As filed with the Securities and Exchange Commission
on June 13, 1997
Registration Nos. 33-54748
811-7348
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 26 [ X ]
----
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ]
Amendment No. 28 [ X ]
(Check appropriate box or boxes)
The Munder Funds, Inc.
(Exact Name of Registrant as Specified in Charter)
480 Pierce Street, Birmingham, Michigan 48009
Address of Principal Executive Offices) (Zip code)
Registrant's Telephone Number: (810) 647-9200
Julie A. Tedesco, Esq.
First Data Investor Services Group, Inc.
One Exchange Place, 8th Floor
Boston, Massachusetts 02109
Copies to:
Lisa Anne Rosen, Esq. Paul F. Roye, Esq.
Munder Capital Management Dechert Price & Rhoads
480 Pierce Street 1500 K Street, NW
Birmingham, Michigan 48009 Washington, DC 20005
[X] It is proposed that this filing will become effective June 13, 1997
pursuant to paragraph (b) of Rule 485.
The Registrant has elected to register an indefinite number of shares
under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment
Company Act of 1940. Registrant filed the notice required by Rule 24f-2 with
respect to its fiscal year ended June 30, 1996 on August 29, 1996.
<PAGE>
THE MUNDER FUNDS, INC.
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
rospectus for The Munder Short Term Treasury Fund
(Class A, B & C Shares)
Part A
<TABLE>
<CAPTION>
<S> <C> <C> <C>
--------
Item Heading
------ ----------
1. Cover Page Cover Page
2. Synopsis Prospectus Summary; Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Cover Page; Prospectus Summary; Investment
Objective and Policies; Portfolio
Instruments and Practices and
Associated Risk Factors;
Description of Shares
5. Management of the Fund Management; Investment Objective and
Policies; Dividends and
Distributions; Performance
6. Capital Stock and Other Securities Management; How to Purchase Shares; How to
Redeem Shares; Dividends and
Distributions; Taxes; Description
of Shares
7. Purchase of Securities Being Offered How to Purchase Shares;
Net Asset Value
8. Redemption or Repurchase How to Redeem Shares
9. Pending Legal Proceedings Not Applicable
<PAGE>
THE MUNDER FUNDS, INC.
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Prospectus for The Munder Short Term Treasury Fund
(Class K Shares)
Part A
--------
Item Heading
------ ----------
1. Cover Page Cover Page
2. Synopsis Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Cover Page; Investment Objective and
Policies; Portfolio Instruments
and Practices and Associated Risk
Factors; Description of Shares
5. Management of the Fund Management; Investment Objective and
Policies; Dividends and
Distributions; Performance
6. Capital Stock and Other Securities Management; Purchases and Redemptions of
Shares; Dividends and
Distributions; Taxes; Description
of Shares
7. Purchase of Securities Being Offered Purchases and Redemptions of
Shares; Net Asset Value
8. Redemption or Repurchase Purchases and Redemptions of Shares
9. Pending Legal Proceedings Not Applicable
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
THE MUNDER FUNDS, INC.
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Prospectus for The Munder Short Term Treasury Fund
(Class Y Shares)
Part A
<S> <C> <C> <C>
--------
Item Heading
------ ----------
1. Cover Page Cover Page
2. Synopsis Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Cover Page; Investment Objective and
Policies; Portfolio Instruments
and Practices and Associated Risk
Factors; Description of Shares
5. Management of the Fund Management; Investment Objective and
Policies; Dividends and
Distributions; Performance
6. Capital Stock and Other Securities Management; Purchases and Redemptions of
Shares; Dividends and
Distributions; Taxes; Description
of Shares
7. Purchase of Securities Being Offered Purchases and Redemptions of
Shares; Net Asset Value
8. Redemption or Repurchase Purchases and Redemptions of Shares
9. Pending Legal Proceedings Not Applicable
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
Part B
------------------
<S> <C> <C> <C>
Item Heading
------ ----------
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History See Prospectus -- "The Fund" and
"Management;" General; Directors
and Officers
13. Investment Objectives and Policies Fund Investments; Additional Investment
Limitations; Portfolio Transactions
14. Management of the Fund See Prospectus --"Management;" Directors
and Officers; Miscellaneous
15. Control Persons and Principal See Prospectus --
Holders of Securities "Management;" Miscellaneous
16. Investment Advisory and Other Services Investment Advisory and Other
Service Arrangements; See
Prospectus --
"Management"
17. Brokerage Allocation and Other Practices Portfolio Transactions
18. Capital Stock and Other Securities See Prospectus --"Description of Shares"
and "Management;" Additional
Information Concerning Shares
19. Purchase, Redemption and Pricing Purchase and Redemption
of Securities Being Offered Information; Net Asset Value;
Additional Information Concerning
Shares
20. Tax Status Taxes
21. Underwriters Investment Advisory and
Other Service Agreements
22. Calculation of Performance Data Performance Information
23. Financial Statements Financial Statements
<PAGE>
</TABLE>
THE MUNDER FUNDS, INC.
The purpose of this filing is to comply with an undertaking pursuant to Item
32(b) of Form N-1A to file a post-effective amendment containing unaudited
financial statements within four to six months from the effective date of the
Registration Statement with respect to the Munder Short-Term Treasury Fund. The
Prospectuses dated December 14, 1996 and the Statement of Additional Information
also dated December 14, 1996, are incorporated into Part A and Part B,
respectively, by reference to Post-Effective Amendment No. 21 to the
Registration Statement filed under Paragraph (b) of Rule 485 under the
Securities Act of 1933, as amended, on December 13, 1996.
The Prospectuses and Statements of Additional Information for the Munder
Multi-Season Growth Fund, Munder Real Estate Equity Investment Fund, Munder
Mid-Cap Growth Fund, Munder Value Fund, Munder Small-Cap Value Fund, Munder
Equity Selection Fund, Munder Micro-Cap Equity Fund, Munder Money Market Fund,
Munder International Bond Fund, NetNet Fund, All-Season Maintenance Fund,
All-Season Development Fund, All-Season Accumulation Fund and Munder Financial
Services Fund are not included in this filing.
<PAGE>
The Munder Funds
Supplement Dated June 13, 1997
to Prospectus Dated December 14, 1996
Class A, B and C Shares of the
Munder Short Term Treasury Fund (the "Fund")
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table of "Financial Highlights" relating to Class A and B
Shares of the Munder Short Term Treasury Fund (the "Fund") supplements
information contained in the Prospectus dated December 14, 1996 and is derived
from the Fund's unaudited Financial Statements dated April 30, 1997.
<S> <C> <C> <C>
Class A Shares Class B Shares
Period Ended Period Ended
4/30/97(a,d) 4/30/97(a,d)
(Unaudited) (Unaudited)
Net asset value, beginning of period...................... $ 9.97 $ 9.97
-------------- ---------
Income from investment operations:
Net investment income..................................... 0.04 0.04
Net realized and unrealized gain on investments........... 0.01 0.01
--------------- ---------
Total from investment operations.......................... 0.05 0.05
--------------- ---------
Less distributions:
Dividends from net investment income...................... (0.04) (0.04)
--------------- -----------
Total distributions....................................... (0.04) (0.04)
--------------- -----------
Net asset value, end of period............................ $ 9.98 $ 9.98
============== =========
Total return (b).......................................... 0.55% 0.51%
=============== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $7 $50
Ratio of operating expenses to average net assets......... 0.75% (c) 1.50% (c)
Ratio of net investment income to average net assets...... 5.02% (c) 4.27% (c)
Portfolio turnover rate................................... 38% 38%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor...... 0.91% (c) 1.66% (c)
- -------------------------------------
(a) Munder Short Term Treasury Fund Class A and Class B Shares commenced
operations on April 9, 1997 and April 4, 1997, respectively. The Fund is
authorized to issue Class C Shares. As of April 30, 1997, the Fund had
not commenced selling Class C Shares.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
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.
