As filed with the Securities and Exchange
Commission
on June 26, 1997
Registration Nos.
33-54748
811-7346
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. 27
[ X ]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[ X ]
Amendment No. 29
[ 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 26, 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)
Prospectus to The Munder
Funds
(Equity Funds Class A, B &
C Shares)
<TABLE>
<CAPTION>
Part A
--------
<S> <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
</TABLE>
<PAGE>
THE MUNDER FUNDS, INC.
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Prospectus to The Munder
Funds
(Class K Shares)
<TABLE>
<CAPTION>
Part A
--------
<S> <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
</TABLE>
<PAGE>
THE MUNDER FUNDS, INC.
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Prospectus to The Munder
Funds
(Class Y Shares)
<TABLE>
<CAPTION>
Part A
--------
<S> <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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Part B
------------------
<S> <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
</TABLE>
<PAGE>
THE MUNDER FUNDS, INC.
The purpose of this filing is to comply with an undertaking
pursuant to Item
32(d) 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 Micro-Cap
Equity Fund and the
Munder Small-Cap Value Fund. In reliance upon Section V of the
Generic Comment
Letter from the Staff of the Division of Investment Management,
dated February
25, 1994, the measuring period for the four to six month period
began with the
Micro-Cap Equity Fund and Small-Cap Value Fund's commencement
of operations
rather than the effective date of the Registration Statement. As
of the date of
this filing, the Equity Selection Fund had not commenced
operations. The
Registrant intends to file a Post-Effective Amendment updating
financials within
4-6 months upon commencement of operations. The Prospectuses
dated October 28,
1996 and the Statement of Additional Information also dated
October 28, 1996,
are incorporated into Part A and Part B, respectively, by
reference to
Post-Effective Amendment No. 20 to the Registration Statement
filed under
Paragraph (b) of Rule 485 under the Securities Act of 1933, as
amended, on
October 28, 1996.
The Prospectuses and Statements of Additional Information
for the Munder
Short-Term Treasury 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>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR
SUPPLEMENTS
The Munder Funds
Supplement Dated June 26,
1997
to Prospectus dated October 28,
1996
Class A, B and C Shares of:
Munder Accelerating Growth Fund, Munder Balanced Fund,
Munder Equity
Selection Fund, Munder Growth & Income Fund, Munder Index 500
Fund, Munder
International Equity Fund, 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 Small Company Growth
Fund and Munder
Value Fund (the "Funds")
FINANCIAL HIGHLIGHTS
The following tables of "Financial Highlights" relating
to Class A, B
and C Shares of the Munder Micro-Cap Equity Fund and the Munder
Small-Cap Value
Fund (each a, "Fund") supplements information contained in the
Prospectus dated
October 28, 1996 and is derived from each such Fund's
unaudited Financial
Statements dated April 30, 1997.
<TABLE>
<CAPTION>
Micro-Cap Equity Fund
<S>
<C> <C> <C>
Class A Shares Class B Shares Class C Shares
Period Ended Period Ended Period Ended
4/30/97(a,e) 4/30/97(a,e) 4/30/97(a,e)
(Unaudited) (Unaudited) (Unaudited)
Net asset value, beginning of period................. $
10.00 $ 11.00 $ 10.13
---
- ------------ --------------- -----------
Income from investment operations:
Net investment loss..................................
(0.02) (0.02) (0.02)
Net realized and unrealized loss
on investments..................................
(0.21) (1.22) (0.34)
------
- ------------ ------------------ ---------------
Total from investment operations.....................
(0.23) (1.24) (0.36)
------
- ------------ ------------------ ---------------
Less distributions:
Dividends from net investment income.................
- --- --- ---
------
- ------------ ------------------ ------------
Total distributions..................................
- --- --- ---
------
- ------------ ------------------ ------------
Net asset value, end of period....................... $
9.77 $ 9.76 $ 9.77
=============== =============== ==========
Total return (b).....................................
(2.30)% (11.27)% (3.55)%
=============== ============== =============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).................
$77 $129 $9
Ratio of operating expenses to average net assets....
1.50% (c) 2.25% (c) 2.25% (c)
Ratio of net investment loss to
average net assets.............................
(0.84)% (c) (1.59)% (c) (1.59)%
(c)
Portfolio turnover rate..............................
59% 59% 59%
Ratio of operating expenses to average net
assets without expenses reimbursed by
investment advisor..............................
13.14% (c) 13.89% (c) 13.89% (c)
Average commission rate (d)..........................
$0.0562 $0.0562 $0.0562
<FN>
- -------------------------------------
(a) Munder Micro-Cap Equity Fund Class A Shares, Class B
Shares and Class C
Shares commenced operations on December 26, 1996,
February 24, 1997 and
March 31, 1997, respectively.
(b) Total return represents aggregate total return for the
period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) 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 per share data for the period since the use of the
undistributed
method did not accord with results of operations.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
.........
Small-Cap Value Fund
- --------------------
<S>
<C> <C> <C>
Class A Shares Class B Shares Class C Shares
Period Ended Period Ended Period Ended
4/30/97(a) 4/30/97(a) 4/30/97(a)
(Unaudited) (Unaudited) (Unaudited)
Net asset value, beginning of period................. $
10.22 $ 10.76 $ 10.22
---
- ------------ --------------- -----------
Income from investment operations:
Net investment income................................ 0.00
(e) 0.00 (e) 0.00 (e)
Net realized and unrealized gain/(loss)
on investments.................................. 0.31
(0.24) 0.30
------
- --- --------- ------
Total from investment operations..................... 0.31
(0.24) 0.30
------
- --- --------- -------------
Less distributions:
Dividends from net investment income................. ---
- --- ---
------
- --- --------- ---
Total distributions.................................. ---
- --- ---
------
- --- --------- ---
Net asset value, end of period....................... $10.53
$10.52 $10.52
======== ======== =====
Total return (b).....................................
3.03% (2.23)% 2.94%
========= ========= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).................
$665 $124 $25
Ratio of operating expenses to average net assets....
1.25% (c) 2.00% (c) 2.00% (c)
Ratio of net investment income/(loss) to
average net assets.............................
0.60% (c) (0.15)% (c) (0.15)% (c)
Portfolio turnover rate..............................
21% 21% 21%
Ratio of operating expenses to average net
assets without expenses reimbursed by
investment advisor..............................
2.35% (c) 3.10% (c) 3.10% (c)
Average commission rate (d)..........................
$0.0364 $0.0364 $0.0364
<FN>
- -------------------------------------
(a) Munder Small-Cap Value Fund Class A Shares, Class B
Shares and Class C
Shares commenced operations on January 10, 1997,
February 11, 1997 and
January 13, 1997, respectively.
(b) Total return represents aggregate total return for the
period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Average commission rate paid per share of securities
purchased and sold by the Fund.
(e) Amount represents less than $0.01 per share.
</FN>
</TABLE>
<PAGE>
MINIMUM INITIAL INVESTMENT
REDUCED
Effective as of May 16, 1997, the minimum initial investment for
the Funds had
been reduced to $500 for Class A, B and C Shares of each of the
Funds.
SALES CHARGE WAIVERS--CLASS A
SHARES
QUALIFIED EMPLOYER SPONSORED
RETIREMENT PLANS
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
the first three paragraphs under "How to Purchase Shares--
Qualified Employer
Sponsored Retirement Plans" in the Prospectus are hereby
deleted in their
entirety and supplemented as follows:
Sales Charge Waivers--Class A Shares
Upon notice to the Funds' 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 Funds'
administrator,
distributor and custodian, and immediate family members of such
persons; (3)
registered broker-dealers that have entered into selling
agreements with the
Funds' 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 planner or employee
benefit plan
consultants acting for the account of their clients; and (6)
employer sponsored
retirement plans which are administered by Universal
Pensions, Inc. ("UPI
Plans").
Qualified Employer Sponsored Retirement Plans
Class A Shares (other than the Index 500 Fund)
Upon notice to the Funds' 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
Trust (the "Company") (other than the Index 500 Fund), The
Munder Funds, Inc.
("Munder") 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 Funds' 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.
Class A Shares of the Index 500 Fund
The initial sales charge will be waived for all investments
by Qualified
Employee Benefit Plans and UPI Plans in Class A Shares of the
Index 500 Fund. In
addition, the CDSC of up to .20% imposed on certain redemptions
within one year
of purchase will be waived for Qualified Employee Benefit
Plan and UPI Plan
purchases of Class A Shares of the Index 500 Fund. The Distributor
will pay the
following commissions to dealers and other entities (as permitted
by applicable
Federal and state law) who initiate and are responsible for
Qualified Employee
Benefit Plan and UPI Plan purchases of Class A Shares of the Index
500 Fund:
Discount to
Dealer or Entity
Amount of Purchase as a Percentage of
Offering Price
Less than $500,000........................... 0.25%
$500,000 but less than $1,000,000............ 0.20%
$1,000,000 but less than $3,000,000.......... 0.15%
$3,000,000 or more........................... 0.10%
Sales charges will be waived for individuals who purchase Class
A Shares with
the proceeds of distributions from qualified retirement plans
for which the
Advisor serves as investment advisor. Sales charges also will
be waived for
individuals who purchase Class A Shares with the proceeds of
redemptions of
Class Y Shares of the Funds of the Company, Munder or Munder
Framlington if the
proceeds are invested within 60 days of redemption.
See "Other
Information--Description of Shares."
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER SMALL-CAP VALUE
FUND AND MUNDER
SMALL COMPANY GROWTH FUND
Edward Eberle, Value Portfolio Manager of the Advisor, has
been co-manager
of the Value Fund since October, 1996. Mr. Eberle has been
appointed co-manager
of the Small-Cap Value Fund. Prior to being appointed co-
manager, Mr. Eberle
acted as the primary analyst for the Funds, assisting the manager
with portfolio
decisions. He is also a member of the Advisor's asset allocation
team. Prior to
joining the Advisor in 1995, Mr. Eberle served as Executive Vice
President and
Portfolio Manager for Westpointe Financial Corporation and as a
member of the
Board of Directors for Westpointe Capital Management and Dart
Investors Bermuda
Limited. Mr. Eberle received a B.A. in Finance from Michigan State
University.
Michael P. Gura, CFA, Senior Portfolio Manager of the
Advisor, has been
appointed co-manager of the Small Company Growth Fund. Prior
to joining the
Advisor in 1995, Mr. Gura was a Vice President, Senior Equity
Analyst for
Woodbridge Capital Management, Inc. From 1989-1994, Mr. Gura was
an investment
officer at Manufacturers National Bank Trust Investment
Department where he was
responsible for equity research covering the retailing,
apparel, specialty
chemical and environmental industries. From 1986-1989, Mr.
Gura served as a
Financial/Tax Planning analyst for Manufacturers National
Bank. Mr. Gura
received an M.S. in Finance with Distinction and a B.B.A. from
Walsh College. He
is a member of the Financial Analyst Society of Detroit and
is a Certified
Financial Planner.
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER INDEX
500 FUND
Kenneth A. Schluchter III, has been appointed co-manager of
the Index 500
Fund. Prior to joining the Advisor, Mr. Schluchter was a Systems
Developer and
Data Analyst for Compuware Incorporated (1993-1995) and a
Business Analyst for
Central Transport Incorporated (1989-1993). Mr. Schluchter
received a B.S. and
an M.B.A. from the University of Michigan.
CHANGE IN METHOD OF PORTFOLIO MANAGEMENT FOR THE MUNDER
ACCELERATING GROWTH
FUND AND MUNDER MID-CAP GROWTH FUND
The Munder Accelerating Growth Fund and Munder Mid-Cap
Growth Fund are
managed by a committee of professional portfolio managers of the
Advisor.
<PAGE>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR
SUPPLEMENTS
The Munder Funds
Supplement Dated June
26, 1997
to Prospectus Dated October
28, 1996
Class K Shares of:
Munder Accelerating Growth Fund, Munder Balanced Fund,
Munder Equity
Selection Fund, Munder Growth & Income Fund, Munder Index 500
Fund, Munder
International Equity Fund, 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 Small Company Growth
Fund, Munder
Value Fund, Munder Bond Fund, Munder Intermediate Bond
Fund, Munder
International Bond Fund, Munder U.S. Government Income Fund,
Munder Michigan
Triple Tax-Free Bond Fund, Munder Tax-Free Bond Fund,
Munder Tax-Free
Intermediate Bond Fund, Munder Cash Investment Fund, Munder
Tax-Free Money
Market Fund and Munder U.S. Treasury Money Market Fund
FINANCIAL
HIGHLIGHTS
The following table of "Financial Highlights"
relating to Class K
Shares of the Munder Micro-Cap Equity Fund and Munder Small-
Cap Value Fund
supplements information contained in the Prospectus dated
October 28, 1996 and
is derived from each such Fund's unaudited Financial Statements
dated April 30,
1997.
<TABLE>
<CAPTION>
Class K Shares
Period Ended
4/30/97(a)
(Unaudited)
<S>
<C> <C>
Munder Micro-Cap Munder Small-Cap
Equity Fund(f) Value Fund
Net asset value, beginning of period..........................
