(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Annual
Report
[LOGO]
The Munder Funds
Investments JUNE 30, 1998
for all seasons
THE MUNDER EQUITY FUNDS
Accelerating Growth
Balanced
Growth & Income
International Equity
Micro-Cap Equity
Mid-Cap Growth
Multi-Season Growth
Real Estate Equity Investment
Small-Cap Value
Small Company Growth
Value
THE MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
<PAGE>
(INSIDE FRONT COVER)
"We are particularly
happy to report that 6
of the 14 Funds shown
in this report achieved
above-average perfor-
mance as compared to
similar funds..."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
We are pleased to present The Munder Funds 1998 annual report. In this
report you will find information detailing each Fund's portfolio holdings and
performance. We are particularly happy to report that 6 of the 14 Funds shown
in this report achieved above-average performance as compared to similar
funds for the one year period ended June 30, 1998.
In our continuing efforts to address the investment needs and asset
allocation objectives of our shareholders, we have added two new funds to the
Munder Family of Funds: the Munder Framlington Global Financial Services Fund
and the Munder Growth Opportunities Fund. The Global Financial Services Fund
provides investors with an opportunity to gain exposure to the dynamic
financial services sector by taking advantage of the continuing consolidation
of financial services companies in the U.S. market as well as emergence of
similar trends globally. The Growth Opportunities Fund is designed to bring
our Growth at a Reasonable Price, or GARP, discipline to a fund investing in
the mid-cap part of the market.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
http://www.munder.com. Thank you very much for your confidence in Munder
Capital Management and the Munder Family of Funds.
Very truly yours,
/s/ Lee Munder
--------------
Lee Munder, President
<PAGE>
Table of
Contents
<TABLE>
<CAPTION>
<S> <C>
EQUITY FUNDS OVERVIEW
iii Munder Accelerating Growth Fund
iv Munder Balanced Fund
iv Munder Growth & Income Fund
iv Munder International Equity Fund
v Munder Micro-Cap Equity Fund
v Munder Mid-Cap Growth Fund
vi Munder Multi-Season Growth Fund
vi Munder Real Estate Equity Investment Fund
vii Munder Small-Cap Value Fund
vii Munder Small Company Growth Fund
vii Munder Value Fund
viii Munder Framlington Emerging Markets Fund
viii Munder Framlington Healthcare Fund
viii Munder Framlington International Growth Fund
ix Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
1 Munder Accelerating Growth Fund
3 Munder Balanced Fund
8 Munder Growth & Income Fund
10 Munder International Equity Fund
24 Munder Micro-Cap Equity Fund
27 Munder Mid-Cap Growth Fund
29 Munder Multi-Season Growth Fund
31 Munder Real Estate Equity Investment Fund
33 Munder Small-Cap Value Fund
36 Munder Small Company Growth Fund
39 Munder Value Fund
41 Munder Framlington Emerging Markets Fund
46 Munder Framlington Healthcare Fund
49 Munder Framlington International Growth Fund
54 Financial Statements
74 Financial Highlights
117 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
</TABLE>
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
<PAGE>
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
The pattern of solid economic growth and low inflation that has been
characteristic of the past several years continued during the Funds' fiscal
year which ended June 30, 1998. Growth, however, appears to have slowed
during the second quarter of 1998. The National Association of Purchasing
Managers' Survey, an indicator of the pace of industrial activity, fell
during the quarter. For the first time in several months, the Index, at 49.6
for June, was below a level of 50. Any reading less than 50 implies a
contraction in the manufacturing sector.
While some of the slowing in industrial activity may be due to the
strike at General Motors, the primary reason for a reduction in the pace of
economic growth appears to be the fall off in foreign demand stemming from
weakness in Southeast Asia. First quarter economic growth was over 5%, which
is surprising considering there were significant declines in U.S. exports to
Korea (-82% at an annual rate) and Japan (-27% at an annual rate.) There will
undoubtedly be additional reductions in exports to the troubled Southeast
Asian countries, as well as some acceleration in imports from that region.
However, we believe that it is unlikely that the fallout from Southeast Asia
will be powerful enough to derail the U.S. expansion.
The reason for optimism is that domestic demand is likely to continue
to be more than robust enough to offset the declines in foreign demand. The
U.S. consumer is still benefiting from rising wages, low inflation and
relatively low interest rates. Consumer spending accounts for close to 67% of
U.S. economic activity. This compares to exports, which account for a much
smaller 13% of economic activity.
Even with solid economic growth during the first half of 1998,
inflation remained subdued. As of June 1998, the Consumer Price Index was up
only 1.68% from year-ago levels. This continued moderation in inflation,
along with the weakness in Southeast Asian economies and financial markets,
reduces the probability that the Federal Reserve will feel the need to hike
interest rates in the near term, despite significant public discussion of
this topic by various Federal Reserve Governors.
The Stock Market
The stock market, as measured by the S&P 500 Index, was up by 30.16%
for the year ended June 30, 1998. From the first quarter of 1995 through June
30, 1998, the S&P 500 Index has registered fourteen consecutive positive
quarters. Measuring from 1928, this surpasses the record of eleven sequential
positive quarters that occurred from the third quarter of 1962 through the
first quarter of 1965.
The strength in the S&P 500 Index, however, conceals many of the
cross-currents that were present in the stock market during the second
quarter of 1998. The commonly reported S&P 500 Index is calculated on a
capitalization-weighted basis. This means that the largest of the 500
companies in the Index have the greatest influence on its return. In fact,
the largest 100 companies in the S&P 500 universe, with capitalizations of
$21 billion or more, had a 66.6% weighting in the calculation of the Index's
return for the second quarter of 1998. The smallest 100 companies in the S&P
500 universe, ranging in size from $500 million to $3.3 billion, had a 2.4%
weight. In fact, in reviewing the companies that had the largest impact on
the return of the S&P 500 Index, the largest 20 companies accounted for 68%
of the total return of the S&P 500 Index during the second quarter of 1998.
The narrowness of the returns in the stock market are even more
apparent when one looks at some of the other indices. For example, the S&P
500 Index gained 3.30% for the quarter ended June 30, 1998, the S&P 400
Mid-Cap Index returned -2.14% for the quarter, and the S&P 600 Small-Cap
Index generated an even weaker -4.45%.
A large part of the explanation for the positive performance of
equities is the continuation of large and positive money flows into equity
mutual funds. These flows include foreign money that is being directed toward
the U.S. equity market. This money flows first toward stocks that are
believed to be most liquid and that has helped to boost the performance of
the largest capitalization stocks. It is interesting to note that, at the end
of the second quarter of 1998, flows into equity mutual funds in general were
27% higher than year-ago levels, while flows into small company and
aggressive stock funds were 20% behind the year-ago pace.
In addition to money flows, the overall investment environment has
other favorable characteristics: relatively positive corporate earnings,
continuing economic growth and low inflation. As valuations climb, however,
the impact of negative news on stock prices will be amplified.
Volatility will undoubtedly be a key characteristic of the stock market
during the remainder of the year.
The following paragraphs detail the performance of The Munder Funds.
Each Fund offers its shares to investors in several classes. These classes
have different sales charges and expenses, which affect performance.
Performance figures in the following narrative discussion represent the
performance of Class Y shares, net of Fund expenses.
MUNDER ACCELERATING GROWTH FUND
Fund Manager: The Munder Accelerating Fund Committee
The Fund earned a return of 13.44% for the year ended June 30, 1998,
relative to the 25.38% average one year return for the Lipper universe of
growth stock mutual funds. The Fund's energy holdings were weak due to
declines in oil prices and this had a negative impact on the Fund's return.
The Fund's REIT holdings also performed poorly, despite continued strength in
their fundamentals.
Positive factors included the Fund's telecommunication equipment
holdings, which continue to perform well and are benefiting from
deregulation. Two of the Fund's telecommunication services names, CenturyTel
and WorldCom, generated strong returns due to acquisitions made by the
companies. Finally, several retail holdings aided returns due to continued
strength in consumer spending. The Fund remains focused on holdings that are
expected to generate strong earnings growth even in an environment of an
overall slowdown in profits.
In general, this Fund invests in companies that are growing at
accelerating rates, and it is these companies that have been most susceptible
to the weakness resulting from the Asian crisis. In fact, we have reviewed
this Fund continuously over the last several years and believe that the
ability to capitalize on market inefficiencies that allowed many "momentum"
funds to prosper is over. The Board of Directors of The Munder Funds, Inc.
has approved a proposal to reorganize this Fund into the Multi-Season Growth
Fund. Shareholders of the Fund will be asked to vote on the proposal and, if
approved, the reorganization will take place at the end of November.
MUNDER BALANCED FUND
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 16.23% for the year ended June 30, 1998,
relative to the 17.57% average return for the Lipper universe of balanced
mutual funds.
The Fund has historically been managed with approximately 40% of the
assets in the style of the Multi-Season Growth Fund, 20% in the style of the
Accelerating Growth Fund, and the remaining 40% in fixed income securities.
Gradually the equity portion of the fund has been shifted over toward the
Multi-Season Growth Fund style. This will continue since the Accelerating
Growth Fund is planned to merge into the Multi-Season Growth Fund later this
year pending shareholder approval. We also expect that the equity portion of
this Fund will broaden over time to include exposure to our Value and Small
Cap styles.
By shifting away from the Accelerating style and broadening the
portfolio of this Fund, we seek to improve its relative and absolute
performance.
MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 23.32% for the year ended June 30, 1998,
relative to the 20.94% average return for the Lipper universe of equity
income mutual funds. The Fund has earned above-average returns for the
nine-month, one-year and two-year time periods ended June 30, 1998.
This Fund differs from most equity income funds in that a part of its
goal includes obtaining an income yield greater than the S&P 500 Index. As a
result, this Fund tends to underperform the S&P 500 Index when growth is in
favor, but performs well in more uncertain markets, as we have seen over the
last year. We believe that dividend income accounts for a significant amount
of the return of the S&P 500 Index. Given the Fund's yield target, the Fund
tends to own a number of higher dividend-paying stocks, including utilities,
REITs and financial stocks. As a result, the market's view on interest rates
also tends to impact the Fund's performance.
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of 4.48% for the year ended June 30, 1998,
relative to the 2.83% return for the FT/S&P Actuaries World ex-U.S. Index and
the 8.19% average return for the Lipper universe of international equity
mutual funds. The Fund has earned above-average returns for the one-month
time period ended June 30, 1998. It has outperformed the FT World ex-U.S.
Index for the one-month, three-month, six-month, one-year, two-year,
three-year and five-year time periods ended June 30, 1998.
The Fund remains highly diversified, holding 770 stocks representing 45
countries as of June 30, 1998. The Fund invests in a broadly diversified
group of foreign securities, represented primarily by American Depositary
Receipts (ADR's) listed on the U.S. markets. Approximately 87% of the Fund is
held in ADR's, while the remainder is in direct investments in other
international companies. We believe that this gives investors the best of all
worlds: quality trading on U.S. exchanges, U.S. liquidity, more demanding
accounting and governmental standards that are necessary to list securities
for trading in the U.S., and very broad diversification across the world,
without many of the costs of international investing. We consider this Fund
to be more similar to an international index fund than many of our
competitors' funds. We don't make the kind of bets on countries or regions
which have the tendency to increase volatility and costly turnover. The ADR
portion of the portfolio gives the Fund broad exposure, while the active
portion focuses on countries and companies positioned to benefit from strong
economic growth.
The strength of the dollar negatively impacted the portfolio by 0.95%
in June and has reduced performance by approximately 1.5% since the beginning
of 1998 and approximately 5.5% for fiscal year ended June 30, 1998. We
believe that investors look for total international exposure, including
currency, and therefore currency hedging is not part of our strategy, as we
believe that the effect of currency fluctuations even out over time.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund earned a return of 38.19% for the year ended June 30, 1998,
relative to the 23.94% average return for the Lipper universe of micro cap
mutual funds. The Fund, which began operation in December 1996, has earned an
above-average return for the one-year period ended June 30, 1998.
Even though the Fund's performance continues to be above the average of
its peer group, and above the S&P 500 Index for the same time period, we have
seen some pullback in the second quarter of 1998, which most small cap funds
experienced with continued concerns about the impact of Asia on the U.S.
economy. Continued low inflation and low interest rates generally are
positives for these small companies, especially those in the early growth
stages. We continue to monitor economic conditions and the impact of overseas
markets to identify buying or selling opportunities.
MUNDER MID-CAP GROWTH FUND
Fund Manager: The Munder Mid-Cap Fund Committee
The Fund exhibited a 5.23% average return for the year ended June 30,
1998, relative to the 22.22% average return for the Lipper universe of
mid-cap mutual funds. Although the performance of the Fund lagged for the
second quarter of 1998 as a whole, returns for June were slightly ahead of
the S&P 400 Mid-Cap Index.
The market continues to favor the largest capitalization stocks in the
S&P 500 universe. We believe that there are very compelling values within the
mid-cap universe where higher growth rates can be found at lower valuations
than is the case in the larger cap universe. The flow of funds from global
investors continues to be directed toward large cap S&P 500 names, however,
and this has helped to boost the performance of large cap stocks.
This Fund has been in existence for almost 3 years and its assets remain
below $50 million. As a result, it is expensive to operate and difficult to
obtain the economies of scale for executing trades in the market. As a result,
the Board of Directors of The Munder Funds, Inc. decided in August 1998 to
close this Fund effective September 15, 1998.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and Lee Munder, CFA
The Fund generated a return of 25.28% for the year ended June 30, 1998,
relative to 25.38% average return for the Lipper universe of growth stock
mutual funds. The Fund has earned above- average returns for the nine-month,
two-year and three-year time periods ended June 30, 1998.
While the S&P 500 Index ("Index") returned 3.30% on a
capitalization-weighted basis (as it is typically reported), the Index earned
- -1.11% for the second quarter of 1998 on an equal-weighted basis. This helps
to illustrate that it is primarily the largest capitalization stocks in the
Index (and in the stock market as a whole) that have been doing well. To
outperform the Index and large-cap growth managers, a fund would have to be
concentrated in the largest companies only, be significantly overweighted in
technology and consumer cyclical stocks and avoid all earnings
disappointments. Any disappointing news, except when it involves the very
largest companies, is being dealt with severely by investors.
This environment, with top performance concentrated in the largest cap
stocks and in a handful of sectors, has been a difficult one for the
Multi-Season Growth Fund, which is a diversified and equally-weighted
portfolio of high quality stocks with consistent growth and reasonable
valuations. The best performing sectors in the Fund during the second quarter
of 1998 were telecommunications (Century Telephone up by 13% and WorldCom up
by 12%) and technology (Cisco Systems up by 35% and BMC Software up by 24%).
Weaker sectors included energy and services.
As of June 30, 1998, the Fund's estimated earnings growth over the 12
month period was 16%, relative to 7% for the S&P 500 Index universe of
stocks. We remain confident that the attractive characteristics of the Fund
versus the S&P 500 Index will eventually be rewarded by investors, regardless
of the size of the companies represented in the Fund.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Peter K. Hoglund, CFA
The Fund generated a return of 9.24% for the year ended June 30, 1998,
relative to the 8.05% return for the NAREIT Index (equity only) and the 9.04%
average return for the Lipper universe of real estate mutual funds. The Fund
has earned above-average returns relative to the Lipper universe for the
one-month, three-month, one-year, two-year and three-year time periods ended
June 30, 1998. It has outperformed the NAREIT Index for the one-year,
two-year and three-year time periods ended June 30, 1998.
While still displaying negative returns for much of 1998, the REIT
market was beginning to show positive signs by the end of June 1998. A
mini-rally during the last two weeks in June was led by the higher quality,
larger names in the Fund. The fundamentals of the Fund's holdings continue to
be strong and look especially compelling when compared to both their peers
and the broad market. The over-sold condition of REITs, which occurred during
the first six months of 1998, was disappointing. Nonetheless, we believe that
it has positioned the Fund to perform well, on both an absolute and relative
basis, as the REIT market improves.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund earned a return of 24.84% for the year ended June 30, 1998,
relative to the 16.50% return for the Russell 2000 Index, the 19.89% return
for the Russell 2000 Value Index and the 17.63% average return for the Lipper
universe of small cap mutual funds. The Fund, which began operation in
December 1996, has earned above-average returns relative to Lipper for the
nine-month and one-year time periods ended June 30, 1998.
Among the Fund's holdings, the strongest relative performance came from
utilities, financials and consumer staples. Utilities were boosted by
holdings that gained from anticipation of consolidation in the cable
industry. Financial holdings benefited from general market strength and from
good stock selection. Returns among consumer staples stocks were led by
food-related holdings. Weaker sectors of the Fund included technology,
materials and processing, and producer durables.
MUNDER SMALL COMPANY GROWTH FUND
Fund Managers: Carl P. Wilk and Michael Gura, CFA
The Fund generated a return of 12.57% for the year ended June 30, 1998,
compared to the 13.19% return for the Russell 2000 Growth Index and the
17.63% average return for the Lipper universe of small-cap mutual funds. The
Fund has earned above-average returns for the two-year, three-year,
five-year, and ten-year time periods ended June 30, 1998.
Especially in the first half of 1998, the focus on the stock market was
large-cap names. Our discipline for this Fund is truly small-cap and our
median market cap is less than that of the Russell 2000. The market's focus
on large-cap names and not small-cap hurt the performance of the Fund. The
sectors where the biggest impact was felt were energy, healthcare, and select
technology sectors. However, performance in sectors which helped the
performance of the Fund were consumer cyclicals and finance. In the second
half of 1997, fears of an economic slowdown because of the Asian crisis
affected several of our technology securities, especially in the wireless
equipment areas.
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund exhibited a return of 26.12% for the year ended June 30, 1998,
relative to the 22.86% average return for the Lipper universe of growth &
income funds. (There is no Lipper universe representing value funds. The
growth & income universe is closest to the Fund in terms of investment
characteristics.) The Fund has earned above-average returns for the one-year
and two- year time periods ended June 30, 1998.
In an environment where large-cap stocks have significantly
outperformed smaller-cap stocks, the lower capitalization stocks held in the
Fund proved to be a negative for performance. The best gains in the Fund came
from healthcare and technology, two of the top performing S&P 500 sectors for
the quarter. Even though the Fund was underweighted in these sectors, good
stock selection coupled with robust market performance created strong gains
from the Fund's holdings in both areas. Weaker performance came from two of
the largest sectors in the portfolio. Financials underperformed due to the
continuing weakness in REITs. Consumer cyclicals also showed relatively weak
performance, largely because of weakness in the auto industry from both the
General Motors strike and from reduced demand coming from Southeast Asian
customers.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Manager: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of -28.12% for the year ended June 30, 1998,
relative to the -39.08% return for the MSCI Emerging Markets Free Index and
the -31.87% average return for the Lipper universe of emerging markets mutual
funds. The Fund, which began operation in December 1996, has earned
above-average returns for the three-month and one-year time periods ended
June 30, 1998.
The Fund's goal for most of 1998 has been to seek "safe haven" markets
whose economies have relatively little debt, in particular debt which is
denominated in U.S. dollars. The sentiment toward emerging markets has become
so poor, however, that it appears that investors are no longer distinguishing
between the problem economies and those that are healthy. As a result, many
of the Fund's investments have fallen in value without any deterioration in
their outlook. We believe that in some stock markets, such as China and
Mexico, the extent of the decline is not justified by fundamentals, creating
good value for investors. The Fund continues to focus on regions with
favorable economic and political climates while avoiding the stock markets of
Southeast Asia.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Munder Framlington Healthcare Fund generated a 8.72% return for the
year ended June 30, 1998, compared to the 17.97% average return for the
Lipper universe of health/ biotechnology mutual funds. The small and
mid-capitalization healthcare stocks held in the Fund remained out of favor
with investors, again underperforming larger company drug stocks. This Fund
is characterized by 80.80% of its holdings comprised of companies with a
market capitalization below $2 billion rather than focusing on the
giants of the healthcare industry. The growth rates of the stocks in the Fund
remain strong, with little threat posed to them by a softening of the
economy. In addition, their valuations remain reasonable. The restraint on
many of these Fund holdings continues to be poor sentiment. We believe that
the underlying earnings growth and current valuations argue for strong
relative outperformance when these stocks come back into favor.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of 5.86% for the year ended June 30, 1998,
relative to the 6.38% return for the Morgan Stanley EAFE Index and the 8.19%
average return for the Lipper universe of international equity mutual funds.
The Fund has earned above-average returns for the three- month and six-month
time periods ended June 30, 1998.
The key theme of corporate restructuring remains intact in Europe and,
although valuations are high in some countries, the European economies are
looking increasingly attractive. In addition, the flow of funds into European
stock markets has continued to increase. The Fund is still overweighted in
Europe compared to the Morgan Stanley EAFE Index. It is also underweighted in
Japan where the economy and companies' earnings have been disappointing
investors for an extended period of time.
<PAGE>
Hypotheticals and Total Returns
The following graphs represent the performance of the Funds since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately forty-one months) and a period of time when the
Funds were managed by the predecessor. The chart following each line graph
sets forth performance information and the growth of a hypothetical $10,000
investment for the class(es) of each Fund shown in the line graph as well as
certain other classes of shares offered by the Fund. These classes have
different sales charges and expenses than the class(es) shown in the line
graph, which affect performance. The Lipper mutual fund averages were derived
from a universe of only those mutual funds that were in existence as of the
inception date of the Funds and are comprised of mutual funds which are
categorized under the Funds' respective objectives by Lipper Analytical
Services, Inc.
Accelerating Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Lipper Growth
Class Y S&P 500 Funds Average
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<S> <C> <C> <C>
12/1/91 $10,000.00 $10,000.00 $10,000.00
12/31/91 $11,300.00 $11,141.00 $11,127.00
1/31/92 $11,113.00 $10,934.00 $11,176.00
2/29/92 $11,113.00 $11,075.00 $11,355.00
3/31/92 $10,803.00 $10,860.00 $11,031.00
4/30/92 $10,620.00 $11,179.00 $10,966.00
5/31/92 $10,710.00 $11,233.00 $11,051.00
6/30/92 $10,309.00 $11,066.00 $10,732.00
7/31/92 $10,863.00 $11,518.00 $11,117.00
8/31/92 $10,742.00 $11,283.00 $10,876.00
9/30/92 $11,084.00 $11,415.00 $11,069.00
10/31/92 $11,309.00 $11,455.00 $11,290.00
11/30/92 $12,034.00 $11,844.00 $11,863.00
12/31/92 $12,416.00 $11,989.00 $12,085.00
1/31/93 $12,598.00 $12,089.00 $12,260.00
2/28/93 $12,454.00 $12,254.00 $12,085.00
3/31/93 $13,145.00 $12,512.00 $12,437.00
4/30/93 $12,533.00 $12,210.00 $12,073.00
5/31/93 $13,172.00 $12,536.00 $12,525.00
6/30/93 $13,338.00 $12,572.00 $12,565.00
7/31/93 $13,400.00 $12,522.00 $12,531.00
8/31/93 $14,216.00 $12,996.00 $13,070.00
9/30/93 $14,464.00 $12,896.00 $13,198.00
10/31/93 $14,580.00 $13,163.00 $13,386.00
11/30/93 $13,878.00 $13,037.00 $13,135.00
12/31/93 $14,580.00 $13,195.00 $13,516.00
1/31/94 $14,874.00 $13,643.00 $13,952.00
2/28/94 $14,706.00 $13,273.00 $13,734.00
3/31/94 $13,833.00 $12,695.00 $13,094.00
4/30/94 $13,686.00 $12,858.00 $13,164.00
5/31/94 $13,308.00 $13,068.00 $13,239.00
6/30/94 $12,477.00 $12,748.00 $12,806.00
7/31/94 $12,888.00 $13,167.00 $13,145.00
8/31/94 $13,529.00 $13,705.00 $13,750.00
9/30/94 $13,319.00 $13,370.00 $13,485.00
10/31/94 $13,918.00 $13,670.00 $13,687.00
11/30/94 $13,140.00 $13,173.00 $13,172.00
12/31/94 $13,402.00 $13,368.00 $13,299.00
1/31/95 $13,251.00 $13,714.00 $13,391.00
2/28/95 $13,791.00 $14,248.00 $13,918.00
3/31/95 $14,255.00 $14,668.00 $14,316.00
4/30/95 $14,342.00 $15,100.00 $14,635.00
5/31/95 $14,828.00 $15,702.00 $15,075.00
6/30/95 $16,070.00 $16,067.00 $15,702.00
7/31/95 $17,279.00 $16,599.00 $16,447.00
8/31/95 $17,452.00 $16,641.00 $16,592.00
9/30/95 $17,862.00 $17,342.00 $17,065.00
10/31/95 $17,106.00 $17,280.00 $16,798.00
11/30/95 $17,344.00 $18,038.00 $17,398.00
12/31/95 $16,885.00 $18,386.00 $17,499.00
1/31/96 $17,406.00 $19,011.00 $17,871.00
2/29/96 $18,245.00 $19,188.00 $18,250.00
3/31/96 $18,689.00 $19,372.00 $18,424.00
4/30/96 $19,464.00 $19,658.00 $18,977.00
5/31/96 $20,227.00 $20,164.00 $19,429.00
6/30/96 $19,655.00 $20,241.00 $19,174.00
7/31/96 $17,724.00 $19,347.00 $18,082.00
8/30/96 $18,384.00 $19,756.00 $18,702.00
9/30/96 $19,833.00 $20,867.00 $19,732.00
10/31/96 $19,337.00 $21,442.00 $19,945.00
11/30/96 $19,680.00 $23,062.00 $21,171.00
12/31/96 $19,093.00 $22,605.00 $20,903.00
1/31/97 $20,188.00 $24,016.00 $21,975.00
2/28/97 $19,149.00 $24,205.00 $21,723.00
3/31/97 $17,633.00 $23,212.00 $20,781.00
4/30/97 $17,913.00 $24,597.00 $21,539.00
5/31/97 $19,682.00 $26,101.00 $23,084.00
6/30/97 $20,651.00 $27,261.00 $23,992.00
7/31/97 $22,574.23 $29,430.98 $26,009.73
8/31/97 $21,788.64 $27,782.84 $25,146.20
9/30/97 $23,516.48 $29,305.34 $26,546.85
10/31/97 $22,042.00 $28,326.54 $25,540.72
11/30/97 $22,000.12 $29,638.06 $25,969.81
12/31/97 $21,852.72 $30,147.84 $26,216.52
1/31/98 $21,149.06 $30,482.48 $26,339.74
2/28/98 $22,709.86 $32,680.26 $28,328.39
3/31/98 $24,020.22 $34,353.49 $29,586.17
4/30/98 $23,962.57 $34,700.46 $29,938.24
5/31/98 $22,951.35 $34,238.95 $29,061.05
6/30/98 $23,428.74 $35,629.05 $30,115.97
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
- -------------------------------------------------------------------- -----------------------------------------------------------
One One Five Five Since Since
Class and With Without Lipper Growth Year year Years Years Inception Inception
Inception Date Load Load S&P 500 Funds Average w/load w/out load w/load w/out load w/ load w/out load
- -------------- ---- ---- ------- ------------- ------ ---------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--11/23/92 $18,636.41* $19,715.87 $29,958.08 $25,145.51 7.48%* 13.75% 10.54% 11.79% 11.75%* 12.88%
Class B--4/25/94 $16,402.73+ $16,582.24 $27,513.68 $22,766.41 8.08%* 12.16% N/A N/A 12.56%+ 12.85%
Class C--9/26/95 N/A $12,873.64 $20,459.51 $17,481.72 11.43%* 12.43% N/A N/A N/A 9.58%
Class Y--12/1/91 N/A $23,426.06 $35,488.22 $30,081.56 N/A 13.44% N/A 11.92% N/A 13.81%
<FN>
*Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining Contingent Deferred Sales Charge ("CDSC") schedule
as defined in the prospectus, figures reflect the deduction of a 2.00%
back-end load. All figures cited here represent past performance and do not
guarantee future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, upon redemption,
may be worth more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an
unmanaged index of common stock prices, include reinvestment of dividends.