</TABLE>
This Supplement supersedes the Supplement dated May 16, 1997 with
respect to the following information:
MINIMUM INITIAL INVESTMENT REDUCED
Effective as of May 16, 1997, the minimum initial investment for the Fund has
been reduced to $500 for Class A, B and C Shares of the Fund.
SALES CHARGE WAIVERS--CLASS A SHARES
QUALIFIED EMPLOYER SPONSORED RETIREMENT PLANS
Effective as of May 16, 1997, (i) the "How to Purchase Shares--Sales Charge
Waivers--Class A Shares" section of the Prospectus is hereby deleted in its
entirety and supplemented as follows and (ii) the first paragraph under "How to
Purchase Shares--Qualified Employer Sponsored Retirement Plans" in the
Prospectus is hereby deleted in its entirety and supplemented as follows:
Sales Charge Waivers - Class A Shares
Upon notice to the Fund's transfer agent at the time of purchase, the initial
sales charge will be waived on sales of Class A Shares to the following types of
purchasers: (1) individuals with an investment account or relationship with
Munder Capital Management (the "Advisor"); (2) full-time employees and retired
employees of the Advisor, employees of the Fund's administrator, distributor and
custodian, and immediate family members of such persons; (3) registered
broker-dealers that have entered into selling agreements with the Fund's
distributor (the "Distributor"), for their own accounts or for retirement plans
for their employees or sold to registered representatives for full-time
employees (and their families) that certify to the Distributor at the time of
purchase that such purchase is for their own account (or for the benefit of
their families); (4) certain qualified employee benefit plans as defined below;
(5) financial institutions, financial planners or employee benefit plan
consultants acting for the accounts of their clients; and (6) employer sponsored
retirement plans which are administered by Universal Pensions, Inc. ("UPI
Plans").
Qualified Employer Sponsored Retirement Plans
Upon notice to the Fund's transfer agent at the time of purchase, the initial
sales charge will be waived on purchases by employer sponsored retirement plans
that are qualified under Section 401(a) of the Code including: 401(k) plans,
defined benefit pension plans, profit-sharing pension plans, money-purchase
pension plans, and Section 457 deferred compensation plans and Section 403(b)
plans (each, a "Qualified Employee Benefit Plan") that (1) invest $1,000,000 or
more in Class A Shares of investment portfolios offered by The Munder Funds,
Inc. (the "Company"), The Munder Funds Trust ("Munder") (other than the Index
500 Fund) or The Munder Framlington Funds Trust ("Munder Framlington") or (2)
have at least 75 eligible plan participants. In addition, the contingent
deferred sales charge ("CDSC") of 1% imposed on certain redemptions within one
year of purchase will be waived for Qualified Employee Benefit Plan purchases
that meet the above criteria. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and state law)
who initiate and are responsible for Qualified Employee Benefit Plan purchases
that meet the above criteria. For purposes of the foregoing sales charge waiver,
Simplified Employee Pension Plans ("SEPs"), Individual Retirement Accounts
("IRAs") and UPI Plans are not considered to be Qualified Employee Benefit
Plans.
Upon notice to the Fund's transfer agent at the time of purchase, the initial
sales charge on Class A Shares will be waived on purchases by UPI Plans. In
addition, the CDSC of 1% imposed on certain redemptions within one year of
purchase will be waived for UPI Plans. A 1% commission will be paid by the
Distributor to dealers and other entities (as permitted by applicable Federal
and state law) who initiate and are responsible for UPI Plan purchases.
CHANGE IN DIVIDEND AND DISTRIBUTION POLICY
Effective April 28, 1997, the following paragraph modifies the first paragraph
of the section entitled "Dividends and Distributions" on page 18 of the
Prospectus:
The Fund expects to pay dividends and distributions from the net income and net
realized capital gains, if any, earned on investments held by the Fund.
Dividends from net income are declared and paid monthly by the Fund.
Generally, dividends are paid within six business days after month-end.
<PAGE>
THE MUNDER FUNDS
Supplement Dated June 13, 1997
to Prospectus Dated December 14, 1996
Class K Shares of the
Munder Short Term Treasury Fund (the "Fund")
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table of "Financial Highlights" relating to Class K
Shares of the Munder Short Term Treasury Fund (the "Fund") supplements
information contained in the Prospectus dated December 14, 1996 and is derived
from the Fund's unaudited Financial Statements dated April 30, 1997.
<S> <C> <C>
Class K Shares
Period Ended
4/30/97(a,d)
(Unaudited)
Net asset value, beginning of period.......................... $ 9.96
-----------
Income from investment operations:
Net investment income......................................... 0.04
Net realized and unrealized gain on investments............... 0.02
-----------
Total from investment operations.............................. 0.06
-----------
Less distributions:
Dividends from net investment income.......................... (0.04)
------------
Total distributions........................................... (0.04)
------------
Net asset value, end of period................................ $ 9.98
===========
Total return (b).............................................. 0.64%
============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).......................... $1,427
Ratio of operating expenses to average net assets............. 0.75% (c)
Ratio of net investment income to average net assets.......... 5.02% (c)
Portfolio turnover rate....................................... 38%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor.......... 0.91% (c)
- -------------------------------------
(a) Munder Short Term Treasury Fund Class K Shares commenced operations on April 2, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
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.
</TABLE>
This Supplement supersedes the Supplement dated April 28, 1997 with
respect to the following information:
CHANGE IN DIVIDEND AND DISTRIBUTION POLICY
Effective April 28, 1997, the following paragraph will modify the first
paragraph of the section entitled "Dividends and Distributions" on page 8:
The Fund expects to pay dividends and distributions from the net income
and net realized capital gains, if any, earned on investments held by the Fund.
Dividends from net income are declared and paid monthly by the Fund. Generally,
dividends are paid within six business days after month-end.
<PAGE>
THE MUNDER FUNDS
Supplement Dated June 13, 1997
to Prospectus Dated December 14, 1996
Class Y Shares of the
Munder Short Term Treasury Fund (the "Fund")
FINANCIAL HIGHLIGHTS
The following table of "Financial Highlights" relating to Class Y
Shares of the Munder Short Term Treasury Fund (the "Fund") supplements
information contained in the Prospectus dated December 14, 1996 and is derived
from the Fund's unaudited Financial Statements dated April 30, 1997.
