[FRONT OUTSIDE COVER]
CLASS K SHARES
Semi-Annual
Report
[LOGO]
Investments December 31, 1996
for all seasons
[FRONT INSIDE COVER]
"This has been
a very gratifying
period . . .
performance has
consistently improved
while we have
maintained a focus
on limiting risk."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
This has been a very gratifying period for The Munder Funds. Since
assuming responsibility for additional funds as part of our 1995 partnership
with Comerica, Inc., performance has consistently improved while we have
maintained a focus on limiting risk. For the six months ended December 31,
1996, 13 of our actively managed funds (Class Y shares) placed above median
compared to their peer group. I hope that as a shareholder of these funds,
you are as pleased as we are with this performance. My associates and I thank
you for your continued confidence and support and we will continue to work
diligently to improve the performance of all the funds.
First and foremost we remain committed to offering shareholders a
host of funds which invest within well defined investment disciplines. I
commit to you that we will adhere to each fund's stated parameters and
investment style. Our newest initiatives have been developed for us to keep
you apprised of your portfolio. First is our work with the Internet and our
Web site http://www.munder.com. We broke new ground in the industry this year
when we began posting our mutual fund trades on our Web site. This enables
you to frequently see how your portfolio is changing. Additional internet
initiatives also include a new fund which invests solely in companies
designed to benefit from the Internet. Early in 1997, we will begin testing a
new system to allow shareholders to access their accounts via the Internet
and purchase additional shares and obtain account information. As your
privacy of this privileged information is of the utmost importance to us, we
are proceeding prudently with our service providers to ensure the security of
all account information related to our shareholders.
We have also added several new funds to fill particular niches in
your portfolio. Specifically, the Small-Cap Value and Micro-Cap Equity funds
were opened in late December. Three new funds that are managed by our
overseas affiliate, Framlington, opened in early January. The three new
international funds are the Munder Framlington Healthcare Fund, Munder
Framlington International Growth Fund and Munder Framlington Emerging Markets
Fund. We are especially proud of our relationship with Framlington, and look
forward to being able to offer you their nearly 30 years of expert investment
experience within the Munder Family of Funds.
I look forward to sharing additional progress and successes with you
throughout the coming year. As always, please feel free to call your
financial advisor if you have any questions, or call us at The Munder Funds
at 1.800.4MUNDER.
/s/ Lee Munder
- --------------
Lee Munder President
Table of Contents
-----------------
EQUITY FUNDS OVERVIEW
iii Munder Accelerating Growth Fund
iii Munder Balanced Fund
iii Munder Growth & Income Fund
iv Munder Index 500 Fund
iv Munder International Equity Fund
v Munder Mid-Cap Growth Fund
v Munder Multi-Season Growth Fund
vi Munder Real Estate Equity Investment Fund
vi Munder Small Company Growth Fund
vi Munder Value Fund
FIXED INCOME FUNDS OVERVIEW
viii Munder Bond Fund
viii Munder Intermediate Bond Fund
viii Munder U.S. Government Income Fund
viii Munder Michigan Triple Tax-Free Bond Fund
ix Munder Tax-Free Bond Fund
ix Munder Tax-Free Intermediate Bond Fund
PORTFOLIO OF INVESTMENTS-
Equity Funds:
1 Munder Accelerating Growth Fund
3 Munder Balanced Fund
8 Munder Growth & Income Fund
10 Munder Index 500 Fund
20 Munder International Equity Fund
31 Munder Micro-Cap Equity Fund
33 Munder Mid-Cap Growth Fund
35 Munder Multi-Season Growth Fund
37 Munder Real Estate Equity Investment Fund
38 Munder Small-Cap Value Fund
40 Munder Small Company Growth Fund
43 Munder Value Fund
Income Funds:
45 Munder Bond Fund
48 Munder Intermediate Bond Fund
51 Munder International Bond Fund
54 Munder U.S. Government Income Fund
57 Munder Michigan Triple Tax-Free Bond Fund
61 Munder Tax-Free Bond Fund
67 Munder Tax-Free Intermediate Bond Fund
Money Market Funds:
74 Munder Cash Investment Fund
77 Munder Money Market Fund
79 Munder Tax-Free Money Market Fund
88 Munder U.S. Treasury Money Market Fund
90 Financial Statements
139 Financial Highlights
161 Notes to Financial Statements
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual funds shares involve certain risks, including possible loss of
principal.
i
Management's Discussion of Funds Performance
--------------------------------------------
The Investment Environment
During the past year, volatility in economic data and therefore
expectations about the economy translated into significant fluctuations in
stock and bond prices. Early in the year, stronger than expected employment
reports led to fears that the economy was beginning to grow rapidly enough to
trigger pressures on labor costs and inflation. Employment reports released
on the first Friday of every month became one of the most scrutinized pieces
of economic data. Interest rates rose along with fears that rapid growth
would lead to inflation. Investors came to anticipate significant tightening
by the Federal Reserve Board. Bonds performed poorly while aggressive growth
stocks did well.
In the second half of the year, fears of rapid economic growth and
inflation gave way to concerns that the economy might be slowing more than
anticipated. Interest rates fell. Investors turned from aggressive growth
stocks to more defensive holdings. These tended to be the stocks of larger
companies, particularly those that have shown the ability to maintain strong
and consistent earnings increases in an environment of slow economic growth.
The year ended with no signs of either an economic boom or bust. The
National Purchasing Managers' Index, a widely followed measure of industrial
activity, rose to 54.0 in December, with no indicators that pointed to either
runaway growth or recession.
Currently, there are no excesses or imbalances in the economy that signal
an end to the expansion. While growth in personal income and high levels of
consumer confidence would appear to create the conditions for a consumer-led
spending boom, these positive factors are offset by high levels of consumer
debt. The net result is likely to be a continuation of the moderate growth
and low inflation scenario that prevailed in 1996. However, the volatility in
both data and expectations that characterized 1996 will doubtless continue
into 1997. In fact, the safest prediction would appear to be that volatility
will not only continue but increase as we move through 1997.
Equity Funds Overview
The stock market turned in a stellar performance in 1996. The Dow Jones
Industrials Average ("DJIA") gained 29.49%, while the S&P 500 Index earned a
total return of 22.96%. Small company stocks, measured by the Russell 2000
Index, lagged in relative terms but still generated a robust 16.49%. For the
six-month period ended December 31, 1996 comparable performance was 15.37% for
the DJIA, 11.68% for the S&P 500 Index, and 5.56% for the Russell 2000 Index.
There is currently a significant difference between top-down (6%) and
bottom-up (12% to 15%) earnings growth estimates for 1997. There will be a
fair amount of volatility as these estimates move closer together.
We believe that the three key factors for the stock market in 1997 are
earnings growth, interest rates and cash flows. If earnings gains are closer
to the double-digit bottom-up estimates, if longer-term interest rates drop to
6% or lower, and if positive cash flows into equity funds continue, the
market might be able to show another year of double-digit gains in 1997.
Disappointments in any of these factors could lead to significantly lower
performance.
The Munder Funds' performance data included in this piece are based on the
returns of the K class of shares.
ii
MUNDER ACCELERATING GROWTH FUND
Fund Manager: Ann J. Conrad, CFA
The Fund generated a return of -2.94% for the six-month period ended
December 31, 1996, relative to the 8.23% average return for the Lipper
universe of growth stock mutual funds. Within the universe of growth funds,
aggressive growth funds, like the Accelerating Growth Fund, lagged in
performance for the period.
During the latter part of the year, concerns about the pace of economic
growth caused many investors to become increasingly risk averse. As a result,
they turned from aggressive, momentum-based growth funds, like the
Accelerating Growth Fund, toward more defensive funds which focused on
holdings with consistent earnings growth. This outflow of cash from
aggressive growth funds put significant pressure on holdings in all
aggressive growth funds, including the Accelerating Growth Fund. A second
factor was an increased focus on large company stocks, partly due to buying
by indexed funds which tend to focus on large capitalization companies. Most
momentum-based aggressive growth funds hold stocks in the middle
capitalization range, so the increased interest in large capitalization
companies was another factor hurting relative performance. The significant
downturn in the technology sector in July also contributed to the pressure on
accelerating growth funds. These factors were compounded by tax-loss selling
and general year-end positioning. The result was that many companies
represented in the portfolio of the Accelerating Growth Fund experienced weak
relative performance even when their fundamentals remained strong.
While the factors mentioned above held back the relative performance of
the Fund, there were factors that had a positive impact on returns. These
included the above-average weightings and strong performance of selected
interest-sensitive holdings. In addition, selected companies from a number of
different industries showed strong performance. These positive factors,
however, were not enough to offset the influence of a generally negative
environment for aggressive momentum-based growth funds.
MUNDER BALANCED FUND
Fund Managers: Leonard J. Barr, II, CFA; Ann J. Conrad, CFA; James C. Robinson
The Fund earned a return of 4.73% for the six-month period ended
December 31, 1996, relative to the 8.19% average return for the Lipper
universe of balanced mutual funds. The asset mix of the Fund was approximately
60% stocks and 40% fixed income securities for the period ended December 31,
1996.
The bond portion of the Fund tended to perform in line with the
market. The Fund's equity portion was invested approximately 40% in the style
of the Multi-Season Growth Fund, and 20% in the style of the Accelerating
Growth Fund. The underperformance during this period was attributable
principally to the performance of the Accelerating style, as noted above.
MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund generated a return of 10.91% for the six-month period ended
December 31, 1996, relative to the 10.33% average for the Lipper universe of
equity income mutual funds. The Fund has also earned above-average returns
for the two-year time period ended December 31, 1996. In investing its assets
the Fund tends to focus on those sectors that have traditionally high
dividend yields. This tends to make the portfolio somewhat sensitive to
short-term expectations of interest rates.
iii
The strong relative return of the Fund was led by continued strong
appreciation in the finance sector. The Fund's financial stocks account for
16% of the portfolio and were up in price by 13.1%, slightly ahead of the S&P
Financial Sector. Another strong group for the Fund was energy. Its holdings
in this sector were up by 11.7%, comparing favorably to the 11.1% increase
for the S&P International Oils group (for the fourth quarter of the year).
During the fourth quarter the Real Estate Investment Trust (REIT) weighting
was increased from 5% to 9%. For the quarter, the REIT holdings appreciated
by an average of 13.7%. REITs, with their strong dividend yields, are
particularly attractive given the Fund's goal of producing a dividend yield
that exceeds that of the S&P 500 Index. Sectors that lagged during the
quarter included utilities, retail, chemical and selected drug stocks.
MUNDER INDEX 500 FUND
Fund Manager: Todd B. Johnson and Robert Samrah
The Fund earned a return of 11.35% for the six months ended December 31,
1996, relative to the 11.39% average return for the Lipper universe of mutual
funds with the objective of tracking the return of the S&P 500 Index.
The weightings of the Fund's sectors and individual holdings are
carefully monitored relative to those of the S&P 500 universe of stocks,
using proprietary software. Cash inflows are deployed promptly to ensure that
the Fund remains fully invested. Discrepancies between the return of the Fund
and that of the S&P 500 Index are largely due to the fact that all expenses
are subtracted before Fund performance is calculated. Since the S&P 500 Index
is not an actual fund, there are no expenses charged against its return.
MUNDER INTERNATIONAL EQUITY FUND
Fund Manager: Todd B. Johnson and Theodore Miller
The Fund generated a return of 4.12% for the six-month period ended
December 31, 1996, relative to the 2.92% return for the FT-Actuaries World
ex-U.S. Index and the 3.39% average return for the Lipper universe of
international equity funds. The Fund has also earned above-average returns
for the two-year period ended December 31, 1996.
The Fund offers broad diversification through the combination of its
market quantitative portion (which is representative of the universe of
foreign stocks which trade on U.S. exchanges) and the economic quantitative
portion (which consists of stocks selected through country-specific economic
models). This diversification has helped its performance, particularly
relative to the FT-Actuaries World ex-U.S. Index.
As an illustration of this diversity, in December the top ten performers
in the Fund represented ten different countries. At the top of the list was
Shanghai Erfangii Company, a Chinese textile weaving machine manufacturer,
whose stock rose by 45.76% when sanctions on Chinese textiles were delayed by
the United States. Wace Group Plc, a U.K. printing firm, gained 37.1% on
year-end buying. Banco Industrial Colombiano, a Colombian commercial banking
firm, and Dairy Farm International Ltd., a Hong Kong based international food
marketing company, were strong performers with a 28.3% and 24.8% December
return respectively.
iv
Within the economic quantitative portion, Infogrames Entertainment S.A.,
a French software concern, generated a 30.9% return when the stock began
trading in a more liquid French market. KloecknerWerke AG, a German retail
fabrication company, exhibited a 26% return after announcing a major
reorganization and extension of its credit lines.
The current portfolio continues to broaden its diversification, with the
Fund now encompassing over 630 stocks representing 41 foreign countries. In
addition, the economic quantitative portion of the Fund will be extended to
Canada in January and is expected to encompass approximately 15% of the
Fund's portfolio.
MUNDER MID-CAP GROWTH FUND
Fund Managers: Arnold Kent Douville and Jeffrey A. Wrona, CFA
The Fund generated a 3.88% return for the six-month period ended December
31, 1996, relative to the 5.76% average return for the Lipper universe of
mid-cap mutual funds.
The Fund recognized significant performance above its peer group during
the quarter ended September 30, 1996, principally as a result of its flexible
strategy of maintaining a portion of the portfolio for more opportunistic
buying opportunities. After the significant decline in technology in July,
the Fund used this as an opportunity to buy various technology related
shares. This opportunity contributed significantly to the Fund outperforming
its peer group by over 500 basis points during the quarter. Unfortunately,
the returns for the fourth quarter were held back by year-end tax loss
selling of stocks in the Fund's portfolio. Sale targets were those stocks
whose recent performance had been weakened by the rotation of investors to
more defensive holdings. It is the belief of the Fund's managers that the
Fund is invested in superior companies whose long-term strong fundamentals
will be reflected in competitive returns over time.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and Lee P. Munder, CFA
The Fund earned a 9.41% return for the six-month period ended December
31, 1996, relative to the 8.23% average return for the Lipper universe of
growth stock mutual funds. The Fund has earned above-average returns for the
one-year period ended December 31, 1996.
The best performing stocks during the fourth quarter were Avery Dennison
Corporation (+28%), Microsoft Corporation (+25%), Tyco International Ltd.
(+23%), Donaldson Company, Inc. (+22%) and Worldcom, Inc.(+22%). These stocks
benefited from the rebound in more economically sensitive areas of the stock
market as fears of flat or declining economic activity subsided. While
financial stocks held in the Fund significantly underperformed the market in
December as interest rates began to rise, they outperformed for the fourth
quarter as a whole. However, some sectors which had been strong contributors
to performance earlier in the year, such as healthcare, held back performance
near the end of the year.
During the fourth quarter, the Fund's weighting in the energy
sector was increased as oil prices rose. Holdings of telephone utilities were
reduced as the turmoil in that industry increased. During 1997, we continue
to anticipate moderate overall corporate earnings growth. Those companies
which show solid double-digit earnings growth should again be favored by
investors.
v
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Peter K. Hoglund, CFA
The Fund began operations on October 3, 1996 and has generated a return
of 16.74% for the period since inception to December 31, 1996, relative to
the 15.89% average return for the Lipper universe of real estate funds for the
same time period.
The philosophy of investing in the highest quality REITs delivered strong
performance for both the quarter and the year, with very low volatility of
returns relative to both competing funds and to the broad market as well. The
volatility of the Fund (measured by standard deviation) ranked in the 19th
percentile for REIT funds and was only half as volatile as the S&P 500
universe of stocks. We anticipate that our strategy of broad diversification
across REIT sectors accompanied by a high quality focus will continue to
serve investors well over the longer term.
MUNDER SMALL COMPANY GROWTH FUND
Fund Manager: Carl P. Wilk
The Fund generated a return of 8.64% for the six-month period ended
December 31, 1996, relative to the 4.32% average return for the Lipper
universe of small company growth funds. The Fund has earned above-average
returns for the one, two, three, five and ten-year time periods ended
December 31, 1996.
The Fund's holdings in the business services and technology sectors
contributed to the strong relative performance of the Fund. While the
healthcare sector underperformed during the fourth quarter, the specific
healthcare holdings in the Fund outperformed the market, turning in strong
absolute and relative returns. Of the three strongest sectors in the Fund
during the period, both the healthcare and business services sectors were
overweighted. Strong performance during September also allowed the Fund to
recognize gains on some of its technology and healthcare holdings, benefiting
the Fund as these sectors pulled back somewhat during the fourth quarter.
Retailing stocks displayed weak relative performance as it became clear
that the holiday sales would be less robust than had been anticipated.
Broadcasting stocks were hurt due to uncertainty over the position that the
Department of Justice would take on acquisitions in the Broadcast industry.
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund earned a return of 16.32% for the six-month period ended
December 31, 1996, relative to the 10.53% return for the S&P 500/BARRA Value
Index and the 10.57% average return for the Lipper universe of growth &
income mutual funds.+ The Fund has also earned above-average returns for the
one-year time period ended December 31, 1996. (The Fund began operation in
November, 1995 and therefore has had only one full year of operation.)
+There is no Lipper value universe. The Lipper growth & income universe is
the closest to the characteristics of the Munder Value Fund.
vi
The most overweighted sectors in the Fund, relative to the S&P 500,
continue to be financial services, technology and capital goods. Due to
recent outperformance, some of the valuation disparity among sectors has been
eliminated. However, the financial sector remains attractive, with
consolidation and continued gains from increased operating efficiency making
this area particularly attractive. Within this sector, exposure to banks and
thrifts has been reduced while exposure to insurance and brokerage companies
has increased.
Technology continues to show improving fundamentals. Both companies and
individuals are using technological advances to improve productivity and this
is leading to significant upward revisions in consensus earnings estimates
and positive earnings surprises. In the capital goods sector, we continue to
find undervalued special situations in highly fragmented industries that are
experiencing consolidation.
The most underweighted sectors in the Fund are utilities, consumer
non-cyclicals and basic industries. In the basic industries and non-cyclical
sectors, there are numerous companies experiencing improving fundamentals.
However, expectations are high and valuations appear to be excessive. The
Fund continues to avoid the utility sector because of concerns over
deregulation and increased competition.
Fixed Income Funds Overview
Overall during the last half of the year ended December 31, 1996,
interest rates fell and bond prices rose in response to economic data that
pointed to slow growth and low inflation. This rally in the bond market,
which began in late summer, was not powerful enough to fully offset the
interest rate increases which had taken place earlier in the year. As a
result, the best performing fixed income securities for 1996 as a whole were
those with short-term maturities of one year or less. Returns for longer-term
securities, such as the 30 year Treasury bond, were negative, with the fall
in prices more than offsetting the coupon income. For the year, the total
return of the Lehman Government/Corporate Bond Index was 2.9% and the return
for the Lehman Intermediate Government/Corporate Bond Index was 4.05%. For
the period from July 1 through December 31, 1996, the comparable performance
figures were 4.88% and 4.27% respectively.
Mortgage-related securities underperformed in the fourth quarter, as
interest rates fell and investors began to fear faster pre-payrnents of
principal. For the first time in five years, however, mortgage-related
securities provided the best annual return (absolute and risk-adjusted) of
all high grade sectors. Corporate bonds outperformed Treasuries for both the
fourth quarter and the year as a whole.
[Please Note: In the following commentary, the performance of the Munder Bond
Funds is compared to both Lipper median returns and Lehman Indexes. Unlike
mutual funds, the Lehman Indexes do not represent actual funds and therefore
have no expenses netted against their returns. The returns for Munder Funds
are calculated after the deduction of all expenses.]
vii
MUNDER BOND FUND
Fund Manager: James C. Robinson and Greg A. Prost, CFA
The Fund earned a return of 4.64% for the six-month period ended
December 31, 1996, relative to the 4.81% return for the Lehman
Government/Corporate Index and a 4.89% average return for the Lipper universe
of corporate debt A rated funds.
During the fourth quarter of 1996, the Fund was overweighted in
mortgage-backed securities during the fourth quarter and underweighted in
corporate bonds. This hindered performance slightly, given the rally
in the bond market through much of the fourth quarter.
MUNDER INTERMEDIATE BOND FUND
Fund Manager: Anne K. Kennedy
The Fund generated a return of 3.81% for the six-month period ended
December 31, 1996, relative to the 3.81% return for the Lehman Intermediate
Government/Corporate Bond Index and a 3.95% average return for the Lipper
universe of short intermediate investment grade debt funds.
The Fund's duration (sensitivity to changes in interest rates) is set
equal to that of the Lehman Intermediate Government/Corporate Bond Index.
This Index, and therefore the Fund, tend to have a longer duration (greater
price sensitivity to changes in interest rates) than the Lipper universe.
This boosted the Fund's performance relative to the Lipper universe, given
the decline in interest rates and corresponding increase in bond prices
during the fourth quarter.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Manager: Peter G. Root
The Fund generated a return of 4.51% for the six-month period ended
December 31, 1996, relative to the 4.45% return for the Lehman Government
Index and the 4.45% average return for the Lipper universe of general U.S.
government debt funds. The Fund has also earned above-average returns for the
one, two, three and five-year time periods ended December 31, 1996.
The Fund continued to benefit from its holdings of government-related
securities that are higher yielding than Treasuries. These include bonds
which are issued by U.S. government agencies and which have been strong
performers throughout much of the year
MUNDER MICHIGAN TRIPLE TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund generated a return of 5.13% for the six-month period ended
December 31, 1996, compared to the 4.76% average return for the Lipper
universe of Michigan municipal debt funds.
viii
Municipal yields declined by approximately 20 basis points (0.20
percentage point) across the entire maturity spectrum during the fourth
quarter. Many managers of Michigan bond funds were sellers of longer-term
securities, weakening the prices of Michigan securities with longer
maturities. Therefore, the Fund's underweighting in bonds with maturities of
20 years or more was a key factor in the relative outperformance of the Fund.
MUNDER TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 4.01% for the six-month period ended
December 31, 1996, relative to the 4.73% average return for the Lipper
universe of general municipal debt funds.
During the quarter, yields declined by approximately 20 basis
points for securities of all maturities. Securities with maturities of
approximately 15 years were the best-performers for both the quarter and for
the year ended December 31, 1996. The Fund's lack of securities in this
maturity range therefore held back performance for the quarter. The high
quality of the Fund's holdings also dampened returns for the quarter.
MUNDER TAX-FREE INTERMEDIATE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 3.17% for the six-month period ended
December 31, 1996, relative to the 3.92% average return for the Lipper
universe of intermediate municipal debt funds.
Although yields declined across the entire spectrum of
maturities, bonds with intermediate maturities were outstanding performers
for both the quarter and for the year. Retail buying, coupled with demand
from insurance companies, provided solid performance for this sector of the
tax-exempt bond market. The Fund underperformed during the quarter due to its
holdings of higher coupon, high quality bonds. These characteristics gave the
Fund a defensive structure which tends to underperform in periods of market
rallies, as seen in the fourth quarter.
ix
Munder Accelerating Growth Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 97.3%
Apparel -- 5.7%
<S> <C> <C>
123,700 Jones Apparel Group Inc.+ $ 4,623,287
41,200 Liz Claiborne, Inc. 1,591,350
90,900 NIKE Inc., Class B 5,431,275
75,900 Tommy Hilfiger Corporation+ 3,643,200
-----------
15,289,112
-----------
<CAPTION>
Automobile Parts & Equipment -- 1.8%
<S> <C> <C>
232,800 Miller Industries, Inc.+ 4,656,000
-----------
<CAPTION>
Banking and Financial Services -- 16.2%
<S> <C> <C>
69,900 BankAmerica Corporation 6,972,525
67,900 Envoy Corporation+ 2,546,250
72,300 Finova Group Inc. 4,645,275
98,500 First Data Corporation 3,595,250
97,200 Green Tree Financial Corporation 3,754,350
56,900 Household International Inc. 5,249,025
63,200 Oxford Resources Corporation, Class A+ 1,951,300
90,750 PMI Group Inc. 5,025,281
161,300 Travelers Group Inc. 7,318,988
74,200 UCFC Corporation+ 1,975,575
-----------
43,033,819
-----------
<CAPTION>
Commercial Services -- 7.7%
<S> <C> <C>
58,900 ABR Information Services, Inc.+ 2,319,188
212,900 AccuStaff Inc.+ 4,497,512
66,900 APAC Teleservices, Inc.+ 2,567,288
151,000 Corporate Express Inc. 4,445,062
155,700 CUC International Inc.+ 3,697,875
181,700 TeleSpectrum Worldwide Inc.+ 2,884,488
-----------
20,411,413
-----------
<CAPTION>
Computer Hardware, Software or Services
- -- 8.6%
<S> <C> <C>
62,900 Baan Company NV+ 2,185,775
225,600 CCC Information Services Group+ 3,609,600
99,700 CISCO Systems Inc.+ 6,343,412
68,000 Motorola Inc. 4,173,500
73,500 Saville Systems, ADS+ 2,985,937
47,400 Shiva Corporation+ 1,653,075
51,300 Sykes Enterprises, Inc.+ 1,923,750
-----------
22,875,049
-----------
<CAPTION>
Diversified -- 7.2%
<S> <C> <C>
60,600 Ceridian Corporation+ 2,454,300
54,700 General Electric Company 5,408,463
123,650 Thermo Electron Corporation+ 5,100,563
117,000 Tyco International Ltd. 6,186,375
-----------
19,149,701
-----------
<CAPTION>
Environmental Control -- 1.4%
<S> <C> <C>
255,600 Philip Environmental Inc. 3,706,200
-----------
<CAPTION>
Food -- 1.2%
<S> <C> <C>
129,150 Richfood Holdings Inc. 3,131,888
-----------
<CAPTION>
Hotels and Restaurants -- 5.9%
<S> <C> <C>
120,100 Boston Chicken Inc.+ 4,308,587
98,100 Hospitality Franchise Systems, Inc. 5,861,475
129,200 La Quinta Inns Inc. 2,470,950
70,000 Planet Hollywood International, Class A+ 1,382,500
99,900 Quality Dining Inc.+ 1,785,713
-----------
15,809,225
-----------
<CAPTION>
Insurance -- 2.4%
<S> <C> <C>
41,800 American International Group Inc. 4,524,850
54,000 MMI Companies, Inc. 1,741,500
-----------
6,266,350
-----------
<CAPTION>
Medical Services and Supplies -- 12.4%
<S> <C> <C>
85,200 Boston Scientific Corporation+ 5,112,000
48,700 CRA Managed Care, Inc. 2,191,500
93,500 HBO & Company 5,551,562
123,000 HEALTHSOUTH Corporation+ 4,689,375
175,600 Omnicare, Inc. 5,641,150
94,700 Oxford Health Plans, Inc.+ 5,545,869
118,200 Total Renal Care Holdings Inc.+ 4,284,750
-----------
33,016,206
-----------
<CAPTION>
Office Equipment and Supplies -- 4.3%
<S> <C> <C>
141,000 Danka Business Systems, ADR 4,987,875
66,000 Pitney Bowes, Inc. 3,597,000
111,600 Viking Office Products Inc.+ 2,978,325
-----------
11,563,200
-----------
<CAPTION>
Oil Equipment and Services -- 4.1%
<S> <C> <C>
62,800 Chesapeake Energy Corporation+ 3,493,250
28,800 Diamond Offshore Drilling, Inc.+ 1,641,600
93,300 SEACOR Holdings, Inc.+ 5,877,900
-----------
11,012,750
-----------
<CAPTION>
Pharmaceuticals -- 3.7%
<S> <C> <C>
55,000 Pfizer, Inc. 4,558,125
40,900 Schering-Plough Corporation 2,648,275
51,000 Teva Pharmaceuticals, ADR 2,562,750
-----------
9,769,150
-----------
<CAPTION>
Prison Management Services -- 2.6%
<S> <C> <C>
225,800 Corrections Corporation of America+ 6,915,125
-----------
<CAPTION>
Real Estate -- 1.1%
<S> <C> <C>
92,200 Cali Realty Corporation 2,846,675
-----------
<CAPTION>
Retail -- Store -- 1.8%
<S> <C> <C>
220,800 PETsMART, Inc.+ 4,830,000
-----------
<CAPTION>
Telecommunications -- 9.2%
<S> <C> <C>
43,900 Ascend Communications, Inc.+ 2,727,287
70,100 FORE Systems Inc.+ 2,304,537
79,400 Lucent Technologies+ 3,672,250
137,300 Newbridge Networks+ 3,878,725
132,300 Tellabs, Inc.+ 4,977,788
269,400 WorldCom Inc.+ 7,021,237
-----------
24,581,824
-----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $211,422,980) $258,863,687
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 6.1%
(Cost $16,302,232)
<S> <C>
$16,302,232 Agreement with Merrill Lynch & Company Inc., 5.424% dated
12/31/1996 to be repurchased at $16,307,144 on 01/02/1997,
collateralized by $16,553,000 U.S. Treasury Notes, 5.625%
due 10/31/1997 (value $16,675,938)
<S> <C> <C>
16,302,232
-----------
TOTAL INVESTMENTS
(Cost $227,725,212*) 103.4% 275,165,919
OTHER ASSETS AND
LIABILITIES (Net) (3.4) (9,016,954)
----- -----------
NET ASSETS 100.0% $266,148,965
===== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</FN>
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
See Notes to Financial Statements.
</TABLE>
Munder Balanced Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
COMMON STOCKS -- 47.9%
<TABLE>
<CAPTION>
Advertising -- 0.6%
<S> <C> <C>
10,000 Omnicom Group, Inc. $ 457,500
-----------
<CAPTION>
Aerospace/Defense -- 0.0% #
<S> <C> <C>
1 Boeing Company 85
-----------
<CAPTION>
Apparel -- 1.0%
<S> <C> <C>
6,000 Jones Apparel Group Inc.+ 224,250
1,500 Liz Claiborne, Inc. 57,938
4,700 NIKE Inc., Class B 280,825
3,600 Tommy Hilfiger Corporation+ 172,800
-----------
735,813
-----------
<CAPTION>
Automobile Parts & Equipment -- 1.5%
<S> <C> <C>
5,400 Johnson Controls Inc. 447,525
13,009 Mark IV Industries Inc. 294,328
9,150 Miller Industries, Inc.+ 183,000
6,200 Pep Boy's -- Manny, Moe & Jack 190,650
-----------
1,115,503
-----------
<CAPTION>
Banking and Financial Services -- 7.4%
<S> <C> <C>
10,000 Associates First Capital Corporation 441,250
3,300 BankAmerica Corporation 329,175
5,300 Chase Manhattan Corporation 473,025
2,500 Envoy Corporation+ 93,750
12,500 Federal National Mortgage Association 465,625
3,550 Finova Group Inc. 228,087
15,599 First Data Corporation 569,372
16,500 Green Tree Financial Corporation 637,312
3,000 Household International Inc. 276,750
3,800 MGIC Investment 288,800
7,400 Northern Trust Corporation 268,250
11,000 Norwest Corporation 478,500
2,600 Oxford Resources Corporation, Class A+ 80,275
4,400 PMI Group Inc. 243,650
4,800 Standard Federal Bancorporation 273,000
6,200 Travelers Group Inc. 281,325
3,100 United Companies Financial Corporation 82,537
-----------
5,510,683
-----------
<CAPTION>
Building Materials -- 1.6%
<S> <C> <C>
8,700 Home Depot, Inc. 436,088
9,000 Sherwin-Williams Company 504,000
4,500 York International Corporation 251,437
-----------
1,191,525
-----------
<CAPTION>
Business Equipment & Supplies -- 0.7%
<S> <C> <C>
14,000 Avery Dennison Corporation 495,250
-----------
<CAPTION>
Business Services -- 1.1%
<S> <C> <C>
10,500 Automatic Data Processing, Inc. 450,188
13,000 Equifax Inc. 398,125
-----------
848,313
-----------
<CAPTION>
Chemicals -- 2.1%
<S> <C> <C>
5,500 Merck & Company Inc. 435,875
11,200 Morton International Inc. 456,400
7,900 Pfizer, Inc. 654,712
-----------
1,546,987
-----------
<CAPTION>
Commercial Services -- 1.2%
<S> <C> <C>
9,100 AccuStaff, Inc.+ 192,238
550 APAC Teleservices, Inc.+ 21,106
7,600 Corporate Express Inc. 223,725
15,750 CUC International Inc.+ 374,062
7,100 TeleSpectrum Worldwide Inc.+ 112,712
-----------
923,843
-----------
<CAPTION>
Computer Hardware, Software or Services
- -- 1.9%
<S> <C> <C>
1,000 Affinity Technology Group 6,500
2,800 Baan Company NV+ 97,300
5,000 BMC Software Inc.+ 206,875
10,400 CCC Information Services Group+ 166,400
3,000 Microsoft Corporation+ 247,875
9,800 Oracle Corporation+ 409,150
3,600 Saville Systems, ADS+ 146,250
2,200 Shiva Corporation+ 76,725
2,000 Sykes Enterprises, Inc.+ 75,000
-----------
1,432,075
-----------
<CAPTION>
Diversified -- 3.3%
<S> <C> <C>
2,800 Ceridian Corporation+ 113,400
7,600 Raytheon Corporation 365,750
5,000 Textron, Inc. 471,250
18,300 Thermo Electron Corporation+ 754,875
14,300 Tyco International Ltd. 756,112
-----------
2,461,387
-----------
<CAPTION>
Electrical Equipment -- 2.1%
<S> <C> <C>
4,900 Emerson Electric Company 474,075
7,900 Federal Signal Corporation 204,412
8,600 General Electric Company 850,325
-----------
1,528,812
-----------
<CAPTION>
Electronics -- 2.6%
<S> <C> <C>
16,200 Cabletron Systems Inc.+ 538,650
12,600 CISCO Systems Inc.+ 801,675
3,200 Motorola Inc. 196,400
6,900 Rockwell International 420,038
-----------
1,956,763
-----------
<CAPTION>
Entertainment -- 0.2%
<S> <C> <C>
6,250 Mattell, Inc. 173,437
-----------
<CAPTION>
Environmental Control -- 0.2%
<S> <C> <C>
11,400 Philip Environmental Inc.+ 165,300
-----------
<CAPTION>
Food and Beverages -- 1.4%
<S> <C> <C>
12,000 Albertson's, Inc. 427,500
5,550 Richfood Holdings Inc. 134,588
12,200 Sara Lee Corporation 454,450
-----------
1,016,538
-----------
<CAPTION>
Home Furnishings -- 0.3%
<S> <C> <C>
7,600 Leggett & Platt Inc. 263,150
-----------
<CAPTION>
Hotels and Restaurants -- 0.9%
<S> <C> <C>
5,300 Boston Chicken Inc.+ 190,138
4,100 HFS, Inc.+ 244,975
6,787 La Quinta Inns Inc. 129,801
3,500 Planet Hollywood International, Class A+ 69,125
4,000 Quality Dining, Inc.+ 71,500
-----------
705,539
-----------
<CAPTION>
Household Products -- 0.8%
<S> <C> <C>
6,200 Lancaster Colony Corporation 285,200
3,000 Procter & Gamble Company 322,500
-----------
607,700
-----------
<CAPTION>
Insurance -- 2.0%
<S> <C> <C>
8,350 American International Group Inc. 903,888
4,900 MBIA Inc. 496,125
2,000 MMI Companies, Inc. 64,500
-----------
1,464,513
-----------
<CAPTION>
Manufactured Housing -- 0.6%
<S> <C> <C>
32,500 Clayton Homes, Inc. 438,750
-----------
<CAPTION>
Medical Services & Supplies -- 4.0%
<S> <C> <C>
3,200 ABR Information Services, Inc.+ 126,000
12,300 Boston Scientific Corporation+ 738,000
4,900 Columbia/HCA Healthcare Corporation 199,675
2,200 CRA Managed Care Inc. 99,000
4,800 HBO & Company 285,000
17,800 HEALTHSOUTH Corporation+ 678,625
8,300 Omnicare, Inc. 266,638
5,800 Oxford Health Plans, Inc.+ 339,663
6,000 Total Renal Care Holdings Inc.+ 217,500
-----------
2,950,101
-----------
<CAPTION>
Natural Gas -- 0.9%
<S> <C> <C>
14,700 Enron Corporation 633,937
-----------
<CAPTION>
Office Equipment and Supplies -- 0.6%
<S> <C> <C>
7,000 Danka Business Systems, ADR 247,625
1,800 Pitney Bowes, Inc. 98,100
4,900 Viking Office Products Inc.+ 130,769
-----------
476,494
-----------
<CAPTION>
Oil Equipment and Services -- 1.4%
<S> <C> <C>
2,800 Chesapeake Energy Corporation+ 155,750
1,200 Diamond Offshore Drilling, Inc.+ 68,400
4,500 SEACOR Holdings, Inc.+ 283,500
7,800 Transocean Offshore Inc. 488,475
-----------
996,125
-----------
<CAPTION>
Pharmaceuticals -- 2.0%
<S> <C> <C>
7,400 American Home Products Corporation 433,825
7,100 Amgen, Inc.+ 386,062
8,650 Schering-Plough Corporation 560,087
2,500 Teva Pharmaceuticals, ADR 125,625
-----------
1,505,599
-----------
<CAPTION>
Prison Management Services -- 0.4%
<S> <C> <C>
9,400 Corrections Corporation of America+ 287,875
-----------
<CAPTION>
Railroads -- 0.6%
<S> <C> <C>
14,200 Illinois Central Corporation 454,400
-----------
<CAPTION>
Real Estate -- 0.2%
<S> <C> <C>
3,700 Cali Realty Corporation 114,237
-----------
<CAPTION>
Recreation -- 0.6%
<S> <C> <C>
13,400 Carnival Corporation, Class A 442,200
-----------
<CAPTION>
Retail -- Store -- 1.1%
<S> <C> <C>
13,375 Consolidated Stores Corporation+ 429,672
9,200 PETsMART, Inc.+ 201,250
5,100 Walgreen Company 204,000
-----------
834,922
-----------
<CAPTION>
Telecommunications -- 2.3%
<S> <C> <C>
2,100 Ascend Communications, Inc.+ 130,462
13,700 Century Telephone Enterprise 422,987
3,000 FORE Systems+ 98,625
3,000 Lucent Technologies+ 138,750
6,300 Newbridge Networks+ 177,975
6,000 Tellabs, Inc.+ 225,750
19,900 WorldComm Inc.+ 518,644
-----------
1,713,193
-----------
<CAPTION>
Toiletries -- 0.3%
<S> <C> <C>
3,000 Gillette Company 233,250
-----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost 27,087,311) $35,681,799
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- -------
ASSET BACKED SECURITIES -- 1.5%
<S> <C>
$200,000 Banc One Credit Card Master Trust,
Series 1994-C, Class A,
7.800% due 11/15/1998 205,980
500,000 Chase Manhattan Corporation,
Series 1996-4, Class A,
6.730% due 02/15/2003 506,250
400,000 Union Acceptance Corporation,
Class A3, Series 1996-C,
6.630% due 10/08/2003++ 401,604
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $1,118,858) 1,113,834
-----------
<CAPTION>
COLLATERALIZED MORTGAGE
OBLIGATION -- 0.7%
(Cost $545,023)
<S> <C>
550,000 Federal Home Mortgage Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 539,274
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 7.6%
Finance -- 2.3%
<S> <C> <C>
400,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 400,000
140,000 Ford Motor Credit Corporation,
6.500% due 02/15/2006 134,750
540,000 Liberty Mutual Capital Corporation, MTN,
8.100% due 01/14/2005 570,375
$400,000 SmithKline Beecham Capital Corporation,
6.750% due 09/05/2000 $ 406,600
200,000 Travelers Capital Corporation, 7.750% due
12/01/2036 194,000
-----------
1,705,725
-----------
<CAPTION>
Finance -- Foreign -- 1.7%
<S> <C> <C>
400,000 Abbey National Treasury, 6.625% due
05/23/2001 401,835
KFW International Finance Inc.:
400,000 8.850% due 06/15/1999 424,500
400,000 7.200% due 03/15/2014 407,000
-----------
1,233,335
-----------
<CAPTION>
Government Agency -- 0.5%
<S> <C> <C>
400,000 Tennessee Valley Authority, 6.375% due
06/15/2005 392,500
-----------
<CAPTION>
Government -- Foreign -- 0.5%
<S> <C> <C>
400,000 Telestra Corporation, Ltd., 6.500% due
11/28/2005 391,000
-----------
<CAPTION>
Industrial -- 1.0%
<S> <C> <C>
300,000 Archer Daniels,
8.125% due 06/01/2012 327,750
100,000 Browning-Ferris,
7.875% due 03/15/2005 105,750
300,000 Toyota Motor Corporation, 5.625% due
03/17/1998 299,520
-----------
733,020
-----------
<CAPTION>
Industrial -- Foreign -- 0.4%
<S> <C> <C>
300,000 International Telecommunications
Satellite,
8.375% due 10/14/2004 329,730
-----------
<CAPTION>
Supranational -- 0.5%
<S> <C> <C>
350,000 African Development Bank, Notes,
6.750% due 07/30/1999 353,500
-----------
<CAPTION>
Utility -- Electric -- 0.7%
<S> <C> <C>
$500,000 National Rural Utilities, 7.300% due
09/15/2006 512,500
-----------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
<S> <C>
(Cost $5,622,301) 5,651,310
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.3%
Federal Home Loan Mortgage
Corporation (FHLMC) -- 1.0%
FHLMC:
<S> <C> <C>
251,906 Gold, Pool #E62394,
7.500% due 09/01/2010 255,605
441,533 Pool #200021,
10.500% due 11/01/2000 465,956
-----------
721,561
-----------
<CAPTION>
Federal National Mortgage
Association (FNMA) -- 3.4%
FNMA:
<S> <C> <C>
820,216 Pool #100081,
11.500% due 08/20/2016 927,355
236,109 Pool #250345,
7.000% due 09/01/2025 230,943
874,338 Pool #303020,
7.000% due 10/25/2025 855,212
523,345 Pool #303105,
11.000% due 11/01/2020 584,837
-----------
2,598,347
-----------
<CAPTION>
Government National Mortgage
Association (GNMA) -- 0.9%
GNMA:
<S> <C> <C>
574,637 Pool #780096,
11.000% due 04/15/2021 642,875
-----------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
<S> <C>
(Cost $3,921,222) 3,962,783
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 17.0%
<S> <C> <C>
U.S. Treasury Notes -- 16.4%
500,000 8.625% due 08/15/1997 509,305
2,000,000 7.875% due 01/15/1998 2,044,300
1,930,000 7.750% due 01/31/2000 2,019,146
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
<S> <C> <C>
$1,600,000 7.500% due 11/15/2001 $ 1,684,416
1,935,000 7.875% due 11/15/2004 2,111,607
140,000 6.500% due 10/15/2006 140,700
3,200,000 8.000% due 11/15/2021 3,672,191
-----------
12,181,665
-----------
<CAPTION>
U.S. Treasury Strip -- 0.6%
<S> <C> <C>
1,025,000 Zero coupon due 11/15/2014 435,665
-----------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $12,563,035) 12,617,330
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 6.2%
(Cost $4,606,892)
<S> <C> <C>
4,606,892 Agreement with Merrill Lynch & Company Inc., 5.424% dated
12/31/1996 to be repurchased at $4,608,280 on 01/02/1997,
collateralized by $4,678,000 U.S.
Treasury Notes,
5.625% due 10/31/1997 (value
$4,712,499) 4,606,892
-----------
Value
-----
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $55,464,642*) 86.2% $ 64,173,222
OTHER ASSETS AND
LIABILITIES (Net) 13.8 10,264,438
---------- --------------
NET ASSETS 100.0% $ 74,437,660
========== ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
++ Floating rate note. The interest rate shown reflects the rate currently in
effect.
# Amount represents less than 0.1% of net assets.
</FN>
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
Munder Growth & Income Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 88.4%
<CAPTION>
Aerospace/Defense -- 0.1%
<S> <C> <C>
14,475 Newport News Shipbuilding Inc.+ $ 217,131
-----------
<CAPTION>
Automobile Parts & Equipment -- 4.4%
<S> <C> <C>
97,000 Genuine Parts Company 4,328,625
57,000 Johnson Controls, Inc. 4,723,875
-----------
9,052,500
-----------
<CAPTION>
Banking and Finance -- 13.5%
<S> <C> <C>
48,500 BankAmerica Corporation 4,837,875
49,000 Chase Manhattan Corporation 4,373,250
76,000 CoreStates Financial Corporation 3,942,500
100,000 Federal National Mortgage Association 3,725,000
85,000 First Chicago NBD Corporation 4,568,750
75,000 Great Western Financial Corporation 2,175,000
99,000 Norwest Corporation 4,306,500
-----------
27,928,875
-----------
<CAPTION>
Business Equipment and Supplies -- 3.8%
<S> <C> <C>
92,374 Avery Dennison Corporation 3,267,730
86,000 Xerox Corporation 4,525,750
-----------
7,793,480
-----------
<CAPTION>
Chemicals -- 2.7%
<S> <C> <C>
43,000 Dow Chemical Company 3,370,125
71,100 Witco Corporation 2,168,550
-----------
5,538,675
-----------
<CAPTION>
Diversified -- 3.3%
<S> <C> <C>
91,000 Federal Signal Corporation 2,354,625
73,000 Rockwell International Corporation+ 4,443,875
-----------
6,798,500
-----------
<CAPTION>
Electrical Machinery -- 2.2%
<S> <C> <C>
47,000 General Electric Corporation 4,647,125
-----------
<CAPTION>
Food and Beverages -- 4.2%
<S> <C> <C>
90,000 ConAgra Inc. 4,477,500
114,000 Sara Lee Corporation 4,246,500
-----------
8,724,000
-----------
<CAPTION>
Holding Companies -- Diversified -- 4.9%
<S> <C> <C>
47,900 Summit Bancorp 2,095,625
72,377 Tenneco Inc. 3,266,012
51,300 Textron Inc. 4,835,025
-----------
10,196,662
-----------
<CAPTION>
Insurance -- 1.8%
<S> <C> <C>
70,000 Lincoln National Corporation Ltd. 3,675,000
-----------
<CAPTION>
News and Publishing -- 2.0%
<S> <C> <C>
90,000 McGraw-Hill Companies Inc. 4,151,250
-----------
<CAPTION>
Oil and Petroleum -- 5.3%
<S> <C> <C>
43,000 Exxon Corporation 4,214,000
45,000 Mobil Corporation 5,501,250
84,000 Monterey Resources, Inc.+ 1,344,000
-----------
11,059,250
-----------
<CAPTION>
Paper -- 2.2%
<S> <C> <C>
47,000 Kimberly-Clark Corporation 4,476,750
-----------
<CAPTION>
Pharmaceuticals -- 6.2%
<S> <C> <C>
73,000 American Home Products Corporation 4,279,625
42,000 Bristol-Myers Squibb 4,567,500
50,000 Merck & Company, Inc. 3,962,500
-----------
12,809,625
-----------
<CAPTION>
Railroads -- 2.1%
<S> <C> <C>
138,300 Illinois Central Corporation 4,425,600
-----------
<CAPTION>
Real Estate -- 8.9%
<S> <C> <C>
93,500 Cali Realty Corporation 2,886,812
132,800 FelCor Suite Hotels Inc. 4,697,800
92,000 Health Care Property Investors, Inc. 3,220,000
90,000 Meditrust SBI 3,600,000
162,000 Prentiss Properties Trust 4,050,000
-----------
18,454,612
-----------
<CAPTION>
Shares Value
- ------ -----
<CAPTION>
Retail -- 4.1%
<S> <C> <C>
93,000 May Department Stores Company $ 4,347,750
85,000 Penney (J.C.) Company Inc. 4,143,750
-----------
8,491,500
-----------
<CAPTION>
Telecommunications -- 5.1%
<S> <C> <C>
88,000 AirTouch Communications, Inc.+ 3,982,000
74,000 Frontier Corporation 1,674,250
107,000 GTE Corporation 4,868,500
1 MFS Communications Company, Inc.+ 28
-----------
10,524,778
-----------
<CAPTION>
Tobacco -- 1.1%
<S> <C> <C>
72,000 UST Inc. 2,331,000
-----------
<CAPTION>
Utilities -- Electric -- 4.1%
<S> <C> <C>
181,000 DPL Inc. 4,434,500
172,000 Teco Energy, Inc. 4,149,500
-----------
8,584,000
-----------
<CAPTION>
Utilities -- Natural Gas -- 4.9%
<S> <C> <C>
6,731 El Paso Natural Gas Company 339,919
200,371 MCN Corporation Holding Company 5,785,713
87,000 PanEnergy Corporation 3,915,000
-----------
10,040,632
-----------
<CAPTION>
Utilities -- Water -- 1.5%
<S> <C> <C>
147,000 American Water Works Company, Inc. 3,031,875
-----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $147,095,517) $182,952,820
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
CONVERTIBLE BONDS AND NOTES -- 3.6%
<S> <C> <C>
$5,150,000 Home Depot Inc., $ 5,047,000
Conv. Sub. Note,
3.250% due 10/01/2001
2,200,000 Pennzoil Company, 2,502,500
Conv. Bond,
4.750% due 10/01/2003
-----------
<CAPTION>
TOTAL CONVERTIBLE BONDS AND NOTES
<S> <C>
(Cost $7,121,808) 7,549,500
-----------
<CAPTION>
Shares
- ------
CONVERTIBLE PREFERRED STOCK -- 2.7%
(Cost $5,496,310)
<S> <C> <C>
26,000 MFS Communications Company, Inc., 2,372,500
8.000%, Conv. Pfd.