</TABLE>
xi
<PAGE>
Balanced Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
60% S&P 500/ Lipper Balanced
Class Y S&P 500 40% Lehman Gov't/Corp. Funds Average
------- ------- ---------------------- ---------------
<S> <C> <C> <C> <C>
4/13/93 $10,000.00 $10,000.00 $10,000.00 $10,000.00
4/30/93 $9,860.00 $9,758.00 $9,885.75 $9,890.00
5/31/93 $10,000.00 $10,018.00 $10,039.84 $10,045.00
6/30/93 $10,070.00 $10,047.00 $10,149.00 $10,158.00
7/31/93 $10,061.00 $10,007.00 $10,151.00 $10,181.00
8/31/93 $10,352.00 $10,386.00 $10,473.00 $10,484.00
9/30/93 $10,403.00 $10,306.00 $10,440.00 $10,514.00
10/31/93 $10,444.00 $10,519.00 $10,586.00 $10,620.00
11/30/93 $10,192.00 $10,419.00 $10,477.00 $10,481.00
12/31/93 $10,484.00 $10,545.00 $10,571.00 $10,662.00
1/31/94 $10,663.00 $10,903.00 $10,850.00 $10,925.00
2/28/94 $10,481.00 $10,607.00 $10,589.00 $10,715.00
3/31/94 $10,026.00 $10,146.00 $10,199.00 $10,321.00
4/30/94 $9,977.00 $10,276.00 $10,243.00 $10,341.00
5/31/94 $9,886.00 $10,444.00 $10,336.00 $10,393.00
6/30/94 $9,571.00 $10,188.00 $10,173.00 $10,211.00
7/31/94 $9,773.00 $10,522.00 $10,455.00 $10,441.00
8/31/94 $10,059.00 $10,953.00 $10,715.00 $10,707.00
9/30/94 $9,946.00 $10,685.00 $10,491.00 $10,505.00
10/31/94 $10,084.00 $10,925.00 $10,631.00 $10,556.00
11/30/94 $9,797.00 $10,528.00 $10,385.00 $10,300.00
12/31/94 $9,940.00 $10,683.00 $10,505.00 $10,399.00
1/31/95 $9,981.00 $10,960.00 $10,750.00 $10,539.00
2/28/95 $10,281.00 $11,387.00 $11,103.00 $10,859.00
3/31/95 $10,473.00 $11,723.00 $11,333.00 $11,054.00
4/30/95 $10,587.00 $12,068.00 $11,600.00 $11,250.00
5/31/95 $10,930.00 $12,549.00 $12,072.00 $11,624.00
6/30/95 $11,264.00 $12,840.00 $12,282.00 $11,852.00
7/31/95 $11,609.00 $13,266.00 $12,520.00 $12,120.00
8/31/95 $11,672.00 $13,299.00 $12,598.00 $12,225.00
9/30/95 $11,968.00 $13,860.00 $12,982.00 $12,502.00
10/31/95 $11,926.00 $13,810.00 $13,021.00 $12,466.00
11/30/95 $12,274.00 $14,416.00 $13,462.00 $12,857.00
12/31/95 $12,280.00 $14,694.00 $13,699.00 $13,039.00
1/31/96 $12,577.00 $15,193.00 $14,030.00 $13,278.00
2/29/96 $12,704.00 $15,334.00 $14,010.00 $13,323.00
3/31/96 $12,786.00 $15,482.00 $14,058.00 $13,376.00
4/30/96 $12,956.00 $15,710.00 $14,162.00 $13,505.00
5/31/96 $13,180.00 $16,115.00 $14,397.00 $13,668.00
6/30/96 $13,218.00 $16,176.00 $14,497.00 $13,684.00
7/31/96 $12,715.00 $15,462.00 $14,080.00 $13,301.00
8/30/96 $12,940.00 $15,789.00 $14,264.00 $13,544.00
9/30/96 $13,597.00 $16,677.00 $14,882.00 $14,038.00
10/31/96 $13,694.00 $17,137.00 $15,271.00 $14,313.00
11/30/96 $14,157.00 $18,430.00 $16,140.00 $14,979.00
12/31/96 $13,859.00 $18,066.00 $15,864.00 $14,822.00
1/31/97 $14,179.00 $19,194.00 $16,547.00 $15,256.00
2/28/97 $14,042.00 $19,344.00 $16,648.00 $15,284.00
3/31/97 $13,542.00 $18,551.00 $16,112.00 $14,854.00
4/30/97 $13,933.00 $19,658.00 $16,849.00 $15,276.00
5/31/97 $14,623.00 $20,859.00 $17,617.00 $15,951.00
6/30/97 $15,057.00 $21,787.00 $18,235.00 $16,430.00
7/31/97 $15,982.85 $23,521.25 $18,812.68 $17,350.08
8/31/97 $15,508.16 $22,204.06 $18,096.30 $16,897.24
9/30/97 $16,223.09 $23,420.84 $18,804.95 $17,530.89
10/31/97 $16,013.81 $22,638.58 $18,548.45 $17,229.36
11/30/97 $16,177.15 $23,686.75 $19,103.05 $17,484.35
12/31/97 $16,351.87 $24,094.16 $19,380.42 $17,713.40
1/31/98 $16,301.18 $24,361.61 $19,618.80 $17,823.22
2/28/98 $16,954.85 $26,118.08 $20,451.82 $18,557.54
3/31/98 $17,421.11 $27,455.32 $21,105.46 $19,079.00
4/30/98 $17,433.31 $27,732.62 $21,275.57 $19,201.11
5/31/98 $17,201.44 $27,363.78 $21,147.06 $19,007.18
6/30/98 $17,502.47 $28,474.75 $21,147.06 $19,290.39
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
----------------------------------------------------------
60% S&P Lipper
500/40% Balanced
Class and With Without Lehman Funds
Inception Date Load Load S&P 500 Gov't/Corp. Average
- -------------- ---- ------- ------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Class A--4/30/93 $16,591.44* $17,550.58 $29,059.94 $22,778.35 $19,316.17
Class B--6/21/94 $17,023.64+ $17,223.64 $27,832.46 $22,034.21 $18,917.85
Class C--1/24/96 $13,780.60 $13,780.60 $18,664.11 $15,752.03 $14,492.91
Class Y--4/13/93 N/A $17,501.56 $28,362.20 $22,428.67 $19,316.17
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- -------------------------------------------------------
One Five
One Year Five Years Since Since
Year w/out Years w/out Inception Inception
w/load load w/load load w/load w/out load
- ------ ----- ------ ----- --------- ----------
<S> <C> <C> <C> <C> <C>
9.53%* 15.93% 10.17% 11.44% 10.29%* 11.49%
10.11%* 15.11% N/A N/A 14.12%+ 14.45%
14.00%* 15.00% N/A N/A N/A 14.09%
N/A 16.23% N/A 11.69% N/A 11.33%
</TABLE>
Growth & Income Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Lipper Equity
Class Y S&P 500 Income Funds
------- ------- --------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 $10,090.00 $10,328.00 $10,263.00
8/31/94 $10,190.00 $10,750.00 $10,590.00
9/30/94 $10,140.00 $10,487.00 $10,400.00
10/31/94 $10,167.00 $10,723.00 $10,459.00
11/30/94 $9,905.00 $10,333.00 $10,058.00
12/31/94 $9,951.00 $10,486.00 $10,131.00
1/31/95 $10,246.00 $10,757.00 $10,323.00
2/28/95 $10,602.00 $11,176.00 $10,654.00
3/31/95 $10,809.00 $11,506.00 $10,909.00
4/30/95 $11,066.00 $11,844.00 $11,156.00
5/31/95 $11,456.00 $12,317.00 $11,491.00
6/30/95 $11,523.00 $12,602.00 $11,643.00
7/31/95 $11,678.00 $13,020.00 $11,970.00
8/31/95 $11,740.00 $13,053.00 $12,102.00
9/30/95 $12,251.00 $13,603.00 $12,501.00
10/31/95 $12,272.00 $13,555.00 $12,363.00
11/30/95 $12,856.00 $14,149.00 $12,890.00
12/31/95 $13,361.00 $14,422.00 $13,209.00
1/31/96 $13,700.00 $14,912.00 $13,516.00
2/29/96 $13,657.00 $15,051.00 $13,635.00
3/31/96 $13,799.00 $15,195.00 $13,818.00
4/30/96 $13,682.00 $15,419.00 $13,987.00
5/31/96 $13,842.00 $15,816.00 $14,213.00
6/30/96 $13,972.00 $15,877.00 $14,232.00
7/31/96 $13,512.00 $15,176.00 $13,709.00
8/30/96 $13,823.00 $15,497.00 $14,065.00
9/30/96 $14,391.00 $16,368.00 $14,601.00
10/31/96 $14,822.00 $16,819.00 $14,932.00
11/30/96 $15,663.00 $18,089.00 $15,777.00
12/31/96 $15,517.00 $17,731.00 $15,693.00
1/31/97 $16,088.00 $18,838.00 $16,285.00
2/28/97 $16,414.00 $18,986.00 $16,464.00
3/31/97 $15,992.00 $18,208.00 $15,954.00
4/30/97 $16,449.00 $19,294.00 $16,421.00
5/31/97 $17,304.00 $20,473.00 $17,372.00
6/30/97 $17,945.00 $21,383.00 $18,016.00
7/31/97 $19,252.83 $23,085.09 $19,169.02
8/31/97 $18,509.67 $21,792.32 $18,618.87
9/30/97 $19,535.11 $22,986.54 $19,555.40
10/31/97 $19,298.73 $22,218.79 $18,970.70
11/30/97 $19,808.22 $23,247.52 $19,554.99
12/31/97 $20,539.14 $23,647.38 $20,018.45
1/31/98 $20,652.11 $23,909.86 $20,004.43
2/28/98 $21,591.78 $25,633.77 $21,126.68
3/31/98 $22,762.05 $26,946.21 $22,068.93
4/30/98 $22,536.71 $27,218.37 $22,073.35
5/31/98 $22,171.61 $26,750.21 $21,720.17
6/30/98 $22,131.71 $27,836.27 $21,854.84
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------------------- -------------------------------------------
Lipper Equity One One Since Since
Class and With Without Income Funds Year Year Inception Inception
Inception Date Load Load S&P 500 Average w/load w/out load w/load w/out load
- -------------- ---- ------- ------- ------------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--8/8/94 $20,502.61* $21,700.28 $26,948.22 $21,229.48 16.23%* 23.03% 20.24%* 22.00%
Class B--8/9/94 $20,792.78+ $21,092.78 $26,948.22 $21,229.48 17.09%* 22.09% 20.69%+ 21.13%
Class C--12/5/95 N/A $16,384.84 $19,670.35 $16,930.44 21.05%* 22.05% N/A 21.18%
Class Y--07/5/94 N/A $22,129.06 $27,836.27 $21,854.84 N/A 23.32% N/A 22.03%
<FN>
* Reflects the deduction of the maximum sales charge of 5.00% for Class A Shares, of 5.00%
for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 2.00% back-end load for the Balanced
Fund and 3.00% for the Growth and Income Fund.
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
xii
<PAGE>
International Equity Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
FT/S&P Actuaries Lipper International
Class Y World Index ex U.S. Funds Average
------- ------------------- --------------------
<S> <C> <C> <C>
12/1/91 $10,000.00 $10,000.00 $10,000.00
12/31/91 $10,520.00 $10,468.17 $10,487.00
1/31/92 $10,646.00 $10,212.86 $10,569.00
2/29/92 $10,776.00 $9,847.48 $10,576.00
3/31/92 $10,486.00 $9,185.01 $10,214.00
4/30/92 $10,736.00 $9,164.46 $10,476.00
5/31/92 $11,187.00 $9,776.53 $10,990.00
6/30/92 $10,766.00 $9,303.71 $10,686.00
7/31/92 $10,416.00 $9,048.41 $10,308.00
8/31/92 $10,175.00 $9,673.08 $10,378.00
9/30/92 $10,195.00 $9,434.35 $10,149.00
10/31/92 $10,365.00 $8,962.20 $9,850.00
11/30/92 $10,616.00 $9,072.94 $9,903.00
12/31/92 $10,656.00 $9,101.46 $10,033.00
1/31/93 $10,522.00 $9,104.77 $10,071.00
2/28/93 $10,785.00 $9,413.79 $10,302.00
3/31/93 $11,140.00 $10,247.35 $10,882.00
4/30/93 $11,363.00 $11,196.29 $11,441.00
5/31/93 $11,576.00 $11,509.28 $11,679.00
6/30/93 $11,485.00 $11,227.45 $11,443.00
7/31/93 $11,870.00 $11,728.12 $11,786.00
8/31/93 $12,549.00 $12,279.84 $12,540.00
9/30/93 $12,448.00 $11,949.60 $12,497.00
10/31/93 $13,238.00 $12,269.23 $13,091.00
11/30/93 $12,833.00 $11,226.79 $12,589.00
12/31/93 $14,120.00 $12,029.84 $13,846.00
1/31/94 $14,515.00 $13,043.10 $14,671.00
2/28/94 $13,867.00 $13,023.21 $14,330.00
3/31/94 $12,823.00 $12,514.59 $13,657.00
4/30/94 $13,127.00 $13,032.49 $14,011.00
5/31/94 $13,238.00 $12,991.38 $13,986.00
6/30/94 $12,691.00 $13,148.54 $13,822.00
7/31/94 $13,279.00 $13,286.47 $14,205.00
8/31/94 $13,644.00 $13,604.77 $14,658.00
9/30/94 $13,248.00 $13,234.08 $14,309.00
10/31/94 $13,563.00 $13,657.16 $14,578.00
11/30/94 $13,076.00 $12,980.11 $13,887.00
12/31/94 $12,942.00 $13,035.81 $13,721.00
1/31/95 $12,328.00 $12,483.42 $13,051.00
2/28/95 $12,574.00 $12,385.28 $13,108.00
3/31/95 $12,921.00 $13,157.16 $13,573.00
4/30/95 $13,361.00 $13,684.35 $14,028.00
5/31/95 $13,555.00 $13,503.98 $14,175.00
6/30/95 $13,749.00 $13,260.61 $14,196.00
7/31/95 $14,403.00 $14,098.14 $14,954.00
8/31/95 $14,097.00 $13,585.54 $14,642.00
9/30/95 $14,475.00 $13,815.65 $14,902.00
10/31/95 $14,383.00 $13,454.91 $14,617.00
11/30/95 $14,465.00 $13,862.07 $14,778.00
12/31/95 $14,757.00 $14,397.88 $15,220.00
1/31/96 $14,911.00 $14,533.82 $15,533.00
2/29/96 $14,932.00 $14,523.21 $15,599.00
3/31/96 $15,149.00 $14,822.28 $15,848.00
4/30/96 $15,623.00 $15,295.76 $16,328.00
5/31/96 $15,540.00 $15,043.77 $16,272.00
6/30/96 $15,623.00 $15,122.01 $16,402.00
7/31/96 $15,107.00 $14,637.93 $15,837.00
8/30/96 $15,406.00 $14,723.47 $16,028.00
9/30/96 $15,685.00 $15,120.68 $16,374.00
10/31/96 $15,695.00 $14,987.39 $16,326.00
11/30/96 $16,304.00 $15,563.65 $17,060.00
12/31/96 $16,293.00 $15,337.53 $17,168.00
1/31/97 $16,118.00 $14,852.12 $17,073.00
2/28/97 $16,270.00 $15,133.28 $17,667.00
3/31/97 $16,200.00 $15,082.89 $17,393.00
4/30/97 $16,409.00 $15,173.07 $17,453.00
5/31/97 $17,653.00 $16,242.04 $18,458.00
6/30/97 $18,490.00 $17,076.00 $19,324.00
7/31/97 $18,864.42 $17,364.58 $19,851.55
8/30/97 $17,589.19 $16,063.98 $18,410.32
9/30/97 $18,454.58 $16,921.79 $19,546.24
10/31/97 $17,050.18 $15,598.51 $18,072.45
11/30/97 $16,710.88 $15,369.21 $17,904.38
12/31/97 $16,841.23 $15,458.35 $18,052.99
1/31/98 $17,386.88 $16,093.69 $18,477.23
2/28/98 $18,704.81 $17,133.34 $19,696.73
3/31/98 $19,389.41 $17,678.18 $20,703.23
4/30/98 $19,567.79 $17,768.34 $20,986.87
5/31/98 $19,289.93 $17,633.30 $21,007.85
6/30/98 $19,320.79 $17,550.43 $20,846.09
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------------ -----------------------------------------------------------
FT/S&P
Actuaries One One Five Five Since Since
Class and With Without World Index Lipper Int'l Year Year Years Years Inception Inception
Inception Date Load Load ex U.S.Funds Average w/load w/out load w/load w/out load w/load w/out load
- -------------- ---- ------- ------------ ------------ ------ ---------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--11/30/92 $16,994.30* $17,988.31 $19,352.96 $20,960.29 (1.46)%* 4.30% 9.46% 10.70% 9.96%* 11.09%
Class B--3/9/94 $13,420.26+ $13,620.26 $13,482.72 $14,350.38 (1.23)%* 3.54% N/A N/A 7.06%+ 7.43%
Class C--9/29/95 N/A $12,984.50 $12,709.59 $13,850.72 2.50 %* 3.50% N/A N/A N/A 9.95%
Class Y--12/1/91 N/A $19,319.21 $17,558.83 $20,907.11 N/A 4.48% N/A 10.96% N/A 10.52%
</TABLE>
Micro-Cap Equity Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Wilshire Lipper
Class Y Micro-Cap Index Micro-Cap Funds Average
------- --------------- -----------------------
<S> <C> <C> <C>
12/26/96 $10,000.00 $10,000.00 $10,000.00
12/30/96 $10,120.00 $10,000.00 $10,000.00
1/31/97 $10,600.00 $10,474.00 $10,421.00
2/28/97 $10,910.00 $10,253.00 $10,107.00
3/31/97 $10,130.00 $9,788.00 $9,494.00
4/30/97 $9,780.00 $9,474.00 $9,204.00
5/31/97 $11,260.00 $10,382.00 $10,343.00
6/30/97 $12,830.00 $11,052.00 $11,146.00
7/31/97 $14,669.95 $11,620.07 $11,936.25
8/30/97 $16,050.39 $12,119.74 $12,585.58
9/30/97 $18,059.90 $13,252.93 $13,784.99
10/31/97 $17,969.60 $12,791.73 $13,294.24
11/30/97 $17,700.06 $12,546.13 $13,066.91
12/31/97 $17,365.53 $12,419.41 $12,885.28
1/31/98 $17,115.46 $12,331.23 $12,748.70
2/28/98 $18,393.99 $13,083.44 $13,653.86
3/31/98 $19,048.81 $13,724.53 $14,419.84
4/30/98 $18,965.00 $14,016.86 $14,664.97
5/31/98 $17,779.69 $13,328.63 $13,861.33
6/30/98 $17,728.13 $13,265.99 $13,825.29
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- -------------------------------------------
Wilshire One One Since Since
Class and With Without Micro-Cap Lipper Micro-Cap Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- --------- ---------------- ------ ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--12/26/96 $16,709.77* $17,678.94 $13,265.72 $13,813.77 30.38%* 38.01% 40.42%* 45.76%
Class B--2/24/97 $15,514.50+ $15,914.50 $12,938.03 $13,654.75 31.87%* 36.87% 38.52%+ 41.16%
Class C--3/31/97 N/A $17,291.14 $13,551.39 $14,575.58 35.95%* 36.95% N/A 54.86%
Class Y--12/26/96 N/A $17,729.66 $13,265.72 $13,813.77 N/A 38.19% N/A 46.03%
<FN>
*Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 2.00% back-end load for the
International Equity Fund and 4.00% for the Micro-Cap Equity Fund.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the S&P 500 Index, an unmanaged index of common stock prices,
includes 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
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 Wilshire Micro-Cap Index
consists of all issues in the Wilshire 5000 Index that rank below the
2,501st company based on size. The Wilshire 5000 Index contains all
publicly traded U.S. stocks, but excludes REITs and limited partnerships.
</TABLE>
xiii
<PAGE>
Mid-Cap Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
S&P 400 Lipper Mid-Cap
Class Y Mid-Cap Index Funds Average
------- ------------- --------------
<S> <C> <C> <C>
8/14/95 $10,000.00 $10,000.00 $10,000.00
8/31/95 $10,370.00 $10,186.99 $10,125.00
9/30/95 $10,620.00 $10,433.92 $10,386.00
10/31/95 $10,270.00 $10,165.46 $10,136.00
11/30/95 $10,480.00 $10,609.43 $10,483.00
12/31/95 $10,750.00 $10,583.03 $10,555.00
1/31/96 $10,730.00 $10,736.00 $10,626.00
2/29/96 $11,170.00 $11,100.00 $11,006.00
3/31/96 $11,270.00 $11,234.00 $11,195.00
4/30/96 $12,010.00 $11,577.00 $11,777.00
5/31/96 $12,280.00 $11,734.00 $12,115.00
6/30/96 $11,580.00 $11,558.00 $11,762.00
7/31/96 $10,590.00 $10,776.00 $10,827.00
8/30/96 $11,410.00 $10,398.00 $11,448.00
9/30/96 $12,540.00 $11,895.00 $12,134.00
10/31/96 $12,060.00 $11,929.00 $11,973.00
11/30/96 $12,170.00 $12,601.00 $12,493.00
12/31/96 $12,049.00 $12,615.00 $12,431.00
1/31/97 $12,383.00 $13,088.00 $12,827.00
2/28/97 $11,882.00 $12,981.00 $12,423.00
3/31/97 $10,334.00 $12,428.00 $11,768.00
4/30/97 $10,134.00 $12,750.00 $11,953.00
5/31/97 $11,503.00 $13,865.00 $13,126.00
6/30/97 $11,704.00 $14,260.00 $13,624.00
7/31/97 $12,962.41 $15,671.74 $14,720.73
8/30/97 $12,906.68 $15,652.93 $14,666.27
9/30/97 $13,864.35 $16,552.98 $15,600.51
10/31/97 $12,806.50 $15,832.92 $14,868.84
11/30/97 $12,751.43 $16,067.25 $14,862.90
12/31/97 $12,008.02 $16,690.66 $15,059.09
1/31/98 $11,551.72 $16,373.54 $14,825.67
2/28/98 $12,487.41 $17,730.90 $16,115.50
3/31/98 $12,887.01 $18,530.57 $16,864.87
4/30/98 $13,001.70 $18,869.68 $17,013.28
5/31/98 $12,225.50 $18,020.54 $16,191.54
6/30/98 $12,317.19 $18,134.07 $16,610.90
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------------------ ------------------------------------------
S&P 400 One One Since Since
Class and With Without Mid-Cap Lipper Mid-Cap Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- ------- -------------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--12/22/95 $10,978.74* $11,613.53 $17,132.42 $16,536.89 (0.74)%* 5.05% 3.77%* 6.11%
Class B--1/26/96 $11,067.76+ $11,366.06 $16,887.43 $16,651.69 (0.87)%* 4.13% 4.27%+ 5.42%
Class C--11/9/95 N/A $11,543.71 $17,836.20 $16,536.89 3.13 %* 4.13% N/A 5.59%
Class Y--8/14/95 N/A $12,315.24 $18,204.59 $16,651.69 N/A 5.23% N/A 7.50%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load.