Class Y Shares
Period Ended
4/30/97(a,d)
(Unaudited)
Net asset value, beginning of period.............................$ 10.00
-------------
Income from investment operations:
Net investment income............................................. 0.13
Net realized and unrealized loss on investments................... (0.02)
--------------
Total from investment operations.................................. 0.11
-------------
Less distributions:
Dividends from net investment income.............................. (0.13)
--------------
Total distributions............................................... (0.13)
--------------
Net asset value, end of period...................................$ 9.98
=============
Total return (b).................................................. 1.12%
==============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).............................. $45,705
Ratio of operating expenses to average net assets................. 0.50% (c)
Ratio of net investment income to average net assets.............. 5.27% (c)
Portfolio turnover rate........................................... 38%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor.............. 0.66% (c)
- -------------------------------------
(a) Munder Short Term Treasury Fund Class Y Shares commenced operations on
January 29, 1997.
(b) Total return represents aggregate total return for the period
indicated and does not reflect any
applicable sales charges.
(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.
<PAGE>
This Supplement supersedes the Supplement dated April 28, 1997 with
respect to the following information:
CHANGE IN DIVIDEND AND DISTRIBUTION POLICY
Effective April 28, 1997, the following paragraph will modify the first
paragraph of the section entitled "Dividends and Distributions" on page 8:
The Fund expects to pay dividends and distributions from the net income
and net realized capital gains, if any, earned on investments held by the Fund.
Dividends from net income are declared and paid monthly by the Fund. Generally,
dividends are paid within six business days after month-end.
<PAGE>
The Munder Funds
Munder Short Term Treasury Fund
Supplement Dated June 13, 1997
to Statement of Additional Information dated December 14, 1996
<TABLE>
<CAPTION>
The following unaudited Financial Statements dated April 30, 1997
relating to the Munder Short Term Treasury Fund (the "Fund") supplements the
Fund's Statement of Additional Information dated December 14, 1996.
Munder Short Term Treasury Fund
Portfolio of investments, April 30, 1997 (Unaudited)
-------------------------------------------------
<S> <C> <C> <C>
Principal
Amount ......... .........Value
- -----------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS - 99.3%
U.S. Treasury Notes - 99.3%
$3,000,000 5.750% due 09/30/1997..... $........3,001,230
5,000,000 5.750% due 10/31/1997..... .........5,001,449
8,000,000 5.625% due 01/31/1998 .... .........7,983,840
8,000,000 5.875% due 04/30/1998..... .........7,993,440
4,000,000 5.875% due 04/30/1998..... .........3,952,280
6,000,000 6.125% due 08/31/1998..... .........5,992,379
6,000,000 6.000% due 09/30/1998..... .........6,000,479
2,000,000 6.750% due 06/30/1999..... .........2,017,300
5,000,000 5.875% due 02/15/2000..... .........4,930,850
---------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $46,962,313)... 46,873,247
----------
REPURCHASE AGREEMENT - 2.8% (Cost $1,327,031)
1,327,031 Agreement with Lehman Brothers Inc., 5.400% dated 04/30/1997
to be repurchased at $1,327,230 on 05/01/1997, collateralized by
$1,355,000 U.S. Treasury Notes. 6.370% due 04/30/1999
(value $1,355,854) ......... ....... 1,327,031
---------
TOTAL INVESTMENTS (Cost $48,289,344*) .........102.1 % 48,200,278
OTHER ASSETS AND LIABILITIES (Net) . (2.1) (1,010,188)
------- -----------
NET ASSETS ......... 100.0 % 47,190,090
====== ==========
- --------------
* Aggregate cost for Federal tax purposes
Munder Short Term Treasury Fund
Statement of Assets and Liabilities, Period Ended April 30, 1997 (Unaudited)
ASSETS:
Investments, at value ...........................................
See accompanying schedule.................................... $ 48,200,278
Interest receivable.............................................. 811,865
Receivable from investment advisor............................... 14,872
Unamortized organization costs................................... 24,403
Prepaid expenses ................................................ 44,777
-------------
Total Assets................................. 49,096,195
-------------
LIABILITIES:
Payable for Fund shares redeemed................................. 1,500,000
Due to Custodian ................................................ 378,610
Investment advisory fee payable ................................. 10,372
Administration fee payable ...................................... 4,692
Custodian fees payable .......................................... 1,174
Transfer agent fee payable ...................................... 1,126
Shareholder servicing fees payable .............................. 274
Distribution fees payable ....................................... 24
Accrued expenses and other payables.............................. 9,833
-------------
Total Liabilities .......................... 1,906,105
-------------
NET ASSETS....................................................... $ 47,190,090
============
Investments at cost.............................................. $ 48,289,344
============
See Notes to Financial Statements.
<PAGE>
Munder Short Term Treasury Fund
Statement of Assets and Liabilities, Period Ended April 30, 1997 (Unaudited)
(Continued)
NET ASSETS consist of:
Undistributed net investment income........................... $ 11,099
Accumulated net realized loss on investments sold............. (30,774)
Net unrealized depreciation of investments.................... (89,066)
Par value..................................................... 47,300
Paid-in capital in excess of par value ....................... 47,251,531
------------------
$ 47,190,090
NET ASSETS:
Class A Shares................................................ $ 7,144
=================
Class B Shares................................................ $ 50,209
=================
Class K Shares................................................ $ 1,427,484
=================
Class Y Shares................................................ $ 45,705,253
=================
SHARES OUTSTANDING:
Class A Shares................................................ 716
==================
Class B Shares................................................ 5,032
==================
Class K Shares................................................ 143,073
==================
Class Y Shares................................................ 4,581,175
==================
CLASS A SHARES:
Net asset value and redemption price per share................ $ 9.98
====================
Maximum sales charge.......................................... 4.00%
Maximum offering price per share.............................. $ 10.40
====================
CLASS B SHARES:
Net asset value and offering price per share*................. $ 9.98
====================
CLASS K SHARES:
Net asset value, offering price and redemption price per share $ 9.98
=========
CLASS Y SHARES:
Net asset value, offering price and redemption price per share $ 9.98
=========
- -----------------------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
......... See Notes to Financial Statements
<PAGE>
Munder Short Term Treasury Fund
Statement of Operations, Period Ended April 30, 1997(a) (Unaudited)
INVESTMENT INCOME:
Interest.......................................................... $ 721,383
-----------
Total investment income.................. 721,383
------------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares.............................................. 1
Class B Shares.............................................. 23
Shareholder servicing fees
Class K Shares.............................................. 274
Registration and filing fees...................................... 22,732
Investment advisory fee .......................................... 31,271
Administration fee ............................................... 14,107
Transfer agent fee ............................................... 3,770
Custodian fees ................................................... 1,659
Amortization of organization costs................................ 842
Directors' fees and expenses ..................................... 553
Other............................................................. 7,626
------------
Total Expenses ............................ 82,858
Expenses reimbursed by investment advisor......................... (20,028)
-------------
Net Expenses............................... 62,830
------------
NET INVESTMENT INCOME............................................. 658,553
------------
NET REALIZED AND UNREALIZED LOSS
ON INVESTMENTS:
Net realized loss from security transactions...................... (30,774)
Net change in unrealized depreciation of securities............... (89,066)
-------------
Net realized and unrealized loss on investments................... (119,840)
-------------
NET INCREASE IN NET
ASSETS RESULTING FROM OPERATIONS................................ $ 538,713
===========
- -----------------------
(a) Munder Short Term Treasury Fund commenced operations on January 29, 1997.
