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares,
Class K Shares and Class Y Shares commenced operations on September 14,
1995, September 19, 1995, February 9, 1996, November 30, 1995 and August
18, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Balanced Fund Class C Shares commenced operations on January
24, 1996.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes- Capital Stock Activity, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund(c) Fund(d) Fund(a) Bond Fund Fund Bond Fund(b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .......................... $ 167,845 $ 2,014,281 $ 1,478,021 $ 41,017 $ 2,179,685 $ 2,549,824
Issued as reinvestment of
dividends ................. 35,561 242,083 13,144 13,168 11,915 73,671
Redeemed ...................... (207,769) (2,242,793) (1,293,398) (24,639) (1,023,040) (1,720,323)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... $ (4,363) $ 13,571 $ 197,767 $ 29,546 $ 1,168,560 $ 903,172
============= ============= ============= ============= ============= =============
Class B Shares:
Sold .......................... $ 354,641 $ 96,213 $ 980,455 $ 148 $ 26,539 $ 49,579
Issued as reinvestment of
dividends ................. 298 1,622 -- 7,346 43 --
Redeemed ...................... (56,375) (1,821) (442,410) (10,538) (23,530) (1,076)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... $ 298,564 $ 96,014 $ 538,045 $ (3,044) $ 3,052 $ 48,503
============= ============= ============= ============= ============= =============
Class C Shares:
Sold .......................... $ 52,020 $ 52,083 -- -- -- --
Issued as reinvestment of
dividends ................. -- -- -- -- -- --
Redeemed ...................... (21) -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Net increase .................. $ 51,999 $ 52,083 -- -- -- --
============= ============= ============= ============= ============= =============
Class K Shares:
Sold .......................... $ 7,620,896 $ 124,069,515 $ 30,943,020 $ 12,005,861 $ 13,383,991 $ 58,335,796
Issued as reinvestment of
dividends ................. 2,631 54,365 7,512 1,703 913 17,860
Redeemed ...................... (11,584,126) (45,791,289) (41,445,590) (8,107,501) (50,248,221) (56,724,325)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... $ (3,960,599) $ 78,332,591 $ (10,495,058) $ 3,900,063 $ (36,863,317) $ 1,629,331
============= ============= ============= ============= ============= =============
Class Y Shares:
Sold .......................... $ 17,350,760 $ 74,492,394 $ 45,269,185 $ 52,000 $ 1,047,240 $ 2,675,213
Issued as reinvestment of
dividends ................. 8,531 18,596 2,116 -- 43 --
Redeemed ...................... (50,095,495) (44,665,567) (9,781,051) (622,397) (639,811) (8,532,779)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... $ (32,736,204) $ 29,845,423 $ 35,490,250 $ (570,397) $ 407,472 $ (5,857,566)
============= ============= ============= ============= ============= =============
<FN>
- ----------------
(a) The Munder U.S. Government Income Fund Class B Shares commenced operations
on September 6, 1995.
(b) The Munder Tax-Free Intermediate Bond Fund Class B Shares commenced
operations on May 16, 1996.
(c) The Munder Bond Fund Class B Shares and Class C Shares commenced operation
on March 13, 1996 and March 25, 1996, respectively.
(d) The Munder Intermediate Bond Fund Class C Shares commenced operations on
April 19, 1996.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund(c) Fund(d) Fund(a) Bond Fund Fund Bond Fund(b)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares: ...............
Sold .......................... 16,880 210,690 142,134 4,272 207,059 242,570
Issued as reinvestment of
dividends ................. 3,664 25,566 1,281 1,387 1,149 7,059
Redeemed ...................... (21,413) (235,718) (126,939) (2,604) (97,794) (164,183)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... (869) 538 16,476 3,055 110,414 85,446
============= ============= ============= ============= ============= =============
Class B Shares:
Sold .......................... 36,695 10,176 94,331 16 2,558 4,928
Issued as reinvestment of
dividends ................. 31 175 -- 776 3 --
Redeemed ...................... (5,842) (200) (44,465) (1,114) (2,220) (101)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... 30,884 10,151 49,866 (322) 341 4,827
============= ============= ============= ============= ============= =============
Class C Shares:
Sold .......................... 5,381 5,541 -- -- -- --
Issued as reinvestment of
dividends ................. -- -- -- -- -- --
Redeemed ...................... (1) -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Net increase .................. 5,380 5,541 -- -- -- --
============= ============= ============= ============= ============= =============
Class K Shares:
Sold .......................... 785,021 13,040,844 3,017,230 1,272,778 1,268,126 5,561,532
Issued as reinvestment of
dividends ................. 271 5,738 733 178 86 1,708
Redeemed ...................... (1,192,796) (4,837,158) (4,054,798) (854,898) (4,799,660) (5,418,489)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... (407,504) 8,209,424 (1,036,835) 418,058 (3,531,448) 144,751
============= ============= ============= ============= ============= =============
Class Y Shares:
Sold .......................... 1,786,823 7,804,479 4,363,599 5,335 100,881 256,963
Issued as reinvestment of
dividends ................. 886 1,962 206 -- 7 --
Redeemed ...................... (5,062,631) (4,706,955) (934,064) (66,086) (59,901) (816,582)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) ....... (3,274,922) 3,099,486 3,429,741 (60,751) 40,987 (559,619)
============= ============= ============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes- Capital Stock Activity, Year Ended June 30, 1996
(Continued)
Since the Funds have sold, redeemed and reinvested shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, redemptions and reinvestments are the same as the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
--------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ................................................ $ 188,589 $ 19,124,206 $ 3,933,444 $ 177,850,670
Issued as reinvestment of dividends ................. 1,387 259,761 80,190 3,466,426
Redeemed ............................................ (166,954) (17,330,595) (3,510,800) (117,224,475)
------------- ------------- ------------- -------------
Net increase ........................................ $ 23,022 $ 2,053,372 $ 502,834 $ 64,092,621
============= ============= ============= =============
Class B Shares:
Sold ................................................ $ 60,309
Issued as reinvestment of dividends ................. 7,066
Redeemed ............................................ (314,214)
-------------
Net decrease ........................................ $ (246,839)
=============
Class K Shares:
Sold ................................................ -- $ 211,116,349 $ 322,484,040 $ 600,348,964
Issued as reinvestment of dividends ................. -- 7,943 46 40,539
Redeemed ............................................ -- (214,253,237) (334,560,626) (611,494,687)
------------- ------------- ------------- -------------
Net decrease ........................................ -- $ (3,128,945) $ (12,076,540) $ (11,105,184)
============= ============= ============= =============
Class Y Shares:
Sold ................................................ $ 694,479,788 $ 167,259,652 $ 560,496,273 $ 725,228,754
Issued as reinvestment of dividends ................. 12,905,901 1,408 -- --
Redeemed ............................................ (747,503,317) (165,094,073) (481,686,647) (747,797,473)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ (40,117,628) $ 2,166,987 $ 78,809,626 $ (22,568,719)
============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------
Munder Munder
Munder Real Estate Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund(a) Fund(b) Fund(c) Fund(c)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ................................................ $ 174,538 $ 231,110 $ 322,199 $ 238,391
Issued in exchange for Class A Shares of the
Ambassador Established Company Growth Fund ........ 5,241,876 -- -- --
Issued as reinvestment of dividends ................. -- 992 -- --
Redeemed ............................................ (122,018) (16,572) (419,683) (324,297)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ 5,294,396 $ 215,530 $ (97,484) $ (85,906)
============= ============= ============= =============
Class B Shares:
Sold ................................................ $ 3,139,567 $ 1,473,104 $ 24,565 $ 3,146
Issued in exchange for Class B Shares of the
Ambassador Established Company Growth Fund ........ 2,857 -- -- --
Issued as reinvestment of dividends ................. -- 47 -- --
Redeemed ............................................ (2,537,328) (15,078) (5,896) --
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ 605,096 $ 1,458,073 $ 18,669 $ 3,146
============= ============= ============= =============
Class C Shares:
Sold ................................................ $ 935,720 -- -- --
Redeemed ............................................ (162,655) -- -- --
------------- ------------- ------------- -------------
Net increase ........................................ $ 773,065 -- -- --
============= ============= ============= =============
Class K Shares:
Sold ................................................ $ 289,202 -- $ 8,175,196 $ 5,349,625
Issued in exchange for Class K Shares of the
Ambassador Established Company Growth Fund ........ 90,661,677 -- -- --
Issued as reinvestment of dividends ................. -- -- -- --
Redeemed ............................................ (564,359) -- (5,798,395) (2,959,579)
------------- ------------- ------------- -------------
Net increase ........................................ $ 90,386,520 -- $ 2,376,801 $ 2,390,046
============= ============= ============= =============
Class Y Shares:
Sold ................................................ $ 7,442,051 $ 5,102,014 $ 6,798,811 $ 5,278,725
Issued in exchange for Class Y Shares of the
Ambassador Established Company Growth Fund ........ 65,546,518 -- -- --
Issued as reinvestment of dividends ................. -- 72,297 -- --