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
xiv
<PAGE>
Multi-Season Growth Fund
CLASS B & Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class B
[Performance Graph]
<TABLE>
<CAPTION>
Class B-1.0% Lipper Growth
Back-end load S&P 500 Funds Average
------------- ------- -------------
<S> <C> <C> <C>
4/29/93 $10,000.00 $10,000.00 $10,000.00
4/30/93 $10,030.00 $10,000.00 $10,000.00
5/31/93 $10,060.00 $10,266.84 $10,157.00
6/30/93 $10,160.00 $10,296.81 $10,273.00
7/31/93 $10,110.00 $10,255.35 $10,294.00
8/31/93 $10,340.00 $10,643.61 $10,602.00
9/30/93 $10,430.00 $10,561.99 $10,638.00
10/31/93 $10,390.00 $10,780.33 $10,739.00
11/30/93 $10,310.00 $10,677.58 $10,589.00
12/31/93 $10,650.00 $10,806.67 $10,774.00
1/31/94 $10,930.00 $11,173.72 $11,033.00
2/28/94 $10,800.00 $10,870.60 $10,822.00
3/31/94 $10,320.00 $10,397.58 $10,422.00
4/30/94 $10,350.00 $10,530.79 $10,440.00
5/31/94 $10,360.00 $10,702.94 $10,483.00
6/30/94 $10,010.00 $10,441.03 $10,291.00
7/31/94 $10,170.00 $10,783.64 $10,522.00
8/31/94 $10,670.00 $11,224.74 $10,794.00
9/30/94 $10,430.00 $10,950.48 $10,593.00
10/31/94 $10,550.00 $11,196.14 $10,650.00
11/30/94 $10,140.00 $10,788.90 $10,390.00
12/31/94 $10,308.00 $10,948.63 $10,489.00
1/31/95 $10,509.00 $11,232.36 $10,626.00
2/28/95 $10,920.00 $11,669.67 $10,952.00
3/31/95 $11,161.00 $12,013.47 $11,149.00
4/30/95 $11,241.00 $12,366.96 $11,346.00
5/31/95 $11,583.00 $12,860.50 $11,719.00
6/30/95 $11,894.00 $13,158.69 $11,959.00
7/31/95 $12,295.00 $13,594.87 $12,240.00
8/31/95 $12,255.00 $13,628.81 $12,343.00
9/30/95 $12,777.00 $14,203.65 $12,622.00
10/31/95 $12,787.00 $14,152.90 $12,585.00
11/30/95 $13,510.00 $14,773.49 $12,974.00
12/31/95 $13,523.00 $15,058.07 $13,144.00
1/31/96 $14,082.00 $15,569.98 $13,383.00
2/29/96 $14,279.00 $15,714.83 $13,436.00
3/31/96 $14,361.00 $15,866.13 $13,487.00
4/30/96 $14,579.00 $16,099.83 $13,631.00
5/31/96 $14,848.00 $16,514.33 $13,800.00
6/30/96 $15,065.00 $16,577.29 $13,811.00
7/31/96 $14,444.00 $15,845.31 $13,415.00
8/30/96 $14,827.00 $16,180.04 $13,663.00
9/30/96 $15,851.00 $17,089.88 $14,171.00
10/31/96 $15,986.00 $17,561.04 $14,436.00
11/30/96 $16,948.00 $18,887.27 $15,098.00
12/31/96 $16,421.00 $18,513.13 $14,934.00
1/31/97 $17,019.00 $19,669.12 $15,366.00
2/28/97 $17,008.00 $19,823.54 $15,374.00
3/31/97 $16,279.00 $19,010.54 $14,937.00
4/30/97 $17,073.00 $20,144.44 $15,361.00
5/31/97 $18,313.00 $21,376.02 $16,047.00
6/30/97 $19,074.00 $22,326.00 $16,529.00
7/31/97 $20,520.38 $24,103.15 $17,919.09
8/30/97 $19,508.73 $22,753.37 $17,324.18
9/30/97 $20,649.99 $24,000.26 $18,289.13
10/31/97 $20,127.54 $23,198.65 $17,595.97
11/30/97 $20,584.44 $24,272.75 $17,891.59
12/31/97 $21,214.32 $24,690.24 $18,061.56
1/31/98 $20,974.60 $24,964.30 $18,146.45
2/28/98 $22,826.66 $26,764.23 $19,516.50
3/31/98 $23,844.73 $28,134.55 $20,383.03
4/30/98 $23,811.34 $28,418.71 $20,625.59
5/31/98 $23,101.77 $27,929.91 $20,021.26
6/30/98 $23,574.28 $29,063.87 $20,748.03
<CAPTION>
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
Lipper Growth
Class Y S&P 500 Funds Average
------- ------- -------------
<S> <C> <C> <C>
8/16/93 $10,000.00 $10,000.00 $10,000.00
8/31/93 $10,147.00 $10,000.00 $10,000.00
9/30/93 $10,235.00 $9,923.31 $10,094.96
10/31/93 $10,167.00 $10,128.44 $10,235.88
11/30/93 $10,098.00 $10,031.90 $10,049.54
12/31/93 $10,490.00 $10,153.18 $10,335.05
1/31/94 $10,765.00 $10,498.03 $10,662.13
2/28/94 $10,647.00 $10,213.24 $10,493.18
3/31/94 $10,196.00 $9,768.82 $10,002.24
4/30/94 $10,235.00 $9,893.97 $10,042.00
5/31/94 $10,245.00 $10,055.71 $10,089.00
6/30/94 $9,912.00 $9,809.64 $9,749.00
7/31/94 $10,088.00 $10,131.53 $10,003.00
8/31/94 $10,588.00 $10,545.96 $10,474.00
9/30/94 $10,363.00 $10,288.28 $10,275.00
10/31/94 $10,480.00 $10,519.09 $10,443.00
11/30/94 $10,078.00 $10,136.47 $10,053.00
12/31/94 $10,263.00 $10,286.54 $10,148.00
1/31/95 $10,469.00 $10,553.12 $10,221.00
2/28/95 $10,883.00 $10,963.99 $10,618.00
3/31/95 $11,138.00 $11,287.00 $10,917.00
4/30/95 $11,227.00 $11,619.11 $11,159.00
5/31/95 $11,581.00 $12,082.80 $11,499.00
6/30/95 $11,906.00 $12,362.96 $11,995.00
7/31/95 $12,309.00 $12,772.76 $12,573.00
8/31/95 $12,290.00 $12,804.64 $12,669.00
9/30/95 $12,821.00 $13,344.71 $13,044.00
10/31/95 $12,831.00 $13,297.03 $12,857.00
11/30/95 $13,579.00 $13,880.09 $13,309.00
12/31/95 $13,607.00 $14,147.46 $13,359.00
1/31/96 $14,177.00 $14,628.41 $13,653.00
2/29/96 $14,380.00 $14,764.50 $13,958.00
3/31/96 $14,478.00 $14,906.65 $14,077.00
4/30/96 $14,712.00 $15,126.22 $14,517.00
5/31/96 $14,998.00 $15,515.65 $14,886.00
6/30/96 $15,222.00 $15,574.80 $14,686.00
7/31/96 $14,621.00 $14,887.09 $13,830.00
8/30/96 $15,018.00 $15,201.58 $14,302.00
9/30/96 $16,057.00 $16,056.40 $15,115.00
10/31/96 $16,210.00 $16,499.07 $15,241.00
11/30/96 $17,200.00 $17,745.10 $16,174.00
12/31/96 $16,680.00 $17,393.58 $15,930.00
1/31/97 $17,302.00 $18,479.66 $16,756.00
2/28/97 $17,312.00 $18,624.74 $16,533.00
3/31/97 $16,573.00 $17,860.90 $15,787.00
4/30/97 $17,398.00 $18,926.23 $16,395.00
5/31/97 $18,674.00 $20,083.33 $17,569.00
6/30/97 $19,478.00 $20,976.00 $18,257.00
7/31/97 $20,968.07 $22,645.69 $19,792.41
8/30/97 $19,959.50 $21,377.53 $19,135.31
9/30/97 $21,139.11 $22,549.02 $20,201.14
10/31/97 $20,625.43 $21,795.88 $19,435.52
11/30/97 $21,097.75 $22,805.03 $19,762.04
12/31/97 $21,766.55 $23,197.28 $19,949.77
1/31/98 $21,540.18 $23,454.77 $20,043.54
2/28/98 $23,455.10 $25,145.86 $21,556.83
3/31/98 $24,524.65 $26,433.32 $22,513.95
4/30/98 $24,502.58 $26,700.30 $22,781.87
5/31/98 $23,792.01 $26,241.06 $22,114.36
6/30/98 $24,401.08 $27,306.44 $22,917.11
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------------- ------------------------------------------------------------
One One Five Five Since Since
Class and With Without Lipper Growth Year Year Years Years Inception Inception
Inception Date Load Load S&P 500 Funds Average w/load w/out load w/load w/out load w/load w/out load
- -------------- ---- ------- ------- ------------- ------ ---------- ------ ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--8/4/93 $22,829.50* $24,155.23 $28,336.37 $23,921.99 18.14%* 25.02% N/A N/A 18.32%* 19.69%
Class B--4/29/93 $23,574.28+ $23,674.28 $29,063.87 $24,485.40 19.12%* 24.12% 18.23% 18.43% 18.03%+ 18.13%
Class C--9/20/93 N/A $23,252.64 $27,513.68 $22,682.25 23.09%* 24.09% N/A N/A N/A 19.32%
Class Y--8/16/93 N/A $24,402.53 $27,306.44 $22,890.30 N/A 25.28% N/A N/A N/A 20.09%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 1.00% back-end load.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, upon redemption, may be worth
more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The S&P 400 Midcap Index is a capitalization-weighted index that measures
the performance of the mid-range sector of the U.S. stock market where the
median market capitalization is approximately $700 million. Figures for the
S&P 500 index, an unmanaged index of common stock prices, includes
reinvestment of dividends.
</TABLE>
xv
Real Estate Equity Investment Fund
CLASS B & Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class B
[Performance Graph]
<TABLE>
<CAPTION>
Class B-2.0% Lipper Real Estate
Back-end Load NAREIT Funds Average
------------- ------ ------------------
<S> <C> <C> <C>
10/3/94 $10,000.00 $10,000.00 $10,000.00
10/31/94 $9,710.00 $9,667.00 $9,631.38
11/30/94 $9,459.00 $9,347.02 $9,252.95
12/31/94 $10,210.00 $10,039.64 $9,994.49
1/31/95 $9,818.00 $9,809.73 $9,628.73
2/28/95 $9,901.00 $9,601.76 $9,766.63
3/31/95 $9,948.00 $9,559.51 $9,771.74
4/30/95 $9,852.00 $9,272.73 $9,694.07
5/31/95 $10,186.00 $9,664.97 $10,116.47
6/30/95 $10,387.00 $9,812.84 $10,334.78
7/31/95 $10,536.00 $9,986.53 $10,573.98
8/31/95 $10,602.00 $10,094.38 $10,692.86
9/30/95 $10,743.00 $10,251.85 $10,918.05
10/31/95 $10,470.00 $10,011.96 $10,603.28
11/30/95 $10,564.00 $10,108.08 $10,668.23
12/31/95 $11,321.00 $10,663.01 $11,363.54
1/31/96 $11,353.00 $10,829.35 $11,550.15
2/29/96 $11,500.00 $10,969.05 $11,656.24
3/31/96 $11,524.00 $10,907.62 $11,688.85
4/30/96 $11,497.00 $11,725.70 $11,701.84
5/31/96 $11,733.00 $12,008.28 $12,016.08
6/30/96 $11,949.00 $12,161.99 $12,172.51
7/31/96 $11,868.00 $12,253.00 $12,115.88
8/30/96 $12,447.00 $12,736.00 $12,620.73
9/30/96 $12,814.00 $12,958.00 $12,951.70
10/31/96 $13,106.00 $13,342.00 $13,235.24
11/30/96 $13,742.00 $13,951.00 $13,839.80
12/31/96 $15,068.00 $15,400.00 $15,203.76
1/31/97 $15,219.00 $15,573.00 $15,403.54
2/28/97 $15,133.00 $15,542.00 $15,442.94
3/31/97 $15,218.00 $15,509.00 $15,419.87
4/30/97 $14,662.00 $15,084.00 $14,888.99
5/31/97 $14,967.00 $15,528.00 $15,385.79
6/30/97 $15,835.00 $16,282.00 $16,247.00
7/31/97 $16,536.33 $16,785.11 $16,960.24
8/30/97 $16,478.45 $16,744.83 $16,880.53
9/30/97 $18,124.65 $18,206.65 $18,450.42
10/31/97 $17,455.85 $17,715.07 $17,848.94
11/30/97 $17,672.31 $18,097.72 $18,063.12
12/31/97 $18,255.49 $18,524.83 $18,539.99
1/31/98 $18,007.22 $18,426.64 $18,306.39
2/28/98 $17,641.67 $18,113.39 $18,267.94
3/31/98 $18,080.95 $18,437.62 $18,689.93
4/30/98 $17,487.89 $17,836.55 $18,170.35
5/31/98 $17,292.03 $17,711.70 $17,912.33
6/30/98 $16,820.49 $17,591.26 $17,729.63
<CAPTION>
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
Lipper Real Estate
Class Y NAREIT Funds Average
------- ------ ------------------
<S> <C> <C> <C>
9/30/94 $10,000.00 $10,000.00 $10,000.00
10/31/94 $9,718.00 $9,667.00 $9,631.38
11/30/94 $9,475.00 $9,347.02 $9,252.95
12/31/94 $10,236.00 $10,039.64 $9,994.49
1/31/95 $9,851.00 $9,809.73 $9,628.73
2/28/95 $9,943.00 $9,601.76 $9,766.63
3/31/95 $9,998.00 $9,559.51 $9,771.74
4/30/95 $9,910.00 $9,272.73 $9,694.07
5/31/95 $10,254.00 $9,664.97 $10,116.47
6/30/95 $10,464.00 $9,812.84 $10,334.78
7/31/95 $10,624.00 $9,986.53 $10,573.98
8/31/95 $10,699.00 $10,094.38 $10,692.86
9/30/95 $10,851.00 $10,251.85 $10,918.05
10/31/95 $10,583.00 $10,011.96 $10,603.28
11/30/95 $10,676.00 $10,108.08 $10,668.23
12/31/95 $11,462.00 $10,663.01 $11,363.54
1/31/96 $11,505.00 $10,829.35 $11,550.15
2/29/96 $11,663.00 $10,969.05 $11,656.24
3/31/96 $11,698.00 $10,907.62 $11,688.85
4/30/96 $11,679.00 $11,725.70 $11,701.84
5/31/96 $11,930.00 $12,008.28 $12,016.08
6/30/96 $12,159.00 $12,161.99 $12,172.51
7/31/96 $12,086.00 $12,253.00 $12,115.88
8/30/96 $12,687.00 $12,736.00 $12,620.73
9/30/96 $13,071.00 $12,958.00 $12,951.70
10/31/96 $13,380.00 $13,342.00 $13,235.24
11/30/96 $14,041.00 $13,951.00 $13,839.80
12/31/96 $15,408.00 $15,400.00 $15,203.76
1/31/97 $15,575.00 $15,573.00 $15,403.54
2/28/97 $15,497.00 $15,542.00 $15,442.94
3/31/97 $15,595.00 $15,509.00 $15,419.87
4/30/97 $15,049.00 $15,084.00 $14,888.99
5/31/97 $15,374.00 $15,528.00 $15,385.79
6/30/97 $16,268.00 $16,282.00 $16,247.00
7/31/97 $17,013.73 $16,785.11 $16,960.24
8/30/97 $16,957.58 $16,744.83 $16,880.53
9/30/97 $18,677.08 $18,206.65 $18,450.42
10/31/97 $18,004.70 $17,715.07 $17,848.94
11/30/97 $18,242.37 $18,097.72 $18,063.12
12/31/97 $18,860.78 $18,524.83 $18,539.99
1/31/98 $18,615.59 $18,426.64 $18,306.39
2/28/98 $18,252.59 $18,113.39 $18,267.94
3/31/98 $18,721.68 $18,437.62 $18,689.93
4/30/98 $18,122.59 $17,836.55 $18,170.35
5/31/98 $17,934.11 $17,711.70 $17,912.33
6/30/98 $17,770.91 $17,591.26 $17,729.63
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- -------------------------------------------
Lipper One One Since Since
Class and With Without Real Estate Year Year Inception Inception
Inception Date Load Load NAREIT Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- ------ ------------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--9/30/94 $16,642.34* $17,607.60 $17,592.70 $17,715.51 2.92%* 8.93% 14.55%* 16.28%
Class B--10/3/94 $16,820.49+ $17,120.49 $17,592.70 $17,715.51 3.12%* 8.12% 14.91%+ 15.45%
Class C--1/5/96 N/A $15,212.08 $16,500.76 $15,296.33 7.17%* 8.17% N/A 18.39%
Class Y--10/3/94 N/A $17,771.22 $17,592.70 $17,715.51 N/A 9.24% N/A 16.61%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 2.00% back-end load.
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
xvi
<PAGE>
Small-Cap Value Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[ Performance Graph]
<TABLE>
<CAPTION>
Lipper Small Company
Class Y Russell 2000 Growth Funds Average
------- ------------ -------------------
<S> <C> <C> <C>
12/26/96 $10,000.00 $10,000.00 $10,000.00
12/30/96 $10,080.00 $10,000.00 $10,000.00
1/31/97 $10,920.00 $10,200.00 $10,249.00
2/28/97 $10,920.00 $9,952.00 $9,818.00
3/31/97 $10,540.00 $9,483.00 $9,314.00
4/30/97 $10,530.00 $9,509.00 $9,250.00
5/31/97 $11,380.00 $10,567.00 $10,357.00
6/30/97 $12,086.00 $11,020.00 $10,899.00
7/31/97 $12,878.96 $11,532.43 $11,578.01
8/30/97 $13,531.93 $11,796.52 $11,789.89
9/30/97 $14,817.46 $12,660.03 $12,683.56
10/31/97 $14,344.78 $12,104.25 $12,120.41
11/30/97 $14,234.33 $12,025.58 $11,942.24
12/31/97 $14,565.99 $12,236.02 $12,042.55
1/31/98 $14,312.54 $12,042.69 $11,835.42
2/28/98 $15,104.02 $12,932.65 $12,756.22
3/31/98 $15,753.50 $13,465.47 $13,349.38
4/30/98 $15,996.10 $13,539.53 $13,458.85
5/31/98 $15,213.89 $12,809.75 $12,699.77
6/30/98 $15,087.61 $12,836.65 $12,800.10
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------------- ----------------------------------------------
Lipper Small One One Since Since
Class and With Without Russell Company Growth Year Year Inception Inception
Inception Date Load Load 2000 Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- ------- -------------- ------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--1/10/97 $13,896.55* $14,698.80 $12,838.54 $12,820.89 17.52%* 24.36% 29.93%* 25.06%
Class B--2/11/97 $13,444.51+ $13,844.51 $12,587.04 $12,520.74 18.58%* 23.58% 23.85%+ 26.51%
Class C--1/13/97 N/A $14,574.77 $12,838.54 $12,820.89 22.60%* 23.60% N/A 29.37%
Class Y--12/26/96 N/A $15,087.34 $12,838.54 $12,820.89 N/A 24.84% N/A 31.25%
</TABLE>
Small Company Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[ Performance Graph]
<TABLE>
<CAPTION>
Lipper Small Company
Class Y Russell 2000 Growth Funds Average
------- ------------ --------------------
<S> <C> <C> <C>
12/1/91 $10,000.00 $10,000.00 $10,000.00
12/31/91 $10,970.00 $10,800.00 $11,128.00
1/31/92 $11,261.00 $11,675.90 $11,665.00
2/29/92 $11,501.00 $12,016.00 $11,875.00
3/31/92 $10,951.00 $11,609.00 $11,408.00
4/30/92 $10,755.00 $11,203.00 $10,923.00
5/31/92 $10,715.00 $11,351.00 $10,917.00
6/30/92 $10,333.00 $10,815.00 $10,443.00
7/31/92 $10,959.00 $11,191.00 $10,799.00
8/31/92 $10,969.00 $10,875.00 $10,568.00
9/30/92 $11,341.00 $11,126.00 $10,805.00
10/31/92 $11,907.00 $11,480.00 $11,261.00
11/30/92 $12,611.00 $12,358.00 $12,183.00
12/31/92 $12,922.00 $12,789.00 $12,588.00
1/31/93 $13,294.00 $13,222.00 $12,884.00
2/28/93 $12,782.00 $12,916.00 $12,425.00
3/31/93 $13,284.00 $13,335.00 $12,864.00
4/30/93 $12,490.00 $12,969.00 $12,458.00
5/31/93 $13,013.00 $13,543.00 $13,138.00
6/30/93 $13,083.00 $13,628.00 $13,234.00
7/31/93 $13,063.00 $13,816.00 $13,324.00
8/31/93 $13,605.00 $14,413.00 $13,989.00
9/30/93 $14,128.00 $14,819.00 $14,460.00
10/31/93 $14,249.00 $15,201.00 $14,685.00
11/30/93 $13,716.00 $14,700.00 $14,175.00
12/31/93 $14,620.00 $15,203.00 $14,781.00
1/31/94 $14,580.00 $15,680.00 $15,179.00
2/28/94 $14,723.00 $15,623.00 $15,173.00
3/31/94 $13,822.00 $14,798.00 $14,350.00
4/30/94 $13,976.00 $14,886.00 $14,355.00
5/31/94 $13,607.00 $14,719.00 $14,097.00
6/30/94 $12,829.00 $14,219.00 $13,596.00
7/31/94 $13,054.00 $14,453.00 $13,830.00
8/31/94 $14,088.00 $15,258.00 $14,662.00
9/30/94 $14,211.00 $15,207.00 $14,743.00
10/31/94 $14,467.00 $15,147.00 $14,930.00
11/30/94 $13,710.00 $14,535.00 $14,378.00
12/31/94 $14,251.00 $14,926.00 $14,705.00
1/31/95 $13,779.00 $14,738.00 $14,549.00
2/28/95 $14,282.00 $15,351.00 $15,150.00
3/31/95 $14,805.00 $15,615.00 $15,548.00
4/30/95 $14,569.00 $15,962.00 $15,736.00
5/31/95 $14,784.00 $16,237.00 $15,977.00
6/30/95 $15,717.00 $17,079.00 $16,931.00
7/31/95 $17,142.00 $18,063.00 $18,190.00
8/31/95 $17,173.00 $18,436.00 $18,499.00
9/30/95 $17,778.00 $18,766.00 $19,008.00
10/31/95 $17,634.00 $17,926.00 $18,432.00
11/30/95 $18,167.00 $18,680.00 $19,108.00
12/31/95 $18,528.00 $19,173.00 $19,367.00
1/31/96 $18,671.00 $19,152.00 $19,226.00
2/29/96 $19,398.00 $19,749.00 $20,018.00
3/31/96 $20,621.00 $20,151.00 $20,490.00
4/30/96 $22,538.00 $21,228.00 $21,981.00
5/31/96 $23,772.00 $22,065.00 $22,836.00
6/30/96 $23,364.00 $21,159.00 $21,968.00
7/31/96 $21,007.00 $19,311.00 $20,007.00
8/30/96 $22,318.00 $20,433.00 $21,227.00
9/30/96 $24,047.00 $21,231.00 $22,340.00
10/31/96 $23,606.00 $20,904.00 $21,865.00
11/30/96 $24,697.00 $21,765.00 $22,524.00
12/31/96 $25,415.00 $22,336.00 $22,821.00
1/31/97 $25,670.00 $22,782.00 $23,425.00
2/28/97 $24,266.00 $22,230.00 $22,472.00
3/31/97 $22,455.00 $21,181.00 $21,310.00
4/30/97 $22,455.00 $21,240.00 $21,207.00
5/31/97 $25,708.00 $23,603.00 $23,645.00
6/30/97 $27,864.00 $24,614.00 $24,842.00
7/31/97 $29,586.27 $25,758.55 $26,389.66
8/30/97 $30,210.54 $26,348.42 $26,872.59
9/30/97 $33,769.35 $28,277.13 $28,909.53
10/31/97 $32,009.96 $27,035.76 $27,625.95
11/30/97 $31,065.67 $26,860.03 $27,219.84
12/31/97 $31,907.55 $27,330.08 $27,448.49
1/31/98 $30,838.65 $26,898.26 $26,976.38
2/28/98 $32,682.80 $28,886.04 $29,075.14
3/31/98 $34,091.43 $30,076.15 $30,427.13
4/30/98 $34,214.15 $30,241.57 $30,676.64
5/31/98 $31,456.49 $28,611.55 $28,946.47
6/30/98 $31,362.12 $28,671.63 $29,175.15
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
--------------------------------------------------
Lipper Small
Class and With Without Russell Company Growth
Inception Date Load Load 2000 Funds Average
- -------------- ---- ------- ------- --------------
<S> <C> <C> <C> <C>
Class A--11/23/92 $23,690.32* $25,074.82 $23,203.10 $23,824.39
Class B--4/28/94 $21,521.70+ $21,721.70 $24,626.18 $20,237.47
Class C--9/26/95 N/A $17,402.89 $15,280.55 $15,577.24
Class Y--12/1/91 N/A $31,367.03 $28,675.81 $29,221.10
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- -------------------------------------------------------------
One One Five Five Since Since
Year Year Years Years Inception Inception
w/load w/out load w/load w/out load w/load w/out load
- ------ ---------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
6.22%* 12.41% 17.52%* 18.86% 16.64%* 17.83%
6.96%* 11.51% N/A N/A 20.15%+ 20.42%
10.59%* 11.50% N/A N/A N/A 22.22%
N/A 12.57% N/A 19.11% N/A 18.97%
<FN>
*Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 4.00% back-end load for the Small-Cap
Value Fund and 2.00% for the Small Company Growth Fund.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
National Association of Real Estate Investment Trusts ("NAREIT") are equity
real estate investment trusts which are defined as those which derive more
than 75% of their income from equity investments in real estate assets. The
NAREIT equity index includes all tax qualified real estate investment
trusts listed on the New York Stock Exchange, the American Stock Exchange
or the NASDAQ National Market System. 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.