$10.11 $10.08
- -------- -----
Income from investment operations:
Net investment income/(loss)..................................
(0.02) 0.00 (e)
Net realized and unrealized gain/(loss) on investments........
(0.32) 0.45
- --------- ------
Total from investment operations..............................
(0.34) 0.45
- --------- ------
Less distributions:
Dividends from net investment income..........................
- --- ---
- --------- ---
Total distributions...........................................
- --- ---
- --------- ---
Net asset value, end of period................................
$ 9.77 $10.53
======== =====
Total return (b)..............................................
(3.36)% 4.46%
======== =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)..........................
$113 $33,996
Ratio of operating expenses to average net assets.............
1.50% (c) 1.25% (c)
Ratio of net investment income/(loss) to average net assets...
(0.84)% (c) 0.60% (c)
Portfolio turnover rate.......................................
59% 21%
Ratio of operating expenses to average net assets without
expenses reimbursed by investment advisor..................
13.14% (c) 2.35% (c)
Average commission rate (d)...................................
.........$0.0562 ......... $0.0364
<FN>
- -------------------------------------
(a) Munder Micro-Cap Equity Fund and 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) Amount represents less than $0.01 per share.
(f) Per share numbers have been calculated using the average
shares method,
which more appropriately presents per share data for the
period since the
use of the undistributed net investment income method did
not accord with
results of operations.
</FN>
</TABLE>
MANAGEMENT
Performance Information
Set forth below is certain performance information
regarding the Munder
Accelerating Growth Fund, Munder Small Company Growth Fund, Munder
International
Equity Fund, Munder Index 500 Fund, Munder Bond Fund, Munder
U.S. Government
Income Fund, Munder Intermediate Bond Fund and Munder Tax-Free
Bond Fund (the
"Funds") provided by Munder Capital Management (the "Advisor") or
Comerica Bank
("Comerica") each of which was created through the conversion of
a predecessor
common or collective trust fund managed by the Advisor or Comerica
and which had
investment objectives and policies similar to those of the
corresponding Funds.
See in the prospectus "Investment Objectives and Polices"
and "Portfolio
Instruments and Practices and Associated Risk Factors".
Immediately prior to and
following the conversion, the same individual at the Advisor or
Comerica managed
a Fund as both a common or collective trust fund and as a mutual
fund.
The table for each Fund includes the rates of average
annual total
return achieved on the Fund's assets when managed as a mutual fund
and the rates
of average annual return achieved on its assets when managed
as a common or
collective trust fund prior to the conversion of that common or
collective fund
into the current mutual fund. The performance information
assumes the
reinvestment of net income and capital gain distributions.
The common or
collective fund returns are calculated by assuming that the
same fees and
expenses currently applicable to a Fund had also applied to the
corresponding
common or collective trust fund prior to its conversion to a
mutual fund.
Past performance of the Funds is not an indication of
future results.
The quoted performance data below includes the performance of
each respective
common or collective trust fund for periods before the
corresponding mutual
fund's registration statement became effective. The common and
collective trust
funds were not registered under the Investment Company Act of
1940 (the "1940
Act") and therefore were not subject to certain investment
restrictions that are
imposed by the 1940 Act. If the common and collective trust
funds had been
registered under the 1940 Act, the common and collective
trust funds'
performance may have been adversely affected.
<TABLE>
<CAPTION>
<S> <C>
<C>
Munder Accelerating
Period Ended Growth Fund
S&P 500
December 31, 1996 (Class K)*
Index**
--------------- ---------
- -----
1 Year........... 12.85%
22.96%
3 Years........ . 9.14%
19.67%
5 Years......... 10.85%
15.22%
Inception on January 1, 1990 12.10%
14.40%
<FN>
.........
* Converted from collective trust fund to mutual fund on
November 23, 1992
** Standard & Poor's 500 Composite Stock Price Index ("S&P
500 Index") performance shows total return in
U.S. dollars but does not reflect the deduction of fees,
expenses and taxes. Source: Lipper Analytical
Services, Inc.
</FN>
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
<C>
Munder Small Company
Period Ended Growth
Fund Russell 2000
December 31, 1996
(Class K)* Index**
----------------- ---
- ------ -----
1 Year......................................
36.89% 16.49%
3 Years.....................................
19.96% 13.68%
5 Years.....................................
18.07% 15.64%
10 Years....................................
16.70% 12.41%
Inception on December 31, 1982..............
15.03% 12.71%
<FN>
.........
*........Converted from collective trust fund to mutual fund on
November 23, 1992
** Russell 2000 Index performance shows total return in U.S.
dollars but does not reflect the deduction of
fees, expenses and taxes. Source: Lipper Analytical
Services, Inc.
</FN>
Munder
International
Period Ended
Equity Fund FT/S&P Actuaries
December 31, 1996
(Class K)* World Index ex U.S.**
----------------- ---
- ------ -------------------
1 Year......................................
10.03% 6.48%
3 Years.....................................
4.60% 8.42%
5 Years.....................................
8.91% 7.93%
Inception on September 30, 1990.............
10.14% 10.31%
<FN>
.........
*........Converted from collective trust fund to mutual fund on
November 23, 1992
** FT/S&P Actuaries World Index ex. U.S. performance shows
total return in U.S. dollars but does not
reflect the deduction of fees, expenses and taxes.
Source: Ibbotson Associates, Inc.
</FN>
Munder Index
Period Ended
500 Fund S&P 500
December 31, 1996
(Class K)* Index**
----------------- --
- ------- -----
1 Year......................................
22.15% 22.96%
3 Years.....................................
19.04% 19.67%
5 Years.....................................
14.64% 15.22%
Inception on January 27, 1988...............
15.26% 16.08%
<FN>
.........
*........Converted from collective trust fund to mutual fund on
December 7, 1992
** S&P 500 Index performance shows total return in U.S.
dollars but does not reflect the deduction of
fees, expenses and taxes. Source: Lipper Analytical
Services, Inc.
</FN>
<PAGE>
Munder Lehman Brothers
Period Ended
Bond Fund Gov't/Corp. Bond
December 31, 1996
(Class K)* Index**
----------------- --
- ------- -----
1 Year.....................................
2.47% 2.90%
3 Years....................................
4.85% 5.79%
5 Years....................................
5.28% 7.18%
10 Years...................................
7.05% 8.38%
<FN>
.........
*........Converted from collective trust fund to mutual fund on
November 23, 1992
** Lehman Brothers Government/Corporate Bond Index
performance shows total return in U.S. dollars but does
not reflect the deduction of fees, expenses and taxes.
Source: Lipper Analytical Services, Inc.
</FN>
Munder U.S. Lehman Brothers
Period Ended Government
Income Fund Gov't/Corp. Bond
December 31, 1996
(Class K)* Index**
----------------- ---
- ------ -----
1 Year......................................
2.88% 2.90%
3 Years....................................
4.18% 5.79%
5 Years....................................
6.06% 7.18%
10 Years...................................
7.22% 8.38%
<FN>
.........
*........Converted from common trust fund to mutual fund on July
5, 1994
** Lehman Brothers Government/Corporate Bond Index
performance shows total return in U.S. dollars but does
not reflect the deduction of fees, expenses and taxes.
Source: Lipper Analytical Services, Inc.
</FN>
Munder
Intermediate Lehman Brothers
Period Ended
Bond Fund Intermediate Gov't/Corp.
December 31, 1996
(Class K)* Bond Index**
----------------- --
- ------- ----------
1 Year......................................
2.88% 4.05%
3 Years.....................................
4.24% 5.58%
5 Years.....................................
5.46% 6.53%
10 Years....................................
6.80% 7.91%
Inception on March 31, 1982.................
8.97% 10.47%
<FN>
.........
*........Converted from collective trust fund to mutual fund on
November 20, 1992
** Lehman Brothers Intermediate Government/Corporate Bond
Index performance shows total return in U.S.
dollars but does not reflect the deduction of fees,
expenses and taxes. Source: Lipper Analytical
Services, Inc.
</FN>
<PAGE>
Munder
Tax-Free
Period Ended
Bond Fund Lehman 15-Year
December 31, 1996
(Class K)* Muni Bond Index**
----------------- --
- ------- ---------------
1 Year......................................
2.13% 4.65%
3 Years.....................................
4.01% 5.44%
5 Years.....................................
6.42% 8.05%
10 Years....................................
6.31% N/A
<FN>
* Converted from common trust fund to mutual fund on July
5, 1994
** Lehman 15-Year Municipal Bond Index performance shows
total return in U.S. dollars but does not reflect
the deduction of fees, expenses and taxes. Source:
Lipper Analytical Services, Inc.
</FN>
</TABLE>
Indices
The S&P 500 Index is an unmanaged index of common
stock prices,
including reinvestment of dividends.
The Russell 2000 Index is a capitalization weighted
total return index
which is comprised of 2,000 of the smallest capitalized U.S.
domiciled companies
whose stock is traded in the United States on the New York
Stock Exchange,
American Stock Exchange and the NASDAQ.
The FT/S&P Actuaries World Index ex U.S. is an unmanaged
index used to
portray global equity markets excluding the U.S. The Index is
weighted based on
the market capitalization of those stocks selected to represent
each country and
includes gross reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index
is a weighted
composite of (i) Lehman Brothers Government Bond Index, which
is comprised of
all publicly issued, non-convertible debt of the U.S. Government
or any agency
thereof, quasi-federal corporations, and corporate debt
guaranteed by the U.S.
Government and (ii) Lehman Brothers Corporate Bond Index, which
is comprised of
all public fixed-rate, non-convertible investment-grade domestic
corporate debt,
excluding collateralized mortgage obligations.
The Lehman Brothers Intermediate Government/Corporate
Bond Index is a
weighted composite of (i) Lehman Brothers Intermediate
Government Bond Index,
which is comprised of all publicly issued, non-convertible
debt of the U.S.
Government or any agency thereof, quasi-Federal corporations and
corporate debt
guaranteed by the U.S. Government with a maturity of between one
and ten years
and (ii) Lehman Brothers Corporate Bond Index.
The Lehman 15-Year Municipal Bond Index is a performance
benchmark for
the long-term investment-grade tax-exempt bond market.
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER SMALL-CAP VALUE
FUND AND
MUNDER SMALL COMPANY GROWTH FUND
Edward Eberle, Portfolio Manager of the Advisor, has been
co-manager of
the Value Fund since October, 1996. Mr. Eberle has been appointed
co-manager of
the Small-Cap Value Fund. Prior to being appointed co-manager,
Mr. Eberle acted
as the primary analyst for the Funds, assisting the manger
with portfolio
decisions. He is also a member of the Advisor's asset allocation
team. Prior to
joining the Advisor in 1995, Mr. Eberle served as Executive Vice
President and
Portfolio Manager for Westpointe Financial Corporation and as a
member of the
Board of Directors for Westpointe Capital Management and Dart
Investors Bermuda
Limited. Mr.
Eberle received a B.A. in Finance from Michigan State University.
Michael P. Gura, CFA, Senior Portfolio Manager of the
Advisor, has been
appointed co-manager of the Small Company Growth Fund. Prior
to joining the
Advisor in 1995, Mr. Gura was a Vice President, Senior Equity
Analyst for
Woodbridge Capital Management, Inc. From 1989-1994, Mr. Gura was
an investment
officer at Manufacturers National Bank Trust Investment
Department where he was
responsible for equity research covering the retailing,
apparel, specialty
chemical and environmental industries. From 1986-1989, Mr.
Gura served as a
Financial/Tax Planning analyst for Manufacturers National
Bank. Mr. Gura
received an M.S. in Finance with Distinction and a B.B.A. from
Walsh College, is
a member of the Financial Analyst Society of Detroit and a
Certified Financial
Planner.
PORTFOLIO INSTRUMENTS AND PRACTICES AND ASSOCIATED RISK
FACTORS
.........The Munder Bond Fund, Munder International Bond
Fund, Munder U.S.
Government Income Fund, Munder Michigan Triple Tax-Free Bond
Fund, Munder
Tax-Free Bond Fund, and Munder Tax-Free Intermediate Bond
Fund (each a
"Fixed-Income Fund") may invest in preferred stock. Preferred
stock ranks senior
to common stock in the capital structure of an issuer and in
the payment of
dividends. Consequently, preferred stock may entail less risk than
common stock.
Some preferred stock in which the Fixed-Income Funds invest is
convertible into
common stock. Convertible preferred stock may be converted
either at a stated
price or rate within a specified period of time into a
specified number of
shares of common stock. By investing in convertible
preferred stock, a
Fixed-Income Fund seeks the opportunity, through the conversion
feature, to
participate in the capital appreciation of the common stock
into which the
securities are convertible, while earning higher current
income than is
available from the common stock. Convertible preferred stocks
entitle the holder
to receive the dividend paid on preferred stock until the
convertible preferred
stocks mature or are redeemed, converted or exchanged. Prior
to conversion,
convertible preferred stocks have characteristics similar to
ordinary debt
securities in that they normally provide a stable stream of
income with
generally higher yields than those of common stock of the
same or similar
issuers. In evaluating a convertible preferred stock, to the
extent consistent
with a Fixed-Income Fund's investment objective, the Advisor
places emphasis on
the attractiveness of the underlying common stock and the
potential for capital
appreciation through conversion.