......... See Notes to Financial Statements
<PAGE>
Munder Short Term Treasury Fund
Statement of Change in Net Assets
Period
Ended
04/30/97(a)
(Unaudited)
Net investment income...................................................... $ 658,553
Net realized loss on investments sold...................................... (30,774)
Net change in unrealized depreciation of investments....................... (89,066)
-----------
Net increase in net assets resulting from operations....................... 538,713
Distributions to shareholders from net investment income:
Class A Shares..................................................... (32)
Class B Shares..................................................... (207)
Class K Shares..................................................... (6,281)
Class Y Shares..................................................... (640,934)
Net increase in net assets from:
Class A share transactions......................................... 7,139
Class B share transactions......................................... 50,184
Class K share transactions......................................... 1,425,010
Class Y share transactions......................................... 45,816,498
----------
Net increase in net assets................................................. 47,190,090
NET ASSETS:
Beginning of period........................................................ -
---------
End of period (including undistributed net investment income of $11,099)... $47,190,090
==========
- ----------------------------------
(a) Munder Short Term Treasury Fund commenced operations on January 29, 1997.
See Notes to Financial Statements
<PAGE>
Munder Short Term Treasury Fund
Statements of Changes - Capital Stock Activity,
Period Ended April 30, 1997(a) (Unaudited)
Shares Amount
Class A Shares:
Sold................................................. 716 $ 7,139
Issued as reinvestment of dividends.................. - -
Redeemed............................................. - -
--------- ----------
Net increase......................................... 716 $ 7,139
========= ==========
Class B Shares:
Sold................................................. 5,032 $ 50,184
Issued as reinvestment of dividends.................. - -
Redeemed............................................. - -
--------- -----------
Net increase......................................... 5,032 $ 50,184
========= ==========
Class K Shares:
Sold................................................. 143,073 $ 1,425,010
Issued as reinvestment of dividends.................. - -
Redeemed............................................. - -
--------- -----------
Net increase......................................... 143,073 $ 1,425,010
======= ==========
Class Y Shares:
Sold.................................................5,000,603 $50,006,020
Issued as reinvestment of dividends.................. 39,317 392,097
Redeemed............................................. (458,745) (4,581,619)
---------- ------------
Net increase.........................................4,581,175 $45,816,498
========= ==========
- -----------------------------
(a) Munder Short Term Treasury Fund Class A Shares, Class B Shares, Class K
Shares and Class Y Shares commenced operations on April 9, 1997, April 4, 1997,
April 2, 1997 and January 29, 1997, respectively. The Fund is authorized to issue
Class C Shares. As of April 30, 1997, the Fund had not commenced selling Class C
Shares.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Short Term Treasury Fund
Financial Highlights, For a Share Outstanding Throughout the Period (Unaudited)
<S> <C> <C> <C>
Class Class Class
A Shares B Shares Y Shares
Period Period Period
Ended Ended Ended
4/30/97(a,d) 4/30/97(a,d) 4/30/97(a,d)
Net asset value, beginning of period....................... $ 9.97 $ 9.97 $ 10.00
-------- ------ -------
Income from investment operations:
Net investment income...................................... 0.04 0.04 0.13
Net realized and unrealized gain/(loss) on investments..... 0.01 0.01 (0.02)
--------- ------- ---------
Total from investment operations........................... 0.05 0.05 0.11
--------- ------- --------
Less distributions:
Dividends from net investment income....................... (0.04) (0.04) (0.13)
---------- -------- ---------
Total distributions........................................ (0.04) (0.04) (0.13)
---------- -------- ---------
Net asset value, end of period............................. $ 9.98 $ 9.98 $ 9.98
======== ====== =======
Total return (b)........................................... 0.55% 0.51% 1.12%
========= ======= ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)....................... $7 $50 $45,705
Ratio of operating expenses to average net assets.......... 0.75% (c) 1.50%(c) 0.50% (c)
Ratio of net investment income to average net assets....... 5.02% (c) 4.27%(c) 5.27% (c)
Portfolio turnover rate.................................... 38% 38% 38%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor...... 0.91% (c) 1.66%(c) 0.66% (c)
- --------------------------------------
(a) Munder Short Term Treasury Fund Class A Shares, Class B Shares, and Class Y
Shares commenced operations on April 9, 1997, April 4, 1997, and January 29,
1997, respectively. The Fund is authorized to issue Class C Shares. As of April
30, 1997 the Fund had not commenced selling Class C Shares.
(b) Total return
represents aggregate total return for the period indicated and does not reflect
any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been
calculated using the average shares method, which more appropriately presents
the per share data for the period since the use of the undistributed net
investment income method did not accord with the results of operations.
......... See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Short Term Treasury Fund
Financial Highlights, For a Share Outstanding Throughout
the Period (Unaudited)
Class
K Shares
Period
Ended
4/30/97(a,d)
Net asset value, beginning of period.......................$ 9.96
-----------
Income from investment operations:
Net investment income...................................... 0.04
Net realized and unrealized gain on investments............. 0.02
------------
Total from investment operations............................ 0.06
------------
Less distributions:
Dividends from net investment income........................ (0.04)
-------------
Total distributions......................................... (0.04)
------------
Net asset value, end of period..............................$ 9.98
===========
Total return (b)............................................ 0.64%
=============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $1,427
Ratio of operating expenses to average net assets........... 0.75% (c)
Ratio of net investment income to average net assets.......... 5.02% (c)
Portfolio turnover rate....................................... 38%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor......... 0.91% (c)
- ------------------------
(a) Munder Short Term Treasury Fund Class K Shares commenced operations on April
2, 1997. The Fund is authorized to issue Class C Shares. As of April 30, 1997
the Fund had not commenced selling Class C Shares.
(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.
......... See Notes to Financial Statements.
<PAGE>
Munder Short Term Treasury Fund
Notes To Financial Statements, April 30, 1997 (Unaudited)
1. Organization and Significant Accounting Policies
The Munder Short Term Treasury Fund (the "Fund") is a series of shares
issued by The Munder Funds, Inc. (the "Company"), and 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 Fund offers five classes of shares -- Class A, Class B, Class C, Class
K and Class Y Shares. Class A Shares are sold with a front-end sales charge.
Class B Shares and Class C Shares may be subject to a contingent deferred sales
charge ("CDSC") upon redemption. The Fund is authorized to issue Class C Shares,
but has not commenced selling as of April 30, 1997. The Fund is classified as a
diversified management investment company under the 1940 Act. Each class of
shares has identical rights and privileges, except with respect to the effect of
the respective sales charges to each class, the distribution fees borne by each
class, expenses allocable exclusively to each class, voting rights on matters
affecting a single class and the exchange privileges of each class.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund in the preparation of its
financial statements:
Security Valuation: Debt securities with remaining maturities of 60 days
or less at the time of purchase are valued on an amortized cost basis, which
approximates current market value. Under this method, such securities are valued
initially at cost on the date of purchase (or on the 61st day before maturity).