</TABLE>
xvii
<PAGE>
Value Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
S&P/BARRA Lipper Growth & Income
Class Y Value Index Funds Average
------- ----------- ------------------------
<S> <C> <C> <C>
8/18/95 $10,000.00 $10,000.00 $10,000.00
8/31/95 $10,080.00 $10,000.00 $10,000.00
9/30/95 $10,350.00 $10,347.00 $10,304.00
10/31/95 $10,450.00 $10,186.00 $10,171.00
11/30/95 $10,830.00 $10,719.00 $10,618.00
12/31/95 $10,741.00 $11,016.00 $10,796.00
1/31/96 $11,111.00 $11,346.00 $11,089.00
2/29/96 $11,342.00 $11,452.00 $11,243.00
3/31/96 $11,551.00 $11,720.00 $11,395.00
4/30/96 $11,662.00 $11,840.00 $11,584.00
5/31/96 $11,812.00 $12,018.00 $11,802.00
6/30/96 $11,652.00 $11,961.00 $11,767.00
7/31/96 $11,159.00 $11,457.00 $11,263.00
8/30/96 $11,632.00 $11,773.00 $11,583.00
9/30/96 $12,099.00 $12,277.00 $12,117.00
10/31/96 $12,381.00 $12,693.00 $12,351.00
11/30/96 $13,299.00 $13,664.00 $13,171.00
12/31/96 $13,573.00 $13,440.00 $13,025.00
1/31/97 $14,388.00 $14,060.00 $13,600.00
2/28/97 $14,076.00 $14,162.00 $13,675.00
3/31/97 $13,666.00 $13,678.00 $13,181.00
4/30/97 $13,811.00 $14,191.00 $13,681.00
5/31/97 $14,885.00 $15,081.00 $14,535.00
6/30/97 $15,690.00 $15,657.00 $15,107.00
7/31/97 $16,990.07 $16,909.56 $16,218.88
8/30/97 $16,687.65 $16,145.25 $15,677.16
9/30/97 $17,920.87 $17,091.36 $16,472.00
10/31/97 $17,247.04 $16,464.11 $15,893.83
11/30/97 $17,426.41 $17,091.39 $16,319.78
12/31/97 $17,978.83 $17,470.82 $16,597.22
1/31/98 $17,723.53 $17,255.93 $16,607.18
2/28/98 $18,987.22 $18,550.12 $17,739.79
3/31/98 $19,841.64 $19,490.61 $18,522.11
4/30/98 $20,048.00 $19,720.60 $18,649.92
5/31/98 $19,584.89 $19,442.54 $18,262.00
6/30/98 $19,786.61 $19,590.30 $18,570.63
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------------------- ------------------------------------------
Lipper Growth One One Since Since
Class and With Without S&P/BARRA & Income Year Year Inception Inception
Inception Date Load Load Value Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- ----------- ------------- ------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--9/14/95 $17,851.79* $18,883.69 $19,589.94 $18,560.10 18.65%* 25.53% 23.04%* 25.54%
Class B--9/19/95 $18,191.34+ $18,491.34 $18,931.93 $18,560.10 19.93%* 24.93% 24.01%+ 24.74%
Class C--2/9/96 N/A $16,957.07 $17,265.56 $16,734.80 23.78%* 24.78% N/A 24.74%
Class Y--8/18/95 N/A $19,788.98 $19,589.94 $18,560.10 N/A 26.12% N/A 26.86%
</TABLE>
Framlington Emerging Markets Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
MSCI Emerging Market Lipper Emerging Markets
Class Y Index Funds Average
------- -------------------- -----------------------
<S> <C> <C> <C>
12/31/96 $10,000.00 $10,000.00 $10,000.00
1/31/97 $10,590.00 $9,650.00 $10,803.00
2/28/97 $10,980.00 $9,808.00 $11,206.00
3/31/97 $11,060.00 $9,843.00 $10,964.00
4/30/97 $11,340.00 $9,896.00 $11,029.00
5/31/97 $12,060.00 $10,540.00 $11,463.00
6/30/97 $12,951.00 $11,121.00 $12,100.00
7/31/97 $13,281.77 $11,323.40 $12,460.58
8/30/97 $13,071.92 $10,015.55 $11,334.14
9/30/97 $13,492.83 $10,091.67 $11,787.51
10/31/97 $11,537.72 $8,435.62 $9,991.09
11/30/97 $11,086.60 $8,127.72 $9,631.41
12/31/97 $11,306.11 $8,323.60 $9,777.81
1/31/98 $10,018.34 $7,671.03 $9,072.83
2/28/98 $11,111.35 $8,471.89 $9,880.31
3/31/98 $11,533.58 $8,839.57 $10,254.78
4/30/98 $11,646.61 $8,743.22 $10,345.02
5/31/98 $10,379.46 $7,545.40 $9,021.89
6/30/98 $9,310.37 $6,753.88 $8,214.43
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- -------------------------------------------
MSCI Emerging Lipper One One Since Since
Class and With Without Markets Emerging Markets Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- ------------- ---------------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--1/14/97 $8,612.96* $9,112.14 $6,774.77 $8,244.00 (32.27)%* (28.34)% (9.72)%* (6.17)%
Class B--2/25/97 $7,940.95+ $8,262.61 $6,487.24 $7,367.35 (32.27)%* (28.90)% (15.75)%+ (13.23)%
Class C--3/3/97 N/A $8,395.16 $6,487.24 $7,367.35 (29.57)%* (28.88)% N/A (12.34)%
Class Y--12/31/96 N/A $9,309.40 $6,774.77 $8,244.00 N/A (28.12)% N/A (4.66)%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load for the Value Fund
and 4.00% for the Framlington Emerging Markets Fund.
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
xviii
<PAGE>
Framlington Healthcare Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
S&P Healthcare Lipper Health/Biotechnology
Class Y Composite Funds Average
------- ------------- ---------------------------
<S> <C> <C> <C>
12/31/96 $10,000.00 $10,000.00 $10,000.00
1/31/97 $11,020.00 $11,093.00 $10,519.00
2/28/97 $10,590.00 $11,255.00 $10,557.00
3/31/97 $9,610.00 $10,482.00 $9,799.00
4/30/97 $9,030.00 $11,340.00 $9,801.00
5/31/97 $10,290.00 $12,034.00 $10,804.00
6/30/97 $10,890.00 $13,188.00 $11,355.00
7/31/97 $11,120.00 $13,445.17 $11,734.26
8/30/97 $11,120.00 $12,356.11 $11,446.77
9/30/97 $12,339.86 $13,071.53 $12,475.83
10/31/97 $11,699.42 $13,207.47 $12,087.83
11/30/97 $11,649.11 $13,767.47 $12,076.95
12/31/97 $11,638.63 $14,371.86 $12,121.64
1/31/98 $11,848.13 $15,375.01 $12,338.62
2/28/98 $12,598.11 $16,236.02 $13,091.27
3/31/98 $12,948.34 $16,804.28 $13,542.92
4/30/98 $12,937.98 $17,200.86 $13,588.97
5/31/98 $12,138.41 $16,868.88 $13,084.82
6/30/98 $11,838.59 $16,868.88 $13,299.41
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- -------------------------------------------
Lipper Health/ One One Since Since
Class and With Without S&P Healthcare Biotechnology Year Year Inception Inception
Inception Date Load Load Composite Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- -------------- -------------- ------ ---------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--2/14/97 $9,882.94* $10,460.18 $16,317.65 $12,665.32 2.60%* 8.54% (0.85)%* 3.33%
Class B--1/31/97 $10,217.06+ $10,617.06 $16,317.65 $12,665.32 2.83%* 7.83% 1.53%+ 4.33%
Class C--1/13/97 N/A $11,250.00 $18,100.53 $13,395.19 6.73%* 7.73% N/A 8.38%
Class Y--12/31/96 N/A $11,840.00 $18,100.53 $13,395.19 N/A* 8.72% N/A 11.93%
</TABLE>
Framlington International Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Lipper International
Class Y MSCI EAFE Index Funds Average
------- --------------- --------------------
<C> <C> <C> <C>
12/31/96 $10,000.00 $10,000.00 $10,000.00
1/31/97 $9,940.00 $9,650.00 $9,969.00
2/28/97 $10,070.00 $9,808.00 $10,106.00
3/31/97 $9,990.00 $9,843.00 $10,130.00
4/30/97 $10,030.00 $9,896.00 $10,150.00
5/31/97 $10,760.00 $10,540.00 $10,753.00
6/30/97 $11,350.00 $11,121.00 $11,253.00
7/31/97 $11,540.00 $11,303.38 $11,560.21
8/30/97 $10,789.90 $10,461.28 $10,720.94
9/30/97 $11,329.39 $11,049.21 $11,382.42
10/31/97 $10,459.30 $10,202.84 $10,524.18
11/30/97 $10,198.86 $10,100.81 $10,426.31
12/31/97 $10,221.30 $10,191.72 $10,512.85
1/31/98 $10,764.05 $10,660.53 $10,759.90
2/28/98 $11,468.02 $11,347.07 $11,470.05
3/31/98 $11,870.54 $11,698.83 $12,056.17
4/30/98 $12,031.98 $11,793.59 $12,221.34
5/31/98 $12,112.60 $11,739.34 $12,233.56
6/30/98 $12,014.49 $11,830.91 $12,139.36
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------------- ------------------------------------------
Lipper One One Since Since
Class and With Without MSCI EAFE International Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- --------- ------------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--2/20/97 $11,211.72* $11,866.67 $7020.48* $12,211.43 (0.21)%* 5.60% 8.78%* 13.42%
Class B--3/31/97 $11,653.29+ $12,053.29 $6882.58* $12,014.62 (0.12)%* 4.88% 12.65%+ 15.64%
Class C--2/13/97 N/A $11,866.91 $7020.48* $12,211.43 4.05 %* 5.05% N/A 13.23%
Class Y--12/31/96 N/A $12,015.66 $6774.77* $12,174.23 N/A 5.86% N/A 13.04%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 4.00% back-end load.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, upon redemption, may be
worth more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The S&P 500/BARRA Value Index is a capitalization-weighted index of all
the stocks in the S&P 500 that have low price-to-book ratios. The S&P
Healthcare Composite is a capitalization-weighted index of all of the
stocks in the S&P 500 that are involved in the business of health care
related products or services. Figures for the Morgan Stanley (MSCI)
Emerging Market and MSCI EAFE indices, unmanaged indices used to portray
the pattern of common stock price movement in Europe, Australia, New
Zealand and countries in the Far East, include gross reinvestment of
dividends.
</TABLE>
xix
<PAGE>
Munder Accelerating Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 88.2%
Automobile Parts & Equipment -- 3.5%
<S> <C> <C>
37,800 Lear Corporation+ $ 1,939,613
83,380 Tower Automotive, Inc.+ 3,574,917
------------
5,514,530
------------
<CAPTION>
Banking and Finance -- 17.4%
<S> <C> <C>
49,400 BankAmerica Corporation 4,270,013
159,240 Charter One Financial, Inc. 5,364,397
42,800 Chase Manhattan Corporation 3,231,400
52,000 Fannie Mae 3,159,000
81,300 Finova Group, Inc. 4,603,612
63,400 GreenPoint Financial
Corporation 2,385,425
93,000 U.S. Bancorp 3,999,000
------------
27,012,847
------------
<CAPTION>
Chemicals -- 1.0%
<S> <C> <C>
38,600 Air Products & Chemicals, Inc. 1,544,000
------------
<CAPTION>
Commercial Services -- 4.6%
<S> <C> <C>
138,773 Cendant Corporation+ 2,896,886
42,000 Equifax, Inc. 1,525,125
112,500 Equity Corporation
International+ 2,700,000
------------
7,122,011
------------
<CAPTION>
Communication Equipment -- 5.9%
<S> <C> <C>
58,200 Lucent Technologies, Inc. 4,841,512
60,300 Tellabs, Inc.+ 4,318,988
------------
9,160,500
------------
<CAPTION>
Computer Hardware, Software
or Services -- 9.7%
<S> <C> <C>
106,250 Fiserv, Inc.+ 4,512,305
32,975 Honeywell, Inc. 2,755,473
90,300 Parametric Technology
Corporation+ 2,449,388
106,000 Saville Systems, ADR+ 5,313,250
------------
15,030,416
------------
<CAPTION>
Diversified -- 5.7%
<S> <C> <C>
46,600 Textron, Inc. 3,340,637
88,300 Tyco International Ltd. 5,562,900
------------
8,903,537
------------
<CAPTION>
Drugs -- 2.3%
<S> <C> <C>
52,200 Warner-Lambert Company 3,621,375
------------
<CAPTION>
Food and Beverages -- 2.6%
<S> <C> <C>
73,400 Sara Lee Corporation 4,105,813
------------
<CAPTION>
Home Furnishings -- 1.0%
<S> <C> <C>
60,000 Leggett & Platt, Inc. 1,500,000
------------
<CAPTION>
Medical Instruments, Services,
and Supplies -- 10.0%
<S> <C> <C>
38,100 Elan Corporation Plc, ADR+ 2,450,306
168,000 HBO & Company 5,922,000
201,500 HEALTHSOUTH Corporation+ 5,377,531
51,021 Total Renal Care Holdings,
Inc.+ 1,760,225
------------
15,510,062
------------
<CAPTION>
Office Equipment and Supplies -- 3.0%
<S> <C> <C>
97,800 Pitney Bowes, Inc. 4,706,625
------------
<CAPTION>
Oil Equipment & Services -- 5.7%
<S> <C> <C>
82,600 Diamond Offshore Drilling, Inc. 3,304,000
80,000 Precision Drilling Corp+ 1,570,000
79,900 Veritas DGC, Inc.+ 3,990,006
------------
8,864,006
------------
<CAPTION>
Publishing -- 1.2%
<S> <C> <C>
40,900 Applied Graphics Technologies+ 1,871,175
------------
<CAPTION>
Real Estate -- 2.0%
<S> <C> <C>
45,500 Mack-Cali Realty Corporation 1,564,063
38,000 Spieker Properties, Inc. 1,472,500
------------
3,036,563
------------
<CAPTION>
Retail -- Store -- 6.0%
<S> <C> <C>
28,800 Costco Companies, Inc.+ 1,816,200
129,400 Pier 1 Imports, Inc. 3,089,425
89,200 TJX Companies, Inc. 2,151,950
56,600 Walgreen Company 2,338,287
------------
9,395,862
------------
<CAPTION>
Telecommunications -- 5.5%
<S> <C> <C>
46,500 Century Telephone
Enterprises, Inc. 2,133,188
44,000 SBC Communications 1,760,000
97,600 WorldCom, Inc. 4,727,500
------------
8,620,688
------------
<CAPTION>
Toys -- 1.1%
<S> <C> <C>
41,000 Mattel, Inc. 1,734,813
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $95,480,578) 137,254,823
------------
<CAPTION>
U.S. TREASURY BILLS -- 0.1%
<S> <C> <C>
200,000 4.92%++ due 9/24/98** 197,707
------------
<CAPTION>
TOTAL U.S. TREASURY BILLS
<S> <C>
(Cost $197,707) 197,707
------------
<CAPTION>
REPURCHASE AGREEMENT -- 14.7%
<S> <C> <C>
$22,891,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $22,894,688
on 07/01/1998, collateralized
by $22,950,000 U.S. Treasury
Note, 6.000% maturing
10/15/1999 (value
$23,351,625) $ 22,891,000
------------
<CAPTION>
TOTAL REPURCHASE AGREEMENT
<S> <C>
(Cost $22,891,000) 22,891,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $118,569,285*) 103.0% 160,343,530
OTHER ASSETS AND
LIABILITIES (Net) (3.0) (4,715,017)
----- ------------
NET ASSETS 100.0% $155,628,513
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $118,577,304.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security
++ Rate represents annualized yield at date of purchase.
ABBREVIATION:
ADR -- American Depository Receipt
</TABLE>
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Depreciation
- ------- ---------
FUTURES CONTRACTS -- LONG POSITION
<S> <C> <C>
17 S&P 500 Index
September 1998 $(32,047)
========
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Balanced Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 51.5%
Advertising -- 0.9%
<S> <C> <C>
14,000 Omnicom Group, Inc. $ 698,250
------------
<CAPTION>
Aerospace -- 0.7%
<S> <C> <C>
4,800 Sundstrand Corporation 274,800
3,400 United Technologies Corporation 314,500
------------
589,300
------------
<CAPTION>
Automobile Parts & Equipment -- 1.4%
<S> <C> <C>
11,300 Johnson Controls, Inc. 646,219
3,500 Lear Corporation+ 179,594
7,000 Tower Automotive, Inc.+ 300,125
------------
1,125,938
------------
<CAPTION>
Banking and Financial Services -- 8.0%
<S> <C> <C>
8,700 Associates First Capital
Corporation 668,813
11,700 BankAmerica Corporation 1,011,319
22,440 Charter One Financial, Inc. 755,947
12,600 Chase Manhattan Corporation 951,300
10,000 Fannie Mae 607,500
7,000 Finova Group, Inc. 396,375
4,800 GreenPoint Financial Corporation 180,600
7,600 MGIC Investment 433,675
14,000 Norwest Corporation 523,250
6,900 Summit Bancorp 327,750
13,500 U.S. Bancorp 580,500
------------
6,437,029
------------
<CAPTION>
Building Materials -- 0.8%
<S> <C> <C>
19,600 Sherwin-Williams Company 649,250
------------
<CAPTION>
Business Equipment and Supplies -- 1.0%
<S> <C> <C>
14,700 Avery Dennison Corporation 790,125
------------
<CAPTION>
Business Services -- 2.1%
<S> <C> <C>
9,200 Automatic Data Processing, Inc. 670,450
8,000 Equifax, Inc. 290,500
7,100 First Data Corporation 236,519
11,400 Fiserv, Inc.+ 484,143
------------
1,681,612
------------
<CAPTION>
Chemicals -- 0.3%
<S> <C> <C>
6,200 Air Products & Chemicals, Inc. 248,000
------------
<CAPTION>
Commercial Services -- 1.4%
<S> <C> <C>
55,189 Cendant Corporation+ 1,152,070
------------
<CAPTION>
Computer Hardware, Software
or Services -- 4.5%
<S> <C> <C>
7,000 BMC Software, Inc.+ 363,563
12,450 CISCO Systems, Inc.+ 1,146,178
10,000 Hewlett-Packard Company 598,750
5,400 Honeywell, Inc. 451,237
10,950 Oracle Corporation+ 268,959
19,400 Parametric Technology Company+ 526,225
4,800 Saville Systems Ireland Plc, ADR+ 240,600
------------
3,595,512
------------
<CAPTION>
Consumer Non-Durables -- 0.4%
<S> <C> <C>
6,700 Newell Company 333,744
------------
<CAPTION>
Diversified -- 4.8%
<S> <C> <C>
13,500 Textron, Inc. 967,781
32,100 Thermo Electron Corporation+ 1,097,419
29,300 Tyco International Ltd. 1,845,900
------------
3,911,100
------------
<CAPTION>
Drugs -- 2.9%
<S> <C> <C>
9,000 Amgen, Inc. 588,375
5,500 Merck & Company, Inc. 735,625
3,400 Pfizer, Inc. 369,537
3,500 Schering-Plough Corporation 320,687
4,500 Warner-Lambert Company 312,188
------------
2,326,412
------------
<CAPTION>
Electrical Equipment -- 1.6%
<S> <C> <C>
9,500 Emerson Electric Company 573,562
7,600 General Electric Company 691,600
------------
1,265,162
------------
<CAPTION>
Food and Beverages -- 1.1%
<S> <C> <C>
15,300 Sara Lee Corporation 855,844
------------
<CAPTION>
Home Furnishings -- 0.5%
<S> <C> <C>
15,200 Leggett & Platt, Inc. 380,000
------------
<CAPTION>
Household Products -- 0.4%
<S> <C> <C>
9,300 Lancaster Colony Corporation 352,238
------------
<CAPTION>
Insurance -- 1.3%
<S> <C> <C>
2,325 American International
Group, Inc. 339,450
9,200 MBIA, Inc. 688,850
------------
1,028,300
------------
<CAPTION>
Manufactured Housing -- 0.7%
<S> <C> <C>
31,000 Clayton Homes, Inc. 589,000
------------
<CAPTION>
Medical Services and Supplies -- 3.2%
<S> <C> <C>
11,100 Biomet, Inc. 366,994
3,500 Elan Corporation Plc, ADR+ 225,094
17,200 HBO & Company 606,300
37,400 HEALTHSOUTH Corporation+ 998,112
7,800 Stryker Corporation 299,325
3,166 Total Renal Care Holdings, Inc.+ 109,227
------------
2,605,052
------------
<CAPTION>
Office Equipment and Supplies -- 0.5%
<S> <C> <C>
8,400 Pitney Bowes, Inc. 404,250
------------
<CAPTION>
Oil Equipment and Services -- 2.1%
<S> <C> <C>
4,600 Diamond Offshore Drilling, Inc. 184,000
5,000 Precision Drilling Corporation+ 98,125
9,912 R&B Falcon Corporation+ 224,259
4,300 Schlumberger Ltd. 293,744
13,200 Transocean Offshore, Inc. 587,400
6,500 Veritas DGC, Inc.+ 324,593
------------
1,712,121
------------
<CAPTION>
Publishing -- 0.2%
<S> <C> <C>
3,800 Applied Graphics
Technologies, Inc.+ 173,850
------------
<CAPTION>
Real Estate -- 0.6%
<S> <C> <C>
7,000 Equity Corporation International+ 168,000
4,300 Mack-Cali Realty Corporation 147,813
3,600 Spieker Properties, Inc. 139,500
------------
455,313
------------
<CAPTION>
Recreation -- 0.9%
<S> <C> <C>
18,000 Carnival Corporation, Class A 713,250
------------
<CAPTION>
Restaurants -- 1.1%
<S> <C> <C>
4,900 Cracker Barrel Old Country
Store, Inc. 155,575
29,800 Wendy's International, Inc. 700,300
------------
855,875
------------
<CAPTION>
Retail -- Specialty -- 4.3%
<S> <C> <C>
8,093 Consolidated Stores Corporation+ 293,371
10,000 Costco Companies, Inc.+ 630,625
9,000 General Nutrition Companies, Inc.+ 280,125
12,500 Home Depot, Inc. 1,038,281
27,900 Pier 1 Imports, Inc. 666,112
6,800 TJX Companies, Inc. 164,050
10,200 Walgreen Company 421,388
------------
3,493,952
------------
<CAPTION>
Telecommunications -- 3.3%
<S> <C> <C>
15,600 Century Telephone Enterprise 715,650
3,600 Lucent Technologies 299,475
6,800 SBC Communications, Inc. 272,000
6,000 Tellabs, Inc.+ 429,750
19,700 WorldCom, Inc. 954,219
------------
2,671,094
------------
<CAPTION>
Toys -- 0.5%
<S> <C> <C>
9,250 Mattel, Inc. 391,391
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $26,798,662) 41,485,034
------------
<CAPTION>
ASSET BACKED SECURITIES -- 4.9%
<S> <C> <C>
1,055,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A-2,
7.050% due 05/25/2021 1,071,680
200,000 Banc One Credit Card Master
Trust, Series 1994-C, Class A,
7.800% due 12/15/2000 201,644
500,000 Chase Manhattan Corporation,
Series 1996-4, Class A,
6.730% due 02/15/2003 503,975
500,000 Racers-Kellogg, Series 1998
144A,
5.750% due 02/02/2001 498,205
600,000 Residential Accredit Loans,
Inc., Series 1997-QS5, Class A5,
7.250% due 06/25/2027 602,625
600,000 Residential Asset Securities
Corporation, Series 1997-KS3,
Class AI6,
6.900% due 08/25/2027 612,360
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 407,440
------------
<CAPTION>
TOTAL ASSET BACKED SECURITIES
<S> <C>
(Cost $3,890,233) 3,897,929
------------
<CAPTION>
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.6%
<S> <C> <C>
750,000 Federal Home Mortgage
Corporation, Series 1541,
Class F,
6.250% due 05/15/2019 750,270
550,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 558,151
------------
<CAPTION>
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
<S> <C>
(Cost $1,280,895) 1,308,421
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 15.5%
Drugs -- 0.8%
<S> <C> <C>
600,000 Eli Lilly and Company,
8.375% due 02/07/2005 670,125
------------
<CAPTION>
Finance -- 5.1%
<S> <C> <C>
400,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 401,652
500,000 Countrywide Capital III,
8.050% due 06/15/2027 563,475
530,000 Federal National Mortgage
Association, MTN,
5.650% due 06/12/2000 530,164
140,000 Ford Motor Credit Corporation,
6.500% due 02/15/2006 142,324
400,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 464,476
500,000 GMAC,
6.375% due 12/01/2001 503,975
540,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005+++ 592,693
600,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 705,450
150,000 Transamerica Capital III,
7.625% due 11/15/2037 160,194
------------
4,064,403
------------
<CAPTION>
Finance -- Foreign -- 3.3%
<S> <C> <C>
750,000 Abbey National Plc,
6.700% due 06/29/2049 755,160
575,000 Abbey National Treasury,
7.250% due 03/18/2002 581,038
500,000 Swedish Export Credit Corp.,
6.010% due 06/19/2000 501,250
90,000 Union Bank of Switzerland,
7.250% due 07/15/2006 96,369
700,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 726,670
------------
2,660,487
------------
<CAPTION>
Government Agency -- 0.5%
<S> <C> <C>
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 414,976
------------
<CAPTION>
Government Agency -- Foreign -- 0.7%
<S> <C> <C>
500,000 British Columbia Hydro,
12.500% due 01/15/2014 536,580
------------
<CAPTION>
Industrial -- 2.4%
<S> <C> <C>
600,000 Anheuser Busch Companies,
9.000% due 12/01/2009 726,684
600,000 Harris Corporation,
6.350% due 02/01/2028 600,162
600,000 Wal-Mart Stores,
8.625% due 04/01/2001 640,974
------------
1,967,820
------------
<CAPTION>
Industrial -- Foreign -- 1.3%
<S> <C> <C>
550,000 International Telecommunications
Satellite,
8.375% due 10/14/2004 612,219
400,000 Investor A/B Group Finance,
6.250% due 04/07/2003 400,250
------------
1,012,469
------------
<CAPTION>
Supranational -- 0.4%
<S> <C> <C>
350,000 African Development Bank, Notes,
6.750% due 07/30/1999 353,287
------------
<CAPTION>
Utility -- Electric -- 1.0%
<S> <C> <C>
500,000 National Rural Utilities,
6.125% due 05/15/2005 502,730
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 310,695
------------
813,425
------------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
<S> <C>
(Cost $12,350,748) 12,493,572
------------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 3.9%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.5%
FHLMC:
<S> <C> <C>
164,308 Pool #E62394, Gold,
7.500% due 09/01/2010 168,774
211,226 Pool #200021,
10.500% due 11/01/2000 222,170
------------
390,944
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 3.1%
FNMA:
<S> <C> <C>
1,000,000 Series 1993-183 Class H,
6.500% due 03/25/2022 1,014,580
500,000 Pool #380137,
7.280% due 03/01/2008 540,000
342,097 Pool #303105,
11.000% due 11/01/2020 376,995
545,911 Pool #100081,
11.500% due 08/01/2016 612,446
------------
2,544,021
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 0.3%
GNMA:
<S> <C> <C>
205,559 Pool #780584,
7.000% due 06/15/2027 209,579
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
<S> <C>
(Cost $3,130,984) 3,144,544
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 14.2%
U.S. Treasury Bonds -- 5.1%
<S> <C> <C>
3,525,000 6.875% due 08/15/2025 4,080,046
------------
<CAPTION>
U.S. Treasury Notes -- 9.1%
<S> <C> <C>
500,000 6.250% due 02/15/2007 523,375
1,795,000 7.500% due 11/15/2001 1,900,008
4,410,000 7.875% due 11/15/2004 4,950,798
------------
7,374,181
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $10,880,056) 11,454,227
------------
<CAPTION>
REPURCHASE AGREEMENT -- 8.3%
(Cost $6,707,000)
<S> <C> <C>
$6,707,000 Agreement with State Street Bank
and Trust Company, 5.800% dated
06/30/1998, to be repurchased at
$6,708,081 on 07/01/1998,
collateralized by $6,835,000
U.S. Treasury Note, 5.625%
maturing 12/31/1999 (value
$6,843,544) $ 6,707,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $20,597,198) 25.6% 20,597,198
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $85,635,776*) 125.5% 101,087,925
OTHER ASSETS AND
LIABILITIES (Net) (25.5) (20,519,931)
---- ------------
NET ASSETS 100.0% $ 80,567,994
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $85,643,056.