CHANGE IN DIVIDEND DETERMINATION TIME WITH RESPECT TO MUNDER CASH
INVESTMENT
FUND AND MUNDER U.S. TREASURY MONEY
MARKET FUND
(THE "MONEY MARKET FUNDS")
.........Shares of the Funds are sold at net asset value
per share next
determined after a purchase order is received and becomes
effective. Purchase
orders by an institution for shares in the Money Market Funds
become effective
when the purchase order is received, together with payment,
by First Data
Investor Services Group, Inc. (the "Transfer Agent") by 4:00 p.m.
(Eastern time)
on any day on which the New York Stock Exchange is open for
business. A purchase
order received by the Transfer Agent after such time will not
be accepted;
notice thereof will be given to the institution placing the order,
and any funds
received will be returned promptly to the sending institution.
Effective January 2, 1997, shareholders of the Money Market Funds
whose purchase
orders are received and become effective by 2:45 p.m. (Eastern
Time) receive
dividends for that day. Shareholders whose redemption orders have
been received
by 2:45 p.m. (Eastern Time) will not receive dividends for
that day, while
shareholders whose redemption orders are received after 2:45 p.m.
(Eastern Time)
will receive that day's dividends.
.CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER MICHIGAN TRIPLE TAX-
FREE BOND FUND,
MUNDER TAX-FREE BOND FUND, AND MUNDER TAX-FREE INTERMEDIATE
BOND FUND
.........Talmadge D. Gunn, Vice President and Director
of Tax-Exempt
Trading of the Advisor since 1993, currently manages the
Michigan Triple
Tax-Free Bond Fund, Tax-Free Bond Fund and Tax-Free Intermediate
Bond Fund. Mr.
Gunn is responsible for managing fixed income portfolios and
overseeing the
trading of tax-exempt fixed income securities for the Advisor.
Prior to joining
MCM, he was employed by Comerica Bank as Assistant Vice President
and Securities
Trader (1985-1993) and Senior Investment Analyst for the Fixed
Income Division
(1984-1985).
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER INDEX 500
FUND
.........Kenneth A. Schluchter III, has been appointed co-
manager of the
Index 500 Fund. Prior to joining the Advisor, Mr. Schluchter
was a Systems
Developer and Data Analyst for Compuware Incorporated (1993-1995)
and a Business
Analyst for Central Transport Incorporated (1989-1993). Mr.
Schluchter received
a B.S. and an M.B.A. from the University of Michigan.
CHANGE IN METHOD OF PORTFOLIO MANAGEMENT FOR THE MUNDER
ACCELERATING GROWTH
FUND AND MUNDER MID-CAP GROWTH FUND
.........The Munder Accelerating Growth Fund and Munder Mid-
Cap Growth Fund
are managed by a committee of professional portfolio managers of
the Advisor.
<PAGE>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR
SUPPLEMENTS
The Munder Funds
Supplement Dated June
26, 1997
to Prospectus Dated October
28, 1996
Class Y Shares of:
Munder Accelerating Growth Fund, Munder Balanced Fund,
Munder Equity
Selection Fund, Munder Growth & Income Fund, Munder Index 500
Fund, Munder
International Equity Fund, 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 Small Company Growth
Fund, Munder
Value Fund, Munder Bond Fund, Munder Intermediate Bond
Fund, Munder
International Bond Fund, Munder U.S. Government Income Fund,
Munder Michigan
Triple Tax-Free Bond Fund, Munder Tax-Free Bond Fund,
Munder Tax-Free
Intermediate Bond Fund, Munder Cash Investment Fund, Munder
Money Market Fund,
Munder Tax-Free Money Market Fund and Munder U.S. Treasury Money
Market Fund
FINANCIAL
HIGHLIGHTS
The following table of "Financial Highlights"
relating to Class Y
Shares of Munder Micro-Cap Equity Fund and Munder Small-
Cap Value Fund
supplements information contained in the Prospectus dated
October 28, 1996 and
is derived from each such Fund's unaudited Financial Statements
dated April 30,
1997.
<TABLE>
<CAPTION>
Class Y Shares
Period Ended
4/30/97(a)
(Unaudited)
<S>
<C> <C>
Munder Micro-Cap Munder Small-Cap
Equity Fund(f) Value Fund
Net asset value, beginning of period..........................
$10.00 $10.00
- -------- -----
Income from investment operations:
Net investment income/(loss)..................................
(0.01) 0.01
Net realized and unrealized gain/(loss) on investments........
(0.22) 0.52
- --------- ------
Total from investment operations..............................
(0.23) 0.53
- --------- ------
Less distributions:
Dividends from net investment income..........................
- --- ---
- --------- ---
Total distributions...........................................
- --- ---
- --------- ---
Net asset value, end of period................................
$ 9.77 $10.53
======== =====
Total return (b)..............................................
(2.30)% 5.30%
========= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)..........................
$1,045 $11,773
Ratio of operating expenses to average net assets.............
1.25% (c) 1.00% (c)
Ratio of net investment income/(loss) to average net assets...
(0.59%) (c) 0.85% (c)
Portfolio turnover rate.......................................
59% 21%
Ratio of operating expenses to average net assets without
expenses reimbursed by investment advisor..................
12.89% (c) 2.10% (c)
Average commission rate (d)...................................
$0.0562 $0.0364
<FN>
- -------------------------------------
(a) Munder Micro-Cap Equity Fund and Munder Small-Cap
Value Fund Class Y
Shares commenced operations on December 26, 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) Amount represents less than $0.01 per share.
(f) Per share numbers have been calculated using the average
shares method,
which more appropriately presents per share data for the
period since the
use of the undistributed net investment income method did
not accord with
results of operations.
</FN>
</TABLE>
<PAGE>
FINANCIAL
HIGHLIGHTS
The following table of "Financial Highlights"
relating to Class Y
Shares of the Munder International Bond Fund (the "Fund")
supplements
information contained in the Prospectus dated October 28, 1996
and is derived
from the Fund's unaudited Financial Statements dated December 31,
1996.
<TABLE>
<CAPTION>
Munder International
Bond Fund
<S>
<C>
Period
Ended
12/31/96(a,d)
(Unaudited)
Net asset value, beginning of period
................................................... $
10.00
- ----------------
Income from investment operations:
Net investment income
..................................................................
0.10
Net realized and unrealized gain on
investments.........................................
0.14
- ----------------
Total from investment operations
.......................................................
0.24
- ----------------
Less distributions:
Dividends from net investment income
...................................................
(0.08)
- -----------------
Total distributions
..................................................................
.. (0.08)
- -----------------
Net asset value, end of period
.........................................................
$ 10.16
================
Total return(b)
..................................................................
...... 2.43%
================
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)
...................................................
$29,820
Ratio of operating expenses to average net assets
...................................... 0.85%
(c)
Ratio of net investment income to average net assets
................................... 3.93% (c)
Portfolio turnover rate
................................................................
31%
Ratio of operating expenses to average net assets without waivers
..................... 0.85% (c)
Net investment income per share without
waivers.........................................
$0.10
- -----
<FN>
- ---------------------------------
(a)......The Munder International Bond Fund Class Y Shares
commenced operations on October 2, 1996.
(b) Total return represents aggregate total return for the
period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average
shares method,
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>
</TABLE>
MANAGEMENT
Performance Information
Set forth below is certain performance information
regarding the Munder
Accelerating Growth Fund, Munder Small Company Growth Fund, Munder
International
Equity Fund, Munder Index 500 Fund, Munder Bond Fund, Munder
U.S. Government
Income Fund, Munder Intermediate Bond Fund and Munder Tax-Free
Bond Fund (the
"Funds") provided by Munder Capital Management (the "Advisor") or
Comerica Bank
("Comerica") each of which was created through the conversion of
a predecessor
common or collective trust fund managed by the Advisor or Comerica
and which had
investment objectives and policies similar to those of the
corresponding Funds.
See in the prospectus "Investment Objectives and Polices"
and "Portfolio
Instruments and Practices and Associated Risk Factors".
Immediately prior to and
following the conversion, the same individual at the Advisor or
Comerica managed
a Fund as both a common or collective trust fund and as a mutual
fund.
The table for each Fund includes the rates of average
annual total
return achieved on the Fund's assets when managed as a mutual fund
and the rates
of average annual return achieved on its assets when managed
as a common or
collective trust fund prior to the conversion of that common or
collective fund
into the current mutual fund. The performance information
assumes the
reinvestment of net income and capital gain distributions.
The common or
collective fund returns are calculated by assuming that the
same fees and
expenses currently applicable to a Fund had also applied to the
corresponding
common or collective trust fund prior to its conversion to a
mutual fund.
Past performance of the Funds is not an indication of
future results.
The quoted performance data below includes the performance of
each respective
common or collective trust fund for periods before the
corresponding mutual
fund's registration statement became effective. The common and
collective trust
funds were not registered under the Investment Company Act of
1940 (the "1940
Act") and therefore were not subject to certain investment
restrictions that are
imposed by the 1940 Act. If the common and collective trust
funds had been
registered under the 1940 Act, the common and collective
trust funds'
performance may have been adversely affected.
<TABLE>
<CAPTION>
<S> <C> <C>
<C>
Munder
Accelerating
Period Ended
Growth Fund S&P 500
December 31, 1996
(Class Y)* Index**
----------------- --
- ------- -----
1 Year......................................
13.07% 22.96%
3 Years.....................................
9.40% 19.67%
5 Years.....................................
11.06% 15.22%
Inception on January 1, 1990................
12.34% 14.40%
<FN>
.........
* Converted from collective trust fund to mutual fund on
December 1, 1991
** Standard & Poor's 500 Composite Stock Price Index ("S&P
500 Index") performance shows total return in
U.S. dollars but does not reflect the deduction of fees,
expenses and taxes. Source: Lipper Analytical
Services, Inc.
</FN>
<PAGE>
Munder Small Company
Period Ended
Growth Fund Russell 2000
December 31, 1996
(Class Y)* Index**
----------------- --
- ------- -----
1 Year......................................
37.17% 16.49%
3 Years.....................................
20.24% 13.68%
5 Years.....................................
18.30% 15.64%
10 Years....................................
16.95% 12.41%
Inception on December 31, 1982..............
15.29% 12.71%
<FN>
..................
* Converted from collective trust fund to mutual fund on
December 1, 1991
** Russell 2000 Index performance shows total return in U.S.
dollars but does not reflect the deduction of
fees, expenses and taxes. Source: Lipper Analytical
Services, Inc.
</FN>
Munder
International
Period Ended
Equity Fund FT/S&P Actuaries
December 31, 1996
(Class Y)* World Index ex. U.S.**
1 Year......................................
10.41% 6.48%
3 Years.....................................
4.89% 8.42%
5 Years.....................................
9.14% 7.93%
Inception on September 30, 1990.............
10.37% 10.31%
<FN>
.........
* Converted from collective trust fund to mutual fund on
December 1, 1991
** FT/S&P Actuaries World Index ex. U.S. performance shows
total return in U.S. dollars but does not
reflect the deduction of fees, expenses and taxes.
Source: Ibbotson Associates, Inc.
</FN>
Munder Index
Period Ended
500 Fund S&P 500
December 31, 1996
(Class Y)* Index**
----------------- --
- ------- -----
1 Year......................................
22.47% 22.96%
3 Years.....................................
19.34% 19.67%
5 Years.....................................
14.87% 15.22%
Inception on January 27, 1988...............
15.51% 16.08%
<FN>
.........
* Converted from collective trust fund to mutual fund on
December 1, 1991
** S&P 500 Index performance shows total return in U.S.
dollars but does not reflect the deduction of fees,
expenses and taxes. Source: Lipper Analytical Services,
Inc.
</FN>
<PAGE>
Munder Lehman Brothers
Period Ended
Bond Fund Gov't/Corp. Bond
December 31, 1996
(Class Y)* Index**
----------------- --
- ------- -----
1 Year.....................................
2.72% 2.90%
3 Years....................................
5.10% 5.79%
5 Years....................................
5.48% 7.18%
10 Years...................................
7.28% 8.38%
<FN>
.........
* Converted from collective trust fund to mutual fund on
December 1, 1991
** Lehman Brothers Government/Corporate Bond Index
performance shows total return in U.S. dollars but does
not reflect the deduction of fees, expenses and taxes.
Source: Lipper Analytical Services, Inc.
</FN>
Munder U.S. Lehman Brothers
Period Ended Government
Income Fund Gov't/Corp. Bond
December 31, 1996
(Class Y)* Index**
----------------- ---
- ------ -----
1 Year......................................
3.13% 2.90%
3 Years....................................
4.43% 5.79%
5 Years....................................
6.32% 7.18%
10 Years...................................
7.48% 7.76%
<FN>
.........