Repurchase Agreements: The Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during the Fund's holding period. The value of the collateral is at
least equal, at all times, to the total amount of the repurchase obligations,
including interest. In the event of counterparty default, the Fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to the Fund in the event the Fund is delayed or
prevented from exercising its right to dispose of the collateral securities,
including the risk of a possible decline in the value of the collateral
securities during the period while the Fund seeks to assert its rights. The
Fund's investment advisor, acting under the supervision of the Board of
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 business day after the trade date. The cost of investments sold
is determined by use of the specific identification method for both financial
reporting and income tax purposes. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. General expenses of the
Fund are allocated based upon relative net assets of the Fund. Operating
expenses the Fund directly attributable to a class of shares are charged to that
class' operations. Expenses of the 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.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared monthly and paid monthly by the Fund. The Fund's net
realized capital gains (including net short-term capital gains), if any, are
declared and distributed at least annually. Distributions to shareholders are
recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by the
Fund, timing differences and differing characterization of distributions made by
the Fund as a whole.
Federal Income Taxes: The Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the Internal
Revenue Code 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 the Fund's investment advisor. For its advisory
services, the Advisor is entitled to receive from the Fund a fee, computed daily
and payable monthly, at an annual rate of 0.25% of the value of its average
daily net assets.
For the period ended April 30, 1997, the Advisor reimbursed expenses of
$20,028 for the Fund.
First Data Investor Services Group, Inc. ("First Data") (the
"Administrator"), serves as the Company's administrator and assists in all
aspects of its administration and operations. First Data also serves as the
Company's 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 Fund 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 a $1.2 million minumum fee per annum in the aggregate for all
portfolios with respect to the Administrator; 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 a $120,000 minimum fee per annum in the
aggrgate for all portfolios with respect to the Transfer Agent. 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 Fund. The Administrator pays
FDI a fee for these services out of its own resources at no additional cost to
the Fund.
Comerica Bank ("Comerica") provides custodial services to the Fund. As
compensation for its services, Comerica is entitled to receive fees, based on
the aggregate average daily net assets of the Fund 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 $1,659 for its services to the Fund for
the period ended April 30, 1997.
Each Director of the Company is paid an aggregate fee, consisting of a
$20,000 annual retainer for services in such capacity plus $1,500 for each
meeting attended per year, plus out-of-pocket expenses incurred as a Board
member, for services provided as a Board member of the Company, Munder Funds
Trust and St. Clair Funds Inc. The Directors are also reimbursed for any
expenses incurred by them in connection with their duties as Directors. No
officer, director or employee of the Advisor, Comerica, FDI or First Data
currently receives any compensation from the Company.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Fund's shares. For the period ended
April 30, 1997, the Distributor received no commissions (sales charges) on sales
of Class A Shares of the Fund. For the period ended April 30, 1997, the
Distributor received no contingent deferred sales charges from Class B Shares of
the Fund.
The Company has adopted Service 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 Fund to the Distributor for
expenditures incurred by the Distributor in connection with the distribution of
Fund shares to investors and the 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 Fund has also adopted a Shareholder Servicing Plan
(the "Class K Plan") for the Class K Shares of the Fund. Under the Class K Plan,
the Fund is permitted to enter into agreements with institutions that provide
shareholder services to their customers. For the period ended April 30, 1997,
the contractual rates, as a percentage of average daily net assets, under the
Plans and Class K Plan are as follows:
Class A Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
The Fund 0.25% 1.00% 1.00% 0.25%
4. Securities Transactions
Cost of purchases and proceeds from sales of securities other than
short-term investments and U.S. Government securities were $60,893,291 and
$13,905,595 for the period ended April 30, 1997.
At April 30, 1997, aggregate gross unrealized depreciation for all
securities was $89,066.
5. Organizational Costs
Expenses incurred in connection with the organization of the Fund,
including the fees and expenses of registering and qualifying its shares for
distribution under Federal securities regulations, are being amortized on a
straight-line basis over a period of 5 years from commencement of operations.
<PAGE>
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits.
----------------------------------------
(a) Financial Statements:
Included in Part A:
Unaudited Financial Highlights for Class A, B, K and
Y Shares of the Munder Short Term Treasury Fund for
the period from commencement of operations to April
30, 1997 are filed herein.
Included in Part B:
The following unaudited Financial Statements for
Class A, B, K and Y of the Munder Short Term Treasury
Fund for the period from commencement operations to
April 30, 1997 are filed herein.
Portfolio of Investments Statement of Assets and Liabilities Statement of
Operations Statement of Changes in Net Assets Statement of Changes - Capital
Stock Activity Financial Highlights for a Share Outstanding Throughout the
Period Notes to Financial Statements
(b) Exhibits (the number of each exhibit relates to the exhibit
designation in Form N-1A):
(1) (a) Articles of Incorporation10
(b) Articles of Amendment10
(c) Articles Supplementary10
(d) Articles Supplementary for The Munder Small-Cap Value Fund, The Munder
Equity Selection Fund, The Munder Micro-Cap Equity Fund, and the NetNet Fund11
(e) Articles Supplementary for The Munder Short Term Treasury Fund12
(f) Articles Supplementary for The Munder All-Season Conservative Fund, The
Munder All-Season Moderate Fund and The Munder All-Season Aggressive Fund13
(g) Articles Supplementary with respect to the name
changes of The Munder All-Season Conservative Fund,
The Munder All-Season Moderate Fund and The Munder
All-Season Aggressive Fund to The Munder All-Season
Maintenance Fund, The Munder All-Season Development
Fund and The Munder All-Season Accumulation Fund14
(h) Articles Supplementary for The Munder Financial Services Fund*
(2) By-Laws1
(3) Not Applicable
(4) Not Applicable
(5) (a) Form of Investment Advisory Agreement for The Munder
Multi-Season Growth Fund5
(b) Form of Investment Advisory Agreement for The Munder
Money Market Fund5
(c) Form of Investment Advisory Agreement for The
Munder Real Estate Equity Investment Fund5
(d) Investment Advisory Agreement for The Munder Value
Fund8
(e) Investment Advisory Agreement for The Munder Mid-Cap
Growth Fund8
(f) Form of Investment Advisory Agreement for The Munder
International Bond Fund10
(g) Form of Investment Advisory Agreement for the NetNet
Fund9
(h) Form of Investment Advisory Agreement for The Munder
Small-Cap Value Fund10
(i) Form of Investment Advisory Agreement for The Munder
Micro-Cap Equity Fund10