63,000 Wendy's Financial I, 5.000%, Conv. Pfd. 3,276,000
-----------
5,648,500
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
-----------
REPURCHASE AGREEMENT -- 6.2%
(Cost $12,727,070)
<S> <C> <C>
$12,727,070 Agreement with Merrill Lynch & Company,
Inc., 5.424% dated 12/31/1996 to be
repurchased at $12,730,905 on
01/02/1997, collateralized by
$12,784,000 U.S. Treasury Notes,
5.625% - 6.250% having maturities
ranging from 10/31/1997 through
07/31/1998 (value $13,018,913)
12,727,070
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $172,440,705*) 100.9% 208,877,890
OTHER ASSETS AND
LIABILITIES (Net) (0.9) (1,871,064)
---------- -----------
NET ASSETS 100.0% $207,006,826
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Index 500 Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 93.2%
Advertising -- 0.1%
<S> <C> <C>
4,600 Interpublic Group of Companies, Inc. $ 218,500
-----------
<CAPTION>
Aerospace -- 2.0%
<S> <C> <C>
16,100 AlliedSignal Inc. 1,078,700
20,899 Boeing Company 2,223,174
3,600 General Dynamics
Corporation 253,800
10,971 Lockheed Martin Corporation 1,003,847
12,100 McDonnell Douglas Company 774,400
3,300 Northrop Grumman Corporation 273,075
4,700 Textron, Inc. 442,975
13,700 United Technologies Corporation 904,200
-----------
6,954,171
-----------
<CAPTION>
Airlines -- 0.3%
<S> <C> <C>
5,200 AMR Corporation+ 458,250
4,300 Delta Air Lines, Inc. 304,763
8,300 Southwest Airlines Company 183,637
3,700 USAir Group, Inc.+ 86,488
-----------
1,033,138
-----------
<CAPTION>
Apparel -- 0.5%
<S> <C> <C>
4,400 Fruit of the Loom Inc.+ 166,650
4,100 Liz Claiborne Inc. 158,362
16,400 NIKE, Inc., Class B 979,900
3,200 Reebok International, Inc. 134,400
3,600 V. F. Corporation 243,000
-----------
1,682,312
-----------
<CAPTION>
Automobiles -- 1.7%
<S> <C> <C>
41,500 Chrysler Corporation 1,369,500
67,600 Ford Motor Company 2,154,750
43,100 General Motors Corporation 2,402,825
4,180 Navistar International Corporation+ 38,142
-----------
5,965,217
-----------
<CAPTION>
Automobile Parts & Equipment -- 0.5%
<S> <C> <C>
8,000 AutoZone, Inc.+ 220,000
2,300 Cummins Engine, Inc. 105,800
5,800 Dana Corporation 189,225
3,500 Echlin Inc. 110,688
6,850 Genuine Parts Company 305,681
2,400 Johnson Controls Inc. 198,900
3,600 Pep Boys-Manny, Moe & Jack 110,700
7,200 TRW Inc. 356,400
-----------
1,597,394
-----------
<CAPTION>
Banks -- 7.6%
<S> <C> <C>
24,341 Banc One Corporation 1,046,662
8,700 Bank of Boston Corporation 558,975
22,400 Bank of New York Inc. 756,000
20,416 BankAmerica Corporation 2,036,496
4,700 Bankers Trust New York Corporation 405,375
11,100 Barnett Banks Inc. 456,488
8,800 Boatmen's Bancshares Inc. 567,600
24,984 Chase Manhattan Corporation 2,229,822
26,800 Citicorp 2,760,400
5,800 Comerica Inc. 303,775
12,662 CoreStates Financial Corporation 656,841
6,000 Fifth Third Bancorporation 376,875
7,700 First Bank System Inc. 532,263
18,131 First Chicago Corporation 974,541
16,140 First Union Corporation 1,194,360
14,990 Fleet Financial Group Inc. 747,626
7,900 Great Western Financial Corporation 229,100
12,800 KeyCorp (New) 646,400
12,675 MBNA Corporation 526,012
7,400 Mellon Bank Corporation 525,400
10,600 Morgan (J.P.) & Company, Inc. 1,034,825
8,700 Morgan Stanley Group Inc. 496,987
12,600 National City Corporation 565,425
16,425 NationsBank Corporation 1,605,544
21,100 Norwest Corporation 917,850
19,400 PNC Bank Corporation 729,925
3,200 Republic New York Corporation 261,200
12,700 SunTrust Banks Inc. 625,475
8,650 U.S. Bancorp 388,709
9,400 Wachovia Corporation 531,100
5,266 Wells Fargo & Company 1,420,504
-----------
26,108,555
-----------
<CAPTION>
Broadcasting -- 0.0%#
<S> <C> <C>
1,500 Meredith Corporation 79,125
3,190 TCI Satellite Entertainment, Inc., Class
A+ 31,501
-----------
110,626
-----------
<CAPTION>
Building Materials -- 0.6%
<S> <C> <C>
1,600 Centex Corporation 60,200
2,650 Crane Company 76,850
2,000 Fleetwood Enterprises 55,000
27,382 Home Depot Inc. 1,372,523
2,200 Kaufman & Broad Home Corporation 28,325
9,200 Masco Corporation 331,200
6,533 Pall Corporation 166,591
-----------
2,090,689
-----------
<CAPTION>
Business Equipment and Supplies -- 1.8%
<S> <C> <C>
5,900 Avery Dennison Corporation 208,713
29,500 International Business Machines
Corporation 4,454,500
8,500 Pitney Bowes Inc. 463,250
18,500 Xerox Corporation 973,562
-----------
6,100,025
-----------
<CAPTION>
Business Services -- 0.3%
<S> <C> <C>
1 ACNeilsen Corporation+ 10
22,475 CUC International Inc.+ 533,781
4,700 Deluxe Corporation 153,925
6,500 Federal Express Corporation+ 289,250
1,800 Harland (John H.) Company 59,400
5,700 Moore Corporation Ltd. 116,137
-----------
1,152,503
-----------
<CAPTION>
Chemicals and Plastics -- 3.6%
<S> <C> <C>
6,400 Air Products & Chemicals Inc. 442,400
13,850 Dow Chemical Company 1,085,494
32,100 duPont (E.I.) deNemours & Company 3,029,438
4,475 Eastman Chemical Company 247,244
3,700 Ecolab Inc. 139,212
8,150 Engelhard Corporation 155,869
2,100 FMC Corporation+ 147,263
5,100 Grace (W.R.) & Company 263,925
3,600 Great Lakes Chemical Corporation 168,300
5,800 Hercules, Inc. 250,850
2,800 Kerr-McGee Corporation 201,600
4,200 Mallinckrodt Group Inc. 185,325
23,800 Minnesota Mining & Manufacturing Company 1,972,425
33,500 Monsanto Company 1,302,312
8,100 Morton International Inc. 330,075
3,800 Nalco Chemical Company 137,275
8,900 Praxair Inc. 410,512
2,600 Raychem Corporation 208,325
12,500 Rockwell International Corporation 760,937
3,600 Rohm & Haas Company 293,850
2,806 Sigma-Aldrich Corporation 175,200
4,000 Union Camp Corporation 191,000
7,300 Union Carbide Corporation 298,387
-----------
12,397,218
-----------
<CAPTION>
Coal -- 0.3%
<S> <C> <C>
12,400 CSX Corporation 523,900
1,200 Eastern Enterprises 42,450
4,800 Fluor Corporation 301,200
-----------
867,550
-----------
<CAPTION>
Communication Equipment -- 1.6%
<S> <C> <C>
8,900 Cabletron Systems, Inc.+ 295,925
54,800 GTE Corporation 2,493,400
2,200 Harris Corporation 150,975
33,800 Motorola, Inc. 2,074,475
7,900 National Semiconductor Corporation+ 192,562
4,400 Scientific-Atlanta Inc. 66,000
10,200 Tellabs, Inc.+ 383,775
-----------
5,657,112
-----------
<CAPTION>
Computer Hardware, Software or Services
- -- 6.7%
<S> <C> <C>
7,800 Advanced Micro Devices Inc.+ 200,850
6,900 Amdahl Corporation+ 83,663
12,524 AMP Inc. 480,609
7,100 Apple Computer Inc. 148,213
2,600 Autodesk, Inc. 72,800
16,600 Automatic Data Processing Inc. 711,725
11,100 Bay Networks, Inc. 231,713
3,900 Ceridian Corporation+ 157,950
37,000 CISCO Systems Inc.+ 2,354,125
15,400 Compaq Computer Corporation+ 1,143,450
20,750 Computer Associates International Inc. 1,032,313
4,300 Computer Sciences Corporation+ 353,139
2,200 Data General Corporation+ 31,900
10,300 Dell Computer Corporation+ 547,189
8,800 Digital Equipment Corporation+ 320,100
7,200 Honeywell, Inc. 473,400
46,800 Intel Corporation 6,127,875
2,700 Intergraph Corporation+ 27,675
68,100 Microsoft Corporation+ 5,626,762
19,600 Novell Inc.+ 185,587
37,500 Oracle Systems Corporation+ 1,565,625
12,200 Seagate Technologies Inc.+ 481,900
20,900 Sun Microsystems Inc.+ 536,869
6,700 Tandem Computers Inc.+ 92,125
10,000 Unisys Corporation+ 67,500
-----------
23,055,057
-----------
<CAPTION>
Computer -- Semiconductors -- 0.2%
<S> <C> <C>
10,200 Applied Materials+ 366,563
13,300 EMC Corporation 440,563
-----------
807,126
-----------
<CAPTION>
Consumer Non-Durables -- 3.2%
<S> <C> <C>
13,100 Corning Inc. 605,875
93,900 General Electric Corporation 9,284,363
3,000 Grainger (W.W.), Inc. 240,750
9,800 Lowe's Companies Inc. 347,900
9,100 Newell Company 286,650
5,900 Whitman Corporation 134,962
-----------
10,900,500
-----------
<CAPTION>
Consumer Services -- 0.2%
<S> <C> <C>
5,900 Block (H & R) Inc. 171,100
3,550 Manor Care Inc. 95,850
3,300 Safety-Kleen Corporation 54,037
13,400 Service Corporation International 375,200
-----------
696,187
-----------
<CAPTION>
Consumer Staples -- 0.1%
<S> <C> <C>
4,700 Pioneer Hi-Bred International Inc. 329,000
-----------
<CAPTION>
Containers -- 0.1%
<S> <C> <C>
1,700 Ball Corporation 44,200
7,300 Crown Cork & Seal Company Inc.+ 396,938
-----------
441,138
-----------
<CAPTION>
Cosmetics-Toiletry -- 0.1%
<S> <C> <C>
1,600 Alberto-Culver Company, Class B 76,800
7,600 Avon Products Inc. 434,150
-----------
510,950
-----------
<CAPTION>
Diversified -- 1.2%
<S> <C> <C>
7,400 Alco Standard Company 382,025
9,740 Cognizant Corporation+ 321,420
6,600 Loews Corporation 622,050
13,500 Raytheon Company 649,687
8,900 Tyco International Ltd. 470,587
9,100 Unilever NV 1,594,775
-----------
4,040,544
-----------
<CAPTION>
Electrical Equipment -- 1.3%
<S> <C> <C>
6,200 Cooper Industries Inc. 261,175
2,300 Foster Wheeler Corporation 85,388
7,800 General Instrument Corporation 168,675
2,800 General Signal Corporation 119,700
58,000 Hewlett-Packard Company 2,914,500
1,900 Tektronix Inc. 97,375
10,800 Texas Instruments Inc. 688,500
3,000 Thomas & Betts Corporation 133,125
1,600 TRINOVA Corporation 58,200
-----------
4,526,638
-----------
<CAPTION>
Electronics -- 0.6%
<S> <C> <C>
4,400 Eaton Corporation 306,900
2,700 EG&G Inc. 54,338
12,800 Emerson Electric Company 1,238,400
3,300 Tandy Corporation 145,200
24,000 Westinghouse Electric Corporation 477,000
-----------
2,221,838
-----------
<CAPTION>
Energy and Resources -- 0.2%
<S> <C> <C>
7,100 Burlington Resources, Inc. 357,663
10,000 Dresser Industries Inc. 310,000
-----------
667,663
-----------
<CAPTION>
Entertainment -- 1.5%
<S> <C> <C>
5,600 Brunswick Corporation 134,400
38,636 Disney (Walt) Company 2,690,032
4,100 Harcourt General Corporation 189,113
4,900 Hasbro Inc. 190,488
6,600 ITT Corporation (New)+ 286,275
2,100 King World Productions, Inc.+ 77,437
15,490 Mattel, Inc. 429,847
32,400 Time Warner Inc. 1,215,000
-----------
5,212,592
-----------
<CAPTION>
Financial Services -- 3.2%
<S> <C> <C>
27,000 American Express Company 1,525,500
11,600 American General Corporation 474,150
3,100 Beneficial Corporation 196,463
9,137 Dean Witter, Discover & Company 605,326
5,500 Dow Jones & Company Inc. 186,313
10,200 Federal Home Loan Mortgage Corporation 1,123,275
62,300 Federal National Mortgage Association 2,320,675
25,492 First Data Corporation 930,457
7,800 Green Tree Financial Corporation 301,275
5,500 Household International, Inc. 507,375
9,400 Merrill Lynch & Company Inc. 766,100
1,300 Pulte Corporation 39,975
6,200 Salomon Inc. 292,175
3,200 Temple-Inland Inc. 173,200
36,589 Travelers Group Inc. 1,660,218
-----------
11,102,477
-----------
<CAPTION>
Food and Beverages -- 7.1%
<S> <C> <C>
14,400 Albertson's, Inc. 513,000
28,500 Anheuser-Busch Companies Inc. 1,140,000
13,300 Campbell Soup Company 1,067,325
141,800 Coca-Cola Company 7,462,225
13,725 ConAgra Inc. 682,819
2,200 Coors (Adolph) Company, Class B 41,800
8,200 CPC International Inc. 635,500
2,200 Fleming Companies Inc. 37,950
21,000 Heinz (H.J.) Company 756,000
8,800 Hershey Foods Corporation 385,000
12,000 Kellogg Company 787,500
88,500 PepsiCo Inc. 2,588,625
46,400 Philip Morris Companies Inc. 5,266,400
7,700 Quaker Oats Company 293,562
6,000 Ralston-Purina Group 440,250
27,600 Sara Lee Corporation 1,028,100
21,300 Seagram Company Ltd. 825,375
10,600 UST Inc. 343,175
6,600 Wrigley (Wm) Jr. Company 371,250
-----------
24,665,856
-----------
<CAPTION>
Food Distribution -- 0.8%
<S> <C> <C>
30,971 Archer-Daniels-Midland Company 681,362
8,900 General Mills Inc. 564,038
3,400 Giant Food, Inc., Class A 117,300
2,200 Great Atlantic & Pacific Tea Company Inc. 70,125
7,200 Kroger Company+ 334,800
11,217 Price/Costco Inc.+ 281,827
3,800 Supervalu Inc. 107,825
10,200 Sysco Corporation 332,775
8,600 Winn Dixie Stores Inc. 271,975
-----------
2,762,027
-----------
<CAPTION>
Freight and Shipping -- 0.0%#
<S> <C> <C>
2,200 Caliber Systems Inc. 42,350
-----------
<CAPTION>
Glass Products -- 0.2%
<S> <C> <C>
2,900 Owens Corning Fiberglass Corporation+ 123,612
10,500 PPG Industries Inc. 589,312
-----------
712,924
-----------
<CAPTION>
Health Care Facilities -- 0.6%
<S> <C> <C>
5,700 Beverly Enterprises+ 72,675
38,277 Columbia/HCA Healthcare Corporation 1,559,787
9,300 Humana Inc.+ 177,863
12,400 Tenet Healthcare Corporation+ 271,250
14 Transitional Hospitals Corporation+ 135
-----------
2,081,710
-----------
<CAPTION>
Health Care Products -- 3.3%
<S> <C> <C>
44,300 Abbott Laboratories 2,248,225
3,700 Allergan, Inc. 131,813
3,200 Bausch & Lomb Inc. 113,600
7,100 Becton, Dickinson & Company 307,963
68,700 Merck & Company Inc. 5,444,475
36,700 Pfizer, Inc. 3,041,512
-----------
11,287,588
-----------
<CAPTION>
Holding Companies -- 0.2%
<S> <C> <C>
5,300 Providian, LLC 272,287
13,600 Public Service Enterprise 370,600
-----------
642,887
-----------
<CAPTION>
Home Appliances -- 0.4%
<S> <C> <C>
5,000 Black & Decker Corporation 150,625
7,100 Illinois Tool Works Inc. 567,113
5,700 Maytag Corporation 112,575
3,450 Snap-On, Inc. 122,906
5,100 Stanley Works 137,700
4,200 Whirlpool Corporation 195,825
-----------
1,286,744
-----------
<CAPTION>
Home Furnishings and Housewares
- -- 0.8%
<S> <C> <C>
36,400 American Home Products Corporation 2,133,950
2,400 Armstrong World 166,800
8,500 Rubbermaid, Inc. 193,375
1,100 Springs Industries, Inc. 47,300
3,500 Tupperware Corporation 187,687
-----------
2,729,112
-----------
<CAPTION>
Hotels and Restaurants -- 1.0%
<S> <C> <C>
9,000 Darden Restaurants Inc. 78,750
5,900 Harrah's Entertainment Corporation 117,263
15,800 Hilton Hotels Corporation 412,775
7,300 Hospitality Franchise Systems+ 436,175
7,300 Marriott International Inc. 403,325
39,800 McDonald's Corporation 1,800,950
7,400 Wendy's International Inc. 151,700
-----------
3,400,938
-----------
<CAPTION>
Insurance -- 3.3%
<S> <C> <C>
8,614 Aetna Life & Casualty Company 689,120
2,600 Alexander & Alexander Services, Inc. 45,175
25,360 Allstate Corporation 1,467,710
26,743 American International Group, Inc. 2,894,930
6,200 AON Corporation 385,175
9,900 Chubb Corporation 532,125
4,300 CIGNA Corporation 587,488
4,700 General Re Corporation 741,425
6,700 ITT Hartford Group Inc.+ 452,250
4,100 Jefferson-Pilot Corporation 232,163
5,900 Lincoln National Corporation 309,750
4,100 Marsh & McLennan Companies, Inc. 426,400
2,500 MBIA Inc. 253,125
3,400 MGIC Investment Corporation 258,400
7,200 SAFECO Corporation 283,950
4,700 St. Paul Companies Inc. 275,537
4,050 Torchmark Corporation 204,525
3,800 Transamerica Corporation 300,675
10,500 United Healthcare Corporation 472,500
4,200 UNUM Corporation 303,450
6,600 USF & G Corporation 137,775
1,975 USLife Corporation 65,669
-----------
11,319,317
-----------
<CAPTION>
Machinery and Heavy Equipment -- 0.6%
<S> <C> <C>
10,900 Caterpillar Inc. 820,225
2,300 Cincinnati Milacron Inc. 50,313
14,700 Deere & Company 597,188
6,400 Dover Corporation 321,600
6,200 Ingersoll-Rand Company 275,900
4,200 Parker-Hannifin Corporation 162,750
-----------
2,227,976
-----------
<CAPTION>
Manufacturing -- 1.4%
<S> <C> <C>
12,950 Alcan Aluminum Ltd. 435,444
9,900 Aluminum Company of America 631,125
10,100 Boston Scientific Corporation+ 606,000
1,600 Briggs & Stratton Corporation 70,400
3,900 Brown-Forman Corporation, Class B 178,425
4,200 Case Corporation 228,900
1,900 Giddings & Lewis, Inc. 24,463
7,300 LSI Logic Corporation+ 195,275
11,900 Micron Technology Inc. 346,587
1,680 Newport News Ship Building Inc.+ 25,200
2,220 PACCAR Inc. 150,960
3,600 Reynolds Metals Company 202,950
4,900 Sherwin-Williams Company 274,400
10,000 Silicon Graphics Inc.+ 255,000
7,500 Thermo Electron Corporation 309,375
9,900 3COM Corporation+ 726,412
-----------
4,660,916
-----------
<CAPTION>
Medical Instruments, Services and Supplies
- -- 0.7%
<S> <C> <C>
3,200 Bard (C.R.), Inc. 89,600
15,600 Baxter International Inc. 639,600
6,600 Biomet, Inc.+ 99,825
4,200 Guidant Corporation 239,400
13,700 Medtronic, Inc. 931,600
1,300 Shared Medical Systems Corporation 64,025
4,650 St. Jude Medical, Inc.+ 198,206
3,600 United States Surgical Corporation 141,750
-----------
2,404,006
-----------
<CAPTION>
Metals and Mining -- 0.8%
<S> <C> <C>
9,927 Allegheney Teledyne, Inc.+ 228,321
2,400 ASARCO Inc. 59,700
20,400 Barrick Gold Corporation 583,950
12,800 Battle Mountain Gold Company 88,000
5,300 Cyprus Amax Minerals Company 123,888
7,900 Echo Bay Mines Ltd. 52,338
11,000 Freeport McMoRan Copper & Gold, Class B 328,625
8,400 Homestake Mining Company 119,700
9,600 Inco Ltd. 306,000
500 NACCO Industries Inc., Class A 26,750
5,646 Newmont Mining Corporation 252,658
3,700 Phelps Dodge Corporation 249,750
13,600 Placer Dome, Inc. 295,800
7,492 Santa Fe Pacific Gold 115,189
-----------
2,830,669
-----------
<CAPTION>
Natural Gas -- 0.6%
<S> <C> <C>
3,100 Columbia Gas System, Inc. 197,238
5,400 Consolidated Natural Gas Company 298,350
781 El Paso Natural Gas Company 39,450
14,500 Enron Corporation 625,313
4,000 ENSEARCH Corporation 92,000
2,800 NICOR Inc. 100,100
7,800 Noram Energy Corporation 119,925
1,600 ONEOK Inc. 48,000
4,800 Pacific Enterprises Inc. 145,800
4,900 Sonat, Inc. 252,350
-----------
1,918,526
-----------
<CAPTION>
News and Publishing -- 0.9%
<S> <C> <C>
8,000 Gannett Company Inc. 599,000
16,132 Kimberly-Clark Corporation 1,536,573
5,300 Knight-Ridder Inc. 202,725
5,500 New York Times Company, Class A 209,000
5,600 Times Mirror Company (New), Class A 278,600
3,500 Tribune Company 276,062
-----------
3,101,960
-----------
<CAPTION>
Oil -- 8.3%
<S> <C> <C>
5,300 Amerada Hess Corporation 306,738
28,300 Amoco Corporation 2,285,225
3,700 Ashland Oil, Inc. 162,338
9,200 Atlantic Richfield Company 1,220,150
8,200 Baker Hughes Inc. 282,900
37,200 Chevron Corporation 2,418,000
6,000 Coastal Corporation 293,250
70,800 Exxon Corporation 6,938,400
7,100 Halliburton Company 427,775
1,900 Louisiana Land & Exploration Company 101,887
3,100 McDermott International, Inc. 51,537
22,500 Mobil Corporation 2,750,625
18,700 Occidental Petroleum Corporation 437,112
6,000 Oryx Energy Company+ 148,500
8,600 PanEnergy Corporation 387,000
2,700 Pennzoil Company 152,550
15,000 Phillips Petroleum Company 663,750
30,600 Royal Dutch Petroleum Company 5,224,950
5,174 Santa Fe Energy Resources, Inc.+ 71,789
9,700 Tenneco Inc. 437,712
15,100 Texaco Inc. 1,481,687
14,000 Union Pacific Corporation 841,750
14,255 Union Pacific Resources Group 416,964
14,300 Unocal Corporation 580,937
16,400 USX-Marathon Group Common (New) 391,550
-----------
28,475,076
-----------
<CAPTION>
Oil Equipment and Services -- 0.5%
<S> <C> <C>
1,400 Helmerich & Payne, Inc. 72,975
14,000 Schlumberger Ltd. 1,398,250
3,100 Western Atlas, Inc.+ 219,712
-----------
1,690,937
-----------
<CAPTION>
Paper and Forest Products -- 0.9%
<S> <C> <C>
3,000 Bemis Company Inc. 110,625
2,800 Boise Cascade Corporation 88,900
5,400 Champion International Corporation 233,550
5,200 Georgia-Pacific Corporation 374,400
2,800 Harnischfeger Industries Inc. 134,750
17,119 International Paper Company 691,180
4,900 James River Corporation of Virginia 162,312
6,200 Louisiana Pacific Corporation 130,975
3,000 Mead Corporation 174,375
1,600 Potlatch Corporation 68,800
5,681 Stone Container Corporation 84,504
11,350 Weyerhaeuser Company 537,706
3,200 Willamette Industries Inc. 223,600
-----------
3,015,677
-----------
<CAPTION>
Personal Items -- 2.4%
<S> <C> <C>
8,400 Colgate-Palmolive Company 774,900
25,460 Gillette Company 1,979,515
6,300 International Flavors & Fragrances, Inc. 283,500
2,200 Jostens Inc. 46,475
38,900 Proctor & Gamble Company 4,181,750
15,500 Warner-Lambert Company 1,162,500
-----------
8,428,640
-----------
<CAPTION>
Petroleum Refining -- 0.2%
<S> <C> <C>
4,900 Rowan Companies 110,863
4,200 Sun Company 102,375
8,800 Williams Companies Inc. 330,000
-----------
543,238
-----------
<CAPTION>
Pharmaceuticals -- 3.4%
<S> <C> <C>
4,800 ALZA Corporation+ 124,200
28,560 Bristol-Myers Squibb Company 3,105,900
75,900 Johnson & Johnson 3,776,025
31,500 Lilly (Eli) & Company 2,299,500
28,920 Pharmacia & Upjohn Inc.+ 1,145,955
21,100 Schering-Plough Corporation 1,366,225
-----------
11,817,805
-----------
<CAPTION>
Photographic Equipment and Supplies
- -- 0.5%
<S> <C> <C>
19,000 Eastman Kodak Company 1,524,750
2,550 Polaroid Corporation 110,925
-----------
1,635,675
-----------
<CAPTION>
Printing and Publishing -- 0.3%
<S> <C> <C>
4,300 American Greetings Corporation, Class A 122,013
8,600 Donnelly (RR) & Sons Company 269,825
9,740 Dun & Bradstreet Corporation 231,325
5,700 McGraw-Hill Inc. 262,912
5,850 Westvaco Corporation 168,187
-----------
1,054,262
-----------
<CAPTION>
Railroads -- 0.3%
<S> <C> <C>
4,600 Conrail Inc. 458,275
7,100 Norfolk Southern Corporation 621,250
-----------
1,079,525
-----------
<CAPTION>
Research and Development -- 0.2%
<S> <C> <C>
15,100 Amgen Inc.+ 821,063
-----------
<CAPTION>
Retail -- Store -- 3.0%
<S> <C> <C>
8,300 American Stores Company 339,263
5,900 Charming Shoppes Inc. 29,869
5,600 Circuit City Stores Inc. 168,700
6,000 CVS Corporation 247,500
12,400 Dayton Hudson Corporation 486,700
6,500 Dillard Department Stores, Class A 200,688
11,800 Federated Department Store+ 402,675
16,200 Gap Inc. 488,025
27,600 K mart Corporation 286,350
15,464 Limited Inc. 284,151
1,100 Longs Drug Stores Company 54,037
14,400 May Department Stores Company 673,200
2,100 Mercantile Stores Company 103,687
4,600 Nordstrom, Inc. 163,012
13,200 Penney (J.C.) Company Inc. 643,500
4,800 Rite Aid Corporation 190,800
2,200 Russell Corporation 65,450
22,300 Sears, Roebuck & Company 1,028,587
2,800 Stride Rite Corporation 28,000
4,400 TJX Companies, Inc. 208,450
15,650 Toys R Us Inc.+ 469,500
14,000 Walgreen Company 560,000
130,800 Wal-Mart Stores, Inc. 2,992,050
7,600 Woolworth Corporation 166,250
-----------
10,280,444
-----------
<CAPTION>
Savings and Loan Associations -- 0.1%
<S> <C> <C>
6,000 Ahmanson (H.F.) Company 195,000
3,300 Golden West Financial Corporation 208,313
-----------
403,313
-----------
<CAPTION>
Soaps and Detergents -- 0.1%
<S> <C> <C>
2,900 Clorox Company 291,088
-----------
<CAPTION>
Steel -- 0.2%
<S> <C> <C>
6,100 Armco Inc.+ 25,163
6,400 Bethlehem Steel Corporation+ 57,600
2,800 Inland Steel Industries Inc. 56,000
5,000 Nucor Corporation 255,000
1,800 Timken Company 82,575
4,840 USX-U.S. Steel Group Inc. 151,855
5,225 Worthington Industries, Inc. 94,703
-----------
722,896
-----------
<CAPTION>
Technology -- 0.7%
<S> <C> <C>
31,300 Ameritech Corporation 1,897,563
6,700 ITT Industries+ 164,150
2,500 Millipore Corporation 103,437
2,500 Perkin-Elmer Corporation 147,187
-----------
2,312,337
-----------
<CAPTION>
Telecommunications -- 6.4%
<S> <C> <C>
28,600 AirTouch Communications, Inc.+ 722,150
10,800 ALLTEL Corporation 338,850
3,425 Andrew Corporation+ 181,739
92,406 AT&T Corporation 4,019,661
25,000 Bell Atlantic Corporation 1,618,750
56,600 BellSouth Corporation 2,285,225
18,600 Comcast Corporation Special, Class A
(non-voting) 331,312
6,700 DSC Communications Corporation+ 119,763
9,000 Frontier Corporation 203,625
36,338 Lucent Technologies, Inc. 1,680,627
39,000 MCI Communications Corporation 1,274,812
14,700 Northern Telecommunications Ltd. 909,562
25,100 NYNEX Corporation 1,207,937
24,400 Pacific Telesis Group. 896,700
34,400 SBC Communications 1,780,200
24,500 Sprint Corporation 976,937
37,800 Tele-Communications Inc., Class A+ 493,762
27,200 US West, Inc. 877,200
35,600 US West Media, Inc.+ 658,600
20,200 Viacom Inc., Class B+ 704,475
26,300 WorldCom, Inc. 685,444
-----------
21,967,331
-----------
<CAPTION>
Tire and Rubber -- 0.2%
<S> <C> <C>
4,700 Cooper Tire & Rubber Company 92,825
3,100 Goodrich (B.F.) Company 125,550
8,900 Goodyear Tire & Rubber Company 457,238
-----------
675,613
-----------
<CAPTION>
Tobacco -- 0.1%
<S> <C> <C>
9,700 American Brands Inc. 481,363
-----------
<CAPTION>
Transportation -- 0.3%
<S> <C> <C>
8,763 Burlington Northern Santa Fe 756,903
4,700 Ryder System, Inc. 132,187
-----------
889,090
-----------
<CAPTION>
Utilities -- 2.6%
<S> <C> <C>
10,700 American Electric Power Company, Inc. 440,038
8,450 Baltimore Gas & Electric Company 226,038
8,600 Carolina Power & Light Company 313,900
12,000 Central & Southwest Corporation 307,500
9,034 Cinergy Corporation 301,510
13,400 Consolidated Edison Company 391,950
10,300 Dominion Resources, Inc. 396,550
8,300 DTE Energy Company 268,713
11,500 Duke Power Company 534,750
24,700 Edison International 490,913
13,200 Entergy Corporation 366,300
10,400 FPL Group, Inc. 478,400
6,900 GPU, Inc. 232,013
13,400 Houston Industries, Inc. 303,175
2,700 National Service Industries, Inc. 100,912
8,200 Niagara Mohawk Power Corporation 80,975
3,900 Northern States Power Company 178,912
8,700 Ohio Edison Company 197,925
23,500 Pacific Gas & Electric Company 493,500
16,800 PacifiCorp 344,400
12,700 PECO Energy Company 320,675
2,000 Peoples Energy Corporation 67,750
<CAPTION>
Shares Value
- ------ -----
Utilities (Continued)
<S> <C> <C>
9,300 PP&L Resources Inc. 213,900
38,400 Southern Company 868,800
12,800 Texas Utilities Company 521,600
12,300 Unicom Corporation 333,637
5,800 Union Electric Company 223,300
-----------
8,998,036
-----------
<CAPTION>
Waste Management -- 0.3%
<S> <C> <C>
12,100 Browning-Ferris Industries, Inc. 317,625
17,900 Laidlaw Inc., Class B (non-voting) 205,850
27,700 WMX Technologies Inc. 903,712
-----------
1,427,187
-----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $249,152,979) 321,532,822
-----------
<CAPTION>
PREFERRED STOCK -- 0.0%#
(Cost $26,958)
<S> <C> <C>
471 Aetna Inc., Class C, 6.25%, Voting 37,386
-----------
<CAPTION>
WARRANTS -- 0.0%#
(Cost $10,166)
<S> <C> <C>
3 Emcor Group Inc, expires 12/31/2002+ 0
-----------
<CAPTION>
SHORT-TERM INVESTMENTS -- 2.6%
(Cost $8,882,062)
<S> <C> <C>
8,882,062 SEI Daily Income Trust Government II 8,882,062
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- -----
U.S. TREASURY BILLS -- 0.6%
(Cost $1,925,473)
<S> <C> <C>
$ 1,950,000 4.560++ due 04/03/1997** 1,925,473
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 4.3%
(Cost $14,935,265)
<S> <C> <C>
14,935,265 Agreement with Merrill Lynch &
Company Inc., 5.424% dated
12/31/1996, to be repurchased at
$14,939,765 on 01/02/1997,
collateralized by $15,165,000
U.S. Treasury Notes, 5.625%
due 10/31/1997 (value $15,277,635) 14,935,265
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $274,932,903*) 100.7% 347,313,008
OTHER ASSETS AND
LIABILITIES (Net) (0.7) (2,328,212)
---------- -----------
NET ASSETS 100.0% $344,984,796
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
</FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Depreciation
----------- -----------
FUTURES CONTRACTS --
LONG POSITION
<S> <C> <C>
66 S&P 500 Index, March
1997 $ (199,185)
===========
See Notes to Financial Statements.