Redeemed ............................................ (113,770) (301,835) (18,616,952) (4,851,088)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ 72,874,799 $ 4,872,476 $ (11,818,141) $ 427,637
============= ============= ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund Class A Shares commenced
operations on September 30, 1994, Class B Shares and Class Y Shares
commenced operations on October 3, 1994. The numbers reflected are for the
period September 30, 1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------
Munder Munder
International Munder Growth & Munder
Equity Index 500 Income Balanced
Fund(c) Fund(c) Fund(c) Fund(c)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ................................. $ 944,277 $ 232,500 $ 99,487 $ 721
Issued in exchange for Class A Shares
of the Ambassador Established
Company Growth Fund ................ -- -- -- --
Issued as reinvestment of dividends .. -- 5,044 2,041 3,328
Redeemed ............................. (990,434) (38,034) (13,144) --
------------- ------------- ------------- -------------
Net increase/(decrease) .............. $ (46,157) $ 199,510 $ 88,384 $ 4,049
============= ============= ============= =============
Class B Shares:
Sold ................................. -- $ 1,067 $ 51
Issued in exchange for Class B Shares
of the Ambassador Established
Company Growth Fund ................ -- -- --
Issued as reinvestment of dividends .. -- 697 117
Redeemed ............................. -- (40) (5,531)
------------- ------------- -------------
Net increase/(decrease) .............. -- $ 1,724 $ (5,363)
============= ============= =============
Class C Shares:
Sold ................................. -- -- -- --
Redeemed ............................. -- -- --
------------- ------------- ------------- -------------
Net increase ......................... -- -- -- --
============= ============= ============= =============
Class K Shares:
Sold ................................. $ 8,778,076 $ 1,048,675 $ 26,450,656 $ 119,097
Issued in exchange for Class K Shares
of the Ambassador Established
Company Growth Fund ................ -- -- -- --
Issued as reinvestment of dividends .. -- 313 583 --
Redeemed ............................. (4,637,354) (260,918) (7,373,514) (114,272)
============= ============= ============= =============
Net increase ......................... $ 4,140,722 $ 788,070 $ 19,077,725 $ 4,825
============= ============= ============= =============
Class Y Shares:
Sold ................................. $ 5,263,118 $ 18,311,877 $ 3,502,815 $ 4,199,200
Issued in exchange for Class Y Shares
of the Ambassador Established
Company Growth Fund ................ -- -- -- --
Issued as reinvestment of dividends .. -- -- 239 --
Redeemed ............................. (5,043,452) (5,490,948) (190,924) (4,653,510)
------------- ------------- ------------- -------------
Net increase/(decrease) .............. $ 219,666 $ 12,820,929 $ 3,312,130 $ (454,310)
============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------
Munder Munder
Munder Real Estate Munder Small
Multi-Season Equity Accelerating Company
Growth Investment Growth Growth
Fund(a) Fund(b) Fund(c) Fund(c)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ................................................ 15,723 23,716 24,097 16,578
Issued in exchange for Class A Shares of the
Ambassador Established Company Growth Fund ........ 505,470 -- -- --
Issued as reinvestment of dividends ................. -- 101 -- --
Redeemed ............................................ (10,844) (1,660) (31,770) (22,796)
----------- ----------- ----------- -----------
Net increase/(decrease) ............................. 510,349 22,157 (7,673) (6,218)
=========== =========== =========== ===========
Class B Shares:
Sold ................................................ 283,022 149,848 1,948 219
Issued in exchange for Class B Shares of the
Ambassador Established Company Growth Fund ........ 279 -- -- --
Issued as reinvestment of dividends ................. -- 4 -- --
Redeemed ............................................ (229,470) (1,547) (424) --
----------- ----------- ----------- -----------
Net increase/(decrease) ............................. 53,831 148,305 1,524 219
=========== =========== =========== ===========
Class C Shares:
Sold ................................................ 83,482 -- -- --
Redeemed ............................................ (14,582) -- -- --
----------- ----------- ----------- -----------
Net increase ........................................ 68,900 -- -- --
=========== =========== =========== ===========
Class K Shares:
Sold ................................................ 24,113 -- 606,274 370,497
Issued in exchange for Class K Shares of the
Ambassador Established Company Growth Fund ........ 8,741,545 -- -- --
Issued as reinvestment of dividends ................. -- -- -- --
Redeemed ............................................ (47,072) -- (430,651) (206,664)
----------- ----------- ----------- -----------
Net increase ........................................ 8,718,586 -- 175,623 163,833
=========== =========== =========== ===========
Class Y Shares:
Sold ................................................ 661,582 518,313 505,496 367,654
Issued in exchange for Class Y Shares of the
Ambassador Established Company Growth Fund ........ 6,277,426 -- -- --
Issued as reinvestment of dividends ................. -- 7,381 -- --
Redeemed ............................................ (9,752) (31,121) (1,386,062) (335,369)
----------- ----------- ----------- -----------
Net increase/(decrease) ............................. 6,929,256 494,573 (880,566) 32,285
=========== =========== =========== ===========
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund Class A Shares commenced
operations on September 30, 1994, Class B Shares and Class Y Shares
commenced operations on October 3, 1994. The numbers reflected are for the
period September 30, 1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------
Munder Munder
International Munder Growth & Munder
Equity Index 500 Income Balanced
Fund(c) Fund(c) Fund(c) Fund(c)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ................................. 70,273 17,477 9,038 72
Issued in exchange for Class A Shares
of the Ambassador Established
Company Growth Fund ................ -- -- -- --
Issued as reinvestment of dividends .. -- 378 188 318
Redeemed ............................. (74,957) (2,944) (1,201) --
------------- ------------- ------------- -------------
Net increase/(decrease) .............. (4,684) 14,911 8,025 390
============= ============= ============= =============
Class B Shares:
Sold ................................. -- 98 5
Issued in exchange for Class B Shares
of the Ambassador Established
Company Growth Fund ................ -- -- --
Issued as reinvestment of dividends .. -- 65 11
Redeemed ............................. -- (4) (527)
------------- ------------- -------------
Net increase/(decrease) .............. -- 159 (511)
============= ============= =============
Class C Shares:
Sold ................................. -- -- -- --
Redeemed ............................. -- -- -- --
------------- ------------- ------------- -------------
Net increase ......................... -- -- -- --
============= ============= ============= =============
Class K Shares:
Sold ................................. 675,824 80,319 2,445,865 11,640
Issued in exchange for Class K Shares
of the Ambassador Established
Company Growth Fund ................ -- -- -- --
Issued as reinvestment of dividends .. -- 24 53 --
Redeemed ............................. (364,356) (19,954) (677,967) (11,213)
------------- ------------- ------------- -------------
Net increase ......................... 311,468 60,389 1,767,951 427
============= ============= ============= =============
Class Y Shares:
Sold ................................. 406,314 1,402,047 325,691 407,465
Issued in exchange for Class Y Shares
of the Ambassador Established
Company Growth Fund ................ -- -- -- --
Issued as reinvestment of dividends .. -- -- 22 --
Redeemed ............................. (378,584) (420,879) (17,489) (452,677)
------------- ------------- ------------- -------------
Net increase/(decrease) .............. 27,730 981,168 308,224 (45,212)
============= ============= ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund Class A Shares commenced
operations on September 30, 1994, Class B Shares and Class Y Shares
commenced operations on October 3, 1994. The numbers reflected are for the
period September 30, 1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------------------
Munder
Munder Munder U.S. Michigan Munder Munder
Munder Intermediate Government Triple Tax-Free Tax-Free
Bond Bond Income Tax-Free Bond Intermediate
Fund(a) Fund(a) Fund(a) Bond Fund(a) Fund(a) Bond Fund(a)
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .............................. $ 66,927 $ 212,043 $ 28,853 $ 22,492 -- $ 69,840
Issued as reinvestment of dividends 14,539 94,067 890 5,285 -- 23,620
Redeemed .......................... (78,173) (449,515) (4,826) (59,485) -- (591,747)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 3,293 $ (143,405) $ 24,917 $ (31,708) -- $ (498,287)
============ ============ ============ ============ ============ ============
Class B Shares:
Sold .............................. -- $ 1,000 -- $ 31,400 $ 1,250 --
Issued as reinvestment of dividends -- 168 -- 2,494 17 --
Redeemed .......................... -- -- -- (9,552) -- --
------------ ------------ ------------ ------------ ------------ ------------
Net increase ...................... -- $ 1,168 -- $ 24,342 $ 1,267 --
============ ============ ============ ============ ============ ============
Class K Shares:
Sold .............................. $ 4,321,463 $ 20,052,551 $ 12,175,220 $ 1,820,443 $ 2,667,265 $ 10,801,619
Issued as reinvestment of dividends 221 21,277 497 415 -- 5,306
Redeemed .......................... (2,844,430) (12,429,438) (9,804,810) (4,314,712) (26,065,145) (29,937,482)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 1,477,254 $ 7,644,390 $ 2,370,907 $ (2,493,854) $(23,397,880) $(19,130,557)
============ ============ ============ ============ ============ ============
Class Y Shares:
Sold .............................. $ 4,719,545 $ 9,193,739 $ 1,254,725 $ 160,020 $ 527,883 $ 682,547
Issued as reinvestment of dividends -- 385 -- -- -- --