* Converted from common trust fund to mutual fund on July
5, 1994
** Lehman Brothers Government/Corporate Bond Index
performance shows total return in U.S. dollars but does
not reflect the deduction of fees, expenses and taxes.
Source: Lipper Analytical Services, Inc.
</FN>
Munder
Intermediate Lehman Brothers.
Period Ended
Bond Fund Intermediate Gov't/Corp.
December 31, 1996
(Class Y)* Bond Index**
----------------- --
- ------- ----------
1 Year......................................
3.13% 4.05%
3 Years.....................................
4.49% 5.58%
5 Years.....................................
5.65% 6.53%
10 Years....................................
7.04% 7.91%
Inception on March 31, 1982.................
9.22% 10.47%
<FN>
.........
* Converted from collective trust fund to mutual fund on
December 1, 1991
** Lehman Brothers Intermediate Government/Corporate Bond
Index performance shows total return in U.S.
dollars but does not reflect the deduction of fees,
expenses and taxes. Source: Lipper Analytical
Services, Inc.
</FN>
<PAGE>
Munder
Tax-Free
Period Ended
Bond Fund Lehman 15-Year
December 31, 1996
(Class Y)* Muni Bond Index**
----------------- --
- ------- ---------------
1 Year......................................
2.38% 4.65%
3 Years.....................................
4.24% 5.44%
5 Years.....................................
6.67% 8.05%
10 Years....................................
6.57% N/A
<FN>
.........
* Converted from common trust fund to mutual fund on July
21, 1994
** Lehman 15-Year Municipal Bond Index performance shows
total return in U.S. dollars but does not reflect
the deduction of fees, expenses and taxes. Source:
Lipper Analytical Services, Inc.
</FN>
</TABLE>
Indices
The S&P 500 Index is an unmanaged index of common
stock prices,
including reinvestment of dividends.
The Russell 2000 Index is a capitalization weighted
total return index
which is comprised of 2,000 of the smallest capitalized U.S.
domiciled companies
whose stock is traded in the United States on the New York
Stock Exchange,
American Stock Exchange and the NASDAQ.
The FT/S&P Actuaries World Index ex U.S. is an unmanaged
index used to
portray global equity markets excluding the U.S. The Index is
weighted based on
the market capitalization of those stocks selected to represent
each country and
includes gross reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index
is a weighted
composite of (i) Lehman Brothers Government Bond Index, which
is comprised of
all publicly issued, non-convertible debt of the U.S. Government
or any agency
thereof, quasi-federal corporations, and corporate debt
guaranteed by the U.S.
Government and (ii) Lehman Brothers Corporate Bond Index, which
is comprised of
all public fixed-rate, non-convertible investment-grade domestic
corporate debt,
excluding collateralized mortgage obligations.
The Lehman Brothers Intermediate Government/Corporate
Bond Index is a
weighted composite of (i) Lehman Brothers Intermediate
Government Bond Index,
which is comprised of all publicly issued, non-convertible
debt of the U.S.
Government or any agency thereof, quasi-Federal corporations and
corporate debt
guaranteed by the U.S. Government with a maturity of between one
and ten years
and (ii) Lehman Brothers Corporate Bond Index.
The Lehman Brothers 15-Year Municipal Bond Index is
a performance
benchmark for the long-term investment-grade tax-exempt bond
market.
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER SMALL-CAP VALUE FUND
AND MUNDER
SMALL COMPANY GROWTH FUND
Edward Eberle, Portfolio Manager of the Advisor, has been
co-manager of
the Value Fund since October, 1996. Mr. Eberle has been appointed
co-manager of
the Small-Cap Value Fund. Prior to being appointed co-manager,
Mr. Eberle acted
as the primary analyst for the Funds, assisting the manger
with portfolio
decisions. He is also a member of the Advisor's asset allocation
team. Prior to
joining the Advisor in 1995, Mr. Eberle served as Executive Vice
President and
Portfolio Manager for Westpointe Financial Corporation and as a
member of the
Board of Directors for Westpointe Capital Management and Dart
Investors Bermuda
Limited. Mr.Eberle received a B.A. in Finance from Michigan State
University.
Michael P. Gura, CFA, Senior Portfolio Manager of the
Advisor, has been
appointed co-manager of the Small Company Growth Fund. Prior
to joining the
Advisor in 1995, Mr. Gura was a Vice President, Senior Equity
Analyst for
Woodbridge Capital Management, Inc. From 1989-1994, Mr. Gura was
an investment
officer at Manufacturers National Bank Trust Investment
Department where he was
responsible for equity research covering the retailing,
apparel, specialty
chemical and environmental industries. From 1986-1989, Mr.
Gura served as a
Financial/Tax Planning analyst for Manufacturers National
Bank. Mr. Gura
received an M.S. in Finance with Distinction and a B.B.A. from
Walsh College, is
a member of the Financial Analyst Society of Detroit and a
Certified Financial
Planner.
PORTFOLIO INSTRUMENTS AND PRACTICES AND ASSOCIATED
RISK FACTORS
.........The Munder Bond Fund, Munder Intermediate Bond
Fund, Munder
International Bond Fund, Munder U.S. Government Income Fund,
Munder Michigan
Triple Tax-Free Bond Fund, Munder Tax-Free Bond Fund and
Munder Tax-Free
Intermediate Bond Fund (each a "Fixed-Income Fund") may invest
in preferred
stock. Preferred stock ranks senior to common stock in the
capital structure of
an issuer and in the payment of dividends. Consequently,
preferred stock may
entail less risk than common stock. Some preferred stock
in which the
Fixed-Income Funds invest is convertible into common stock.
Convertible
preferred stock may be converted either at a stated price or
rate within a
specified period of time into a specified number of shares of
common stock. By
investing in convertible preferred stock, a Fixed-Income
Fund seeks the
opportunity, through the conversion feature, to participate
in the capital
appreciation of the common stock into which the securities are
convertible,
while earning higher current income than is available from the
common stock.
Convertible preferred stocks entitle the holder to receive the
dividend paid on
preferred stock until the convertible preferred stocks mature or
are redeemed,
converted or exchanged. Prior to conversion, convertible
preferred stocks have
characteristics similar to ordinary debt securities in that
they normally
provide a stable stream of income with generally higher yields
than those of
common stock of the same or similar issuers. In evaluating
a convertible
preferred stock, to the extent consistent with a Fixed-Income
Fund's investment
objective, the Advisor places emphasis on the attractiveness of
the underlying
common stock and the potential for capital appreciation through
conversion.
CHANGE IN DIVIDEND DETERMINATION TIME WITH RESPECT TO MUNDER
CASH INVESTMENT
FUND, MUNDER MONEY MARKET FUND AND
MUNDER U.S. TREASURY MONEY MARKET FUND
(THE "MONEY MARKET FUNDS")
.........Shares of the Money Market Funds are sold at net
asset value per
share next determined after a purchase order is received and
becomes effective.
Purchase orders by an institution for shares in the Money
Market Funds become
effective when the purchase order is received, together with
payment, by First
Data Investor Services Group, Inc. (the "Transfer Agent") by 4:00
p.m. (Eastern
time) on any day on which the New York Stock Exchange is open for
business. A
purchase order received by the Transfer Agent after such
time will not be
accepted; notice thereof will be given to the institution placing
the order, and
any funds received will be returned promptly to the sending
institution.
Effective January 2, 1997, shareholders of the Money Market Funds
whose purchase
orders are received and become effective by 2:45 p.m. (Eastern
Time) receive
dividends for that day. Shareholders whose redemption orders have
been received
by 2:45 p.m. (Eastern Time) will not receive dividends for
that day, while
shareholders whose redemption orders are received after 2:45 p.m.
(Eastern Time)
will receive that day's dividends.
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER MICHIGAN TRIPLE TAX-
FREE BOND
FUND, MUNDER TAX-FREE BOND FUND, AND MUNDER TAX-FREE
INTERMEDIATE BOND FUND
.........Talmadge D. Gunn, Vice President and Director
of Tax-Exempt
Trading of the Advisor since 1993, currently manages the
Michigan Triple
Tax-Free Bond Fund, Tax-Free Bond Fund and Tax-Free Intermediate
Bond Fund. Mr.
Gunn is responsible for managing fixed income portfolios and
overseeing the
trading of tax-exempt fixed income securities for the Advisor.
Prior to joining
MCM, he was employed by Comerica Bank as Assistant Vice President
and Securities
Trader (1985-1993) and Senior Investment Analyst for the Fixed
Income Division
(1984-1985).
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER INDEX 500
FUND
.........Kenneth A. Schluchter III, has been appointed co-
manager of the
Index 500 Fund. Prior to joining the Advisor, Mr. Schluchter
was a Systems
Developer and Data Analyst for Compuware Incorporated (1993-1995)
and a Business
Analyst for Central Transport Incorporated (1989-1993). Mr.
Schluchter received
a B.S. and an M.B.A. from the University of Michigan.
CHANGE IN METHOD OF PORTFOLIO MANAGEMENT FOR THE MUNDER
ACCELERATING GROWTH
FUND AND MUNDER MID-CAP GROWTH FUND
.........The Munder Accelerating Growth Fund and Munder Mid-
Cap Growth Fund
are managed by a committee of professional portfolio managers of
the Advisor.
<PAGE>
THIS SUPPLEMENT SUPERSEDES ALL PRIOR
SUPPLEMENTS
The Munder Funds
Supplement Dated June 26, 1997
to Statement of Additional Information dated
October 28, 1996
Munder Accelerating Growth Fund, Munder Balanced Fund,
Munder Equity
Selection Fund, Munder Growth & Income Fund, Munder Index 500
Fund, Munder
International Equity Fund, 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 Small Company Growth
Fund, Munder
Value Fund, Munder Bond Fund, Munder Intermediate Bond
Fund, Munder
International Bond Fund, Munder U.S. Government Income Fund,
Munder Michigan
Triple Tax-Free Bond Fund, Munder Tax-Free Bond Fund,
Munder Tax-Free
Intermediate Bond Fund, Munder Cash Investment Fund, Munder
Money Market Fund,
Munder Tax-Free Money Market Fund, and Munder U.S. Treasury Money
Market Fund
.........The following unaudited Financial Statements dated
April 30, 1997
relating to the Munder Micro-Cap Equity Fund and the Munder Small-
Cap Value Fund
and unaudited Financial Statements dated December 31, 1996
relating to the
Munder International Bond Fund supplements the Statement
of Additional
Information dated October 28, 1996.
.........Effective May 16, 1997, the first sentence of the
section entitled
"Fund Investments -- Foreign Securities" is hereby deleted in
its entirety and
supplemented as follows:
.........The Equity Selection Fund, Micro-Cap Equity Fund, Mid-
Cap Growth Fund,
Multi-Season Growth Fund, Small-Cap Value Fund and Value Fund each
may invest up
to 20% and each other Equity Fund (except the Real Estate Equity
Investment Fund
and the International Equity Fund), each Bond Fund, the Balanced
Fund, the Cash
Investment Fund and each Tax-Free Bond Fund may invest up to 10%
of its assets
in foreign securities. Under normal market conditions, the
International Equity
Fund and the International Bond Fund will each invest at least 65%
of its assets
in equity securities and bonds, respectively, of issuers
located in at least
three countries other than the United States. Notwithstanding
these limitations,
the Equity Funds, the Balanced Fund, the Bond Funds, the Cash
Investment Fund,
the Money Market Fund and the International Bond Fund may each
invest up to 25%
of its total assets in the obligations of foreign banks and
foreign branches of
domestic banks.
. <PAGE>
MUNDER MICRO-CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS, APRIL 30, 1997 (UNAUDITED)
==================================================================
==============
SHARES
VALUE
- ------------------------------------------------------------------
- --------------
COMMON STOCKS - 88.0%
ADVERTISING - 2.2%
1,800 HA-LO Industries, Inc.
$ 30,150
- -----------
APPAREL - 1.8%
2,500 Farah, Inc.
24,688
- -----------
BANKING AND FINANCIAL SERVICES - 8.9%
440 Centennial Bancorp +
8,250
650 Dime Financial Corporation
12,269
4,000 Hamilton Bancorp, Inc.
77,000
590 Litchfield Financial Corporation
8,408
200 SIS Bancorp, Inc.
5,200
600 Vectra Banking Corporation +
11,475
- -----------
122,602
- -----------
BROADCASTING - 0.9%
1,680 Medialink Worldwide Incorporated
12,180
- -----------
BUILDING MATERIALS - 2.5%
1,370 Drew Industries, Inc. +
14,899
1,410 Kevco, Inc.
19,035
- -----------
33,934
- -----------
BUSINESS EQUIPMENT AND SUPPLIES - 1.3%
3,020 Raster Graphics, Inc. +
18,498
- -----------
CHEMICALS - 0.6%
1,860 American Materials & Technologies
Corporation +
8,370
- -----------
COMMERCIAL SERVICES - 11.7%
1,140 ACE Cash Express, Inc. +
13,538
1,320 Avert, Inc. +
8,580
730 Forrester Research, Inc.+
13,323
920 F.Y.I. Incorporated +
16,560
840 Lason Holdings, Inc. +
14,280
2,000 Premier Research Worldwide, Ltd.