</TABLE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 99.2%
Argentina -- 0.6%
<S> <C> <C>
1,300 Alpargatas S.A.I.C.+ $ 11,538
3,094 Banco de Galicia Bueno 75,030
2,156 Banco Frances del Rio 59,290
2,100 Buenos Aires
Embotelladora SA 7,612
17,078 Compania Naviera Perez Companc 241,312
400 IRSA Inversiones Y Representaciones SA 12,750
2,900 Metrogas SA 27,187
5,100 Telecommunications de Argentina 205,913
11,900 Telefonica de Argentina 307,912
18,100 Y.P.F Sociedad Anonima 457,025
-----------
1,405,569
-----------
<CAPTION>
Australia -- 3.6%
<S> <C> <C>
8,100 Amcor Ltd. 206,550
45,000 Amcor Ltd.++ 289,365
3,000 Ashton Mining 26,116
13,650 Australia & New Zealand Bank 424,856
10,300 Australian National Industries 42,487
7,100 Boral Ltd. 161,081
48,340 Broken Hill Proprietary Ltd. 1,371,648
4,100 Burns, Philip & Company Ltd. 43,808
10,100 Coca-Cola Amatil Ltd. 216,519
7,600 Coles Myer Ltd. 250,800
1,100 Cortecs International Ltd.+ 15,950
7,770 CRA Ltd. 496,309
11,900 CSR Ltd. 166,600
7,300 E-mail Ltd. 47,240
3,200 FAI Insurance Ltd.+ 8,400
1,400 FH Faulding & Company 37,887
15,000 Goodman Fielder Ltd. 74,412
12,550 Great Central Mines+ 105,891
10,000 James Hardie Industries 62,964
6,500 Kidston Gold Mines Ltd. 15,502
3,300 Mayne Nickless Ltd. 106,425
300 Memtec Ltd. 9,863
64,500 M.I.M. Holdings Ltd. 193,500
14,300 National Australia Bank Ltd. 841,912
35,900 News Corporation Ltd. 749,413
4,980 Normandy Mining Ltd. 34,444
7,100 North Ltd. 103,859
1,500 Orbital Engineering Ltd., New+ 8,250
13,800 Pacific Dunlop Olympic Ltd. 138,000
2,600 Petroleum Securities Australia Ltd.+ 59,150
44,300 Pioneer International Ltd. 133,765
7,000 Santos Ltd. 113,750
1,000 Simsmetal Ltd. 22,578
600 Sons of Gwalia 17,250
5,900 Southcorp Holdings Ltd. 91,450
6,000 TNT Ltd.+ 57,562
18,400 Westpac Banking 524,400
14,000 WMC Ltd. 351,750
47,000 Woodside Petroleum Ltd. 343,320
-----------
7,965,026
-----------
<CAPTION>
Austria -- 0.2%
<S> <C> <C>
3,140 EVN-Energie Versorgung Niederoesterreich
AG 93,415
13,800 OMV AG 311,298
-----------
404,713
-----------
<CAPTION>
Belgium -- 0.2%
<S> <C> <C>
11,650 Petrofina SA 366,975
-----------
<CAPTION>
Bermuda -- 0.2%
<S> <C> <C>
208 ADT Ltd.+ 4,758
1,500 Comcast UK Cable Partners Ltd.+ 20,438
5,200 Exel Ltd. 196,950
1,300 GCR Holdings Ltd. 28,925
600 LaSalle Re Holdings Ltd. 17,550
400 Mutual Risk Management Inc. 14,800
2,700 PartnerRe Ltd. 91,800
900 Sphere Drake Holdings Ltd. 7,987
-----------
383,208
-----------
<CAPTION>
Brazil -- 0.7%
<S> <C> <C>
14,650 Aracruz Celulose SA 120,862
6,800 Cemig-Companhia Energetica de Minas,
(New) 231,200
1,800 Copene Petroquimica 37,252
15,500 Telebras 1,185,750
-----------
1,575,064
-----------
<CAPTION>
Canada -- 2.4%
<S> <C> <C>
4,200 Abitidi Price Inc. 66,150
2,300 Agnico Eagle Mines Ltd. 32,200
3,750 Alberta Energy Company Ltd. 90,000
800 Alliance Communications Corporation+ 7,200
600 Arakis Energy Corporation+ 1,988
9,400 Asia Pacific Resources International
Holdings, Class A+ 52,875
13,250 Bank of Montreal 422,344
16,300 BCE Inc. 778,325
2,600 Biochem Pharmaceuticals Inc.+ 130,650
1,700 Biomira Inc.+ 8,075
1,200 Biovail Corporation
International+ 30,750
4,500 Brascan Ltd., Class A 99,563
2,800 Cambior, Inc. 40,950
6,500 Campbell Resource Inc.+ 6,094
1,200 Canadian Marconi Company 13,050
7,000 Canadian Occidental Petroleum 112,000
17,500 Canadian Pacific Ltd. 463,750
600 Chieftain International, Inc.+ 15,600
700 Clearly Canadian Beverages Inc. 1,269
1,700 Clearnet Communication Inc. 18,700
2,400 Cognos Inc. 67,500
4,800 Cominco 120,000
2,600 Corel+ 19,175
3,200 Cott Corporation 22,993
6,700 Domatar Inc. 55,275
600 Dreco Energy Ltd.+ 21,975
600 Fahnestock Viner Holdings Inc. 8,700
1,600 Glamis Gold Ltd. 11,200
3,400 Goldcorp Inc., Class A 28,900
11,400 Gulf Canada Resources+ 84,075
3,200 Hollinger, Inc. 29,600
3,400 Imperial Oil Ltd. 159,800
1,000 Intertape Polymer Group Inc. 23,000
3,100 IPL Energy Inc. 89,512
1,400 Ipsco Inc. 39,025
300 Jetform Corporation+ 5,550
13,300 Laidlaw Transportation Inc., Class A 156,275
2,500 Loewen Group Inc. 97,812
6,500 Macmillan Bloedel Ltd. 84,500
3,500 Magna International, Class A 195,125
7,700 Methanex Corporation+ 69,300
5,300 Mitel Corporation+ 33,125
8,600 Newbridge Network+ 242,950
24,500 Nova Corporation of Alberta 214,375
4,700 Numac Energy Inc.+ 18,800
1,900 Philip Environmental, Inc. 27,550
1,500 PLD Telekom, Inc.+ 9,188
2,300 Potash Corporation of Saskatchewan 195,500
3,800 Quebecor Inc., Class A 63,650
6,100 Repap Enterprises Inc.+ 16,966
1,800 Rigel Energy Corporation+ 17,888
2,800 Rio Algom Ltd. 63,000
4,700 Rogers Cantel Mobil Communications, Class
B+ 91,063
5,800 Royal Oak Mines+ 18,850
879 Stampeder Exploration Ltd.+ 4,944
1,200 Tee Communications Electronics 6,000
10,300 Transcanada Pipeline Ltd. 180,250
5,800 Trizec Hahn Corporation 127,600
8,400 TVX Gold Inc.+ 65,100
4,900 West Coast Energy Inc. 82,075
-----------
5,259,699
-----------
<CAPTION>
Cayman Islands -- 0.0%#
<S> <C> <C>
300 Anangel-American Shipholdings Ltd. 2,400
400 APCO Argentina Inc. 10,200
-----------
12,600
-----------
<CAPTION>
Chile -- 0.5%
<S> <C> <C>
800 AFP Provida 15,000
1,200 Banco de Edwards 21,525
2,000 Banco O Higgins 46,375
700 Banco Santander Chile 10,500
3,100 Chilgener SA 64,713
2,900 Compania Cervecerias 46,762
2,700 Compania de Telefonica de Chile 273,038
1,100 Cristalerias de Chile 20,075
3,100 Embotelladora Andina SA 94,550
10,400 Empresa Nacional Electricidad Chile 161,200
3,000 Empresas Telex Chile 13,875
5,900 Enersis SA 163,725
700 Laboratorio Chile SA 11,550
1,700 Madeco 41,225
1,200 Maderas Y Sinteticos Sociedad (Masisa) 16,800
1,000 Quimica Y Minera Chile SA 54,125
800 Santa Isabel SA 18,100
700 Vina Concha Y Toro SA 16,450
-----------
1,089,588
-----------
<CAPTION>
China -- 0.2%
<S> <C> <C>
6,500 Huaneng Power International+ 146,250
4,138 Macronix International Company Ltd. 55,087
3,100 Shandong Huaneng 30,225
4,800 Shanghai Chlor-Alkali Chemical Company 13,344
2,530 Shanghai Erfangji Company 3,795
3,500 Shanghai Petrochemicals Ltd. 102,812
4,600 Shanghai Tire & Rubber Company Ltd. 19,504
-----------
371,017
-----------
<CAPTION>
Columbia -- 0.0%#
<S> <C> <C>
1,400 Banco Ganadero SA 36,925
1,900 Banco Industrial Colombiano 39,306
-----------
76,231
-----------
<CAPTION>
Denmark -- 0.6%
<S> <C> <C>
3,200 ISS International Service Systems 42,400
7,700 Novo Nordisk AS, Series B 359,975
2,800 Novo Nordisk AS, Series B++ 527,607
13,200 Tele Danmark, Series B 359,700
-----------
1,289,682
-----------
<CAPTION>
Finland -- 0.6%
<S> <C> <C>
2,700 American Group Ltd. 27,894
2,300 Instrumentarium Corporation 41,400
20,000 Oy Nokia 1,152,174
700 Rauma-Repola 14,350
2,300 Valmet Corporation 79,925
-----------
1,315,743
-----------
<CAPTION>
France -- 7.0%
<S> <C> <C>
31,800 Alcatel Alsthom Cie Generale D'Electric 508,800
19,400 AXA Company 611,100
49,600 AXA Company++ 3,154,669
800 Business Objects SA 10,800
15,100 Campagnie de Suez 268,025
4,400 Canal Plus 194,312
350 Cardif SA 48,232
1,850 Carrefour SA 1,203,739
3,150 Claring SA 92,376
5,900 Compagnie Generale des Eaux 146,193
2,900 Dassault Systemes SA+ 134,125
1,100 Docks de France Ruche Picarde SA+ 269,249
26,100 Elf Aquitaine 1,181,025
3,850 Etablissements Economiques du Casino
Guichard-Perrrachon 179,273
900 Forasol-Foramer NV 17,662
1,100 Genset+ 17,600
100 GFI Industries SA 13,877
600 Groupe AB SA+ 8,625
17,650 Groupe Danone 491,751
9,500 Havas SA 162,688
1,100 Imetal SA 162,398
150 Infogrames Entertainment SA 17,346
12,300 Lafarge SA 245,921
4,000 Lagardere Group 109,750
22,200 Louis Vuitton Moet Hennessy 1,243,200
5,100 Pechiney SA 102,000
11,350 Pernod Ricard 156,910
1,150 Promodes 324,708
12,550 PSA Peugeot 353,044
15,400 Rhone-Poulenc SA 521,675
2,000 Roussel Uclaf 588,609
1,000 Salomon SA 85,767
400 Scor SA 13,750
7,200 SGS-Thompson
Microelectronics 504,000
19,900 Societe Generale 430,208
500 Sodexho SA 278,501
500 Stolt Comex Seaway SA 8,563
6,100 Thomson CSF 197,809
16,800 Total SA "B" 1,366,406
3,700 Valeo SA 206,275
-----------
15,630,961
-----------
<CAPTION>
Germany -- 6.4%
<S> <C> <C>
650 AGIV AG 9,419
35,500 Bayer AG 1,447,662
16,000 Bayer AG++ 652,955
750 Berliner Kraft-und Licht AG 221,756
19,700 Commerzbank AG 500,175
2,500 Continental AG 44,968
19,500 Daimler Benz AG 1,335,750
20,100 Deutsche Bank AG 924,600
34,000 Deutsche Lufthansa AG 463,983
102,300 Deutsche Telekom+ 2,084,362
22,700 Dresdner Bank AG 679,526
950 Fresenius AG 196,315
8,500 Gehe AG 544,075
250 HERLITZ AG 28,430
50 HERLITZ International Trading AG 12,737
600 Kali und Salz Beteiligungs AG+ 48,738
4,000 Kapas Borsenmakler AG 52,767
2,600 Mannesmann AG 1,126,945
800 Puma AG 27,117
17,300 RWE AG 724,437
15,801 SAP AG 718,945
3,600 SGL Carbon AG+ 150,750
30,950 VEBA AG 1,790,006
7,200 Volkswagen AG 589,500
-----------
14,375,918
-----------
<CAPTION>
Hong Kong -- 4.4%
<S> <C> <C>
25,500 Amoy Properties Ltd. 137,062
3,200 Amway Asia Pacific Ltd. 135,600
600 Asia Satellite
Telecommunications Holdings Ltd.+ 14,025
55,140 Bank East Asia Ltd. 244,684
900 Brilliance China Automotive 4,050
14,600 Cathay Pacific Airways 114,062
13,800 Champion Tech Holding 12,938
500 Concordia Paper Holdings+ 2,375
4,200 C.P. Pokphand 42,000
8,400 Dairy Farm International Ltd. 33,810
500 DSG International Ltd.+ 7,375
2,500 First Pacific Company Ltd. 162,422
1,900 Gold Peak Industries Ltd. 13,020
4,700 Guangshen Railway
Company Ltd.+ 96,937
12,450 Hang Lung Development 136,950
38,000 Hang Seng Bank Ltd. 461,827
81,700 Henderson Land Development Company Ltd. 823,919
86,000 Hong Kong and China Gas Company Ltd. 166,229
103,400 Hong Kong Electric
Holdings Ltd. 340,186
18,500 Hong Kong Land Holdings 256,688
23,832 Hong Kong
Telecommunications Ltd. 387,270
44,700 Hopewell Holdings Ltd. 139,688
203,000 HSBC Holdings 4,343,720
25,600 Hysan Development Ltd. 203,887
23,800 Jardine Matheson &
Company Ltd. 156,009
8,400 Jardine Strategic Holding 61,950
1,500 Johnson Electric Holdings 42,000
14,250 Peregrine Investment Holdings 48,450
7,600 Shuntak Holdings Ltd. 51,656
2,700 Singer Company 60,412
15,350 South China Morning Post 63,319
81,200 Swire Pacific Ltd. 771,806
11,200 Wharf Holdings Ltd. 279,300
-----------
9,815,626
-----------
<CAPTION>
Indonesia -- 0.4%
<S> <C> <C>
7,300 Pt Indorayon Utama 16,226
5,183 Pt Indosat 141,885
21,100 Pt Telekomunikasi Indonesia 727,950
1,300 Pt Tri Polyta Indonesia 8,125
-----------
894,186
-----------
<CAPTION>
Israel -- 0.2%
<S> <C> <C>
100 American-Israeli Paper Mills 4,075
2,000 Blue Square-Israel Ltd.+ 28,500
1,900 Check Point Software Technologies Ltd.+ 41,325
4,300 ECI Telecommunications Ltd. 91,375
600 Elbit Ltd. 1,312
600 Elbit Medical Imaging Ltd.+ 2,400
600 Elbit Systems Ltd.+ 4,575
1,100 Elron Electronic
Industries Ltd. 12,100
800 Elscint Ltd. ORD+ 5,000
800 ESC Medical Systems Ltd.+ 20,400
1,560 Frutarom 856
300 Gilat Satellite Network Ltd.+ 7,388
3,200 Koor Industries Ltd. 54,400
800 Matav-Cable Systems
Media Ltd.+ 12,500
2,300 Scitex Corporation 21,850
1,000 Tadiran Ltd. 28,125
500 Tecnomatrix Technologies Ltd.+ 13,250
3,100 Teva Pharmaceutical 155,775
-----------
505,206
-----------
<CAPTION>
Italy -- 2.0%
<S> <C> <C>
4,400 Benetton Group SpA 109,450
2,500 De Rigo SpA 22,812
40,300 Ente Nazionale Idrocarburi SpA+ 2,080,488
33,000 Fiat 503,250
1,300 Fila Holding SpA 75,562
10,400 IMI 269,100
2,800 Industrie Natuzzi 64,400
20,100 Istituto Nazionale delle Assicurazioni+ 265,069
2,400 Luxottica Group 124,800
24,742 Montedison SpA+ 160,823
800 SAES Getters SpA 9,700
19,600 Stet Societa Finanziaria Telefonica SpA 869,750
-----------
4,555,204
-----------
<CAPTION>
Japan -- 22.4%
<S> <C> <C>
15,070 Amway Japan Ltd. 250,539
12,000 Ando Electric Company Ltd. 129,522
9,600 Bandai Company Ltd. 72,000
152,095 Bank of Tokyo 2,870,793
8,700 Canon Inc. 957,000
3,400 CSK Corporation 90,525
36,000 Daido Steel Company Ltd. 531,560
18,300 Dai'El Inc. 283,650
89,000 Daiwabo Company Ltd. 263,596
13,850 Eisai Company Ltd. 272,577
78,000 Fudo Construction 358,985
26,300 Fuji Photo Film Company Ltd. 867,900
41,000 Fujitsu Ltd. 266,583
16,800 Hitachi Ltd. 1,554,000
23,300 Honda Motor Company Ltd. 1,319,362
5,200 Ito-Yokado Ltd. 900,900
45,500 Japan Airlines Company 480,594
69 Japan Telecom Company Ltd. 1,543,131
233 Japan Tobacco, Inc. 1,579,354
122,000 Kanematsu Corporation 393,990
24,000 Kanematsu-NNK Corporation 549,175
16,600 Kawasaki Steel Corporation 477,152
27,000 KDD 1,860,461
5,000 Kirin Brewery Company 492,500
86,000 KOA 663,138
29,000 Kobe Steel Ltd. 305,395
8,000 Koei Company Ltd. 153,355
2,700 Komatsu Ltd. 442,814
4,000 Kubota Corporation 410,000
4,700 Kyocera Corporation 573,400
40,000 Makino Milling Machine 255,246
8,400 Makita Corporation 117,600
10,900 Matsushita Electric Industrial Company
Ltd. 1,779,425
101,000 Matsuzakaya 933,166
40,100 Mitsubishi Corporation 830,729
4,400 Mitsui & Company Ltd. 712,800
20,000 Mitsumi Electric Company Ltd. 376,479
88,000 Nagasakiya Company+ 328,262
157,000 Navix Line+ 296,891
15,800 NEC Corporation 959,850
29,000 Nippon Chemical Industrial 250,410
156,900 Nippon Telegraph & Telephone Corporation 6,177,938
64,300 Nissan Motor Company Ltd. 763,562
33,000 Nitto Chemical Industry Company 148,174
13,300 Olympus Optical Company 126,284
116,000 Pacific Metals Company Ltd.+ 349,573
8,900 Pioneer Electronics Corporation 171,325
6,800 Ricoh Company Ltd. 390,332
20,000 Sanyo Electric Corporation 420,000
650 Sawako Corporation 12,919
16,400 Sega Enterprises 135,300
18,000 Shinko Electric Industries 585,960
20,500 Shiseido Ltd. 237,117
131,000 Showa Line 156,101
19,100 Sony Corporation 1,253,437
121,000 Sumitomo Construction 362,551
16,100 Sumitomo Metal Industries 426,650
14,000 Suzuken Company Ltd. 483,551
51,000 Taiyo Toyo Sanso Company Ltd.+ 170,866
16,000 Tamura Electric Works 110,526
6,500 TDK Corporation 427,375
48,000 Teisan 199,775
99,000 Tobishima Corporation 222,261
35,000 Tokai Pulp Company Ltd. 226,664
16,100 Tokio Marine & Fire Insurance Ltd. 750,662
52,000 Tokyu Car 197,116
89,000 Tokyu Construction Company 265,133
18,000 TOPCON 125,896
97,000 Toshiba Machine Company 345,920
95,670 Toyota Motor Corporation 5,501,025
22,000 Tsubaki Nakashima+ 185,407
27,000 Tsumura & Company 324,065
200,000 Unitika Ltd.+ 431,742
66,000 Universal Securities 240,497
1,500 Wacoal Corporation+ 82,406
38,000 Yomiuri Land 232,968
-----------
49,995,887
-----------
<CAPTION>
Luxembourg -- 0.2%
<S> <C> <C>
1,800 Espirito Sanyo Financial Holdings 23,850
2,600 Millicom International Cellular SA+ 83,525
11,350 Minorco SA 236,222
-----------
343,597
-----------
<CAPTION>
Malaysia -- 0.1%
<S> <C> <C>
57,900 Amalgamated Steelmills Berhad 43,110
11,000 Resorts World Berhad 250,495
-----------
293,605
-----------
<CAPTION>
Mexico -- 1.4%
<S> <C> <C>
3,000 Apasco SA, Series A 99,000
1,100 Bufete Industries+ 23,375
31,300 Cemex SA 243,553
2,700 Coca-Cola Femsa SA 77,963
3,700 Consorcio G. Grupo Dina+ 8,325
3,970 Desc de CV, Series C 87,340
5,800 Empresas La Moderna 114,550
5,200 Empress Ica 76,050
46,600 Grupo Carsa SA 489,300
1,300 Grupo Casa Autrey 25,350
9,400 Grupo Elecktra 148,050
6,400 Grupo Financiero 26,400
300 Grupo Imsa SA 5,700
1,100 Grupo Industrial Duango SA 11,687
3,300 Grupo Industrial Maseca SA 63,113
3,000 Grupo Iusacell, Series L 22,875
2,300 Grupo Mexicano de Desarrollo, Class L 3,737
700 Grupo Radio Central 4,812
5,500 Grupo Sidek 3,437
400 Grupo Simec SA+ 1,250
8,100 Grupo Telivisa SA+ 207,562
3,800 Grupo Tribasa SA+ 18,525
5,000 Kimberly Clark Inc. 193,750
2,100 Panamerican Beverages Inc., Class A 98,437
26,900 Telefono de Mexico SA 887,700
2,000 Tolmex 76,000
2,900 Transport Matima Mexico, Class L 15,225
3,700 Tubos de Acero de Mexico+ 58,737
6,000 Vitro Sociedad Anomina 33,000
-----------
3,124,803
-----------
<CAPTION>
Netherlands -- 4.7%
<S> <C> <C>
15,000 ABN AMRO Holding 963,750
13,500 AEGON Insurance 853,875
7,400 Akzo Nobel 499,500
4,700 Baan Company 163,325
7,600 DSM 181,450
17,500 Elsevier 590,625
9,525 Fortis Amev 333,427
4,900 Gucci Group 312,987
94,405 ING Groep 3,398,930
4,500 KLM Royal Dutch Airlines 125,437
4,100 Koninklijke Bols Wessanen NV 75,438
6,220 Koninklijke Ahold 384,085
1,500 Madge Networks NV+ 14,812
800 Oce Van Der Grinten 86,400
17,200 Philips Electronics NV 688,000
2,400 Polygram NV 119,400
900 QIAGEN NV 23,175
2,300 Royal Nedlloyd Group 31,540
23,100 Royal PTT Nederland 874,912
4,300 Toolex Alpha NV 45,687
800 Van Ommeren 36,105
200 Velcro Industries NV 12,500
9,700 Verenigde Nederlandse Uitgeversbedrijven
Verenigd Bezit 198,850
3,500 Wolters Kluwer 455,000
-----------
10,469,210
-----------
<CAPTION>
Netherland Antilles -- 0.0%#
<S> <C> <C>
500 Orthofix International 4,125
-----------
<CAPTION>
New Zealand -- 0.2%
<S> <C> <C>
1,925 Fletcher Challenge, Building 58,472
1,925 Fletcher Challenge, Energy 55,344
4,200 Fletcher Challenge, Forest 69,825
3,550 Fletcher Challenge, Paper 72,775
3,200 Telecommunications of New Zealand Ltd. 259,200
500 Tranz Rail Holdings Ltd. 8,844
-----------
524,460
-----------
<CAPTION>
Norway -- 0.4%
<S> <C> <C>
4,900 Hafslund Nycomed 33,615
11,550 Norsk Hydro AS 619,369
5,000 Nycomed AS, Class A+ 75,000
1,400 Petroleum Geo - Services+ 54,600
5,900 Saga Petroleum, Class A 97,350
1,000 Unitor ASA 12,869
-----------
892,803
-----------
<CAPTION>
Peru -- 0.1%
<S> <C> <C>
3,400 Banco Wiese 19,975
11,800 Telefonica del Peru SA 222,725
-----------
242,700
-----------
<CAPTION>
Philippines -- 0.3%
<S> <C> <C>
2,900 Philippine Long Distance Telephone
Company 147,900
11,500 San Miguel Corporation, Class B 507,224
-----------
655,124
-----------
<CAPTION>
Portugal -- 0.2%
<S> <C> <C>
5,500 Banco Comercial Portuges SA 72,188
9,900 Portugal Telecom SA 279,675
-----------
351,863
-----------
<CAPTION>
Republic of Ireland -- 0.3%
<S> <C> <C>
5,600 Allied Irish Banks 219,800
4,000 CRH 203,000
3,600 Elan Corporation+ 119,700
3,100 Jefferson Smurfit Group 84,088
3,900 Waterford Wedgwood 48,750
-----------
675,338
-----------
<CAPTION>
Republic of South Korea -- 0.9%
<S> <C> <C>
63,000 Korea Electric Power Corporation 1,291,500
26,677 Korea Mobile
Telecommunications 343,466
18,900 Pohang Iron & Steel 382,725
-----------
2,017,691
-----------
<CAPTION>
Russia -- 0.2%
<S> <C> <C>
1,500 Chernogorneft+ 17,925
6,600 Lukoil+ 310,200
300 Trade House GUM+ 16,350
600 Vimpel-Communications+ 14,175
-----------
358,650
-----------
<CAPTION>
Singapore -- 0.6%
<S> <C> <C>
1,800 China Yuchai 8,550
4,500 Cycle & Carrigae Ltd. 109,983
7,575 Development Bank of Singapore 399,581
35,000 Keppel Corporation 272,636
8,400 Neptune Orient Lines Ltd. 29,055
23,000 United O/S Singapore 523,250
-----------
1,343,055
-----------
<CAPTION>
South Africa -- 0.4%
<S> <C> <C>
6,700 Driefontein Consolidated 67,000
4,600 Kloof Gold Mining Ltd. 35,937
17,100 Malbak Ltd. 74,928
4,500 Pepkor Ltd. 27,605
29,400 Sasol Ltd. 341,775
3,100 Servgro International Ltd. 30,347
14,400 South African Breweries 360,000
18,500 Wooltru Ltd.+ 70,781
-----------
1,008,373
-----------
<CAPTION>
Spain -- 2.1%
<S> <C> <C>
12,100 Banco Bilbao Vizcaya 645,837
16,800 Banco Central Hispano 218,400
31,500 Banco Esp Credito 121,863
8,300 Banco Santander SA 527,050
4,100 Compania Sevillana Electric 89,175
7,100 Corporacion Mapfre 98,391
12,600 Corporation Banc Argentaria 283,500
13,600 Empresa Nacional de Electricidad SA 952,000
15,350 Repsol SA 585,219
16,000 Telefonica de Espana SA 1,108,000
-----------
4,629,435
-----------
<CAPTION>
Sweden -- 2.4%
<S> <C> <C>
4,600 ABB AB 515,200
12,000 AGA AB, Series B 178,949
31,500 Astra AB 1,543,500
9,566 Atlas Copco 230,760
500 Biacore International AB 11,000
4,200 Electrolux AB 242,550
49,000 Ericsson (L. M.) Telephone Company, Class
B 1,479,188
14,250 Sandvik AB 385,419
5,700 SKF AB 133,237
2,600 Swedish Match Company+ 90,025
22,500 Swedish Match Company+, ++ 79,189
22,500 Volvo AB, Series B 496,579
-----------
5,385,596
-----------
<CAPTION>
Switzerland -- 6.5%
<S> <C> <C>
4,400 ABB AG 546,716
26,600 CS Holdings 681,625
41,300 Nestle 2,206,969
77,867 Novartis+ 4,457,866
630 Roche Holdings Genuscheine AG 4,902,092
38,900 Schweizerische Bankerein 748,825
53,600 Schweizerische Bankgesellschaft 938,400
1,400 TAG Huer International SA 22,575
-----------
14,505,068
-----------
<CAPTION>
Thailand -- 0.0%#
<S> <C> <C>
5,000 Advanced Information Services PCL 42,497
13,950 Shinawatra Corporation 80,212
-----------
122,709
-----------
<CAPTION>
United Kingdom -- 25.6%
<S> <C> <C>
33,800 Abbey National Plc 885,602
3,800 Albert Fischer Group Plc 24,320
134,250 Alexon Group Plc 401,181
52,700 Allied Domeq Plc 401,838
52,600 BAA Plc 447,100
22,000 Barclays Plc 1,518,000
21,900 Bass Publishing Limited Company Plc 607,725
77,500 B.A.T. Industries Plc 1,278,750
2,900 Bell Cable Media Plc+ 44,950
1,300 Bespak Plc 10,575
2,400 Blenheim Exhibit Group Plc 30,936
99,300 Bluebird Toys Plc 334,150
37,300 Blue Circle Industries Plc 226,761
2,200 Body Shop International Plc 37,125
3,000 Booker Plc 72,000
4,800 British Airways Plc 493,200
3,400 British Biotech Plc+ 117,300
21,800 British Gas Plc 831,125
11,800 British Petroleum Company Plc 1,668,225
309,000 British Petroleum
Company Plc++ 3,706,781
9,000 British Sky Broadcasting
Group Plc 472,500
10,500 British Steel Plc 288,750
31,700 British Telecommunications Plc 2,175,412
46,560 BTR Plc 905,778
5,000 Burmah Castrol Plc 186,250
36,800 Cable & Wireless Plc 906,200
12,350 Cadbury Schweppes Plc 421,444
5,900 Carlton Communications Plc 262,550
1,700 Central Transportation Plc+ 638
3,100 Christian Salvesen Plc 76,048
900 Christies International Plc 35,775
11,650 Coats Viyella Plc 79,603
1,400 COLT Telecom Group Plc 26,950
4,200 Cordiant Plc 21,000
20,200 Courtaulds Plc 131,300
2,700 Danka Business Systems Plc 95,512
176,750 Danka Business Systems Plc++ 1,611,793
6,900 Dixons Group Plc 179,952
71,700 Druck Holdings Plc 375,726
700 Dr. Solomon's Group Plc+ 11,988
4,900 East Midlands Electric Plc 111,688
22,150 EMI Group Plc 621,086
5,100 English China Clays Plc 50,362
7,500 Enterprise Oil Plc 251,250
187,850 Fine Art Development Plc 829,968
79,500 Glaxo Wellcome Plc 2,524,125
26,800 Grand Metropolitan Plc 847,550
16,500 Guinness Plc 597,630
52,000 Hanson Trust Plc 351,000
9,100 Hills Down Holdings Plc 102,011
229,900 Hunting Accociates
Industries Plc+ 633,863
1,000 Huntington International Holdings Plc+ 7,375
159,500 Huntleigh Technology Plc 543,556
9,400 Imperial Chemical Industries Plc 488,800
13,725 Imperial Tobacco Group Plc+ 174,994
17,100 Kingfisher Plc 369,854
14,600 Lasmo Plc 175,200
2,500 Laura Ashley Holdings Plc 34,375
8,799 London Electric Plc 102,540
3,600 London International
Group Plc 50,850
800 London Pacific Group Ltd. Plc 11,200
400 London & Overseas Freight Plc 5,000
5,100 LucasVarity Plc 193,800
23,800 Marks & Spenser Plc 1,200,716
206,500 Matthew Clark Plc 928,281
230,300 McCarthy & Stone Plc 378,613
4,000 Medeva Plc 67,500
700 Micro Focus Group Plc+ 10,675
338,200 M.L. Laboritories Plc 1,178,605
8,800 National Grid Group Plc 294,619
10,300 National Power Plc 348,913
14,900 National Westminister Bank Plc 1,035,550
7,200 NFC Plc 108,000
5,000 Northern Electricity Plc 55,613
13,100 Orange Plc+ 209,600
28,300 Pearson Plc 363,236
15,400 Peninsular & Oriental
Steam Plc 313,775
400 Planning Sciences
International Plc+ 4,800
8,700 Powergen Plc 343,650
7,100 Premier Farnell Plc+ 179,275
2,200 Premier Oil Plc 13,375
102,050 Protean Plc 270,879
19,400 Prudential Plc 816,443
7,300 Racal Electronics Plc 64,386
21,400 Rank Organization Plc 321,000
26,500 Redland Ltd. Plc 156,309
14,150 Reed International Plc 534,163
34,300 Reed International Plc++ 647,007
14,500 Reuters Holdings, Class B Plc 1,109,250
25,500 Rexam Plc 153,000
2,200 Scottish Hydro-Electric Plc 123,574
4,600 Scottish Power Plc 277,288
5,500 Sedgwick Group Plc 61,928
500 SELECT Software Tools Plc+ 9,125
28,300 Shell Transportation & Trading, (New) Plc 2,897,212
262,050 Sherwood Group Plc 204,186
11,200 Siebe Plc 415,055
39,000 Siebe Plc++ 722,640
28,000 Smithkline Beecham Group Plc 1,904,000
12,806 Southern Electric
Corporation Plc 174,565
1,150 Stolt-Nielsen SA Plc 21,562
1,500 Stolt-Nielsen SA Plc++ 28,313
4,700 Tate & Lyle Plc 149,225
91,200 Telemetrix Plc 92,927
4,800 Telewest Communications Plc+ 99,600
128,800 Tesco Plc 781,920
105,300 Tesco Plc++ 631,800
13,900 The RTZ Corporation Plc 889,600
128,400 The 600 Group Plc 498,039
5,675 Thorn EMI Plc 97,184
11,800 TI Group Plc 210,925
14,900 Tomkins Plc 275,650
2,000 Trinity International Plc 31,681
23,400 Unilever Plc 2,281,500
27,000 United Biscuits Holdings Plc 91,125
6,100 United News & Media Plc 142,588
15,350 Vodafone Group Plc 635,106
1,300 Wace Group Plc 7,013
4,100 Waste Management
International Plc+ 32,287
3,700 Wembley Plc+ 90,355
10,100 Williams Holdings Ltd. Plc 178,238
4,200 Willis Corroon Group Plc 48,300
4,100 WPP Group Plc 176,044
8,916 Yorkshire Electricity Group Plc 123,523
15,900 Zeneca Group Plc 1,335,600
-----------
57,327,801
-----------
<CAPTION>
Venezuela -- 0.0%#
<S> <C> <C>
1,300 Corimon Saca+ 1,625
3,200 Mavesa SA 21,427
8,700 Sidervrgica/Venez/Sivensa 30,450
-----------
53,502
-----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $195,743,019) 221,617,611
-----------
<CAPTION>
SHORT-TERM INVESTMENTS -- 3.0%
<S> <C> <C>
988,104 Dreyfus Cash Management Plus Fund 988,104
5,747,594 Federated Prime Obligations Fund 5,747,594
-----------
<CAPTION>
<S> <C> <C>
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,735,698) 6,735,698
-----------
TOTAL INVESTMENTS
(Cost $202,478,717*) 102.2% 228,353,309
OTHER ASSETS AND
LIABILITIES (Net) (2.2) (4,923,379)
---------- -----------
NET ASSETS 100.0% $223,429,930
========== ===========
<FN>
* Aggregate cost for Federal tax purposes.
# Amount represents less than 0.1% of net assets.
+ Non-income producing security
++ Foreign ordinary security
</FN>
ABBREVIATION:
ORD -- Ordinary Share
</TABLE>
At December 31, 1996 sector diversification of the Munder International
Equity Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
----------- -----------
<S> <C> <C>
COMMON STOCKS:
Telecommunications ......................... 11.1% $ 24,731,921
Banking .................................... 9.6 21,483,251
Pharmaceuticals & Medical
Supplies ................................. 8.6 19,231,556
Oil & Gas .................................. 8.2 18,397,286
Food & Beverage ............................ 5.6 12,619,518
Financial Services ......................... 5.5 12,289,079
Automotive ................................. 5.2 11,559,379
Retail ..................................... 4.9 11,013,838
Utilities .................................. 4.5 10,030,075
Diversified Industrial ..................... 4.0 8,862,910
Machinery & Heavy
Equipment ................................ 2.9 6,430,057
Chemicals .................................. 2.8 6,342,096
Electric & Electrical
Equipment ................................ 2.3 5,234,717
Transportation ............................. 2.0 4,457,939
Metals & Mining ............................ 2.0 4,382,870
Electronics ................................ 1.8 3,976,326
Conglomerates .............................. 1.8 3,949,386
Broadcasting & Advertising ................. 1.6 3,611,061
Health & Personal Care ..................... 1.6 3,595,456
Tobacco .................................... 1.4 3,147,648
Building & Building
Materials ................................ 1.4 3,037,783
Iron & Steel ............................... 1.3 2,946,414
Commerical & Consumer
Services ................................. 1.2 2,649,732
Real Estate ................................ 1.1 2,440,780
Entertainment .............................. 1.0 2,201,300
Printing & Publishing ...................... 0.9 2,059,867
Computers .................................. 0.8 1,721,937
Forest Paper & Products .................... 0.7 1,653,995
Apparel & Textiles ......................... 0.7 1,545,199
Technology ................................. 0.6 1,387,225
Office Supplies ............................ 0.6 1,375,763
Wholesale .................................. 0.6 1,294,633
Engineering & Construction ................. 0.5 1,171,613
Miscellaneous .............................. 0.4 785,001
----------- ------------
TOTAL COMMON
STOCKS ................................... 99.2 221,617,611
SHORT-TERM
INVESTMENT ............................... 3.0 6,735,698
----------- ------------
TOTAL INVESTMENTS .......................... 102.2 228,353,309
OTHER ASSETS AND
LIABILITIES (Net) ........................ (2.2) (4,923,379)
----------- ------------
NET ASSETS ................................. 100.0% $223,429,930
=========== ============
See Notes to Financial Statements.
</TABLE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 80.1%
Automobiles & Trucks -- 1.3%
<S> <C> <C>
160 Metrotrans Corporation+ 2,240
-----------
<CAPTION>
Banking and Financial Services -- 4.0%
<S> <C> <C>
140 Centennial Bancorp+ 2,240
130 Dime Financial Corporation 2,243
120 Vectra Banking Corporation+ 2,130
-----------
6,613
-----------
<CAPTION>
Building Materials -- 1.3%
<S> <C> <C>
100 Drew Industries, Inc.+ 2,200
-----------
<CAPTION>
Business Equipment and Supplies -- 1.3%
<S> <C> <C>
180 Raster Graphics, Inc.+ 2,137
-----------
<CAPTION>
<S> <C> <C>
Chemicals -- 2.7%
560 American Materials & Technologies
Corporation+ 2,310
120 Ceradyne, Inc.+ 2,205
-----------
4,515
-----------
<CAPTION>
Commercial Services -- 10.5%
<S> <C> <C>
190 ACE Cash Express, Inc.+ 2,138
280 Avert, Inc.+ 2,118
90 Donnelley Enterprise Solutions Inc.+ 2,205
90 Forrester Research, Inc+ 2,317
100 F.Y.I. Incorporated+ 2,087
110 Lason Holdings, Inc.+ 2,255
150 Ontrack Data International, Inc.+ 2,250
110 Physician Support Systems, Inc.+ 2,118
-----------
17,488
-----------
<CAPTION>
Computer Hardware, Software or
Services -- 10.6%
<S> <C> <C>
220 Analytical Surveys, Inc.+ 2,173
140 Axent Technologies, Inc.+ 2,100
100 Engineering Animation, Inc.+ 2,425
140 Interlink Computer 2,345
90 IQ Software Corporation+ 2,092
230 Ross Systems, Inc.+ 2,214
160 Simulation Sciences, Inc+ 2,380
160 Technology Modeling Associates, Inc.+ 2,120
-----------
17,849
-----------
<CAPTION>
Diversified -- 1.3%
<S> <C> <C>
110 American Precision Industries 2,200
-----------
<CAPTION>
Electrical Equipment -- 3.7%
<S> <C> <C>
220 Quad Systems Corporation+ 2,200
200 Thermo Voltek Corporation+ 1,975
130 Trident International, Inc.+ 2,112
-----------
6,287
-----------
<CAPTION>
Energy -- 2.6%
<S> <C> <C>
190 Key Energy Group, Inc.+ 2,232
230 York Research Corporation+ 2,185
-----------
4,417
-----------
<CAPTION>
Food Distribution -- 1.3%
<S> <C> <C>
130 Fresh America Corporation+ 2,145
-----------
<CAPTION>
Insurance -- 1.3%
<S> <C> <C>
220 Westbridge Capital Corporation+ 2,145
-----------
<CAPTION>
Machinery -- 4.1%
<S> <C> <C>
190 Gradall Industries. Inc.+ 2,351
120 Hirsch International Corporation+ 2,220
120 Stratasy, Inc.+ 2,385
-----------
6,956
-----------
<CAPTION>
Manufactured Housing -- 1.3%
<S> <C> <C>
250 Miller Building Systems, Inc.+ 2,156
-----------
<CAPTION>
Medical and Medical Services -- 7.7%
<S> <C> <C>
390 Alliance Imaging, Inc+ 2,243
140 Assisted Living Concepts Inc 2,135
290 CN Biosciences, Inc.+ 2,175
150 Morrison Health Care, Inc. 2,213
290 Neogen Corporation+ 2,084
250 SMT Health Services, Inc.+ 2,125
-----------
12,975
-----------
<CAPTION>
Medical Supplies -- 4.0%
<S> <C> <C>
260 Merit Medical Systems, Inc+ 2,210
150 Sabratek Corporation+ 2,381
190 SeaMED Corporation+ 2,066
-----------
6,657
-----------
<CAPTION>
Metal Processing -- 1.4%
<S> <C> <C>
220 SIFCO Industries, Inc.+ 2,282
-----------
<CAPTION>
Pharmaceuticals -- 1.3%
<S> <C> <C>
180 ChiRex Inc.+ 2,160
-----------
<CAPTION>
Retail -- 1.3%
<S> <C> <C>
230 Rent-Way, Inc.+ 2,214
-----------
<CAPTION>
Technology -- 6.7%
<S> <C> <C>
310 Ault, Inc.+ 2,093
130 Datum, Inc.+ 2,194
280 Excel Technology, Inc.+ 2,275
100 Spectran Corporation+ 2,175
180 Thermo Sentron, Inc.+ 2,430
-----------
11,167
-----------
<CAPTION>
Telecommunications -- 5.1%
<S> <C> <C>
150 AML Communications, Inc.+ 2,006
180 Centigram Communications Corporation+ 2,295
270 TALX Corporation+ 2,228
370 Wave Technologies International, Inc.+ 2,081
-----------
8,610
-----------
<CAPTION>
Textiles -- 3.8%
<S> <C> <C>
160 Conso Products Company+ 2,060
170 Cutter & Buck, Inc.+ 1,976
170 Quaker Fabric Corporation+ 2,380
-----------
6,416
-----------
<CAPTION>
Transportation -- Trucking -- 1.5%
<S> <C> <C>
160 US Xpress Enterprises, Inc.+ 2,540
-----------
<S> <C> <C>
TOTAL INVESTMENTS 134,369
(Cost $132,668*) 80.1%
OTHER ASSETS AND 33,337
LIABILITIES (Net) 19.9
---------- -----------
NET ASSETS 100.0% $ 167,706
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Mid-Cap Growth Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 95.7%
Automobile Parts & Equipment -- 1.1%
<S> <C> <C>
8,500 Lear Corporation+ 290,062
-----------
<CAPTION>
Basic Industries -- 7.4%
<S> <C> <C>
25,200 BMC Industries, Inc. 793,800
9,500 Pentair, Inc. 306,375
19,100 Waters Corporation+ 580,162
8,000 Zoltek Companies, Inc.+ 291,000
-----------
1,971,337
-----------
<CAPTION>
Commercial Services -- 5.1%
<S> <C> <C>
21,000 AccuStaff, Inc.+ 443,625
23,900 COREStaff Inc.+ 566,131
23,500 ITI Technology Inc.+ 355,438
-----------
1,365,194
-----------
<CAPTION>
Computer Hardware, Software or
Services -- 18.0%
<S> <C> <C>
11,300 Arbor Software Corporation+ 274,025
22,500 BA Merchant Services, Inc.+ 402,187
8,600 Cabletron Systems, Inc.+ 285,950
14,500 Cadence Design Systems, Inc.+ 576,375
16,000 Fiserv, Inc.+ 588,000
27,000 Indus Group Inc.+ 695,250
25,700 Objective Systems
Integrator, Inc.+ 613,588
21,000 Open Market, Inc.+ 283,500
13,800 Shiva Corporation+ 481,275
21,900 Xylan Corporation+ 618,675
-----------
4,818,825
-----------
<CAPTION>
Electronics -- Semiconductors -- 1.2%
<S> <C> <C>
7,000 Lattice Semiconductor Corporation+ 322,000
-----------
<CAPTION>
Financial Services -- 11.3%
<S> <C> <C>
20,000 ContiFinancial Corporation+ 722,500
3,900 FINOVA Group Inc. 250,575
8,100 Green Tree Financial Corporation 312,863
43,000 Imperial Credit Industries, Inc.+ 903,000
7,000 TCF Financial Corporation 304,500
12,500 Washington Mutual, Inc. 541,406
-----------
3,034,844
-----------
<CAPTION>
Investment Corporation -- 1.0%
<S> <C> <C>
7,200 Sirrom Capital Corporation 264,600
-----------
<CAPTION>
Lodging -- 1.2%
<S> <C> <C>
20,000 Suburban Lodges of
America, Inc.+ 320,000
-----------
<CAPTION>
Manufactured Housing -- 2.0%
<S> <C> <C>
40,000 Clayton Homes, Inc. 540,000
-----------
<CAPTION>
Medical Instruments & Supplies -- 13.7%
<S> <C> <C>
35,500 Arterial Vascular Engineering, Inc. 443,750
45,500 Cambridge Heart, Inc.+ 511,875
17,000 DePuy, Inc.+ 344,250
23,500 Heartport, Inc.+ 537,563
16,300 IDEXX Laboratories, Inc.+ 586,800
30,500 Physio-Control International Corporation+ 686,250
12,800 STERIS Corporation 556,800
-----------
3,667,288
-----------
<CAPTION>
Medical Services -- 8.3%
<S> <C> <C>
14,500 American Medical
Response, Inc.+ 471,250
15,000 Applied Analytical
Industries, Inc.+ 286,875
32,700 ESC Medical Systems Ltd.+ 833,850
15,000 Target Therapeutics, Inc.+ 630,000
-----------
2,221,975
-----------
<CAPTION>
Metal Fabricate/Hardware -- 2.0%
<S> <C> <C>
15,500 Wolverine Tube Inc.+ 546,375
-----------
<CAPTION>
Office Equipment -- 4.6%
<S> <C> <C>
24,700 Corporate Express, Inc.+ 727,106
14,000 Danka Business Systems, Sponsored ADR 495,250
-----------
1,222,356
-----------
<CAPTION>
Oil & Gas -- 6.0%
<S> <C> <C>
10,000 Chesapeake Energy Corporation+ 556,250
18,500 Rutherford-Moran Oil Corporation+ 518,000
10,400 United Meridian Corporation+ 538,200
-----------
1,612,450
-----------
<CAPTION>
Public Service -- 3.2%
<S> <C> <C>
28,500 Corrections Corporation of America+ 872,813
-----------
<CAPTION>
Recreation -- 2.1%
<S> <C> <C>
12,500 Harley Davidson, Inc. 587,500
-----------
<CAPTION>
Retail -- 1.9%
<S> <C> <C>
20,900 Bed Bath & Beyond, Inc.+ 506,825
-----------
<CAPTION>
Telecommunications -- 5.6%
<S> <C> <C>
5,700 Adtran, Inc.+ 236,550
11,300 Andrew Corporation+ 599,606
7,700 Cascade Communications Corporation+ 424,462
4,600 Uniphase Corporation+ 241,500
-----------
1,502,118
-----------
TOTAL COMMON STOCKS
(Cost $25,647,714) 25,666,562
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 6.9%
(Cost $1,847,000)
<S> <C> <C>
$1,847,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated 12/31/1996
to be repurchased at $1,847,590 on
01/02/1997, collateralized by
$1,491,000 U.S. Treasury Notes,
8.750% due 08/15/2020 (value
$1,934,262) 1,847,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $27,494,714*) 102.6% 27,513,562
OTHER ASSETS AND
LIABILITIES (Net) (2.6) (694,318)
---------- -----------
NET ASSETS 100.0% $ 26,819,244
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</FN>
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial Statements.
</TABLE>
Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 95.2%
Advertising -- 1.5%
<S> <C> <C>
134,600 Omnicom, Inc. $ 6,157,950
-----------
<CAPTION>
Automobile Parts & Equipment -- 3.4%
<S> <C> <C>
83,200 Johnson Controls, Inc. 6,895,200
162,071 Mark IV Industries, Inc. 3,666,856
119,800 Pep Boy's -- Manny, Moe & Jack 3,683,850
-----------
14,245,906
-----------
<CAPTION>
Banking and Financial Services -- 12.6%
<S> <C> <C>
150,000 Associates First Capital Corporation 6,618,750
89,000 Chase Manhattan Corporation 7,943,250
190,000 Federal National Mortgage Association 7,077,500
185,000 Green Tree Financial Corporation 7,145,625
55,000 MGIC Investment Corporation 4,180,000
112,000 Northern Trust Corporation 4,060,000
183,000 Norwest Corporation 7,960,500
67,000 Standard Federal Bancorporation 3,810,625
85,000 Summit Bancorp 3,718,750
-----------
52,515,000
-----------
<CAPTION>
Building Materials -- 4.5%
<S> <C> <C>
150,000 Home Depot, Inc. 7,518,750
125,000 Sherwin-Williams Company 7,000,000
75,000 York International Corporation 4,190,625
-----------
18,709,375
-----------
<CAPTION>
Business Equipment and Supplies -- 2.1%
<S> <C> <C>
244,000 Avery Dennison Corporation 8,631,500
-----------
<CAPTION>
Business Services -- 4.8%
<S> <C> <C>
172,600 Automatic Data
Processing Inc. 7,400,225
198,800 Equifax Inc. 6,088,250
181,888 First Data Corporation 6,638,912
-----------
20,127,387
-----------
<CAPTION>
Chemicals -- 5.2%
<S> <C> <C>
92,000 Merck & Co., Inc. 7,291,000
182,000 Morton International, Inc. 7,416,500
86,500 Pfizer, Inc. 7,168,688
-----------
21,876,188
-----------
<CAPTION>
Commerical Services -- 0.8%
<S> <C> <C>
142,500 CUC International, Inc.+ 3,384,375
-----------
<CAPTION>
Computer Hardware, Software or
Services -- 7.6%
<S> <C> <C>
108,000 BMC Software Inc.+ 4,468,500
265,500 Cabletron Systems, Inc.+ 8,827,875
112,000 CISCO Systems, Inc.+ 7,126,000
59,000 Microsoft Corporation+ 4,874,875
159,500 Oracle Systems Corporation+ 6,659,125
-----------
31,956,375
-----------
<CAPTION>
Diversified -- 10.4%
<S> <C> <C>
115,000 AlliedSignal Corporation 7,705,000
118,800 Raytheon Corporation 5,717,250
118,000 Rockwell International Corporation 7,183,250
83,800 Textron, Inc. 7,898,150
176,125 Thermo Electron Corporation+ 7,265,156
143,000 Tyco International Ltd. 7,561,125
-----------
43,329,931
-----------
<CAPTION>
Electrical Equipment -- 4.7%
<S> <C> <C>
70,000 Emerson Electric Company 6,772,500
113,333 Federal Signal Corporation 2,932,491
100,000 General Electric Company 9,887,500
-----------
19,592,491
-----------
<CAPTION>
Food and Beverages -- 3.2%
<S> <C> <C>
170,000 Albertson's, Inc. 6,056,250
200,000 Sara Lee Corporation 7,450,000
-----------
13,506,250
-----------
<CAPTION>
Health Care -- 1.0%
<S> <C> <C>
100,480 Columbia/HCA Healthcare Corporation 4,094,560
-----------
<CAPTION>
Home Furnishings -- 1.0%
<S> <C> <C>
117,000 Leggett & Platt Inc. 4,051,125
-----------
<CAPTION>
Household Products -- 2.6%
<S> <C> <C>
87,066 Lancaster Colony Corporation 4,005,036
63,500 Procter & Gamble Company 6,826,250
-----------
10,831,286
-----------
<CAPTION>
Insurance -- Diversified -- 3.9%
<S> <C> <C>
87,000 American International
Group Inc. 9,417,750
70,000 MBIA Inc. 7,087,500
-----------
16,505,250
-----------
<CAPTION>
Machinery -- 0.2%
<S> <C> <C>
30,000 Donaldson Company, Inc. 1,005,000
-----------
<CAPTION>
Manufactured Housing -- 1.7%
<S> <C> <C>
531,250 Clayton Homes, Inc. 7,171,875
-----------
<CAPTION>
Medical Services and Supplies -- 4.9%
<S> <C> <C>
125,000 Boston Scientific Corporation+ 7,500,000
198,000 HEALTHSOUTH Rehabilitation Corporation+ 7,548,750
110,000 Johnson & Johnson Company 5,472,500
-----------
20,521,250
-----------
<CAPTION>
Oil & Gas -- 3.7%
<S> <C> <C>
175,000 Enron Corporation 7,546,875
128,500 Transocean Offshore Inc. 8,047,313
-----------
15,594,188
-----------
<CAPTION>
Pharmaceuticals -- 5.2%
<S> <C> <C>
114,000 American Home Products Corporation 6,683,250
119,800 Amgen Inc.+ 6,514,125
113,300 Schering-Plough Corporation 7,336,175
-----------
20,533,550
-----------
<CAPTION>
Railroad -- 1.5%
<S> <C> <C>
195,000 Illinois Central Corporation 6,240,000
-----------
<CAPTION>
Recreation -- 2.0%
<S> <C> <C>
250,000 Carnival Corporation, Class A 8,250,000
-----------
<CAPTION>
Retail -- 2.7%
<S> <C> <C>
218,750 Consolidated Stores Corporation+ 7,027,344
103,000 Walgreen Company 4,120,000
-----------
11,147,344
-----------
<CAPTION>
Telecommunications -- 2.4%
<S> <C> <C>
194,000 Century Telephone Enterprises 5,989,750
150,000 WorldCom Inc.+ 3,909,375
-----------
9,899,125
-----------
<CAPTION>
Toiletries/Cosmetics -- 0.9%
<S> <C> <C>
50,000 Gillette Company 3,887,500
-----------
<CAPTION>
Toys -- 0.7%
<S> <C> <C>
100,000 Mattel, Inc. 2,775,000
-----------
<CAPTION>
<S> <C>
TOTAL COMMON STOCKS
(Cost $289,383,367) 396,539,781
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.2%
(Cost $21,490,000)
<S> <C> <C>
$21,490,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated
12/31/1996 to be repurchased
at $21,496,865 on 01/02/1997,
collateralized by $18,735,000
U.S. Treasury Bonds,
8.125% due 05/15/2021
(value $22,114,456) 21,490,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $310,873,367*) 100.4% 418,029,781
OTHER ASSETS AND
LIABILITIES (Net) (0.4) (1,635,474)
---------- -----------
NET ASSETS 100.0% $416,394,307
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Real Estate Equity Investment Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 91.7%
Apartments -- 24.1%
<S> <C> <C>
51,600 Amli Residential
Properties Inc. $ 1,206,150
35,725 Associated Estates Realty Corporation 848,469
44,400 Avalon Properties, Inc. 1,276,500
36,550 Bay Apartment
Communities Inc. 1,315,800
36,000 Camden Property Trust 1,030,500
29,300 Equity Residential Properties Trust 1,208,625
46,600 Evans Withycombe Residential Corporation 978,600
27,700 Post Properties Inc. 1,114,925
-----------
8,979,569
-----------
<CAPTION>
Community Shopping Centers -- 13.0%
<S> <C> <C>
67,500 Bradley Real Estate, Inc. 1,215,000
71,800 Commercial Net Lease Realty 1,139,825
33,850 Developers Diversified Realty Corporation 1,256,681
35,025 Kimco Realty Corporation 1,221,497
-----------
4,833,003
-----------
<CAPTION>
Hotels -- 9.2%
<S> <C> <C>
32,300 FelCor Suite Hotels, Inc. 1,142,613
27,200 Patriot American
Hospitality, Inc. 1,173,000
19,900 Starwood Lodging Trust 1,096,987
-----------
3,412,600
-----------
<CAPTION>
Office & Industrial -- 26.4%
<S> <C> <C>
35,950 Beacon Properties Corporation 1,316,669
44,200 Cali Realty Corporation 1,364,675
26,400 Crescent Real Estates
Equities Inc. 1,392,600
31,700 Duke Realty Investments, Inc. 1,220,450
32,150 Highwoods Properties Inc. 1,085,062
45,900 Prentiss Properties Trust 1,147,500
27,100 Reckson Associates Realty Corporation 1,144,975
31,400 Spieker Properties, Inc. 1,130,400
-----------
9,802,331
-----------
<CAPTION>
Regional Malls -- 9.7%
<S> <C> <C>
47,250 CBL & Associates
Properties Inc. 1,222,594
49,350 JP Realty Inc. 1,276,931
35,250 Simon DeBartolo Group, Inc. 1,092,750
-----------
3,592,275
-----------
<CAPTION>
Storage -- 6.6%
<S> <C> <C>
45,000 Public Storage, Inc. 1,395,000
27,800 Storage USA 1,045,975
-----------
2,440,975
-----------
<CAPTION>
Other -- 2.7%
<S> <C> <C>
28,800 TriNet Corporate Realty Trust, Inc. 1,022,400
-----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $26,242,954) 34,083,153
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- ------
<S> <C> <C>
REPURCHASE AGREEMENT -- 7.6%
(Cost $2,828,000)
$2,828,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated 12/31/1996
to be repurchased at $2,828,903 on
01/02/1997, collateralized by
$2,283,000 U.S. Treasury Bonds,
8.750% due 08/15/2020 (value
$2,961,717) 2,828,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $29,070,954*) 99.3% 36,911,153
OTHER ASSETS AND
LIABILITIES (Net) 0.7 274,179
---------- -----------
NET ASSETS 100.0% $ 37,185,332
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
</FN>
See Notes to Financial Statements.