Redeemed .......................... (5,432,768) (18,061,791) (545,898) -- -- (501,695)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ (713,223) $ (8,867,667) $ 708,827 $ 160,020 $ 527,883 $ 180,852
============ ============ ============ ============ ============ ============
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .............................. 7,113 22,605 2,810 2,407 -- 6,868
Issued as reinvestment of dividends 1,527 10,002 87 563 -- 2,290
Redeemed .......................... (8,301) (47,792) (479) (6,324) -- (57,508)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... 339 (15,185) 2,418 (3,354) -- (48,350)
============ ============ ============ ============ ============ ============
Classs B Shares:
Sold .............................. -- 106 -- 3,363 122 --
Issued as reinvestment of dividends -- 18 -- 265 2 --
Redeemed .......................... -- -- -- (1,022) -- --
------------ ------------ ------------ ------------ ------------ ------------
Net increase ...................... -- 124 -- 2,606 124 --
============ ============ ============ ============ ============ ============
Class K Shares:
Sold .............................. 454,374 2,131,065 1,210,971 194,512 257,289 1,046,056
Issued as reinvestment of dividends 23 2,263 48 45 -- 515
Redeemed .......................... (300,279) (1,322,365) (974,103) (460,021) (2,528,706) (2,904,811)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... 154,118 810,963 236,916 (265,464) (2,271,417) (1,858,240)
============ ============ ============ ============ ============ ============
Class Y Shares:
Sold .............................. 492,884 978,133 124,881 17,132 51,572 66,366
Issued as reinvestment of dividends -- 41 -- -- -- --
Redeemed .......................... (570,595) (1,913,769) (54,410) -- -- (48,658)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... (77,711) (935,595) 70,471 17,132 51,572 17,708
============ ============ ============ ============ ============ ============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
Since the Funds have sold, redeemed and reinvested shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, redemptions and reinvestments are the same as the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
--------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund(a) Fund(b) Fund(b) Fund(b)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ................................................ -- $ 7,358,485 $ 1,064,319 $ 24,582,234
Issued as reinvestment of dividends ................. -- 83,167 25,271 1,002,956
Redeemed ............................................ -- (3,448,170) (3,787,853) (13,294,966)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. -- $ 3,993,482 $ (2,698,263) $ 12,290,224
============= ============= ============= =============
Class B Shares:
Sold ................................................ $ 51,883
Issued as reinvestment of dividends ................. 9,923
Redeemed ............................................ (191,518)
-------------
Net decrease ........................................ $ (129,712)
=============
Class K Shares:
Sold ................................................ -- $ 71,190,077 $ 168,414,859 $ 169,318,928
Issued as reinvestment of dividends ................. -- 3,689 -- 4,461
Redeemed ............................................ -- (71,378,047) (169,402,689) (169,907,705)
------------- ------------- ------------- -------------
Net decrease ........................................ -- $ (184,281) $ (987,830) $ (584,316)
============= ============= ============= =============
Class Y Shares:
Sold ................................................ $ 301,836,119 $ 59,682,179 $ 191,562,384 $ 230,744,590
Issued as reinvestment of dividends ................. 6,757,610 -- -- --
Redeemed ............................................ (190,765,202) (67,138,848) (201,097,887) (215,144,265)
------------- ------------- ------------- -------------
Net increase/(decrease) ............................. $ 117,828,527 $ (7,456,669) $ (9,535,503) $ 15,600,325
============= ============= ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
The Munder Multi-Season Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------
Year Period
Ended Ended
6/30/96(g) 6/30/95(a,e,h)
---------- --------------
<S> <C> <C>
Net asset value, beginning of period ................ $ 12.02 $ 12.20
-------- --------
Income from investment operations:
Net investment income ............................... 0.06 0.00(b)
Net realized and unrealized gain/(loss) on
investments ....................................... 3.20 (0.18)
-------- --------
Total from investment operations .................... 3.26 (0.18)
-------- --------
Less distributions:
Dividends from net investment income ................ (0.05) --
Distributions from net realized gains ............... (0.40) --
-------- --------
Total distributions ................................. (0.45) --
-------- --------
Net asset value, end of period ...................... $ 14.83 $ 12.02
======== ========
Total return (c) .................................... 27.56% (1.48)%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $140,833 $104,767
Ratio of operating expenses to average net assets ... 1.26% 1.20%(d)
Ratio of net investment income to average net assets 0.44% 0.28%(d)
Portfolio turnover rate ............................. 54% 27%
Ratio of operating expenses to average net assets
without waivers ................................... 1.51% 1.58%(d)
Net investment income per share without waivers ..... $ 0.03 $ 0.00(b)
Average commission rate paid (f) .................... $ 0.0592 N/A
<FN>
- ----------------
(a) Class K Shares commenced operations on June 23, 1995.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated.
(d) Annualized.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Average commission rate paid per share of securities purchased and sold by
the Fund.
(g) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(h) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth Fund.
See Notes to Financial Statements.
</TABLE>
The Munder Accelerating Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
------- ---------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 14.82 $ 12.73 $ 13.98 $ 12.08 $ 11.74
-------- ------- ------- ------- -------
Income from investment operations:
Net investment income/(loss) ........................ (0.05) (0.01) (0.03) 0.00(f) 0.01
Net realized and unrealized gain/(loss) on
investments ....................................... 2.92 2.10 (0.88) 2.17 .62
-------- ------- ------- ------- -------
Total from investment operations .................... 2.87 2.09 (0.91) 2.17 0.63
-------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ -- -- -- (0.02) (0.01)
Distributions from net realized gains ............... (2.33) -- (0.34) (0.25) (0.28)
-------- ------- ------- ------- -------
Total distributions ................................. (2.33) -- (0.34) (0.27) (0.29)
-------- ------- ------- ------- -------
Net asset value, end of period ...................... $ 15.36 $ 14.82 $ 12.73 $ 13.98 $ 12.08
======== ======= ======= ======= =======
Total return (b) .................................... 22.03% 16.42% (6.45)% 18.00% 5.43%
======== ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $110,273 $85,685 $71,406 $53,914 $ 3,141
Ratio of operating expenses to average net assets ... 1.20% 1.20%(c) 1.18% 1.03% 0.96%(c)
Ratio of net investment income/(loss) to average net
assets ............................................ (0.42)% (0.21)%(c) (0.25)% (0.03)% 0.18%(c)
Portfolio turnover rate ............................. 112% 31% 90% 34% 56%
Ratio of operating expenses to average net assets
without waivers ................................... 1.27% 1.44%(c) 1.41% 1.28% 1.21%(c)
Net investment income/(loss) per share without
waivers ........................................... $ (0.06) $ (0.02) $ (0.05) $ 0.00(f) $ 0.00(f)
Average commission rate paid (g) .................... $ 0.0548 N/A N/A N/A N/A
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Class K Shares commenced operations on November 23, 1992.
(f) Amount represents less than $0.01 per share.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
See Notes to Financial Statements.
</TABLE>
The Munder Small Company Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96(g) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
---------- ---------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 15.28 $ 13.89 $ 14.37 $ 12.72 $12.32
-------- ------- ------- ------- ------
Income from investment operations:
Net investment loss ................................. (0.12) (0.02) (0.04) (0.05) (0.01)
Net realized and unrealized gain/(loss) on
investments ....................................... 7.16 1.41 (0.42) 1.97 0.41
-------- ------- ------- ------- ------
Total from investment operations .................... 7.04 1.39 (0.46) 1.92 0.40
-------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income ................ -- -- -- -- --
Distributions from net realized gains ............... (1.24) -- (0.02) (0.27) --
-------- ------- ------- ------- ------
Total distributions ................................. (1.24) -- (0.02) (0.27) --
-------- ------- ------- ------- ------
Net asset value, end of period ...................... $ 21.08 $ 15.28 $ 13.89 $ 14.37 $12.72
======== ======= ======= ======= ======
Total return (b) .................................... 48.28% 10.01% (3.21)% 15.11% 3.25%
======== ======= ======= ======= ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $111,669 $52,077 $45,080 $32,431 $4,298
Ratio of operating expenses to average net assets ... 1.21% 1.21%(c) 1.23% 1.02% 0.95%(c)
Ratio of net investment loss to average net assets .. (0.66)% (0.41)%(c) (0.40)% (0.38)% (0.28)%(c)
Portfolio turnover rate ............................. 98% 39% 45% 47% 46%
Ratio of operating expenses to average net assets
without waivers ................................... 1.28% 1.46%(c) 1.48% 1.27% 1.20%(c)
Net investment loss per share without waivers ....... $ (0.13) $ (0.03) $ (0.06) $ (0.08) $(0.02)
Average commission rate paid (f) .................... $ 0.0551 N/A N/A N/A N/A
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Class K Shares commenced operations on November 23, 1992.
(f) Average commission rate paid per share of securities purchase and sold by
the Fund.