19,250
1,060 META Group, Inc.
18,020
1,240 ONTRACK Data International, Inc. +
19,452
960 SOS Staffing Services, Inc.
11,280
1,090 Steiner Leisure Ltd.
26,432
- -----------
160,715
- -----------
COMPUTER HARDWARE, SOFTWARE OR SERVICES - 5.4%
760 Analytical Surveys, Inc. +
8,170
1,110 Axent Technologies, Inc. +
12,904
700 Engineering Animation, Inc. +
16,100
1,200 Signal Technology Corporation
8,250
1,280 Simulation Sciences, Inc. +
13,040
680 Technology Modeling Associates, Inc. +
6,800
800 XcelleNet, Inc.
9,500
- -----------
74,764
- -----------
DIVERSIFIED - 0.6%
500 American Precision Industries
8,562
- -----------
ELECTRICAL EQUIPMENT - 3.4%
1,070 QLogic Corporation
21,400
1,480 Quad Systems Corporation +
14,800
510 Trident International, Inc. +
10,200
- -----------
46,400
- -----------
ENERGY - 1.2%
680 Key Energy Group, Inc. +
9,180
970 York Research Corporation +
7,275
- -----------
16,455
- -----------
HOTELS AND RESTAURANTS - 2.6%
1,300 Candlewood Hotel Company, Inc.
11,375
1,000 Schlotzsky's, Inc.
11,750
1,500 Shells Seafood Restaurants, Inc.
12,000
- -----------
35,125
- -----------
INSURANCE - 2.3%
1,310 FPIC Insurance Group, Inc.
23,580
860 Westbridge Capital Corporation +
7,740
- -----------
31,320
- -----------
MACHINERY - 1.2%
700 Gradall Industries. Inc. +
8,575
420 Hirsch International Corporation +
7,665
- -----------
16,240
- -----------
MANUFACTURED HOUSING - 0.6%
1,090 Miller Building Systems, Inc. +
7,766
- -----------
MEDICAL AND MEDICAL SERVICES - 10.3%
1,110 Alliance Imaging, Inc. +
8,394
300 Assisted Living Concepts Inc.
6,600
1,090 CN Biosciences, Inc. +
16,350
3,000 Coast Dental Services, Inc.
42,000
1,060 MedQuist, Inc.
26,765
1,500 Morrison Health Care, Inc.
22,312
1,520 Neogen Corporation +
10,070
1,075 SMT Health Services, Inc. +
9,541
- -----------
142,032
- -----------
MEDICAL SUPPLIES - 1.4%
550 Sabratek Corporation +
12,031
400 SeaMED Corporation +
6,800
- -----------
18,831
- -----------
METAL PROCESSING - 0.9%
1,190 SIFCO Industries, Inc. +
12,495
- -----------
OIL & GAS - 1.0%
1,480 American Oilfield Divers Inc.
13,320
- -----------
PHARMACEUTICALS - 3.6%
5,000 ChiRex Inc. +
49,375
- -----------
RETAIL - 3.8%
1,000 Mazel Stores, Inc.
14,500
2,200 Rent-Way, Inc. +
22,825
5,070 Shop At Home, Inc.
15,210
- -----------
52,535
- -----------
TECHNOLOGY - 7.0%
2,300 Ault, Inc. +
16,963
1,650 Datum, Inc. +
38,362
1,970 Excel Technology, Inc. +
15,021
1,170 Spectran Corporation +
16,672
850 Thermo Sentron, Inc. +
9,456
- -----------
96,474
- -----------
TELECOMMUNICATIONS - 9.7%
1,800 ACE*COMM Corporation
20,700
1,340 Inter-Tel, Inc.
16,750
650 JPM Company
11,863
2,380 KHV Industries, Inc.
13,685
6,800 TALX Corporation +
43,350
1,970 ViaSat, Inc.
18,715
1,450 Wave Technologies International, Inc. +
8,338
- -----------
133,401
- -----------
TEXTILES - 1.4%
740 Conso Products Company +
10,082
800 Cutter & Buck, Inc. +
9,600
- -----------
19,682
- -----------
TRANSPORTATION - TRUCKING - 0.7%
630 US Xpress Enterprises, Inc. +
9,450
- -----------
WIRELESS EQUIPMENT - 1.0%
780 Electromagnetic Sciences, Inc.
13,260
- -----------
TOTAL COMMON STOCKS (Cost $1,253,605)
1,208,624
- -----------
SHORT-TERM INVESTMENT - 3.5% (Cost $48,233)
48,233 Dreyfus Cash Management Plus Fund
48,233
- -----------
TOTAL INVESTMENTS (Cost $1,301,838*) 91.5%
1,256,857
OTHER ASSETS AND LIABILITIES (Net) 8.5
116,546
=====
===========
NET ASSETS 100.0%
$ 1,373,403
=====
===========
- ------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
MUNDER SMALL-CAP VALUE FUND
PORTFOLIO OF INVESTMENTS, APRIL 30, 1997 (UNAUDITED)
==================================================================
==============
Shares
Value
- ------------------------------------------------------------------
- --------------
COMMON STOCKS - 44.7%
AEROSPACE - 0.5%
13,200 Rohr Industries, Inc. +
$ 206,250
- -----------
AIRLINES - 0.9%
10,000 Midwest Express Holdings, Inc. +
412,500
- -----------
AUTOMOBILE PARTS & EQUIPMENT - 1.6%
35,900 Control Devices, Inc. +
444,263
18,200 Strattec Security Corporation +
304,850
- -----------
749,113
- -----------
BANKING AND FINANCIAL SERVICES - 7.1%
13,180 Carolina First Corporation
210,880
10,900 Charter Financial Inc.
193,475
5,200 Coast Savings Financial Inc. +
209,300
17,800 Commonwealth Bancorp Inc.
255,875
24,000 Flagstar Bancorp, Inc.
312,000
43,900 Long Beach Financial Corporation +
299,069
6,200 Long Island Bancorp, Inc.
210,800
13,600 McDonald & Company Investments
489,600
12,900 Metris Companies Inc. +
322,500
7,100 Ocean Financial Corporation +
209,894
13,630 Primary Bank +
323,712
2,600 SIS Bancorp, Inc. +
67,600
13,000 Statewide Financial Corporation
202,312
- -----------
3,307,017
- -----------
BUILDING MATERIALS - 2.4%
27,000 Dayton Superior Corporation+
313,875
16,700 U.S. Home Corporation +
411,238
31,600 Universal Forest Products, Inc.
402,900
- -----------
1,128,013
- -----------
CHEMICALS - 1.5%
31,900 General Chemical Group Inc.
709,775
- -----------
COMPUTER HARDWARE, SOFTWARE OR SERVICES - 1.5%
35,700 Sandisk Corporation +
455,175
10,700 3D Labs Inc., Ltd. +
251,450
- -----------
706,625
- -----------
COMMERCIAL SERVICES - 1.9%
45,000 First Aviation Services, Inc.
382,500
21,400 Steiner Leisure Ltd.
518,950
- -----------
901,450
- -----------
CONSUMER DURABLES - 0.3%
15,810 Lifetime Hoan Corporation +
130,432
- -----------
DIVERSIFIED INDUSTRIAL - 2.3%
16,400 Griffon Corporation +
198,850
34,600 JLG Industries, Inc.
432,500
16,300 Watts Industries, Inc.
415,650
- -----------
1,047,000
- -----------
ELECTRONICS - 1.7%
15,800 Checkmate Electronics, Inc. +
195,525
13,800 Integrated Process Equipment Corporation
188,025
17,100 Microsemi Corporation +
215,887
17,100 Pioneer-Standard Electronics, Inc.
209,475
- -----------
808,912
- -----------
FOOD AND BEVERAGES - 2.1%
28,100 Hudson Foods, Inc.
435,550
18,200 J&J Snack Foods Corporation +
232,050
16,300 Worthington Foods, Inc.
307,662
- -----------
975,262
- -----------
HEALTH CARE - 1.2%
28,500 Trigon Healthcare, Inc.
541,500
- -----------
HOME FURNISHINGS - 0.9%
11,900 Toro Company
416,500
- -----------
INSURANCE - 3.3%
7,100 Executive Risk, Inc.
321,275
17,900 IPC Holdings Ltd.
411,700
10,600 NAC Re Corporation
410,750
14,000 Philadelphia Consolidated Holding Corporation +
416,500
- -----------
1,560,225
- -----------
MANUFACTURING - 1.0%
10,200 Core Industries Inc.
150,450
20,700 Foamex International, Inc.
297,563
- -----------
448,013
- -----------
MEDICAL SUPPLIES - 2.0%
26,200 Bindley Western Industries, Inc.
491,250
29,900 Sullivan Dental Products, Inc.
441,025
- -----------
932,275
- -----------
METALS AND METAL PROCESSING - 1.2%
146,100 Recycling Industries, Inc. +
187,191
64,400 UNR Industries, Inc.
394,450
- -----------
581,641
- -----------
OIL AND GAS - 3.0%
3,000 Cliffs Drilling Company +
183,000
10,400 Colonial Gas Company
208,000
8,600 Houston Exploration Company +
107,500
5,900 Marine Drilling Companies, Inc. +
92,925
6,600 North Carolina Natural Gas Corporation
195,525
8,700 Southern Union Company +
207,712
12,400 Southwest Gas Corporation
206,150
10,200 Veritas DGC Inc. +
196,350
- -----------
1,397,162
- -----------
REAL ESTATE - 3.0%
4,400 Bay Apartment Communities, Inc.
147,400
5,600 Developers Diversified Realty Corporation
206,500
8,400 Golf Trust of America
214,200
7,800 JP Realty, Inc.
197,925
12,900 Kilroy Realty Corp. +
303,150
13,000 Prentiss Properties Trust
307,125
- -----------
1,376,300
- -----------
RECREATION - 0.5%
8,100 K2, Inc.
211,613
- -----------
RETAIL - 1.4%
16,300 Mazel Stores, Inc.
236,350
21,300 Pier 1 Imports, Inc.
420,675
- -----------
657,025
- -----------
TELECOMMUNICATIONS - 2.1%
75,800 Century Communication Corporation, Class A +
307,937
17,900 REMEC, Inc.
411,700
29,200 ViaSat, Inc.
277,400
- -----------
997,037
- -----------
TRANSPORTATION - 1.3%
32,900 MotivePower Industries Inc.
386,575
12,400 Roadway Express, Inc.
217,000
- -----------
603,575
- -----------
TOTAL COMMON STOCKS (Cost $21,222,344)
20,805,215
- -----------
PRINCIPAL
AMOUNT
- ---------------------
REPURCHASE AGREEMENT - 4.3% (COST $2,025,160)
$2,025,160 Agreement with Lehman Brothers Inc., 5.400%
dated 04/30/1997 to be repurchased at
$2,025,464 on 05/01/1997, collateralized by
$2,065,000 U.S. Treasury Notes,
6.370% due 04/30/1999 (value $2,066,301)
2,025,160
- -----------
TOTAL INVESTMENTS (Cost $23,247,504*) 49.0%
22,830,375
OTHER ASSETS AND LIABILITIES (Net) 51.0
23,753,333
=====
===========
NET ASSETS 100.0%
$46,583,708
=====
===========
- -----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
The Munder Funds
Statement of Assets and Liabilities, Period
Ended April 30, 1997 (Unaudi
Munder
Munder
Micro-Cap
Small-Cap
Equity
Value
Fund
Fund
ASSETS:
Investments, at value
See accompanying schedule:
Securities............................. $
1,256,857 $ 20,805,215
Repurchase Agreement................... -
2,025,160
Total investments............................
1,256,857 22,830,375
Cash......................................... -
198
Dividends and interest receivable............
169 3,695
Receivable for investments securities sold...
64,230 61,776
Receivable for Fund shares sold..............
53,610 24,481,319
Receivable from investment advisor...........
20,076 17,235
Prepaid expenses ............................
36,747 36,843
Total Assets.............
1,431,689 47,431,441
LIABILITIES:
Payable for investment securities purchased..
45,980 821,643
Investment advisory fee payable .............
1,046 11,353
Administration fee payable ..................
120 1,710
Distribution fees payable ...................
114 248
Shareholder servicing fees payable ..........
15 1,646
Transfer agent fee payable ..................
68 315
Custodian fees payable ......................
4,983 4,132
Legal and audit fees payable.................
392 719
Accrued expenses and other payables..........
5,568 5,967
Total Liabilities ......
58,286 847,733
NET ASSET ................................... $
1,373,403 $ 46,583,708
Investments, at cost......................... $
1,301,838 $ 23,247,504
See Notes to Financial Statements.