(j) Form of Investment Advisory Agreement for The Munder
Equity Selection Fund10
(k) Form of Investment Advisory Agreement for The Munder
Short Term Treasury Fund12
(l) Form of Investment Advisory Agreement for The Munder
All-Season Conservative Fund, The Munder All-Season
Moderate Fund and The Munder All-Season Aggressive
Fund13
(m) Form of Investment Advisory Agreement for The Munder
Financial Services Fund*
(6) (a) Underwriting Agreement8
(b) Notice to Underwriting Agreement with respect to
The Munder Value Fund and The Munder Mid-Cap Growth
Fund8
(c) Notice to Underwriting Agreement with respect to The
Munder International Bond Fund8
(d) Notice to Underwriting Agreement with respect to
The Munder Small-Cap Value Fund, The Munder Equity
Selection Fund, The Munder Micro-Cap Equity Fund,
and the NetNet Fund10
(e) Form of Notice to Underwriting Agreement with
respect to the Munder Short Term Treasury Fund12
(f) Form of Distribution Agreement with respect to
The Munder All-Season Conservative Fund, The
Munder All-Season Moderate Fund and The Munder All-
Season Aggressive Fund13
(g) Form of Distribution Agreement with respect to The
Munder Financial Services Fund*
(7) Not Applicable
(8) (a) Form of Custodian Contract8
(b) Notice to Custodian Contract with respect to
The Munder Value Fund and The Munder Mid-Cap
Growth Fund8
(c) Notice to Custodian Contract with respect to the
Munder International Bond Fund8
(d) Notice to Custodian Contract with respect to The
Munder Small-Cap Value Fund, The Munder Equity
Selection Fund, The Munder Micro-Cap Equity Fund and
the NetNet Fund10
(e) Form of Notice to the Custodian Contract with
respect to The Munder Short Term Treasury Fund12
(f) Form of Sub-Custodian Agreement13
(g) Form of Notice to the Custody Agreement with respect to The Munder
All-Season Conservative Fund, The Munder All-Season Moderate Fund and The Munder
All-Season Aggressive Fund13
(h) Form of Amendment to the Custodian Agreement
with respect to The Munder Financial Services
Fund*
(9) (a) Transfer Agency and Service Agreement8
(b) Notice to Transfer Agency and Service Agreement
with respect to the Munder Value Fund and the Munder
Mid-Cap Growth Fund8
(c) Notice to Transfer Agency and Service
Agreement with respect to the Munder
International Bond Fund8
(d) Notice to Transfer Agency and Service Agreement
with respect to The Munder Small-Cap Value Fund,
The Munder Equity Selection Fund, The Munder
Micro-Cap Equity Fund and the NetNet Fund10
(e) Form of Notice to Transfer Agency and Service
Agreement with respect to The Munder Short Term
Treasury Fund12
(f) Form of Amendment to the Transfer Agency and
Registrar Agreement with respect to The Munder
All-Season Conservative Fund, The Munder
All-Season Moderate Fund and The
Munder All-Season Aggressive Fund13
(g) Form of Amendment to the Transfer Agency and
Registrar Agreement with respect to The
Munder Financial Services Fund*
(h) Administration Agreement8
(i) Notice to Administration Agreement with respect to
The Munder Value and The Munder Mid-Cap
Growth Fund8
(j) Notice to Administration Agreement with respect to The Munder
International Bond Fund8
(k) Notice to Administration Agreement with respect to The Munder Small-Cap
Value Fund, The Munder Equity Selection Fund, The Munder Micro-Cap Equity Fund
and the NetNet Fund10
(l) Form of Notice to Administration Agreement with respect to The Munder
Short Term Treasury Fund12
(m) Form of Amendment to the Administration Agreement with respect to The
Munder All-Season Conservative Fund, The Munder All-Season Moderate Fund and The
Munder All-Season Aggressive Fund13
(n) Form of Amendment to the Administration Agreement with respect to The
Munder Financial Services Fund*
(10) (a) Opinion and Consent of Counsel with respect to The Munder
Multi-Season Growth Fund2
(b) Opinion and Consent of Counsel with respect to The Munder Money Market
Fund4
(c) Opinion and Consent of Counsel with respect to The Munder Real Estate
Equity Investment Fund3
(d) Opinion and Consent of Counsel with respect to the Munder Value Fund
and The Munder Mid-Cap Growth Fund8
(e) Opinion and Consent of Counsel with respect to the Munder International
Bond Fund8
(f) Opinion and Consent of Counsel with respect to the NetNet Fund9
(g) Opinion and Consent of Counsel with respect to the Munder Small-Cap
Value Fund, the Munder Equity Selection Fund, and the Munder Micro-Cap Equity
Fund11
(h) Opinion and Consent of Counsel with respect to Munder Short Term
Treasury Fund12
(i) Opinion and Consent of Counsel with respect to The Munder
All-Season Conservative Fund, The Munder All-Season Moderate Fund and The Munder
All-Season Aggressive Fund14
(j) Opinion and Consent of Counsel with respect to The Munder Financial
Services Fund*
(11) (a) Consent of Ernst & Young LLP11
(b) Consent of Arthur Andersen LLP7
(c) Letter of Arthur Andersen LLP regarding change in independent auditor
required by Item 304 of Regulation S-K7
(d) Powers of Attorney13
(e) Certified Resolution of Board authorizing signature on behalf of
Registrant pursuant to power of attorney14
(12) Not Applicable
(13) Initial Capital Agreement2
(14) Not Applicable
(15) (a) Service Plan for The Munder Multi-Season Growth Fund Class A
Shares5
(b) Service and Distribution Plan for The Munder Multi-Season Growth Fund
Class B Shares5
(c) Service and Distribution Plan for The Munder Multi-Season Growth Fund
Class D Shares5
(d) Service Plan for The Munder Money Market Fund Class A Shares5
(e) Service and Distribution Plan for The Munder Money Market Fund Class B
Shares5
(f) Service and Distribution Plan for The Munder Money Market Fund Class D
Shares5
(g) Service Plan for The Munder Real Estate Equity Investment Fund Class A
Shares5
(h) Service and Distribution Plan for The Munder Real Estate Equity
Investment Fund Class B Shares5
(i) Service and Distribution Plan for The Munder Real Estate Equity
Investment Fund Class D Shares5
(j) Form of Service Plan for The Munder Multi-Season Growth Fund Investor
Shares6
(k) Form of Service Plan for Class K Shares of The Munder Funds, Inc.10
(l) Form of Service Plan for Class A Shares of The Munder Funds, Inc.10
(m) Form of Distribution and Service Plan for Class B Shares for The Munder
Funds, Inc.10
(n) Form of Distribution and Service Plan for Class C Shares for The Munder
Funds, Inc.10
(o) Form of Distribution and Service Plan for the NetNet Fund9
(16) Schedule for Computation of Performance Quotations12
(17) (a) Financial Data Schedules relating to the Munder Short Term
Treasury Fund are filed herein.
(18) Form of Amended and Restated Multi-Class Plan13
--------------------------------
1. Filed in Registrant's initial
Registration Statement on November 18, 1992 and incorporated by reference
herein.
2. Filed in Pre-Effective Amendment No. 2 to the Registrant's Registration
Statement on February 26, 1993 and incorporated by reference herein.
3. Filed in Post-Effective Amendment No. 7 to the Registrant's Registration
Statement on August 26, 1994 and incorporated by reference herein.
4. Filed in Post-Effective Amendment No. 2 to the Registrant's Registration
Statement on July 9, 1993 and incorporated by reference herein.
5. Filed in Post-Effective Amendment No. 8 to the Registrant's Registration
Statement on February 28, 1995 and incorporated by reference herein.
6. Filed in Post-Effective Amendment No. 9 to the Registrant's Registration
Statement on April 13, 1995 and incorporated by reference herein.
7. Filed in Post-Effective Amendment No. 12 to the Registrant's
Registration Statement on August 29, 1995 and incorporated by reference herein.
8. Filed in Post-Effective Amendment No. 16 to the Registrant's
Registration Statement on June 25, 1996 and incorporated by reference herein.
9. Filed in Post-Effective Amendment No. 17 to the Registrant's
Registration Statement on August 9, 1996 and incorporated by reference herein.
10. Filed in Post-Effective Amendment No. 18 to the Registrant's
Registration Statement on August 14, 1996 and incorporated by reference herein.