(g) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
The Munder Mid-Cap Growth Fund
Financial Highlights, For a Share Outstanding Throughout The Period
<TABLE>
<CAPTION>
K Shares
------------
Period
Ended
6/30/96(a,e)
------------
<S> <C>
Net asset value, beginning of period ................ $ 10.53
-------
Income from investment operations:
Net investment loss ................................. (0.04)
Net realized and unrealized gain on investments ..... 1.07
-------
Total from investment operations .................... 1.03
-------
Less distributions:
Dividends from net investment income ................ --
Total distributions ................................. --
-------
Net asset value, end of period. ..................... $ 11.56
=======
Total return (b) .................................... 9.78%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 421
Ratio of operating expenses to average net assets ... 1.20%(c)
Ratio of net investment loss to average net assets .. (0.53)%(c)
Portfolio turnover rate ............................. 247%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed. .......... 1.38%(c)
Net investment loss per share without waivers and
expenses reimbursed. .............................. $ (0.05)
Average commission rate paid (d) .................... $0.0600
<FN>
- ----------------
(a) Class K Shares commenced operations on October 2, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased and sold by
the Fund.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
The Munder International Equity Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96(d) 6/30/95(a) 2/28/95(d,e) 2/28/94 2/28/93(f)
---------- ---------- ------------ ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 13.42 $ 12.28 $ 13.68 $ 10.64 $10.46
-------- ------- ------- ------- ------
Income from investment operations:
Net investment income ............................... 0.15 0.11 0.17 0.19 0.01
Net realized and unrealized gain/(loss) on
investments ....................................... 1.63 1.03 (1.48) 2.85 0.30
-------- ------- ------- ------- ------
Total from investment operations .................... 1.78 1.14 (1.31) 3.04 0.31
-------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income ................ (0.12) -- (0.03) -- (0.11)
Distributions from net realized gains ............... -- -- -- -- (0.02)
Distributions from capital .......................... -- -- (0.06) -- --
-------- ------- ------- ------- ------
Total distributions ................................. (0.12) -- (0.09) -- (0.13)
-------- ------- ------- ------- ------
Net asset value, end of period ...................... $ 15.08 $ 13.42 $ 12.28 $ 13.68 $10.64
======== ======= ======= ======= ======
Total return (b) .................................... 13.29% 9.28% (9.68)% 28.57% 2.96%
======== ======= ======= ======= ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $116,053 $73,168 $63,159 $37,536 $3,939
Ratio of operating expenses to average net assets ... 1.26% 1.21%(c) 1.18% 1.11% 1.03%(c)
Ratio of net investment income to average net assets 1.07% 2.57%(c) 1.31% 1.18% 0.39%(c)
Portfolio turnover rate ............................. 75% 14% 20% 15% 1%
Ratio of operating expenses to average net assets
without waivers ................................... 1.33% 1.46%(c) 1.43% 1.36% 1.28%(c)
Net investment income per share without waivers ..... $ 0.14 $ 0.10 $ 0.14 $ 0.15 $ 0.01
Average commission rate paid (g) .................... $ 0.0288 N/A N/A N/A N/A
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Class K Shares commenced operations on November 23, 1992.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
See Notes to Financial Statements.
</TABLE>
The Munder Index 500 Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96(d) 6/30/95(a) 2/28/95(d,e) 2/28/94 2/28/93(f)
---------- ---------- ------------ ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 13.80 $12.40 $12.06 $11.47 $11.60
------- ------ ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.33 0.10 0.30 0.30 0.06
Net realized and unrealized gain on investments ..... 3.07 1.44 0.50 0.59 0.21
------- ------ ------ ------ ------
Total from investment operations .................... 3.40 1.54 0.80 0.89 0.27
------- ------ ------ ------ ------
Less distributions:
Dividends from net investment income. ............... (0.32) (0.14) (0.29) (0.30) (0.07)
Distributions from net realized gains. .............. (0.72) -- (0.17) -- (0.33)
------- ------ ------ ------ ------
Total distributions ................................. (1.04) (0.14) (0.46) (0.30) (0.40)
------- ------ ------ ------ ------
Net asset value, end of period ...................... $ 16.16 $13.80 $12.40 $12.06 $11.47
======= ====== ====== ====== ======
Total return (b) .................................... 25.37% 12.49% 6.90% 7.89% 2.43%
======= ====== ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $17,068 $2,778 $1,746 $ 922 $ 96
Ratio of operating expenses to average net assets ... 0.51% 0.50%(c) 0.50% 0.33% 0.25%(c)
Ratio of net investment income to average net assets 2.12% 2.41%(c) 2.49% 2.51% 2.74%(c)
Portfolio turnover rate. ............................ 8% 6% 7% 1% 22%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed ........ 0.69% 0.63%(c) 0.64% 0.50% 0.38%(c)
Net investment income per share without waivers
and/or expenses reimbursed ........................ $ 0.30 $ 0.09 $ 0.28 $ 0.28 $ 0.06
Average commission rate paid (g) .................... $0.0240 N/A N/A N/A N/A
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Class K Shares commenced operations on December 7, 1992.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
See Notes to Financial Statements.
</TABLE>
The Munder Growth & Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------
Year Period Period
Ended Ended Ended
6/30/96(h) 6/30/95(a) 2/28/95(d,e)
---------- ---------- ------------
<S> <C> <C> <C>
Net asset value, beginning of period ................ $ 11.14 $ 10.43 $ 10.00
-------- -------- --------
Income from investment operations:
Net investment income ............................... 0.32 0.11 0.22
Net realized and unrealized gain on investments ..... 1.99 0.78 0.36
-------- -------- --------
Total from investment operations .................... 2.31 0.89 0.58
-------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.31) (0.18) (0.15)
Distributions from net realized gains ............... (0.09) -- (0.00)(f)
-------- -------- --------
Total distributions ................................. (0.40) (0.18) (0.15)
-------- -------- --------
Net asset value, end of period ...................... $ 13.05 $ 11.14 $ 10.43
======== ======== ========
Total return (b) .................................... 20.97% 8.57% 5.94%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $192,592 $132,583 $105,629
Ratio of operating expenses to average net assets ... 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to average net assets 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ............................. 37% 13% 12%
Ratio of operating expenses to average net assets
without waivers ................................... 1.28% 1.51%(c) 1.53%(c)
Net investment income per share without waivers ..... $ 0.31 $ 0.10 $ 0.17
Average commission rate paid (g) .................... $ 0.0591 N/A N/A
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Class K Shares commenced operations on July 5, 1994.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Amount represents less than $0.01 per share.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
(h) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
The Munder Value Fund
Financial Highlights, For a Share Outstanding Throughout The Period
<TABLE>
<CAPTION>
K Shares
-------------
Period
Ended
06/30/96(a,e)
-------------
<S> <C>
Net asset value, beginning of period ................ $ 10.83
-------
Income from investment operations:
Net investment income ............................... 0.05
Net realized and unrealized gain on investments ..... 0.74
-------
Total from investment operations .................... 0.79
-------
Less distributions:
Dividends from net investment income ................ (0.05)
-------
Total distributions ................................. (0.05)
-------
Net asset value, end of period. ..................... $ 11.57
=======
Total return (b) .................................... 7.33%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 1,018
Ratio of operating expenses to average net assets ... 1.20%(c)
Ratio of net investment income to average net assets 0.64%(c)
Portfolio turnover rate ............................. 223%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed ........... 1.30%(c)
Net investment income per share without waivers
and/or expenses reimbursed ........................ $ 0.04
Average commission rate paid (d) .................... $0.0602
<FN>
- ----------------
(a) Class K Shares commenced operations on November 30, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased and sold by
the Fund.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
The Munder Balanced Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/96 (g) 6/30/95(a) 2/28/95(d) 2/28/94(e)
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.78 $ 9.97 $10.35 $ 9.97
------- ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.28 0.07 0.21 0.16
Net realized and unrealized gain/(loss) on
investments ..................................... 1.56 0.86 (0.42) 0.34
------- ------ ------ ------
Total from investment operations .................... 1.84 0.93 (0.21) 0.50
------- ------ ------ ------
Less distributions:
Dividends from net investment income ................ (0.25) (0.12) (0.17) (0.12)
------- ------ ------ ------
Total distributions ................................. (0.25) (0.12) (0.17) (0.12)
------- ------ ------ ------
Net asset value, end of period. ..................... $ 12.37 $10.78 $ 9.97 $10.35
======= ====== ====== ======
Total return (b) .................................... 17.17% 9.33% (1.95)% 5.03%
======= ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 1,718 $ 168 $ 151 $ 102
Ratio of operating expenses to average net assets ... 1.15% 1.16%(c) 1.22% 1.00%(c)
Ratio of net investment income to average net assets 2.29% 2.51%(c) 1.89% 1.68%(c)
Portfolio turnover rate ............................. 197% 52% 116% 50%
Ratio of operating expenses to average net assets
without waivers ................................... 1.26% 1.51%(c) 1.57% 1.25%(c)
Net investment income per share without waivers ..... $ 0.27 $ 0.06 $ 0.17 $ 0.14
Average commission rate (f) ......................... $0.0586 N/A N/A N/A
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Class K Shares commenced operations on April 16, 1993.
(f) Average commission rate paid per share of securities purchased and sold by
the Fund.