</TABLE>
Muner Small-Cap Value Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 88.2%
Aerospace -- 0.9%
<S> <C> <C>
200 Rohr Industries, Inc.+ $ 4,525
-----------
<CAPTION>
Airlines -- 1.3%
<S> <C> <C>
200 Midwest Express Holdings, Inc.+ 7,200
-----------
<CAPTION>
Automobile Parts & Equipment -- 4.6%
<S> <C> <C>
600 Control Devices, Inc.+ 7,800
300 Kysor Industrial Corporation 9,787
400 Titan Wheel International, Inc. 5,100
-----------
22,687
-----------
<CAPTION>
Banking and Financial Services -- 15.3%
<S> <C> <C>
100 Astoria Financial Corporation 3,687
400 Carolina First Corporation 7,750
400 Charter Financial Inc. 5,000
200 Coast Savings Financial Inc.+ 7,325
500 Commonwealth Bancorp Inc. 7,500
200 Long Island Bancorp, Inc. 7,000
300 Metris Companies Inc.+ 7,200
300 Ocean Financial Corporation+ 7,650
600 Primary Bank+ 9,600
400 SIS Bancorp, Inc.+ 9,150
300 Statewide Financial Corporation 4,312
-----------
76,174
-----------
<CAPTION>
Building Materials -- 3.7%
<S> <C> <C>
800 Dayton Superior Corporation+ 10,500
300 U.S. Home Corporation+ 7,800
-----------
18,300
-----------
<CAPTION>
Chemicals -- 1.9%
<S> <C> <C>
400 General Chemical Group Inc. 9,450
-----------
<CAPTION>
Computer Hardware, Software or
Services -- 3.1%
<S> <C> <C>
400 Sandisk Corporation+ 3,900
500 3D Labs Inc., Ltd.+ 11,500
-----------
15,400
-----------
<CAPTION>
Consumer Durables -- 1.9%
<S> <C> <C>
800 Lifetime Hoan Corporation+ 9,400
-----------
<CAPTION>
Diversified Industrial -- 4.8%
<S> <C> <C>
500 Griffon Corporation+ 6,125
500 JLG Industries, Inc. 8,000
400 Watts Industries, Inc. 9,550
-----------
23,675
-----------
<CAPTION>
Electronics -- 4.9%
<S> <C> <C>
600 Checkmate Electronics, Inc.+ 7,800
300 Chips & Technologies, Inc.+ 5,475
400 Microsemi Corporation+ 5,700
400 Pioneer-Standard
Electronics, Inc. 5,250
-----------
24,225
-----------
<CAPTION>
Food and Beverages -- 2.2%
<S> <C> <C>
300 Hudson Foods, Inc. 5,700
400 J&J Snack Foods Corporation+ 5,400
-----------
11,100
-----------
<CAPTION>
Home Furnishings -- 1.5%
<S> <C> <C>
200 Toro Company 7,300
-----------
<CAPTION>
Insurance -- 5.6%
<S> <C> <C>
200 Executive Risk, Inc. 7,325
300 IPC Holdings Ltd. 6,712
200 NAC Re Corporation 6,775
300 Philadelphia Consolidated Holding
Corporation+ 6,975
-----------
27,787
-----------
<CAPTION>
Manufacturing -- 1.7%
<S> <C> <C>
500 Core Industries Inc. 8,250
-----------
<CAPTION>
Medical Supplies -- 3.3%
<S> <C> <C>
500 Bindley Western
Industries, Inc. 9,688
500 Sullivan Dental Products, Inc. 6,563
-----------
16,251
-----------
<CAPTION>
Metals -- 1.1%
<S> <C> <C>
3,700 Recycling Industries, Inc.+ 5,319
-----------
<CAPTION>
Oil and Gas -- 16.2%
<S> <C> <C>
400 Cabot Oil and Gas Corporation 6,850
300 Clayton Williams Energy, Inc.+ 5,213
100 Cliffs Drilling Company+ 6,325
300 Colonial Gas Company 6,375
300 Forest Oil Corporation+ 5,288
300 Houston Exploration Company+ 5,250
400 HS Resources, Inc.+ 6,600
200 Marine Drilling Companies, Inc.+ 3,937
800 Mesa, Inc.+ 4,200
200 North Carolina Natural Gas Corporation 5,775
200 St. Mary Land & Exploration Company 4,975
300 Southern Union Company+ 6,600
300 Southwest Gas Corporation 5,775
400 Veritas DGC Inc.+ 7,400
-----------
80,563
-----------
<CAPTION>
Real Estate -- 6.5%
<S> <C> <C>
200 Bay Apartment
Communities, Inc. 7,200
300 Cali Realty Corporation 9,263
500 Commercial Net Lease Realty 7,938
300 JP Realty Inc. 7,762
-----------
32,163
-----------
<CAPTION>
Recreation -- 1.7%
<S> <C> <C>
300 K2, Inc. 8,250
-----------
<CAPTION>
Technology -- 1.8%
<S> <C> <C>
500 Strattec Security Corporation+ 9,125
-----------
<CAPTION>
Telecommunications -- 1.2%
<S> <C> <C>
1,100 Century Communication Corporation, Class
A+ 6,256
-----------
<CAPTION>
Transportation -- 3.0%
<S> <C> <C>
1,200 MK Rail Corporation+ 9,375
300 Roadway Express, Inc. 5,812
-----------
15,187
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $434,929*) 88.2% 438,587
OTHER ASSETS AND
LIABILITIES (Net) 11.8 58,789
---------- -----------
NET ASSETS 100.0% $ 497,376
========== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Small Company Growth Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 93.4%
Agriculture -- 0.9%
<S> <C> <C>
74,600 Delta & Pine Land Company $ 2,387,200
-----------
<CAPTION>
Apparel -- 2.8%
<S> <C> <C>
88,700 K & G Men's Center, Inc.+ 2,306,200
106,600 Nautica Enterprises, Inc.+ 2,691,650
45,200 St. John Knits Inc. 1,966,200
-----------
6,964,050
-----------
<CAPTION>
Automobile Parts & Equipment -- 1.0%
<S> <C> <C>
83,800 Tower Automotive, Inc.+ 2,618,750
-----------
<CAPTION>
Banking and Financial Services -- 12.9%
<S> <C> <C>
103,200 Amresco, Inc.+ 2,760,600
114,900 Concord EFS Inc. 3,245,925
98,900 Cullen Frost Bankers Inc. 3,288,425
129,000 Financial Federal Corporation+ 2,160,750
109,250 First Financial Corporation- Wisconsin 2,676,625
99,030 HUBCO Inc. 2,426,235
179,800 Imperial Credit Industries, Inc.+ 3,775,800
103,200 Imperial Thrift & Loan Association+ 1,548,000
110,150 Litchfield Financial Corporation 1,624,713
93,200 Oxford Resources Corporation, Class A+ 2,877,550
102,200 Sirrom Capital Corporation 3,755,850
81,900 Winthrop Resources Corporation 2,354,625
-----------
32,495,098
-----------
<CAPTION>
Broadcast, Radio and Television -- 1.3%
<S> <C> <C>
130,700 Metro Networks, Inc.+ 3,300,175
-----------
<CAPTION>
Building Materials -- 4.3%
<S> <C> <C>
204,200 Champion Enterprises Inc.+ 3,981,900
94,100 Coachmen Industries, Inc. 2,670,087
144,608 Watsco, Inc., Class A 4,175,556
-----------
10,827,543
-----------
<CAPTION>
Commercial Services -- 11.0%
<S> <C> <C>
89,800 Consolidated Graphics, Inc.+ 5,028,800
114,300 Cort Business Services Corporation+ 2,357,437
131,500 Greenwich Air Services, Class B+ 2,925,875
82,600 Interim Services Inc.+ 2,932,300
117,300 F.Y.I. Incorporated+ 2,448,637
139,000 May & Speh Inc.+ 1,702,750
86,800 Metzler Group, Inc.+ 2,755,900
143,300 Nichols Research Corporation+ 3,654,150
77,600 Ontrack Data International, Inc.+ 1,164,000
181,000 TeleSpectrum Worldwide Inc.+ 2,873,375
-----------
27,843,224
-----------
<CAPTION>
Computer Hardware, Software or
Services -- 10.1%
<S> <C> <C>
114,300 Applix, Inc.+ 2,500,312
46,257 BDM International Inc.+ 2,509,442
100,400 BMC Industries Inc. 3,162,600
25,300 Boole & Babbage Inc.+ 632,500
135,700 Chips & Technologies, Inc.+ 2,476,525
59,900 Engineering Animation Inc.+ 1,452,575
91,500 Factset Research Systems Inc. 1,921,500
98,100 Inter-Tel, Inc.+ 1,863,900
109,500 National Instruments Corporation+ 3,504,000
115,900 Tecnomatix Technologies Ltd.+ 3,071,350
145,900 USCS International Inc. 2,462,063
-----------
25,556,767
-----------
<CAPTION>
Consumer Services -- 0.9%
<S> <C> <C>
201,000 Amscan Holdings Inc.+ 2,412,000
-----------
<CAPTION>
Electrical Equipment -- 2.3%
<S> <C> <C>
113,400 Advanced Lighting Technologies, Inc.+ 2,749,950
65,000 Littelfuse, Inc.+ 3,152,500
-----------
5,902,450
-----------
<CAPTION>
Electronics -- 2.9%
<S> <C> <C>
92,700 Berg Electronics Corporation+ 2,723,062
57,500 Computer Products Inc.+ 1,121,250
108,600 MRV Communications Inc.+ 2,362,050
76,500 Trident International, Inc.+ 1,243,125
-----------
7,449,487
-----------
<CAPTION>
Energy and Natural Resources -- 2.7%
<S> <C> <C>
143,400 Benton Oil & Gas Company+ 3,244,425
96,400 Newpark Resources Inc.+ 3,590,900
-----------
6,835,325
-----------
<CAPTION>
Food -- Wholesale -- 1.0%
<S> <C> <C>
95,400 JP Foodservice, Inc.+ 2,659,275
-----------
<CAPTION>
Hotels and Restaurants -- 5.3%
<S> <C> <C>
161,800 CapStar Hotel Company+ 3,175,325
146,300 CKE Restaurants Inc. 5,285,087
55,700 Doubletree Corporation+ 2,506,500
81,700 Interstate Hotels Company+ 2,308,025
-----------
13,274,937
-----------
<CAPTION>
Insurance -- 5.0%
<S> <C> <C>
83,150 Allied Group, Inc. 2,712,769
40,415 Capital RE Corporation 1,874,246
67,300 CMAC Investment Corporation 2,473,275
74,700 Executive Risk Inc. 2,735,888
114,300 HCC Insurance Holdings Inc. 2,743,200
-----------
12,539,378
-----------
<CAPTION>
Machinery -- Tools -- 1.2%
<S> <C> <C>
74,800 Applied Power, Inc. 2,963,950
-----------
<CAPTION>
Manufacturing -- 3.3%
<S> <C> <C>
247,250 Miller Industries Inc.+ 4,945,000
77,975 Paxar Corporation+ 1,345,062
56,600 Wolverine Tube Inc.+ 1,995,150
-----------
8,285,212
-----------
<CAPTION>
Medical Services -- 6.5%
<S> <C> <C>
48,800 CRA Managed Care, Inc.+ 2,196,000
115,000 Curative Health Services Inc.+ 3,184,063
113,604 FPA Medical Management, Inc.+ 2,541,890
106,400 OccuSystems, Inc.+ 2,872,800
86,700 Omnicare Inc. 2,785,238
106,800 Renal Treatment Centers, Inc.+ 2,723,400
-----------
16,303,391
-----------
<CAPTION>
Medical Supplies -- 8.2%
<S> <C> <C>
89,500 Mentor Corporation 2,640,250
139,400 Meridian Diagnostics Inc. 1,812,200
140,400 Molecular Devices Corporation+ 2,184,975
100,900 National Surgery Centers, Inc.+ 3,834,200
124,000 Physio-Control International Corporation+ 2,790,000
112,171 Serologicals Group Inc.+ 3,968,049
90,466 Sola International Inc.+ 3,437,708
-----------
20,667,382
-----------
<CAPTION>
Oil and Gas -- 1.3%
<S> <C> <C>
211,800 Tuboscope Vetco International
Corporation+ 3,282,900
-----------
<CAPTION>
Pharmaceuticals -- 1.3%
<S> <C> <C>
67,200 DURA Pharmaceuticals Inc.+ 3,208,800
-----------
<CAPTION>
Retail -- 1.1%
<S> <C> <C>
55,500 Smart & Final Inc. 1,200,188
55,000 West Marine Inc.+ 1,553,750
-----------
2,753,938
-----------
<CAPTION>
Telecommunications -- 3.0%
<S> <C> <C>
4,700 ACT Networks Inc.+ 171,550
52,900 Comverse Technology Inc.+ 2,000,280
82,500 Natural Microsystems Corporation+ 2,598,750
97,700 P-COM, Inc.+ 2,894,363
-----------
7,664,943
-----------
<CAPTION>
Transportation -- Trucking -- 2.1%
<S> <C> <C>
127,200 Heartland Express, Inc.+ 3,100,500
119,200 Knight Transportation, Inc.+ 2,264,800
-----------
5,365,300
-----------
<CAPTION>
Waste Management -- 1.0%
<S> <C> <C>
70,300 United Waste Systems Inc.+ 2,416,563
-----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $184,168,643) 235,978,038
-----------
<CAPTION>
WARRANTS -- 0.0%#
(Cost $0)
<S> <C> <C>
2,748 Stevens International, Inc., expires
10/30/1997+ 3,778
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
REPURCHASE AGREEMENT -- 6.8%
(Cost $17,269,900)
<S> <C> <C>
$17,269,900 Agreement with Merrill Lynch & $ 17,269,900
Company Inc., 5.424% dated
12/31/96 to be repurchased at
$17,275,104 on 01/02/1997,
collateralized by $17,535,000
U.S. Treasury Notes, 5.625%
due 10/31/1997 (value
$17,665,789)
-----------
<S> <C> <C>
TOTAL INVESTMENTS 253,251,716
(Cost $201,438,543*) 100.2%
OTHER ASSETS AND (521,059)
LIABILITIES (Net) (0.2)
---------- ----------
NET ASSETS 100.0% $252,730,657
========== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Value Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS -- 94.0%
Aerospace -- 1.6%
<S> <C> <C>
8,700 Lockheed Martin Corporation $ 796,050
-----------
<CAPTION>
Airlines -- 2.4%
<S> <C> <C>
15,100 Continental Airlines, Inc.+ 426,575
11,900 UAL Corporation 743,750
-----------
1,170,325
-----------
<CAPTION>
Automobile Parts & Equipment -- 4.2%
<S> <C> <C>
95,000 Control Devices, Inc.+ 1,235,000
36,000 Dura Automotive Systems, Inc.+ 810,000
-----------
2,045,000
-----------
<CAPTION>
Banking and Financial Services -- 15.1%
<S> <C> <C>
31,000 Charter Financial Inc. 387,500
9,000 Chase Manhattan Corporation 803,250
9,000 Citicorp 927,000
25,800 Cullen Frost Bankers Inc. 857,850
13,000 Dean Witter, Discover & Company 861,250
16,500 First America Bank Corporation 992,063
16,600 First America Corporation 956,575
71,500 Hibernia Corporation, Class A 947,375
30,000 SIS Bancorp, Inc.+ 686,250
-----------
7,419,113
-----------
<CAPTION>
Building Materials -- 2.0%
<S> <C> <C>
76,000 Dayton Superior Corporation 997,500
-----------
<CAPTION>
Chemicals -- 1.4%
<S> <C> <C>
30,000 General Chemical Group Inc.+ 708,750
-----------
<CAPTION>
Commerical Services -- 1.9%
<S> <C> <C>
82,000 TEAM America Corporation+ 932,750
-----------
<CAPTION>
Computer Hardware, Software or
Services -- 6.0%
<S> <C> <C>
23,400 Adobe Systems, Inc. 874,575
15,200 Compaq Computer Corporation+ 1,128,600
24,500 Seagate Technology, Inc.+ 967,750
-----------
2,970,925
-----------
<CAPTION>
Consumer Durables -- 1.8%
<S> <C> <C>
74,500 Lifetime Hoan Corporation+ 875,375
-----------
<CAPTION>
Electronics -- 3.0%
<S> <C> <C>
21,400 Advanced Micro Devices, Inc.+ 551,050
51,000 Integrated Process Equipment Corporation+ 918,000
-----------
1,469,050
-----------
<CAPTION>
Food and Beverages -- 2.1%
<S> <C> <C>
27,000 Seagram Company Ltd. 1,046,250
-----------
<CAPTION>
Insurance -- 2.4%
<S> <C> <C>
8,200 Allstate Corporation 474,575
32,400 IPC Holdings Ltd. 724,950
-----------
1,199,525
-----------
<CAPTION>
Machine-Diversified -- 2.0%
<S> <C> <C>
17,100 Tecumseh Products Company, Class A 981,113
-----------
<CAPTION>
Manufacturing -- 2.0%
<S> <C> <C>
60,800 Core Industries Inc. 1,003,200
-----------
<CAPTION>
Medical Services -- 3.3%
<S> <C> <C>
22,700 Baxter International Inc. 930,700
14,900 United Healthcare Corporation 670,500
-----------
1,601,200
-----------
<CAPTION>
Metals -- 0.4%
<S> <C> <C>
125,000 Recycling Industries, Inc.+ 179,688
-----------
<CAPTION>
Oil and Gas -- 10.6%
<S> <C> <C>
9,800 ENSCO International, Inc.+ 475,300
49,900 Houston Exploration Company+ 873,250
18,000 Louisiana Land and Exploration Company 965,250
48,300 McDermott International, Inc. 802,988
26,000 Noble Affiliates, Inc. 1,244,750
28,500 Weatherford Enterra, Inc.+ 855,000
-----------
5,216,538
-----------
<CAPTION>
Pharmaceuticals -- 4.4%
<S> <C> <C>
19,000 Astra AB, Class A 938,973
6,000 Astra AB, Class B 286,500
55,400 Mylan Labs Inc. 927,950
-----------
2,153,423
-----------
<CAPTION>
Real Estate -- 8.8%
<S> <C> <C>
13,700 Bay Apartment
Communities, Inc. 493,200
16,800 Cali Realty Corporation 518,700
28,400 Commercial Net Lease Realty 450,850
11,600 FelCor Suite Hotels, Inc. 410,350
13,100 Kimco Realty Corporation 456,862
12,400 Patriot American
Hospitality, Inc. 534,750
17,900 Public Storage, Inc. 554,900
15,400 Simon DeBartolo Group, Inc. 477,400
8,100 Starwood Lodging Trust 446,512
-----------
4,343,524
-----------
<CAPTION>
Recreation -- 1.9%
<S> <C> <C>
27,800 Carnival Corporation, Class A 917,400
-----------
<CAPTION>
Retail -- 3.2%
<S> <C> <C>
50,950 Arbor Drugs, Inc. 885,256
21,750 Consolidated Stores Corporation+ 698,719
-----------
1,583,975
-----------
<CAPTION>
Technology -- 7.2%
<S> <C> <C>
7,000 Intel Corporation 916,562
27,100 Lattice Semiconductor Corporation+ 1,246,600
40,000 Strattec Security Corporation+ 730,000
27,500 Vishay Intertechnology, Inc. 642,812
-----------
3,535,974
-----------
<CAPTION>
Telecommunications -- 6.3%
<S> <C> <C>
71,700 Century Communication Corporation, Class
A+ 407,794
21,200 GTE Corporation 964,600
19,000 Harris Corporation 1,303,875
22,500 U.S. West Media Group, Inc.+ 416,250
-----------
3,092,519
-----------
<CAPTION>
<S> <C>
TOTAL COMMON STOCKS
(Cost $41,848,002) 46,239,167
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
-----------
REPURCHASE AGREEMENT -- 6.7%
(Cost $3,293,000)
<S> <C> <C>
$3,293,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated
12/31/1996 to be repurchased
at $3,294,052 on 01/02/1997,
collateralized by $2,726,000
U.S. Treasury Bonds, 8.500%
due 02/15/2020 (value
$3,448,617) 3,293,000
----------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $45,141,002*) 100.7% 49,532,167
OTHER ASSETS AND
LIABILITIES (Net) (0.7) (322,669)
---------- ----------------
NET ASSETS 100.0% $ 49,209,498
========== ================
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
ASSET BACKED SECURITIES -- 5.9%
<S> <C> <C>
$ 2,500,000 Banc One Credit Card Master Trust,
Series 1994-C, Series A,
7.800% due 11/15/1998 $2,574,751
Merrill Lynch Mortgage
Investors, Inc., Class A:
610,116 Series 87-C,
10.100% due 12/15/2007 636,424
198,365 Series 89-B,
10.800% due 04/15/2009 205,965
3,100,000 Standard Credit Card Master Trust,
Class A, Series 1994-2,
7.250% due 04/07/2008 3,182,892
2,300,000 Union Acceptance Corporation, Class
A3, Series 1996-C,
6.630% due 10/08/2003+ 2,309,223
-----------
<S> <C>
TOTAL ASSET BACKED SECURITIES (Cost $8,893,915) 8,909,255
-----------
<CAPTION>
COLLATERALIZED MORTGAGE OBLIGATIONS (CMO) -- 3.0%
<S> <C> <C>
2,649,895 CMO Trust, Class F, Series 60,
9.000% due 08/01/2016 2,707,615
1,925,000 Federal Home Mortgage Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 1,887,458
-----------
<S> <C>
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS (CMO)
(Cost $4,669,950) 4,595,073
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 28.6%
Finance -- 8.9%
<S> <C> <C>
4,000,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 4,000,000
2,500,000 Ford Motor Credit Corporation,
8.375% due 01/15/2000 2,628,125
3,000,000 Liberty Mutual Capital Corporation,
MTN,
8.100% due 01/14/2005 3,168,750
2,400,000 SmithKline Beecham Capital
Corporation,
6.750% due 09/05/2000 2,439,600
1,300,000 Travelers Capital Corporation, 7.750%
due 12/01/2036 1,261,000
-----------
13,497,475
-----------
<CAPTION>
Finance -- Foreign -- 5.5%
<S> <C> <C>
2,300,000 Abbey National Treasury, 6.625% due
05/23/2001 2,310,557
KFW International Finance Inc.:
2,000,000 8.850% due 06/15/1999 2,122,500
3,800,000 7.200% due 03/15/2014 3,866,500
-----------
8,299,557
-----------
<CAPTION>
Government Agency -- 1.8%
<S> <C> <C>
2,800,000 Tennessee Valley Authority, 6.375% due
06/15/2005 2,747,500
-----------
<CAPTION>
Government -- Foreign -- 1.9%
<S> <C> <C>
3,000,000 Telestra Corporation, Ltd., 6.500% due
11/28/2005 2,932,500
-----------
<CAPTION>
Industrial -- 4.5%
<S> <C> <C>
3,000,000 Archer Daniels,
8.125% due 06/01/2012 3,277,500
680,000 Columbia/HCA Healthcare Corporation,
8.700% due 02/10/2010 769,250
2,850,000 Toyota Motor Corporation, 5.625% due
03/17/1998 2,845,440
-----------
6,892,190
-----------
<CAPTION>
Industrial -- Foreign -- 1.4%
<S> <C> <C>
1,900,000 International
Telecommunications Satellite,
8.375% due 10/14/2004 2,088,290
-----------
<CAPTION>
Supranational -- 2.6%
<S> <C> <C>
3,950,000 African Development Bank, Notes,
6.750% due 07/30/1999 3,989,500
-----------
<CAPTION>
Transportation -- 0.7%
<S> <C> <C>
1,000,000 Consolidated Rail Corporation, MTN,
7.000% due 07/01/1999 1,016,250
-----------
<CAPTION>
Utility -- Electric -- 1.3%
<S> <C> <C>
2,000,000 National Rural Utilities,
7.300% due 09/15/2006 2,050,000
-----------
<S> <C>
TOTAL CORPORATE BONDS AND
NOTES
(Cost $43,310,147) 43,513,262
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS --16.4%
Federal Home Mortgage Corporation
(FHLMC) -- 2.1%
FHLMC:
<S> <C> <C>
2,258,614 Gold, Pool #E62394,
7.500% due 09/01/2010 2,291,788
883,067 Pool 200021,
10.500% due 11/01/2000 931,911
-----------
3,223,699
-----------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 8.1%
FNMA:
<S> <C> <C>
4,482,031 Pool #100081,
11.500% due 08/01/2016 5,067,496
2,172,198 Pool #250345,
7.000% due 09/01/2025 2,124,681
4,521,122 Pool #303105,
11.000% due 11/01/2020 5,052,353
-----------
12,244,530
-----------
<CAPTION>
Government National Mortgage
Association (GNMA) -- 6.2%
GNMA:
<S> <C> <C>
4,828,003 Pool #366732,
6.500% due 03/15/2024 4,603,199
4,341,702 Pool #780096,
11.000% due 04/15/2021 4,857,279
-----------
9,460,478
-----------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $24,884,265) 24,928,707
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 40.4%
U.S. Treasury Bonds -- 17.1%
<S> <C> <C>
21,850,000 8.000% due 11/15/2021 25,074,182
900,000 6.750% due 08/15/2026 907,425
-----------
25,981,607
-----------
<CAPTION>
U.S. Treasury Notes -- 21.9%
<S> <C> <C>
15,000,000 7.875% due 01/15/1998 15,332,248
3,500,000 7.750% due 11/30/1999 3,656,345
5,000,000 7.500% due 11/15/2001 5,263,800
3,015,000 7.875% due 11/15/2004 3,290,179
5,800,000 6.500% due 10/15/2006 5,829,000
-----------
33,371,572
-----------
<CAPTION>
U.S. Treasury Strip -- 1.4%
<S> <C> <C>
5,150,000 Zero Coupon due 11/15/2014 2,188,904
-----------
<S> <C>
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $62,083,793) 61,542,083
-----------
<CAPTION>
Shares Value
- ------ -----
SHORT-TERM INVESTMENTS -- 0.1%
(Cost $124,642)
<S> <C> <C>
124,642 Dreyfus Cash Management Plus Fund 124,642
-----------
<CAPTION>
Principal
Amount
-----------
REPURCHASE AGREEMENT -- 3.9%
(Cost $5,887,000)
<S> <C> <C>
5,887,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated
12/31/1996 to be repurchased
at $5,888,881 on 01/02/1997,
collateralized by $5,041,000
U.S. Treasury Notes, 8.125%
due 08/15/2021
(value $6,162,097) 5,887,000
----------
<CAPTION>
Value
-----
<S> <C> <C>
TOTAL INVESTMENTS 149,500,022
(Cost $149,853,712*) 98.3%
OTHER ASSETS AND 2,652,061
LIABILITIES (Net) 1.7
---------- --------------
NET ASSETS 100.0% $ 152,152,083
========== ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Floating rate note. The interest rate shown reflects the rate currently in
effect.
</FN>
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
Munder Intermediate Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
ASSET BACKED SECURITIES -- 9.4%
<S> <C> <C>
$ 5,000,000 Dayton Hudson Credit Card Master
Trust,
Series 1995-1A,
6.100% due 02/25/2002 $ 5,000,522
10,000,000 Discover Card Trust,
Series 1991-DA,
8.000% due 10/16/2000 10,276,135
10,000,000 First Deposit Master Trust, Series
1993-2A,
5.750% due 06/15/2001 9,957,399
10,000,000 Sears Credit Company, Master Trust,
Series 1995-4A,
6.250% due 01/15/2003++ 10,024,562
11,320,000 Standard Credit Card and Trust, Series
1990-6A, 9.375% due 07/10/1997 11,529,914
-----------
<S> <C>
TOTAL ASSET BACKED SECURITES
(Cost $47,063,556) 46,788,532
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 30.4%
Banking and Financial Services -- 22.2%
<S> <C> <C>
10,000,000 American Express Bank, Ltd.,
5.788% due 02/10/2004+ 9,875,000
5,000,000 Associates Corporation of North
America,
6.000% due 03/15/2000 4,937,500
11,500,000 AT&T Capital Corporation, MTN,
6.180% due 12/03/1999 11,399,375
5,057,000 BankAmerica Corporation, MTN,
5.550% due 08/15/2003+ 5,056,898
10,000,000 Chrysler Financial Corporation, MTN,
6.190% due 01/04/2000 9,900,000
10,000,000 CIT Group Holdings, MTN 5.875% due
12/09/1999 9,875,000
5,000,000 Discover Credit Card Corporation, MTN,
9.000% due 04/01/1998 5,175,000
10,000,000 First Data Corporation, MTN,
6.820% due 09/18/2001 10,075,000
Ford Motor Credit Corporation:
9,425,000 7.250% due 05/15/1999 9,613,500
2,260,000 6.500% due 02/15/2006 2,175,250
6,500,000 General Motors Acceptance Corporation,
7.000% due 03/01/2000 6,581,250
2,750,000 International Lease Finance
Corporation,
5.500% due 01/15/1999 2,712,188
6,420,000 Liberty Mutual Capital Corporation,
MTN,
8.100% due 01/14/2005 6,781,125
5,000,000 NationsBank Corporation, MTN,
5.700% due 02/09/2001 4,831,250
3,000,000 Travelers Capital Corporation,
7.750% due 12/01/2036 2,910,000
4,000,000 U.S. Leasing International, MTN,
9.880% due 03/06/2001 4,460,000
3,500,000 U.S. West Financial Services, Inc.,
Note,
8.375% due 10/18/1999 3,661,875
-----------
110,020,211
-----------
<CAPTION>
Government Agency -- 2.0%
<S> <C> <C>
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 9,812,500
-----------
<CAPTION>
Industrial -- 5.7%
<S> <C> <C>
8,125,000 Archer Daniels,
8.125% due 06/01/2012 8,876,563
13,500,000 Browning-Ferris,
7.875% due 03/15/2005 14,276,250
5,000,000 WMX Technologies Inc.,
7.100% due 08/01/2026 5,150,000
-----------
28,302,813
-----------
<CAPTION>
Utility -- Electric -- 0.5%
<S> <C> <C>
2,000,000 National Rural Utilities Cooperative,
MTN, 9.640% due 05/19/1997 2,025,000
-----------
<S> <C>
TOTAL CORPORATE BONDS AND NOTES
(Cost $150,578,370) 150,160,524
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 11.5%
Federal Home Loan Mortgage
Corporation (FHLMC) -- 5.9%
FHLMC:
<S> <C> <C>
6,461,547 Pool #A00813,
9.000% due 10/01/2020 6,825,010
2,143,070 Pool #E61740,
9.000% due 04/01/2010 2,242,856
15,397,138 Pool #E63967, Gold,
6.500% due 02/01/2011 15,122,877
5,202,060 REMIC, #G50249,
8.500% due 03/01/2000 5,312,604
-----------
29,503,347
-----------
<CAPTION>
Federal National Mortgage Association (FNMA) --
4.8%
FNMA:
<S> <C> <C>
10,555,900 Pool #303108,
6.500% due 09/01/2024 10,070,989
14,742,487 Pool #303922,
6.000% due 05/01/2016 13,876,364
-----------
23,947,353
-----------
<CAPTION>
Small Business Association
(SBA) -- 0.8%
<S> <C> <C>
4,122,174 SBA, Pool #502796,
6.250% due 11/25/2019++ 4,184,006
-----------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $57,259,799) 57,634,706
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 45.7%
U.S. Treasury Bond -- 0.8%
<S> <C>
3,800,000 6.750% due 08/15/2026 3,831,350
-----------
<CAPTION>
U.S. Treasury Notes -- 44.9%
<S> <C> <C>
20,400,000 6.000% due 05/31/1998 20,464,260
46,000,000 8.250% due 07/15/1998 47,631,620
25,000,000 6.875% due 07/31/1999 25,507,998
23,000,000 6.125% due 07/31/2000 23,002,070
39,000,000 5.625% due 02/28/2001 38,216,876
6,000,000 6.625% due 07/31/2001 6,093,780
45,400,000 6.250% due 02/15/2003 45,367,766
16,900,000 5.875% due 02/15/2004 16,452,655
-----------
222,737,025
-----------
<S> <C>
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $226,302,321) 226,568,375
-----------
<CAPTION>
Shares
----------
SHORT-TERM INVESTMENTS -- 0.0% #
<S> <C> <C>
129,339 Dreyfus Cash Management Plus Fund 129,339
2,719 Federated Prime Obligations Fund 2,719
-----------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS
(Cost $132,058) 132,058
-----------
<CAPTION>
Principal Value
Amount -----
- ------
REPURCHASE AGREEMENT -- 1.6%
(Cost $8,118,000)
<S> <C> <C>
8,118,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated
12/31/1996 to be repurchased
at $8,120,593 on 01/02/1997,
collateralized by $7,078,000
U.S. Treasury Notes, 8.125%
due 05/15/2021 (value
$8,354,743) 8,118,000
-----------
<CAPTION>
Value
-----
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $489,454,104*) 98.6% 489,402,195
OTHER ASSETS AND
LIABILITIES (Net) 1.4 6,760,103
---------- -------------
NET ASSETS 100.0% $ 496,162,298
========== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Floating rate note. The interest rate shown reflects the rate currently in
effect.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
# Amount represents less than 0.1% of net assets.
</FN>
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
Munder International Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
FOREIGN BONDS AND NOTES -- 88.0%
Australia -- 1.2%
Government -- 1.2%
<S> <C> <C> <C>
AUD 500,000 Queensland Treasury Corporation,
Government Bond, Series 5,
6.500% due 06/14/2005 $ 370,971
--------------
<CAPTION>
Belguim -- 3.5%
Government -- 3.5%
<S> <C> <C> <C>
BEL 28,000,000 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 1,041,633
--------------
<CAPTION>
Canada -- 8.5%
Government -- 8.5%
Government of Canada:
<S> <C> <C> <C>
CAD 850,000 Series A60,
6.500% due 09/01/1998 644,319
2,000,000 6.500% due 06/01/2004 1,489,541
500,000 8.000% due 06/01/2023 406,155
--------------
2,540,015
--------------
<CAPTION>
Denmark -- 2.2%
Government -- 2.2%
<S> <C> <C> <C>
DKK 3,500,000 Kingdom of Denmark,
8.000% due 05/15/2003 658,736
--------------
<CAPTION>
Finland -- 0.9%
Government -- 0.9%
<S> <C> <C> <C>
FIM 1,000,000 Republic of Finland,
9.500% due 03/15/2004 263,717
--------------
<CAPTION>
France -- 2.8%
Government -- 2.8%
<S> <C> <C> <C>
FRF 3,600,000 Government of France,
8.500% due 12/26/2012 845,586
--------------
<CAPTION>
Germany -- 20.1%
Finance -- 3.8%
<S> <C> <C> <C>
DEM 1,700,000 Suedwest LB Capital Markets,
5.000% due 02/08/1999 1,133,665
<CAPTION>
Government -- 12.2%
<S> <C> <C>
2,500,000 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 1,703,545
2,600,000 German Unity Fund,
8.000% due 01/21/2002 1,923,579
<CAPTION>
Supranational -- 4.1%
<S> <C> <C> <C>
DEM 1,750,000 International Bank of Reconstruction
& Development,
7.250% due 10/13/1999 1,231,602
--------------
5,992,391
--------------
<CAPTION>
Italy -- 8.8%
Government -- 8.8%
Government of Italy:
<S> <C> <C> <C>
ITL 1,800,000,000 10.000% due 08/01/2003 1,356,230
1,700,000,000 9.500% due 01/01/2005 1,259,591
--------------
2,615,821
--------------
<CAPTION>
Japan -- 17.9%
Finance -- 1.6%
<S> <C> <C> <C>
JPY 50,000,000 Development Bank of Japan,
5.000% due 10/01/1999 478,424
<CAPTION>
Government -- 16.3%
Government of Japan, 10-Year Issue:
<S> <C> <C>
225,000,000 Series 142,
6.700% due 09/20/2001 2,380,947
250,000,000 Series 161,
4.700% due 09/22/2003 2,482,946
--------------
5,342,317
--------------
<CAPTION>
Netherlands -- 4.3%
Government -- 4.3%
<S> <C> <C> <C>
NLG 1,900,000 Government of Netherlands, Series 2,
8.250% due 06/15/2002 1,272,679
--------------
<CAPTION>
Spain -- 3.4%
Government -- 3.4%
<S> <C> <C> <C>
ESP 110,000,000 Government of Spain,
10.500% due 10/30/2003 1,030,056
--------------
<CAPTION>
Sweden -- 2.4%
Government -- 2.4%
<S> <C> <C> <C>
SEK 5,000,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 722,158
--------------
<CAPTION>
United Kingdom -- 12.0%
Finance -- 4.4%
<S> <C> <C> <C>
GBP 750,000 General Electric Capital Corporation,
7.500% due 12/01/1998 1,293,310
<CAPTION>
GBP Government -- 3.1%
<S> <C> <C>
525,000 United Kingdom Treasury,
8.000% due 06/07/2021 936,991
<CAPTION>
Supranational -- 4.5%
<S> <C> <C>
750,000 European Investment Bank,
8.500% due 11/06/2001 1,342,171
--------------
3,572,472
--------------
<S> <C>
TOTAL FOREIGN BONDS AND NOTES
(Cost $26,003,534) 26,268,552
--------------
<CAPTION>
GOVERNMENT AGENCY OBLIGATIONS -- 6.1%
<S> <C> <C> <C>
JPY 130,000,000 Federal National Mortgage Association,
Global Bond,
2.000% due 12/20/1999 1,150,963
DEM 1,000,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 665,237
--------------
<S> <C>
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $1,841,996) 1,816,200
--------------
<CAPTION>
REPURCHASE AGREEMENT -- 3.8%
(Cost $1,122,000)
<S> <C> <C> <C>
U.S. $1,122,000 Agreement with Morgan (J.P.) & Company,
5.750% dated 12/31/1996 to be repurchased
at $1,122,358 on 01/02/1997,
collateralized by $979,000 U.S.
Treasury Bond, 8.125% due 05/15/2020
(value $1,155,594) 1,122,000
--------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $28,967,530*) 97.9% 29,206,752
OTHER ASSETS AND LIABILITIES (Net) 2.1 628,077
----- --------------
NET ASSETS 100.0% $ 29,834,829
===== ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
</FN>
ABBREVIATIONS:
AUD -- Australian Dollar
BEL -- Belgian Francs
CAD -- Canadian Dollar
German Deutsche
DEM -- Mark
DKK -- Danish Krone
ESP -- Spanish Peseta
FIM -- Finnish Markka
FRF -- French Franc
Great British
GBP -- Pound
ITL -- Italian Lira
JPY -- Japanese Yen
Netherlands
NLG -- Guilder
SEK -- Swedish Krona
See Notes to Financial Statements.