The Munder Funds
Statement of Assets and Liabilities, Period
Ended April 30, 1997 (Unaudi
(Continued)
Munder
Munder
Micro-Cap
Small-Cap
Equity
Value
Fund
Fund
NET ASSETS consist of:
Undistributed net investment income/(loss)... $
(2,009) $ 21,524
Accumulated net realized loss on investments
(61,039) (9,476)
Net unrealized depreciation of investments...
(44,981) (417,129)
Par value....................................
1,405 44,239
Paid-in capital in excess of par value ......
1,480,027 46,944,550
$
1,373,403 $ 46,583,708
NET ASSETS:
Class A Shares............................... $
77,070 $ 664,772
Class B Shares............................... $
129,273 $ 124,345
Class C Shares............................... $
8,843 $ 25,349
Class K Shares............................... $
112,781 $ 33,996,432
Class Y Shares............................... $
1,045,436 $ 11,772,810
SHARES OUTSTANDING:
Class A Shares...............................
7,887 63,149
Class B Shares...............................
13,245 11,825
Class C Shares...............................
905 2,410
Class K Shares...............................
11,541 3,228,503
Class Y Shares...............................
106,960 1,118,025
CLASS A SHARES:
Net asset value and redemption price per share $
9.77 $ 10.53
Maximum sales charge..........................
5.50% 5.50%
Maximum offering price per share.............. $
10.34 $ 11.14
CLASS B SHARES:
Net asset value and offering price per share * $
9.76 $ 10.52
CLASS C SHARES:
Net asset value and offering price per share * $
9.77 $ 10.52
CLASS K SHARES:
Net asset value, offering price and redemption $
9.77 $ 10.53
CLASS Y SHARES:
Net asset value, offering price and redemption $
9.77 $ 10.53
* Redemption price per share is equal to Net Asset Value less any
applicable contingent defe
See Notes to Financial Statements.
The Munder Funds
Statement of Operations, Period Ended April
30, 1997 (Unaudited)
Munder
Munder
Micro-Cap
Small-Cap
Equity
Value
Fund(a)
Fund(a)
INVESTMENT INCOME:
Interest..................................... $
1,330 $ 31,282
Dividends....................................
634 22,283
Total Investment Inc
1,964 53,565
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares.........................
36 158
Class B Shares.........................
151 183
Class C Shares.........................
4 29
Shareholder servicing fees :
Class K Shares.........................
74 2,652
Investment advisory fee .....................
2,963 21,793
Administration fee ..........................
336 3,277
Transfer agent fee ..........................
110 592
Custodian fees ..............................
7,268 6,398
Legal and audit fees ........................
2,708 3,035
Directors' fees and expenses ................
13 121
Registration and filing fees.................
24,045 24,149
Other........................................
744 1,309
Total Expenses .......
38,452 63,696
Expenses reimbursed by investment advisor....
(34,479) (31,655)
Net Expenses..........
3,973 32,041
NET INVESTMENT INCOME/(LO....................
(2,009) 21,524
NET REALIZED AND UNREALIZED LOSS
ON INVESTMENTS:
Net realized loss from security transactions.
(61,039) (9,476)
Net change in unrealized depreciation of secu
(44,981) (417,129)
Net realized and unrealized loss on investmen
(106,020) (426,605)
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIO.............................. $
(108,029) $ (405,081)
(a) Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund
commenced operations
on De
See Notes to Financial Statements.
The Munder Funds
Statement of Change in Net Assets, Period
Ended April 30, 1997 (Unaudite
Munder
Munder
Micro-Cap
Small-Cap
Equity
Value
Fund(a)
Fund(a)
Net investment income/(loss)................. $
(2,009) $ 21,524
Net realized loss on investments sold........
(61,039) (9,476)
Net change in unrealized depreciation of inve
(44,981) (417,129)
Net decrease in net assets resulting from ope
(108,029) (405,081)
Net increase in net assets from Fund share tr
Class A Shares.......................
83,818 668,493
Class B Shares.......................
138,070 128,544
Class C Shares.......................
9,020 25,406
Class K Shares.......................
121,477 34,224,711
Class Y Shares.......................
1,129,047 11,941,635
Net increase in net assets...................
1,373,403 46,583,708
NET ASSETS:
Beginning of period.......................... -
- -
End of period ............................... $
1,373,403 $ 46,583,708
Undistributed net investment income/(loss)... $
(2,009) $ 21,524
(a) Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund
commenced operations
on De
See Notes to Financial Statements.
The Munder Funds
Statements of Changes- Capital
Stock Activity, Period Ended April 30, 1997
(Unaudited)
Munder
Munder
Micro-Cap
Small-Cap
Equity
Value
Fund(a)
Fund(b)
Class A Shares: Shares Amount
Shares Amount
Sold................... 7,887
$83,818 66,946 $708,298
Issued as reinvestment - -
- - -
Redeemed............... - -
(3,797) (39,805)
Net increase........... 7,887
$83,818 63,149 $668,493
Class B Shares:
Sold................... 13,245
$138,070 11,441 $124,543
Issued as reinvestment - -
384 4,001
Redeemed............... - -
- - -
Net increase........... 13,245
$138,070 11,825 $128,544
Class C Shares:
Sold................... 905
$9,020 2,410 $25,406
Issued as reinvestment - -
- - -
Redeemed............... - -
- - -
Net increase........... 905
$9,020 2,410 $25,406
Class K Shares:
Sold................... 16,120
$167,127 3,236,526 $34,309,115
Issued as reinvestment - -
- - -
Redeemed............... (4,579)
(45,650) (8,023) (84,404)
Net increase........... 11,541
$121,477 3,228,503
$34,224,711
Class Y Shares:
Sold................... 110,344
$1,163,525 1,154,877
$12,326,182
Issued as reinvestment - -
- - -
Redeemed............... (3,384)
(34,478) (36,852) (384,547)
Net increase........... 106,960
$1,129,047 1,118,025
$11,941,635
(aMunder Micro-Cap Equity Fund Class A Shares, Class B Shares,
Class C Shares, Class K
Shares and Class Y Shares
commenced operations on December 26, 1996, February 24, 1997,
March 31, 1997, December
31, 1996, and
December 26, 1996, respectively.
(bMunder Small-Cap Value Fund Class A Shares, Class B Shares,
Class C Shares, Class K
Shares and Class Y Shares
commenced operations on January 10, 1996, February 11, 1997,
January 13, 1997, December
31, 1996, and
December 26, 1996, respectively.
<PAGE>
MUNDER MICRO-CAP EQUITY FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD (UNAUDITED)
==================================================================
=============
<TABLE>
<CAPTION>
CLASS CLASS CLASS CLASS
A
SHARES B SHARES C SHARES Y SHARES
-----
- ------ ----------- ---------- -----------
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
4/30/97(a,e) 4/30/97(a,e) 4/30/97(a,e) 4/30/97(a,e)
-----
- -----------------------------------------------------------
<S> <C>
<C> <C> <C>
Net asset value, beginning of period ................. $
10.00 $ 11.00 $ 10.13 $ 10.00
----
- --- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................................
(0.02) (0.02) (0.02) (0.01)
Net realized and unrealized loss on investments ......
(0.21) (1.22) (0.34) (0.22)
----
- --- ------- ------- -------
Total from investment operations .....................
(0.23) (1.24) (0.36) (0.23)
----
- --- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................
- -- -- -- --
----
- --- ------- ------- -------
Total distributions ..................................
- -- -- -- --
----
- --- ------- ------- -------
Net asset value, end of period ....................... $
9.77 $ 9.76 $ 9.77 $ 9.77
======= ======= ======= =======
TOTAL RETURN (B) .....................................
(2.30)% (11.27)% (3.55)% (2.30)%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) .................
$77 $129 $9 $1,045
Ratio of operating expenses to average net assets ....
1.50%(c) 2.25% (c) 2.25%(c) 1.25% (c)
Ratio of net investment loss to average net assets ...
(0.84)%(c) (1.59)% (c) (1.59)%(c) (0.59)% (c)
Portfolio turnover rate ..............................
59% 59% 59% 59%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor
13.14%(c) 13.89% (c) 13.89%(c) 12.89%(c)
Average commission rate (d) ..........................
$0.0562 $0.0562 $0.0562 $0.0562
======= ======= ======= =======
- -----------------------
(a) Munder Micro-Cap Equity Fund Class A Shares, Class B Shares,
Class C Shares, and Class Y Shares commenced operations
on December 26, 1996, February 24, 1997, March 31, 1997, and
December 26, 1996, respectively.
(b) Total return represents aggregate total return for the period
indicated and does not reflect any applicable sales
charges.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased
and sold by the Fund.
(e) Per share numbers have been calculated using the average
shares method, which more appropriately presents the per
share data for the period since the use of the undistributed
net investment income method did not accord with the
results of operations.
See Notes to Financial
Statements.
</TABLE>
<PAGE>
MUNDER MICRO-CAP EQUITY FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD (UNAUDITED)
==================================================================
=============
CLASS
K SHARES
- -----------
PERIOD
ENDED
4/30/97(a,e)
- -----------
Net asset value, beginning of period.........................
$ 10.11
- -------
Income from investment operations:
Net investment loss..........................................
(0.02)
Net realized and unrealized loss on investments..............
(0.32)
- -------
Total from investment operations.............................
(0.34)
- -------
Less distributions:
Dividends from net investment income.........................
- --
- -------
Total distributions..........................................
- --
- -------
Net asset value, end of period...............................
$ 9.77
=======
Total return (b) ...........................................
(3.36)%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).........................
$113
Ratio of operating expenses to average net assets............
1.50%(c)
Ratio of net investment loss to average net assets...........
(0.84)%(c)
Portfolio turnover rate......................................
59%
Ratio of operating expenses to average net assets without
expenses reimbursed by investment advisor................
13.14%(c)
Average commission rate (d)..................................
$0.0562
- ---------------------
(a) 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) 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 SMALL-CAP VALUE FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD (UNAUDITED)
==================================================================
==============
<TABLE>
<CAPTION>
CLASS
CLASS CLASS CLASS
A
SHARES B SHARES C SHARES Y SHARES
--------
- --- ---------- ----------- ----------
PERIOD
PERIOD PERIOD PERIOD
ENDED
ENDED ENDED ENDED
4/30/97(a) 4/30/97(a) 4/30/97(a)
4/30/97(a)
--------
- --------------------------------------------------------------
<S> <C>
<C> <C> <C>
Net asset value, beginning of period ................. $ 10.22
$ 10.76 $ 10.22 $ 10.00
-------
- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................
0.00(e) 0.00(e) 0.00(e) 0.01
Net realized and unrealized gain/(loss) on investments 0.31
(0.24) 0.30 0.52
-------
- ------- ------- -------
Total from investment operations ..................... 0.31
(0.24) 0.30 0.53
-------
- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ................. --
- -- -- --
-------
- ------- ------- -------
Total distributions .................................. --
- -- -- --
-------
- ------- ------- -------
Net asset value, end of period ....................... $ 10.53
$ 10.52 $ 10.52 $ 10.53
=======
======= ======= =======
TOTAL RETURN (B) ............
3.03% (2.23)% 2.94% 5.30%
=======
======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ................. $665
$124 $25 $11,773
-------
- ------- ------- -------
Ratio of operating expenses to average net assets ....
1.25%(c) 2.00%(c) 2.00%(c)
1.00%(c)
Ratio of net investment income/(loss) to average net
assets .............................................
0.60%(c) (0.15)%(c) (0.15)%(c)
0.85%(c)
Portfolio turnover rate ..............................
21% 21% 21% 21%
-------
- ------- ------- -------
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor
2.35%(c) 3.10%(c) 3.10% (c)
2.10%(c)
Average commission rate (d) .......................... $0.0364
$0.0364 $0.0364 $0.0364
- -------------------------
(a) Munder Small-Cap Value Fund Class A Shares, Class B Shares,
Class C Shares, and Class Y Shares commenced operations on
January 10, 1997, February 11, 1997, January 13, 1997, and
December 31, 1996, respectively.
(b) Total return represents aggregate total return for the period
indicated and does not reflect any applicable sales charges.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased
and sold by the Fund.
(e) Amount represents less than $0.01 per share.
See Notes to
Financial Statements.
</TABLE>
<PAGE>
MUNDER SMALL-CAP VALUE FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD (UNAUDITED)
==================================================================
=============
CLASS
K SHARES
- ----------
PERIOD
ENDED
4/30/97(a)
- ----------
Net asset value, beginning of period ......................
$ 10.08
- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..........................
0.00(e)
Net realized and unrealized gain/(loss) on investments ....
0.45
- ---------
Total from investment operations ..........................
0.45
- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................
- --
- ---------
Total distributions .......................................
- --
- ---------
Net asset value, end of period ............................
$ 10.53
=========
TOTAL RETURN (b) ..........................................
4.46%
=========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ......................
$33,996
Ratio of operating expenses to average net assets .........
1.25%(c)
Ratio of net investment income/(loss) to average net assets
0.60%(c)
Portfolio turnover rate ...................................
21%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor .....
2.35%(c)
Average commission rate (d) ...............................
$0.0364
- ------------------
(a) 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) Amount represents less than $0.01 per share.