** As of June 30, 1998, the market value of the securities on loan is
$19,915,995. Collateral received for securities loaned includes $542,500
in U.S. government securities and the remaining $20,054,698 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ Floating rate note. The interest rate shown reflects the rate currently
in effect.
+++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATIONS:
ADR -- American Depository Receipt
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Growth & Income Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 85.0%
Automobile Parts & Equipment -- 2.1%
<S> <C> <C>
97,000 Johnson Controls, Inc. $ 5,547,188
<CAPTION>
Banking and Finance -- 16.3%
<S> <C> <C>
85,500 Banc One Corporation 4,771,969
84,000 Federal National Mortgage
Association 5,103,000
172,000 First Security Corporation 3,681,875
100,800 National City Corporation 7,156,800
122,000 Norwest Corporation 4,559,750
73,400 PNC Bank Corporation 3,949,837
60,500 Summit Bancorp 2,873,750
120,000 U.S. Bancorp 5,160,000
134,000 Washington Mutual, Inc. 5,820,625
------------
43,077,606
------------
<CAPTION>
Chemicals -- 4.1%
<S> <C> <C>
98,074 Avery Dennison Corporation 5,271,477
86,000 Imperial Chemical Industries
Plc, ADR 5,547,000
------------
10,818,477
------------
<CAPTION>
Computer Software -- 2.0%
<S> <C> <C>
143,000 Dun & Bradstreet Corporation 5,165,875
------------
<CAPTION>
Drugs -- 4.4%
<S> <C> <C>
124,000 American Home Products
Corporation 6,417,000
38,300 Merck & Co., Inc. 5,122,625
------------
11,539,625
------------
<CAPTION>
Drugs & Health Care -- 2.1%
<S> <C> <C>
48,000 Bristol-Myers Squibb Company 5,517,000
------------
<CAPTION>
Electrical Equipment -- 1.6%
<S> <C> <C>
46,000 General Electric Company 4,186,000
------------
<CAPTION>
Electrical Machinery -- 1.7%
<S> <C> <C>
81,000 Cooper Industries, Inc. 4,449,938
------------
<CAPTION>
Food and Beverages -- 5.3%
<S> <C> <C>
67,000 General Mills, Inc. 4,581,125
80,000 Sara Lee Corporation 4,475,000
197,000 Sysco Corporation 5,048,125
------------
14,104,250
------------
<CAPTION>
Holding Companies -- Diversified -- 1.9%
<S> <C> <C>
69,300 Textron, Inc. 4,967,944
------------
<CAPTION>
Hotels -- 0.8%
<S> <C> <C>
44,000 Starwood Lodging Trust 2,125,750
------------
<CAPTION>
Insurance -- 2.0%
<S> <C> <C>
59,000 Lincoln National Corporation 5,391,125
------------
<CAPTION>
Machinery & Heavy Equipment -- 1.5%
<S> <C> <C>
76,000 Deere & Company 4,018,500
------------
<CAPTION>
Office Equipment and Supplies -- 3.4%
<S> <C> <C>
76,000 Pitney Bowes, Inc. 3,657,500
51,000 Xerox Corporation 5,182,875
------------
8,840,375
------------
<CAPTION>
Oil and Petroleum -- 3.9%
<S> <C> <C>
35,511 British Petroleum Company Plc,
ADR 3,133,846
56,000 Exxon Corporation 3,993,500
41,000 Mobil Corporation 3,141,625
------------
10,268,971
------------
<CAPTION>
Paper -- 3.0%
<S> <C> <C>
124,000 Consolidated Papers, Inc. 3,379,000
145,000 Mead Corporation 4,603,750
------------
7,982,750
------------
<CAPTION>
Printing and Publishing -- 3.4%
<S> <C> <C>
76,000 Donnelley (R.R.) & Sons
Company 3,477,000
67,000 McGraw-Hill, Inc. 5,464,687
------------
8,941,687
------------
<CAPTION>
Real Estate -- 5.2%
<S> <C> <C>
100,000 Brandywine Realty Trust 2,237,500
101,300 FelCor Suite Hotels, Inc. 3,178,288
81,700 Health Care Property Investors,
Inc. 2,946,306
135,000 Prentiss Properties Trust 3,282,187
56,750 Spieker Properties, Inc. 2,199,063
------------
13,843,344
------------
<CAPTION>
Retail -- Store -- 4.1%
<S> <C> <C>
70,000 Penney (J.C.) Company, Inc. 5,061,875
93,000 Sears, Roebuck & Company 5,678,812
------------
10,740,687
------------
<CAPTION>
Telecommunications -- 5.8%
<S> <C> <C>
76,000 AT & T Corporation 4,341,500
124,000 Bell Atlantic Corporation 5,657,500
80,000 BellSouth Corporation 5,370,000
------------
15,369,000
------------
<CAPTION>
Utilities -- Electric -- 4.2%
<S> <C> <C>
128,000 Consolidated Edison Company 5,896,000
116,300 New Century Energies, Inc. 5,284,381
------------
11,180,381
------------
<CAPTION>
Utilities -- Natural Gas -- 6.2%
<S> <C> <C>
161,862 El Paso Natural Gas Company 6,191,222
215,671 MCN Corporation Holding
Company 5,364,816
116,000 Texas Utilities Company 4,828,500
------------
16,384,538
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C> <C>
(Cost $177,635,312) 224,461,011
------------
<CAPTION>
Principal
Amount
- -----------
CONVERTIBLE BONDS AND NOTES -- 3.2%
<S> <C> <C>
$4,350,000 Home Depot, Inc., Conv. Sub. Note,
3.250% due 10/01/2001 7,993,125
555,000 Thermo Instrument Systems, Inc.,
Conv. Sub. Note,
4.000% due 01/15/2005+ 549,450
------------
<CAPTION>
TOTAL CONVERTIBLE BONDS AND NOTES
<S> <C> <C>
(Cost $4,906,770) 8,542,575
------------
<CAPTION>
CONVERTIBLE PREFERRED STOCKS -- 7.5%
<S> <C> <C>
88,000 AirTouch Communications, Inc.,
Series C 4.250% Conv. Pfd. 7,260,000
63,000 Cendant Corporation
7.50% Conv. Pfd. 2,358,562
96,700 El Paso Energy Capital Trust I
4.750%, Conv. Pfd. 5,125,100
93,000 Wendys Financial I
5.000%, Conv. Pfd. 5,115,000
------------
<CAPTION>
TOTAL CONVERTIBLE PREFERRED STOCKS
<S> <C>
(Cost $16,470,130) 19,858,662
------------
<CAPTION>
Principal
Amount
- -----------
REPURCHASE AGREEMENT -- 4.3%
(Cost $11,454,000)
<S> <C> <C>
$11,454,000 Agreement with State Street Bank
and Trust Company, 5.800% dated
06/30/1998, to be repurchased at
$11,455,845 on 07/01/1998,
collateralized by $11,130,000
U.S. Treasury Bond, 6.625%
maturing 03/31/2002
(value $11,686,500) 11,454,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $42,018,892) 15.9% 42,018,892
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $252,485,104*) 115.9% 306,335,140
OTHER ASSETS AND
LIABILITIES (Net) (15.9) (42,092,508)
------ ------------
NET ASSETS 100.0% $264,242,632
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $210,436,644.
** As of June 30, 1998, the market value of the securities on loan is
$40,621,579. Collateral received for securities loaned includes $1,026,375
in U.S government securities and the remaining $40,992,517 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Equity Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.6%
Argentina -- 0.7%
<S> <C> <C>
1,100 Alpargatas S.A.I.C., ADR $ 2,332
400 APCO Argentina Inc., ADR 10,400
2,460 Banco de Galicia Bueno, ADR 44,895
1,656 Banco Frances del Rio
de la Plata, SA, ADR 37,984
3,000 Banco Rio de La Plata SA 31,687
1,800 Buenos Aires
Embotelladora SA, ADR+ 2,475
9,800 Corporacion Mapfre, ADR 93,559
800 Disco SA, ADR+ 25,600
500 IRSA Inversiones Y
Representaciones SA, GDR 14,563
2,220 Metrogas SA, ADR 19,564
13,565 Perez Companc SA, ADR 136,022
4,000 Quilmes Industrial SA, ADR 39,000
7,100 Telecom Argentina SA, ADR 211,669
8,500 Telefonica de Argentina, ADR 275,719
2,800 Transportadora de Gas del
Sur SA, ADR 32,200
20,800 Y.P.F. Sociedad Anonima, ADR 625,300
------------
1,602,969
------------
<CAPTION>
Australia -- 2.6%
<S> <C> <C>
9,150 Amcor Ltd. 157,837
2,100 Ashton Mining Ltd., ADR 5,540
9,850 Australia & New Zealand
Bank, ADR 336,747
7,100 Australian National
Industries, ADR 16,356
5,200 Boral Ltd., ADR 76,050
35,340 Broken Hill
Proprietary Ltd., ADR 598,571
2,800 Burns, Philip &
Company Ltd., ADR 1,356
7,000 Coca-Cola Amatil Ltd., ADR 90,882
5,500 Coles Myer Ltd., ADR 169,469
900 Cortecs International Ltd., ADR+ 6,638
8,500 CSR Ltd., ADR 98,352
5,000 E-mail Partners Ltd., ADR 17,381
500 FAI Insurances Ltd., ADR 2,875
1,200 FH Faulding &
Company, ADR 21,945
10,600 Goodman Fielder Ltd., ADR 61,852
9,050 Great Central Mines Ltd., ADR 27,150
6,900 James Hardie Industries, ADR 38,634
4,700 Kidston Gold Mines Ltd., ADR+ 2,538
800 Lihir Gold Ltd., ADR+ 19,750
46,400 M.I.M. Holdings Ltd., ADR 44,932
2,400 Mayne Nickless Ltd., ADR 63,689
16,100 National Australia
Bank Ltd., ADR 1,063,606
26,300 News Corporation Ltd., ADR 844,887
4,739 Normandy Mining Ltd., ADR 38,831
4,900 North Ltd., ADR 50,492
1,300 Orbital Engineering Ltd., ADR+ 6,906
9,600 Pacific Dunlop
Olympic Ltd., ADR 61,200
1,700 Petsec Energy Ltd., ADR+ 27,519
31,800 Pioneer International Ltd., ADR 75,814
5,370 Rio Tinto Ltd., ADR 256,007
5,100 Santos Ltd., ADR 63,113
700 Simsmetal Ltd., ADR 11,037
600 Sons of Gwalia, ADR 7,449
4,300 Southcorp Holdings Ltd., ADR 62,593
8,000 St. George Bank Ltd., ADR 51,845
7,900 Telstra Corporation Ltd. 400,925
13,200 Westpac Banking Ltd., ADR 396,825
10,100 WMC Ltd., ADR 121,200
39,300 Woodside Petroleum Ltd. 196,627
------------
5,595,420
------------
<CAPTION>
Austria -- 0.2%
<S> <C> <C>
7,800 Bank Austria
Aktiengeselschaft, ADR 127,001
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 67,041
9,800 OMV AG, ADR 262,775
1,000 Wolford AG, ADR 12,690
------------
469,507
------------
<CAPTION>
Belgium -- 0.2%
<S> <C> <C>
8,450 Petrofina SA, ADR 347,066
1,200 Xeikon N.V., ADR+ 25,575
------------
372,641
------------
<CAPTION>
Bermuda -- 0.2%
<S> <C> <C>
1,200 Comcast UK Cable
Partners Ltd., ADR+ 18,825
3,900 Exel Ltd., ADR 303,469
400 Frontline Ltd., ADR+ 4,675
600 LaSalle Re Holdings Ltd., ADR 22,725
2,000 PartnerRe Ltd., ADR 102,000
------------
451,694
------------
<CAPTION>
Brazil -- 0.8%
<S> <C> <C>
5,425 Aracruz Celulose SA, ADR 62,048
5,996 Cemig-Companhia
Energetica de Minas, ADR 186,652
1,100 Centrais Eletricas
Brasileiras SA, ADR 16,169
110 Centrais Geradoras do Sul
do Brasil SA, ADR+ 784
5,000 Companhia Cervejaria
Brahma, ADR 62,813
2,700 Companhia Siderurgica
Nacional, ADR 66,150
1,800 Continental AG, ADR 56,592
1,300 Copene Petroquimica, ADR 14,387
2,600 Panamerican Beverages Inc.,
ADR, Class A 81,737
11,200 Telecomunicacoes
Brasileiras SA 1,222,900
------------
1,770,232
------------
<CAPTION>
Canada -- 3.3%
<S> <C> <C>
4,200 Aber Resources Ltd.+ 2,625
3,200 Abitibi-Consolidated Inc., ADR 41,000
1,400 Agnico Eagle Mines Ltd., ADR 7,700
2,950 Alberta Energy
Company Ltd., ADR 69,325
500 Alliance Communications
Corporation, ADR+ 8,625
2,700 Arakis Energy
Corporation, ADR+ 3,881
2,400 Avenor, Inc. 41,629
9,550 Bank of Montreal, ADR 531,219
23,000 BCE Inc., ADR 981,812
2,600 BCE Mobile
Communications, Inc+ 67,762
800 Bell Canada
International, Inc.+ 18,700
13,300 Bema Gold Corporation+ 21,612
3,700 BioChem Pharmaceuticals, Inc. 98,050
1,200 Biomira Inc., ADR+ 2,700
1,000 Biovail Corporation
International, ADR+ 32,000
5,000 C Mac Industries Inc.+ 88,342
1,500 Campbell Resource Inc., ADR+ 563
15,900 Canadian Imperial Bank of
Commerce 515,756
1,000 Canadian Marconi Company, ADR 12,938
5,100 Canadian Occidental
Petroleum, ADR 109,650
12,400 Canadian Pacific Ltd., ADR 351,850
600 Chieftain International, Inc., ADR+ 14,213
1,100 Clearnet Communications
Inc., ADR+ 12,100
93 CliniChem Development, Inc.+ 532
2,500 Cognos, Inc.+ 66,602
9,000 Cognos, Inc., ADR+ 237,912
3,300 Cominco, ADR 49,500
2,000 Corel, ADR+ 4,438
2,300 Cott Corporation, ADR 16,675
400 Decoma International, Inc 3,550
4,800 Domatar, Inc., ADR 32,400
548 Dreco Energy Services Ltd.+ 14,523
14,550 EdperBrascan Corporation,
Class A 246,441
4,000 Encal Energy Ltd.+ 15,250
600 Fahnestock Viner Holdings,
Inc., ADR 11,625
2,100 Fairfax Financial
Holdings Ltd.+ 819,136
1,000 Four Seasons Hotels, Inc., ADR 35,250
2,500 Goldcorp Inc., Class A, ADR+ 11,719
9,406 Gulf Canada Resources, ADR 46,442
2,300 Hollinger, Inc., ADR 27,196
6,900 Imperial Oil Ltd., ADR 120,319
800 Intertape Polymer Group
Inc., ADR 17,750
1,400 Intrawest Corporation 27,912
2,200 IPL Energy Inc., ADR 99,550
1,650 Ipsco, Inc., ADR 44,344
300 Jetform Corporation, ADR+ 6,300
8,315 Laidlaw, Inc., Class B 101,339
1,600 Loewen Group Inc., ADR 43,200
4,700 Macmillan Bloedel Ltd., ADR 49,937
2,200 Magna International, Class A, ADR 150,975
5,600 Methanex Corporation, ADR+ 48,300
1,300 Microcell
Telecommunications, Inc.+ 11,700
4,000 Mitel Corporation, ADR+ 54,750
6,200 Newbridge Network, ADR+ 148,412
2,400 Newcourt Credit Group, Inc. 118,050
17,600 Nova Corporation of
Alberta, ADR 203,500
3,400 Numac Energy Inc., ADR+ 8,713
1,400 Philip Services
Corporation+ 5,756
1,200 PLD Telekom Inc., ADR+ 8,625
1,700 Potash Corporation of
Saskatchewan, ADR 128,456
2,600 Quebecor Inc., Class A, ADR 51,901
1,300 Rigel Energy Corporation, ADR+ 11,838
1,900 Rio Algom Ltd., ADR 28,322
3,400 Rogers Cantel Mobil
Communications, Class B, ADR+ 42,500
2,500 Royal Group Technologies Ltd.+ 72,500
4,300 Royal Oak Mines, ADR+ 3,763
2,000 Suncor Energy, Inc. 69,500
3,200 Supersol Ltd. 52,800
1,200 Tee-Comm Electronics, Inc.+ 0
4,200 Teleglobe, Inc. 111,300
5,000 Telesystem International
Wireless, Inc.+ 96,837
7,100 Transcanada Pipelines
Ltd., ADR 157,975
17,100 Trilon Financial
Corporation 132,473
3,900 Trizec Hahn Corporation, ADR 83,606
6,500 TVX Gold, Inc.+ 19,656
3,400 West Coast Energy, Inc., ADR 75,862
------------
7,081,964
------------
<CAPTION>
Chile -- 0.3%
<S> <C> <C>
600 AFP Provida, ADR 10,013
900 Banco BHIF, ADR 13,444
900 Banco de Edwards, ADR 12,769
400 Banco Santander Chile,
ADR 5,150
700 Banco Santiago SA, ADR 11,725
1,900 Compania Cervecerias
Unidas SA, ADR 40,137
7,075 Compania de
Telecomunicaciones de
Chile SA, ADR 143,711
800 Cristalerias de Chile, ADR 10,400
2,500 Distribucion y Servicio D&S SA 37,500
2,200 Embotelladora Andina SA, ADR 38,500
7,500 Empresa Nacional
Electricidad SA, ADR 106,875
2,100 Empresa Telex Chile, ADR 3,019
4,400 Enersis SA, ADR 107,525
2,200 Gener SA, ADR 40,150
700 Laboratorio Chile SA, ADR 10,062
2,400 Linea Aerea Nacional
Chile SA 19,500
1,200 Madeco, ADR 10,575
1,000 Maderas Y Sinteticos Sociedad
(Masisa), ADR 8,125
700 Quimica Minera Chile SA, ADR 23,450
3,500 Quinenco SA, ADR 31,500
600 Santa Isabel SA, ADR 6,600
900 Supermercados Unimarc SA, ADR 6,975
500 Vina Concha Y Toro SA, ADR 14,250
------------
711,955
------------
<CAPTION>
China\Hong Kong -- 3.5%
<S> <C> <C>
18,100 Amoy Properties Ltd., ADR 58,402
2,300 Amway Asia Pacific Ltd., ADR 30,044
1,900 APT Satellite Holdings
Ltd., ADR+ 16,744
7,200 Asia Pulp & Paper Company
Ltd., ADR 81,000
600 Asia Satellite
Telecommunications
Holdings Ltd., ADR 9,825
47,548 Bank East Asia Ltd., ADR 51,549
750 Beijing Yanhua
Petrochemical Company,
Ltd., ADR 4,500
3,200 C.P. Pokphand, ADR 2,943
10,300 Cathay Pacific Airways, ADR 36,225
6,800 CDL Hotels
International Ltd., ADR 20,186
19,600 Champion Technology
Holdings, ADR 3,352
700 China Eastern Airlines
Corporation Ltd., ADR+ 6,213
900 China Southern Airlines
Company Ltd., ADR+ 6,413
26,300 China Telecom (Hong Kong) Ltd.+ 908,994
5,800 Dairy Farm
International Ltd., ADR 31,030
500 DSG International Ltd., ADR+ 3,438
1,850 Egana International
Holdings Ltd. 5,659
17,000 First Pacific Company
Ltd., ADR 35,654
3,700 Glorious Sun Enterprises Ltd.+ 6,781
1,300 Gold Peak Industries Ltd., ADR 4,446
3,000 Guangshen Railway Company Ltd.,
ADR 20,437
8,750 Hang Lung Development, ADR 43,479
27,300 Hang Seng Bank Ltd., ADR 154,329
58,700 Henderson Land Development
Company Ltd., ADR 193,571
81,598 Hong Kong and China Gas
Ltd., ADR 92,677
74,300 Hong Kong Electric
Holdings Ltd., ADR 230,150
13,100 Hong Kong Land
Holdings, ADR 81,875
17,432 Hong Kong
Telecommunications Ltd., ADR 329,029
32,200 Hopewell Holdings Ltd., ADR 17,247
15,300 HSBC Holdings Plc, ADR 3,885,603
4,700 Huaneng Power
International, ADR+ 63,156
18,200 Hysan Development Ltd.,
ADR 30,067
16,900 Jardine Matheson &
Company Ltd., ADR 45,630
5,800 Jardine Strategic
Holding, ADR 22,040
1,200 Johnson Electric
Holdings, ADR 44,450
33,900 New World Development
Company Ltd., ADR 131,260
500 Peak International Ltd.+ 6,875
6,800 Pearl Oriental Holdings 7,460
10,050 Peregrine Investment
Holdings, ADR 0
2,200 Shandong Huaneng, ADR 11,825
3,970 Shanghai Chlor-Alkali
Chemical Company, ADR 5,082
1,600 Shanghai Erfangji Co., Ltd., ADR 1,440
2,600 Shanghai Petrochemicals Ltd., ADR 29,087
2,900 Shanghai Tire & Rubber
Company Ltd., ADR 4,698
5,500 Shuntak Holdings Ltd., ADR 5,394
1,800 Singer Company, ADR 12,825
10,850 South China Morning Post, ADR 26,082
87,900 Sun Hung Kai Properties Ltd., ADR 373,246
58,400 Swire Pacific Ltd., ADR 225,057
7,700 Television Broadcasts Ltd. 40,746
800 VTech Holdings Ltd., ADR 29,788
10,500 Wharf Holdings Ltd., ADR 51,831
1,000 Yanzhou Coal Mining
Company Ltd., ADR+ 9,750
------------
7,549,584
------------
<CAPTION>
Colombia -- 0.0%#
<S> <C> <C>
1,100 Banco Ganadero SA, ADR 35,750
1,300 Banco Industrial
Colombiano, ADR 14,219
------------
49,969
------------
<CAPTION>
Denmark -- 0.5%
<S> <C> <C>
2,300 ISS International Service
Systems, ADR+ 66,963
8,800 Novo Nordisk AS,
Series B, ADR 605,550
9,500 Tele Danmark, Series B, ADR 447,687
------------
1,120,200
------------
<CAPTION>
Finland -- 0.6%
<S> <C> <C>
1,700 American Group Ltd., ADR+ 16,438
1,700 Instrumentarium
Corporation, ADR 51,000
15,800 Nokia Oyj, ADR 1,146,488
700 Rauma-Repola, ADR 14,525
1,600 Valmet Corporation, ADR 55,800
------------
1,284,251
------------
<CAPTION>
France -- 7.7%
<S> <C> <C>
12,000 Accor SA, ADR 335,842
36,600 Alcatel Alsthom Cie Generale
D'Electric, ADR 1,489,162
200 Alstom+ 6,513
700 Bouygues Offshore SA, ADR 14,788
800 Business Objects SA, ADR+ 13,500
3,000 Canal Plus, ADR 112,146
1,800 Carrefour SA 1,138,826
300 Chargeurs SA 24,786
1,950 Christian Dior SA 245,455
600 CIPE France 22,826
1,977 Clarins SA, ADR 36,560
1,300 Coflexip SA, ADR 79,462
1,000 Companie Generale de
Geophysique SA, ADR+ 29,375
550 Credit Lyonnais 56,131
3,900 Dassault Systemes SA, ADR 185,737
24,100 Elf Aquitaine, ADR 1,711,100
49,200 Eurotunnel SA+ 7,487
36,800 France Telecom SA 2,559,900
800 Genset, ADR+ 23,500
600 Groupe AB SA, ADR+ 3,375
12,450 Groupe Danone, ADR 686,576
6,600 Havas SA, ADR 140,009
8,900 Lafarge SA, ADR 306,692
2,900 Lagardere Group, ADR 120,735
16,000 Louis Vuitton Moet
Hennessy, ADR 632,000
3,200 LVMH
(Moet Hennessy Louis Vuitton) 640,455
4,750 Michelin 274,203
3,800 Pechiney SA, ADR 76,831
8,150 Pernod Ricard, ADR 141,210
9,050 PSA Peugeot Citroen, ADR 486,503
10,900 Rhone-Poulnec SA, ADR 612,444
5,150 Schneider SA 410,675
400 Scor SA, ADR 25,500
550 SEB SA 76,236
23,000 Societe Generale, ADR 956,415
6,400 STMicroelectronics NV+ 447,200
1,000 Stolt Comex Seaway SA 19,375
4,200 Thomson CSF, ADR 159,783
14,800 Total SA, Class B 1,924,144
2,700 Valeo SA, ADR 275,998
4,500 Vivendi, ADR 192,186
------------
16,701,641
------------
<CAPTION>
Germany -- 8.0%
<S> <C> <C>
25,500 Bayer AG, ADR 1,320,635
14,200 Commerzbank AG, ADR 540,930
14,300 Daimler-Benz AG, ADR 1,391,569
14,500 Deutsche Bank AG, ADR 1,225,849
102,100 Deutsche Telekom, ADR 2,807,750
16,100 Dresdner Bank AG, ADR 870,415
21,600 Hoechst AG, ADR 1,071,900
26,000 Mannesmann AG 2,674,319
300 Pfeiffer Vacuum
Technology AG, ADR+ 21,413
800 Puma AG, ADR 20,405
12,200 RWE AG, ADR 722,482
11,001 SAP AG, ADR 2,490,823
2,300 SGL Carbon AG, ADR 89,700
18,200 VEBA AG 1,197,787
5,000 Volkswagen AG, ADR 965,632
------------
17,411,609
------------
<CAPTION>
Greece -- 0.0%#
<S> <C> <C>
400 Anangel -- American
Shipholdings Ltd, ADR 2,900
------------
<CAPTION>
Hungary -- 0.0%#
<S> <C> <C>
600 Euronet Services, Inc., ADR+ 2,625
600 Pannonplast Rt. 5,557
------------
8,182
------------
<CAPTION>
Indonesia -- 0.1%
<S> <C> <C>
3,300 Gulf Indonesia Resources Ltd.+ 37,950
5,300 PT Indorayon Utama, ADR+ 597
3,883 PT Indosat, ADR 43,198
1,100 PT Pasifik Satelit