(g) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
The Munder Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96 6/30/95(a) 2/28/95(d,e) 2/28/94 2/28/93(f)
------- ---------- ------------ ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.69 $ 9.31 $ 9.91 $ 9.92 $ 9.66
------- ------- ------- ------- ------
Income from investment operations:
Net investment income ............................... 0.61 0.21 0.62 0.56 0.12
Net realized and unrealized gain/(loss) on
investments ....................................... (0.19) 0.37 (0.64) (0.01) 0.38
------- ------- ------- ------- ------
Total from investment operations .................... 0.42 0.58 (0.02) 0.55 0.50
------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income ................ (0.58) (0.20) (0.58) (0.56) (0.15)
Distributions from net realized gains ............... -- -- -- -- (0.09)
------- ------- ------- ------- ------
Total distributions ................................. (0.58) (0.20) (0.58) (0.56) (0.24)
------- ------- ------- ------- ------
Net asset value, end of period ...................... $ 9.53 $ 9.69 $ 9.31 $ 9.91 $ 9.92
======= ======= ======= ======= ======
Total return (b) .................................... 4.35% 6.28% 0.44% 5.61% 5.24%
======= ======= ======= ======= ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $32,211 $36,718 $33,842 $26,458 $3,671
Ratio of operating expenses to average net assets ... 0.95% 0.95%(c) 0.92% 0.88% 0.80%(c)
Ratio of net investment income to average net assets 6.26% 6.47%(c) 6.57% 5.76% 5.32%(c)
Portfolio turnover rate ............................. 507% 99% 165% 128% 77%
Ratio of operating expenses to average net assets
without waivers ................................... 1.04% 1.19%(c) 1.16% 1.02% 0.94%(c)
Net investment income per share without waivers ..... $ 0.61 $ 0.20 $ 0.59 $ 0.55 $ 0.11
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Class K Shares commenced operations on November 23, 1992.
See Notes to Financial Statements.
</TABLE>
The Munder Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
------- ---------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.51 $ 9.27 $ 9.91 $ 10.47 $ 10.26
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............................... 0.58 0.22 0.56 0.59 0.17
Net realized and unrealized gain/(loss) on
investments ....................................... (0.20) 0.24 (0.57) (0.20) 0.25
-------- -------- -------- -------- --------
Total from investment operations .................... 0.38 0.46 (0.01) 0.39 0.42
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.58) (0.22) (0.62) (0.58) (0.12)
Distributions from net realized gains ............... -- -- (0.01) (0.37) (0.09)
-------- -------- -------- -------- --------
Total distributions ................................. (0.58) (0.22) (0.63) (0.95) (0.21)
-------- -------- -------- -------- --------
Net asset value, end of period ...................... $ 9.31 $ 9.51 $ 9.27 $ 9.91 $ 10.47
======== ======== ======== ======== ========
Total return (b) .................................... 4.04% 5.04% 0.54% 3.77% 4.15%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $370,493 $300,596 $285,493 $112,332 $132,273
Ratio of operating expenses to average net assets ... 0.94% 0.95%(c) 0.93% 0.84% 0.79%(c)
Ratio of net investment income to average net assets 6.08% 7.12%(c) 6.71% 5.55% 5.56%(c)
Portfolio turnover rate ............................. 494% 84% 80% 155% 104%
Ratio of operating expenses to average net assets
without waivers ................................... 1.02% 1.19%(c) 1.18% 0.98% 0.93%(c)
Net investment income per share without waivers ..... $ 0.57 $ 0.22 $ 0.54 $ 0.58 $ 0.16
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Class K Shares commenced operations on November 20, 1992.
See Notes to Financial Statements.
</TABLE>
The Munder U.S. Government Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------
Year Period Period
Ended Ended Ended
6/30/96 (f) 6/30/95(a) 2/28/95(d,e)
----------- ---------- ------------
<S> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.30 $ 9.89 $ 10.00
-------- -------- --------
Income from investment operations:
Net investment income ............................... 0.71 0.23 0.47
Net realized and unrealized gain/(loss) on
investments ....................................... (0.27) 0.41 (0.12)
-------- -------- --------
Total from investment operations .................... 0.44 0.64 0.35
-------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.68) (0.23) (0.46)
Distributions from net realized gains ............... (0.08) -- --
-------- -------- --------
Total distributions ................................. (0.76) (0.23) (0.46)
-------- -------- --------
Net asset value, end of period. ..................... $ 9.98 $ 10.30 $ 9.89
======== ======== ========
Total return (b) .................................... 4.32% 6.55% 3.68%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $158,948 $174,674 $165,298
Ratio of operating expenses to average net assets ... 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to average net assets 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ............................. 133% 42% 143%
Ratio of operating expenses to average net assets
without waivers ................................... 1.04% 1.21%(c) 1.19%(c)
Net investment income per share without waivers ..... $ 0.70 $ 0.23 $ 0.45
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Class K Shares commenced operations on July 5, 1994.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
The Munder Michigan Triple Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/96(d) 6/30/95(a,d) 2/28/95(d,e) 2/28/94(f)
---------- ------------ ------------ ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.34 $ 9.24 $ 9.73 $ 10.00
------- ------- ------- -------
Income from investment operations:
Net investment income ............................... 0.48 0.16 0.44 0.05
Net realized and unrealized gain/(loss) on
investments ....................................... 0.00 0.10 (0.50) (0.30)
------- ------- ------- -------
Total from investment operations .................... 0.48 0.26 (0.06) (0.25)
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ (0.48) (0.16) (0.43) (0.02)
------- ------- ------- -------
Total distributions ................................. (0.48) (0.16) (0.43) (0.02)
------- ------- ------- -------
Net asset value, end of period ...................... $ 9.34 $ 9.34 $ 9.24 $ 9.73
======= ======= ======= =======
Total return (b) .................................... 5.14% 2.84% (0.16)% (2.48)%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $29,476 $25,549 $27,731 $13,464
Ratio of operating expenses to average net assets ... 0.51% 0.52%(c) 0.56% 0.46%(c)
Ratio of net investment income to average net assets 5.01% 5.06%(c) 4.81% 3.48%(c)
Portfolio turnover rate ............................. 31% 8% 53% 0%
Ratio of operating expenses to average net assets
without waivers ................................... 1.09% 1.26%(c) 1.30% 1.20%(c)
Net investment income per share without waivers ..... $ 0.42 $ 0.14 $ 0.37 $ 0.04
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Class K Shares commenced operations on January 3, 1994.
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------
Year Period Period
Ended Ended Ended
6/30/96(b) 6/30/95(a,b) 2/28/95(e,f)
---------- ------------ ------------
<S> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.30 $ 10.14 $ 10.00
-------- -------- --------
Income from investment operations:
Net investment income ............................... 0.46 0.15 0.31
Net realized and unrealized gain on investments ..... 0.07 0.16 0.14
-------- -------- --------
Total from investment operations .................... 0.53 0.31 0.45
-------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.47) (0.15) (0.31)
Distributions from net realized gains ............... (0.01) -- --
-------- -------- --------
Total distributions ................................. (0.48) (0.15) (0.31)
-------- -------- --------
Net asset value, end of period. ..................... $ 10.35 $ 10.30 $ 10.14
======== ======== ========
Total return (c) .................................... 5.12% 3.09% 4.64%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $196,645 $232,040 $251,636
Ratio of operating expenses to average net assets ... 0.98% 1.02%(d) 0.93%(d)
Ratio of net investment income to average net assets 4.42% 4.38%(d) 4.69%(d)
Portfolio turnover rate ............................. 15% 12% 50%
Ratio of operating expenses to average net assets
without waivers ................................... 1.06% 1.26%(d) 1.17%(d)
Net investment income per share without waivers ..... $ 0.45 $ 0.14 $ 0.29
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(c) Total return represents aggregate total return for the period indicated.
(d) Annualized.
(e) Class K Shares commenced operations on July 5, 1994.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------
Year Period Year Year
Ended Ended Ended Ended
6/30/96(g) 6/30/95(a) 2/28/95(d) 2/28/94
---------- ---------- ---------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.37 $ 10.17 $ 10.44 $ 10.69
-------- -------- -------- --------
Income from investment operations:
Net investment income ............................... 0.41 0.14 0.38 0.42
Net realized and unrealized gain/(loss) on
investments ....................................... (0.03) 0.20 (0.21) (0.14)
-------- -------- -------- --------
Total from investment operations .................... 0.38 0.34 0.17 0.28
-------- -------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.41) (0.14) (0.42) (0.42)
Distributions from net realized gains ............... -- -- (0.02) (0.11)
-------- -------- -------- --------
Total distributions ................................. (0.41) (0.14) (0.44) (0.53)
-------- -------- -------- --------
Net asset value, end of period ...................... $ 10.34 $ 10.37 $ 10.17 $ 10.44
======== ======== ======== ========
Total return (b) .................................... 3.69% 3.35% 2.05% 2.62%
======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $333,768 $333,067 $345,658 $107,335
Ratio of operating expenses to average net assets ... 0.96% 0.98%(c) 0.95% 0.84%
Ratio of net investment income to average net assets 3.91% 4.01%(c) 4.19% 3.93%
Portfolio turnover rate ............................. 20% 5% 52% 38%
Ratio of operating expenses to average net assets
without waivers ................................... 1.04% 1.22%(c) 1.19% 0.98%
Net investment income per share without waivers ..... $ 0.40 $ 0.13 $ 0.36 $ 0.41
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) This information represents results of operations of the St. Clair Tax-Free
Intermediate Fund, the predecessor Fund of the Munder Tax-Free Intermediate
Bond Fund. The assets and liabilities of the St. Clair Tax-Free
Intermediate Fund were transferred to the Munder Funds Trust on November
20, 1992. On June 22, 1992, Woodbridge Capital Management replaced
Manufacturers Bank, N.A. as investment advisor for the Fund.