</TABLE>
Munder U.S. Government Income Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO) -- 3.0%
(Cost $6,975,178)
<S> <C> <C>
$ 7,000,000 CMO, Residential Funding Mortgage,
Section 1,
Class A3, Series 1996-S17,
7.250% due 07/25/2011 $ 7,119,323
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 3.7%
Finance -- 0.0% #
<S> <C> <C>
30,329 Bank America National Trust,
9.000% due 03/01/2008 30,668
-----------
<CAPTION>
Industrial -- 3.7%
<S> <C> <C>
9,100,000 Raytheon Corporation,
6.500% due 07/15/2005 8,872,500
-----------
<S> <C>
TOTAL CORPORATE BONDS AND
NOTES
(Cost $8,855,920) 8,903,168
-----------
<CAPTION>
PROMISSORY NOTE -- 3.3%
(Cost $7,963,901)
<S> <C> <C>
8,000,000 OPIC African Growth Fund,
6.525% due 05/15/2001 8,004,000
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 73.3%
Federal Home Loan Mortgage
Corporation (FHLMC) -- 17.1%
FHLMC:
<S> <C> <C>
3,903,299 Gold, Pool #A01048,
8.500% due 02/01/2020 4,044,793
2,600,000 Series 16, Class PM,
6.500% due 04/25/2021 2,916,773
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,510,707
2,037,098 Series 168, Class E,
8.000% due 12/15/2020 2,061,887
2,600,000 Series 1669, Class G,
6.500% due 02/15/2023 2,549,590
6,560,000 Series 1702-A, Class PD,
6.500% due 04/15/2022 6,432,064
2,600,000 Series 1722, Class PJ,
6.500% due 07/15/2023 2,504,747
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 1,964,293
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 8,887,531
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 4,130,246
-----------
41,002,631
-----------
<CAPTION>
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 2.4%
<S> <C> <C>
994,352 FHA, Azalea Garden,
Series 051-11086,
8.375% due 08/30/2030 1,017,532
5,157,763 FHA/VA, Pool #355533, 6.750% due
11/15/2028 4,928,887
-----------
5,946,419
-----------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 39.1%
FNMA:
<S> <C> <C>
5,685,460 Pool #030302,
7.000% due 10/25/2025 5,561,090
215,771 Pool #040305,
11.500% due 02/01/2014 243,956
85,103 Pool #058255,
11.500% due 11/01/2010 96,219
102,193 Pool #081585,
11.500% due 07/01/2012 115,542
2,740,531 Pool #100081,
11.500% due 08/20/2016 3,098,513
356,733 Pool #210448,
11.500% due 11/01/2015 403,331
4,276,979 Pool #250323,
7.000% due 06/01/2002 4,293,018
3,028,360 Pool #303105,
11.000% due 11/01/2020 3,384,192
3,432,505 Pool #303645,
11.000% due 09/01/2019 3,835,824
836,566 Pool #336457,
10.500% due 11/01/2020 924,405
7,000,000 Series 1988-17, Class C,
10.000% due 06/25/2018 7,565,814
3,536,206 Series 1989-98, Class D,
9.200% due 04/25/2019 3,643,255
5,000,000 Series 1990-117, Class E,
8.950% due 10/25/2020 5,261,817
8,852,496 Series 1990-120, Class G,
9.000% due 11/25/2019 9,109,066
7,338,722 Series 1991-98, Class H,
8.750% due 08/25/2021 7,625,654
5,000,000 Series 1993-138, Class L,
7.000% due 08/25/2023 4,809,642
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,457,702
2,500,000 Series 1994-17, Class G,
6.250% due 09/25/2007 2,472,446
1,360,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,307,348
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,320,844
5,700,000 Series 1996-36, Class PH,
7.000% due 01/25/2026 5,653,572
10,000,000 Series 1996-55, Class PK,
7.000% due 11/25/2026 9,655,000
-----------
93,838,250
-----------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 11.4%
GNMA:
<S> <C> <C>
4,207,620 Pool #780096,
11.000% due 04/15/2021 4,707,275
3,108,743 Pool #780103,
11.000% due 02/15/2025 3,477,905
5,200,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 5,132,343
4,361,000 Series 1996-9, Class PE,
7.000% due 10/20/2025 4,329,762
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 9,933,147
-----------
27,580,432
-----------
<CAPTION>
Small Business Administration (SBA) -- 3.3%
<S> <C> <C>
8,000,000 SBA, Pool # 503548,
5.875% due 11/25/2021 8,000,000
-----------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $176,307,916) 176,367,732
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 13.7%
U.S. Treasury Bonds -- 5.8%
<S> <C> <C>
4,315,000 7.875% due 11/15/2004 4,708,830
2,000,000 8.750% due 11/15/2008 2,248,160
4,000,000 8.125% due 08/15/2019 4,625,120
2,000,000 8.000% due 11/15/2021 2,295,120
-----------
13,877,230
-----------
<CAPTION>
U.S. Treasury Note -- 7.9%
<S> <C> <C>
2,000,000 9.125% due 05/15/1999 2,137,240
16,000,000 7.500% due 11/15/2001 16,844,160
-----------
18,981,400
-----------
<S> <C>
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $32,714,133) 32,858,630
-----------
<CAPTION>
Shares
- ----------
SHORT-TERM INVESTMENTS -- 0.4%
<S> <C> <C>
760,810 Dreyfus Cash Management Plus Fund 760,810
81,434 Federated Prime Obligations Fund 81,434
-----------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS
(Cost $842,244) 842,244
-----------
<CAPTION>
Principal
Amount Value
- ------ -----
REPURCHASE AGREEMENT -- 1.8%
(Cost $4,277,000)
<S> <C> <C>
4,277,000 Agreement with Morgan (J.P.) & Company,
5.750% dated 12/31/1996 to be
repurchased at $4,278,366 on
01/02/1997, collateralized by
$3,540,000 U.S. Treasury Bonds,
8.500% due 05/15/2020
(value $4,401,498) 4,277,000
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $237,936,292*) 99.2% 238,372,097
OTHER ASSETS AND
LIABILITIES (Net) 0.8 1,871,813
----- ------------
NET ASSETS 100.0% $240,243,910
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
# Amount represents less than 0.1% of net assets.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
MUNICIPAL BONDS AND NOTES -- 92.9%
Michigan -- 92.9%
<S> <C> <C> <C> <C>
$ 840,000 Birmingham Public Schools, Michigan, School
Building, GO, (MBIA Insured),
5.000% due 05/01/2014 AAA Aaa $ 785,400
1,000,000 Caledonia Community Schools, Michigan, GO,
(AMBAC Insured),
5.500% due 05/01/2022 AAA Aaa 982,500
1,000,000 Clarkston, Michigan, Community School, GO,
(FGIC Insured, Q-SBLF),
6.250% due 05/01/2005 AAA Aaa 1,102,500
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA Aa 577,500
1,055,000 De Witt, Michigan, Public Schools, GO,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2011 AAA Aaa 1,057,637
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 658,000
1,000,000 Dexter Community Schools, Michigan, GO,
5.700% due 05/01/2014 AA Aa 1,008,750
1,000,000 Ferris State University, Michigan, Revenue
Refunding, (MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 968,750
1,000,000 Grand Ledge, Michigan, Public Schools
District, GO, Pre-refunded, (MBIA Insured,
Q-SBLF),
6.600% due 05/01/2004 AAA Aaa 1,131,250
750,000 Grand Rapids, Michigan, Building Authority,
Refunding and Improvement Revenue,
5.500% due 04/01/2013 A+ A1 737,813
1,000,000 Hastings, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2018 AAA Aaa 992,500
950,000 Hudsonville Public Schools, Michigan, Series
B, GO, (FGIC Insured),
6.000% due 05/01/2014 AAA Aaa 991,563
1,000,000 Kalamazoo, Michigan, City School District,
GO, (FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,015,000
500,000 Kenowa Hills, Michigan, Public Schools, GO,
(MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 512,500
500,000 Lansing Board of Water & Light, (Water Supply
& Electric Utility Systems Revenue),
Series A,
6.200% due 07/01/2004 AA Aa 546,875
890,000 Lansing Sewer Disposal Systems Revenue,
(FGIC Insured),
5.700% due 05/01/2009 AAA Aaa 904,462
1,000,000 Lincoln Consolidated School District,
Michigan, GO, (FGIC Insured, Q-SBLF),
5.800% due 05/01/2014 AAA Aaa 1,010,000
700,000 Livonia Public School District, Michigan, GO,
(FGIC Insured),
5.125% due 05/01/2022 AAA Aaa 651,875
1,000,000 Michigan Higher Education, Student Loan
Authority, (AMBAC Insured), Series XII-M,
4.900% due 03/01/2002 AAA N/R 1,002,500
1,000,000 Michigan Municipal Bond Authority Revenue,
State Revolving Fund,
6.500% due 10/01/2011 AA Aa 1,122,500
600,000 Michigan Public Power Agency Revenue,
(Belle River Project), Series A,
5.250% due 01/01/2018 AA- A1 565,500
1,000,000 Michigan State Comprehensive Transportation
Revenue, Series A, (MBIA Insured),
5.250% due 08/01/2012 AAA Aaa 981,250
1,000,000 Michigan State Hospital Financing Authority
Revenue, (Henry Ford Continuing Care),
6.750% due 07/01/2011 AA Aa 1,067,500
1,000,000 Michigan State Housing Development Authority,
Series A, 6.450% due 12/01/2014 AA+ NR 1,033,750
1,000,000 Michigan State Trunk Line Highway Revenue,
Series A, (FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 985,000
1,000,000 Northview, Michigan, Public School District,
GO, (MBIA Insured, Q-SBLF),
5.800% due 05/01/2021 AAA Aaa 1,013,750
650,000 Novi, Michigan, Community School District,
GO, (FGIC Insured, Q-SBLF),
5.300% due 05/01/2014 AAA Aaa 624,812
500,000 Oakland Community College, Michigan,
Refunding and Improvement, GO, (MBIA
Insured),
5.250% due 05/01/2018 AAA Aaa 475,625
1,000,000 Plymouth-Canton, Michigan, Community School
District, GO, Series A,
6.625% due 05/01/2016 AA Aa 1,058,750
1,000,000 Redford, Michigan, Unified School District,
GO, (FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,026,250
500,000 Rochester Community School District,
Michigan, GO, Pre-refunded, (Q-SBLF),
6.500% due 05/01/2002 AA NR 544,375
600,000 Royal Oak, Michigan, Hospital Finance
Authority, Hospital Revenue, (William
Beaumont Hospital), Series G,
5.500% due 11/15/2013 AA Aa 595,500
1,000,000 Saint Johns, Michigan, Public Schools
District, GO, (FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 993,750
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 996,250
600,000 University of Michigan, Hospital Revenue,
Series A, 5.500% due 12/01/2021 AA Aa 577,500
1,000,000 Waterford Township School District, Michigan,
GO, (FGIC Insured),
6.250% due 06/01/2010 AAA Aaa 1,061,250
1,000,000 West Bloomfield School District, Michigan,
GO, (MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 950,000
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 466,250
1,000,000 Ypsilanti, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2020 AAA Aaa 1,002,500
-----------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $33,280,787) 33,779,437
-----------
<CAPTION>
Shares Value
- ------ -----
SHORT-TERM INVESTMENTS -- 5.9%
<S> <C> <C>
1,703,273 Dreyfus Tax-Exempt Cash Management Fund 1,703,273
459,514 Navigator Tax-Free Money Market Fund 459,514
------------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS (Cost $2,162,787) 2,162,787
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $35,443,574*) 98.8% 35,942,224
OTHER ASSETS AND LIABILITIES (Net) 1.2 452,675
----- ------------
NET ASSETS 100.0% $ 36,394,899
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
</FN>
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
MUNICIPAL BONDS AND NOTES -- 98.2%
Arizona -- 2.0%
<S> <C> <C> <C> <C>
$2,000,000 Arizona State University Student Fee Revenue,
Pre-refunded,
7.000% due 07/01/2002 AA Aaa $ 2,257,500
1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa 1,894,000
-----------
4,151,500
-----------
<CAPTION>
California -- 2.0%
<S> <C> <C> <C> <C>
2,905,000 Perris, California Community Facilities
Revenue, ETM,
8.750% due 10/01/2021 NR Aaa 4,045,213
-----------
<CAPTION>
Connecticut -- 1.1%
<S> <C> <C> <C> <C>
2,000,000 Connecticut State Transportation
Infrastructure,
Special Tax Obligation Revenue,
Pre-refunded,
6.750% due 06/01/2003 AAA NR 2,230,000
-----------
<CAPTION>
Florida -- 23.0%
Florida State, Board of Education:
<S> <C> <C> <C> <C>
2,000,000 Administrative Capital Revenue,
8.400% due 06/01/2007 AA Aa 2,515,000
6,210,000 Capital Outlay, Refunding, Public
Education,
GO, Series A,
5.500% due 06/01/2019 AA Aa 6,147,900
2,500,000 Florida State Turnpike Authority Revenue,
Department of
Transportation, Series A, (FGIC Insured),
5.500% due 07/01/2012 AAA Aaa 2,503,125
Gainesville, Florida, Utility Systems
Revenue:
2,465,000 ETM,
8.125% due 10/01/2014 AAA Aaa 3,075,088
3,000,000 Series A,
6.500% due 10/01/2012 AA Aa 3,371,250
3,000,000 Hillsborough County, Florida, School District
Revenue, (MBIA Insured),
7.000% due 08/15/2005 AAA Aaa 3,438,750
5,000,000 Orlando, Florida, Utilities Commission, Water
and Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa 5,831,250
1,375,000 Orlando & Orange Counties, Florida,
Expressway Authority Revenue, ETM, (FGIC
Insured),
6.750% due 07/01/2019 AAA Aaa 1,502,187
4,135,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa 4,688,056
Port Everglades, Florida, Port Authority
Revenue, ETM:
4,460,000 7.500% due 11/01/2006 AAA Aaa 5,023,075
7,600,000 7.125% due 11/01/2016 AAA Aaa 8,920,500
-----------
47,016,181
-----------
<CAPTION>
Georgia -- 10.6%
Georgia State, GO:
<S> <C> <C> <C> <C>
4,500,000 7.400% due 08/01/2007 AA+ Aaa 5,428,125
2,000,000 Series B,
6.250% due 03/01/2011 AA+ Aaa 2,210,000
2,450,000 Series C,
7.500% due 04/01/2001 AA+ Aaa 2,750,125
5,130,000 Georgia State, Municipal Electric Power
Authority Revenue,
6.500% due 01/01/2012 A A 5,662,238
5,100,000 Metro Atlanta Rapid Transit Authority,
Series K,
6.250% due 07/01/2018 AA- A1 5,565,375
-----------
21,615,863
-----------
<CAPTION>
Hawaii -- 1.2%
<S> <C> <C> <C> <C>
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA Aa 2,417,500
-----------
<CAPTION>
Illinois -- 4.3%
<S> <C> <C> <C> <C>
1,000,000 Addison, Illinois, Single-family Mortgage
Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,160,000
2,200,000 Chicago, Illinois, Public Building Commission
Revenue, ETM,
7.700% due 01/01/2006 AAA A1 2,616,240
4,500,000 Illinois State, Sales Tax Revenue, Series P,
6.500% due 06/15/2022 AAA A1 5,023,125
-----------
8,799,365
-----------
<CAPTION>
Kansas -- 1.1%
<S> <C> <C> <C> <C>
2,045,000 Shawnee County, Kansas, Series B, GO,
Pre-refunded,
7.375% due 09/01/2001 AA+ Aaa 2,290,400
-----------
<CAPTION>
Maryland -- 2.5%
<S> <C> <C> <C> <C>
5,000,000 Maryland State, State and Local Facilities,
Second Series, GO,
5.000% due 10/15/2007 AAA Aaa 5,025,000
-----------
<CAPTION>
Michigan -- 20.2%
<S> <C> <C> <C> <C>
2,040,000 Avondale, Michigan, School District Revenue,
8.250% due 05/01/2002 AA Aa 2,386,800
2,600,000 Clarkston, Michigan, Community Schools
District, GO,
(FGIC Insured, Q-SBLF),
5.550% due 05/01/2010 AAA Aaa 2,642,250
1,840,000 Grand Rapids, Michigan, Community College,
GO, (MBIA Insured),
5.900% due 05/01/2019 AAA Aaa 1,879,100
1,000,000 Grand Rapids, Michigan, Water Supply Revenue,
Pre-refunded, (FGIC Insured),
7.000% due 01/01/2000 AAA Aaa 1,092,500
1,000,000 Lake Orion, Michigan, Community School
District, Refunding, GO,
(AMBAC Insured, Q-SBLF),
5.800% due 05/01/2015 AAA Aaa 1,020,000
4,980,000 Michigan Municipal Bond Authority Revenue,
(Pooled Project), Series B,
5.625% due 10/01/2019 AA Aa 4,936,425
5,800,000 Michigan State, Building Authority Revenue,
Series I,
6.500% due 10/01/2004 AA- A1 6,445,250
7,000,000 Michigan State, Environmental Protection
Program, GO,
6.250% due 11/01/2012 AA Aa 7,700,000
Michigan State, Hospital Financing Authority
Revenue:
2,250,000 (Henry Ford Health System), (AMBAC
Insured),
6.000% due 09/01/2011 AAA Aaa 2,399,062
3,000,000 McLaren Obligated Group, Pre-refunded,
7.500% due 09/15/2001 NR Aaa 3,431,250
5,840,000 Michigan State, Trunk Line, Series A,
(FGIC Insured),
5.625% due 11/01/2020 AAA Aaa 5,803,500
1,515,000 Saline, Michigan, Area Schools District, GO,
(FGIC Insured Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,513,106
-----------
41,249,243
-----------
<CAPTION>
New Mexico -- 3.4%
<S> <C> <C> <C> <C>
1,000,000 Albuquerque, New Mexico, Residential Mortgage
Bonds, Series A, ETM,
7.000% due 03/01/2004 NR Aaa 1,093,750
4,455,000 Farmington, New Mexico, Power Authority
Revenue, Pre-refunded,
9.875% due 07/01/2005 AAA Aaa 5,824,913
-----------
6,918,663
-----------
<CAPTION>
Ohio -- 1.6%
<S> <C> <C> <C> <C>
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA Aa 2,277,500
1,000,000 Ohio State Higher Education, Facilities
Community Revenue, (Denison University
Project),
5.150% due 11/01/2008 AA A1 990,000
-----------
3,267,500
-----------
<CAPTION>
Oklahoma -- 0.6%
<S> <C> <C> <C> <C>
1,000,000 Blackwell, Oklahoma, Hospital and Trust
Authority, First Mortgage Revenue,
(Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,237,500
-----------
<CAPTION>
South Carolina -- 7.2%
<S> <C> <C> <C> <C>
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,226,075
5,000,000 South Carolina, State Public Service
Authority Revenue,
Series B, Pre-refunded,
7.100% due 07/01/2001 AAA Aaa 5,612,500
6,900,000 South Carolina, State Public Service
Authority Revenue, Series A, (MBIA
Insured),
5.750% due 01/01/2022 AAA Aaa 6,951,750
-----------
14,790,325
-----------
<CAPTION>
Tennessee -- 4.5%
Shelby County, Tennessee:
<S> <C> <C> <C> <C>
6,100,000 Refunding, Series A, GO,
5.500% due 04/01/2009 AA+ Aa 6,229,625
2,800,000 Series A, GO,
5.850% due 06/01/2017 AA+ Aa 2,849,000
-----------
9,078,625
-----------
<CAPTION>
Texas -- 6.3%
<S> <C> <C> <C> <C>
2,000,000 Harris County, Texas,
5.875% due 10/01/2006 AA Aa 2,132,500
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,305,000
2,495,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2004 AAA Aaa 3,053,256
2,000,000 Spring, Texas, Independent School District
Authority,
GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,282,500
-----------
12,773,256
-----------
<CAPTION>
Virginia -- 2.0%
<S> <C> <C> <C> <C>
2,000,000 Richmond, Virginia, Public Improvement,
Series A, GO,
5.500% due 01/15/2016 AA A1 1,990,000
2,115,000 Virginia College Building Authority,
Educational Facilities Revenue, (21st
Century College Project),
5.250% due 08/01/2016 AA Aa 2,035,688
-----------
4,025,688
-----------
<CAPTION>
Washington -- 1.2%
<S> <C> <C> <C> <C>
1,815,000 Douglas County, Washington, Public Utility
District No. 1,
GO, (Wells Hydroelectric Project),
Pre-refunded, 8.750% due 09/01/2006 A+ Aaa 2,391,262
-----------
<CAPTION>
Wisconsin -- 3.4%
<S> <C> <C> <C> <C>
6,145,000 Wisconsin State, GO, Series B,
7.000% due 05/01/2004 AA Aa 7,005,300
-----------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $190,652,940) 200,328,384
-----------
<CAPTION>
Shares Value
- ------ -----
SHORT-TERM INVESTMENTS -- 0.2%
<S> <C> <C>
171,534 Dreyfus Tax-Exempt Cash Management Fund 171,534
280,698 Navigator Tax-Free Money Market Fund 280,698
------------
<S> <C> <C>
TOTAL SHORT-TERM INVESTMENTS 452,232
------------
(Cost $452,232)
TOTAL INVESTMENTS (Cost $191,105,172*) 98.4% 200,780,616
OTHER ASSETS AND LIABILITIES (Net) 1.6 3,284,867
----- ------------
NET ASSETS 100.0% $204,065,483
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
</FN>
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
MUNICIPAL BONDS AND NOTES -- 98.3%
Alabama -- 2.1%
<S> <C> <C> <C> <C>
$6,265,000 Alabama State Public School and College
Authority Revenue, Series A,
5.750% due 08/01/2003 AA- Aa $ 6,648,731
------------
<CAPTION>
Arizona -- 3.9%
<S> <C> <C> <C> <C>
5,525,000 Arizona State Transportation Board, Highway
Revenue, Series A,
6.000% due 07/01/2000 AA Aa 5,815,063
Phoenix, Arizona, Civic Improvement
Corporation, Wastewater System Revenue,
Pre-refunded:
4,000,000 6.000% due 07/01/2003 AAA NR 4,370,000
2,000,000 6.125% due 07/01/2003 AAA NR 2,200,000
------------
12,385,063
------------
<CAPTION>
California -- 4.7%
<S> <C> <C> <C> <C>
6,100,000 Los Angeles County, California, Metropolitan
Transportation Authority,
Sales Tax Revenue, Series B, (AMBAC
Insured),
8.000% due 07/01/2003 AAA Aaa 7,243,750
6,070,000 Sacramento County, California, Sanitation
District Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa 7,458,513
------------
14,702,263
------------
<CAPTION>
Colorado -- 1.0%
<S> <C> <C> <C> <C>
3,000,000 Poudre Valley, Colorado, Hospital District,
Hospital Revenue, (AMBAC Insured),
Pre-refunded,
6.625% due 12/01/2001 AAA Aaa 3,300,000
------------
<CAPTION>
Florida -- 7.4%
<S> <C> <C> <C> <C>
3,900,000 Dade County, Florida, Aviation Revenue,
Series X,
5.300% due 10/01/2002 A Aa 4,041,375
6,500,000 Florida State, Board of Education, Capital
Outlay, Series D,
6.000% due 06/01/2005 AA Aa 7,036,250
Jacksonville, Florida, Electric Authority
Revenue:
5,000,000 Bulk Power Supply System Sherer, Series
4-1-A, Pre-refunded,
6.750% due 10/01/2000 AA Aaa 5,481,250
Jacksonville, Florida, Electric Authority
Revenue (Continued):
3,100,000 St. John's River Power Park System, Series
10,
6.500% due 10/01/2003 AA Aa1 3,425,500
3,000,000 Orlando, Florida, Utilities Commission, Water
and Electric Revenue,
Series A, Pre-refunded,
6.500% due 10/01/2001 AA- Aaa 3,307,500
------------
23,291,875
------------
<CAPTION>
Georgia -- 1.1%
<S> <C> <C> <C> <C>
3,000,000 Georgia State, GO, Series D,
7.400% due 08/01/1999 AA+ Aaa 3,243,750
------------
<CAPTION>
Hawaii -- 3.5%
<S> <C> <C> <C> <C>
Hawaii State, GO:
3,000,000 Series BS, Pre-refunded,
7.125% due 09/01/2000 AA Aaa 3,315,000
3,000,000 Series BZ,
6.250% due 10/01/2002 AA Aa 3,236,250
3,650,000 Honolulu, Hawaii, City and County, GO,
Series A, ETM,
10.000% due 08/01/2000 AA Aaa 4,325,250
------------
10,876,500
------------
<CAPTION>
Illinois -- 2.9%
<S> <C> <C> <C> <C>
3,500,000 Chicago, Illinois, Metropolitan Water
District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa 3,863,125
5,000,000 Metropolitan Pier & Exposition Authority,
Illinios Dedicated State Tax Revenue,
(McCormick Plan Exposition), (AMBAC
Insured),
5.750% due 06/15/2002 AAA Aaa 5,187,500
------------
9,050,625
------------
<CAPTION>
Maryland -- 5.4%
<S> <C> <C> <C> <C>
Montgomery County, Maryland, Consolidated
Public Improvement, GO:
4,000,000 Series A,
5.200% due 10/01/2001 AAA Aaa 4,140,000
3,750,000 Series B,
6.875% due 10/01/2000 AAA Aaa 4,082,812
5,000,000 Prince George's County, Maryland,
Consolidated Public Improvement, GO, (MBIA
Insured),
6.250% due 01/01/2005 AAA Aaa 5,493,750
3,030,000 Washington County, Maryland, Suburban
Sanitation District, General Construction,
GO, Series 1,
6.900% due 06/01/2000 AAA Aaa 3,329,212
------------
17,045,774
------------
<CAPTION>
Massachusetts -- 5.3%
<S> <C> <C> <C> <C>
5,000,000 Massachusetts Bay Transportation Authority,
Series B, Pre-refunded,
7.800% due 03/01/2001 A+ Aaa 5,693,750
Massachusetts Water Resource Authority
Revenue,
Series A, Pre-refunded:
3,675,000 7.500% due 04/01/2000 AAA Aaa 4,088,438
6,000,000 6.750% due 07/15/2002 AAA Aaa 6,735,000
------------
16,517,188
------------
<CAPTION>
Michigan -- 29.8%
<S> <C> <C> <C> <C>
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2002 AAA Aaa 2,790,625
9,200,000 Chippewa Valley, Michigan, Schools, GO,
(FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 10,005,000
Gaylord, Michigan, Community Schools, GO:
1,075,000 7.000% due 05/01/2001 AA Aa 1,179,813
2,350,000 Pre-refunded,
6.600% due 05/01/2002 AA Aa 2,605,562
2,400,000 Grand Rapids, Michigan, Public Schools, GO,
8.000% due 05/01/1999 AA- Aa 2,598,000
2,325,000 Kentwood, Michigan, Public School District,
GO, Pre-refunded,
7.150% due 05/01/1999 A+ NR 2,516,812
2,000,000 Livonia, Michigan, Public Schools, (FGIC
Insured),
Series II, Pre-refunded,
6.300% due 05/01/2002 AAA Aaa 2,195,000
Michigan State Building Authority Revenue,
Series I:
5,000,000 6.500% due 10/01/2004 AA- A1 5,556,250
(AMBAC Insured):
5,000,000 6.250% due 10/01/2003 AAA Aaa 5,450,000
5,600,000 6.000% due 10/01/2006 AAA Aaa 6,034,000
Michigan State Comprehensive Transportation
Revenue,
3,000,000 Series 1988-I, Pre-refunded,
7.625% due 09/01/1998 AA- NR 3,232,500
Michigan State Hospital Finance Authority
Revenue, Pre-refunded:
1,000,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001 NR Aaa 1,143,750
2,900,000 Oakwood Hospital Obligated Group, (FGIC
Insured),
7.000% due 07/01/2000 AAA Aaa 3,200,875
Michigan State Trunk Line Highway Revenue:
Series A:
3,160,000 5.625% due 10/01/2003 AA- A1 3,310,100
7,000,000 Pre-refunded,
7.000% due 08/15/1999 AAA NR 7,612,500
2,300,000 Series B,
5.400% due 11/15/2001 AA- A1 2,380,500
1,000,000 Okemos, Michigan, Public School District, GO,
Series I,
6.400% due 05/01/2001 AA Aa 1,078,750
6,875,000 Plymouth-Canton, Michigan, Community School
District,
Series B, (Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2001 AA Aa 7,545,312
Rochester Community School District,
Michigan, GO:
3,350,000 6.000% due 05/01/2002 AA Aa 3,563,563
2,000,000 Pre-refunded,
6.500% due 05/01/2002 AA NR 2,177,500
5,000,000 Royal Oak, Michigan, Hospital Finance
Authority Revenue, (William Beaumont
Hospital), Series C, Pre-refunded,
7.200% due 01/01/1999 NR Aaa 5,387,500
1,250,000 Troy, Michigan, City School District, GO,
7.000% due 05/01/2001 AA Aa 1,375,000
3,000,000 University of Michigan, Hospital Revenue,
Series A,
7.500% due 12/01/2001 AA Aa 3,371,250
6,750,000 Western Michigan University Revenue,
Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2001 AAA Aaa 7,425,000
------------
93,735,162
------------
<CAPTION>
Minnesota -- 1.2%
<S> <C> <C> <C> <C>
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002 AAA Aaa 3,788,750
------------
<CAPTION>
Nevada -- 0.5%
<S> <C> <C> <C> <C>
1,465,000 Clark County, Nevada School District,
Building and Renovation, Series B, (FGIC
Insured),
5.500% due 06/15/2002 AAA Aaa 1,523,600
------------
<CAPTION>
New York -- 1.8%
<S> <C> <C> <C> <C>
5,000,000 New York State, Local Assistance Corporation,
Series A, Pre-refunded,
7.250% due 04/01/2001 AAA Aaa 5,618,750
------------
<CAPTION>
Pennsylvania -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA- A1 5,400,000
------------
<CAPTION>
Rhode Island -- 1.8%
<S> <C> <C> <C> <C>
5,100,000 Rhode Island Depositors Economic Protection
Corporation, Special Obligation, Series A,
Pre-refunded,
6.950% due 08/01/2002 AAA Aaa 5,763,000
------------
<CAPTION>
South Carolina -- 7.4%
<S> <C> <C> <C> <C>
4,500,000 South Carolina Capital Improvement, Series A,
6.200% due 02/01/2000 AAA Aaa 4,764,375
South Carolina State Public Service Authority
Revenue, Pre-refunded:
Santee Cooper, Series D, (AMBAC Insured):
2,615,000 6.625% due 07/01/2002 AAA Aaa 2,915,725
2,440,000 6.500% due 07/01/2002 AAA Aaa 2,705,350
4,500,000 Series B,
6.500% due 07/01/2001 AAA Aaa 4,944,375
7,000,000 York County, South Carolina, Public
Facilities Corporation, COP, Pre-refunded,
7.500% due 06/01/2001 NR Aaa 7,962,500
------------
23,292,325
------------
<CAPTION>
Texas -- 8.5%
<S> <C> <C> <C> <C>
1,750,000 Dallas County, Texas, GO,
5.500% due 08/15/2002 AAA Aaa 1,841,875
2,100,000 Dallas, Texas, GO, ETM,
7.000% due 05/01/2004 AAA Aaa 2,407,125
3,070,000 Dallas, Texas, Waterworks and Sewer Authority
Revenue,
7.750% due 04/01/2003 AA Aa 3,572,712
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002 AAA Aaa 4,529,244
2,175,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,615,438
3,500,000 Tarrant County, Texas, Water Control Revenue,
Pre-refunded,
6.000% due 03/01/2001 AA Aaa 3,696,875
3,000,000 Texas National Research Laboratory
Commission, Lease Revenue, (Superconducting
Super Collider Project), Pre-refunded,
6.550% due 12/01/2001 AAA Aaa 3,315,000
4,500,000 Texas State, GO, Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 4,798,125
------------
26,776,394
------------
<CAPTION>
Virginia -- 5.0%
<S> <C> <C> <C> <C>
3,200,000 Chesapeake, Virginia, Public Improvement
Revenue,
7.000% due 05/01/2004 AA Aa 3,648,000
1,600,000 Chesapeake, Virginia, Water & Sewer Revenue,
7.000% due 12/01/2005 AA Aa 1,858,000
4,870,000 Hampton, Virginia, Public Improvement
Revenue, Series C,
6.000% due 08/01/2003 AA- Aa 5,259,600
2,500,000 Roanoke, Virginia, Industrial Development
Authority, Hospital Revenue,
Carilion Health Systems, Pre-refunded,
7.500% due 07/01/2000 A+ Aaa 2,793,750
2,190,000 Virginia State, Transportation Board Contract
Revenue, Series B, (U.S. Route 58
Corridor),
5.200% due 05/15/2002 AA Aa 2,263,913
------------
15,823,263
------------
<CAPTION>
Wisconsin -- 3.3%
<S> <C> <C> <C> <C>
4,000,000 Wisconsin State, GO, Series C, Pre-refunded,
6.250% due 05/01/2003 AA Aaa 4,335,000
5,775,000 Wisconsin State Transportation,
Series B, Pre-refunded,
5.750% due 07/01/2002 AAA NR 6,092,625
------------
10,427,625
------------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $300,569,293) 309,210,638
------------
<CAPTION>
Shares
- ----------
SHORT-TERM INVESTMENT -- 0.1% (Cost $240,156)
<S> <C> <C>
240,156 Navigator Tax-Free Money Market Fund 240,156
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $300,809,449*) 98.4% 309,450,794
OTHER ASSETS AND LIABILITIES (Net) 1.6 5,000,833
------ ------------
NET ASSETS 100.0% $314,451,627
====== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
</FN>
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Board Loan Fund
See Notes to Financial Statements.
</TABLE>
Munder Cash Investment Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
CERTIFICATES OF DEPOSIT -- 20.2%
<S> <C> <C> <C> <C>
$25,000,000 Bank Tokyo Mitsubishi,
5.460% due 02/28/1997 A1/A+ P1/Aa2 $ 25,000,000
45,000,000 Bayerische Vereinsbank,
5.380% due 01/21/1997 A1+/NR P1/Aa1 45,000,000
25,000,000 Caisse National de Credit Agricole,
5.750% due 12/03/1997 A1+/AA P1/Aa1 25,000,000
40,000,000 Canadian Imperial Bank of Commerce, NY,
5.410% due 01/13/1997 A1+/AA- P1/Aa3 40,000,000
25,000,000 Sanwa Bank,
5.510% due 03/10/1997 A1/A P1/Aa3 25,000,000
30,000,000 Societe Generale,
5.500% due 01/10/1997 A1+/AA- P1/Aa2 30,000,000
15,000,000 Union Bank Corporation,
5.560% due 02/18/1997 A1/A P1/A1 15,000,000
------------
<S> <C>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $205,000,000) 205,000,000
------------
<CAPTION>
COMMERCIAL PAPER -- 55.4%
<S> <C> <C> <C> <C>
21,000,000 Ameritech Corporation,
5.410% due 01/28/1997+ A1+/AA+ P1/Aa2 20,914,793
15,000,000 B.A.T. Capital Corporation,
5.400% due 01/15/1997+ A1/A+ P1/A2 14,968,500
20,000,000 Caterpillar Inc.,
5.600% due 01/09/1997+ A1/A P1/A2 19,975,111
40,000,000 Corporate Asset Fund,
5.300% due 01/30/1997+ A1+/AAA P1/NR 39,829,222
25,000,000 First Chicago Corporation,
5.340% due 01/30/1997+ A1/NR P1/NR 24,892,458
General Motors Acceptance Corporation:
25,000,000 5.570% due 02/04/1997+, +++ A2/A- P1/A3 24,868,486
20,000,000 5.620% due 03/17/1997+, +++ A2/A- P1/A3 19,765,833
45,000,000 Golden Managers Acceptance Corporation,
5.450% due 01/22/1997+, +++ A1+/NR NR/NR 44,856,937
Gotham Funding Corporation:
25,000,000 5.400% due 01/27/1997+ A1/NR P1/NR 24,913,750
20,000,000 5.370% due 05/19/1997+ A1/NR P1/NR 19,588,300
40,000,000 National Rural Utilities Cooperative
Finance Corporation,
5.310% due 01/13/1997+ A1+/AA P1/Aa3 39,929,200
50,000,000 New Center Asset Trust,
7.000% due 01/02/1997+ A1+/NR P1/NR 49,990,278
40,000,000 PHH Corporation,
5.370% due 01/21/1997+ A1/A+ P1/A2 39,880,667
30,000,000 Philip Morris Companies, Inc.,
6.300% due 01/02/1997+ A1/A P1/A2 29,994,750
Sanwa Business Credit Company:
25,000,000 5.370% due 01/09/1997+, +++ A2/A- P1/Aa3 24,970,167
20,000,000 5.380% due 01/27/1997+, +++ A2/A- P1/Aa3 19,922,289
Swedish Export Credit Company:
25,000,000 5.310% due 01/06/1997+ A1+/AA+ P1/Aa3 24,981,563
20,000,000 5.320% due 02/18/1997+ A1+/AA+ P1/Aa3 19,858,133
15,000,000 Strategic Asset Funding Corporation,
5.700% due 01/31/1997+ A1/NR P1/NR 14,928,750
45,000,000 TransAmerica Financial Corporation,
5.420% due 01/03/1997+ A1/A P1/A2 44,986,450
-------------
<S> <C>
TOTAL COMMERCIAL PAPER
(Cost $564,015,637) 564,015,637
-------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATION -- 2.0%
(Cost $20,000,000)
<S> <C> <C>
20,000,000 Federal Home Loan Bank,
4.905% due 02/04/1997++ 20,000,000
------------
<CAPTION>
REPURCHASE AGREEMENTS -- 22.7%
<S> <C> <C>
50,000,000 Agreement with Lehman Brothers Holdings Inc., 6.250%
dated 12/31/1996 to be repurchased at $50,017,361
on 01/02/1997, collateralized by $244,310,000 U.S.
Treasury Notes, 8.500%-8.750% due 02/15/2020
through 05/15/2020 (value $51,000,574) 50,000,000
31,325,000 Agreement with Merrill Lynch & Company, Inc., 6.000%
dated 12/31/1996 to be repurchased at $31,335,442
on 01/02/1997, collateralized by $30,580,000 U.S.
Treasury Notes, 6.875% due 08/31/1999 (value $31,917,875) 31,325,000
50,000,000 Agreement with Morgan (J.P.) & Company, 5.750%
dated 12/31/1996 to be repurchased at $50,015,972
on 01/02/1997, collateralized by $43,590,000 U.S.
Treasury Bonds, 8.125% due 05/15/2021 (value $51,000,300) 50,000,000
50,000,000 Agreement with Sanwa BGK Securities Company L.P., 6.700%
dated 12/31/1996 to be repurchased at $50,018,611 on
01/02/1997, collateralized by $50,258,000 U.S.
Treasury Notes, 6.500% due 04/30/1997 (value $51,000,813) 50,000,000
50,000,000 Agreement with State Street Bank and Trust Company, 5.750%
dated 12/31/1996 to be repurchased at $50,015,972 on
01/02/1997, collateralized by $49,880,000 U.S.
Treasury Notes, 6.000% due 08/31/1997 (value $51,002,300) 50,000,000
------------
<S> <C>
TOTAL REPURCHASE AGREEMENTS
(Cost $231,325,000) 231,325,000
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $1,020,340,637*) 100.3% 1,020,340,637
OTHER ASSETS AND LIABILITIES (Net) (0.3) (3,220,938)
----- --------------
NET ASSETS 100.0% $1,017,119,699
===== ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ Golden Manager Acceptance Corporation, rated D-1+ by Duff and Phelps,
General Motors Acceptance Corporation, rated F1 by Fitch, and Sanwa
Business Credit, rated D-1 by Duff and Phelps are defined as being
"Eligible Securities" under Rule 2a-7 under the Investment Company Act of
1940, as amended.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Money Market Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- ---------- ------ -------- ----------
CERTIFICATES OF DEPOSIT -- 21.8%
<S> <C> <C> <C> <C>
$5,000,000 Bank Tokyo Mitsubishi,
5.600% due 01/03/1997 A1/A+ P1/Aa2 $ 5,000,000
5,000,000 Bayerische Vereinsbank,
5.380% due 01/21/1997 A1+/NR P1/Aa1 5,000,000
5,000,000 Canadian Imperial Bank,
5.410% due 01/13/1997 A1+/AA- P1/Aa3 5,000,000
5,000,000 Societe Generale,
5.500% due 01/10/1997 A1+/AA- P1/Aa2 5,000,000
-----------
<S> <C>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $20,000,000) 20,000,000
-----------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 70.6%
<S> <C> <C> <C> <C>
5,000,000 B.A.T. Capital Corporation,
5.400% due 01/15/1997+ A1/A+ P1/A2 4,989,500
5,000,000 Eiger Capital Corporation,
5.420% due 01/14/1997+ A1+/NR P1/NR 4,990,214
5,000,000 First Chicago Corporation,
5.570% due 01/02/1997+ A1/NR P1/NR 4,999,227
5,000,000 Gannett Company Inc.,
5.350% due 01/08/1997+ A1/A+ P1/A2 4,994,799
5,000,000 Golden Managers Acceptance Corporation,
5.450% due 01/22/1997+,+++ A1/NR NR/NR 4,984,104
5,000,000 Nestle Capital Corporation,
5.530% due 03/27/1997+ A1+/NR P1/NR 4,934,715
5,000,000 Lucent Technologies,
5.350% due 01/16/1997+ A1/A P1/A2 4,988,854
5,000,000 PHH Corporation,
5.370% due 01/21/1997+ A1/A+ P1/A2 4,985,083
5,000,000 Sanwa Business Credit Corporation,
5.380% due 01/13/1997+,+++ A2/A- P1/Aa3 4,991,033
5,000,000 Sony Capital Corporation,
5.340% due 01/24/1999+ A1/A P1/Aa3 4,982,942
5,000,000 Strategic Asset Funding Corporation,
5.500% due 01/31/1997+ A1/NR P1/NR 4,977,084
5,000,000 Toshiba America Inc.,
5.350% due 04/18/1997+ A1/NR P1/A1 4,920,493
5,000,000 Transamerica Finance Corporation,
5.380% due 01/09/1997+ A1/A P1/A2 4,994,022
-----------
<S> <C>
TOTAL COMMERCIAL PAPER -- DISCOUNT
(Cost $64,732,070) 64,732,070
-----------
<CAPTION>
CORPORATE NOTE -- 4.4%
(Cost $4,021,000)
Finance -- 4.4%
<S> <C> <C>
4,021,000 Capital One Funding Corporation,
5.840% due 07/01/2014++ 4,021,000
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 3.1% (Cost $2,877,000)
<S> <C> <C>
2,877,000 Agreement with Morgan (J.P.) & Company, 5.750%
dated 12/31/1996 to be repurchased at $2,877,919 on
01/02/1997,
collateralized by $2,323,000 U.S. Treasury Bonds, 8.750%
due 08/15/2020 (value $2,935,691) 2,877,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $91,630,070*) 99.9% 91,630,070
OTHER ASSETS AND LIABILITIES (Net) 0.1 53,116
----- -------------
NET ASSETS 100.0% $ 91,683,186
===== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ Sanwa Business Credit Corporation and Golden Managers Acceptance
Corporation, rated D-1 by Duff and Phelps, are defined as being "Eligible
Securities" under Rule 2a-7 under the Investment Company Act of 1940, as
amended.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Money Market Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- ---------- ------ -------- ----------
MUNICIPAL BONDS AND NOTES -- 80.8%
Arizona -- 5.9%
<S> <C> <C> <C> <C>
$ 3,400,000 Apache County, Arizona, Industrial
Development Authority, Industrial
Development Revenue,
(Tucson Electric -- 83C),
(Bankers Trust Corporation, NY, LOC),
4.100% due 12/15/2018+ AA- A1 $ 3,400,000
Pima County, Arizona, Industrial Development
Authority Revenue:
3,000,000 (Barclays Bank, LOC),
4.200% due 03/15/2018+ AA Aa2 3,000,000
1,000,000 (Brush Wellman Inc. Project),
(National City Bank, LOC),
4.300% due 09/01/2009+ NR NR 1,000,000
3,000,000 (Tucson Electric Project), Series A,
(Bank of America, LOC),
4.100% due 07/01/2022+ AA- Aa3 3,000,000
4,000,000 Pinal County, Arizona, Industrial Development
Authority,
Pollution Control Revenue, (Magma Copper
Company Project), (Banque Nationale de
Paris, LOC),
4.150% due 12/01/2011+ AA- Aa1 4,000,000
-----------
14,400,000
-----------
<CAPTION>
Arkansas -- 2.5%
<S> <C> <C> <C> <C>
6,000,000 Little Rock, Arkansas, Health Facilities
Board, Hospital Revenue, (Southwest
Hospital), (FGIC Insured),
(SBPA -- Bank of Nova Scotia),
4.050% due 10/01/2018+ AAA Aaa 6,000,000
-----------
<CAPTION>
California -- 6.8%
<S> <C> <C> <C> <C>
8,000,000 California State School Cash Reserve Pool,
Series A,
(Industrial Bank of Japan, LOC),
4.750% due 07/02/1997 Sp1+ MIG1 8,034,535
5,000,000 Los Angeles County, California, GO, Tax and
Revenue Anticipation Notes, (Credit Suisse,
NY, LOC; Morgan Guaranty Trust Company, NY,
LOC),
4.500% due 06/30/1997 Sp1+ MIG1 5,017,084
3,500,000 Upland California, Multi-family Housing
Authority Revenue, (Upland Village Green
Project),
(Bank of Tokyo, LA, LOC),
3.050% due 09/01/2010+ NR Aa3 3,500,000
-----------
16,551,619
-----------
<CAPTION>
Colorado -- 1.1%
<S> <C> <C> <C> <C>
1,440,000 Cherry Creek, Colorado, Metropolitan District
Number One, GO, (Dresdner Bank, A.G., NY,
LOC),
4.200% due 06/01/2006+ A-1+ NR 1,440,000
335,000 Clear Creek County, Colorado, Revenue Bond,
(National Westminster Bank, LOC),
4.050% due 06/01/1998+ A-1+ NR 335,000
935,000 Englewood, Colorado, Industrial Development
Revenue,
(Swedish Mob I Ltd. Project), (Mitsubishi
Ltd., LOC),
4.150% due 12/01/2010+ AA- NR 935,000
-----------
2,710,000
-----------
<CAPTION>
District of Columbia -- 3.6%
<S> <C> <C> <C> <C>
District Of Columbia, Revenue, Aces,
(Georgetown University),
(SBPA -- Sanwa Bank):
1,000,000 Series D,
4.100% due 04/01/2017+ A-1+ A1 1,000,000
7,800,000 Series E,
4.100% due 04/01/2018+ A+ A1 7,800,000
-----------
8,800,000
-----------
<CAPTION>
Florida -- 5.6%
<S> <C> <C> <C> <C>
1,000,000 Boca Raton, Florida, Industrial Development
Authority,
Revenue Bonds, (Parking Garage Project),
(Bankers Trust Corporation, NY, LOC),
4.375% due 12/01/2014+ NR NR 1,000,000
5,100,000 Dade County, Florida, Housing Finance
Authority, Multi-family Mortgage Revenue,
(Miller Lake Apartments), Series L,
(John Hancock Mutual Life Insured),
4.350% due 02/01/2005+ AA+ NR 5,100,000
1,300,000 Florida Housing Finance Agency, Multi-family
Housing Revenue Bonds, (Hampton Lakes),
(CG Life, Inc., LOC),
4.150% due 07/01/2008+ AA NR 1,300,000
6,400,000 University of North Florida, Foundation,
Inc., Capital Improvement Revenue, Series
1994, (First Union National Bank of North
Carolina, LOC),
4.050% due 11/01/2024+ NR Aa3 6,400,000
-----------
13,800,000
-----------
<CAPTION>
Georgia -- 5.4%
<S> <C> <C> <C> <C>
900,000 Dekalb County, Georgia, Industrial
Development Authority, Obligation Revenue,
(Dart Container Corporation Project),
(National Westminster Bank, LOC),
3.900% due 08/01/2011+ NR NR 900,000
2,800,000 Dekalb County, Georgia, Private Hospital,
Hospital Authority, Revenue Anticipation
Certificates,
(Egleston Childrens Health), Series A,
(Suntrust Bank, Atlanta, GA, LOC),
4.050 due 12/01/2017+ AA- Aa3 2,800,000
6,995,000 Georgia Municipal Association Pool Board,
Certificates of Participation, (MBIA
Insured), (Credit Suisse, LOC),
4.000% due 12/15/2020+ AAA Aaa 6,995,000
2,400,000 Glynn-Brunswick, Georgia, Memorial Hospital
Authority, Revenue Anticipation
Certificates, (Southeast Georgia Project),
(MBIA Insured),
(Suntrust Bank, Atlanta, GA, LOC),
3.650% due 08/01/2016+ AAA Aaa 2,400,000
-----------
13,095,000
-----------
<CAPTION>
Illinois -- 4.6%
<S> <C> <C> <C> <C>
2,000,000 Chicago, Illinois, GO, (MBIA Insured),
8.000% due 01/01/1997 AAA Aaa 2,040,000
955,000 East Peoria, Illinois, Multi-family Housing
Revenue, (Radnor/East Peoria Project),
(Bank of Nova Scotia, LOC),
4.250% due 06/01/2008+ NR Aa2 955,000
Illinois State Development Finance Authority,
Industrial Development Authority Revenue:
3,000,000 (Catholic Charities Housing),
(National Westminster Bank, LOC),
4.200% due 01/01/2028+ NR Aa2 3,000,000
4,000,000 (Lake Forest Academy Project), (Northern
Trust Company, LOC),
4.200% due 12/01/2024+ AA- NR 4,000,000
1,200,000 (Saint Ignatius College),
(Northern Trust Company, LOC),
4.200% due 06/01/2024+ AA- NR 1,200,000
-----------
11,195,000
-----------
<CAPTION>
Indiana -- 6.3%
<S> <C> <C> <C> <C>
5,000,000 Indiana State Bond Bank, Advanced Funding
Notes,
4.250% due 01/09/1997 Sp1+ MIG1 5,000,652
5,300,000 Indiana State Development Finance Authority
Revenue, (Educational Facility -- Indiana
Historical Society), (NBD Bank, Detroit,
LOC),
4.200% due 08/01/2031+ AA- NR 5,300,000
5,000,000 Indianapolis, Indiana, Local Public
Improvement Board, Series A,
4.250% due 01/09/1997 Sp1+ NR 5,000,470
-----------
15,301,122
-----------
<CAPTION>
Iowa -- 3.0%
<S> <C> <C> <C> <C>
2,000,000 Cedar Rapids, Iowa, Pollution Control
Revenue, Refunding Bonds, (Iowa Electric
Light & Power Company), (Barclays Bank,
LOC),
4.250% due 11/01/2003+ NR NR 2,000,000
5,300,000 Chillicothe, Iowa, Pollution Control Revenue,
(Iowa Electric and Power Company),
(Barclays Bank, LOC),
4.250% due 11/01/2010+ NR NR 5,300,000
-----------
7,300,000
-----------
<CAPTION>
Maryland -- 2.8%
<S> <C> <C> <C> <C>
3,400,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
4.150% due 07/01/2022+ NR Aa2 3,400,000
Maryland State Health & Higher Education,
Facilities Authority Revenue:
400,000 (Loyola College Issue), (Sanwa Bank, LOC),
3.950% due 10/01/2010+ A-1+ Aa3 400,000
3,000,000 (Helix Health Hospital), Issue-A,
(NationsBank, LOC),
4.300% due 07/01/2026+ A+ NR 3,000,000
-----------
6,800,000
-----------
<CAPTION>
Michigan -- 2.4%
<S> <C> <C> <C> <C>
4,500,000 Grand Rapids, Michigan, Water Supply, (MBIA
Insured), Pre-refunded,
7.875% due 01/01/1998 AAA Aaa 4,773,561
1,100,000 Michigan State Strategic Fund Limited,
Obligation Revenue, (Community Care
Properties Project), (National Bank of
Detroit, LOC),
4.250% due 09/01/2007+ NR NR 1,100,000
-----------
5,873,561
-----------
<CAPTION>
Mississippi -- 2.5%
<S> <C> <C> <C> <C>
6,000,000 Lawrence County, Mississippi, Pollution
Control Revenue,
(Georgia Pacific Corporation Project),
(Bank of Tokyo, NY, LOC),
4.125% due 12/01/2000+ NR Aa3 6,000,000
-----------
<CAPTION>
Missouri -- 0.8%
<S> <C> <C> <C> <C>
2,000,000 Columbia, Missouri, Special Obligation
Reserve, Series A,
(Toronto Dominion Bank, LOC),
4.100% due 06/01/2008+ NR Aa2 2,000,000
-----------
<CAPTION>
Nebraska -- 2.9%
<S> <C> <C> <C> <C>
2,000,000 Hamilton County, Nebraska, Industrial
Development Authority Revenue,
(The Iams Company Project), (NationsBank,
LOC),
4.350% due 07/01/2005+ NR NR 2,000,000
5,000,000 Nebraska Educational Facilities Authority
Revenue,
Educational Equipment & Improvement,
(FGIC Insured), (SBPA -- Mitsubishi Bank of
New York exp. 04/15/1998),
4.150% due 12/01/2000+ AAA Aaa 5,000,000
-----------
7,000,000
-----------
<CAPTION>
Nevada -- 2.8%
<S> <C> <C> <C> <C>
6,962,000 Clark County, Nevada, Airport Improvement
Revenue, Series A-1, (MBIA Insured), (SBPA
-- National Westminster Bank, exp
02/19/1999),
4.000% due 07/01/2012+ AAA Aaa 6,962,000
-----------
<CAPTION>
North Carolina -- 0.8%
<S> <C> <C> <C> <C>
2,000,000 Charlotte, North Carolina, Airport Revenue,
Series A, (MBIA Insured), (SBPA --
Commerzbank Aktiengeselexp, exp
02/04/1997),
4.000% due 07/01/2016+ AAA Aaa 2,000,000
-----------
<CAPTION>
Ohio -- 1.8%
<S> <C> <C> <C> <C>
2,355,000 Cuyahoga County, Ohio, Industrial Development
Revenue Refunding, (Curtiss Wright
Project),
(National City Bank, LOC),
4.300% due 12/01/2008+ NR NR 2,355,000
2,000,000 Summit County, Ohio, Bond Anticipation Notes,
GO, Series C,
4.375% due 11/20/1997 NR MIG1 2,012,370
-----------
4,367,370
-----------
<CAPTION>
South Dakota -- 0.5%
<S> <C> <C> <C> <C>
1,300,000 Lawrence County, South Dakota, Pollution
Control Revenue, (Homestake Mining),
(Bank of Nova Scotia, LOC),
4.650% due 04/01/2003+ AA- Aa3 1,300,000
-----------
<CAPTION>
Tennessee -- 7.3%
<S> <C> <C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial
Development Authority Revenue, (Market
Street Ltd. Project), (ABN-Amro, LOC),
4.300% due 12/15/2012+ AAA NR 6,700,000
2,700,000 Clarkville, Tennessee, Public Building
Authority, (NationsBank, TN, LOC),
4.300% due 06/01/2024+ A+ NR 2,700,000
1,885,000 Greenville, Tennessee, Health & Educational
Facilities Board Revenue, (Laughlin
Memorial Hospital Inc. Project),
(NationsBank, LOC),
4.300% due 10/01/2014+ NR NR 1,885,000
1,000,000 Hamilton County, Tennessee, Industrial
Development Revenue Board, (Tennessee
Aquarium -- Imax),
(Bank of NY, LOC),
4.300% due 03/01/2015+ A+ Aa3 1,000,000
Metropolitan Government Nashville and
Davidson County, Tennessee, Health and
Education Facilities Board:
1,400,000 (Richland Place, Inc.), (Societe Generale,
LOC),
4.150% due 05/01/2023+ NR Aa1 1,400,000
2,100,000 (West Mead Place Project), (NationsBank,
GA, LOC)
4.300% due 10/01/2015+ A+ NR 2,100,000
2,000,000 Metropolitan Government Nashville and
Davidson County, Tennessee,
Industrial Development Board Revenue,
Multi-family Housing, (Arbor Crest
Apartments), Series B, (NationsBank, GA,
LOC),
4.150% due 12/01/2007+ NR Aa3 2,000,000
-----------
17,785,000
-----------
<CAPTION>
Texas -- 7.1%
<S> <C> <C> <C> <C>
8,700,000 Bexar County, Texas, Health Facilities,
(RaboBank, Netherlands, LOC),
4.000% due 07/01/2011+ AAA NR 8,700,000
3,000,000 Lower Neches Valley Authority, Texas,
(Neches River Treatment Project),
(Mobil Oil Corporation),
4.150% due 02/01/2004+ A-1+ NR 3,000,000
McAllen, Texas, Health Facilities:
5,075,000 (Charter Palms Hospital Inc.),
(Mitsubishi Bank Ltd., LOC),
3.150% due 03/01/2007+ NR Aa3 5,075,000
600,000 (McAllen Association No. 1), (Westpac
Banking Corporation, LOC),
4.000% due 12/01/2024+ NR NR 600,000
-----------
17,375,000
-----------
<CAPTION>
Utah -- 1.1%
<S> <C> <C> <C> <C>
2,700,000 Salt Lake City, Utah, Industrial Development
Revenue,
(Leeds and Northup Company),
(Wachovia Bank, Atlanta, GA, LOC),
4.300% due 04/01/2008+ NR NR 2,700,000
-----------
<CAPTION>
Virginia -- 0.3%
<S> <C> <C> <C> <C>
800,000 Tazwell County, Virginia, Industrial
Development Authority Revenue, (Lowes
Investment Corporation Project), (Wachovia
Bank, LOC),
3.650% due 09/01/2005+ NR NR 800,000
-----------
<CAPTION>
Washington -- 1.8%
<S> <C> <C> <C> <C>
1,700,000 Port of Seattle, Washington, GO, (Wachovia
Bank, LOC),
4.150% due 01/01/2005+ AA Aa1 1,700,000
2,800,000 Washington State, Public Power Supply
Systems, (Nuclear Project No. 1), Series
1A-1, (Bank of America, LOC),
4.100% due 07/01/2017+ A+ Aa3 2,800,000
-----------
4,500,000
-----------
<CAPTION>
Wisconsin -- 1.1%
<S> <C> <C> <C> <C>
2,200,000 Prairie, Wisconsin, Industrial Development
Authority Revenue, (Milwaukee Valve Company
Project), Series A, (National Bank of
Detroit, LOC),
4.400% due 11/01/2001+ NR NR 2,200,000
600,000 Wisconsin State Health Facilities Authority
Revenue, (Hope Sisters Obligation), Series
G, (Morgan Guaranty Trust Company, LOC),
4.150% due 12/01/2001+ AAA Aaa 600,000
-----------
2,800,000
<S> <C>
-----------
TOTAL MUNICIPAL BONDS AND NOTES (Cost $197,415,672) 197,415,672
-----------
<CAPTION>
COMMERCIAL PAPER -- 13.3%
<S> <C> <C> <C> <C>
3,500,000 Burke County, GA, (Credit Suisse, LOC)
3.500% due 01/23/1997 A-1+ P1 3,500,000
1,900,000 Burlington, Kansas, (Deutsche Bank, LOC),
3.500% due 01/23/1997 A-1+ NR 1,900,000
2,500,000 Harris County, Texas Health Facilities
Hospital Authority,
(Societe Generale, LOC),
3.650% due 01/14/1997 A-1+ VMIG1 2,500,000
Lincoln County, Wyoming,
(Union Bank of Switzerland, LOC):
4,500,000 3.450% due 01/07/1997 A-1+ VMIG1 4,500,000
3,500,000 3.450% due 01/22/1997 A-1+ VMIG1 3,500,000
4,100,000 Louisiana State, (Credit Local de France,
LOC),
3.400% due 02/06/1997 A-1+ VMIG1 4,100,000
5,000,000 San Antonio, Texas, (Morgan Guaranty Trust
Company, Union Bank of Switzerland,
& Toronto Dominion, LOC),
3.500% due 01/22/1997 A-1+ P1 5,000,000
5,000,000 West Baton Rouge, Louisiana, (Dow Chemical,
LOC),
3.600% due 01/09/1997 A-1+ P1 5,000,000
2,500,000 West Orange Hospital, (RoboBank, LOC),
3.500% due 02/06/1997 NR VMIG1 2,500,000
-----------
<S> <C>
TOTAL COMMERCIAL PAPER (Cost $32,500,000) 32,500,000
-----------
<CAPTION>
Shares Value
- ---------- -----
SHORT-TERM INVESTMENT - 4.9% (Cost $11,968,376)
<S> <C> <C>
11,968,376 Dreyfus Tax-Exempt Cash Management Fund 11,968,376
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $241,884,048*) 99.0% 241,884,048
OTHER ASSETS AND LIABILITIES (Net) 1.0 2,429,267
---- -----------
NET ASSETS 100.0% $244,313,315
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Variable rate weekly demand notes are payable upon not more than seven
calendar days' notice. The interest rate shown reflects the rate currently
in effect.