Nusantara, ADR+ 15,400
15,200 PT Telekomunikasi
Indonesia, ADR 88,350
1,100 PT Tri Polyta Indonesia, ADR+ 1,238
------------
186,733
------------
<CAPTION>
Ireland -- 0.6%
<S> <C> <C>
4,200 Allied Irish Banks, ADR 360,412
4,300 Bank of Ireland, ADR 354,212
1,400 CBT Group Plc, ADR+ 74,900
2,800 CRH, ADR 202,300
2,400 Elan Corporation Plc, ADR+ 154,350
2,100 Jefferson Smurfit Group, ADR 64,050
1,400 Ryanair Holdings Plc, ADR+ 49,875
1,300 Saville Systems Ireland, ADR+ 65,163
500 Warner Chilcott
Laboratories, ADR+ 4,938
2,800 Waterford Wedgwood Plc, ADR 39,025
------------
1,369,225
------------
<CAPTION>
Israel -- 0.2%
<S> <C> <C>
200 American-Israeli Paper
Mills, ADR 8,163
1,300 Blue Square-Israel Ltd., ADR 20,069
1,300 Check Point Software
Technologies Ltd.+ 42,575
2,700 ECI Telecommunications
Ltd., ADR 102,262
800 Elbit Medical Imaging Ltd., ADR 6,650
900 Elbit Systems Ltd., ADR 11,644
800 Elron Electronic
Industries Ltd., ADR 13,950
800 Elscint Ltd., ADR+ 5,700
500 ESC Medical Systems Ltd., ADR+ 16,875
400 Gilat Satellite Network
Ltd., ADR+ 13,375
2,300 Koor Industries Ltd., ADR 53,762
500 Matav-Cable Systems Media
Ltd., ADR 11,719
500 MEMCO Software Ltd.+ 9,500
300 NICE-Systems Ltd., ADR+ 11,250
1,600 Scitex Corporation, ADR+ 20,900
700 Tadiran Ltd., ADR 23,187
500 Tecnomatrix Technologies
Ltd., ADR+ 10,000
2,100 Teva Pharmaceutical, ADR 73,894
------------
455,475
------------
<CAPTION>
Italy -- 2.2%
<S> <C> <C>
3,272 Benetton Group SpA, ADR 136,197
1,600 De Rigo SpA, ADR+ 9,500
29,400 Ente Nazionale
Idrocarburi SpA, ADR 1,911,000
24,230 Fiat, ADR 533,060
1,000 Fila Holding SpA, ADR 15,000
2,100 Industrie Natuzzi, ADR 54,600
14,500 Instituto Nazionale delle
Assicurazioni, ADR 412,344
7,200 Istituto Mobiliare
Italiano SpA, ADR 343,350
8,500 Luxottica Group, ADR 131,750
19,542 Montedison SpA, ADR 243,053
500 SAES Getters SpA, ADR 4,719
13,900 Telecom Italia SpA 1,021,650
------------
4,816,223
------------
<CAPTION>
Japan -- 13.4%
<S> <C> <C>
10,870 Amway Japan Ltd., ADR 59,106
25,000 Ashikaga Bank Ltd. 31,279
6,700 Bandai Company Ltd., ADR 23,428
205,495 Bank of Tokyo, ADR 2,260,445
30,000 Canon Inc., ADR 686,250
2,500 CSK Corporation, ADR 50,000
12,900 Dai'El, Inc., ADR 54,825
19,000 Daifuku Company, Ltd. 71,042
9,750 Eisai Company Ltd., ADR 133,272
105,000 Fuji Bank 470,059
18,900 Fuji Photo Film
Company Ltd., ADR 653,231
11,900 Hitachi Ltd., ADR 767,550
17,100 Honda Motor
Company Ltd., ADR 1,221,581
29,000 Isetan Company 243,292
144,000 Ishikawajima-Harima Heavy
Industries Company., Ltd. 263,484
137,000 Isuzu Motors Ltd. 241,759
15,600 Ito-Yokado Ltd., ADR 741,000
238,000 Itochu Corporation 516,381
32,700 Japan Airlines Company, ADR 175,762
30,000 Japan Storage Battery Co., Ltd. 71,599
29,000 JGC Corporation 71,100
43,000 JSR Corporation 202,141
17,000 JUSCO Co. 312,902
98,000 Kankaku Securities Company 74,420
12,800 Kawasaki Heavy Industries Ltd. 103,681
290,000 Kawasaki Heavy Industries Ltd. 587,257
11,800 Kawasaki Steel
Corporation, ADR 213,351
3,800 Kirin Brewery Company, ADR 362,900
20,900 Kobe Steel Ltd., ADR 79,356
9,100 Komatsu Ltd., ADR 177,433
2,600 Kubota Corporation, ADR 119,600
3,400 Kyocera Corporation, ADR 330,437
120,000 Long Term Credit
Bank of Japan 70,297
6,200 Makita Corporation, ADR 70,912
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,221,700
19,000 Mercian Corporation 68,019
28,800 Mitsubishi Corporation, ADR 358,256
285,000 Mitsubishi Electric Corporation 657,518
3,000 Mitsui & Company Ltd., ADR 328,125
33,000 Mitsui Engineering &
Shipbuiding Co., Ltd. 25,060
64,000 Mitsukoshi Ltd. 184,682
11,200 NEC Corporation, ADR 519,400
53,000 New Japan Securities
Company, Ltd. 50,213
49,000 Nikon Corporation 353,670
117,300 Nippon Telegraph &
Telephone Corporation, ADR 4,926,600
46,200 Nissan Motor
Company Ltd., ADR 294,525
22,000 Okuma Corporation 100,557
9,600 Olympus Optical Company, ADR 83,732
38,000 Orient Corporation 83,272
6,200 Pioneer Electronics
Corporation, ADR 120,125
4,900 Ricoh Company Ltd., ADR 258,874
14,100 Sanyo Electric
Corporation, ADR 209,737
512 Sawako Corporation, ADR 4,777
11,600 Sega Enterprises, ADR 50,045
23,000 Seiyu Ltd. 48,239
14,500 Shiseido Ltd., ADR 165,271
173,000 Showa Denko K.K. 175,164
13,500 Sony Corporation, ADR 1,161,844
11,400 Sumitomo Metal
Industries, ADR 183,858
4,800 TDK Corporation, ADR 357,600
82,000 The Daiwa Bank, Ltd. 124,539
250,000 The Mitsui Trust &
Banking Company, Ltd. 591,234
11,200 Tokio Marine & Fire
Insurance Ltd., ADR 569,800
26,000 Tokyo Steel Manufacturing 134,259
76,000 Tokyu Land Corporation 111,579
212,000 Tomen Corporation 188,588
6,000 Toshiba Ceramics Co., Ltd. 19,831
70,000 Toshoku 506
72,170 Toyota Motor Corporation, ADR 3,743,819
99,000 Unitika Ltd. 74,463
1,200 Wacoal Corporation, ADR 61,200
252,000 Yamaichi Securities 0
43,000 Yasuda Trust & Banking 40,428
------------
29,162,241
------------
<CAPTION>
Korea -- 0.3%
<S> <C> <C>
57,600 Korea Electric Power
Corporation, ADR 410,400
13,600 Pohang Iron & Steel
Company, Ltd., ADR 163,200
20,655 SK Telecom Company Ltd., ADR 114,895
------------
688,495
------------
<CAPTION>
Luxembourg -- 0.1%
<S> <C> <C>
1,200 Espirito Santo Financial
Holdings, ADR 29,250
1,700 Millicom International
Cellular S.A.+ 74,375
7,750 Minorco SA, ADR 92,516
------------
196,141
------------
<CAPTION>
Malaysia -- 0.0%#
<S> <C> <C>
41,600 Amalgamated Steelmills
Berhad, ADR 4,210
7,900 Resorts World Berhad, ADR 43,400
------------
47,610
------------
<CAPTION>
Mexico -- 1.2%
<S> <C> <C>
2,900 Altos Hornos de
Mexico SA, ADR+ 15,134
2,100 Apasco SA, Series A, ADR 54,685
800 Bufete Industries, ADR+ 5,200
22,500 Cemex SA, ADR 168,772
5,100 Coca-Cola Femsa SA, ADR 88,612
2,500 Consorcio G. Grupo Dina, ADR+ 6,250
2,000 Controladora Comercial
Mexican SA de CV, ADR 33,875
2,505 Desc de CV, Series C, ADR 49,787
4,000 Empresas Ica, ADR 37,750
4,400 Empresas La Moderna
SA de CV, ADR+ 103,950
38,500 Grupo Carso SA, ADR 317,047
1,100 Grupo Casa Autrey, ADR 7,150
13,000 Grupo Elektra, ADR 126,750
7,800 Grupo Financiero
Bancomer SA de CV, ADR 74,303
4,400 Grupo Financiero
Serfin SA de CV, ADR+ 5,500
1,100 Grupo Imsa SA, ADR 16,638
800 Grupo Industrial
Durango SA, ADR+ 7,150
2,400 Grupo Industrial
Maseca SA, ADR 26,700
2,100 Grupo Iusacell, Series L, ADR+ 28,875
500 Grupo Radio Central, ADR 5,563
5,600 Grupo Telivisa SA, ADR+ 210,700
2,800 Grupo Tribasa SA, ADR+ 14,525
1,000 Industries Bachoco SA, ADR 12,125
5,200 Kimberly Clark Inc., ADR 91,868
19,300 Telefono de Mexico SA, ADR 927,606
3,300 Tolmex SA de CV, ADR+ 148,741
2,000 Transport Matima Mexico,
Class L, ADR+ 13,250
2,700 Tubos de Acero de
Mexico, ADR 34,594
4,300 Vitro Sociedad Anomina, ADR 27,413
------------
2,660,513
------------
<CAPTION>
Netherlands -- 5.6%
<S> <C> <C>
52,100 ABN AMRO Holding, ADR 1,221,094
18,800 AEGON Insurance, ADR 1,626,200
5,100 Akzo Nobel, ADR 565,462
5,000 ASM Lithography Holdings NV+ 145,312
6,800 Baan Company, ADR+ 243,100
1,200 Benckiser NV+ 74,025
500 Chicago Bridge & Iron
Company NV 7,750
5,200 DSM, ADR 133,437
12,600 Elsevier, ADR 378,000
10,525 Fortis Amev, ADR 616,666
3,200 Gucci Group, ADR 169,600
47,005 ING Groep NV 3,072,952
4,800 Ispat International NV,
Class A+ 90,000
3,400 KLM Royal Dutch
Airlines, ADR 139,188
13,060 Koninklijke Ahold, ADR 417,920
3,100 Koninklijke Bols
Wessanen NV, ADR 44,683
500 Koninklijke Van
Ommeren, ADR 21,006
1,300 Madge Networks NV, ADR+ 6,175
5,400 New Holland NV, ADR 105,975
3,200 Oce Van Der Griten, ADR 135,600
500 Orthofix
International NV, ADR+ 6,500
12,300 Philips Electronics NV, ADR 1,045,500
1,800 Polygram NV, ADR 91,575
600 QIAGEN N.V. ADR+ 37,800
1,600 Royal Nedlloyd Group, ADR 16,254
16,983 Royal PTT Nederland, ADR 1,080,543
3,300 Toolex Alpha NV, ADR+ 60,844
200 Velcro Industries NV, ADR 27,850
6,900 VNU-Verenigde Nederlandse
Uitgeversbedrijven
Verenigd Bezit, ADR 250,665
2,600 Wolters Kluwer, ADR 356,854
------------
12,188,530
------------
<CAPTION>
New Zealand -- 0.1%
<S> <C> <C>
1,325 Fletcher Challenge,
Building, ADR 16,480
1,325 Fletcher Challenge, Energy, ADR 32,131
3,160 Fletcher Challenge, Forest, ADR 17,972
2,550 Fletcher Challenge, Paper, ADR 28,050
4,500 Telecommunications of New
Zealand Ltd., ADR 147,375
500 Tranz Rail Holdings Ltd., ADR 3,313
------------
245,321
------------
<CAPTION>
Norway -- 0.3%
<S> <C> <C>
1,800 Nera ASA, ADR 4,163
8,250 Norsk Hydro AS, ADR 364,031
2,200 Petroleum Geo -- Services, ADR+ 67,100
4,300 Saga Petroleum, Class A, ADR
67,725 1,700 Smedvig ASA, ADR 20,628
700 Unitor ASA, ADR 10,320
------------
533,967
------------
<CAPTION>
Panama -- 0.0%#
<S> <C> <C>
700 Banco Latinoamericano de
Exportaciones SA 21,525
------------
<CAPTION>
Peru -- 0.1%
<S> <C> <C>
2,500 Banco Wiese, ADR 8,594
500 Compania de Minas
Buenaventura SA, ADR 6,562
8,500 Telefonica del Peru SA,
ADR 173,719
------------
188,875
------------
<CAPTION>
Philippines -- 0.1%
<S> <C> <C>
4,100 Philippine Long Distance
Telephone Company, ADR 92,763
9,150 San Miguel Corporation,
Class B, ADR 119,821
------------
212,584
------------
<CAPTION>
Portugal -- 0.5%
<S> <C> <C>
4,200 Banco Comercial Portuges
SA, ADR 117,075
10,900 Electricidade de Portugal
SA, ADR 502,081
6,900 Portugal Telecom SA, ADR 365,269
------------
984,425
------------
<CAPTION>
Russia -- 0.3%
<S> <C> <C>
1,200 Chernogorneft, ADR+ 3,900
2,200 Inkombank, ADR 7,185
3,500 Irkutskenergo, ADR 17,150
4,800 Lukoil, ADR 161,280
9,300 Mosenergo, ADR 46,500
4,400 Rostelecom, ADR 58,850
17,000 Surgutneftegaz 68,000
4,400 Tatneft, ADR 34,100
2,200 Trade House GUM 6,270
15,100 Unified Energy Systems 194,790
1,700 Uralsvyazinform, ADR 8,500
1,000 Vimpel -- Communications, ADR+ 44,750
------------
651,275
------------
<CAPTION>
Singapore -- 0.2%
<S> <C> <C>
6,500 Asia Pacific Resources
International Holdings
Ltd., Class A+ 11,781
500 Asia Pacific Wire & Cable
Corporation Ltd.+ 2,625
1,300 China Yuchai, ADR+ 3,331
3,200 Cycle & Carriage Ltd., ADR 15,649
6,023 Development Bank of
Singapore, ADR 133,674
14,875 Keppel Corporation Ltd. 44,846
6,100 Neptune Orient Lines Ltd., ADR 8,471
8,000 Sembawang Corporation Ltd., ADR 9,448
16,300 United Overseas Bank Ltd., ADR 101,303
------------
331,128
------------
<CAPTION>
South Africa -- 0.4%
<S> <C> <C>
5,100 Driefontein Consolidated, ADR 26,138
9,066 Gold Fields Ltd. 51,980
3,900 Gold Fields of South Africa Ltd.+ 45,094
1,600 Harmony Gold Mining
Company Ltd., ADR+ 6,500
6,318 Imperial Holdings Ltd., ADR 61,797
9,100 Iscor Ltd., ADR 17,187
18,000 Liberty Life Association
of Africa Ltd., ADR 175,447
3,400 Pepkor Ltd., ADR 25,170
21,200 Sasol Ltd., ADR 125,875
3,100 Servgro International Ltd., ADR 30,787
10,200 South African Breweries., ADR 211,273
13,100 Wooltru Ltd., ADR 16,789
------------
794,037
------------
<CAPTION>
Spain -- 3.1%
<S> <C> <C>
25,500 Banco Bilbao Vizcaya, ADR 1,300,500
11,900 Banco Central Hispano, ADR 371,875
17,600 Banco Santander SA, ADR 892,100
22,700 Banesto Espanol de
Credito, ADR+ 136,555
3,100 Compania Sevillana
Electric, ADR 68,443
9,100 Corporacion Bancaria
Argentaria 410,638
48,200 Endesa S.A., ADR 1,042,325
17,650 Repsol, ADR 970,750
11,300 Telefonica de Espana SA, ADR 1,571,406
------------
6,764,592
------------
<CAPTION>
Sweden -- 2.4%
<S> <C> <C>
4,300 AGA AB, ADR 65,773
60,400 Astra AB, ADR 1,238,200
6,666 Atlas Copco, ADR 181,777
3,800 Autoliv Inc., ADR 120,175
500 Biacore International AB, ADR+ 4,375
7,000 Electrolux AB, ADR 237,125
70,400 Ericsson (L.M.) Telephone
Company, Class B, ADR 2,015,200
10,050 Sandvik AB, ADR 275,947
4,300 SKF AB, ADR 78,206
7,100 Svenska Cellulosa AB, ADR 183,820
1,700 Swedish Match Company, ADR 56,100
22,500 Volvo AB, ADR 665,156
------------
5,121,854
------------
<CAPTION>
Switzerland -- 7.7%
<S> <C> <C>
1,200 ABB AB, ADR 165,750
2,900 ABB AG, ADR 428,977
5,000 Adecco SA, ADR 277,500
19,100 Credit Suisse Group, ADR 1,062,466
2,400 Mettler Toledo
International, Inc.+ 48,150
29,700 Nestle, ADR 3,177,921
45,766 Novartis, ADR 3,817,107
51,700 Roche Holdings Ltd. 5,085,330
7,800 Sulzer Medica, ADR 200,850
27,900 Swiss Bank Corporation, ADR 1,076,039
1,200 TAG Heuer International
SA, ADR 11,250
38,500 Union Bank of
Switzerland, ADR 1,433,933
------------
16,785,273
------------
<CAPTION>
Taiwan -- 0.3%
<S> <C> <C>
3,693 Macronix International
Company Ltd., ADR 32,544
30,000 Taiwan Semiconductor
Manufacturing Company+ 506,250
------------
538,794
------------
<CAPTION>
Thailand -- 0.0%#
<S> <C> <C>
3,800 Advanced Information
Services PCL, ADR 15,128
10,050 Shinawatra Corporation, ADR 18,294
------------
33,422
------------
<CAPTION>
United Kingdom -- 29.8%
<S> <C> <C>
24,300 Abbey National Plc, ADR 868,277
2,800 Albert Fisher Group Plc, ADR 10,519
73,650 Alexon Group Plc 281,609
37,900 Allied Domeq Plc, ADR 354,122
4,200 Amvescap Plc, ADR 206,325
21,200 AXA SA, ADR 1,204,425
58,000 B.A.T Industries Plc, ADR 1,170,875
37,800 BAA Plc, ADR 409,004
20,100 Barclays Plc, ADR 2,311,500
28,714 Bass Publishing Limited
Company Plc, ADR 533,004
1,000 Bespak Plc, ADR 16,864
32,117 BG Plc, ADR 923,364
26,800 Blue Circle
Industries Plc, ADR 151,472
3,950 Bluebird Toys 7,552
4,600 BOC Group Plc, ADR 124,775
1,600 Body Shop
International Plc, ADR 17,432
2,100 Booker Plc, ADR 34,713
3,600 British Airways Plc, ADR 387,225
2,500 British Biotech Plc, ADR+ 15,938
54,000 British Petroleum Company
Plc, ADR 4,765,500
6,200 British Sky Broadcasting
Group Plc, ADR 264,275
7,300 British Steel Plc, ADR 166,075
22,900 British Telecommunications Plc,
ADR 2,828,150
223,050 British-Borneo Petroleum
Syndicate Plc 1,115,418
27,186 BTR Plc, ADR 308,669
3,800 Burmah Castrol Plc, ADR 138,225
12,812 Cable & Wireless
Communications Plc+ 640,600
26,900 Cable & Wireless Plc, ADR 991,937
8,950 Cadbury Schweppes Plc, ADR 551,544
583 Cantab Pharmaceuticals
Plc, ADR+ 7,470
4,300 Carlton Communications
Plc, ADR 193,500
2,755 Christian Salvesen Plc, ADR 51,520
600 Christies International Plc, ADR 39,672
8,450 Coats Viyella Plc, ADR
31,322 1,100 COLT Telecom Group Plc, ADR+ 179,850
23,000 Compass Group Plc, ADR 264,981
870 Cordiant Communications
Group 10,658
14,600 Courtaulds Plc, ADR 108,587
204,150 Danka Business Systems 647,652
1,700 Danka Business Systems Plc, ADR 20,081
500 Denison International Plc, ADR+ 9,875
36,283 Diageo Plc, ADR 1,748,387
900 Dialog Corp. Plc+ 9,450
2,000 Dixons Group Plc 15,962
5,000 Dixons Group Plc, ADR 122,002
400 Doncasters Plc, ADR+ 11,125
700 Dr. Solomon's Group Plc, ADR+ 24,413
600 Eidos Plc, ADR+ 8,025
15,725 EMI Group Plc, ADR 275,163
4,925 Energy Group Plc, ADR 291,191
4,300 English China Clays Plc, ADR 44,586
5,400 Enterprise Oil Plc, ADR 149,175
6,200 Gallaher Group Plc, ADR 135,625
4,300 General Cable Plc+ 83,312
400 Gentia Software Plc+ 2,250
58,100 Glaxo Wellcome Plc, ADR 3,475,106
4,825 Hanson Trust Plc, ADR 146,258
6,300 Hills Down Holdings Plc, ADR 68,795
1,000 Huntingdon Life Sciences
Group Plc, ADR+ 1,688
6,600 Imperial Chemical
Industries Plc, ADR 425,700
9,425 Imperial Tobacco Group Plc, ADR 139,114
373,900 Inchcape Plc, ADR 1,179,929
2,000 Ionica Group Plc, ADR+ 3,750
124,850 John Mowlem & Company Plc 302,270
12,100 Kingfisher Plc, ADR 389,925
10,500 Lasmo Plc, ADR 133,219
1,800 Laura Ashley Holdings Plc, ADR 4,358
22,636 Logica Plc 728,694
69,650 London Forfaiting Co. Plc 316,321
2,700 London International
Group Plc, ADR 47,587
600 London Pacific Group Ltd. Plc, ADR 9,525
5,400 LucasVarity Plc, ADR 214,987
121,750 M.L. Laboritories Plc 158,563
291,400 Manchester United Plc 767,534
16,900 Marks & Spencer Plc, ADR 923,573
251,300 Medeva Plc 713,313
3,200 Medeva Plc, ADR 36,400
500 Micro Focus Group Plc, ADR+ 16,813
628,100 Monument Oil & Gas Plc 618,756
10,370 National Grid Group Plc, ADR 350,018
11,000 National Power Plc, ADR 405,625
10,400 National Westminster Bank Plc,
ADR 1,118,000
195,550 Next Plc 1,681,526
5,000 NFC Plc, ADR 65,000
400 Novel Denim Holdings Ltd.+ 10,400
268,065 Nycomed Amersham Plc. 1,997,362
9,400 Orange Plc, ADR+ 499,375
20,300 Pearson Plc, ADR 372,166
10,900 Peninsular & Oriental
Steam Plc, ADR 314,446
10,100 Powergen Plc, ADR 569,387
83,400 Powerscreen International 125,328
5,100 Premier Farnell Plc, ADR 52,912
1,600 Premier Oil Plc, ADC 11,287
13,800 Prudential Plc, ADR 909,577
5,300 Racal Electronics Plc, ADR 60,087
1,800 Ramco Energy Plc, ADR 19,575
15,400 Rank Group Plc, ADR 171,325
13,300 Reed International Plc, ADR 493,762
10,300 Rentokil Initial Plc, ADR 741,230
8,753 Reuters Group Plc, ADR 599,580
18,400 Rexam Plc, ADR 82,800
9,700 Rio Tinto Plc, ADR 458,325
870 Saatchi & Saatchi Plc 11,963
1,600 Scottish Hydro-Electric Plc, ADR 140,522
7,400 Scottish Power Plc, ADR 259,471
4,200 Sedgwick Group Plc, ADR 45,937
1,700 Select Appointments
Holdings Plc, ADR 50,150
500 SELECT Software Tools Plc, ADR+ 2,313
1,700 Senetek Plc, ADR+ 5,950
62,300 Shell Transportation &
Trading Plc, ADR 2,639,962
9,800 Siebe Plc, ADR 391,732
1,181,500 Signet Group 848,283
400 Signet Group Plc+ 8,525
300 Smallworldwide Plc, ADR+ 8,738
64,600 Smithkline Beecham
Group Plc, ADR 3,908,300
17,283 Southern Electric
Corporation Plc, ADR 158,427
500 Stolt Comex Seaway SA+ 8,750
1,300 Stolt-Nielsen SA Plc 22,263
850 Stolt-Nielsen SA Plc, ADR 14,769
3,000 Tate & Lyle Plc, ADR 95,254
3,200 Telewest Communications
Plc, ADR+ 76,000
30,000 Tesco Plc 293,032
75,700 Tesco Plc, ADR 736,890
3,564 Thorn EMI Plc, ADR 57,024
8,500 TI Group Plc, ADR 129,151
13,700 Tomkins Plc, ADR 313,387
1,400 Trinity International Plc, ADR 22,978
119,850 TT Group 591,336
35,600 Ulster Television Plc 104,022
69,500 Unilever Plc, ADR 3,010,219
19,400 United Biscuits
Holdings Plc, ADR 77,846
4,600 United News &
Media Plc, ADR 130,884
11,050 Vodafone Group Plc, ADR 1,392,991
3,100 Waste Management
International Plc, ADR+ 33,712
2,500 Wembley Plc, ADR 67,790
7,000 Williams Holdings Ltd. Plc, ADR 135,346
3,200 Willis Corroon Group Plc, ADR 40,200
2,800 WPP Group Plc, ADR 188,300
1,000 Xenova Group Plc, ADR+ 2,125
34,200 Zeneca Group Plc, ADR 1,500,525
------------
64,741,560
------------
<CAPTION>
United States -- 0.0%#
<S> <C> <C>
300 ESG Re Ltd. 6,488
600 Fresh Del Monte Produce, Inc.+ 11,362
500 Getty Images Inc.+ 11,125
400 Stirling Cooke Brown
Holdings Ltd. 11,250
------------
40,225
------------
<CAPTION>
Venezuela -- 0.0%#
<S> <C> <C>
562 Banco Venezolano de
Credito, ADR 4,068
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 42,500
2,400 Mavesa SA, ADR 7,650
1,000 Sidervrgica/Venez/Sivensa, ADR 6,143
------------
60,361
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $165,860,692) 212,005,122
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.0%
(Cost $4,482,000)
<S> <C> <C>
$4,482,000 Agreement with State
Street Bank and Trust
Company, 5.800% dated
06/30/1998, to be
repurchased at $4,482,722
on 07/01/1998,
collateralized by
$4,050,000 U.S. Treasury
Bond, 7.875% maturing
11/15/2004 (value
$4,576,500) $ 4,482,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $56,005,468) 25.8% 56,005,468
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $226,348,160*) 125.4% 272,492,590
OTHER ASSETS AND
LIABILITIES (Net) (25.4) (55,199,895)
---- ------------
NET ASSETS 100.0% $217,292,695
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $227,225,593.