(f) Class K Shares commenced operations on February 9, 1987.
(g) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------------------------------------
Period Year Year Year Year Year Period
Ended Ended Ended Ended Ended Ended Ended
2/28/93 7/31/92(e) 7/31/91(e) 7/31/90(e) 7/31/89(e) 7/31/88(e) 7/31/87(e,f)
------- ---------- ---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.47 $ 10.04 $ 9.91 $ 9.93 $ 9.91 $ 9.99 $10.00
-------- -------- ------- ------- ------ ------ ------
Income from investment operations:
Net investment income ............... 0.23 0.49 0.55 0.60 0.52 0.51 0.25
Net realized and unrealized
gain/(loss) on investments ........ 0.24 0.51 0.26 (0.02) 0.02 (0.08) (0.01)
-------- -------- ------- ------- ------ ------ ------
Total from investment operations .... 0.47 1.00 0.81 0.58 0.54 0.43 0.24
-------- -------- ------- ------- ------ ------ ------
Less distributions:
Dividends from net investment income (0.23) (0.49) (0.55) (0.60) (0.52) (0.51) (0.25)
Distributions from net realized gains (0.02) (0.08) (0.13) -- -- -- --
-------- -------- ------- ------- ------ ------ ------
Total distributions ................. (0.25) (0.57) (0.68) (0.60) (0.52) (0.51) (0.25)
-------- -------- ------- ------- ------ ------ ------
Net asset value, end of period ...... $ 10.69 $ 10.47 $ 10.04 $ 9.91 $ 9.93 $ 9.91 $ 9.99
======== ======== ======= ======= ====== ====== ======
Total return (b) .................... 5.30% 10.31% 8.15% 6.02% 5.55% 4.43% 1.89%
======== ======== ======= ======= ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) $113,189 $110,825 $50,740 $12,282 $1,350 $1,219 $1,888
Ratio of operating expenses to
average net assets ................ 0.71%(c) 0.69% 0.61% 0.25% 0.54% 0.60% 0.26%(c)
Ratio of net investment income to
average net assets ................ 4.36%(c) 4.83% 5.54% 6.13% 5.22% 5.17% 5.35%(c)
Portfolio turnover rate ............. 57% 200% 327% 119% 37% 28% 105%
Ratio of operating expenses to
average net assets without waivers 0.77%(c) 0.99% 1.05% 1.05% 3.58% 3.09% 1.06%(c)
Net investment income per share
without waivers ................... $ 0.22 $ 0.46 $ 0.51 $ 0.52 $ 0.22 $ 0.26 $ 0.21
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) This information represents results of operations of the St. Clair Tax-Free
Intermediate Fund, the predecessor Fund of the Munder Tax-Free Intermediate
Bond Fund. The assets and liabilities of the St. Clair Tax-Free
Intermediate Fund were transferred to the Munder Funds Trust on November
20, 1992. On June 22, 1992, Woodbridge Capital Management replaced
Manufacturers Bank, N.A. as investment advisor for the Fund.
(f) Class K Shares commenced operations on February 9, 1987.
(g) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
------- ---------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............................... 0.030 0.011 0.024 0.020 0.006
-------- -------- -------- -------- --------
Total from investment operations .................... 0.030 0.011 0.024 0.020 0.006
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.030) (0.011) (0.024) (0.020) (0.006)
-------- -------- -------- -------- --------
Total distributions ................................. (0.030) (0.011) (0.024) (0.020) (0.006)
-------- -------- -------- -------- --------
Net asset value, end of period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return (b) .................................... 3.00% 1.12% 2.44% 1.99% 0.61%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $192,591 $195,730 $195,926 $211,832 $105,609
Ratio of operating expenses to average net assets ... 0.68% 0.69%(c) 0.70% 0.57% 0.55%(c)
Ratio of net investment income to average net assets 2.99% 3.36%(c) 2.39% 1.96% 2.24%(c)
Ratio of operating expenses to average net assets
without waivers ................................... 0.70% 0.74%(c) 0.75% 0.62% 0.60%(c)
Net investment income per share without waivers ..... $ 0.030 $ 0.011 $ 0.024 $ 0.019 $ 0.003
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Class K Shares commenced operations on November 23, 1992.
See Notes to Financial Statements.
</TABLE>
The Munder U.S. Treasury Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
------- ---------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ............................... 0.048 0.017 0.037 0.025 0.007
------- ------- ------- ------- -------
Total from investment operations .................... 0.048 0.017 0.037 0.025 0.007
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ (0.048) (0.017) (0.037) (0.025) (0.007)
------- ------- ------- ------- -------
Total distributions ................................. (0.048) (0.017) (0.037) (0.025) (0.007)
------- ------- ------- ------- -------
Net asset value, end of period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total return (b) .................................... 4.89% 1.76% 3.83% 2.57% 0.74%
======= ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $62,133 $74,210 $75,197 $72,433 $12,248
Ratio of operating expenses to average net assets ... 0.69% 0.70%(c) 0.70% 0.57% 0.53%(c)
Ratio of net investment income to average net assets 4.74% 5.23%(c) 3.73% 2.56% 2.60%(c)
Ratio of operating expenses to average net assets
without waivers ................................... 0.71% 0.75%(c) 0.75% 0.62% 0.58%(c)
Net investment income per share without waivers ..... $ 0.048 $ 0.017 $ 0.037 $ 0.025 $ 0.007
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Class K Shares commenced operations on November 25, 1992.
See Notes to Financial Statements.
</TABLE>
The Munder Cash Investment Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/96 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
------- ---------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............................... 0.050 0.018 0.040 0.026 0.008
-------- -------- -------- -------- --------
Total from investment operations .................... 0.050 0.018 0.040 0.026 0.008
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.050) (0.018) (0.040) (0.026) (0.008)
-------- -------- -------- -------- --------
Total distributions ................................. (0.050) (0.018) (0.040) (0.026) (0.008)
-------- -------- -------- -------- --------
Net asset value, end of period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return (b) .................................... 5.10% 1.81% 4.08% 2.68% 0.74%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $547,523 $558,628 $559,212 $293,827 $248,382
Ratio of operating expenses to average net assets ... 0.68% 0.67%(c) 0.70% 0.56% 0.54%(c)
Ratio of net investment income to average net assets 4.98% 5.49%(c) 4.12% 2.65% 2.85%(c)
Ratio of operating expenses to average net assets
without waivers ................................... 0.68% 0.69%(c) 0.73% 0.61% 0.59%(c)
Net investment income per share without waivers ..... $ 0.050 $ 0.018 $ 0.040 $ 0.026 $ 0.008
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Class K Shares commenced operations on November 23, 1992.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Notes To Financial Statements, June 30, 1996
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended, (the "1940 Act") as an open-end investment
company, which was organized as a Maryland corporation on November 18, 1992.
The Munder Funds Trust ("MFT") is registered under the 1940 Act, as an
open-end investment company, which was organized as a Massachusetts business
trust on August 30, 1989. MFI and MFT consist of 20 portfolios (each a "Fund"
collectively, the "Munder Funds"), as follows:
MFI:
Equity Funds
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Mid-Cap Growth Fund
Munder Value Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
Munder Accelerating Growth Fund
Munder Small Company Growth Fund
Munder International Equity Fund
Munder Index 500 Fund
Munder Growth & Income Fund
Munder Balanced Fund
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Triple Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
Munder Cash Investment Fund
The Equity Funds (with the exception of the Munder Index 500 Fund) and
the Income Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. The Munder Index 500 Fund offers four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Money Market Funds
of MFT offer three classes of shares -- Class A, Class K and Class Y Shares.