<PAGE>
THE MUNDER FUNDS
NOTES TO FINANCIAL STATEMENTS, APRIL 30, 1997 (UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Funds, Inc. (the "Company") 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
Company consists of fourteen portfolios currently in operation.
Information
presented in these financial statements pertains only to Munder
Micro-Cap Equity
Fund and Munder Small-Cap Value Fund (each a "Fund", and
collectively, the
"Funds").
The Funds offer five classes of shares -- Class A, Class B,
Class C, Class
K and Class Y Shares. 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. Each Fund is classified as a diversified
management
investment company under the 1940 Act.
The preparation of financial statements in accordance with
generally
accepted accounting principles requires management to make
estimates and
assumptions that affect the reported amounts of assets and
liabilities at the
date of the financial statements and the reported amounts of
increases and
decreases in net assets from operations during the reporting
period. Actual
results could differ from those estimates. The following is a
summary of
significant accounting policies followed by the Funds in the
preparation of
their financial statements:
Security Valuation: Securities 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 Board of 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 Board of Directors.
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
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 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 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.
Dividends and Distributions to Shareholders: Dividends from
net investment
income are declared and paid at least annually by the 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.
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 investment 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:
FEES
ON AVERAGE
DAILY NET ASSETS
----
- ------------
Munder Micro-Cap Equity Fund..........................
1.00%
Munder Small-Cap Value Fund...........................
0.75%
For the period ended April 30, 1997, the Advisor reimbursed
expenses of
$34,479 and $31,655 for the Munder Micro-Cap Equity Fund and the
Munder
Small-Cap Value Fund, respectively.
First Data Investor Services Group, Inc. ("First Data") (the
"Administrator"), serves as the Funds' administrator and assists
in all aspects
of their administration and operations. First Data also serves as
the Funds'
transfer agent and dividend disbursing agent ("Transfer Agent").
As compensation for its services, the Administrator and
Transfer Agent are
entitled to receive fees, 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 a $1.2 million minimum 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
aggregate 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 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, plus 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 $13,666 for its
services to the
Funds for the period ended April 30, 1997. Morgan Stanley Trust
Company ("Morgan
Stanley") serves as the custodian of foreign securities for the
Funds.
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, St. Clair Funds, Inc. and Munder Framlington Funds Trust.
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,
Morgan Stanley, FDI or First Data currently receives any
compensation from THE
COMPANY.
3. SHAREHOLDER DISTRIBUTION AND SERVICE PLANS
FDI serves as the distributor of the Funds' shares. For the
period ended
April 30, 1997, the Distributor received $29,831, representing
commissions
(sales charges) on sales of Class A Shares of the Funds. For the
period ended
April 30, 1997, the Distributor received no contingent deferred
sales charges
from Class B and Class C Shares of the Funds.
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 Plans also
permit payments to be made by each Fund 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 Company has also adopted a Shareholder Servicing Plan
(the "Class K
Plan") for the Class K Shares of each Fund. Under the Class K
Plans, the Funds
are permitted to enter into agreements with institutions that
provide
shareholder services to their customers. For the period ended
April 30, 1997,
the contractual rates, as a percentage of average daily net
assets, under the
Plans and the Class K Plans 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
---------- ---------- ---------- --
- ----------
Each Fund ... 0.25% 1.00% 1.00%
0.25%
4. SECURITIES TRANSACTIONS
For the period ended April 30, 1997, purchases and sales of
securities
other than short-term investments and U.S. Government securities
were as
follows:
Cost of Purchases
Proceeds from Sales
Munder Micro-Cap Equity Fund ...... $ 1,677,551 $
362,907
Munder Small-Cap Value Fund ....... 22,687,462
1,455,642
At April 30, 1997, aggregate gross unrealized appreciation
for all
securities for which there was an excess of value over tax cost
and aggregate
gross unrealized depreciation for all securities for which there
was an excess
of tax cost over value for Federal income tax purposes was as
follows:
Tax Basis
Tax Basis
Unrealized
Unrealized
Appreciation
Depreciation
Munder Micro-Cap Equity Fund ......... $ 73,008
$117,989
Munder Small-Cap Value Fund .......... 471,819
888,948
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.
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>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31,
1996
(Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
------------
Munder
International
Bond
Fund
-------------
<S> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................. $28,084,752
Repurchase Agreements .................. 1,122,000
-----------
Total Investments .......................... 29,206,752
Cash ....................................... 974
Interest receivable ........................ 613,355
Dividends receivable ....................... --
Receivable for investment securities sold .. --
Receivable for Fund shares sold ............ --
Unamortized organization cost .............. --
Prepaid expenses ........................... 45,792
------------
Total Assets ......................... 29,866,873
------------
LIABILITIES:
Payable for Fund shares redeemed ........... --
Investment advisory fee payable ............ 23,535
Administration fee payable ................. 2,756
Shareholder servicing fees payable ......... --
Distribution fees payable .................. 2
Transfer agent fee payable ................. 818
Custodian fees payable ..................... 1,161
Legal and audit fees payable ............... 2,191
Due to custodian ........................... --
Accrued Trustees'/Directors' fees and
expenses ................................. 106
Accrued expenses and other payables ........ 1,475
-----------
Total Liabilities .................... 32,044
-----------
NET ASSETS ................................. $29,834,829
===========
Investments, at cost ....................... $28,967,530
===========
<FN>
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
International
Bond
Fund
-
- ------------
<S>
<C>
NET ASSETS consist of:
Undistributed net investment
income/(distributions in excess of net
investment income) ......................................... $
31,879
Accumulated net realized gain/(loss) on investments sold .....
140,040
Net unrealized appreciation/(depreciation) of investments ....
234,131
Par value ....................................................
29,354
Paid-in capital in excess of par value .......................
29,399,425
-
- -----------
$
29,834,829
============
NET ASSETS:
Class A Shares ............................................... $
14,531
============
Class B Shares ...............................................
- --
============
Class C Shares ...............................................
- --
============
Class K Shares ...............................................
- --
============
Class Y Shares ............................................... $
29,820,298
============
SHARES OUTSTANDING:
Class A Shares ...............................................
1,430
============
Class B Shares ...............................................
- --
============
Class C Shares ...............................................
- --
============
Class K Shares ...............................................
- --
============
Class Y Shares ...............................................
2,934,068
============
CLASS A SHARES:
Net asset value and redemption price per share ............... $
10.16
============
Maximum sales charge .........................................
4.00%
Maximum offering price per share ............................. $
10.58
============
CLASS B SHARES:
Net asset value and offering price per share* ................
N/A
==========
CLASS C SHARES:
Net asset value and offering price per share* ................
N/A
==========
CLASS K SHARES:
Net asset value, offering price and redemption price per share
N/A
==========
CLASS Y SHARES:
Net asset value, offering price and redemption price per share $
10.16
=============
<FN>
* Redemption price per share is equal to Net Asset Value less any
applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
---
- ----------
Munder
International
Bond
Fund(a)
---
- ----------
<S> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding taxes of $6,444 for
the Munder International Bond Fund) ..................... $
327,368
Dividends .................................................
- --
---
- -------
Total investment income ...........................
327,368
---
- -------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ..........................................
6
Class B Shares ..........................................
- --
Class C Shares ..........................................
- --
Shareholder servicing fees:
Class K Shares ..........................................
- --
Investment advisory fee ...................................
34,212
Administration fee ........................................
7,753
Transfer agent fee ........................................
1,208
Custodian fees ............................................
1,161
Trustees'/Directors' fees and expenses ....................
253
Amortization of organization costs ........................
- --
Registration and filing fees ..............................
9,148
Other .....................................................
4,408
---
- -------
Total Expenses ....................................
58,149
Fees waived by investment advisor .........................
- --
---
- -------
Net Expenses ......................................
58,149
---
- -------
NET INVESTMENT INCOME .....................................
269,219
---
- -------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ...................................
159,993
Forward foreign exchange contracts ......................
(119,346)
Foreign currency transactions ...........................
99,393
Net change in unrealized appreciation/(depreciation) of:
Securities ..............................................
239,222
Foreign currency and net other assets ...................
(5,091)
---
- -------
Net realized and unrealized gain on investments ...........
374,171
---
- -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .............................................. $
643,390
==========
<FN>
(a) The Munder International Bond Fund commenced operations on
October 2,
1996.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31,
1996 (Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
---
- ----------
Munder
International
Bond
Fund(a)
---
- ----------
<S>
<C>
Net investment income ..................................... $
269,219
Net realized gain/(loss) on investments sold during the
period ..................................................
140,040
Net change in unrealized appreciation of investments during
the period ..............................................
234,131
--
- ----------
Net increase in net assets resulting from operations ......
643,390
Dividends to shareholders from net investment income:
Class A Shares ..........................................
(111)
Class B Shares ..........................................
- --
Class C Shares ..........................................
- --
Class K Shares ..........................................
- --
Class Y Shares ..........................................
(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 ..........................................
14,441
Class B Shares ..........................................
- --
Class C Shares ..........................................
- --
Class K Shares ..........................................
- --
Class Y Shares ..........................................
29,414,338
--
- ----------
Net increase/(decrease) in net assets .....................
29,834,829
NET ASSETS:
Beginning of period .......................................
- --
--
- ----------
End of period ............................................. $
29,834,829
============
Undistributed net investment income/(distributions
in excess of net investment income)....................... $
31,879
============
<FN>
(a) The Munder International Bond Fund commenced operations on
October 2, 1996.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended
December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
------------
Munder
International
Bond
Fund(a)
-------------
<S> <C>
Amount
Class A Shares:
Sold ....................................... $ 14,329
Issued as reinvestment of dividends ........ 112
Redeemed ................................... --
-----------
Net increase ............................... $ 14,441
===========
Class B Shares:
Sold ....................................... --
Issued as reinvestment of dividends ........ --
Redeemed ................................... --
-----------
Net increase ............................... --
===========
Class C Shares:
Sold ....................................... --
Issued as reinvestment of dividends ........ --
Redeemed ................................... --
-----------
Net increase ............................... --
===========
Class K Shares:
Sold ....................................... --
Issued as reinvestment of dividends ........ --
Redeemed ................................... --
-----------
Net increase/(decrease) .................... --
===========
Class Y Shares:
Sold ....................................... $29,436,263
Issued as reinvestment of dividends ........ 5,749
Redeemed ................................... (27,674)
-----------
Net increase/(decrease) .................... $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.
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
International
Bond
Fund(a)
-------------
<S> <C>
Shares
Class A Shares:
Sold ....................................... 1,419
Issued as reinvestment of dividends ........ 11
Redeemed ................................... --
----------
Net increase ............................... 1,430
==========
Class B Shares:
Sold ....................................... --
Issued as reinvestment of dividends ........ --
Redeemed ................................... --
----------
Net increase ............................... --
==========
Class C Shares:
Sold ....................................... --
Issued as reinvestment of dividends ........ --
Redeemed ................................... --
----------
Net increase ............................... --
==========
Class K Shares:
Sold ....................................... --
Issued as reinvestment of dividends ........ --
Redeemed ................................... --
----------
Net increase/(decrease) .................... --
==========
Class Y Shares:
Sold ....................................... 2,936,217
Issued as reinvestment of dividends ........ 569
Redeemed ................................... (2,718)
----------
Net increase/(decrease) .................... 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.
See Notes to Financial Statements.
</TABLE>
Munder International Bond Fund
Financial Highlights, For a Share Outstanding Throughout The
Period(e)
<TABLE>
<CAPTION>
A
Shares Y Shares
-
- ------------ --------------
Period Period
Ended Ended
12/31/96(a,d) 12/31/96 (a,d)
(Unaudited) (Unaudited)
-
- ------------ ---------------
<S>
<C> <C>
Net asset value, beginning of period .........................
$ 9.98 $ 10.00
- ------ ---------
Income from investment operations:
Net investment income ........................................
0.08 0.10
Net realized and unrealized gain on investments ..............
0.18 0.14
- ------ ---------
Total from investment operations .............................
0.26 0.24
- ------ ---------
Less distributions:
Dividends from net investment income .........................
(0.08) (0.08)
- ------ ---------
Total distributions ..........................................
(0.08) (0.08)
- ------ ---------
Net asset value, end of period ...............................
$10.16 $ 10.16
====== =========
Total return (b) .............................................
2.59% 2.43%
====== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .........................
$ 15 $29,820
Ratio of operating expenses to average net assets ............
1.10%(c) 0.85%(c)
Ratio of net investment income to average net assets .........
3.68%(c) 3.93%(c)
Portfolio turnover rate ......................................
31% 31%
Ratio of operating expenses to average net assets without
waivers ....................................................
1.10%(c) 0.85%(c)
Net investment income per share without waivers ..............
$ 0.08 $ 0.10
<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) 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.
(e) The Fund is authorized to issue Class B Shares and Class C
Shares. As of
December 31, 1996, the Fund had not commenced selling Class B
Shares and
Class C Shares.