11. Filed in Post-Effective Amendment No. 20 to the Registrant's
Registration Statement on October 28, 1996 and incorporated by reference herein.
12. Filed in Post-Effective Amendment No. 21 to the Registrant's
Registration Statement on December 13, 1996 and incorporated by reference
herein.
13. Filed in Post-Effective Amendment No. 23 to the Registrant's
Registration Statement on February 18, 1997 and incorporated by reference
herein.
14. Filed in Post-Effective Amendment No. 25 to the Registrant's
Registration Statement on May 14, 1997 and incorporated by reference herein.
Item 25. Persons Controlled by or Under Common Control with Registrant.
--------------------------------------------------
Not Applicable
Item 26. Number of Holders of Securities.
-------------------------------
As of May 13, 1997, the number of shareholders of record of
each Class of shares of each Series of the Registrant that was offered as of
that date was as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Class A Class B Class C Class K Class Y
- ---------------------------------------------------------------------------------------
Munder Multi-Season Growth Fund 468 1661 39 139 147
Munder Money Market Fund 14 16 7 0 75
Munder Real Estate Equity 47 52 24 3 51
Investment Fund
Munder Mid-Cap Growth Fund 13 19 3 2 24
Munder Value Fund 44 27 8 2 61
Munder International Bond Fund 3 1 1 2 9
Munder Small-Cap Value Fund 18 11 8 2 58
Munder Micro-Cap Equity Fund 12 25 2 2 49
Munder Equity Selection Fund 1 1 1 1 1
Munder Short Term Treasury Fund 2 2 1 3 6
Munder All-Season Maintenance Fund 1 1 0 0 2
Munder All-Season Development Fund 2 1 0 0 4
Munder All-Season Accumulation Fund 1 1 0 0 19
NetNet Fund - as of May 13, 1997, the NetNet Fund had 98 accounts open.
</TABLE>
Item 27. Indemnification.
-------------------
Article VII, Section 7.6 of the Registrant's Articles of
Incorporation ("Section 7.6") provides that the Registrant, including its
successors and assigns, shall indemnify its directors and officers and make
advance payment of related expenses to the fullest extent permitted, and in
accordance with the procedures required, by the General Laws of the State of
Maryland and the Investment Company Act of 1940. Such indemnification shall be
in addition to any other right or claim to which any director, officer, employee
or agent may otherwise be entitled. In addition, Article VI of the Registrant's
By-laws provides that the Registrant shall indemnify its employees and/or agents
in any manner as shall be authorized by the Board of Directors and within such
limits as permitted by applicable law. The Board of Directors may take such
action as is necessary to carry out these indemnification provisions and is
expressly empowered to adopt, approve and amend from time to time such
resolutions or contracts implementing such provisions or such further
indemnification arrangements as may be permitted by law. The Registrant may
purchase and maintain insurance on behalf of any person who is or was a
director, officer, employee or agent of the Registrant or is serving at the
request of the Registrant as a director, officer, partner, trustee, employee or
agent of another foreign or domestic corporation, partnership, joint venture,
trust or other enterprise or employee benefit plan, against any liability
asserted against and incurred by such person in any such capacity or arising out
of such person's position, whether or not the Registrant would have had the
power to indemnify against such liability. The rights provided by Section 7.6
shall be enforceable against the Registrant by such person who shall be presumed
to have relied upon such rights in serving or continuing to serve in the
capacities indicated therein.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended, may be permitted to directors, officers and
controlling persons of the Registrant by the Registrant pursuant to the Fund's
Articles of Incorporation, its By-Laws or otherwise, the Registrant is aware
that in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in the Act and, therefore,
is unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by directors, officers or controlling persons of the Registrant in
connection with the successful defense of any act, suit or proceeding) is
asserted by such directors, officers or controlling persons in connection with
shares being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issues.
Item 28. Business and Other Connections of Investment Advisor.
-------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Capital Management
--------------------------------------
<S> <C>
Position
Name with Adviser
--------- -----------------
Old MCM, Inc. Partner
Munder Group LLC Partner
WAM Holdings, Inc. Partner
Woodbridge Capital Management, Inc. Partner
Lee P. Munder President and Chief
Executive Officer
Leonard J. Barr, II Senior Vice President and
Director of Research
Ann J. Conrad Vice President and Director of Special
Equity Products
Clark Durant Vice President and Co-Director of The
Private Management Group
Terry H. Gardner Vice President and Chief Financial Officer
Elyse G. Essick Vice President and Director of Client
Services
Sharon E. Fayolle Vice President and Director of Money Market Trading
Otto G. Hinzmann Vice President and Director of Equity Portfolio
Management
Anne K. Kennedy Vice President and Director of Corporate Bond
Trading
Richard R. Mullaney Vice President and Director of The Private
Management Group
Ann F. Putallaz Vice President and Director of Fiduciary
Services
Peter G. Root Vice President and Director of Government
Securities Trading
Lisa A. Rosen General Counsel and Director of Mutual
Fund Operations
James C. Robinson Executive Vice President and Chief Investment
Officer/Fixed Income
Gerald L. Seizert Executive Vice President and Chief Investment
Officer/Equity
Paul D. Tobias Executive Vice President and Chief
Operating Officer
For further information relating to the Investment Adviser's officers, reference is made to Form ADV filed under
the Investment Advisers Act of 1940 by Munder Capital Management. SEC File No. 801-32415.
</TABLE>
Item 29. Principal Underwriters.
---------------------------
(a) Funds Distributor, Inc. ("FDI"), located at 60 State Street, Boston,
Massachusetts 02109, is the principal underwriter of the Funds. FDI is an
indirectly wholly-owned subsidiary of Boston Institutional Group, Inc. a holding
company, all of whose outstanding shares are owned by key employees. FDI is a
broker dealer registered under the Securities Exchange Act of 1934, as amended.
FDI acts as principal underwriter of the following investment companies other
than the Registrant:
Harris Insight Funds Trust Fremont Mutual Funds, Inc.
The Munder Funds Trust RCM Capital Funds, Inc.
St. Clair Funds, Inc. Monetta Fund, Inc.
The Munder Framlington Funds Trust Monetta Trust
BJB Investment Funds Burridge Funds
The PanAgora Institutional Funds The JPM Series Trust
RCM Equity Funds, Inc. The JPM Series Trust II
Waterhouse Investors Cash Management Fund, Inc. HT Insight Funds, Inc.
LKCM Fund d/b/a Harris Insight Funds
The JPM Pierpont Funds The Brinson Funds
The JPM Institutional Funds WEBS Index Fund, Inc.
The Skyline Funds
(b) The following is a list of the executive officers, directors and
partners of Funds Distributor, Inc.
Director, President and Chief Executive Officer - Marie E. Connolly
Executive Vice President - Richard W. Ingram
Executive Vice President - Donald R. Robertson
Senior Vice President, General Counsel, - John E. Pelletier
Secretary and Clerk
Senior Vice President - Michael S. Petrucelli
Director, Senior Vice President, Treasurer and - Joseph F. Tower, III
Chief Financial Officer
Senior Vice President - Paula R. David
Senior Vice President - Bernard A. Whalen
Director - William J. Nutt
(c) Not Applicable
Item 30. Location of Accounts and Records.