** As of June 30, 1998, the market value of the securities on loan is
$54,329,219. Collateral received for securities loaned includes $1,087,000
in U.S. government securities and the remaining 54,918,468 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
/TABLE
<PAGE>
Munder International Equity Fund
Portfolio of Investments, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
At June 30, 1998 sector diversification of the Munder
International Equity Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- -----
<S> <C> <C>
COMMON STOCKS:
Banking & Financial
Services................. 16.0% $34,794,639
Telecommunications......... 10.8 23,519,717
Oil & Gas.................. 9.5 20,535,613
Drugs & Health Care........ 9.1 19,726,738
Food & Beverage............ 6.0 13,007,529
Automotive................. 4.6 10,058,736
Utilities.................. 4.6 9,917,631
Machinery & Heavy
Equipment................ 4.5 9,835,687
Retail..................... 4.1 9,008,941
Chemicals.................. 2.9 6,311,108
Electric & Electrical Equipment 2.1 4,627,704
Electronics................ 2.1 4,550,317
Business Services.......... 2.0 4,399,401
Printing & Publishing...... 1.7 3,729,908
Construction & Mining
Equipment................ 1.7 3,625,034
Metals & Mining............ 1.5 3,365,242
Software................... 1.4 3,032,036
Manufacturing.............. 1.2 2,699,399
Photography................ 1.0 2,171,357
Household Appliances &
Home Furnishings......... 1.0 2,109,644
Transportation............. 1.0 2,108,374
Medical Products........... 0.9 1,997,362
Tobacco.................... 0.9 1,871,744
Building & Building
Materials................ 0.7 1,623,155
Diversified Industrial..... 0.7 1,620,933
Apparel & Textiles......... 0.6 1,386,440
Broadcasting & Advertising. 0.6 1,288,232
Entertainment.............. 0.6 1,252,094
Real Estate................ 0.5 998,761
Conglomerates.............. 0.4 905,142
Office Supplies............ 0.4 768,350
Miscellaneous.............. 2.5 5,158,154
---- ----------
TOTAL COMMON STOCKS........ 97.6 212,005,122
REPURCHASE
AGREEMENT ............... 2.0 4,482,000
OTHER INVESTMENTS ......... 25.8 56,005,468
---- ----------
TOTAL INVESTMENTS ......... 125.4 272,492,590
OTHER ASSETS AND
LIABILITIES (Net) ....... (25.4) (55,199,895)
---- ----------
NET ASSETS ................ 100.0% $217,292,695
==== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.8%
Banking and Financial Services -- 7.1%
<S> <C> <C>
40,900 ACE Cash Express, Inc.+ $ 705,525
22,250 Colorado Business
Bankshares, Inc.+ 356,000
25,000 First International Bancorp, Inc. 359,375
22,000 Greater Bay Bancorp 763,125
40,400 Litchfield Financial
Corporation 848,400
14,700 People's Bancshares, Inc. 340,856
23,800 Riverview Bancorp, Inc. 395,675
------------
3,768,956
------------
<CAPTION>
Broadcasting -- 0.8%
<S> <C> <C>
20,000 Medialink Worldwide, Inc.+ 420,000
------------
<CAPTION>
Building Materials -- 0.9%
<S> <C> <C>
26,000 Dayton Superior Corporation+ 468,000
------------
<CAPTION>
Commercial Services -- 5.2%
<S> <C> <C>
30,000 COMARCO, Inc.+ 641,250
38,900 Compas International Services
Corporation+ 369,550
46,200 MPW Industrial Services
Group, Inc.+ 623,700
33,721 Ontrack Data
International, Inc.+ 459,449
24,600 SteriGenics International, Inc.+ 639,600
------------
2,733,549
------------
<CAPTION>
Computers & Business Equipment -- 1.5%
<S> <C> <C>
40,000 ScanSource, Inc.+ 770,000
------------
<CAPTION>
Computer Hardware, Software
or Services -- 9.0%
<S> <C> <C>
25,000 Blue Wave Systems, Inc.+ 87,500
50,000 Made2Manage Systems, Inc.+ 581,250
144,750 Oshap Technologies Ltd.+ 968,016
161,550 Sapiens International Corporation+ 1,140,947
100,100 SQL Financials International, Inc.+ 913,412
50,000 Symix Systems, Inc.+ 1,031,250
------------
4,722,375
------------
<CAPTION>
Electrical Equipment-- 3.9%
<S> <C> <C>
100,000 Ault, Inc.+ 512,500
88,000 Merrimac Industries, Inc. 1,160,500
29,000 Trans-Industries, Inc. 395,125
------------
2,068,125
------------
<CAPTION>
Electronics -- 6.5%
<S> <C> <C>
114,750 Aeroflex, Inc.+ 1,190,531
45,500 Anaren Microwave, Inc.+ 682,500
65,000 Herley Industries, Inc.+ 804,375
165,000 Microdyne Corporation+ 742,500
------------
3,419,906
------------
<CAPTION>
Entertainment & Gaming -- 1.7%
<S> <C> <C>
16,300 Brass Eagle, Inc.+ 250,613
31,500 Equity Marketing, Inc.+ 665,437
------------
916,050
------------
<CAPTION>
Food & Beverages -- 0.9%
<S> <C> <C>
97,350 Sherwood Brands, Inc.+ 486,750
------------
<CAPTION>
Health Care Producers -- 3.4%
<S> <C> <C>
127,300 Apple Orthodontix, Inc.+ 763,800
40,000 Medco Research, Inc.+ 1,020,000
------------
1,783,800
------------
<CAPTION>
Health Care Products -- 2.6%
<S> <C> <C>
201,500 Graham-Field Health
Products, Inc.+ 1,133,438
100,000 IVC Industries, Inc.+ 225,000
------------
1,358,438
------------
<CAPTION>
Household Appliances
& Home Furnishings -- 0.7%
<S> <C> <C>
24,200 Drew Industries, Inc.+ 361,488
------------
<CAPTION>
Industrial Machinery -- 2.1%
<S> <C> <C>
23,000 Metrika Systems Corporation+ 385,250
40,000 Park-Ohio Industries+ 740,000
------------
1,125,250
------------
<CAPTION>
Lodging -- 1.7%
<S> <C> <C>
21,000 Suburban Lodges of America,
Inc.+ 317,625
70,350 U.S. Franchise Systems, Inc.+ 571,594
------------
889,219
------------
<CAPTION>
Machinery -- 4.4%
<S> <C> <C>
69,250 Gradall Industries, Inc.+ 1,012,781
200,000 InterSystems, Inc.+ 375,000
100,000 Bolt Technology Corporation+ 912,500
------------
2,300,281
------------
<CAPTION>
Medical and Medical Services -- 12.8%
<S> <C> <C>
100,000 Air Methods Corporation+ 453,125
69,250 Anika Therapeutics, Inc.+ 1,012,781
12,500 Bioanalytical Systems, Inc.+ 87,500
75,000 Castle Dental Centers, Inc.+ 731,250
132,050 IRIDEX Corporation+ 1,056,400
20,000 Meridian Medical
Technologies, Inc.+ 190,000
35,100 Morrison Health Care, Inc. 666,900
80,000 Response Oncology, Inc.+ 525,000
45,000 SeaMED Corporation+ 798,750
79,100 Somnus Medical Technologies, Inc.+ 647,631
90,000 Vision Twenty-One, Inc.+ 573,750
------------
6,743,087
------------
<CAPTION>
Metal Processing -- 1.6%
<S> <C> <C>
40,000 EASCO, Inc. 402,500
20,000 SIFCO Industries, Inc. 422,500
------------
825,000
------------
<CAPTION>
Oil & Gas -- 2.3%
<S> <C> <C>
79,800 Dawson Production Services, Inc.+ 1,197,000
------------
<CAPTION>
Photography -- 0.8%
<S> <C> <C>
55,000 Seattle Filmworks, Inc.+ 424,531
------------
<CAPTION>
Restaurants -- 2.4%
<S> <C> <C>
42,000 Il Fornaio Corporation+ 467,250
49,000 Schlotzsky's, Inc.+ 784,000
------------
1,251,250
------------
<CAPTION>
Retail -- 10.2%
<S> <C> <C>
55,000 Chico's Fas, Inc.+ 852,500
44,200 DeCrane Aircraft Holdings, Inc.+ 767,975
87,700 Gildan Activewear, Inc.+ 570,050
20,800 Happy Kids, Inc.+ 286,000
22,000 K & G Men's Center, Inc.+ 497,750
19,000 Mark Bros. Jewelers, Inc.+ 370,500
31,000 Mazel Stores, Inc.+ 496,000
12,000 Piercing Pagoda, Inc.+ 435,000
17,000 Schultz Save O Stores, Inc. 276,250
223,450 Shop at Home, Inc.+ 796,041
------------
5,348,066
------------
<CAPTION>
Technology -- 0.4%
<S> <C> <C>
25,000 Excel Technology, Inc.+ 221,875
------------
<CAPTION>
Telecommunications -- 11.4%
<S> <C> <C>
120,000 Advanced Communication
Systems, Inc.+ 1,492,500
63,800 Alpha Industries, Inc.+ 953,012
69,800 Comdial Corporation+ 846,325
50,000 Gilat Communications Ltd.+ 431,250
149,000 International FiberCom, Inc.+ 1,299,094
50,000 ViaSat, Inc.+ 959,375
------------
5,981,556
------------
<CAPTION>
Tobacco -- 1.8%
<S> <C> <C>
49,500 800-JR CIGAR, Inc.+ 977,625
------------
<CAPTION>
Trucking & Freight Forwarding -- 1.7%
<S> <C> <C>
72,800 Dynamex, Inc.+ 882,700
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $51,794,377) 51,444,877
------------
<CAPTION>
WARRANTS -- 0.0%#
<S> <C> <C>
48,675 Sherwood Brands, Inc. expires
05/06/2003+ 36,506
------------
<CAPTION>
TOTAL WARRANTS
<S> <C>
(Cost $4,868) 36,506
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.3%
(Cost $1,193,000)
<S> <C> <C>
$1,193,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $1,193,192
on 07/01/1998, collateralized
by $1,055,000 U.S. Treasury
Bond, 6.875% maturing
08/15/2025 (value
$1,218,666) $ 1,193,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $2,747,600) 5.2% 2,747,600
---- ------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $55,739,845*) 105.3% $ 55,421,983
OTHER ASSETS AND
LIABILITIES (Net) (5.3)% (2,806,844)
---- ------------
NET ASSETS 100.0% $ 52,615,139
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $55,788,691.
**As of June 30, 1998, the market value of the securities on loan is
$2,568,400. Collateral received for securities loaned of $2,747,600 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Mid-Cap Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 95.8%
Advertising -- 2.2%
<S> <C> <C>
22,250 HA-LO Industries, Inc.+ $ 692,531
------------
<CAPTION>
Automobile Parts & Equipment -- 1.9%
<S> <C> <C>
14,200 Tower Automotive, Inc.+ 608,825
------------
<CAPTION>
Banking and Finance -- 6.6%
<S> <C> <C>
9,200 Amresco, Inc.+ 267,950
13,950 Charter One Financial, Inc. 469,940
18,700 Mercantile Bankshares
Corporation 650,994
20,156 Sovereign Bancorp, Inc. 29,425
11,300 Westamerica Bancorporation 63,012
------------
2,081,321
------------
<CAPTION>
Basic Industries -- 2.1%
<S> <C> <C>
11,400 Waters Corporation+ 671,888
------------
<CAPTION>
Broadcasting -- 1.4%
<S> <C> <C>
9,600 Meredith Corporation 450,600
------------
<CAPTION>
Chemicals -- 1.6%
<S> <C> <C>
9,700 Minerals Technologies, Inc. 493,488
------------
<CAPTION>
Commercial Services -- 7.8%
<S> <C> <C>
15,800 ABR Information Services, Inc.+ 375,250
8,800 AccuStaff, Inc.+ 275,000
16,800 Equity Corporation
International+ 403,200
21,100 Metamor Worldwide, Inc.+ 742,456
24,900 Stewart Enterprises, Inc. 62,963
------------
2,458,869
------------
<CAPTION>
Communication Equipment -- 1.2%
<S> <C> <C>
13,500 Aspect Telecommunications
Corporation+ 369,563
------------
<CAPTION>
Computer Hardware, Software
or Services -- 12.1%
<S> <C> <C>
20,200 Affiliated Computer Services,
Inc.+ $ 777,700
19,400 BA Merchant Services, Inc.+ 391,638
19,100 Cadence Design Systems, Inc.+ 96,875
14,700 Diebold, Inc. 424,462
16,800 Fiserv, Inc.+ 713,475
8,500 Network Appliance, Inc.+ 330,969
20,600 Parametric Technology
Corporation+ 558,775
------------
3,793,894
------------
<CAPTION>
Diversified -- 1.9%
<S> <C> <C>
13,800 Carlisle Companies, Inc. 594,263
------------
<CAPTION>
Electronics -- Semiconductors -- 3.4%
<S> <C> <C>
16,500 Altera Corporation+ 487,781
18,600 Maxim Integrated Products, Inc.+ 589,388
------------
1,077,169
------------
<CAPTION>
Financial Services -- 3.6%
<S> <C> <C>
12,000 FINOVA Group, Inc. 679,500
4,700 Heller Financial, Inc.+ 141,000
13,684 Imperial Credit Industries, Inc.+ 321,574
------------
1,142,074
------------
<CAPTION>
Health Care Products -- 6.3%
<S> <C> <C>
7,500 Elan Corporation+ 482,344
20,800 ESC Medical Systems Ltd.+ 702,000
21,650 Patterson Dental Company+ 792,931
------------
1,977,275
------------
<CAPTION>
Insurance -- 3.6%
<S> <C> <C>
16,000 HCC Insurance Holdings, Inc. 352,000
15,400 Nationwide Financial Services, Inc. 785,400
------------
1,137,400
------------
<CAPTION>
Investment Corporation -- 1.8%
<S> <C> <C>
22,100 Sirrom Capital Corporation 574,600
------------
<CAPTION>
Lodging -- 3.3%
<S> <C> <C>
13,200 CapStar Hotel Company+ 369,600
17,600 Promus Hotel Corporation+ 677,600
------------
1,047,200
------------
<CAPTION>
Machinery -- 1.1%
<S> <C> <C>
14,400 Donaldson Company, Inc. 340,200
------------
<CAPTION>
Medical Instruments & Supplies -- 4.9%
<S> <C> <C>
26,000 Biomet, Inc. 859,625
10,700 STERIS Corporation+ 680,453
------------
1,540,078
------------
<CAPTION>
Medical Services -- 5.0%
<S> <C> <C>
23,200 HBO & Company 817,800
21,800 Total Renal Care Holdings, Inc.+ 752,100
------------
1,569,900
------------
<CAPTION>
Oil Equipment & Services -- 5.5%
<S> <C> <C>
7,500 Camco International, Inc. 584,062
6,700 Cooper Cameron Corporation+ 341,700
14,600 Diamond Offshore Drilling, Inc. 584,000
6,000 Smith International, Inc.+ 208,875
------------
1,718,637
------------
<CAPTION>
Paper & Forest Products -- 1.5%
<S> <C> <C>
11,362 Bemis Company, Inc. 464,422
------------
<CAPTION>
Printing -- 2.3%
<S> <C> <C>
18,500 Valassis Communications, Inc.+ 713,406
------------
<CAPTION>
Public Service -- 1.5%
<S> <C> <C>
20,600 Corrections Corporation of
America+ 484,100
------------
<CAPTION>
Publishing -- 1.5%
<S> <C> <C>
10,100 Applied Graphics
Technologies, Inc.+ 462,075
------------
<CAPTION>
Real Estate -- 3.2%
<S> <C> <C>
13,600 Mack-Cali Realty Corporation 467,500
14,100 Spieker Properties, Inc. 546,375
------------
1,013,875
------------
<CAPTION>
Restaurants -- 1.0%
<S> <C> <C>
17,850 Landry's Seafood Restaurants, Inc.+ 322,973
------------
<CAPTION>
Retail -- 2.4%
<S> <C> <C>
30,900 Pier 1 Imports, Inc. 737,737
------------
<CAPTION>
Telecommunications -- 3.4%
<S> <C> <C>
9,200 Century Telephone Enterprises 422,050
18,540 Qwest Communications
International, Inc.+ 646,582
------------
1,068,632
------------
<CAPTION>
Trucking & Freight Forwarding -- 1.7%
<S> <C> <C>
12,000 Expeditores International, Inc. 528,000
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $27,919,942) 30,134,995
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 4.8%
(Cost $1,509,000)
<S> <C> <C>
$1,509,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $1,509,243
on 07/01/1998, collateralized
by $1,175,000 U.S. Treasury
Bond, 8.125% maturing
08/15/2019 (value
$1,543,459) 1,509,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $7,700,823) 24.5% 7,700,823
---- ------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $37,129,765*) 125.1% 39,344,818
OTHER ASSETS AND
LIABILITIES (Net) (25.1)% (7,891,619)
---- ------------
NET ASSETS 100.0% $ 31,453,199
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $37,131,954.
** As of June 30, 1998, the market value of the securities on loan is
$7,424,871. Collateral received for securities loaned of $7,700,823 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 93.7%
<S> <C> <C>
Advertising -- 3.3%
130,000 Interpublic Group of
Companies, Inc. $ 7,889,375
346,350 Omnicom, Inc. 17,274,206
------------
25,163,581
------------
<CAPTION>
Aerospace -- 1.7%
<S> <C> <C>
98,825 Sundstrand Corporation 5,657,731
77,950 United Technologies
Corporation 7,210,375
------------
12,868,106
------------
<CAPTION>
Automobile Parts & Equipment -- 2.1%
<S> <C> <C>
281,550 Johnson Controls, Inc. 16,101,141
------------
<CAPTION>
Banking and Financial Services -- 14.0%
<S> <C> <C>
187,500 Associates First Capital
Corporation 14,414,062
82,925 BankAmerica Corporation 7,167,830
223,914 Charter One Financial, Inc. 7,543,103
234,250 Chase Manhattan Corporation 17,685,875
260,000 Federal National Mortgage
Association 15,795,000
128,125 MGIC Investment Corporation 7,311,133
381,400 Norwest Corporation 14,254,825
133,050 Summit Bancorp 6,319,875
366,900 U.S. Bancorp 15,776,700
------------
106,268,403
------------
<CAPTION>
Building Materials -- 1.6%
<S> <C> <C>
367,675 Sherwin-Williams Company 12,179,234
------------
<CAPTION>
Business Equipment and Supplies -- 2.0%
<S> <C> <C>
277,200 Avery Dennison Corporation 14,899,500
------------
<CAPTION>
Business Services -- 5.0%
<S> <C> <C>
212,075 Automatic Data Processing, Inc. 15,454,966
213,225 Equifax, Inc. 7,742,733
431,013 First Data Corporation 14,358,120
------------
37,555,819
------------
<CAPTION>
Chemicals -- 0.8%
<S> <C> <C>
157,000 Air Products & Chemicals, Inc. 6,280,000
------------
<CAPTION>
Commercial Services -- 0.4%
<S> <C> <C>
142,500 Cendant Corporation+ 2,974,688
------------
<CAPTION>
Computer Hardware, Software
or Services -- 7.3%
<S> <C> <C>
165,550 BMC Software, Inc.+ 8,598,253
119,000 Cadence Design Systems, Inc.+ 3,718,750
200,025 CISCO Systems, Inc.+ 18,414,802
134,600 Honeywell, Inc. 11,247,512
235,768 Oracle Systems Corporation+ 5,791,052
267,000 Parametric Technology
Corporation+ 7,242,375
------------
55,012,744
------------
<CAPTION>
Consumer Non-Durables -- 0.9%
<S> <C> <C>
139,325 Newell Company 6,940,127
------------
<CAPTION>
Diversified -- 8.8%
<S> <C> <C>
230,000 AlliedSignal Corporation 10,206,250
249,400 Textron, Inc. 17,878,863
506,012 Thermo Electron Corporation+ 17,299,285
335,000 Tyco International Ltd. 21,105,000
------------
66,489,398
------------
<CAPTION>
Drugs -- 5.8%
<S> <C> <C>
203,500 Amgen, Inc.+ 13,303,812
112,600 Merck & Co., Inc. 15,060,250
68,200 Pfizer, Inc. 7,412,488
86,300 Schering-Plough Corporation 7,907,237
------------
43,683,787
------------
<CAPTION>
Electrical Equipment -- 4.6%
<S> <C> <C>
222,125 Emerson Electric Company 13,410,797
184,800 General Electric Company 16,816,800
131,700 Maxim Integrated Products, Inc.+ 4,173,244
------------
34,400,841
------------
<CAPTION>
Food and Beverages -- 1.8%
<S> <C> <C>
241,850 Sara Lee Corporation 13,528,484
------------
<CAPTION>
Home Furnishings -- 1.0%
<S> <C> <C>
285,950 Leggett & Platt, Inc. 7,148,750
------------
<CAPTION>
Household Products -- 0.9%
<S> <C> <C>
175,486 Lancaster Colony Corporation 6,646,532
------------
<CAPTION>
Insurance -- 3.1%
<S> <C> <C>
58,062 American International
Group, Inc. 8,477,052
203,800 MBIA, Inc. 15,259,525
------------
23,736,577
------------
<CAPTION>
Machinery -- 0.3%
<S> <C> <C>
100,000 Donaldson Company, Inc. 2,362,500
------------
<CAPTION>
Manufactured Housing -- 2.0%
<S> <C> <C>
797,159 Clayton Homes, Inc. 15,146,021
------------
<CAPTION>
Medical Services & Supplies -- 4.8%
<S> <C> <C>
220,900 Biomet, Inc. 7,303,506
515,750 HEALTHSOUTH Corporation+ 13,764,078
110,000 Johnson & Johnson Company 8,112,500
184,500 Stryker Corporation 7,080,188
------------
36,260,272
-----------
<CAPTION>
Oil Equipment and Services -- 3.1%
<S> <C> <C>
240,956 R&B Falcon Corporation+ 5,451,629
74,150 Schlumberger Ltd. 5,065,372
296,500 Transocean Offshore, Inc. 13,194,250
------------
23,711,251
------------
<CAPTION>
Recreation -- 2.1%
<S> <C> <C>
400,000 Carnival Corporation, Class A 15,850,000
------------
<CAPTION>
Restaurants -- 2.3%
<S> <C> <C>
112,400 Cracker Barrel Old Country
Store, Inc. 3,568,700
595,775 Wendy's International, Inc.