</FN>
ABBREVIATIONS:
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand By Purchase Agreement
See Notes to Financial Statements.
</TABLE>
Munder U.S. T Treasury Money Market Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
U.S. TREASURY OBLIGATIONS -- 50.1%
U.S. Treasury Bills -- 26.5%
<S> <C> <C>
$ 10,000,000 5.490 % due 01/23/1997+ $ 9,967,733
30,000,000 5.310 % due 01/30/1997+ 29,878,626
10,000,000 5.470 % due 03/13/1997+ 9,896,360
35,000,000 5.270 % due 05/01/1997+ 34,409,083
-----------
84,151,802
-----------
<CAPTION>
U.S. Treasury Notes -- 23.6%
<S> <C> <C>
25,000,000 6.625 % due 03/31/1997 25,061,202
25,000,000 6.125 % due 05/31/1997 25,066,998
25,000,000 5.375 % due 11/30/1997 24,964,072
-----------
75,092,272
-----------
<S> <C>
TOTAL U.S. TREASURY OBLIGATIONS (Cost $159,244,074) 159,244,074
-----------
<CAPTION>
REPURCHASE AGREEMENTS -- 50.1%
<S> <C> <C>
15,000,000 Agreement with CS First Boston Corporation, 5.750%
dated 12/31/1996 to be repurchased at $15,004,792 on 01/02/1997,
collateralized by $15,114,000 U.S. Treasury Notes, 6.125% due
05/15/1998
(value $15,302,472) 15,000,000
15,000,000 Agreement with Goldman Sachs & Company, 6.450%
dated 12/31/1996 to be repurchased at $15,005,375 on 01/02/1997,
collateralized by $11,700,000 U.S. Treasury Bonds, 10.375% due
11/15/2012
(value $15,303,600) 15,000,000
75,000,000 Agreement with Lehman Brothers Inc., 6.250%
dated 12/31/1996 to be repurchased at $75,026,042 on 01/02/1997,
collateralized by $369,230,000 U.S. Treasury Strip Principal,
8.750% due 05/15/2020 (value $76,500,761) 75,000,000
9,480,000 Agreement with Merrill Lynch & Company, Inc., 6.000%
dated 12/31/1996 to be repurchased at $9,483,160 on 01/02/1997,
collateralized by $9,255,000 U.S. Treasury Notes, 6.875% due
08/31/1999
(value $9,671,475) 9,480,000
15,000,000 Agreement with Morgan (J.P.) & Company, 5.750%
dated 12/31/1996 to be repurchased at $15,004,792 on 01/02/1997,
collateralized by $12,414,000 U.S. Treasury Bonds, 8.500% due
02/15/2020
(value $15,300,255) 15,000,000
15,000,000 Agreement with Sanwa BGK Securities Company, L.P., 6.700%
dated 12/31/1996 to be repurchased at $15,005,583 on 01/02/1997,
collateralized by $14,755,000 U.S. Treasury Notes, 6.500% due
08/31/2001
(value $15,300,787) 15,000,000
15,000,000 Agreement with State Street Bank & Trust Company, 5.750%
dated 12/31/1996 to be repurchased at $15,004,792 on 01/02/1997,
collateralized by $14,965,000 U.S. Treasury Notes, 6.000% due
08/31/1997
(value $15,301,713) 15,000,000
-----------
<S> <C> <C>
TOTAL REPURCHASE AGREEMENTS (Cost $159,480,000) 159,480,000
-----------
TOTAL INVESTMENTS (Cost $318,724,074*) 100.2% 318,724,074
OTHER ASSETS AND LIABILITIES (Net) (0.2) (735,442)
----- -----------
NET ASSETS 100.0% $317,988,632
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
</FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................. $ 258,863,687 $ 59,566,330 $ 196,150,820 $ 332,377,743 $ 228,353,309
Repurchase Agreements .................. 16,302,232 4,606,892 12,727,070 14,935,265 --
------------- ------------- ------------- ------------- -------------
Total Investments .......................... 275,165,919 64,173,222 208,877,890 347,313,008 228,353,309
Cash ....................................... -- -- -- 3,025 697,622
Interest receivable ........................ 82,906 388,568 103,835 147,766 --
Dividends receivable ....................... 115,078 30,491 660,317 497,310 515,515
Receivable for investment securities sold .. 147,829 22,439 -- 63,218 --
Receivable for Fund shares sold ............ 230,978 10,096,238 130,335 19,350,177 282,569
Receivable from investment advisor ......... -- -- -- -- --
Unamortized organization costs ............. -- 5,210 3,950 -- --
Prepaid expenses ........................... 16,936 46,449 15,246 67,049 16,369
------------- ------------- ------------- ------------- -------------
Total Assets ......................... 275,759,646 74,762,617 209,791,573 367,441,553 229,865,384
------------- ------------- ------------- ------------- -------------
LIABILITIES:
Variation Margin ........................... -- -- -- 469,100 --
Payable for Fund shares redeemed ........... 5,059,768 140,311 211,096 3,622,508 552,724
Payable for investment securities purchased 4,068,769 91,927 2,193,708 18,206,501 5,467,252
Investment advisory fee payable ............ 358,574 69,746 268,779 35,908 289,284
Administration fee payable ................. 26,464 6,151 20,279 30,540 21,714
Shareholder servicing fees payable ......... 20,527 974 39,230 6,539 25,274
Distribution fees payable .................. 1,806 212 724 14,407 3,454
Transfer agent fee payable ................. 11,061 2,413 8,197 11,257 8,763
Custodian fees payable ..................... 11,705 5,490 7,387 11,230 25,739
Due to custodian ........................... -- -- -- -- --
Accrued Trustees'/Directors' fees and
expenses ................................. 1,020 237 782 1,177 837
Accrued expenses and other payables ........ 50,987 7,496 34,565 47,590 40,413
------------- ------------- ------------- ------------- -------------
Total Liabilities .................... 9,610,681 324,957 2,784,747 22,456,757 6,435,454
------------- ------------- ------------- ------------- -------------
NET ASSETS ................................. $ 266,148,965 $ 74,437,660 $ 207,006,826 $ 344,984,796 $ 223,429,930
============= ============= ============= ============= =============
Investments, at cost ....................... $ 227,725,212 $ 55,464,642 $ 172,440,705 $ 274,932,903 $ 202,478,717
============= ============= ============= ============= =============
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Munder
Munder Munder Munder Real Estate Munder Munder Small
Micro-Cap Mid-Cap Multi-Season Equity Small-Cap Company Munder
Equity Growth Growth Investment Value Growth Value
Fund Fund Fund Fund Fund Fund Fund
- ----------------------------------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 134,369 $ 25,666,562 $ 396,539,781 $ 34,083,153 $ 438,587 $ 235,981,816 $ 46,239,167
-- 1,847,000 21,490,000 2,828,000 -- 17,269,900 3,293,000
------------- ------------- ------------- ------------- ------------- -------------- -------------
134,369 27,513,562 418,029,781 36,911,153 438,587 253,251,716 49,532,167
146,006 -- 995,051 164 473,688 68,573 --
-- 295 3,432 452 -- 87,172 526
21 3,191 414,227 220,644 93 19,105 53,479
-- -- -- -- -- 6,511,009 567,719
20,000 -- 377,538 26,740 20,000 831,677 105,825
209 -- -- -- 152 -- --
-- 45,826 78,914 40,518 -- -- 44,899
-- 42,711 9,891 34,829 -- 24,785 44,251
------------- ------------- ------------- ------------- ------------- -------------- -------------
300,605 27,605,585 419,908,834 37,234,500 932,520 260,794,037 50,348,866
------------- ------------- ------------- ------------- ------------- -------------- -------------
-- -- -- -- --
-- 34,527 1,309,089 -- -- 2,534,771 84,847
132,668 709,453 1,403,325 -- 434,929 5,115,059 979,122
18 31,803 527,966 36,203 48 315,249 55,863
2 2,501 40,221 3,162 7 24,022 4,454
-- 134 39,153 70 -- 24,990 237
-- 192 70,151 2,057 -- 3,674 671
67 960 15,681 1,055 -- 9,532 1,668
20 2,968 12,254 1,015 20 9,755 2,805
-- 344 -- -- -- -- 3,390
-- 96 1,551 122 2 926 172
124 3,363 95,136 5,484 138 25,402 6,139
------------- ------------- ------------- ------------- ------------- -------------- -------------
132,899 786,341 3,514,527 49,168 435,144 8,063,380 1,139,368
------------- ------------- ------------- ------------- ------------- -------------- -------------
$ 167,706 $ 26,819,244 $ 416,394,307 $ 37,185,332 $ 497,376 $ 252,730,657 $ 49,209,498
============= ============= ============= ============= ============= ============== =============
$ 132,668 $ 27,494,714 $ 310,873,367 $ 29,070,954 $ 434,929 $ 201,438,543 $ 45,141,002
============= ============= ============= ============= ============= ============== =============
<FN>
See Notes to Financial Statements.
</FN>
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund
------------- ------------- -------------
<S> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................. $ 143,613,022 $ 481,284,195 $ 28,084,752
Repurchase Agreements .................. 5,887,000 8,118,000 1,122,000
-------------- ------------- -------------
Total Investments .......................... 149,500,022 489,402,195 29,206,752
Cash ....................................... -- -- 974
Interest receivable ........................ 2,202,264 9,076,895 613,355
Dividends receivable ....................... 545 1,499 --
Receivable for investment securities sold .. 121,518 -- --
Receivable for Fund shares sold ............ 1,593,958 415,062 --
Unamortized organization cost .............. -- -- --
Prepaid expenses ........................... 17,523 16,278 45,792
-------------- ------------- -------------
Total Assets ......................... 153,435,830 498,911,929 29,866,873
-------------- ------------- -------------
LIABILITIES:
Payable for Fund shares redeemed ........... 1,105,088 2,126,851 --
Investment advisory fee payable ............ 127,947 421,053 23,535
Administration fee payable ................. 14,673 48,249 2,756
Shareholder servicing fees payable ......... 7,971 71,564 --
Distribution fees payable .................. 787 1,330 2
Transfer agent fee payable ................. 5,806 19,608 818
Custodian fees payable ..................... 5,208 15,735 1,161
Legal and audit fees payable ............... 7,988 27,029 2,191
Due to custodian ........................... -- -- --
Accrued Trustees'/Directors' fees and
expenses ................................. 566 1,860 106
Accrued expenses and other payables ........ 7,713 16,352 1,475
-------------- ------------- -------------
Total Liabilities .................... 1,283,747 2,749,631 32,044
-------------- ------------- -------------
NET ASSETS ................................. $ 152,152,083 $ 496,162,298 $ 29,834,829
============= ============= =============
Investments, at cost ....................... $ 149,853,712 $ 489,454,104 $ 28,967,530
============= ============= =============
<CAPTION>
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- ----------------------------------------------------------------
<S> <C> <C> <C>
$234,095,097 $ 35,942,224 $ 200,780,616 $ 309,450,794
4,277,000 -- -- --
------------ ------------ ------------- -------------
238,372,097 35,942,224 200,780,616 309,450,794
95,424 -- -- --
2,005,297 380,735 3,611,377 5,579,214
3,828 8,088 2,469 6,652
-- -- -- --
221,728 109,604 107,301 200,516
5,818 9,786 13,675 --
23,530 -- 15,702 17,885
------------ ------------ ------------- -------------
240,727,722 36,450,437 204,531,140 315,255,061
------------ ------------ ------------- -------------
146,719 -- 149,025 302,290
201,328 29,786 173,100 265,948
23,177 3,489 19,797 30,482
40,138 7,423 42,879 64,944
1,390 378 377 1,269
8,998 1,330 7,860 12,303
7,717 1,118 6,134 9,342
12,385 3,044 10,823 17,025
-- -- -- 63,160
894 135 763 1,175
41,066 8,835 54,899 35,496
------------ ------------ ------------- -------------
483,812 55,538 465,657 803,434
------------ ------------ ------------- -------------
$240,243,910 $ 36,394,899 $ 204,065,483 $ 314,451,627
============ ============ ============= =============
$237,936,292 $ 35,443,574 $ 191,105,172 $ 300,809,449
============ ============ ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
--------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................. $ 789,015,637 $ 88,753,070 $ 241,884,048 $ 159,244,074
Repurchase Agreements .................. 231,325,000 2,877,000 -- 159,480,000
-------------- ------------- ------------- -------------
Total Investments .......................... 1,020,340,637 91,630,070 241,884,048 318,724,074
Cash ....................................... 40,385 23 1,368,872 98,358
Interest receivable ........................ 1,544,191 173,372 1,877,192 703,178
Dividends receivable ....................... -- -- 22,319 --
Unamortized organization costs ............. -- 60,000 -- --
Prepaid expenses ........................... 11,205 15,500 15,302 15,977
-------------- ------------- ------------- -------------
Total Assets ....................... 1,021,936,418 91,878,965 245,167,733 319,541,587
-------------- ------------- ------------- -------------
LIABILITIES:
Investment advisory fee payable ............ 579,697 84,847 141,915 183,275
Administration fee payable ................. 97,494 10,476 23,777 30,092
Shareholder servicing fees payable ......... 76,067 -- 27,002 5,167
Distribution fees payable .................. 19,261 659 1,134 492
Transfer agent fee payable ................. 57,931 5,687 9,604 12,064
Custodian fees payable ..................... 31,449 6,539 7,576 12,083
Legal and audit fees payable ............... 73,743 7,047 13,364 16,848
Dividends payable .......................... 3,754,441 64,962 607,046 1,269,998
Accrued Trustees'/Directors' fees and
expenses ................................. 3,759 404 917 1,160
Accrued expenses and other payables ........ 122,877 15,158 22,083 21,776
-------------- ------------- ------------- -------------
Total Liabilities .................. 4,816,719 195,779 854,418 1,552,955
-------------- ------------- ------------- -------------
NET ASSETS ................................. $1,017,119,699 $ 91,683,186 $ 244,313,315 $ 317,988,632
============== ============= ============= =============
Investments, at cost ....................... $1,020,340,637 $ 91,630,070 $ 241,884,048 $ 318,724,074
============== ============= ============= =============
See Notes to Financial Statements.
</TABLE>
[ This Page Intentionally Left Blank ]
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/(loss) . $ (384,735) $ 40,284 $ 275,200 $ 161,933 $ 162,047
Accumulated net realized gain/(loss) on
investments sold, forward foreign exchange
contracts, futures contracts and currency
transactions ............................. 9,962,188 339,584 6,846,484 1,452,567 1,048,481
Net unrealized appreciation of investments,
futures contracts, foreign currency and
net other assets ......................... 47,440,707 8,708,580 36,437,185 72,180,920 25,942,927
Par value .................................. 196,352 6,140 15,546 19,629 15,986
Paid-in capital in excess of par value ..... 208,934,453 65,343,072 163,432,411 271,169,747 196,260,489
------------- ------------- ------------- ------------- -------------
$ 266,148,965 $ 74,437,660 $ 207,006,826 $ 344,984,796 $ 223,429,930
============= ============= ============= ============= =============
NET ASSETS:
Class A Shares ............................. $ 5,733,537 $ 403,386 $ 2,018,495 $ 39,075,793 $ 5,589,867
============= ============= ============= ============= =============
Class B Shares ............................. $ 413,646 $ 132,896 $ 278,451 $ 30,329,871 $ 1,049,249
============= ============= ============= ============= =============
Class C Shares ............................. $ 217,627 $ 31,014 $ 111,281 -- $ 1,862,131
============= ============= ============= ============= =============
Class K Shares ............................. $ 92,709,797 $ 4,375,900 $ 181,401,644 $ 34,206,393 $ 115,805,380
============= ============= ============= ============= =============
Class Y Shares ............................. $ 167,074,358 $ 69,494,464 $ 23,196,955 $ 241,372,739 $ 99,123,303
============= ============= ============= ============= =============
SHARES OUTSTANDING:
Class A Shares ............................. 425,541 33,269 151,740 2,224,640 400,546
============= ============= ============= ============= =============
Class B Shares ............................. 31,438 10,980 20,974 1,726,722 75,977
============= ============= ============= ============= =============
Class C Shares ............................. 16,339 2,560 8,388 -- 133,840
============= ============= ============= ============= =============
Class K Shares ............................. 6,878,241 360,305 13,622,848 1,947,418 8,298,783
============= ============= ============= ============= =============
Class Y Shares ............................. 12,283,688 5,732,641 1,741,995 13,730,380 7,077,289
============= ============= ============= ============= =============
CLASS A SHARES:
Net asset value and redemption price per
share .................................... $13.47 $12.12 $13.30 $17.56 $13.96
====== ====== ====== ====== ======
Maximum sales charge ....................... 5.50% 5.50% 5.50% 2.50% 5.50%
Maximum offering price per share ........... $14.25 $12.83 $14.07 $18.01 $14.77
====== ====== ====== ====== ======
CLASS B SHARES:
Net asset value and offering price per
share* ................................... $13.16 $12.10 $13.28 $17.56 $13.81
====== ====== ====== ====== ======
CLASS C SHARES:
Net asset value and offering price per
share* ................................... $13.32 $12.11 $13.27 N/A $13.91
====== ====== ====== ====== ======
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ............... $13.48 $12.14 $13.32 $17.56 $13.95
====== ====== ====== ====== ======
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ............... $13.60 $12.12 $13.32 $17.58 $14.01
====== ====== ====== ====== ======
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
</FN>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Munder
Munder Munder Munder Real Estate Munder Munder Small
Micro-Cap Mid-Cap Multi-Season Equity Small-Cap Company Munder
Equity Growth Growth Investment Value Growth Value
Fund Fund Fund Fund Fund Fund Fund
- ----------------------------------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ (1) $ (39,748) $ 65,669 $ 256,928 $ 30 $ (477,845) $ 17,390
-- 446,034 3,889,724 (154,534) -- 20,922,297 1,602,043
1,701 18,848 107,156,414 7,840,199 3,658 51,813,173 4,391,165
166 24,799 270,118 26,672 494 12,745 40,487
165,840 26,369,311 305,012,382 29,216,067 493,194 180,460,287 43,158,413
------------- ------------- ------------- ------------- ------------- -------------- -------------
$ 167,706 $ 26,819,244 $ 416,394,307 $ 37,185,332 $ 497,376 $ 252,730,657 $ 49,209,498
============= ============= ============= ============= ============= ============== =============
$ 2,034 $ 194,532 $ 12,264,253 $ 426,047 -- $ 7,004,502 $ 856,474
============= ============= ============= ============= ============= ============== =============
-- $ 70,541 $ 72,693,181 $ 2,461,663 -- $ 1,690,904 $ 144,701
============= ============= ============= ============= ============= ============== =============
-- $ 100,328 $ 7,213,283 $ 107,402 -- $ 2,105,617 $ 451,487
============= ============= ============= ============= ============= ============== =============
$ 20,003 $ 680,346 $ 183,891,516 $ 346,406 $ 20,008 $ 116,203,843 $ 1,166,000
============= ============= ============= ============= ============= ============== =============
$ 145,669 $ 25,773,497 $ 140,332,074 $ 33,843,814 $ 477,368 $ 125,725,791 $ 46,590,836
============= ============= ============= ============= ============= ============== =============
201 18,040 793,512 30,575 -- 354,840 70,574
============= ============= ============= ============= ============= ============== =============
-- 6,590 4,814,001 176,566 -- 87,594 11,948
============= ============= ============= ============= ============= ============== =============
-- 9,389 477,183 7,681 -- 107,647 37,302
============= ============= ============= ============= ============= ============== =============
1,977 63,109 11,909,723 24,848 1,985 5,883,897 96,033
============= ============= ============= ============= ============= ============== =============
14,400 2,382,808 9,017,408 2,427,520 47,368 6,311,462 3,832,892
============= ============= ============= ============= ============= ============== =============
$10.12 $10.78 $15.46 $13.93 N/A $19.74 $12.14
====== ====== ====== ====== === ====== ======
5.50% 5.50% 5.50% 5.50% -- 5.50% 5.50%
$10.71 $11.41 $16.36 $14.74 N/A $20.89 $12.85
====== ====== ====== ====== === ====== ======
N/A $10.70 $15.10 $13.94 N/A $19.30 $12.11
=== ====== ====== ====== === ====== ======
N/A $10.69 $15.12 $13.98 N/A $19.56 $12.10
=== ====== ====== ====== === ====== ======
$10.12 $10.78 $15.44 $13.94 $10.08 $19.75 $12.14
====== ====== ====== ====== ====== ====== ======
$10.12 $10.82 $15.56 $13.94 $10.08 $19.92 $12.16
====== ====== ====== ====== ====== ====== ======
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund
------------- ------------- -------------
<S> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income/(distributions in excess of
net investment income) ................... $ 267,284 $ (16,736) $ 31,879
Accumulated net realized gain/(loss) on
investments sold ......................... (5,281,459) (22,611,233) 140,040
Net unrealized appreciation/(depreciation)
of investments ........................... (353,690) (51,909) 234,131
Par value .................................. 15,757 52,917 29,354
Paid-in capital in excess of par value ..... 157,504,191 518,789,259 29,399,425
-------------- ------------- -------------
$ 152,152,083 $ 496,162,298 $ 29,834,829
============== ============= =============
NET ASSETS:
Class A Shares ............................. $ 956,250 $ 5,461,174 $ 14,531
============= ============= =============
Class B Shares ............................. $ 609,552 $ 244,631 --
============= ============= =============
Class C Shares ............................. $ 53,902 $ 68,514 --
============= ============= =============
Class K Shares ............................. $ 37,716,257 $ 334,315,068 --
============= ============= =============
Class Y Shares ............................. $ 112,816,122 $ 156,072,911 $ 29,820,298
============= ============= =============
SHARES OUTSTANDING:
Class A Shares ............................. 99,025 582,340 1,430
============= ============= =============
Class B Shares ............................. 63,136 26,109 --
============= ============= =============
Class C Shares ............................. 5,585 7,297 --
============= ============= =============
Class K Shares ............................. 3,906,003 35,658,185 --
============= ============= =============
Class Y Shares ............................. 11,683,634 16,643,232 2,934,068
============= ============= =============
CLASS A SHARES:
Net asset value and redemption price per
share .................................... $9.66 $9.38 $10.16
===== ===== ======
Maximum sales charge ....................... 4.00% 4.00% 4.00%
Maximum offering price per share ........... $10.06 $9.77 $10.58
===== ===== ======
CLASS B SHARES:
Net asset value and offering price per share* $9.65 $9.37 N/A
===== ===== ===
CLASS C SHARES:
Net asset value and offering price per share* $9.65 $9.39 N/A
===== ===== ===
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ............... $9.66 $9.38 N/A
===== ===== ===
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ............... $9.66 $9.38 $10.16
===== ===== ======
<FN>
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
</FN>
<CAPTION>
- -----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- -----------------------------------------------------------------
<S> <C> <C> <C>
$ 491,553 $ 631 $ 13,079 $ 122
102,462 (31,666) 68,590 360,602
435,805 498,650 9,675,444 8,641,345
23,758 3,793 19,523 30,157
239,190,332 35,923,491 194,288,847 305,419,401
------------ ------------ ------------- -------------
$240,243,910 $ 36,394,899 $ 204,065,483 $ 314,451,627
============ ============ ============= =============
$ 427,970 $ 471,525 $ 2,385,853 $ 6,961,398
============ ============ ============= =============
$ 1,809,632 $ 276,899 $ 58,766 $ 170,522
============ ============ ============= =============
$ 9,909 $ 89,157 -- --
============ ============ ============= =============
$188,496,641 $ 35,060,943 $ 199,510,837 $ 301,997,866
============ ============ ============= =============
$ 49,499,758 $ 496,375 $ 2,110,027 $ 5,321,841
============ ============ ============= =============
42,331 49,131 228,534 667,601
============ ============ ============= =============
179,029 28,846 5,628 16,366
============ ============ ============= =============
980 9,299 -- --
============ ============ ============= =============
18,639,596 3,654,137 19,086,678 28,962,978
============ ============ ============= =============
4,896,075 51,705 202,017 510,267
============ ============ ============= =============
$10.11 $9.60 $10.44 $10.43
====== ===== ====== ======
4.00% 4.00% 4.00% 4.00%
$10.53 $10.00 $10.88 $10.86
====== ===== ====== ======
$10.11 $9.60 $10.44 $10.42
====== ===== ====== ======
$10.11 $9.59 N/A N/A
====== ===== === ===
$10.11 $9.59 $10.45 $10.43
====== ===== ====== ======
$10.11 $9.60 $10.44 $10.43
====== ===== ====== ======
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-----------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
-----------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income ................. $ -- $ -- $ -- $ --
Accumulated net realized gain/(loss) on investments
sold .............................................. (5,211) 300 (145,479) 35,896
Par value ........................................... 1,017,124 91,683 244,415 317,953
Paid-in capital in excess of par value .............. 1,016,107,786 91,591,203 244,214,379 317,634,783
-------------- ----------- ------------ -------------
$1,017,119,699 $91,683,186 $244,313,315 $ 317,988,632
============== =========== ============ =============
NET ASSETS:
Class A Shares ...................................... $ 87,446,643 $ 16,291 $ 5,184,395 $ 2,301,079
============== =========== ============ =============
Class B Shares ...................................... -- $ 71,132 -- --
============== =========== ============ =============
Class C Shares ...................................... -- $ 151,795 -- --
============== =========== ============ =============
Class K Shares ...................................... $ 600,324,331 -- $207,934,454 $ 37,811,049
============== =========== ============ =============
Class Y Shares ...................................... $ 329,348,725 $91,443,968 $ 31,194,466 $ 277,876,504
============== =========== ============ =============
SHARES OUTSTANDING:
Class A Shares ...................................... 87,446,983 16,291 5,186,563 2,300,819
============== =========== ============ =============
Class B Shares ...................................... -- 71,131 -- --
============== =========== ============ =============
Class C Shares ...................................... -- 151,795 -- --
============== =========== ============ =============
Class K Shares ...................................... 600,326,663 -- 208,021,387 37,806,781
============== =========== ============ =============
Class Y Shares ...................................... 329,350,004 91,443,669 31,207,507 277,845,136
============== =========== ============ =============
CLASS A SHARES:
Net asset value, offering price and redemption price
per share ......................................... $1.00 $1.00 $1.00 $1.00
===== ===== ===== =====
CLASS B SHARES:
Net asset value, offering price and redemption price
per share ......................................... N/A $1.00 N/A N/A
=== ===== === ===
CLASS C SHARES:
Net asset value, offering price and redemption price
per share ......................................... N/A $1.00 N/A N/A
=== ===== === ===
CLASS K SHARES:
Net asset value, offering price and redemption price
per share ......................................... $1.00 N/A $1.00 $1.00
===== === ===== =====
CLASS Y SHARES:
Net asset value, offering price and redemption price
per share ......................................... $1.00 $1.00 $1.00 $1.00
===== ===== ===== =====
See Notes to Financial Statements.
</TABLE>
[ This Page Intentionally Left Blank ]
The Munder Funds
Statements of Operations, Period Ended December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .............................. $ 604,437 $ 889,363 $ 411,348 $ 475,657 $ 2,840
Dividends (Net of foreign withholding
taxes of $10,089, $13,297, $57,628
and $608 for the Munder Accelerating
Growth Fund, Munder Index 500 Fund,
Munder International Equity Fund and
Munder Value Fund, respectively) .... 546,747 171,267 3,621,385 2,908,862 1,795,609
------------ ------------ ------------ ------------ ------------
Total investment income ......... 1,151,184 1,060,630 4,032,733 3,384,519 1,798,449
------------ ------------ ------------ ------------ ------------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ...................... 7,543 473 1,724 15,636 6,072
Class B Shares ...................... 1,566 455 1,227 49,799 4,971
Class C Shares ...................... 909 54 351 -- 8,460
Shareholder servicing fees:
Class K Shares ...................... 131,841 4,398 238,949 30,154 150,368
Investment advisory fee ............... 1,099,251 199,896 807,892 270,988 846,616
Administration fee .................... 166,271 34,886 122,201 153,689 128,052
Transfer agent fee .................... 31,622 6,573 23,246 28,869 24,284
Custodian fees ........................ 21,549 9,278 14,076 33,029 49,615
Legal and audit fees .................. 20,985 4,397 12,432 17,154 13,041
Trustees'/Directors' fees and expenses 2,868 609 2,114 2,739 2,230
Amortization of organization costs .... 1,003 1,733 911 523 273
Other ................................. 50,511 34,833 40,628 57,529 77,836
------------ ------------ ------------ ------------ ------------
Total Expenses .................. 1,535,919 297,585 1,265,751 660,109 1,311,818
Fees waived and/or expenses reimbursed
by investment advisor ............... -- -- -- (177,610) --
------------ ------------ ------------ ------------ ------------
Net Expenses .................... 1,535,919 297,585 1,265,751 482,499 1,311,818
------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME/(LOSS) .......... (384,735) 763,045 2,766,982 2,902,020 486,631
------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............. 13,863,175 1,347,244 14,094,835 174,457 4,669,027
Forward foreign exchange contracts -- -- -- -- (109,708)
Futures contracts ................. (806,620) -- -- 3,194,385 --
Foreign currency transactions ..... -- -- -- -- (34,627)
Net change in unrealized appreciation/
(depreciation) of:
Securities ........................ (21,334,607) 766,516 5,147,446 23,967,059 4,389,402
Futures contracts ................. -- -- -- (331,105) --
Foreign currency and net other
assets .......................... -- -- -- -- 67,373
------------ ------------ ------------ ------------ ------------
Net realized and unrealized
gain/(loss) on investments ........ (8,278,052) 2,113,760 19,242,281 27,004,796 8,981,467
------------ ------------ ------------ ------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........... $ (8,662,787) $ 2,876,805 $ 22,009,263 $ 29,906,816 $ 9,468,098
============ ============ ============ ============ ============
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund commenced
operations on December 26, 1996.
</FN>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Munder
Munder Munder Munder Real Estate Munder Munder Small
Micro-Cap Mid-Cap Multi-Season Equity Small-Cap Company Munder
Equity Growth Growth Investment Value Growth Value
Fund(a) Fund Fund Fund Fund(a) Fund Fund
- ----------------------------------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ -- $ 58,185 $ 643,109 $ 51,288 $ -- $ 484,827 $ 62,870
21 21,623 2,380,393 850,936 93 340,143 318,715
------------- ------------- ------------- ------------- ------------- ------------- -------------
21 79,808 3,023,502 902,224 93 824,970 381,585
------------- ------------- ------------- ------------- ------------- ------------- -------------
-- 275 12,972 383 -- 6,891 801
-- 287 349,279 9,558 -- 4,271 583
-- 440 31,917 91 -- 3,935 1,923
-- 726 208,238 124 -- 146,287 1,341
18 88,420 1,945,818 91,339 48 887,367 151,775
2 13,554 220,718 14,001 7 134,211 23,265
67 1,784 45,805 2,618 -- 25,494 4,347
20 4,443 25,089 2,209 20 19,392 7,662
112 2,989 39,891 3,296 120 18,577 3,777
-- 243 3,852 261 2 2,346 417
-- 6,395 29,595 7,500 -- 331 6,265
12 -- 139,970 6,243 18 53,713 4,515
------------- ------------- ------------- ------------- ------------- ------------- -------------
231 119,556 3,053,144 137,623 215 1,302,815 206,671
(209) -- (486,454) -- (152) -- --
------------- ------------- ------------- ------------- ------------- ------------- -------------
22 119,556 2,566,690 137,623 63 1,302,815 206,671
------------- ------------- ------------- ------------- ------------- ------------- -------------
(1) (39,748) 456,812 764,601 30 (477,845) 174,914
------------- ------------- ------------- ------------- ------------- ------------- -------------
-- 451,399 8,930,766 (84,097) -- 27,888,513 2,195,203
-- -- -- -- -- -- (103)
-- -- -- -- -- -- --
-- -- -- -- -- -- 208
1,701 449,763 25,310,229 5,757,787 3,658 (6,754,137) 4,074,788
-- -- -- -- -- -- --
-- -- -- -- -- -- (158)
------------- ------------- ------------- ------------- ------------- ------------- -------------
1,701 901,162 34,240,995 5,673,690 3,658 21,134,376 6,269,938
------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 1,700 $ 861,414 $ 34,697,807 $ 6,438,291 $ 3,688 $ 20,656,531 $ 6,444,852
============= ============= ============= ============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1996 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding taxes of
$6,444 for the Munder International Bond Fund) .. $ 5,439,636 $ 18,070,477 $ 327,368
Dividends ......................................... 55,384 90,411 --
------------- ------------- -------------
Total investment income ................... 5,495,020 18,160,888 327,368
------------- ------------- -------------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares .................................. 1,104 6,354 6
Class B Shares .................................. 3,009 939 --
Class C Shares .................................. 370 698 --
Shareholder servicing fees:
Class K Shares .................................. 45,122 443,576 --
Investment advisory fee ........................... 378,154 1,333,211 34,212
Administration fee ................................ 85,797 302,510 7,753
Transfer agent fee ................................ 16,150 57,603 1,208
Custodian fees .................................... 10,003 32,323 1,161
Trustees'/Directors' fees and expenses ............ 1,500 5,291 253
Amortization of organization costs ................ -- -- --
Registration and filing fees ...................... 43,999 60,181 9,148
Other ............................................. 1,012 21,971 4,408
------------- ------------- -------------
Total Expenses ............................ 586,220 2,264,657 58,149
Fees waived by investment advisor ................. -- -- --
------------- ------------- -------------
Net Expenses .............................. 586,220 2,264,657 58,149
------------- ------------- -------------
NET INVESTMENT INCOME ............................. 4,908,800 15,896,231 269,219
------------- ------------- -------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ........................... (127,852) (1,819,324) 159,993
Forward foreign exchange contracts .............. -- -- (119,346)
Foreign currency transactions ................... -- -- 99,393
Net change in unrealized appreciation/
(depreciation) of:
Securities ...................................... 1,975,774 5,745,880 239,222
Foreign currency and net other assets ........... -- -- (5,091)
------------- ------------- -------------
Net realized and unrealized gain on investments ... 1,847,922 3,926,556 374,171
------------- ------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ...................................... $ 6,756,722 $ 19,822,787 $ 643,390
============= ============= =============
<FN>
(a) The Munder International Bond Fund commenced operations on October 2,
1996.
</FN>
<CAPTION>
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- -----------------------------------------------------------------
<S> <C> <C> <C>
$ 8,409,166 $ 878,058 $5,430,740 $ 8,031,616
129,311 26,938 71,045 22,835
----------- ---------- ---------- -----------
8,538,477 904,996 5,501,785 8,054,451
----------- ---------- ---------- -----------
467 624 1,735 6,378
4,145 1,349 120 680
44 128 -- 9
221,157 40,304 251,769 401,568
566,056 83,462 511,617 830,545
128,421 18,936 116,077 188,450
24,057 3,572 21,819 35,726
14,006 2,080 11,857 18,956
2,261 336 2,023 3,280
1,163 2,298 2,716 --
57,340 8,165 44,879 47,576
9,468 9,859 7,975 4,959
----------- ---------- ---------- -----------
1,028,585 171,113 972,587 1,538,127
-- (51,815) -- --
----------- ---------- ---------- -----------
1,028,585 119,298 972,587 1,538,127
----------- ---------- ---------- -----------
7,509,892 785,698 4,529,198 6,516,324
----------- ---------- ---------- -----------
943,652 18,179 274,396 431,881
-- -- -- --
-- -- -- --
1,546,995 832,775 3,345,821 3,229,952
-- -- -- --
----------- ---------- ---------- -----------
2,490,647 850,954 3,620,217 3,661,833
----------- ---------- ---------- -----------
$10,000,539 $1,636,652 $8,149,415 $10,178,157
=========== ========== ========== ===========
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1996 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
--------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ............................................ $ 26,879,470 $ 4,866,564 $ 4,145,506 $ 8,745,805
Dividends ........................................... -- -- 145,614 --
------------- ------------- ------------- -------------
Total investment income ..................... 26,879,470 4,866,564 4,291,120 8,745,805
------------- ------------- ------------- -------------
EXPENSES:
Distribution and shareholder servicing fees :
Class A Shares .................................... 104,896 41 10,479 2,806
Class B Shares .................................... -- 567 -- --
Class C Shares .................................... -- 1,558 -- --
Shareholder servicing fees:
Class K Shares .................................... 428,035 -- 155,568 32,105
Investment advisory fee ............................. 1,722,539 356,483 432,599 577,630
Administration fee .................................. 558,319 101,126 140,218 187,231
Transfer agent fee .................................. 135,274 23,555 26,712 35,627
Custodian fees ...................................... 65,002 14,795 15,329 23,601
Trustees'/Directors' fees and expenses .............. 9,797 1,682 2,485 3,235
Amortization of organization costs .................. -- 18,000 -- --
Registration and filing fees ........................ 51,401 12,424 22,162 29,476
Other ............................................... 205,167 41,413 15,454 34,244
------------- ------------- ------------- -------------
Total Expenses .............................. 3,280,430 571,644 821,006 925,955
------------- ------------- ------------- -------------
NET INVESTMENT INCOME ............................... 23,599,040 4,294,920 3,470,114 7,819,850
------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............................. -- (13) 27,659 13,991
------------- ------------- ------------- -------------
Net realized and unrealized gain/(loss) on
investments ....................................... -- (13) 27,659 13,991
------------- ------------- ------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 23,599,040 $ 4,294,907 $ 3,497,773 $ 7,833,841
============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
[ This Page Intentionally Left Blank ]
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net investment income/(loss) ............... $ (384,735) $ 763,045 $ 2,766,982 $ 2,902,020 $ 486,631
Net realized gain/(loss) on investments
sold, forward foreign exchange contracts,
futures contracts and foreign currency
transactions during the period ........... 13,056,555 1,347,244 14,094,835 3,368,842 4,524,692
Net change in unrealized appreciation/
(depreciation) of investments, forward
foreign exchange contracts, futures
contracts, foreign currency and net other
assets during the period ................. (21,334,607) 766,516 5,147,446 23,635,954 4,456,775
------------- ------------- ------------- ------------- -------------
Net increase/(decrease) in net assets
resulting from operations ................ (8,662,787) 2,876,805 22,009,263 29,906,816 9,468,098
Dividends to shareholders from net
investment income:
Class A Shares ........................... -- (4,055) (19,376) (321,733) (43,653)
Class B Shares ........................... -- (681) (2,259) (194,560) (2,261)
Class C Shares ........................... -- (146) (631) -- (5,373)
Class K Shares ........................... -- (42,638) (2,251,617) (230,692) (988,456)
Class Y Shares ........................... -- (686,269) (307,015) (2,004,015) (1,031,524)
Distributions to shareholders from
net realized gains:
Class A Shares ........................... (522,917) (20,784) (134,569) (588,465) (546,957)
Class B Shares ........................... (31,285) (5,581) (18,909) (427,819) (107,481)
Class C Shares ........................... (20,795) (1,603) (5,330) -- (185,029)
Class K Shares ........................... (9,185,520) (239,099) (12,866,517) (449,588) (12,841,026)
Class Y Shares ........................... (16,254,335) (3,044,683) (1,632,776) (3,239,164) (10,403,715)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ........................... 341,074 36,430 1,000,386 14,528,809 1,202,393
Class B Shares ........................... 169,518 60,168 47,419 13,586,418 163,127
Class C Shares ........................... 124,329 30,267 77,589 -- 401,706
Class K Shares ........................... (5,358,443) 2,754,303 (15,513,025) 15,152,553 8,737,821
Class Y Shares ........................... 385,878 12,916,861 2,284,718 50,894,755 16,814,721
------------- ------------- ------------- ------------- -------------
Net increase/(decrease)in net assets ....... (39,015,283) 14,629,295 (7,332,649) 116,613,315 10,632,391
NET ASSETS:
Beginning of period ........................ 305,164,248 59,808,365 214,339,475 228,371,481 212,797,539
------------- ------------- ------------- ------------- -------------
End of period .............................. $ 266,148,965 $ 74,437,660 $ 207,006,826 $ 344,984,796 $ 223,429,930
============= ============= ============= ============= =============
Undistributed net investment income/(loss) $ (384,735) $ 40,284 $ 275,200 $ 161,933 $ 162,047
============= ============= ============= ============= =============
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund commenced
operations on December 26, 1996.
</FN>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Munder
Munder Munder Munder Real Estate Munder Munder Small
Micro-Cap Mid-Cap Multi-Season Equity Small-Cap Company Munder
Equity Growth Growth Investment Value Growth Value
Fund(a) Fund Fund Fund Fund(a) Fund Fund
- ----------------------------------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ (1) $ (39,748) $ 456,812 $ 764,601 $ 30 $ (477,845) $ 174,914
-- 451,399 8,930,766 (84,097) -- 27,888,513 2,195,308
1,701 449,763 25,310,229 5,757,787 3,658 (6,754,137) 4,074,630
------------- ------------- ------------- ------------- ------------- -------------- -------------
1,700 861,414 34,697,807 6,438,291 3,688 20,656,531 6,444,852
-- -- -- (6,204) -- -- (3,229)
-- -- -- (30,019) -- -- --
-- -- -- (650) -- -- --
-- -- (154,709) (2,740) -- -- (3,997)
-- -- (342,031) (485,287) -- -- (216,248)
-- (24,793) (546,542) -- -- (851,894) (79,699)
-- (6,562) (3,444,324) -- -- (148,603) (12,823)
-- (10,643) (336,270) -- -- (76,363) (40,972)
-- (59,979) (8,634,692) -- -- (16,790,412) (105,852)
-- (2,549,785) (6,586,379) -- -- (16,925,786) (4,083,005)
2,010 10,508 2,371,405 86,594 -- 2,393,110 403,077
-- 22,655 3,513,634 314,874 -- 780,941 36,285
-- 53,329 1,404,911 95,356 -- 1,916,259 85,604
20,010 293,431 36,915,918 310,008 20,010 11,733,013 95,642
143,986 6,052,446 4,794,168 9,361,068 473,678 24,983,550 9,366,139
------------- ------------- ------------- ------------- ------------- -------------- -------------
167,706 4,642,021 63,652,896 16,081,291 497,376 27,670,346 11,885,774
-- 22,177,223 352,741,411 21,104,041 -- 225,060,311 37,323,724
------------- ------------- ------------- ------------- ------------- -------------- -------------
$ 167,706 $ 26,819,244 $ 416,394,307 $ 37,185,332 $ 497,376 $ 252,730,657 $ 49,209,498
============= ============= ============= ============= ============= ============== =============
$ (1) $ (39,748) $ 65,669 $ 256,928 $ 30 $ (477,845) $ 17,390
============= ============= ============= ============= ============= ============== =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
Net investment income ...................... $ 4,908,800 $ 15,896,231 $ 269,219
Net realized gain/(loss) on investments sold
during the period ........................ (127,852) (1,819,324) 140,040
Net change in unrealized appreciation of
investments during the period ............ 1,975,774 5,745,880 234,131
-------------- ------------- -------------
Net increase in net assets resulting from
operations ............................... 6,756,722 19,822,787 643,390
Dividends to shareholders from net
investment income:
Class A Shares ........................... (28,001) (148,841) (111)
Class B Shares ........................... (16,840) (4,429) --
Class C Shares ........................... (2,023) (1,417) --
Class K Shares ........................... (1,099,982) (10,462,493) --
Class Y Shares ........................... (3,581,938) (5,318,055) (237,229)
Distributions to shareholders from
net realized gains:
Class A Shares ........................... -- -- --
Class B Shares ........................... -- -- --
Class C Shares ........................... -- -- --
Class K Shares ........................... -- -- --
Class Y Shares ........................... -- -- --
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares ........................... 50,522 70,518 14,441
Class B Shares ........................... 306,559 140,636 --
Class C Shares ........................... 1,493 5,541 --
Class K Shares ........................... 5,011,850 (38,738,269) --
Class Y Shares ........................... (1,717,979) (28,144,047) 29,414,338
-------------- ------------- -------------
Net increase/(decrease) in net assets ...... 5,680,383 (62,778,069) 29,834,829
NET ASSETS:
Beginning of period ........................ 146,471,700 558,940,367 --
-------------- ------------- -------------
End of period .............................. $ 152,152,083 $ 496,162,298 $ 29,834,829
============== ============= =============
Undistributed net investment
income/(distributions in excess of net
investment income)........................ $ 267,284 $ (16,736) $ 31,879
============== ============= =============
<FN>
(a) The Munder International Bond Fund commenced operations on October 2,
1996.
</FN>
<CAPTION>
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- ----------------------------------------------------------------
<S> <C> <C> <C>
$ 7,509,892 $ 785,698 $ 4,529,198 $ 6,516,324
943,652 18,179 274,396 431,881
1,546,995 832,775 3,345,821 3,229,952
------------- ------------ ------------- -------------
10,000,539 1,636,652 8,149,415 10,178,157
(12,011) (11,532) (30,950) (100,412)
(30,159) (5,304) (628) (2,578)
(224) (607) -- --
(5,430,446) (758,568) (4,466,593) (6,306,538)
(1,545,499) (9,349) (48,889) (113,668)
(190) (54) (11,640) (13,709)
(803) (32) (361) (447)
(4) (10) -- --
(83,557) (4,034) (1,496,506) (798,558)
(22,021) (55) (15,776) (14,053)
164,831 12,075 1,232,032 1,912,474
1,311,988 18,928 53,854 119,821
9,707 89,021 -- --
27,281,086 4,768,627 821,316 (34,514,864)
2,201,385 282,029 160,036 (7,569)
------------- ------------ ------------- -------------
33,844,622 6,017,787 4,345,310 (29,661,944)
206,399,288 30,377,112 199,720,173 344,113,571
------------- ------------ ------------- -------------
$ 240,243,910 $ 36,394,899 $ 204,065,483 $ 314,451,627
============= ============ ============= =============
$ 491,553 $ 631 $ 13,079 $ 122
============= ============ ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income ...................... $ 23,599,040 $ 4,294,920 $ 3,470,114 $ 7,819,850
Net realized gain/(loss) on investments sold
during the period ........................ -- (13) 27,659 13,991
--------------- ------------- ------------- -------------
Net increase in net assets resulting from
operations ............................... 23,599,040 4,294,907 3,497,773 7,833,841
Dividends to shareholders from net
investment income:
Class A Shares ............................. (1,944,091) (657) (112,115) (50,697)
Class B Shares ............................. -- (1,937) -- --
Class C Shares ............................. -- (3,041) -- --
Class K Shares ............................. (13,529,527) -- (2,895,748) (984,083)
Class Y Shares ............................. (8,125,422) (4,289,285) (462,251) (6,785,070)
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares ............................. (29,175,438) (6,731) (5,401,458) 681,072
Class B Shares ............................. -- (53,236) -- --
Class C Shares ............................. -- 151,795 -- --
Class K Shares ............................. 52,801,000 -- 15,321,111 (24,322,983)
Class Y Shares ............................. 11,523,299 (131,952,171) 5,598,977 (32,009,620)
--------------- ------------- ------------- -------------
Net increase/(decrease) in net assets ...... 35,148,861 (131,860,356) 15,546,289 (55,637,540)
NET ASSETS:
Beginning of period ........................ 981,970,838 223,543,542 228,767,026 373,626,172
--------------- ------------- ------------- -------------
End of period .............................. $ 1,017,119,699 $ 91,683,186 $ 244,313,315 $ 317,988,632
=============== ============= ============= =============
See Notes to Financial Statements.