------------------------------------------
The account books and other documents required to be
maintained by Registrant pursuant to Section 31(a) of the Investment Company Act
of 1940 and the Rules thereunder will be maintained at the offices of:
(1) Munder Capital Management, 480 Pierce Street or 255
East Brown Street, Birmingham, Michigan 48009
(records relating to its function as investment
advisor)
(2) First Data Investor Services Group, Inc., 53 State
Street, Exchange Place, Boston, Massachusetts 02109
or 4400 Computer Drive, Westborough, Massachusetts
01581 (records relating to its functions as
administrator and transfer agent)
(3) Funds Distributor, Inc., 60 State Street, Boston, Massachusetts 02109
(records relating to its function as distributor)
(4) Comerica Bank, 1 Detroit Center, 500 Woodward Avenue, Detroit, Michigan
48226 (records relating to its function as custodian)
Item 31. Management Services.
--------------------------
Not Applicable
Item 32. Undertakings.
----------------
(a) Not Applicable
(b) Registrant undertakes to call a meeting of Shareholders for
the purpose of voting upon the question of removal of a
Director or Directors when requested to do so by the holders
of at least 10% of the Registrant's outstanding shares of
common stock and in connection with such meeting to comply
with the shareholders' communications provisions of Section
16(c) of the Investment Company Act of 1940.
(c) Registrant undertakes to furnish to each person to whom a
prospectus is delivered a copy of the Registrant's latest
annual report to shareholders upon request and without charge.
(d) Not Applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and
the Investment Company Act of 1940, as amended, the Registrant certifies that
this Post-Effective Amendment No. 26 to the Registration Statement meets the
requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of
1933, as amended, and the Registrant has duly caused this Post-Effective
Amendment No. 26 to be signed on its behalf by the undersigned, thereto duly
authorized, in the City of Boston and the Commonwealth of Massachusetts on the
13th day of June, 1997.
The Munder Funds, Inc.
By: *
Lee P. Munder
*By: _/s/ Julie A. Tedesco
Julie A. Tedesco
as Attorney-in-Fact
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
Signatures Title Date
* President and Chief June 13, 1997
- -------------------------
Lee P. Munder Executive Officer
* Director June 13, 1997
- --------------------------
Charles W. Elliott
* Director June 13, 1997
- -------------------------
Joseph E. Champagne
* Director June 13, 1997
- -------------------------
Arthur DeRoy Rodecker
* Director June 13, 1997
- -------------------------
Jack L. Otto
* Director June 13, 1997
- -------------------------
Thomas B. Bender
* Director June 13, 1997
- -------------------------
Thomas D. Eckert
* Director June 13, 1997
- -------------------------
John Rakolta, Jr.
* Director June 13, 1997
- -------------------------
David J. Brophy
* Vice President, June 13, 1997
- -------------------------
Terry H. Gardner Treasurer and
Chief Financial Officer
* By: /s/ Julie A. Tedesco
Julie A. Tedesco
as Attorney-in-Fact
* The Powers of Attorney are incorporated by reference to Post-Effective
Amendment No. 23 filed with the Securities and Exchange Commission on February
18, 1997.
<PAGE>
EXHIBIT INDEX
Exhibit Description
17(a)Financial Data Schedules relating to the Munder Short Term Treasury Fund.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>011
<NAME> Munder Short Term Treasury Fund Cl A
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> JUN-30-97
<PERIOD-END> APR-30-97
<INVESTMENTS-AT-COST> 48,289,344
<INVESTMENTS-AT-VALUE> 48,200,278
<RECEIVABLES> 826,737
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,180
<TOTAL-ASSETS> 49,096,195
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,906,105
<TOTAL-LIABILITIES> 1,906,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,139
<SHARES-COMMON-STOCK> 716
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,099
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (30,774)
<ACCUM-APPREC-OR-DEPREC> (89,066)
<NET-ASSETS> 7,144
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 721,383
<OTHER-INCOME> 0
<EXPENSES-NET> 62,830
<NET-INVESTMENT-INCOME> 658,553
<REALIZED-GAINS-CURRENT> (30,774)
<APPREC-INCREASE-CURRENT> (89,066)
<NET-CHANGE-FROM-OPS> 538,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 716
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 47,190,090
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82,858
<AVERAGE-NET-ASSETS> 1,648
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>012
<NAME> Munder Short Term Treasury Fund Cl B
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 48,289,344
<INVESTMENTS-AT-VALUE> 48,200,278
<RECEIVABLES> 826,737
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,180
<TOTAL-ASSETS> 49,096,195
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,906,105
<TOTAL-LIABILITIES> 1,906,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,184
<SHARES-COMMON-STOCK> 5,032
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,099
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (30,774)
<ACCUM-APPREC-OR-DEPREC> (89,066)
<NET-ASSETS> 50,209
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 721,383
<OTHER-INCOME> 0
<EXPENSES-NET> 62,830
<NET-INVESTMENT-INCOME> 658,553
<REALIZED-GAINS-CURRENT> (30,774)
<APPREC-INCREASE-CURRENT> (89,066)
<NET-CHANGE-FROM-OPS> 538,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (207)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,032
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 47,190,090
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82,858
<AVERAGE-NET-ASSETS> 9,377
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>013
<NAME> Munder Short Term Treasury Fund Cl K
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 48,289,344
<INVESTMENTS-AT-VALUE> 48,200,278
<RECEIVABLES> 826,737
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,180
<TOTAL-ASSETS> 49,096,195
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,906,105
<TOTAL-LIABILITIES> 1,906,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,425,010
<SHARES-COMMON-STOCK> 143,073
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,099
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (30,774)
<ACCUM-APPREC-OR-DEPREC> (89,066)
<NET-ASSETS> 1,427,484
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 721,383
<OTHER-INCOME> 0
<EXPENSES-NET> 62,830
<NET-INVESTMENT-INCOME> 658,553
<REALIZED-GAINS-CURRENT> (30,774)
<APPREC-INCREASE-CURRENT> (89,066)
<NET-CHANGE-FROM-OPS> 538,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,281)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 143,073
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 47,190,090
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82,858
<AVERAGE-NET-ASSETS> 438,912
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>014
<NAME> Munder Short Term Treasury Fund Cl Y
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 48,289,344
<INVESTMENTS-AT-VALUE> 48,200,278
<RECEIVABLES> 826,737
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,180
<TOTAL-ASSETS> 49,096,195
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,906,105
<TOTAL-LIABILITIES> 1,906,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,816,488
<SHARES-COMMON-STOCK> 4,581,175
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,099
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (30,774)
<ACCUM-APPREC-OR-DEPREC> (89,066)
<NET-ASSETS> 45,705,253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 721,383
<OTHER-INCOME> 0
<EXPENSES-NET> 62,830
<NET-INVESTMENT-INCOME> 658,553
<REALIZED-GAINS-CURRENT> (30,774)
<APPREC-INCREASE-CURRENT> (89,066)
<NET-CHANGE-FROM-OPS> 538,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (640,934)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,000,603
<NUMBER-OF-SHARES-REDEEMED> (458,745)
<SHARES-REINVESTED> 39,317
<NET-CHANGE-IN-ASSETS> 47,190,090
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82,858
<AVERAGE-NET-ASSETS> 49,721,319
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