The Munder Money Market Fund offers four classes of shares -- Class A, Class
B, Class C and Class Y Shares. The Financial Highlights of Class A, Class B,
Class C and Class Y Shares are presented in a separate annual report. Each
Fund is classified as a diversified management investment company under the
1940 Act, other than the Munder Tax-Free Intermediate Bond Fund and the Munder
Michigan Triple Tax-Free Bond Fund which are classified as non-diversified due
to their intention to invest their assets, when possible, in municipal
obligations issued by the State of Michigan and its political subdivisions.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: With respect to the Equity and Income Funds,
securities (including financial futures) traded on a recognized stock exchange
or on the NASDAQ National Market System ("NASDAQ") are valued at the last sale
price on the securities exchange on which such securities are primarily traded
or at the last sale price on the national securities market as of the close of
business on the date of valuation. Securities traded on a national securities
exchange or on NASDAQ for which there were no sales on the date of valuation
and securities traded on over-the-counter markets, including listed securities
for which the primary market is believed to be over-the-counter, are valued at
the mean between the most recently quoted bid and asked prices. Restricted
securities, securities for which market quotations are not readily available,
and other assets are valued at fair value by the advisor, under the
supervision of the Boards of Trustees and Directors. Portfolio securities
primarily traded on the London Stock Exchange are generally valued at the
mid-price between the current bid and asked prices. Portfolio securities that
are primarily traded on foreign securities exchanges, other than the London
Stock Exchange, are generally valued at the preceding closing values of such
securities on their respective exchanges, except when an occurrence subsequent
to the time a value was so established is likely to have changed such value.
In such an event, the fair value of those securities will be determined
through the consideration of other factors by or under the direction of the
Boards of Trustees and Directors. Debt securities with remaining maturities of
60 days or less at the time of purchase are valued on an amortized cost basis,
which approximates current market value. Debt securities in the Money Market
Funds are also valued on an amortized cost basis, which approximates current
market value. Under this method, securities are valued initially at cost when
purchased (or on the 61st day before maturity). Thereafter, a constant
proportionate amortization of any discount or premium is recorded until
maturity of the security. Regular review and monitoring of the valuation of
securities held by the Money Market Funds is performed pursuant to procedures
established by the Boards of Trustees and Directors. Each Money Market Fund
seeks to maintain a net asset value per share of $1.00.
Forward Foreign Currency Contracts: Each Equity Fund may engage in
forward foreign currency contracts in an effort to reduce the level of
volatility caused by changes in foreign currency exchange rates. The Funds may
use forward foreign currency contracts to facilitate transactions in foreign
securities and to manage a Fund's currency exposure. Forward foreign currency
contracts are valued at the exchange rate and are marked-to-market daily. The
change in market value is recorded by the Fund as an unrealized gain or loss.
When the contract is closed, the Fund records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts.
Foreign Currency: The books and records of the Munder International
Equity Fund are maintained in United States (U.S.) dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense
are translated on the respective dates of such transactions. Unrealized gains
and losses, not relating to securities, which result from changes in foreign
currency exchange rates have been included in the unrealized
appreciation/(depreciation) of foreign currency and net other assets. Net
realized foreign currency gains and losses resulting from changes in exchange
rates include foreign currency gains and losses between trade date and
settlement date on investment security transactions, foreign currency
transactions and the difference between the amounts of interest and dividends
recorded on the books of the Fund and the amounts actually received. The
portion of foreign currency gains and losses related to fluctuation in
exchange rates between the initial purchase trade date and subsequent sale
trade date is included in realized gains and losses on investment securities
sold.
Futures Contracts: The Munder Index 500 Fund may enter into futures
contracts for the purpose of hedging against changes in the value of the
portfolio securities held and in the value of the securities it intends to
purchase, or in order to maintain liquidity. Upon entering into a futures
contract, the Fund is required to deposit with the broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin." Subsequent payments ("variation margin") are
made or received by the Fund each day, depending on the daily fluctuation of
the value of the contract. The daily changes in the contract are recorded as
unrealized gains or losses. The Fund recognizes a realized gain or loss when
the contract is closed. The net unrealized appreciation/(depreciation), if
any, is shown in the financial statements.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
Repurchase Agreements: Each Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is not
subject to market fluctuations during the Fund's holding period. The value of
the collateral is at least equal, at all times, to the total amount of the
repurchase obligations, including interest. In the event of counterparty
default, the Fund has the right to use the collateral to satisfy the terms of
the repurchase agreement. However, there could be potential loss to the Fund
in the event the Fund is delayed or prevented from exercising its right to
dispose of the collateral securities, including the risk of a possible decline
in the value of the collateral securities during the period while the Fund
seeks to assert its rights. The Munder Funds' investment advisor, acting under
the supervision of the Boards of Trustees and Directors, reviews the value of
the collateral and the creditworthiness of those banks and dealers with which
a Fund enters into repurchase agreements to evaluate potential risks.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend
date. General expenses of the Munder Funds are allocated to each Fund based
upon relative net assets of each Fund. Operating expenses of each Fund
directly attributable to a class of shares are charged to that class'
operations. Expenses of each Fund not directly attributable to the operations
of any class of shares are prorated among the classes based on the relative
average net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the amount
of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid quarterly by the Equity Funds
(excluding the Munder Multi-Season Growth Fund, Munder Mid-Cap Growth Fund,
Munder International Equity Fund and the Munder Value Fund for which dividends
are declared and paid at least annually and the Munder Real Estate Equity
Investment Fund for which dividends are declared and paid monthly); declared
and paid monthly by the Income Funds; and declared daily and paid monthly by
the Money Market Funds. Each Fund's net realized capital gains (including net
short-term capital gains), if any, are declared and distributed at least
annually. Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities held
by a Fund, timing differences and differing characterization of distributions
made by a Fund as a whole.
As determined at June 30, 1996, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, different book and tax accounting for currency gains and losses and
market discount of certain debt instruments were reclassified to paid-in
capital at year end. These reclassifications had no effect on net investment
income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code of 1986, as amended, applicable to regulated investment
companies and to distribute substantially all of its earnings to its
shareholders. Therefore, no Federal income or excise tax provision is
required.
2. Investment Advisor, Administrator, Custodian, Transfer Agent and Other
Related Party Transactions
Munder Capital Management (the "Advisor"), an independent investment
management firm, serves as each Fund's advisor. For its advisory services, the
Advisor is entitled to receive from each Fund a fee, computed daily and
payable monthly, based on the average daily net assets of the respective Fund,
at the following annual rates:
<TABLE>
<CAPTION>
Fees on Assets
Fees on Assets Between Fees on Assets
up to $250 and Exceeding
$250 Million $500 million $500 Million
-------------- -------------- --------------
<S> <C> <C> <C>
Munder Index 500 Fund ............................... 0.20% 0.12% 0.07%
<CAPTION>
Fees on Assets Fees on Assets
up to Exceeding
$500 Million $500 Million
-------------- --------------
<S> <C> <C>
Munder Multi-Season Growth Fund ..................... 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
The Income Funds .................................... 0.50%
Munder Accelerating Growth Fund, Munder Small Company
Growth Fund, Munder International Equity Fund and
Munder Growth & Income Fund ....................... 0.75%
Munder Real Estate Equity Investment Fund, Munder
Mid-Cap Growth Fund and Munder Value Fund ......... 0.74%
Munder Balanced Fund ................................ 0.65%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.35%
Munder Money Market Fund ............................ 0.40%
</TABLE>
Prior to October 28, 1995, the Advisor was entitled to receive
investment advisory fees at the following annual rates: 0.74% of the first
$500 million of average daily net assets and 0.50% of daily net assets in
excess of $500 million for The Income Funds; 1.00% of average daily net assets
up to $250 million, 0.85% of average daily net assets between $250 million and
$500 million, and 0.75% of average daily net assets exceeding $500 million for
the Accelerating Growth, Small Company Growth, International Equity, Growth &
Income Fund and Balanced Fund; and 0.40% of average daily net assets up to
$500 million and 0.35% of average daily net assets exceeding $500 million for
the Tax-Free Money Market, U.S. Treasury Money Market and Cash Investment
Funds.
The Advisor voluntarily waived all or a portion of its advisory fees,
payable by each Fund, for the year ended June 30, 1996, as reflected in the
Statement of Operations. In addition, for the year ended June 30, 1996, the
Advisor reimbursed expenses of $34,671, $24,500, $70,016 and $21,376 to the
Munder Real Estate Equity Investment Fund, the Munder Mid-Cap Growth Fund, the
Munder Index 500 Fund and the Munder Value Fund, respectively.
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 $650,517 for its services to the Funds
for the year ended June 30, 1996. Boston Safe Deposit and Trust Company
("Boston Safe") serves as the custodian of foreign securities for the Munder
Multi-Season Growth Fund, 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 year
ended June 30, 1996, the Distributor received $308,649, representing
commissions (sales charges) on sales of Class A Shares of the Funds. For the
year ended June 30, 1996, the Distributor received $166,504 in contingent
deferred sales charges from Class B and Class C Shares of the Funds.