</TABLE>
[ This Page Intentionally Left Blank ]
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net investment income/(loss) ............... $ (722,107) $ 1,381,793 $ 4,583,387 $ 3,888,122 $ 2,087,756
Net realized gain/(loss) on investments
sold, forward foreign exchange contracts,
futures contracts and foreign currency
transactions during the year ............. 46,691,730 4,247,352 8,003,703 7,315,484 22,872,003
Net change in unrealized appreciation/
(depreciation) of investments, forward
foreign exchange contracts, futures
contracts, foreign currency and net other
assets during the year ................... 11,360,252 2,985,979 19,656,692 24,914,242 (2,940,128)
------------- ------------ ------------- ------------- -------------
Net increase in net assets resulting from
operations ............................... 57,329,875 8,615,124 32,243,782 36,117,848 22,019,631
Dividends to shareholders from net
investment income:
Class A Shares ........................... -- (6,769) (17,557) (186,136) (14,197)
Class B Shares ........................... -- (818) (3,116) (116,232) (2,604)
Class C Shares ........................... -- (9) (307) -- (1,373)
Class K Shares ........................... -- (24,416) (4,155,513) (3,459,701) (756,166)
Class Y Shares ........................... -- (1,271,592) (386,649) (188,197) (693,758)
Distributions to shareholders from net
realized gains:
Class A Shares ........................... (796,263) -- (6,398) (188,002) --
Class B Shares ........................... (23,756) -- (1,242) (113,627) --
Class C Shares ........................... (2,880) -- (73) -- --
Class K Shares ........................... (13,343,959) -- (1,184,869) (6,596,398) --
Class Y Shares ........................... (25,626,027) -- (95,719) (245,657) --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ........................... 1,113,624 16,571 711,591 20,401,871 3,038,335
Class B Shares ........................... 209,740 53,676 150,951 14,297,759 789,135
Class C Shares ........................... 115,764 2,488 30,096 -- 1,541,303
Class K Shares ........................... 18,983,889 1,416,161 35,683,395 13,217,252 32,126,143
Class Y Shares ........................... (16,949,688) 1,666,588 10,645,427 27,067,032 5,054,716
------------- ------------ ------------- ------------- -------------
Net increase in net assets ................. 21,010,319 10,467,004 73,613,799 100,007,812 63,101,165
NET ASSETS:
Beginning of year .......................... 284,153,929 49,341,361 140,725,676 128,363,669 149,696,374
------------- ------------ ------------- ------------- -------------
End of year ................................ $ 305,164,248 $ 59,808,365 $ 214,339,475 $ 228,371,481 $ 212,797,539
============= ============ ============= ============= =============
Undistributed net investment income ........ -- $ 11,028 $ 89,116 $ 10,913 $ 1,746,683
============= ============ ============= ============= =============
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund and Munder Value Fund commenced operations
on August 14, 1995 and August 18, 1995, respectively.
</FN>
<CAPTION>
- --------------------------------------------------------------------------------
Munder
Munder Munder Real Estate Munder Small
Mid-Cap Multi-Season Equity Company Munder
Growth Growth Investment Growth Value
Fund(a) Fund Fund Fund Fund(a)
- ----------------------------------------------------------------- -------------
<S> <C> <C> <C> <C>
$ (45,060) $ 1,120,982 $ 739,148 $ (923,176) $ 230,056
2,680,323 25,850,576 (76,088) 38,063,750 3,723,710
(430,915) 45,244,470 1,921,177 31,842,217 316,535
------------ ------------- ------------ ------------- ------------
2,204,348 72,216,028 2,584,237 68,982,791 4,270,301
-- (36,473) (9,939) -- (1,476)
-- -- (54,551) -- (115)
-- -- (52) -- (635)
-- (421,941) -- -- (1,398)
-- (556,971) (672,915) -- (166,818)
-- (309,579) -- (259,477) --
-- (1,793,378) -- (6,481) --
-- (122,961) -- (1,089) --
-- (3,520,868) -- (5,357,828) --
-- (3,008,122) -- (5,515,603) --
178,519 (2,077,788) 18,057 697,350 385,702
53,088 (93,613) 39,484 817,150 95,558
51,283 1,523,560 4,276 67,972 341,761
401,098 10,921,259 -- 32,039,504 996,793
19,288,887 20,686,357 12,487,433 (1,365,551) 31,404,051
------------ ------------- ------------ ------------- ------------
22,177,223 93,405,510 14,396,030 90,098,738 37,323,724
-- 259,335,901 6,708,011 134,961,573 --
------------ ------------- ------------ ------------- ------------
$ 22,177,223 $ 352,741,411 $ 21,104,041 $ 225,060,311 $ 37,323,724
============ ============= ============ ============= ============
-- $ 105,597 $ 17,227 -- $ 65,950
============ ============= ============ ============= ============
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 Intermediate
Bond Bond
Fund Fund
------------- -------------
<S> <C> <C>
Net investment income ............................... $ 10,822,078 $ 31,808,695
Net realized gain/(loss) on investments sold during
the year .......................................... 5,089,499 (5,532,526)
Net change in unrealized appreciation/(depreciation)
of investments during the year .................... (7,288,110) (7,370,694)
------------- -------------
Net increase in net assets resulting from operations 8,623,467 18,905,475
Dividends to shareholders from net investment income:
Class A Shares .................................... (55,109) (333,474)
Class B Shares .................................... (4,655) (1,689)
Class C Shares .................................... (696) (697)
Class K Shares .................................... (2,050,434) (20,905,073)
Class Y Shares .................................... (8,067,642) (10,621,666)
Distributions to shareholders from net realized gains:
Class A Shares .................................... -- --
Class B Shares .................................... -- --
Class C Shares .................................... -- --
Class K Shares .................................... -- --
Class Y Shares .................................... -- --
Net increase/(decrease) in net assets from Fund
share transactions:
Class A Shares .................................... (4,363) 13,571
Class B Shares .................................... 298,564 96,014
Class C Shares .................................... 51,999 52,083
Class K Shares .................................... (3,960,599) 78,332,591
Class Y Shares .................................... (32,736,204) 29,845,423
------------- -------------
Net increase/(decrease) in net assets ............... (37,905,672) 95,382,558
NET ASSETS:
Beginning of year ................................... 184,377,372 463,557,809
------------- -------------
End of year ......................................... $ 146,471,700 $ 558,940,367
============= =============
Undistributed net investment income ................. $ 87,268 $ 22,268
============= =============
<CAPTION>
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- -----------------------------------------------------------------
<S> <C> <C> <C>
$ 13,263,557 $ 1,403,364 $ 9,524,201 $ 13,779,814
908,562 255,727 2,840,275 2,061,413
(7,214,132) (226,095) (1,250,772) (2,983,212)
------------ ------------ ------------- -------------
6,957,987 1,432,996 11,113,704 12,858,015
(30,082) (22,125) (21,596) (173,307)
(30,286) (10,899) (827) (1,236)
-- -- -- --
(10,651,494) (1,358,233) (9,420,177) (13,226,909)
(1,983,906) (11,889) (69,317) (371,368)
(5,751) -- (197) --
(5,860) -- (50) --
-- -- -- --
(1,176,686) -- (135,713) --
(39,436) -- (1,077) --
197,767 29,546 1,168,560 903,172
538,045 (3,044) 3,052 48,503
-- -- -- --
(10,495,058) 3,900,063 (36,863,317) 1,629,331
35,490,250 (570,397) 407,472 (5,857,566)
------------ ------------ ------------- -------------
18,765,490 3,386,018 (33,819,483) (4,191,365)
187,633,798 26,991,094 233,539,656 348,304,936
------------ ------------ ------------- -------------
$206,399,288 $ 30,377,112 $ 199,720,173 $ 344,113,571
============ ============ ============= =============
-- $ 293 $ 30,941 $ 6,994
============ ============ ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income ...................... $ 52,211,411 $ 13,048,862 $ 7,523,896 $ 16,173,434
Net realized gain/(loss) on investments sold
during the year .......................... 1,334 313 (14,227) 8,412
------------ ------------ ------------ ------------
Net increase in net assets resulting from
operations ............................... 52,212,745 13,049,175 7,509,669 16,181,846
Dividends to shareholders from net
investment income:
Class A Shares ........................... (3,466,266) (1,400) (259,717) (76,366)
Class B Shares ........................... -- (8,089) -- --
Class C Shares ........................... -- -- -- --
Class K Shares ........................... (31,064,112) -- (6,237,517) (3,424,423)
Class Y Shares ........................... (17,681,033) (13,039,373) (1,026,662) (12,672,645)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ........................... 64,092,621 23,022 2,053,372 502,834
Class B Shares ........................... -- (246,839) -- --
Class C Shares ........................... -- -- -- --
Class K Shares ........................... (11,105,184) -- (3,128,945) (12,076,540)
Class Y Shares ........................... (22,568,719) (40,117,628) 2,166,987 78,809,626
------------ ------------ ------------ ------------
Net increase/(decrease) in net assets ...... 30,420,052 (40,341,132) 1,077,187 67,244,332
NET ASSETS:
Beginning of year .......................... 951,550,786 263,884,674 227,689,839 306,381,840
------------ ------------ ------------ ------------
End of year ................................ $981,970,838 $223,543,542 $228,767,026 $373,626,172
============ ============ ============ ============
See Notes to Financial Statements.
</TABLE>
[ This Page Intentionally Left Blank ]
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 22,666,682 $ 61,385 $ 1,240,698 $ 21,400,370 $ 1,559,382
Issued as reinvestment of dividends ........ 433,223 21,106 84,468 305,887 166,726
Redeemed ................................... (22,758,831) (46,061) (324,780) (7,177,448) (523,715)
------------- ----------- ------------ ------------ ------------
Net increase ............................... $ 341,074 $ 36,430 $ 1,000,386 $ 14,528,809 $ 1,202,393
============= =========== ============= ============ ============
Class B Shares:
Sold ....................................... $ 760,959 $ 58,127 $ 111,639 $ 14,422,259 $ 180,631
Issued as reinvestment of dividends ........ 16,206 2,062 11,468 116,689 20,901
Redeemed ................................... (607,647) (21) (75,688) (952,530) (38,405)
------------- ----------- ------------ ------------ ------------
Net increase ............................... $ 169,518 $ 60,168 $ 47,419 $ 13,586,418 $ 163,127
============= =========== ============ ============ ============
Class C Shares:
Sold ....................................... $ 124,326 $ 30,289 $ 79,606 $ 412,098
Issued as reinvestment of dividends ........ 52 -- -- --
Redeemed ................................... (49) (22) (2,017) (10,392)
------------- ----------- ------------ ------------
Net increase ............................... $ 124,329 $ 30,267 $ 77,589 $ 401,706
============= =========== ============ ============
Class K Shares:
Sold ....................................... $ 116,897,938 $ 3,480,282 $ 17,731,109 $ 17,527,225 $ 19,003,014
Issued as reinvestment of dividends ........ 6,756 -- 281 1,018 11,525
Redeemed ................................... (122,263,137) (725,979) (33,244,415) (2,375,690) (10,276,718)
------------- ----------- ------------ ------------ ------------
Net increase/(decrease) .................... $ (5,358,443) $ 2,754,303 $(15,513,025) $ 15,152,553 $ 8,737,821
============= =========== ============ ============ ============
Class Y Shares:
Sold ....................................... $ 24,242,343 $19,591,801 $ 4,499,835 $ 77,131,708 $ 21,805,171
Issued as reinvestment of dividends ........ 398,011 486 12,011 95,073 829,061
Redeemed ................................... (24,254,476) (6,675,426) (2,227,128) (26,332,026) (5,819,511)
------------- ----------- ------------ ------------ ------------
Net increase ............................... $ 385,878 $12,916,861 $ 2,284,718 $ 50,894,755 $ 16,814,721
============= =========== ============ ============ ============
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class K Shares and Class
Y Shares commenced operations on December 26, 1996, December 31, 1996 and
December 26, 1996, respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class K Shares and Class Y Shares
commenced operations on December 31, 1996 and December 26, 1996,
respectively.
</FN>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Munder
Munder Munder Munder Real Estate Munder Munder Small
Micro-Cap Mid-Cap Multi-Season Equity Small-Cap Company Munder
Equity Growth Growth Investment Value Growth Value
Fund(a) Fund Fund Fund(b) Fund(c) Fund Fund
- ----------------------------------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,010 $ 50,258 $ 3,259,495 $ 124,256 -- $ 23,092,055 $ 483,804
-- 4,730 293,969 3,241 -- 600,615 4,078
-- (44,480) (1,182,059) (40,903) -- (21,299,560) (84,805)
------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 2,010 $ 10,508 $ 2,371,405 $ 86,594 -- $ 2,393,110 $ 403,077
============= ============= ============= ============= ============= ============= =============
-- $ 17,715 $ 6,257,141 $ 365,543 -- $ 1,223,624 $ 61,692
-- 4,952 1,223,154 4,880 -- 17,046 3,810
-- (12) (3,966,661) (55,549) -- (459,729) (29,217)
------------- ------------- ------------- ------------- ------------- ------------- -------------
-- $ 22,655 $ 3,513,634 $ 314,874 -- $ 780,941 $ 36,285
============= ============= ============= ============= ============= ============= =============
-- $ 53,522 $ 1,700,034 $ 95,463 -- $ 10,115,624 $ 83,392
-- 896 13,790 145 -- 5,764 2,223
-- (1,089) (308,913) (252) -- (8,205,129) (11)
------------- ------------- ------------- ------------- ------------- ------------- -------------
-- $ 53,329 $ 1,404,911 $ 95,356 -- $ 1,916,259 $ 85,604
============= ============= ============= ============= ============= ============== =============
$ 20,010 $ 321,942 $ 47,637,878 $ 310,020 $ 20,010 $ 55,066,604 $ 404,981
-- -- 77,782 -- -- 17,337 338
-- (28,511) (10,799,742) (12) -- (43,350,928) (309,677)
------------- ------------- ------------- ------------- ------------- -------------- -------------
$ 20,010 $ 293,431 $ 36,915,918 $ 310,008 $ 20,010 $ 11,733,013 $ 95,642
============= ============= ============= ============= ============= ============== =============
$ 143,986 $ 5,848,454 $ 30,428,111 $ 9,430,253 $ 473,678 $ 35,032,702 $ 9,382,748
-- 299,113 886,972 28,759 -- 822,966 307,534
-- (95,121) (26,520,915) (97,944) -- (10,872,118) (324,143)
------------- ------------- ------------- ------------- ------------- -------------- -------------
$ 143,986 $ 6,052,446 $ 4,794,168 $ 9,361,068 $ 473,678 $ 24,983,550 $ 9,366,139
============= ============= ============= ============= ============= ============== =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 1,515,737 4,824 91,503 1,286,680 107,711
Issued as reinvestment of dividends ........ 33,248 1,764 6,499 17,998 12,241
Redeemed ................................... (1,520,565) (3,679) (24,840) (428,683) (35,399)
------------- ------------- ------------- ------------- -------------
Net increase ............................... 28,420 2,909 73,162 875,995 84,553
============= ============= ============= ============= =============
Class B Shares:
Sold ....................................... 53,225 4,730 8,213 859,014 12,801
Issued as reinvestment of dividends ........ 1,273 173 883 6,855 1,550
Redeemed ................................... (42,015) (2) (5,647) (55,603) (2,594)
------------- ------------- ------------- ------------- -------------
Net increase ............................... 12,483 4,901 3,449 810,266 11,757
============= ============= ============= ============= =============
Class C Shares:
Sold ....................................... 8,613 2,353 6,199 29,073
Issued as reinvestment of dividends ........ 4 -- -- --
Redeemed ................................... (3) (2) (156) (700)
------------- ------------- ------------- -------------
Net increase ............................... 8,614 2,351 6,043 28,373
============= ============= ============= =============
Class K Shares:
Sold ....................................... 7,956,647 279,715 1,351,297 1,035,300 1,310,334
Issued as reinvestment of dividends ........ 518 -- 21 60 846
Redeemed ................................... (8,259,480) (58,340) (2,484,635) (144,290) (708,094)
------------- ------------- ------------- ------------- -------------
Net increase/(decrease) .................... (302,315) 221,375 (1,133,317) 891,070 603,086
============= ============= ============= ============= =============
Class Y Shares:
Sold ....................................... 1,739,652 1,606,599 338,139 4,467,571 1,499,654
Issued as reinvestment of dividends ........ 30,267 40 924 5,583 60,693
Redeemed ................................... (1,667,716) (540,454) (164,834) (1,543,612) (388,211)
------------- ------------- ------------- ------------- -------------
Net increase ............................... 102,203 1,066,185 174,229 2,929,542 1,172,136
============= ============= ============= ============= =============
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class K Shares and Class
Y Shares commenced operations on December 26, 1996, December 31, 1996 and
December 26, 1996, respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class K Shares and Class Y Shares
commenced operations on December 31, 1996 and December 26, 1996,
respectively.
</FN>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Munder
Munder Munder Munder Real Estate Munder Munder Small
Micro-Cap Mid-Cap Multi-Season Equity Small-Cap Company Munder
Equity Growth Growth Investment Value Growth Value
Fund(a) Fund Fund Fund(b) Fund(c) Fund Fund
- ----------------------------------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
201 4,175 211,706 9,762 -- 1,090,141 40,612
-- 450 19,533 261 -- 32,016 351
-- (4,028) (81,411) (3,289) -- (996,582) (6,990)
------------- ------------- ------------- ------------- ------------- ------------- -------------
201 597 149,828 6,734 -- 125,575 33,973
============= ============= ============= ============= ============= ============= =============
-- 1,548 417,992 28,388 -- 62,482 5,261
-- 475 83,151 392 -- 929 328
-- (1) (264,248) (4,376) -- (23,570) (2,537)
------------- ------------- ------------- ------------- ------------- ------------- -------------
-- 2,022 236,895 24,404 -- 39,841 3,052
============= ============= ============= ============= ============= ============= =============
-- 4,765 113,172 7,302 -- 497,064 6,965
-- 86 937 13 -- 310 192
-- (91) (21,598) (22) -- (393,368) (1)
------------- ------------- ------------- ------------- ------------- ------------- -------------
-- 4,760 92,511 7,293 -- 104,006 7,156
============= ============= ============= ============= ============= ============= =============
1,977 29,130 3,098,577 24,849 1,985 2,658,767 34,014
-- -- 5,174 -- -- 924 29
-- (2,399) (692,912) (1) -- (2,073,740) (25,949)
------------- ------------- ------------- ------------- ------------- ------------- -------------
1,977 26,731 2,410,839 24,848 1,985 585,951 8,094
============= ============= ============= ============= ============= ============= =============
14,400 509,633 1,906,812 728,132 47,368 1,728,731 776,016
-- 28,379 58,502 2,274 -- 43,474 26,381
-- (8,212) (1,656,800) (7,507) -- (528,457) (26,972)
------------- ------------- ------------- ------------- ------------- ------------- -------------
14,400 529,800 308,514 722,899 47,368 1,243,748 775,425
============= ============= ============= ============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 571,962 $ 1,287,449 $ 14,329
Issued as reinvestment of dividends ........ 17,125 115,644 112
Redeemed ................................... (538,565) (1,332,575) --
------------ ------------ -----------
Net increase ............................... $ 50,522 $ 70,518 $ 14,441
============ ============ ===========
Class B Shares:
Sold ....................................... $ 367,819 $ 141,154 --
Issued as reinvestment of dividends ........ 4,907 1,856 --
Redeemed ................................... (66,167) (2,374) --
------------ ------------ -----------
Net increase ............................... $ 306,559 $ 140,636 --
============ ============ ===========
Class C Shares:
Sold ....................................... $ 44,332 $ 1,366,981 --
Issued as reinvestment of dividends ........ 437 498 --
Redeemed ................................... (43,276) (1,361,938) --
------------ ------------ -----------
Net increase ............................... $ 1,493 $ 5,541 --
============ ============ ===========
Class K Shares:
Sold ....................................... $ 8,720,753 $ 20,535,875 --
Issued as reinvestment of dividends ........ -- 20,739 --
Redeemed ................................... (3,708,903) (59,294,883) --
------------ ------------ -----------
Net increase/(decrease) .................... $ 5,011,850 $(38,738,269) --
============ ============ ===========
Class Y Shares:
Sold ....................................... $ 9,011,551 $ 13,035,535 $29,436,263
Issued as reinvestment of dividends ........ 13,777 15,643 5,749
Redeemed ................................... (10,743,307) (41,195,225) (27,674)
------------ ------------ -----------
Net increase/(decrease) .................... $ (1,717,979) $(28,144,047) $29,414,338
============ ============ ===========
<FN>
(a) The Munder International Bond Fund Class A Shares and Class Y Shares
commenced operations on October 17, 1996 and October 2, 1996,
respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
</FN>
<CAPTION>
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(b) Bond Fund(c) Fund Bond Fund
- -----------------------------------------------------------------
<S> <C> <C> <C>
$ 478,002 $ 147,055 $ 1,376,202 $ 2,987,915
6,193 7,008 14,671 54,891
(319,364) (141,988) (158,841) (1,130,332)
------------- ------------- ------------- -------------
$ 164,831 $ 12,075 $ 1,232,032 $ 1,912,474
============= ============= ============= =============
$ 1,442,638 $ 15,452 $ 53,570 $ 119,476
7,163 3,476 294 345
(137,813) -- (10) --
------------- ------------- ------------- -------------
$ 1,311,988 $ 18,928 $ 53,854 $ 119,821
============= ============= ============= =============
$ 16,543 $ 89,041 -- --
20 -- -- --
(6,856) (20) -- --
------------- ------------- ------------- -------------
$ 9,707 $ 89,021 -- --
============= ============= ============= =============
$ 40,123,750 $ 7,097,313 $ 17,734,963 $ 10,217,055
1,930 301 976 5,591
(12,844,594) (2,328,987) (16,914,623) (44,737,510)
------------- ------------- ------------- -------------
$ 27,281,086 $ 4,768,627 $ 821,316 $ (34,514,864)
============= ============= ============= =============
$ 2,679,761 $ 279,767 $ 316,255 $ 301,896
5,599 2,262 359 224
(483,975) -- (156,578) (309,689)
------------- ------------- ------------- -------------
$ 2,201,385 $ 282,029 $ 160,036 $ (7,569)
============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 59,055 137,439 1,419
Issued as reinvestment of dividends ........ 1,785 12,423 11
Redeemed ................................... (55,745) (142,875) --
------------- ------------- -------------
Net increase ............................... 5,095 6,987 1,430
============= ============= =============
Class B Shares:
Sold ....................................... 38,577 15,056 --
Issued as reinvestment of dividends ........ 507 266 --
Redeemed ................................... (6,832) (268) --
------------- ------------- -------------
Net increase ............................... 32,252 15,054 --
============= ============= =============
Class C Shares:
Sold ....................................... 4,663 146,587 --
Issued as reinvestment of dividends ........ 45 76 --
Redeemed ................................... (4,503) (144,907) --
------------- ------------- -------------
Net increase ............................... 205 1,756 --
============= ============= =============
Class K Shares:
Sold ....................................... 912,055 2,196,299 --
Issued as reinvestment of dividends ........ -- 2,218 --
Redeemed ................................... (385,957) (6,348,382) --
------------- ------------- -------------
Net increase/(decrease) .................... 526,098 (4,149,865) --
============= ============= =============
Class Y Shares:
Sold ....................................... 939,544 1,390,824 2,936,217
Issued as reinvestment of dividends ........ 1,431 1,671 569
Redeemed ................................... (1,117,160) (4,406,198) (2,718)
------------- ------------- -------------
Net increase/(decrease) .................... (176,185) (3,013,703) 2,934,068
============= ============= =============
<FN>
(a) The Munder International Bond Fund Class A Shares and Class Y Shares
commenced operations on October 17, 1996 and October 2, 1996,
respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
</FN>
<CAPTION>
- -----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(b) Bond Fund(c) Fund Bond Fund
- -----------------------------------------------------------------
<S> <C> <C> <C>
47,766 15,463 131,901 286,130
613 738 1,409 5,271
(31,948) (14,824) (15,190) (108,483)
------------- ------------- ------------- -------------
16,431 1,377 118,120 182,918
============= ============= ============= =============
142,348 1,657 5,121 11,506
701 368 27 33
(13,886) -- (1) --
------------- ------------- ------------- -------------
129,163 2,025 5,147 11,539
============= ============= ============= =============
1,645 9,301 -- --
2 -- -- --
(667) (2) -- --
------------- ------------- ------------- -------------
980 9,299 -- --
============= ============= ============= =============
3,994,483 744,422 1,696,382 981,263
191 32 94 537
(1,274,582) (244,868) (1,616,420) (4,296,656)
------------- ------------- ------------- -------------
2,720,092 499,586 80,056 (3,314,856)
============= ============= ============= =============
265,211 29,677 30,355 29,027
551 237 35 21
(48,030) -- (14,989) (29,740)
------------- ------------- ------------- -------------
217,732 29,914 15,401 (692)
============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
(Continued)
Since the Funds have sold, issued as reinvestment of dividends and redeemed
shares only at a constant net asset value of $1.00 per share, the number of
shares represented by such sales, reinvestments and redemptions is the same
as the amounts shown below for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund(a) Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ....................................... $ 99,764,940 $ 67,212 $ 4,056,105 $ 3,914,408
Issued as reinvestment of dividends ........ 1,934,157 596 111,128 50,698
Redeemed ................................... (130,874,535) (74,539) (9,568,691) (3,284,034)
------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ (29,175,438) $ (6,731) $ (5,401,458) $ 681,072
============= ============= ============= =============
Class B Shares:
Sold ....................................... $ 643,980
Issued as reinvestment of dividends ........ 1,448
Redeemed ................................... (698,664)
-------------
Net decrease ............................... $ (53,236)
=============
Class C Shares:
Sold ....................................... $ 9,330,621
Issued as reinvestment of dividends ........ 2,960
Redeemed ................................... (9,181,786)
-------------
Net increase ............................... $ 151,795
=============
Class K Shares:
Sold ....................................... $ 412,375,184 $ 118,372,358 $ 44,163,651
Issued as reinvestment of dividends ........ 54,499 3,816 --
Redeemed ................................... (359,628,683) (103,055,063) (68,486,634)
------------- ------------- -------------
Net increase/(decrease) .................... $ 52,801,000 $ 15,321,111 $ (24,322,983)
============= ============= =============
Class Y Shares:
Sold ....................................... $ 245,318,966 $ 139,109,577 $ 88,529,095 $ 297,136,274
Issued as reinvestment of dividends ........ 1,399 4,245,980 1,150 4
Redeemed ................................... (233,797,066) (275,307,728) (82,931,268) (329,145,898)
------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ 11,523,299 $(131,952,171) $ 5,598,977 $ (32,009,620)
============= ============= ============= =============
<FN>
(a) The Munder Money Market Fund Class C Shares commenced operations on October
17, 1996.
</FN>
See Notes to Financial Statements.
</TABLE>
[ This Page Intentionally Left Blank ]
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund(a) Fund(b) Fund(c) Fund Fund(d)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 1,145,088 $ 65,148 $ 1,085,992 $ 21,789,661 $ 3,493,085
Issued as reinvestment of dividends ........ 677,255 6,383 6,515 87,729 10,130
Redeemed ................................... (708,719) (54,960) (380,916) (1,475,519) (464,880)
------------ ------------ ------------- ------------- -------------
Net increase/(decrease) .................... $ 1,113,624 $ 16,571 $ 711,591 $ 20,401,871 $ 3,038,335
============ ============ ============= ============= =============
Class B Shares:
Sold ....................................... $ 202,719 $ 81,707 $ 156,778 $ 14,411,687 $ 799,832
Issued as reinvestment of dividends ........ 14,881 302 1,396 9,649 2,604
Redeemed ................................... (7,860) (28,333) (7,223) (123,577) (13,301)
------------ ------------ ------------- ------------- -------------
Net increase/(decrease) .................... $ 209,740 $ 53,676 $ 150,951 $ 14,297,759 $ 789,135
============ ============ ============= ============= =============
Class C Shares:
Sold ....................................... $ 136,998 $ 12,513 $ 30,096 $ 1,570,934
Issued as reinvestment of dividends ........ 160 -- -- --
Redeemed ................................... (21,394) (10,025) -- (29,631)
------------ ------------ ------------- -------------
Net increase ............................... $ 115,764 $ 2,488 $ 30,096 $ 1,541,303
============ ============ ============= =============
Class K Shares:
Sold ....................................... $ 74,290,538 $ 1,521,143 $ 62,205,961 $ 17,116,950 $ 46,236,105
Issued as reinvestment of dividends ........ 3,882 -- 928 2,396 532
Redeemed ................................... (55,310,531) (104,982) (26,523,494) (3,902,094) (14,110,494)
------------ ------------ ------------- ------------- -------------
Net increase ............................... $ 18,983,889 $ 1,416,161 $ 35,683,395 $ 13,217,252 $ 32,126,143
============ ============ ============= ============= =============
Class Y Shares:
Sold ....................................... $ 38,068,446 $ 26,158,851 $ 13,447,579 $ 57,654,834 $ 21,149,472
Issued as reinvestment of dividends ........ 382,085 106 1,368 150,375 44,383
Redeemed ................................... (55,400,219) (24,492,369) (2,803,520) (30,738,177) (16,139,139)
------------ ------------ ------------- ------------- -------------
Net increase/(decrease) .................... $(16,949,688) $ 1,666,588 $ 10,645,427 $ 27,067,032 $ 5,054,716
============ ============ ============= ============= =============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and Munder Small Company Growth Fund
Class C Shares commenced operations on
September 26, 1995.
(b) The Munder Balanced Fund Class C Shares commenced operations on January
24, 1996.
(c) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(d) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(e) 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.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) 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.
</FN>
<CAPTION>
--------------------------------------------------------------------------------
Munder
Munder Munder Real Estate Munder Small
Mid-Cap Multi-Season Equity Company Munder
Growth Growth Investment Growth Value
Fund(e) Fund Fund(f) Fund(a) Fund(g)
--------------- ------------ ----------- ------------- -------------
<S> <C> <C> <C> <C>
$ 178,579 $ 1,866,202 $ 94,626 $ 982,874 $ 385,702
-- 236,573 3,521 218,328 --
(60) (4,180,563) (80,090) (503,852) --
----------- ------------ ----------- ------------ -----------
$ 178,519 $ (2,077,788) $ 18,057 $ 697,350 $ 385,702
=========== ============ =========== ============ ===========
$ 53,088 $ 7,291,485 $ 214,109 $ 829,305 $ 101,522
-- 622,220 1,494 1,740 37
-- (8,007,318) (176,119) (13,895) (6,001)
----------- ------------ ----------- ------------ -----------
$ 53,088 $ (93,613) $ 39,484 $ 817,150 $ 95,558
=========== ============ =========== ============ ===========
$ 51,504 $ 1,869,460 $ 4,981 $ 87,879 $ 341,761
-- 1,100 50 -- --
(221) (347,000) (755) (19,907) --
----------- ------------ ----------- ------------ -----------
$ 51,283 $ 1,523,560 $ 4,276 $ 67,972 $ 341,761
=========== ============ =========== ============ ===========
$ 428,161 $ 45,610,023 -- $ 54,634,185 $ 999,348
-- 49,029 -- 292 14
(27,063) (34,737,793) -- (22,594,973) (2,569)
----------- ------------ ----------- ------------ -----------
$ 401,098 $ 10,921,259 -- $ 32,039,504 $ 996,793
=========== ============ =========== ============ ===========
$19,316,468 $ 44,920,483 $12,521,999 $ 24,386,268 $31,713,079
-- 285,464 35,483 104,346 9,592
(27,581) (24,519,590) (70,049) (25,856,165) (318,620)
----------- ------------ ----------- ------------ -----------
$19,288,887 $ 20,686,357 $12,487,433 $ (1,365,551) $31,404,051
=========== ============ =========== ============ ===========
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 Munder
Accelerating Munder Growth & Munder International
Growth Balanced Income Index 500 Equity
Fund(a) Fund(b) Fund(c) Fund Fund(d)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 75,683 5,551 89,004 1,388,335 242,557
Issued as reinvestment of dividends ........ 51,659 544 531 5,718 709
Redeemed ................................... (47,482) (4,916) (31,289) (94,947) (31,547)
-------------- ------------- ------------- ------------- -------------
Net increase/(decrease) .................... 79,860 1,179 58,246 1,299,106 211,719
============== ============= ============= ============= =============
Class B Shares:
Sold ....................................... 13,808 7,137 12,936 923,629 56,033
Issued as reinvestment of dividends ........ 1,152 25 118 606 184
Redeemed ................................... (596) (2,478) (616) (7,779) (1,613)
-------------- ------------- ------------- ------------- -------------
Net increase/(decrease) .................... 14,364 4,684 12,438 916,456 54,604
============== ============= ============= ============= =============
Class C Shares:
Sold ....................................... 9,081 1,066 2,345 107,537
Issued as reinvestment of dividends ........ 12 -- -- --
Redeemed ................................... (1,368) (857) -- (2,070)
-------------- ------------- ------------- -------------
Net increase ............................... 7,725 209 2,345 105,467
============== ============= ============= =============
Class K Shares:
Sold ....................................... 4,992,293 132,003 5,017,201 1,101,748 3,219,387
Issued as reinvestment of dividends ........ 296 -- 78 160 37
Redeemed ................................... (3,594,737) (8,633) (2,160,605) (246,829) (977,910)
-------------- ------------- ------------- ------------- -------------
Net increase ............................... 1,397,852 123,370 2,856,674 855,079 2,241,514
============== ============= ============= ============= =============
Class Y Shares:
Sold ....................................... 2,648,565 2,227,419 1,086,646 3,781,785 1,472,148
Issued as reinvestment of dividends ........ 28,990 9 112 10,014 3,097
Redeemed ................................... (3,517,122) (2,098,028) (224,398) (2,035,333) (1,147,491)
-------------- ------------- ------------- ------------- -------------
Net increase/(decrease) .................... (839,567) 129,400 862,360 1,756,466 327,754
============== ============= ============= ============= =============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and Munder Small Company Growth Fund
Class C Shares commenced operations on September 26, 1995.
(b) The Munder Balanced Fund Class C Shares commenced operations on January
24, 1996.
(c) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(d) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(e) 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.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) 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.
</FN>
<CAPTION>
- --------------------------------------------------------------------------------
Munder
Munder Munder Real Estate Munder Small
Mid-Cap Multi-Season Equity Company Munder
Growth Growth Investment Growth Value
Fund(e) Fund Fund(f) Fund(a) Fund(g)
- ----------------------------------------------------------------- -------------
<S> <C> <C> <C> <C>
17,448 139,270 9,047 55,637 36,601
-- 17,884 330 13,200 --
(5) (296,421) (7,693) (27,481) --
------------- ------------- ------------- ------------- -------------
17,443 (139,267) 1,684 41,356 36,601
============= ============= ============= ============= =============
4,568 549,554 20,379 45,308 9,460
-- 47,936 142 107 3
-- (605,737) (16,664) (704) (567)
------------- ------------- ------------- ------------- -------------
4,568 (8,247) 3,857 44,711 8,896
============= ============= ============= ============= =============
4,650 140,236 453 4,594 30,146
-- 85 5 -- --
(21) (25,952) (70) (953) --
------------- ------------- ------------- ------------- -------------
4,629 114,369 388 3,641 30,146
============= ============= ============= ============= =============
38,842 3,335,619 -- 3,045,689 88,171
-- 3,710 -- 18 1
(2,464) (2,559,031) -- (1,156,557) (233)
------------- ------------- ------------- ------------- -------------
36,378 780,298 -- 1,889,150 87,939
============= ============= ============= ============= =============
1,855,470 3,304,727 1,213,257 1,351,024 3,087,099
-- 21,357 3,361 6,278 854
(2,462) (1,857,504) (6,570) (1,505,669) (30,486)
------------- ------------- ------------- ------------- -------------
1,853,008 1,468,580 1,210,048 (148,367) 3,057,467
============= ============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
-----------------------------
Munder
Munder Intermediate
Bond Bond
Fund(a) Fund(b)
------------- -------------
<S> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 167,845 $ 2,014,281
Issued as reinvestment of dividends ........ 35,561 242,083
Redeemed ................................... (207,769) (2,242,793)
------------ ------------
Net increase/(decrease) .................... $ (4,363) $ 13,571
============ ============
Class B Shares:
Sold ....................................... $ 354,641 $ 96,213
Issued as reinvestment of dividends ........ 298 1,622
Redeemed ................................... (56,375) (1,821)
------------ ------------
Net increase/(decrease) .................... $ 298,564 $ 96,014
============ ============
Class C Shares:
Sold ....................................... $ 52,020 $ 52,083
Issued as reinvestment of dividends ........ -- --
Redeemed ................................... (21) --
------------ ------------
Net increase ............................... $ 51,999 $ 52,083
============ ============
Class K Shares:
Sold ....................................... $ 7,620,896 $124,069,515
Issued as reinvestment of dividends ........ 2,631 54,365
Redeemed ................................... (11,584,126) (45,791,289)
------------ ------------
Net increase/(decrease) .................... $ (3,960,599) $ 78,332,591
============ ============
Class Y Shares:
Sold ....................................... $ 17,350,760 $ 74,492,394
Issued as reinvestment of dividends ........ 8,531 18,596
Redeemed ................................... (50,095,495) (44,665,567)
------------ ------------
Net increase/(decrease) .................... $(32,736,204) $ 29,845,423
============ ============
<FN>
(a) The Munder Bond Fund Class B Shares and Class C Shares commenced
operations on March 13, 1996 and March 25, 1996, respectively.
(b) The Munder Intermediate Bond Fund Class C Shares commenced operations on
April 19, 1996.
(c) The Munder U.S. Government Income Fund Class B Shares commenced
operations on September 6, 1995.
(d) The Munder Tax-Free Intermediate Bond Fund Class B Shares commenced
operations on May 16, 1996.
</FN>
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(c) Bond Fund Fund Bond Fund(d)
- -----------------------------------------------------------------
<S> <C> <C> <C>
$ 1,478,021 $ 41,017 $ 2,179,685 $ 2,549,824
13,144 13,168 11,915 73,671
(1,293,398) (24,639) (1,023,040) (1,720,323)
------------ ----------- ------------ ------------
$ 197,767 $ 29,546 $ 1,168,560 $ 903,172
============ =========== ============ ============
$ 980,455 $ 148 $ 26,539 $ 49,579
-- 7,346 43 --
(442,410) (10,538) (23,530) (1,076)
------------ ----------- ------------ ------------
$ 538,045 $ (3,044) $ 3,052 $ 48,503
============ =========== ============ ============
-- -- -- --
-- -- -- --
-- -- -- --
------------ ----------- ------------ ------------
-- -- -- --
============ =========== ============ ============
$ 30,943,020 $12,005,861 $ 13,383,991 $ 58,335,796
7,512 1,703 913 17,860
(41,445,590) (8,107,501) (50,248,221) (56,724,325)
------------ ----------- ------------ ------------
$(10,495,058) $ 3,900,063 $(36,863,317) $ 1,629,331
============ =========== ============ ============
$ 45,269,185 $ 52,000 $ 1,047,240 $ 2,675,213
2,116 -- 43 --
(9,781,051) (622,397) (639,811) (8,532,779)
------------ ----------- ------------ ------------
$ 35,490,250 $ (570,397) $ 407,472 $ (5,857,566)
============ =========== ============ ============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
-----------------------------
Munder
Munder Intermediate
Bond Bond
Fund(a) Fund(b)
------------- -------------
<S> <C> <C>
Shares:
Class A Shares:
Sold ....................................... 16,880 210,690
Issued as reinvestment of dividends ........ 3,664 25,566
Redeemed ................................... (21,413) (235,718)
------------- -------------
Net increase/(decrease) .................... (869) 538
============= =============
Class B Shares:
Sold ....................................... 36,695 10,176
Issued as reinvestment of dividends ........ 31 175
Redeemed ................................... (5,842) (200)
------------- -------------
Net increase/(decrease) .................... 30,884 10,151
============= =============
Class C Shares:
Sold ....................................... 5,381 5,541
Issued as reinvestment of dividends ........ -- --
Redeemed ................................... (1) --
------------- -------------
Net increase ............................... 5,380 5,541
============= =============
Class K Shares:
Sold ....................................... 785,021 13,040,844
Issued as reinvestment of dividends ........ 271 5,738
Redeemed ................................... (1,192,796) (4,837,158)
------------- -------------
Net increase/(decrease) .................... (407,504) 8,209,424
============= =============
Class Y Shares:
Sold ....................................... 1,786,823 7,804,479
Issued as reinvestment of dividends ........ 886 1,962
Redeemed ................................... (5,062,631) (4,706,955)
------------- -------------
Net increase/(decrease) .................... (3,274,922) 3,099,486
============= =============
<FN>
(a) The Munder Bond Fund Class B Shares and Class C Shares commenced
operations on March 13, 1996 and March 25, 1996, respectively.
(b) The Munder Intermediate Bond Fund Class C Shares commenced operations on
April 19, 1996.
(c) The Munder U.S. Government Income Fund Class B Shares commenced
operations on September 6, 1995.
(d) The Munder Tax-Free Intermediate Bond Fund Class B Shares commenced
operations on May 16, 1996.
</FN>
<CAPTION>
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(c) Bond Fund Fund Bond Fund(d)
- -----------------------------------------------------------------
<S> <C> <C> <C>
142,134 4,272 207,059 242,570
1,281 1,387 1,149 7,059
(126,939) (2,604) (97,794) (164,183)
------------- ------------- ------------- -------------
16,476 3,055 110,414 85,446
============= ============= ============= =============
94,331 16 2,558 4,928
-- 776 3 --
(44,465) (1,114) (2,220) (101)
------------- ------------- ------------- -------------
49,866 (322) 341 4,827
============= ============= ============= =============
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------------- -------------
-- -- -- --
============= ============= ============= =============
3,017,230 1,272,778 1,268,126 5,561,532
733 178 86 1,708
(4,054,798) (854,898) (4,799,660) (5,418,489)
------------- ------------- ------------- -------------
(1,036,835) 418,058 (3,531,448) 144,751
============= ============= ============= =============
4,363,599 5,335 100,881 256,963
206 -- 7 --
(934,064) (66,086) (59,901) (816,582)
------------- ------------- ------------- -------------
3,429,741 (60,751) 40,987 (559,619)
============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
Since the Funds have sold, issued as reinvestment of dividends and
redeemed shares only at a constant net asset value of $1.00 per share, the
number of shares represented by such sales, reinvestments and redemptions is
the same as the amounts shown below for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
--------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ....................................... $ 177,850,670 $ 188,589 $ 19,124,206 $ 3,933,444
Issued as reinvestment of dividends ........ 3,466,426 1,387 259,761 80,190
Redeemed ................................... (117,224,475) (166,954) (17,330,595) (3,510,800)
------------- ------------- ------------- -------------
Net increase ............................... $ 64,092,621 $ 23,022 $ 2,053,372 $ 502,834
============= ============= ============= =============
Class B Shares:
Sold ....................................... $ 60,309
Issued as reinvestment of dividends ........ 7,066
Redeemed ................................... (314,214)
-------------
Net decrease ............................... $ (246,839)
=============
Class K Shares:
Sold ....................................... $ 600,348,964 $ 211,116,349 $ 322,484,040
Issued as reinvestment of dividends ........ 40,539 7,943 46
Redeemed ................................... (611,494,687) (214,253,237) (334,560,626)
------------- ------------- -------------
Net decrease ............................... $ (11,105,184) $ (3,128,945) $ (12,076,540)
============= ============= =============
Class Y Shares:
Sold ....................................... $ 725,228,754 $ 694,479,788 $ 167,259,652 $ 560,496,273
Issued as reinvestment of dividends ........ -- 12,905,901 1,408 --
Redeemed ................................... (747,797,473) (747,503,317) (165,094,073) (481,686,647)
------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ (22,568,719) $ (40,117,628) $ 2,166,987 $ 78,809,626
============= ============= ============= =============
See Notes to Financial Statements.
</TABLE>
Munder Accelerating Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96(h) Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 15.36 $ 14.82 $ 12.73 $ 13.98 $ 12.08 $ 11.74
--------- --------- -------- --------- --------- -------
Income from investment operations:
Net investment income/(loss) ...... (0.03) (0.05) (0.01) (0.03) 0.00(g) 0.01
Net realized and unrealized
gain/(loss) on investments ...... (0.47) 2.92 2.10 (0.88) 2.17 0.62
-------- -------- -------- --------- -------- -------
Total from investment operations .. (0.50) 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 ........................... (1.38) (2.33) -- (0.34) (0.25) (0.28)
-------- -------- -------- --------- -------- -------
Total distributions. .............. (1.38) (2.33) -- (0.34) (0.27) (0.29)
-------- -------- -------- --------- -------- -------
Net asset value, end of period .... $ 13.48 $ 15.36 $ 14.82 $ 12.73 $ 13.98 $ 12.08
======== ======== ======== ========= ======== =======
Total return (b) .................. (2.94%) 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) .......................... $ 92,710 $110,273 $ 85,685 $ 71,406 $ 53,914 $ 3,141
Ratio of operating expenses to
average net assets .............. 1.20%(c) 1.20% 1.20%(c) 1.18% 1.03% 0.96%(c)
Ratio of net investment
income/(loss) to average net
assets .......................... (0.42)%(c) (0.42)% (0.21)%(c) (0.25)% (0.03)% 0.18%(c)
Portfolio turnover rate ........... 45% 112% 31% 90% 34% 56%
Ratio of operating expenses to
average net assets without
waivers ......................... 1.20%(c) 1.27% 1.44%(c) 1.41% 1.28% 1.21%(c)
Net investment income/(loss) per
share without waivers ........... $ (0.03) $ (0.06) $ (0.02) $ (0.05) $ 0.00(g) $ 0.00(g)
Average commission rate paid (f) .. $ 0.0579 $ 0.0548 N/A N/A N/A N/A
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund Class K Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Average commission rate paid per share of securities purchased and sold by
the Fund.
(g) Amount represents less than $0.01 per share.