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 only
to the Income and the Money Market Funds set forth below (each a
"Fund", and
collectively, the "Munder Funds"). The financial statements for
the remaining
funds of MFI and MFT are presented under separate covers.
MFI:
Income Fund
Munder International Bond Fund
Money Market Fund
Munder Money Market Fund
MFT:
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan 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 Income Funds offer five classes of shares -- Class A,
Class B,
Class C, 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 K Shares of
the Munder
Funds are presented in a separate semi-annual report. Each Fund is
classified
as a diversified management investment company under the 1940 Act,
other than
the Munder Tax-Free Intermediate Bond Fund, Munder Michigan Triple
Tax-Free
Bond Fund and Munder International Bond Fund which are classified
as
non-diversified.
The preparation of financial statements in accordance with
generally
accepted accounting principles requires management to make
estimates and
assumptions that affect the reported amounts of assets and
liabilities at the
date of the financial statements and the reported amounts of
increases and
decreases in net assets from operations during the reporting
period. Actual
results could differ from those estimates. The following is a
summary of
significant accounting policies followed by the Funds in the
preparation of
their financial statements:
Security Valuation: With respect to the Income Funds,
securities
(including financial futures, if any) traded on a recognized stock
exchange
or on the NASDAQ National Market System ("NASDAQ") are valued at
the last
sale price on the securities exchange on which such securities are
primarily
traded or at the last sale price on the national securities market
as of the
close of business on the date of the valuation. Securities traded
on a
national securities exchange or on NASDAQ for which there were no
sales on
the date of valuation and securities traded on
over-the-counter markets, including listed securities for which
the primary
market is believed to be over-the-counter, are valued at the mean
between the
most recently quoted bid and asked prices. Restricted securities
and
securities and assets for which market quotations are not readily
available,
are valued at fair value by 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 Directors and Trustees 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: 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
Fund may use forward foreign currency contracts to facilitate
transactions in
foreign securities and to manage the Funds 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
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.
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 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
Average
Daily
Net
Assets
----------
- ----
<S> <C>
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 a portion of its advisory
fees for the
Munder Michigan Triple Tax-Free Bond Fund, payable by the Fund,
for the
period ended December 31, 1996, as reflected in the Statement of
Operations.
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
$209,113 for its services to the Income and Money Market 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 $5,716,
representing
commissions (sales charges) on sales of Class A Shares of the
Income Funds.
For the period ended December 31, 1996, the Distributor received
$447 in
contingent deferred sales charges from Class B and Class C Shares
of the
Income 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 Income Funds .................................... 0.25%
1.00% 1.00% 0.25%
The Money Market Funds:
Munder Cash Investment Fund ......................... 0.25%
N/A N/A 0.15%
Munder Money Market Fund ............................ 0.25%
1.00% 1.00% N/A
Munder Tax-Free Money Market Fund ................... 0.25%
N/A N/A 0.15%
Munder U.S. Treasury Money Market Fund .............. 0.25%
N/A N/A 0.15%
</TABLE>
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 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 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 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 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 Bond Fund primarily invests in
foreign
securities. Investing in securities of foreign companies and
foreign
governments involves special risks and considerations not
typically
associated with investing in U.S. companies and the U.S.
government
securities. These risks include revaluation of currencies and
future adverse
political and economic developments. Moreover, securities of many
foreign
companies and foreign governments and their markets may be less
liquid and
their prices more volatile than those of securities of U.S.
companies and the
U.S. government.
6. Organizational Costs
Expenses incurred 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 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>
<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, C, K
and Y Shares of the Munder Micro-Cap
Equity Fund and
the Munder Small-Cap Value 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, C, K and Y Shares of the
Munder Micro-Cap
Equity Fund and the Munder Small-Cap
Value 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 Micro-Cap
Equity Fund and the Munder Small-Cap Value 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.
------------------------------------------------
- ------------
Munder Capital
Management
----------------------------
- ----------
Position
Name with
Adviser
--------- ---------
- --------
Old MCM, Inc.
Partner
Munder Group LLC
Partner
WAM Holdings, Inc.
Partner
Woodbridge Capital Management, Inc.
Partner
Lee P. Munder
President and Chief
Executive Officer
Leonard J. Barr, II Senior
Vice President
and
Director of
Research
Ann J. Conrad Vice
President and
Director
of Special
Equity
Products
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.
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. 27 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. 27 to be signed on its behalf by the undersigned,
thereto duly
authorized, in the City of Boston and the Commonwealth of
Massachusetts on the
26th 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
26, 1997
- -------------------------
Lee P. Munder Executive Officer
* Director June
26, 1997
- --------------------------
Charles W. Elliott
* Director June
26, 1997
- -------------------------
Joseph E. Champagne
* Director June
26, 1997
- -------------------------
Arthur DeRoy Rodecker
* Director June
26, 1997
- -------------------------
Jack L. Otto
* Director June
26, 1997
- -------------------------
Thomas B. Bender
* Director June
26, 1997
- -------------------------
Thomas D. Eckert
* Director June
26, 1997
- -------------------------
John Rakolta, Jr.
* Director June
26, 1997
- -------------------------
David J. Brophy
* Vice President, June
26, 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 Micro-
Cap Equity Fund
and Munder Small-Cap Value Fund.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>091
<NAME> Munder Micro-Cap Equity Fund Cl A
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 1,301,838
<INVESTMENTS-AT-VALUE> 1,256,857
<RECEIVABLES> 138,085
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,747
<TOTAL-ASSETS> 1,431,689
<PAYABLE-FOR-SECURITIES> 45,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,306
<TOTAL-LIABILITIES> 58,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,818
<SHARES-COMMON-STOCK> 7,887
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,009)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (61,039)
<ACCUM-APPREC-OR-DEPREC> (44,981)
<NET-ASSETS> 77,070
<DIVIDEND-INCOME> 634
<INTEREST-INCOME> 1,330
<OTHER-INCOME> 0
<EXPENSES-NET> 3,973
<NET-INVESTMENT-INCOME> (2,009)
<REALIZED-GAINS-CURRENT> (61,039)
<APPREC-INCREASE-CURRENT> (44,981)
<NET-CHANGE-FROM-OPS> (108,029)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,887
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,373,403
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 38,452
<AVERAGE-NET-ASSETS> 41,656
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>092
<NAME> Munder Micro-Cap Equity Fund Cl B
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 1,301,838
<INVESTMENTS-AT-VALUE> 1,256,857
<RECEIVABLES> 138,085
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,747
<TOTAL-ASSETS> 1,431,689
<PAYABLE-FOR-SECURITIES> 45,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,306
<TOTAL-LIABILITIES> 58,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 138,070
<SHARES-COMMON-STOCK> 13,245
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,009)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (61,039)
<ACCUM-APPREC-OR-DEPREC> (44,981)
<NET-ASSETS> 129,273
<DIVIDEND-INCOME> 634
<INTEREST-INCOME> 1,330
<OTHER-INCOME> 0
<EXPENSES-NET> 3,973
<NET-INVESTMENT-INCOME> (2,009)
<REALIZED-GAINS-CURRENT> (61,039)
<APPREC-INCREASE-CURRENT> (44,981)
<NET-CHANGE-FROM-OPS> (108,029)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,245
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,373,403
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 38,452
<AVERAGE-NET-ASSETS> 43,962
<PER-SHARE-NAV-BEGIN> 11.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> (1.22)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>093
<NAME> Munder Micro-Cap Equity Fund Cl C
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 1,301,838
<INVESTMENTS-AT-VALUE> 1,256,857
<RECEIVABLES> 138,085
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,747
<TOTAL-ASSETS> 1,431,689
<PAYABLE-FOR-SECURITIES> 45,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,306
<TOTAL-LIABILITIES> 58,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,020
<SHARES-COMMON-STOCK> 905
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,009)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (61,039)
<ACCUM-APPREC-OR-DEPREC> (44,981)
<NET-ASSETS> 8,843
<DIVIDEND-INCOME> 634
<INTEREST-INCOME> 1,330
<OTHER-INCOME> 0
<EXPENSES-NET> 3,973
<NET-INVESTMENT-INCOME> (2,009)
<REALIZED-GAINS-CURRENT> (61,039)
<APPREC-INCREASE-CURRENT> (44,981)
<NET-CHANGE-FROM-OPS> (108,029)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 905
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,373,403
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 38,452
<AVERAGE-NET-ASSETS> 1,190
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> (0.34)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 2.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>094
<NAME> Munder Micro-Cap Equity Fund Cl K
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 1,301,838
<INVESTMENTS-AT-VALUE> 1,256,857
<RECEIVABLES> 138,085
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,747
<TOTAL-ASSETS> 1,431,689
<PAYABLE-FOR-SECURITIES> 45,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,306
<TOTAL-LIABILITIES> 58,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,477
<SHARES-COMMON-STOCK> 11,541
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,009)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (61,039)
<ACCUM-APPREC-OR-DEPREC> (44,981)
<NET-ASSETS> 112,781
<DIVIDEND-INCOME> 634
<INTEREST-INCOME> 1,330
<OTHER-INCOME> 0
<EXPENSES-NET> 3,973
<NET-INVESTMENT-INCOME> (2,009)
<REALIZED-GAINS-CURRENT> (61,039)
<APPREC-INCREASE-CURRENT> (44,981)
<NET-CHANGE-FROM-OPS> (108,029)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,120
<NUMBER-OF-SHARES-REDEEMED> (4,579)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,373,403
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 38,452
<AVERAGE-NET-ASSETS> 86,851
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> (0.32)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>095
<NAME> Munder Micro-Cap Equity Fund Cl-Y
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 1,301,838
<INVESTMENTS-AT-VALUE> 1,256,857
<RECEIVABLES> 138,085
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,747
<TOTAL-ASSETS> 1,431,689
<PAYABLE-FOR-SECURITIES> 45,980
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,306
<TOTAL-LIABILITIES> 58,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,129,047
<SHARES-COMMON-STOCK> 106,960
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,009)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (61,039)
<ACCUM-APPREC-OR-DEPREC> (44,981)
<NET-ASSETS> 1,045,436
<DIVIDEND-INCOME> 634
<INTEREST-INCOME> 1,330
<OTHER-INCOME> 0
<EXPENSES-NET> 3,973
<NET-INVESTMENT-INCOME> (2,009)
<REALIZED-GAINS-CURRENT> (61,039)
<APPREC-INCREASE-CURRENT> (44,981)
<NET-CHANGE-FROM-OPS> (108,029)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110,344
<NUMBER-OF-SHARES-REDEEMED> (3,384)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,373,403
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 38,452
<AVERAGE-NET-ASSETS> 691,653
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>101
<NAME> Munder Small-Cap Value Fund Cl A
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 23,247,504
<INVESTMENTS-AT-VALUE> 22,830,375
<RECEIVABLES> 24,564,025
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,041
<TOTAL-ASSETS> 47,431,441
<PAYABLE-FOR-SECURITIES> 821,643
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,090
<TOTAL-LIABILITIES> 847,733
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 668,493
<SHARES-COMMON-STOCK> 63,149
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 21,524
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (9,476)
<ACCUM-APPREC-OR-DEPREC> (417,129)
<NET-ASSETS> 664,772
<DIVIDEND-INCOME> 22,283
<INTEREST-INCOME> 31,282
<OTHER-INCOME> 0
<EXPENSES-NET> 32,041
<NET-INVESTMENT-INCOME> 21,524
<REALIZED-GAINS-CURRENT> (9,476)
<APPREC-INCREASE-CURRENT> (417,129)
<NET-CHANGE-FROM-OPS> (405,081)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,946
<NUMBER-OF-SHARES-REDEEMED> (3,797)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,583,708
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,793
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,696
<AVERAGE-NET-ASSETS> 183,852
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.31
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>102
<NAME> Munder Small-Cap Value Fund Cl B
<S> <C>
<PERIOD-TYPE> 4-6 MOS
<FISCAL-YEAR-END> 30-JUN-97
<PERIOD-END> 30-APR-97
<INVESTMENTS-AT-COST> 23,247,504
<INVESTMENTS-AT-VALUE> 22,830,375
<RECEIVABLES> 24,564,025
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,041
<TOTAL-ASSETS> 47,431,441
<PAYABLE-FOR-SECURITIES> 821,643
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,090
<TOTAL-LIABILITIES> 847,733
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,544
<SHARES-COMMON-STOCK> 11,825
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 21,524
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (9,476)
<ACCUM-APPREC-OR-DEPREC> (417,129)
<NET-ASSETS> 124,345
<DIVIDEND-INCOME> 22,283
<INTEREST-INCOME> 31,282
<OTHER-INCOME> 0
<EXPENSES-NET> 32,041
<NET-INVESTMENT-INCOME> 21,524
<REALIZED-GAINS-CURRENT> (9,476)
<APPREC-INCREASE-CURRENT> (417,129)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NUMBER>103
<NAME> Munder Small-Cap Value Fund Cl C
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>104
<NAME> Munder Small-Cap Value Fund Cl K
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES>
<NUMBER>105
<NAME> Munder Small-Cap Value Fund Cl Y
<S> <C>
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