The Munder Funds have adopted Shareholder Servicing Plans and
Distribution and Service Plans (collectively, the "Plans") pursuant to Rule
12b-1, adopted by the Securities and Exchange Commission under the 1940 Act,
with respect to the Class A, Class B and Class C Shares. Under the Plans, the
Distributor uses the service fees primarily to pay ongoing trail commissions
to securities dealers and other financial institutions and organizations
(collectively, the "Service Organizations") who provide shareholder services
for the Funds. The Plans also permit payments to be made by the Funds to the
Distributor for expenditures incurred by the Distributor in connection with
the distribution of Fund shares to investors and provision of certain
shareholder services (which include but are not limited to the payment of
compensation, including compensation to Service Organizations to obtain
various distribution related services for the Funds). The Munder Funds have
also adopted Shareholder Servicing Plans (the "Class K Plans") for the Class K
Shares of the Funds. Under the Class K Plans, the Munder Funds are permitted
to enter into agreements with institutions that provide shareholder services
to their customers. For the year ended June 30, 1996, the effective rates, as
a percentage of average daily net assets, under the Shareholder Servicing and
Distribution and Servicing Plans are as follows:
<TABLE>
<CAPTION>
Class A Shares Class B Shares Class C Shares Class K Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
The Equity Funds (excluding the Munder Index 500
Fund) ............................................. 0.25% 1.00% 1.00% 0.25%
Munder Index 500 Fund ............................... 0.10% 0.45% N/A 0.25%
The Income Funds .................................... 0.25% 1.00% 1.00% 0.25%
The Money Market Funds:
Munder Money Market Fund ............................ 0.25% 1.00% 1.00% N/A
Munder Tax-Free Money Market Fund ................... 0.25% N/A N/A 0.15%
Munder U.S. Treasury Money Market Fund .............. 0.25% N/A N/A 0.15%
<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 year ended June 30, 1996, 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 ..................... $ 182,789,326 $ 153,070,006
Munder Real Estate Equity Investment Fund ........... 15,105,771 2,599,093
Munder Accelerating Growth Fund ..................... 299,774,892 338,856,090
Munder Small Company Growth Fund .................... 183,756,986 161,032,485
Munder Mid-Cap Growth Fund .......................... 56,825,117 38,230,975
Munder International Equity Fund .................... 178,331,548 124,534,084
Munder Index 500 Fund ............................... 78,344,416 11,648,733
Munder Growth & Income Fund ......................... 108,905,707 59,835,382
Munder Value Fund ................................... 90,428,608 59,266,083
Munder Balanced Fund ................................ 73,834,319 93,093,521
Munder Bond Fund .................................... 530,817,779 504,500,998
Munder Intermediate Bond Fund ....................... 1,420,021,912 1,342,493,093
Munder U.S. Government Income Fund .................. 19,826,717 45,368,759
Munder Michigan Triple Tax-Free Bond Fund ........... 11,038,281 8,133,932
Munder Tax-Free Bond Fund ........................... 32,531,356 70,232,752
Munder Tax-Free Intermediate Bond Fund .............. 69,287,422 69,824,749
</TABLE>
For the year ended June 30, 1996, 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 ................................ $ 28,724,472 $ 3,948,858
Munder Bond Fund .................................... 285,288,063 342,728,999
Munder Intermediate Bond Fund ....................... 1,127,474,150 1,050,825,191
Munder U.S. Government Income Fund .................. 248,715,351 196,220,876
</TABLE>
At June 30, 1996, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an excess
of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Multi-Season Growth Fund ..................... $ 83,800,639 $ 1,954,454
Munder Real Estate Equity Investment Fund ........... 2,146,503 64,091
Munder Accelerating Growth Fund ..................... 74,166,106 5,433,675
Munder Small Company Growth Fund .................... 62,554,576 3,991,132
Munder Mid-Cap Growth Fund .......................... 728,094 1,164,269
Munder International Equity Fund .................... 25,514,339 4,034,677
Munder Index 500 Fund ............................... 49,784,597 1,481,652
Munder Growth & Income Fund ......................... 33,116,526 1,826,787
Munder Value Fund ................................... 1,620,042 1,396,040
Munder Balanced Fund ................................ 8,586,562 693,521
Munder Bond Fund .................................... 349,678 3,042,043
Munder Intermediate Bond Fund ....................... 232,648 6,473,118
Munder U.S. Government Income Fund .................. 1,217,743 2,879,136
Munder Michigan Triple Tax-Free Bond Fund ........... 425,655 759,780
Munder Tax-Free Bond Fund ........................... 7,577,614 1,247,991
Munder Tax-Free Intermediate Bond Fund .............. 7,057,209 1,645,816
</TABLE>
5. Concentration of Credit
The Munder Tax-Free Intermediate Bond Fund and Munder Michigan Triple
Tax-Free Bond Fund primarily invest in debt obligations issued by the State of
Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various
public purposes. The two Funds are more susceptible to factors adversely
affecting issuers of Michigan municipal securities than is a municipal bond
fund that is not concentrated in these issuers to the same extent. Economic
changes affecting the state and certain of its public bodies and
municipalities may affect the ability of issuers within the state to pay
interest on or repay principal of municipal obligations held by these Funds.
The Munder Real Estate Equity Investment Fund primarily invests in equity
securities of United States companies which are principally engaged in the
real estate industry or which own significant real estate assets, and
accordingly, is more susceptible to factors adversely affecting the U.S. real
estate industry.
6. Foreign Securities
The Munder International Equity Fund invests primarily in foreign
securities. Investing in securities of foreign companies and foreign
governments involves special risks and considerations not typically associated
with investing in U.S. companies and 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 securities of U.S. companies and the U.S. government.
7. Organizational Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying their
shares for distribution under Federal securities regulations, are being
amortized on a straight-line basis over a period of 5 years from commencement
of operations.
8. Capital Loss Carryforwards
As determined at June 30, 1996, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Fund Amount Expiration
---- ----------- ----------
<S> <C> <C>
Munder Real Estate Equity Investment Fund ........... $ 70,437 2004
Munder Bond Fund .................................... 857,708 2002
3,450,654 2003
Munder Intermediate Bond Fund ....................... 1,509,730 2002
10,362,763 2003
Munder Michigan Triple Tax-Free Bond Fund ........... 45,660 2003
Munder Tax-Free Money Market Fund ................... 14,500 1998
20,091 1999
57,257 2000
39,684 2001
15,088 2002
12,291 2003
Munder Cash Investment Fund ......................... 3,561 1999
1,650 2000
</TABLE>
9. Reorganization
On June 23, 1995, the Munder Multi-Season Growth Fund (Acquiring Fund)
acquired the assets and certain liabilities of the Ambassador Established
Company Growth Fund (Acquired Fund), in exchange for shares of the Acquiring
Fund, pursuant to a plan of tax-free reorganization approved by the Acquired
Fund's shareholders on June 21, 1995. Total shares issued by the Acquiring
Fund, the value of the shares issued by the Acquiring Fund, the total net
assets of the Acquired Fund and the Acquiring Fund and the unrealized
appreciation included in the Acquired Fund's total net assets on the acquiring
date were as follows:
<TABLE>
<CAPTION>
Total
Net
Shares Value of Assets Total Net Acquired
Issued by Shares Issued of Assets of Fund
Acquiring by Acquiring Acquired Acquiring Unrealized
Acquiring Fund Acquired Fund Fund Fund Fund* Fund Appreciation
- ---------------------- ---------------------- --------- ------------- -------- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
Munder Multi-Season Ambassador Established
Growth Fund ........ Company Growth Fund 15,524,720 $189,282,737 $189,260,209 $71,358,360 $27,807,281
<FN>
- ----------------
* The value of the net assets of the Acquiring Fund immediately after the
acquisition was $260,618,569.
</TABLE>
10. Subsequent Event
During the third quarter of 1996, The Munder Funds, Inc. will begin
offering a new fund, the Munder International Bond Fund.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
To the Board of Directors/Trustees and Shareholders of
The Munder Funds
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of The Munder Funds (comprising,
respectively, the Multi-Season Growth, Real Estate Equity Investment,
Accelerating Growth, Small Company Growth, Mid-Cap Growth, International
Equity, Index 500, Growth & Income, Value, Balanced, Bond, Intermediate Bond,
U.S. Government Income, Michigan Triple Tax-Free Bond, Tax-Free Bond, Tax-Free
Intermediate Bond, Money Market, Tax-Free Money Market, U.S. Treasury Money
Market and Cash Investment Funds) as of June 30, 1996, and the related
statements of operations for the periods indicated therein, the statements of
changes in net assets for each of the two periods indicated therein, and the
financial highlights for each of the periods indicated therein (except for the
financial highlights of the Multi-Season Growth Fund and Money Market Fund for
each of the two years in the period ended December 31, 1994). These financial
statements and financial highlights are the responsibility of The Munder
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The
financial highlights for each of the two years in the period ended December
31, 1994 of the Multi-Season Growth Fund and Money Market Fund were audited by
other auditors whose report dated February 14, 1995, expressed an unqualified
opinion on those financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included verification by examination
of securities owned as of June 30, 1996 and correspondence with brokers or
other appropriate auditing procedures where replies from brokers were not
received. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective Funds constituting The Munder Funds at June 30, 1996, the
results of their operations for the periods indicated therein, the changes in
their net assets for each of the two periods indicated therein, and the
financial highlights for each of the periods indicated therein, in conformity
with generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 8, 1996
[ INSIDE BACK COVER ]
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Jack L. Otto
Arthur DeRoy Rodecker
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Richard H. Rose, Assistant Treasurer
Lisa Anne Rosen, Secretary and Assistant Treasurer
Teresa M. R. Hamlin, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
ADMINISTRATOR AND TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W. Suite 500
Washington, D.C. 20005
INDEPENDENT AUDITORS
Ernst & Young
200 Clarendon Street
Boston, MA 02116
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