(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.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Balanced Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------------------------
Six Months
Ended Year Period Year Period
12/31/96 Ended Ended Ended Ended
(Unaudited) 6/30/96(g) 6/30/95(d) 2/28/95(e) 2/28/94(a)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 12.37 $ 10.78 $ 9.97 $ 10.35 $ 9.97
-------- -------- ------- ------- -------
Income from investment operations:
Net investment income ...................... 0.14 0.27 0.07 0.21 0.16
Net realized and unrealized gain/(loss) on
investments .............................. 0.43 1.57 0.86 (0.42) 0.34
-------- -------- ------- ------- -------
Total from investment operations ........... 0.57 1.84 0.93 (0.21) 0.50
-------- -------- ------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.14) (0.25) (0.12) (0.17) (0.12)
Distributions from net realized gains ...... (0.66) -- -- -- --
-------- -------- ------- ------- -------
Total distributions ........................ (0.80) (0.25) (0.12) (0.17) (0.12)
-------- -------- ------- ------- -------
Net asset value, end of period ............. $ 12.14 $ 12.37 $ 10.78 $ 9.97 $ 10.35
======== ======== ======= ======= =======
Total return (b) ........................... 4.73% 17.17% 9.33% (1.95)% 5.03%
======== ======== ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) ....... $ 4,376 $ 1,718 $ 168 $ 151 $ 102
Ratio of operating expenses to average net
assets ................................... 1.20%(c) 1.15% 1.16%(c) 1.22% 1.00%(c)
Ratio of net investment income to average
net assets ............................... 2.25%(c) 2.29% 2.51%(c) 1.89% 1.68%(c)
Portfolio turnover rate .................... 55% 197% 52% 116% 50%
Ratio of operating expenses to average net
assets without waivers ................... 1.20%(c) 1.26% 1.51%(c) 1.57% 1.25%(c)
Net investment income per share without
waivers .................................. $ 0.14 $ 0.27 $ 0.06 $ 0.17 $ 0.14
Average commission rate paid (f) ........... $0.0600 $0.0586 N/A N/A N/A
<FN>
(a) The Munder Balanced Fund Class K Shares commenced operations on April 16,
1993.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) 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.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Growth & Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------------------------
Six Months
Ended Year Period Period
12/31/96(f) Ended Ended Ended
(Unaudited) 6/30/96(f) 6/30/95(d) 2/28/95(a,e)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 13.05 $ 11.14 $ 10.43 $ 10.00
--------- --------- --------- ---------
Income from investment operations:
Net investment income ...................... 0.17 0.32 0.11 0.22
Net realized and unrealized gain on
investments .............................. 1.23 1.99 0.78 0.36
--------- --------- --------- ---------
Total from investment operations ........... 1.40 2.31 0.89 0.58
--------- --------- --------- ---------
Less distributions:
Dividends from net investment income ....... (0.17) (0.31) (0.18) (0.15)
Distributions from net realized gains ...... (0.96) (0.09) -- (0.00)(h)
--------- --------- --------- ---------
Total distributions ........................ (1.13) (0.40) (0.18) (0.15)
--------- --------- --------- ---------
Net asset value, end of period. ............ $ 13.32 $ 13.05 $ 11.14 $ 10.43
========= ========= ========= =========
Total return (b) ........................... 10.91% 20.97% 8.57% 5.94%
========= ========= ========= =========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) ....... $181,402 $192,592 $132,583 $105,629
Ratio of operating expenses to average net
assets ................................... 1.20%(c) 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to average
net assets ............................... 2.54%(c) 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate .................... 29% 37% 13% 12%
Ratio of operating expenses to average net
assets without waivers. .................. 1.20%(c) 1.28% 1.51%(c) 1.53%(c)
Net investment income per share without
waivers .................................. $ 0.17 $ 0.31 $ 0.10 $ 0.17
Average commission rate paid (g) ........... $ 0.0528 $ 0.0591 N/A N/A
<FN>
(a) The Munder Growth & Income Fund Class K Shares commenced operations on
July 5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
(h) Amount represents less than $0.01 per share.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Index 500 Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96(d) 6/30/95(e) 2/28/95(d,f) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 16.16 $ 13.80 $ 12.40 $ 12.06 $ 11.47 $ 11.60
-------- -------- ------- ------- ------- -------
Income from investment operations:
Net investment income ............. 0.17 0.33 0.10 0.30 0.30 0.06
Net realized and unrealized gain on
investments ..................... 1.65 3.07 1.44 0.50 0.59 0.21
-------- -------- ------- ------- ------- -------
Total from investment operations .. 1.82 3.40 1.54 0.80 0.89 0.27
Less distributions:
Dividends from net investment
income .......................... (0.15) (0.32) (0.14) (0.29) (0.30) (0.07)
Distributions from net realized
gains ........................... (0.27) (0.72) -- (0.17) -- (0.33)
-------- -------- ------- ------- ------- -------
Total distributions ............... (0.42) (1.04) (0.14) (0.46) (0.30) (0.40)
-------- -------- ------- ------- ------- -------
Net asset value, end of period .... $ 17.56 $ 16.16 $ 13.80 $ 12.40 $ 12.06 $ 11.47
======== ======== ======= ======= ======= =======
Total return (b) .................. 11.35% 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) .......................... $ 34,206 $ 17,068 $ 2,778 $ 1,746 $ 922 $ 96
Ratio of operating expenses to
average net assets .............. 0.54%(c) 0.51% 0.50%(c) 0.50% 0.33% 0.25%(c)
Ratio of net investment income to
average net assets .............. 1.96%(c) 2.13% 2.41%(c) 2.49% 2.51% 2.74%(c)
Portfolio turnover rate ........... 1% 8% 6% 7% 1% 22%
Ratio of operating expenses to
average net assets without
waivers and/or expenses
reimbursed ...................... 0.67%(c) 0.69% 0.63%(c) 0.64% 0.50% 0.38%(c)
Net investment income per share
without waivers and/or expenses
reimbursed ...................... $ 0.16 $ 0.30 $ 0.09 $ 0.28 $ 0.28 $ 0.06
Average commission rate paid (g) .. $ 0.0172 $ 0.0240 N/A N/A N/A N/A
<FN>
(a) The Munder Index 500 Fund Class K Shares commenced operations on December
7, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder International Equity Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96(d) 6/30/95(e) 2/28/95(d,f) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 15.08 $ 13.42 $ 12.28 $ 13.68 $ 10.64 $ 10.46
--------- --------- -------- -------- -------- -------
Income from investment operations:
Net investment income ............. 0.02 0.15 0.11 0.17 0.19 0.01
Net realized and unrealized
gain/(loss) on investments ...... 0.56 1.63 1.03 (1.48) 2.85 0.30
--------- --------- -------- -------- -------- -------
Total from investment operations .. 0.58 1.78 1.14 (1.31) 3.04 0.31
--------- --------- -------- -------- -------- -------
Less distributions:
Dividends from net investment
income .......................... (0.12) (0.12) -- (0.03) -- (0.11)
Distributions from net realized
gains ........................... (1.59) -- -- -- -- (0.02)
Distributions from capital ........ -- -- -- (0.06) -- --
--------- --------- -------- -------- -------- -------
Total distributions ............... (1.71) (0.12) -- (0.09) -- (0.13)
--------- --------- -------- -------- -------- -------
Net asset value, end of period .... $ 13.95 $ 15.08 $ 13.42 $ 12.28 $ 13.68 $ 10.64
========= ========= ======== ======== ======== =======
Total return (b) .................. 4.12% 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) .......................... $ 115,805 $ 116,053 $ 73,168 $ 63,159 $ 37,536 $ 3,939
Ratio of operating expenses to
average net assets .............. 1.26%(c) 1.26% 1.21%(c) 1.18% 1.11% 1.03%(c)
Ratio of net investment income to
average net assets .............. 0.33%(c) 1.07% 2.57%(c) 1.31% 1.18% 0.39%(c)
Portfolio turnover rate ........... 26% 75% 14% 20% 15% 1%
Ratio of operating expenses to
average net assets without
waivers ......................... 1.26%(c) 1.33% 1.46%(c) 1.43% 1.36% 1.28%(c)
Net investment income per share
without waivers ................. $ 0.02 $ 0.14 $ 0.10 $ 0.14 $ 0.15 $ 0.01
Average commission rate paid (g) .. $ 0.0070 $ 0.0288 N/A N/A N/A N/A
<FN>
(a) The Munder International Equity Fund Class K Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Micro-Cap Equity Fund
Financial Highlights, For a Share Outstanding Throughout The Period
<TABLE>
<CAPTION>
K Shares
-------------
Period
Ended
12/31/96(a)
(Unaudited)
-------------
<S> <C>
Net asset value, beginning of period ......................... $ 10.12
-------------
Income from investment operations:
Net investment loss .......................................... (0.00) (e)
Net realized and unrealized gain on investments .............. 0.00 (e)
-------------
Total from investment operations ............................. 0.00 (e)
-------------
Less distributions:
Dividends from net investment income ......................... --
-------------
Total distributions .......................................... --
-------------
Net asset value, end of period ............................... $ 10.12
=============
Total return (b) ............................................. 0.00%
=============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 20
Ratio of operating expenses to average net assets ............ 1.50 (c)
Ratio of net investment loss to average net assets ........... (0.29)%(c)
Portfolio turnover rate ...................................... 0%
Ratio of operating expenses to average net assets without
expenses reimbursed ........................................ 12.61%(c)
Net investment loss per share without expenses reimbursed .... $ (0.00) (e)
Average commission rate (d) .................................. $ 0.0600
<FN>
(a) The Munder Micro-Cap Equity Fund Class K Shares commenced operations on
December 31, 1996.
(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) Represents less than $0.01 per share.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Mid-Cap Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
------------------------------
Six Months
Ended Period
12/31/96(e) Ended
(Unaudited) 6/30/96(a,e)
----------- -----------
<S> <C> <C>
Net asset value, beginning of period ......................... $ 11.56 $ 10.53
----------- -----------
Income from investment operations:
Net investment loss .......................................... (0.03) (0.04)
Net realized and unrealized gain on investments .............. 0.45 1.07
----------- -----------
Total from investment operations ............................. 0.42 1.03
----------- -----------
Less distributions:
Distributions from net realized gains ........................ (1.20) --
----------- -----------
Total distributions .......................................... (1.20) --
----------- -----------
Net asset value, end of period. .............................. $ 10.78 $ 11.56
=========== ===========
Total return (b) ............................................. 3.88% 9.78%
=========== ===========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 680 $ 421
Ratio of operating expenses to average net assets ............ 1.24%(c) 1.20%(c)
Ratio of net investment loss to average net assets ........... (0.57%)(c) (0.53%)(c)
Portfolio turnover rate ...................................... 80% 247%
Ratio of operating expenses to average net assets without
waivers and expenses reimbursed. ........................... 1.24%(c) 1.38%(c)
Net investment loss per share without waivers and expenses
reimbursed. ................................................ $ (0.03) $ (0.05)
Average commission rate paid (d) ............................. $ 0.0595 $ 0.0600
<FN>
(a) The Munder Mid-Cap Growth Fund 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.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Multi-Season Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------
Six Months
Ended Year Period
12/31/96 Ended Ended
(Unaudited) 6/30/96(e) 6/30/95(a,d,g)
------------- ------------- -------------
<S> <C> <C> <C>
Net asset value, beginning of period. ........................ $ 14.83 $ 12.02 $ 12.20
------------- ------------- -------------
Income from investment operations:
Net investment income ........................................ 0.02 0.06 0.00(h)
Net realized and unrealized gain/(loss) on investments ....... 1.35 3.20 (0.18)
------------- ------------- -------------
Total from investment operations ............................. 1.37 3.26 (0.18)
------------- ------------- -------------
Less distributions:
Dividends from net investment income ......................... (0.01) (0.05) --
Distributions from net realized gains ........................ (0.75) (0.40) --
------------- ------------- -------------
Total distributions .......................................... (0.76) (0.45) --
------------- ------------- -------------
Net asset value, end of period ............................... $ 15.44 $ 14.83 $ 12.02
============= ============= =============
Total return (b) ............................................. 9.41% 27.56% (1.48)%
============= ============= =============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 183,892 $ 140,833 $ 104,767
Ratio of operating expenses to average net assets ............ 1.26%(c) 1.26% 1.20%(c)
Ratio of net investment income to average net assets ......... 0.29%(c) 0.44% 0.28%(c)
Portfolio turnover rate. ..................................... 16% 54% 27%
Ratio of operating expenses to average net assets without
waivers .................................................... 1.51%(c) 1.51% 1.58%(c)
Net investment income per share without waivers .............. $ 0.00 $ 0.03 $ 0.00(h)
Average commission rate paid (f) ............................. $ 0.0600 $ 0.0592 N/A
<FN>
(a) The Munder Multi-Season Growth Fund Class K Shares commenced operations on
June 23, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(f) Average commission rate paid per share of securities purchased and sold by
the Fund.
(g) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
(h) Amount represents less than $0.01 per share.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Real Estate Equity Investment Fund
Financial Highlights, For a Share Outstanding Throughout The Period
<TABLE>
<CAPTION>
K Shares
-------------
Period
Ended
12/31/96(a)
(Unaudited)
-------------
<S> <C>
Net asset value, beginning of period ......................... $ 12.07
-------------
Income from investment operations:
Net investment income ........................................ 0.18
Net realized and unrealized gain on investments .............. 1.83
-------------
Total from investment operations ............................. 2.01
-------------
Less distributions:
Dividends from net investment income. ........................ (0.14)
-------------
Total distributions .......................................... (0.14)
-------------
Net asset value, end of period ............................... $ 13.94
=============
Total return (b) ............................................. 16.74%
=============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 346
Ratio of operating expenses to average net assets ............ 1.28%(c)
Ratio of net investment income to average net assets ......... 6.03%(c)
Portfolio turnover rate ...................................... 5%
Ratio of operating expenses to average net assets without
waivers. ................................................... 1.28%(c)
Net investment income per share without waivers .............. $ 0.18
Average commission rate (d) .................................. $ 0.0600
<FN>
(a) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased and sold by
the Fund.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Small-Cap Value Fund
Financial Highlights, For a Share Outstanding Throughout The Period
<TABLE>
<CAPTION>
K Shares
-------------
Period
Ended
12/31/96(a)
(Unaudited)
-------------
<S> <C>
Net asset value, beginning of period ......................... $ 10.08
-------------
Income from investment operations:
Net investment income ........................................ 0.00(e)
Net realized and unrealized gain on investments .............. 0.00(e)
-------------
Total from investment operations ............................. 0.00(e)
Less distributions:
Dividends from net investment income. ........................ --
-------------
Total distributions .......................................... --
-------------
Net asset value, end of period ............................... $ 10.08
=============
Total return (b) ............................................. 0.00%
=============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 20
Ratio of operating expenses to average net assets ............ 1.25%(c)
Ratio of net investment income to average net assets ......... 0.22%(c)
Portfolio turnover rate ...................................... 0%
Ratio of operating expenses to average net assets without
waivers. ................................................... 3.62%(c)
Net investment income per share without waivers .............. $ 0.00(e)
Average commission rate (d) .................................. $ 0.0600
<FN>
- ----------------
(a) The Munder Small-Cap Value Fund Class K Shares commenced operations on
December 31, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased and sold by
the Fund.
(e) Represents less than $0.01 per share.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Small Company Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96(g) 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 21.08 $ 15.28 $ 13.89 $ 14.37 $ 12.72 $ 12.32
-------- -------- ---------- -------- ---------- --------
Income from investment operations:
Net investment loss ........................ (0.05) (0.12) (0.02) (0.04) (0.05) (0.01)
Net realized and unrealized gain/(loss) on
investments .............................. 1.71 7.16 1.41 (0.42) 1.97 0.41
-------- -------- ---------- -------- ---------- --------
Total from investment operations ........... 1.66 7.04 1.39 (0.46) 1.92 0.40
-------- -------- ---------- -------- ---------- --------
Less distributions:
Dividends from net investment income ....... -- -- -- -- -- --
Distributions from net realized gains ...... (2.99) (1.24) -- (0.02) (0.27) --
-------- -------- ---------- -------- ---------- --------
Total distributions ........................ (2.99) (1.24) -- (0.02) (0.27) --
-------- -------- ---------- -------- ---------- --------
Net asset value, end of period ............. $ 19.75 $ 21.08 $ 15.28 $ 13.89 $ 14.37 $ 12.72
======== ======== ========== ======== ========== ========
Total return (b) ........................... 8.64% 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) ....... $116,204 $111,669 $ 52,077 $ 45,080 $ 32,431 $ 4,298
Ratio of operating expenses to average net
assets ................................... 1.21%(c) 1.21% 1.21%(c) 1.23% 1.02% 0.95%(c)
Ratio of net investment loss to average net
assets. .................................. (0.52)%(c) (0.66)% (0.41)%(c) (0.40)% (0.38)% (0.28)%(c)
Portfolio turnover rate .................... 51% 98% 39% 45% 47% 46%
Ratio of operating expenses to average net
assets without waivers. .................. 1.21%(c) 1.28% 1.46%(c) 1.48% 1.27% 1.20%(c)
Net investment loss per share without
waivers. ................................. $ (0.05) $ (0.13) $ (0.03) $ (0.06) $ (0.08) $ (0.02)
Average commission rate paid (f) ........... $ 0.0552 $ 0.0551 N/A N/A N/A N/A
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class K Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) 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.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Value Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------
Six Months
Ended Period
12/31/96(e) Ended
(Unaudited) 6/30/96(a,e)
----------- -----------
<S> <C> <C>
Net asset value, beginning of period ......................... $ 11.57 $ 10.83
----------- -----------
Income from investment operations:
Net investment income ........................................ 0.04 0.05
Net realized and unrealized gain on investments .............. 1.80 0.74
----------- -----------
Total from investment operations ............................. 1.84 0.79
----------- -----------
Less distributions:
Dividends from net investment income ......................... (0.05) (0.05)
Distributions from net realized gains ........................ (1.22) --
----------- -----------
Total distributions .......................................... (1.27) (0.05)
----------- -----------
Net asset value, end of period ............................... $ 12.14 $ 11.57
=========== ===========
Total return (b) ............................................. 16.32% 7.33%
=========== ===========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 1,166 $ 1,018
Ratio of operating expenses to average net assets ............ 1.23%(c) 1.20%(c)
Ratio of net investment income to average net assets ......... 0.63%(c) 0.64%(c)
Portfolio turnover rate ...................................... 80% 223%
Ratio of operating expenses to average net assets without
waivers and expenses reimbursed ............................ 1.23%(c) 1.30%(c)
Net investment income per share without waivers and/or
expenses reimbursed ........................................ $ 0.04 $ 0.04
Average commission rate paid (d) ............................. $ 0.0600 $ 0.0602
<FN>
- ----------------
(a) The Munder Value Fund Class K Shares commenced operations on November 30,
1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) 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.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(e) 2/28/95(d,f) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 9.53 $ 9.69 $ 9.31 $ 9.91 $ 9.92 $ 9.66
-------- -------- -------- -------- -------- -------
Income from investment operations:
Net investment income ................. 0.30 0.61 0.21 0.62 0.56 0.12
Net realized and unrealized gain/(loss)
on investments ...................... 0.12 (0.19) 0.37 (0.64) (0.01) 0.38
-------- -------- -------- -------- -------- -------
Total from investment operations ...... 0.42 0.42 0.58 (0.02) 0.55 0.50
-------- -------- -------- -------- -------- -------
Less distributions:
Dividends from net investment income .. (0.29) (0.58) (0.20) (0.58) (0.56) (0.15)
Distributions from net realized gains . -- -- -- -- -- (0.09)
-------- -------- -------- -------- -------- -------
Total distributions ................... (0.29) (0.58) (0.20) (0.58) (0.56) (0.24)
-------- -------- -------- -------- -------- -------
Net asset value, end of period ........ $ 9.66 $ 9.53 $ 9.69 $ 9.31 $ 9.91 $ 9.92
======== ======== ======== ======== ======== =======
Total return (b) ...................... 4.51% 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) .. $ 37,716 $ 32,211 $ 36,718 $ 33,842 $ 26,458 $ 3,671
Ratio of operating expenses to average
net assets .......................... 0.96%(c) 0.95% 0.95%(c) 0.92% 0.88% 0.80%(c)
Ratio of net investment income to
average net assets .................. 6.31%(c) 6.26% 6.47%(c) 6.57% 5.76% 5.32%(c)
Portfolio turnover rate ............... 123% 507% 99% 165% 128% 77%
Ratio of operating expenses to average
net assets without waivers .......... 0.96%(c) 1.04% 1.19%(c) 1.16% 1.02% 0.94%(c)
Net investment income per share without
waivers ............................. $ 0.30 $ 0.61 $ 0.20 $ 0.59 $ 0.55 $ 0.11
<FN>
- ----------------
(a) The Munder Bond Fund Class K Shares commenced operations on November 23,
1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96(f) Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 9.31 $ 9.51 $ 9.27 $ 9.91 $ 10.47 $ 10.26
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ............. 0.28 0.58 0.22 0.56 0.59 0.17
Net realized and unrealized
gain/(loss) on investments ...... 0.07 (0.20) 0.24 (0.57) (0.20) 0.25
--------- --------- --------- --------- --------- ---------
Total from investment operations .. 0.35 0.38 0.46 (0.01) 0.39 0.42
--------- --------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment
income .......................... (0.28) (0.58) (0.22) (0.62) (0.58) (0.12)
Distributions from net realized
gains. .......................... -- -- -- (0.01) (0.37) (0.09)
--------- --------- --------- --------- --------- ---------
Total distributions ............... (0.28) (0.58) (0.22) (0.63) (0.95) (0.21)
--------- --------- --------- --------- --------- ---------
Net asset value, end of period .... $ 9.38 $ 9.31 $ 9.51 $ 9.27 $ 9.91 $ 10.47
========= ========= ========= ========= ========= =========
Total return (b) .................. 3.81% 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) .......................... $ 334,315 $ 370,493 $ 300,596 $ 285,493 $ 112,332 $ 132,273
Ratio of operating expenses to
average net assets .............. 0.93%(c) 0.94% 0.95%(c) 0.93% 0.84% 0.79%(c)
Ratio of net investment income to
average net assets .............. 5.88%(c) 6.08% 7.12%(c) 6.71% 5.55% 5.56%(c)
Portfolio turnover rate ........... 182% 494% 84% 80% 155% 104%
Ratio of operating expenses to
average net assets without
waivers ......................... 0.93%(c) 1.02% 1.19%(c) 1.18% 0.98% 0.93%(c)
Net investment income per share
without waivers ................. $ 0.28 $ 0.57 $ 0.22 $ 0.54 $ 0.58 $ 0.16
<FN>
- ----------------
(a) The Munder Intermediate Bond Fund Class K Shares commenced operations on
November 20, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
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.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder U.S. Government Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------------------------
Six Months
Ended Year Period Period
12/31/96 Ended Ended Ended
(Unaudited) 6/30/96(f) 6/30/95(d) 2/28/95(a,e)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.98 $ 10.30 $ 9.89 $ 10.00
--------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... 0.33 0.71 0.23 0.47
Net realized and unrealized gain/(loss) on
investments ....................................... 0.11 (0.27) 0.41 (0.12)
--------- --------- --------- ---------
Total from investment operations .................... 0.44 0.44 0.64 0.35
--------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................ (0.31) (0.68) (0.23) (0.46)
Distributions from net realized gains ............... (0.00)(g) (0.08) -- --
--------- --------- --------- ---------
Total distributions ................................. (0.31) (0.76) (0.23) (0.46)
--------- --------- --------- ---------
Net asset value, end of period ...................... $ 10.11 $ 9.98 $ 10.30 $ 9.89
========= ========= ========= =========
Total return (b) .................................... 4.51% 4.32% 6.55% 3.68%
========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 188,497 $ 158,948 $ 174,674 $ 165,298
Ratio of operating expenses to average net assets ... 0.96%(c) 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to average net assets 6.58%(c) 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ............................. 71% 133% 42% 143%
Ratio of operating expenses to average net assets
without waivers ................................... 0.96%(c) 1.04% 1.21%(c) 1.19%(c)
Net investment income per share without waivers ..... $ 0.33 $ 0.70 $ 0.23 $ 0.45
<FN>
- ----------------
(a) The Munder U.S. Government Income Fund Class K Shares commenced
operations on July 5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(g) Amount represents less than $0.01 per share.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Michigan Triple Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------------------------
Six Months
Ended Year Period Year Period
12/31/96(d) Ended Ended Ended Ended
(Unaudited) 6/30/96(d) 6/30/95(d,e) 2/28/95(d,f) 2/28/94(a)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.34 $ 9.34 $ 9.24 $ 9.73 $ 10.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ...................... 0.23 0.48 0.16 0.44 0.05
Net realized and unrealized gain/(loss) on
investments .............................. 0.24 0.00(g) 0.10 (0.50) (0.30)
-------- -------- -------- -------- --------
Total from investment operations ........... 0.47 0.48 0.26 (0.06) (0.25)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ....... (0.22) (0.48) (0.16) (0.43) (0.02)
Distributions from net realized gains ...... (0.00)(g) -- -- -- --
-------- -------- -------- -------- --------
Total distributions ........................ (0.22) (0.48) (0.16) (0.43) (0.02)
-------- -------- -------- -------- --------
Net asset value, end of period ............. $ 9.59 $ 9.34 $ 9.34 $ 9.24 $ 9.73
======== ======== ======== ======== ========
Total return(b) ............................ 5.13% 5.14% 2.84% (0.16)% (2.48)%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) ....... $ 35,061 $ 29,476 $ 25,549 $ 27,731 $ 13,464
Ratio of operating expenses to average net
assets ................................... 0.71%(c) 0.51% 0.52%(c) 0.56% 0.46%(c)
Ratio of net investment income to average
net assets ............................... 4.71%(c) 5.01% 5.06%(c) 4.81% 3.48%(c)
Portfolio turnover rate. ................... 11% 31% 8% 53% 0%
Ratio of operating expenses to average net
assets without waivers ................... 1.02%(c) 1.09% 1.26%(c) 1.30% 1.20%(c)
Net investment income per share without
waivers .................................. $ 0.22 $ 0.42 $ 0.14 $ 0.37 $ 0.04
<FN>
- ----------------
(a) The Munder Michigan Triple Tax-Free Bond Fund Class K Shares commenced
operations on January 3, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
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) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Amount represents less than $0.01 per share.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------------------------
Six Months
Ended Year Period Period
12/31/96 Ended Ended Ended
(Unaudited) 6/30/96(f) 6/30/95(d,f) 2/28/95(a,e)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 10.35 $ 10.30 $ 10.14 $ 10.00
--------- --------- --------- ---------
Income from investment operations:
Net investment income ...................... 0.23 0.46 0.15 0.31
Net realized and unrealized gain on
investments .............................. 0.18 0.07 0.16 0.14
--------- --------- --------- ---------
Total from investment operations ........... 0.41 0.53 0.31 0.45
--------- --------- --------- ---------
Less distributions:
Dividends from net investment income ....... (0.23) (0.47) (0.15) (0.31)
Distributions from net realized gains ...... (0.08) (0.01) -- --
--------- --------- --------- ---------
Total distributions ........................ (0.31) (0.48) (0.15) (0.31)
--------- --------- --------- ---------
Net asset value, end of period. ............ $ 10.45 $ 10.35 $ 10.30 $ 10.14
========= ========= ========= =========
Total return (b) ........................... 4.01% 5.12% 3.09% 4.64%
========= ========= ========= =========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) ....... $ 199,511 $ 196,645 $ 232,040 $ 251,636
Ratio of operating expenses to average net
assets ................................... 0.95%(c) 0.98% 1.02%(c) 0.93%(c)
Ratio of net investment income to average
net assets ............................... 4.42%(c) 4.42% 4.38%(c) 4.69%(c)
Portfolio turnover rate .................... 16% 15% 12% 50%
Ratio of operating expenses to average net
assets without waivers ................... 0.95%(c) 1.06% 1.26%(c) 1.17%(c)
Net investment income per share without
waivers .................................. $ 0.23 $ 0.45 $ 0.14 $ 0.29
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class K Shares commenced operations on July
5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
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.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96(f) Ended Ended Ended Ended Ended
(Unaudited) 6/30/96(f) 6/30/95(c) 2/28/95(d) 2/28/94 2/28/93
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 10.34 $ 10.37 $ 10.17 $ 10.44 $ 10.69 $ 10.47
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ................. 0.20 0.41 0.14 0.38 0.42 0.23
Net realized and unrealized gain/(loss)
on investments ...................... 0.13 (0.03) 0.20 (0.21) (0.14) 0.24
--------- --------- --------- --------- --------- ---------
Total from investment operations ...... 0.33 0.38 0.34 0.17 0.28 0.47
--------- --------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income. . (0.21) (0.41) (0.14) (0.42) (0.42) (0.23)
Distributions from net realized gains. (0.03) -- -- (0.02) (0.11) (0.02)
--------- --------- --------- --------- --------- ---------
Total distributions ................... (0.24) (0.41) (0.14) (0.44) (0.53) (0.25)
--------- --------- --------- --------- --------- ---------
Net asset value, end of period. ....... $ 10.43 $ 10.34 $ 10.37 $ 10.17 $ 10.44 $ 10.69
========= ========= ========= ========= ========= =========
Total return (a) ...................... 3.17% 3.69% 3.35% 2.05% 2.62% 5.30%
========= ========= ========= ========= ========= =========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $ 301,998 $ 333,768 $ 333,067 $ 345,658 $ 107,335 $ 113,189
Ratio of operating expenses to average
net assets .......................... 0.93%(b) 0.96% 0.98%(b) 0.95% 0.84% 0.71%(b)
Ratio of net investment income to
average net assets .................. 3.92%(b) 3.91% 4.01%(b) 4.19% 3.93% 4.36%(b)
Portfolio turnover rate ............... 7% 20% 5% 52% 38% 57%
Ratio of operating expenses to average
net assets without waivers .......... 0.93%(b) 1.04% 1.22%(b) 1.19% 0.98% 0.77%(b)
Net investment income per share without
waivers ............................. $ 0.20 $ 0.40 $ 0.13 $ 0.36 $ 0.41 $ 0.22
<FN>
- ----------------
(a) Total return represents aggregate total return for the period indicated.
(b) Annualized.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(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) 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.
</FN>
<CAPTION>
- -----------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/92(e) 7/31/91(e) 7/31/90(e) 7/31/89(e) 7/31/88(e)
- ------------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
$ 10.04 $ 9.91 $ 9.93 $ 9.91 $ 9.99
- --------- -------- -------- ------- -------
0.49 0.55 0.60 0.52 0.51
0.51 0.26 (0.02) 0.02 (0.08)
- --------- -------- -------- ------- -------
1.00 0.81 0.58 0.54 0.43
- --------- -------- -------- ------- -------
(0.49) (0.55) (0.60) (0.52) (0.51)
(0.08) (0.13) -- -- --
- --------- -------- -------- ------- -------
(0.57) (0.68) (0.60) (0.52) (0.51)
- --------- -------- -------- ------- -------
$ 10.47 $ 10.04 $ 9.91 $ 9.93 $ 9.91
========= ======== ======== ======= =======
10.31% 8.15% 6.02% 5.55% 4.43%
========= ======== ======== ======= =======
$ 110,825 $ 50,740 $ 12,282 $ 1,350 $ 1,219
0.69% 0.61% 0.25% 0.54% 0.60%
4.83% 5.54% 6.13% 5.22% 5.17%
200% 327% 119% 37% 28%
0.99% 1.05% 1.05% 3.58% 3.09%
$ 0.46 $ 0.51 $ 0.52 $ 0.22 $ 0.26
See Notes to Financial Statements.
</TABLE>
Munder Cash Investment Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------- --------- ---------
Income from investment operations:
Net investment income ................. 0.024 0.050 0.018 0.040 0.026 0.008
-------- -------- -------- --------- --------- ---------
Total from investment operations ...... 0.024 0.050 0.018 0.040 0.026 0.008
-------- -------- -------- --------- --------- ---------
Less distributions:
Dividends from net investment income .. (0.024) (0.050) (0.018) (0.040) (0.026) (0.008)
-------- -------- -------- --------- --------- ---------
Total distributions ................... (0.024) (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 $ 1.00
======== ======== ======== ========= ========= =========
Total return (b) ...................... 2.41% 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) .. $600,324 $547,523 $558,628 $ 559,212 $ 293,827 $ 248,382
Ratio of operating expenses to average
net assets .......................... 0.71%(c) 0.68% 0.67%(c) 0.70% 0.56% 0.54%(c)
Ratio of net investment income to
average net assets .................. 4.75%(c) 4.98% 5.49%(c) 4.12% 2.65% 2.85%(c)
Ratio of operating expenses to average
net assets without waivers .......... 0.71%(c) 0.68% 0.69%(c) 0.73% 0.61% 0.59%(c)
Net investment income per share without
waivers ............................. $ 0.024 $ 0.050 $ 0.018 $ 0.040 $ 0.026 $ 0.008
<FN>
- ----------------
(a) The Munder Cash Investment Fund Class K Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 1.00 1.00 1.00 1.00 1.00 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income. ................ 0.014 0.030 0.011 0.024 0.020 0.006
-------- -------- -------- -------- -------- --------
Total from investment operations ...... 0.014 0.030 0.011 0.024 0.020 0.006
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.014) (0.030) (0.011) (0.024) (0.020) (0.006)
-------- -------- -------- -------- -------- --------
Total distributions ................... (0.014) (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 1.00
======== ======== ======== ======== ======== ========
Total return (b) ...................... 1.42% 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) .. $207,934 $192,591 $195,730 $195,926 $211,832 $105,609
Ratio of operating expenses to average
net assets .......................... 0.68%(c) 0.68% 0.69%(c) 0.70% 0.57% 0.55%(c)
Ratio of net investment income to
average net assets .................. 2.79%(c) 2.99% 3.36%(c) 2.39% 1.96% 2.24%(c)
Ratio of operating expenses to average
net assets without waivers .......... 0.68%(c) 0.70% 0.74%(c) 0.75% 0.62% 0.60%(c)
Net investment income per share without
waivers ............................. $ 0.014 $ 0.030 $ 0.011 $ 0.024 $ 0.019 $ 0.003
<FN>
- ----------------
(a) The Munder Tax-Free Money Market Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
</FN>
See Notes to Financial Statements.
</TABLE>
Munder U.S. Treasury Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 1.00 1.00 1.00 1.00 1.00 1.00
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income ................. 0.023 0.048 0.017 0.037 0.025 0.007
------- ------- ------- ------- ------- -------
Total from investment operations ...... 0.023 0.048 0.017 0.037 0.025 0.007
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income .. (0.023) (0.048) (0.017) (0.037) (0.025) (0.007)
------- ------- ------- ------- ------- -------
Total distributions ................... (0.023) (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 1.00
======= ======= ======= ======= ======= =======
Total return (b) ...................... 2.35% 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) .. $37,811 $62,133 $74,210 $75,197 $72,433 $12,248
Ratio of operating expenses to average
net assets .......................... 0.69%(c) 0.69% 0.70%(c) 0.70% 0.57% 0.53%(c)
Ratio of net investment income to
average net assets .................. 4.61%(c) 4.74% 5.23%(c) 3.73% 2.56% 2.60%(c)
Ratio of operating expenses to average
net assets without waivers .......... 0.69%(c) 0.71% 0.75%(c) 0.75% 0.62% 0.58%(c)
Net investment income per share without
waivers ............................. $ 0.023 $ 0.048 $ 0.017 $ 0.037 $ 0.025 $ 0.007
<FN>
- ----------------
(a) The Munder U.S. Treasury Money Market Fund Class K Shares commenced
operations on November 25, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
</FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Notes To Financial Statements, December 31, 1996 (Unaudited)
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end investment
company, which was organized as a Maryland corporation on November 18, 1992.
The Munder Funds Trust ("MFT") is registered under the 1940 Act as an
open-end investment company, which was organized as a Massachusetts business
trust on August 30, 1989. MFI and MFT consist of 24 portfolios currently in
operation. Information presented in these financial statements pertains to
the following funds only, (each a "Fund" collectively, the "Munder Funds") as
follows:
MFI:
Equity Funds
Munder Micro-Cap Equity Fund
Munder Mid-Cap Growth Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
Income Funds
Munder International Bond Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
Munder Accelerating Growth Fund
Munder Balanced Fund
Munder Growth & Income Fund
Munder Index 500 Fund
Munder International Equity Fund
Munder Small Company Growth Fund
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Triple Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Cash Investment Fund
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
The Equity Funds (with the exception of the Munder Index 500 Fund) and
the Income Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. The Munder Index 500 Fund offers four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Money Market
Funds of MFT offer three classes of shares -- Class A, Class K and Class Y
Shares. The Munder Money Market Fund offers four classes of shares -- Class
A, Class B, Class C and Class Y Shares. The Financial Highlights of Class A,
Class B, Class C and Class Y Shares are presented in separate semi-annual
reports. Each Fund is classified as a diversified management investment
company under the 1940 Act, other than the Munder Tax-Free Intermediate Bond
Fund, Munder Michigan Triple Tax-Free Bond Fund and Munder International Bond
Fund which are each classified as non-diversified.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: With respect to the Equity and Income Funds,
securities (including financial futures, if any) traded on a recognized stock
exchange or on the NASDAQ National Market System ("NASDAQ") are valued at the
last sale price on the securities exchange on which such securities are
primarily traded or at the last sale price on the national securities market
as of the close of business on the date of the valuation. Securities traded
on a national securities exchange or on NASDAQ for which there were no sales
on the date of valuation and securities traded on over-the-counter markets,
including listed securities for which the primary market is believed
to be over-the-counter, are valued at the mean between the most recently
quoted bid and asked prices. Restricted securities, and securities and assets
for which market quotations are not readily available, are valued at fair
value by the advisor, under the supervision of the Boards of Trustees and
Directors. Portfolio securities primarily traded on the London Stock Exchange
are generally valued at the mid-price between the current bid and asked
prices. Portfolio securities that are primarily traded on foreign securities
exchanges, other than the London Stock Exchange, are generally valued at the
preceding closing values of such securities on their respective exchanges,
except when an occurrence subsequent to the time a value was so established
is likely to have changed such value. In such an event, the fair value of
those securities will be determined through the consideration of other
factors by or under the direction of the Boards of Trustees and Directors.
Debt securities with remaining maturities of 60 days or less at the time of
purchase are valued on an amortized cost basis unless the Boards of Trustees
and Directors determines that such valuation does not constitute fair value
at that time. Under this method, such securities are valued initially at cost
on the date of purchase (or on the 61st day before maturity). Debt securities
in the Money Market Funds are also valued on an amortized cost basis, which
approximates current market value. Under this method, securities are valued
initially at cost when purchased. Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the valuation of securities held
by the Money Market Funds is performed pursuant to procedures established by
the Boards of Trustees and Directors. Each Money Market Fund seeks to
maintain a net asset value per share of $1.00.
Forward Foreign Currency Contracts: Each Equity Fund (except the Munder
Real Estate Equity Investment Fund) and the Munder International Bond Fund
may engage in forward foreign currency contracts in an effort to reduce the
level of volatility caused by changes in foreign currency exchange rates. The
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 and Munder International Bond Fund are maintained in United
States ("U.S.") dollars. Foreign currencies, investments and other assets and
liabilities are translated into U.S. dollars at the exchange rates prevailing
at the end of the period. Purchases and sales of investment securities and
items of income and expense are translated on the respective dates of such
transactions. Unrealized gains and losses, not relating to securities, which
result from changes in foreign currency exchange rates have been included in
the unrealized appreciation/(depreciation) of foreign currency and net other
assets. Net realized foreign currency gains and losses resulting from changes
in exchange rates include foreign currency gains and losses between trade
date and settlement date on investment security transactions, foreign
currency transactions and the difference between the amounts of interest and
dividends recorded on the books of the Fund and the amounts actually
received. The portion of foreign currency gains and losses related to
fluctuation in exchange rates between the initial purchase trade date and
subsequent sale trade date is included in realized gains and losses on
investment securities sold.
Futures Contracts: The Munder Index 500 Fund and Munder Accelerating
Growth 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, a Fund is required to
deposit with the broker an amount of cash or cash equivalents equal to a
certain percentage of the contract amount. This is known as the "initial
margin." Subsequent payments ("variation margin") are made or received by 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 at least annually by the Equity Funds
(excluding the Munder Accelerating Growth Fund, Munder Balanced Fund, Munder
Growth & Income Fund, Munder Index 500 Fund and Munder Small Company Growth
Fund for which dividends are declared and paid quarterly and the Munder Real
Estate Equity Investment Fund for which dividends are declared and paid
monthly); declared and paid monthly by the Income Funds (excluding the Munder
International Bond Fund for which dividends are declared and paid quarterly);
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
Fees on Assets Fees on
Assets Between Assets
up to $250 and Exceeding
$250 Million $500 Million $500 Million
------------ ------------ ------------
<S> <C> <C> <C> <C>
Munder Index 500 Fund ............................... 0.20% 0.12% 0.07%
</TABLE>
<TABLE>
<CAPTION>
Fees on Fees on
Assets Assets
up to Exceeding
$500 Million $500 Million
------------ ------------
<S> <C> <C>
Munder Multi-Season Growth Fund ..................... 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
Fees on
Average
Daily Net
Assets
------------
<S> <C>
Munder Micro-Cap Equity Fund ........................ 1.00%
Munder Accelerating Growth Fund,
Munder Growth & Income Fund, Munder International
Equity Fund, Munder Small-Cap Value Fund, and
Munder Small Company Growth Fund .................. 0.75%
Munder Mid-Cap Growth Fund, Munder Real Estate Equity
Investment Fund and Munder Value Fund ............. 0.74%
Munder Balanced Fund ................................ 0.65%
The Income Funds .................................... 0.50%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.35%
Munder Money Market Fund ............................ 0.40%
</TABLE>
The Advisor voluntarily waived all or a portion of its advisory fees
for the Munder Index 500 Fund, Munder Multi-Season Growth Fund and Munder
Michigan Triple Tax-Free Bond Fund, payable by each Fund, for the period
ended December 31, 1996, as reflected in the Statement of Operations. In
addition, for the period ended December 31, 1996, the Advisor reimbursed
expenses of $209 and $152 for the Munder Micro-Cap Equity Fund and Munder
Small-Cap Value Fund, respectively.
First Data Investor Services Group, Inc. ("First Data") (the
"Administrator"), serves as the Munder Funds' administrator and assists in
all aspects of their administration and operations. First Data also serves as
the Munder Funds' transfer agent and dividend disbursing agent ("Transfer
Agent").
As compensation for its services, the Administrator and Transfer Agent
are entitled to receive a fee, based on the aggregate average daily net
assets of the Funds and certain other investment portfolios that are advised
by the Advisor and for which First Data provides services, computed daily and
payable monthly, at an annual rate of 0.12% of the first $2.8 billion of net
assets, plus 0.105% of the next $2.2 billion of net assets, plus 0.10% of all
net assets in excess of $5 billion with respect to the Administrator; and
0.02% of the first $2.8 billion of net assets, plus 0.015% of the next $2.2
billion of net assets, plus 0.01% of net assets in excess of $5 billion with
respect to the Transfer Agent. Administration fees payable by the Funds and
certain other investment portfolios advised by the Advisor are subject to a
minimum annual fee of $1.2 million to be allocated among each series and
class thereof. The Transfer Agent and Administrator are also entitled to
reimbursement for out-of-pocket expenses. The Administrator has entered into
a Sub-Administration Agreement with Funds Distributor, Inc. ("FDI" or the
"Distributor") under which FDI provides certain administrative services with
respect to the Funds. The Administrator pays FDI a fee for these services out
of its own resources at no additional cost to the Funds.
Comerica Bank ("Comerica") provides custodial services to the Funds. As
compensation for its services, Comerica is entitled to receive fees, based on
the aggregate average daily net assets of the Funds and certain other
investment portfolios advised by the Advisor for which Comerica provides
services, computed daily and payable monthly at an annual rate of
0.03% of the first $100 million of average daily net assets, 0.02% of the
next $500 million of net assets, and 0.01% of net assets in excess of $600
million. Comerica also receives certain transaction based fees. Comerica
earned $370,568 for its services to the Funds for the period ended December
31, 1996. Prior to the end of the fourth quarter of 1996, Boston Safe Deposit
and Trust Company served as the custodian of foreign securities. Morgan
Stanley Trust Company ("Morgan Stanley") currently serves as the custodian of
foreign securities for the Munder Funds.
From MFI and MFT and other investment companies that are advised by the
Advisor of which they are a director or trustee, each Trustee of MFT and each
Director of MFI is paid an aggregate fee of $14,000 per year, consisting of a
$2,500 quarterly retainer for services in such capacity plus $1,000 for each
meeting attended per year, plus out-of-pocket expenses incurred as a Board
member. The Trustees or Directors are also reimbursed for any expenses
incurred by them in connection with their duties as Trustees or Directors. No
officer, director or employee of the Advisor, Comerica, Morgan Stanley, FDI
or First Data currently receives any compensation from MFI or MFT.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Munder Funds' shares. For the
period ended December 31, 1996, the Distributor received $308,869,
representing commissions (sales charges) on sales and redemptions of Class A
Shares of the Funds. For the period ended December 31, 1996, the Distributor
received $31,658 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 Class B and Class C Plans also permit payments to be made
by the Funds to the Distributor for expenditures incurred by the Distributor
in connection with the distribution of Fund shares to investors and provision
of certain shareholder services (which include but are not limited to the
payment of compensation, including compensation to Service Organizations to
obtain various distribution related services for the Funds). The Munder Funds
have also adopted Shareholder Servicing Plans (the "Class K Plans") for the
Class K Shares of the Funds. Under the Class K Plans, the Munder Funds are
permitted to enter into agreements with institutions that provide shareholder
services to their customers. For the period ended December 31, 1996, the
effective rates, as a percentage of average daily net assets, under the
Shareholder Servicing and Distribution and Servicing Plans are as follows:
<TABLE>
<CAPTION>
Class A Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
The 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%
Munder Cash Investment Fund ......................... 0.25% N/A N/A 0.15%
</TABLE>
4. Securities Transactions
For the period ended December 31, 1996, purchases and sales of securities
other than short-term investments and U.S. Government securities were as
follows:
<TABLE>
<CAPTION>
Cost of Proceeds
Purchases from Sales
--------- ----------
<S> <C> <C>
Munder Accelerating Growth Fund .....................$121,541,044 $146,359,101
Munder Balanced Fund ................................ 21,177,904 20,357,940
Munder Growth & Income Fund ......................... 59,124,613 83,102,993
Munder Index 500 Fund ............................... 92,408,462 1,267,901
Munder International Equity Fund .................... 63,109,505 57,153,498
Munder Micro-Cap Equity Fund ........................ 132,668 --
Munder Mid-Cap Growth Fund .......................... 21,542,404 17,620,554
Munder Multi-Season Growth Fund ..................... 82,690,598 56,631,123
Munder Real Estate Equity Investment Fund ........... 9,780,560 1,161,179
Munder Small-Cap Value Fund ......................... 434,929 --
Munder Small Company Growth Fund .................... 111,032,281 113,184,323
Munder Value Fund ................................... 36,115,137 31,353,949
Munder Bond Fund .................................... 100,935,350 97,608,908
Munder Intermediate Bond Fund ....................... 378,144,592 454,924,410
Munder International Bond Fund ...................... 34,148,774 6,372,747
Munder U.S. Government Income Fund .................. 13,205,168 20,816,069
Munder Michigan Triple Tax-Free Bond Fund ........... 7,109,267 3,543,181
Munder Tax-Free Bond Fund ........................... 33,910,090 31,324,738
Munder Tax-Free Intermediate Bond Fund .............. 20,984,088 51,264,521
</TABLE>
For the period ended December 31, 1996, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds
Purchases from Sales
--------- ----------
<S> <C> <C>
Munder Balanced Fund ................................$ 10,099,041 $ 10,709,042
Munder Bond Fund .................................... 74,219,552 76,182,248
Munder Intermediate Bond Fund ....................... 564,481,101 556,888,757
Munder U.S. Government Income Fund .................. 173,981,588 130,795,177
</TABLE>
At December 31, 1996, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Accelerating Growth Fund ..................... $ 58,833,443 $ 11,392,736
Munder Balanced Fund ................................ 9,441,306 732,726
Munder Growth & Income Fund ......................... 38,428,055 1,990,870
Munder Index 500 Fund ............................... 74,933,619 2,553,514
Munder International Equity Fund .................... 35,545,266 9,670,634
Munder Micro-Cap Equity Fund ........................ 3,238 1,537
Munder Mid-Cap Growth Fund .......................... 2,138,022 2,119,174
Munder Multi-Season Growth Fund ..................... 109,772,663 2,616,249
Munder Real Estate Equity Investment Fund ........... 7,840,199 --
Munder Small-Cap Value Fund ......................... 10,296 6,638
Munder Small Company Growth Fund .................... 53,753,764 1,940,591
Munder Value Fund ................................... 5,489,606 1,098,441
Munder Bond Fund .................................... 975,684 1,329,374
Munder Intermediate Bond Fund ....................... 1,983,361 2,035,270
Munder International Bond Fund ...................... 557,840 318,618
Munder U.S. Government Income Fund .................. 2,425,252 1,989,447
Munder Michigan Triple Tax-Free Bond Fund ........... 724,679 226,029
Munder Tax-Free Bond Fund ........................... 9,766,300 90,856
Munder Tax-Free Intermediate Bond Fund .............. 9,096,003 454,658
</TABLE>
5. Geographic and Industry Concentration
The Munder Tax-Free Intermediate Bond Fund and Munder Michigan Triple
Tax-Free Bond Fund primarily invest in debt obligations issued by the State
of Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various
public purposes. The two Funds are more susceptible to factors adversely
affecting issuers of Michigan municipal securities than is a municipal bond
fund that is not concentrated in these issuers to the same extent. Economic
changes affecting the state and certain of its public bodies and
municipalities may affect the ability of issuers within the state to pay
interest on or repay principal of municipal obligations held by these Funds.
The Munder International Equity Fund and Munder International Bond Fund
primarily invest in foreign securities. Investing in securities of foreign
companies and foreign governments involves special risks and considerations
not typically associated with investing in U.S. companies and the U.S.
government securities. These risks include revaluation of currencies and
future adverse political and economic developments. Moreover, securities of
many foreign companies and foreign governments and their markets may be less
liquid and their prices more volatile than those of securities of U.S.
companies and the U.S. government.
The Munder 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. Organizational Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying their shares
for distribution under Federal securities regulations, are being amortized on
a straight-line basis over a period of 5 years from commencement of
operations.
7. Capital Loss Carryforwards
As determined at June 30, 1996, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Fund Amount Expiration
---- ------------ ------------
<S> <C> <C>
Munder 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 Cash Investment Fund ......................... 3,561 1999
1,650 2000
Munder Tax-Free Money Market Fund ................... 14,500 1998
20,091 1999
57,257 2000
39,684 2001
15,088 2002
12,291 2003
</TABLE>
[INSIDE BACK COVER]
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Jack L. Otto
Arthur DeRoy Rodecker
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Richard H. Rose, Assistant Treasurer
Lisa Anne Rosen, Secretary and Assistant Treasurer
Teresa M.R. Hamlin, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
ADMINISTRATOR AND TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W. Suite 500
Washington, D.C. 20005
INDEPENDENT AUDITORS
Ernst & Young
200 Clarendon Street
Boston, MA 02116
[BACK OUTSIDE COVER]
SAK1296/F001/01-97