4,000,712
------------
17,569,412
------------
<CAPTION>
Retail -- Specialty -- 7.8%
<S> <C> <C>
181,857 Consolidated Stores Corporation+ 6,592,316
190,900 Costco Companies, Inc.+ 12,038,631
259,225 General Nutrition Companies,
Inc.+ 8,068,378
190,700 Home Depot, Inc. 15,840,019
300,000 Pier 1 Imports, Inc. 7,162,500
224,050 Walgreen Company 9,256,066
------------
58,957,910
------------
<CAPTION>
Telecommunications -- 5.2%
<S> <C> <C>
366,975 Century Telephone Enterprises 16,834,978
169,200 SBC Communications 6,768,000
331,275 WorldCom, Inc. 16,046,133
------------
39,649,111
------------
<CAPTION>
Toys -- 1.0%
<S> <C> <C>
179,125 Mattel, Inc. 7,579,227
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $462,830,466) 708,963,416
------------
<CAPTION>
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 6.6%
(Cost $50,334,000)
<S> <C> <C>
$50,334,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $50,342,109
on 07/01/1998, collateralized
by $45,435,000 U.S. Treasury
Note, 7.875% maturing
11/15/2004 (value
$51,341,550) 50,334,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $64,669,752) 8.5% 64,669,752
---- ------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $577,834,218*) 108.8% 823,967,168
OTHER ASSETS AND
LIABILITIES (Net) (8.8) (67,010,322)
---- ------------
NET ASSETS 100.0% $756,956,846
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
**As of June 30, 1998, the market value of the securities on loan is
$62,196,227. Collateral received for securities loaned of $64,669,752 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 94.9%
<S> <C> <C>
Apartments -- 10.5%
91,085 Avalon Bay Community, Inc. $ 3,461,228
107,200 Camden Property Trust 3,189,200
74,300 Equity Residential Properties
Trust 3,524,606
------------
10,175,034
------------
<CAPTION>
Community Shopping Centers -- 14.6%
<S> <C> <C>
146,075 Bradley Real Estate, Inc. 3,085,834
76,100 Developers Diversified Realty
Corporation 2,982,169
206,375 IRT Property Company 2,270,125
87,600 Kimco Realty Corporation 3,591,600
57,000 Vornado Realty Trust 2,262,188
------------
14,191,916
------------
<CAPTION>
Hotels -- 9.0%
<S> <C> <C>
86,600 FelCor Suite Hotels, Inc. 2,717,075
121,751 Patriot American Hospitality, Inc. 2,914,414
65,500 Starwood Lodging Trust 3,164,469
------------
8,795,958
------------
<CAPTION>
Office & Industrial -- 40.0%
<S> <C> <C>
97,075 Arden Realty Group, Inc. 2,511,816
87,400 Boston Properties, Inc. 3,015,300
132,200 Brandywine Realty Trust 2,957,975
85,100 Cabot Industrial Trust 1,819,013
133,800 Corporate Office Properties
Trust, Inc. 1,187,475
93,250 Crescent Real Estate Equities, Inc. 3,135,531
134,925 Duke Realty Investments, Inc. 3,187,603
111,244 Equity Office Properties Trust 3,156,548
75,450 Highwoods Properties, Inc. 2,437,978
118,575 Kilroy Realty Corporation 2,964,375
82,050 Mack-Cali Realty Corporation 2,820,469
108,600 Prentiss Properties Trust 2,640,337
121,200 Reckson Associates Realty
Corporation 2,863,350
9,696 Reckson Services Industries, Inc.+ 32,118
78,600 Spieker Properties, Inc. 3,045,750
50,250 Tower Realty Trust, Inc. 1,124,344
------------
38,899,982
------------
<CAPTION>
Regional Malls -- 7.9%
<S> <C> <C>
80,050 CBL & Associates Properties,
Inc. 1,941,213
115,500 JP Realty, Inc. 2,721,469
94,425 Simon DeBartolo Group, Inc. 3,068,812
------------
7,731,494
------------
<CAPTION>
Storage -- 4.1%
<S> <C> <C>
99,575 Public Storage, Inc. 2,788,100
35,700 Storage USA 1,249,500
------------
4,037,600
------------
<CAPTION>
Triple Net Lease -- 3.8%
<S> <C> <C>
94,300 Commercial Net Lease Realty 1,526,481
63,075 TriNet Corporate Realty
Trust, Inc. 2,144,550
------------
3,671,031
------------
<CAPTION>
Other -- 5.0%
<S> <C> <C>
93,000 Correctional Properties Trust+ 1,883,250
6,840 Crescent Operating, Inc.+ 116,280
107,475 Glenborough Realty Trust, Inc. 2,834,653
------------
4,834,183
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $84,810,105) 92,337,198
------------
<CAPTION>
WARRANTS -- 0.0%#
<S> <C> <C>
2,053 Security Capital Group, Inc.
expires 09/18/1998+ 705
------------
<CAPTION>
TOTAL WARRANTS
<S> <C>
(Cost $0) 705
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.3%
(Cost $2,265,000)
<S> <C> <C>
$2,265,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $2,265,365
on 07/01/1998, collateralized
by $1,925,000 U.S. Treasury
Bond, 7.500% maturing
11/15/2016 (value
$2,314,813) $ 2,265,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $87,075,105*) 97.2% $ 94,602,903
OTHER ASSETS AND
LIABILITIES (Net) 2.8 2,721,904
---- ------------
NET ASSETS 100.0% $ 97,324,807
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $87,075,105.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
<S> <C> <C>
COMMON STOCKS -- 94.1%
Airlines -- 1.6%
73,275 Midwest Express
Holdings, Inc.+ $2,651,639
------------
<CAPTION>
Automobile Parts & Equipment -- 4.6%
<S> <C> <C>
207,541 Control Devices, Inc. 2,698,033
103,200 Dura Automotive Systems, Inc.+ 3,315,300
119,000 Motorcar Parts &
Accesories, Inc.+ 1,755,250
------------
7,768,583
------------
<CAPTION>
Banking and Financial Services -- 22.7%
<S> <C> <C>
71,980 Carolina First Bancshares 1,826,492
133,300 Commonwealth Bancorp, Inc. 3,057,569
152,400 Flagstar Bancorp, Inc. 3,714,750
138,900 Harbor Florida Bancshares, Inc. 1,658,119
82,400 Home Bancorp of Elgin, Inc. 1,277,200
270,600 Long Beach Financial
Corporation+ 2,976,600
33,100 Long Island Bancorp, Inc. 2,010,825
118,000 McDonald & Company
Investments 3,871,875
65,800 Metris Companies, Inc. 4,194,750
83,600 Ocean Financial Corporation 1,598,850
35,300 Pacific Bank, N.A. 1,941,500
29,300 Prime Bancshares, Inc. 743,487
74,970 Provident Bankshares
Corporation 2,211,615
88,000 Riggs National Corporation 2,571,250
70,900 Rock Financial Corporation 726,725
55,800 SIS Bancorp, Inc. 2,162,250
69,600 WSFS Financial Corporation 1,426,800
------------
37,970,657
------------
<CAPTION>
Building Materials -- 6.9%
<S> <C> <C>
152,700 Dayton Superior Corporation+ 2,748,600
77,700 Eagle Hardware & Garden, Inc.+ 1,796,812
71,400 Genlyte Group, Inc.+ 1,892,100
61,700 U.S. Home Corporation+ 2,545,125
156,000 Universal Forest Products, Inc. 2,554,500
------------
11,537,137
------------
<CAPTION>
Chemicals -- 2.7%
<S> <C> <C>
93,000 General Chemical Group, Inc. 2,580,750
72,100 The Carbide/Graphite Group, Inc.+ 2,005,281
------------
4,586,031
------------
<CAPTION>
Commercial Services -- 1.3%
<S> <C> <C>
141,000 First Aviation Services, Inc.+ 722,625
74,100 Tokheim Corporation+ 1,519,050
------------
2,241,675
------------
<CAPTION>
Consumer Durables -- 0.3%
<S> <C> <C>
46,310 Lifetime Hoan Corporation 463,100
------------
<CAPTION>
Containers -- 1.1%
<S> <C> <C>
81,400 Ivex Packaging Corporation+ 1,892,550
------------
<CAPTION>
Diversified Industrial -- 1.2%
<S> <C> <C>
155,750 Griffon Corporation+ 1,995,547
------------
<CAPTION>
Electronics -- 3.5%
<S> <C> <C>
175,200 inTEST Corporation+ 1,051,200
59,100 Kuhlman Corporation 2,338,144
77,700 Microsemi Corporation+ 718,725
135,300 ORBIT/FR, Inc.+ 913,275
86,000 Pioneer-Standard Electronics, Inc. 827,750
------------
5,849,094
------------
<CAPTION>
Food and Beverages -- 1.5%
<S> <C> <C>
120,800 J&J Snack Foods Corporation+ 2,521,700
------------
<CAPTION>
Health Care -- 1.8%
<S> <C> <C>
120,900 Sierra Health Services, Inc.+ 3,045,169
------------
<CAPTION>
Home Furnishings -- 3.5%
<S> <C> <C>
239,000 Quaker Fabric Corporation+ 3,450,563
70,100 Toro Company 2,400,925
------------
5,851,488
------------
<CAPTION>
Hotels -- 1.6%
<S> <C> <C>
180,900 Suburban Lodges of America,
Inc.+ 2,736,113
------------
<CAPTION>
Insurance -- 7.3%
<S> <C> <C>
95,100 ARM Financial Group, Inc. 2,104,088
110,300 ESG Re Ltd. 2,385,237
23,400 Executive Risk, Inc. 1,725,750
90,500 IPC Holdings Ltd. 2,743,281
32,600 NAC Re Corporation 1,740,025
57,100 Stirling Cooke Brown Holdings
Ltd. 1,605,938
------------
12,304,319
------------
<CAPTION>
Medical and Medical Services -- 1.0%
<S> <C> <C>
249,500 Vision Twenty-One, Inc.+ 1,590,563
------------
<CAPTION>
Medical Supplies -- 3.0%
<S> <C> <C>
151,333 Bindley Western Industries, Inc. 4,994,000
------------
<CAPTION>
Metals and Metal Processing -- 5.3%
<S> <C> <C>
85,300 Atchison Casting Corporation+ 1,524,737
204,700 Novamerican Steel, Inc.+ 1,586,425
80,400 Quanex Corporation 2,437,125
277,200 Recycling Industries, Inc.+ 1,628,550
68,800 TransTechnology Corporation 1,767,300
------------
8,944,137
------------
<CAPTION>
Oil and Gas -- 8.5%
<S> <C> <C>
33,300 Cliffs Drilling Company+ 1,092,656
69,700 Colonial Gas Company 1,995,162
62,950 Giant Industries, Inc. 1,093,756
113,100 Houston Exploration Company+ 2,594,231
66,900 North Carolina Natural Gas
Corporation 1,697,588
65,100 Southern Union Company+ 2,099,475
81,300 Southwest Gas Corporation 1,986,769
34,800 Veritas DGC, Inc.+ 1,737,825
------------
14,297,462
------------
<CAPTION>
Real Estate -- 6.8%
<S> <C> <C>
43,500 Golf Trust America 1,495,312
109,200 JP Realty, Inc. 2,573,025
97,300 Kilroy Realty Corporation 2,432,500
98,000 Prentiss Properties Trust 2,382,625
104,200 Reckson Associates Realty
Corporation 2,461,725
8,336 Reckson Service Industries, Inc. 27,613
------------
11,372,800
------------
<CAPTION>
Restaurants -- 1.7%
<S> <C> <C>
81,500 Landry's Seafood Restaurants,
Inc.+ 1,474,641
86,000 Ruby Tuesday, Inc. 1,333,000
------------
2,807,641
------------
<CAPTION>
Retail -- 1.5%
<S> <C> <C>
105,000 Finlay Enterprises, Inc.+ 2,533,125
------------
<CAPTION>
Shoes -- 0.9%
<S> <C> <C>
76,000 Maxwell Shoe, Inc.+ 1,510,500
------------
<CAPTION>
Telecommunications -- 3.8%
<S> <C> <C>
292,900 Century Communications
Corporation, Class A+ 5,491,875
24,000 L-3 Communications
Holdings, Inc.+ 784,500
------------
6,276,375
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $136,370,143) 157,741,405
------------
<CAPTION>
REPURCHASE AGREEMENT -- 7.7%
(Cost $12,940,000)
<S> <C> <C>
$12,940,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $12,942,085
on 07/01/1998, collateralized
by $13,005,000 U.S. Treasury
Note, 3.625% maturing
01/15/2008 (value
$13,200,075) $ 12,940,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $11,832,150) 7.1% 11,832,150
------------
TOTAL INVESTMENTS
(Cost $161,142,293*) 108.9% $182,513,555
OTHER ASSETS AND
LIABILITIES (Net) (8.9) (14,921,146)
----- ------------
NET ASSETS 100.0% $167,592,409
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $161,114,567.
** As of June 30, 1998, the market value of the securities on loan is
$11,381,113. Collateral received for securities loaned of $11,832,150 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
<S> <C> <C>
COMMON STOCKS -- 92.7%
Advertising -- 1.8%
240,780 HA-LO Industries, Inc.+ $ 7,494,277
------------
<CAPTION>
Aerospace & Defense -- 7.3%
<S> <C> <C>
223,200 AAR Corporation 6,598,350
650,500 Aeroflex, Inc.+ 6,748,937
155,700 Aviation Sales Company+ 6,169,613
264,090 Kellstrom Industries, Inc.+ 7,650,357
249,800 REMEC, Inc.+ 2,841,475
------------
30,008,732
------------
<CAPTION>
Apparel & Textiles -- 2.4%
<S> <C> <C>
148,600 Kellwood Company 5,312,450
117,800 St. John Knits, Inc. 4,550,025
------------
9,862,475
------------
<CAPTION>
Automobile Parts & Equipment -- 1.4%
<S> <C> <C>
129,600 Tower Automotive, Inc.+ 5,556,600
------------
<CAPTION>
Banking and Financial Services -- 7.6%
<S> <C> <C>
174,300 Amresco, Inc.+ 5,076,487
73,860 Banknorth Group, Inc. 2,732,820
149,740 Financial Federal Corporation+ 4,014,904
131,100 First International Bancorp, Inc. 1,884,563
27,850 Flagstar Bancorp, Inc. 678,844
186,302 HUBCO, Inc. 6,671,940
160,050 Independent Bank Corporation 3,100,969
259,215 Litchfield Financial
Corporation 5,443,515
55,400 Provident Bankshares
Corporation 1,634,300
------------
31,238,342
------------
<CAPTION>
Broadcasting -- 1.2%
<S> <C> <C>
110,660 Metro Networks, Inc.+ 4,772,213
------------
<CAPTION>
Business Services -- 3.0%
<S> <C> <C>
208,170 Interim Services, Inc.+ 6,687,461
233,100 Wackenhut Corrections
Corporation+ 5,448,713
------------
12,136,174
------------
<CAPTION>
Commercial Services -- 8.8%
<S> <C> <C>
253,300 Comfort Systems USA, Inc.+ 5,920,887
115,200 Cort Business Services
Corporation+ 3,628,800
217,900 F.Y.I., Inc.+ 6,210,150
137,100 NFO Worldwide, Inc.+ 2,442,094
269,350 Nichols Research Corporation+ 7,356,622
268,860 Ontrack Data International, Inc.+ 3,663,218
331,470 Tokheim Corporation+ 6,795,135
------------
36,016,906
------------
<CAPTION>
Computer Hardware, Software
or Services -- 10.0%
<S> <C> <C>
65,000 Applied Voice Technology, Inc.+ 1,495,000
211,680 Axent Technologies, Inc.+ 6,482,700
295,487 Boole & Babbage, Inc.+ 7,054,752
308,010 Deltek Systems, Inc.+ 7,546,245
182,400 Factset Research Systems, Inc.+ 5,928,000
159,400 Gerber Scientific, Inc. 3,626,350
103,380 Inter-Tel, Inc. 1,654,080
108,590 Quadra Med Corp.+ 2,965,864
208,080 Tecnomatix Technologies Ltd.,
ADR+ 4,161,600
------------
40,914,591
------------
<CAPTION>
Electronics -- 1.5%
<S> <C> <C>
320,460 Electromagnetic Sciences, Inc.+ 6,088,740
------------
<CAPTION>
Energy and Natural Resources -- 1.2%
<S> <C> <C>
462,160 Newpark Resources, Inc.+ 5,141,530
------------
<CAPTION>
Health Care Products -- 4.8%
<S> <C> <C>
300,500 Alpharma, Inc. 6,611,000
383,840 Helen of Troy Ltd.+ 8,444,480
15,000 Medicis Pharmaceutical
Corporation+ 547,500
211,550 Morrison Health Care, Inc. 4,019,450
------------
19,622,430
------------
<CAPTION>
Hotels -- 1.5%
<S> <C> <C>
218,650 CapStar Hotel Company+ 6,122,200
------------
<CAPTION>
Insurance -- 2.0%
<S> <C> <C>
100,710 CMAC Investment
Corporation 6,193,665
26,000 Executive Risk, Inc. 1,917,500
------------
8,111,165
------------
<CAPTION>
Leisure -- 2.6%
<S> <C> <C>
484,460 Racing Champions Corporation+ 5,662,126
167,130 Steiner Leisure Ltd.+ 5,055,683
------------
10,717,809
------------
<CAPTION>
Medical Products -- 6.1%
<S> <C> <C>
220,300 ESC Medical Systems Ltd.+ 7,435,125
220,600 Hanger Orthopedic Group+ 4,494,725
225,350 Maxxim Medical, Inc.+ 6,535,150
126,300 Priority Healthcare
Corporation+ 2,289,187
244,000 Thermo BioAnalysis
Corporation+ 4,422,500
------------
25,176,687
------------
<CAPTION>
Medical Services -- 4.5%
<S> <C> <C>
375,910 Assisted Living Concepts, Inc.+ 6,484,447
571,450 Capital Senior Living
Corporation+ 6,857,400
174,400 Curative Health Services, Inc.+ 4,970,400
------------
18,312,247
------------
<CAPTION>
Medical Supplies -- 5.7%
<S> <C> <C>
289,500 CONMED Corporation+ 6,658,500
280,860 Molecular Devices Corporation+ 4,528,867
171,759 Serologicals Group, Inc.+ 5,539,228
415,600 Trex Medical Corporation+ 6,857,400
------------
23,583,995
------------
<CAPTION>
Oil and Gas -- 5.5%
<S> <C> <C>
220,350 Hvide Marine, Inc.+ 2,988,497
373,650 Key Energy Group, Inc.+ 4,904,156
178,450 National-Oilwell, Inc.+ 4,784,691
244,900 Pool Energy Services Company+ 3,612,275
318,300 Tuboscope Vetco International
Corporation+ 6,286,425
------------
22,576,044
------------
<CAPTION>
Printing & Publishing-- 1.4%
<S> <C> <C>
382,500 Schawk, Inc. 5,737,500
------------
<CAPTION>
Restaurants -- 4.1%
<S> <C> <C>
114,900 Consolidated Products, Inc.+ 2,427,263
345,700 Landry's Seafood Restaurants,
Inc.+ 6,255,009
128,800 Ruby Tuesday, Inc. 1,996,400
389,150 Schlotzsky's, Inc.+ 6,226,400
------------
16,905,072
------------
<CAPTION>
Retail -- 3.3%
<S> <C> <C>
342,850 Eagle Hardware & Garden, Inc.+ 7,928,406
8,000 Mark Bros. Jewelers, Inc.+ 156,000
163,350 The Men's Wearhouse, Inc.+ 5,390,550
------------
13,474,956
------------
<CAPTION>
Shoes -- 0.8%
<S> <C> <C>
162,500 Maxwell Shoe Company, Inc.+ 3,229,688
------------
<CAPTION>
Telecommunications -- 2.4%
<S> <C> <C>
212,400 Gilat Satellite Networks Ltd., ADR+ 7,102,125
310,000 P-COM, Inc.+ 2,838,437
------------
9,940,562
------------
<CAPTION>
Tobacco -- 1.6%
<S> <C> <C>
329,800 800-JR CIGAR, Inc.+ 6,513,550
------------
<CAPTION>
Transporation -- Trucking -- 0.2%
<S> <C> <C>
44,410 Heartland Express, Inc.+ 899,303
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $353,676,276) 380,153,788
------------
<CAPTION>
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 8.7%
(Cost $35,566,000)
<S> <C> <C>
$35,566,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $35,571,730
on 07/01/1998, collateralized
by $35,745,000 U.S. Treasury
Note, 3.625% maturing
01/15/2008 (value
$36,281,175) $ 35,566,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $59,556,546) 14.5% 59,556,546
---- ------------
TOTAL INVESTMENTS
(Cost $448,798,822*) 115.9% $475,276,334
OTHER ASSETS AND
LIABILITIES (Net) (15.9) (65,117,649)
---- ------------
NET ASSETS 100.0% $410,158,685
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $449,955,426.
**As of June 30, 1998, the market value of the securities on loan is
$57,601,727. Collateral received for securities loaned of $59,556,546 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Value Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.5%
Aerospace & Defense -- 4.0%
<S> <C> <C>
180,400 Howmet International, Inc.+ $ 2,706,000
26,500 Northrop Grumman Corporation 2,732,812
35,700 Raytheon Company, Class B 2,110,763
------------
7,549,575
------------
<CAPTION>
Airlines -- 3.8%
<S> <C> <C>
141,100 America West Holdings
Corporation+ 4,030,169
39,600 US Airways Group, Inc.+ 3,138,300
------------
,168,469
------------
<CAPTION>
Automobiles -- 3.0%
<S> <C> <C>
100,000 Chrysler Corporation 5,637,500
------------
Automobile Parts & Equipment -- 3.6%
49,600 Dura Automotive Systems, Inc.+ 1,593,400
40,500 Magna International,
Class A, ADR 2,779,312
85,700 Standard Products Company 2,410,313
------------
6,783,025
------------
<CAPTION>
Banking and Financial Services -- 11.7%
<S> <C> <C>
50,215 Banc One Corporation 2,802,625
64,050 First American Corporation 3,082,406
74,400 Green Tree Financial
Corporation 3,185,250
27,500 Heller Financial, Inc.+ 825,000
96,150 Hibernia Corporation, Class A 1,941,028
55,850 Mercantile Bankshares
Corporation 1,944,278
101,700 Paine Webber Group, Inc. 4,360,387
116,720 Sovereign Bancorp, Inc. 1,907,643
88,800 Staten Island Bancorp, Inc. 2,020,200
------------
22,068,817
------------
<CAPTION>
Broadcasting -- 2.3%
<S> <C> <C>
99,450 MediaOne Group, Inc. 4,369,584
------------
<CAPTION>
Building Materials -- 5.0%
<S> <C> <C>
138,700 Pulte Corporation 4,143,662
41,100 Southdown, Inc. 2,933,513
46,300 Texas Industries, Inc. 2,453,900
------------
9,531,075
------------
<CAPTION>
Chemicals -- 3.6%
<S> <C> <C>
183,400 Airgas, Inc.+ 2,636,375
124,700 Millennium Chemicals, Inc. 4,224,212
------------
6,860,587
------------
<CAPTION>
Commercial Services -- 1.0%
<S> <C> <C>
89,300 Cendant Corporation+ 1,864,138
------------
<CAPTION>
Computer Hardware, Software or
Services -- 3.1%
<S> <C> <C>
66,400 Hewlett-Packard Company 3,975,700
78,300 Seagate Technologies, Inc.+ 1,864,519
------------
5,840,219
------------
<CAPTION>
Containers -- 1.6%
<S> <C> <C>
68,350 Owens-Illinois, Inc.+ 3,058,663
------------
<CAPTION>
Electric Utilities -- 1.5%
<S> <C> <C>
33,700 CMS Energy Corporation 1,482,800
29,200 New Century Energies, Inc. 1,326,775
------------
2,809,575
------------
<CAPTION>
Electronics -- 8.6%
<S> <C> <C>
118,700 Analog Devices, Inc.+ 2,915,569
52,300 Intel Corporation 3,876,737
107,400 Micron Technology, Inc.+ 2,664,863
67,600 Texas Instruments, Inc. 3,941,925
85,400 Xilinx, Inc.+ 2,903,600
------------
16,302,694
------------
<CAPTION>
Home Furnishings and Housewares -- 4.5%
<S> <C> <C>
141,150 Furniture Brands
International, Inc.+ 3,961,022
92,350 Maytag Corporation 4,559,781
------------
8,520,803
------------
<CAPTION>
Insurance -- 6.9%
<S> <C> <C>
70,050 Ace Ltd. 2,731,950
19,400 Allstate Corporation 1,776,313
63,000 Nationwide Financial
Services, Inc. 3,213,000
146,100 Reliance Group Holdings, Inc. 2,556,750
62,050 Torchmark Corporation 2,838,787
------------
13,116,800
------------
<CAPTION>
Machinery & Heavy Equipment -- 0.9%
<S> <C> <C>
44,555 EVI Weatherford, Inc.+ 1,654,104
------------
<CAPTION>
Medical Services -- 2.5%
<S> <C> <C>
132,000 Trigon Healthcare, Inc.+ 4,776,750
------------
<CAPTION>
Oil and Gas -- 6.4%
<S> <C> <C>
62,400 Burlington Resources, Inc. 2,687,100
81,100 McDermott International, Inc. 2,792,881
265,700 Santa Fe Energy Resources, Inc. 2,856,275
57,100 Triton Energy Ltd.+ 2,037,756
53,950 USX-Marathon Group 1,851,160
------------
12,225,172
------------
<CAPTION>
Real Estate -- 4.5%
<S> <C> <C>
116,199 Patriot American Hospitality, Inc. 2,781,514
101,450 Public Storage, Inc. 2,840,600
60,250 Starwood Lodging Trust 2,910,828
------------
8,532,942
------------
<CAPTION>
Restaurants -- 1.9%
<S> <C> <C>
150,150 Wendy's International, Inc. 3,528,525
------------
<CAPTION>
Retail -- 4.5%
<S> <C> <C>
118,300 American Stores Company 2,861,381
389,200 Food Lion, Inc. 3,916,325
73,750 Pier 1 Imports, Inc. 1,760,781
------------
8,538,487
------------
<CAPTION>
Telecommunications -- 5.5%
<S> <C> <C>
77,300 Harris Corporation 3,454,344
88,900 ICG Communications, Inc.+ 3,250,406
60,500 MCI Communications
Corporation 3,516,563
2,716 US West, Inc.+ 127,651
------------
10,348,964
------------
<CAPTION>
Tires & Rubber -- 1.5%
<S> <C> <C>
43,100 Goodyear Tire & Rubber
Company 2,777,256
------------
<CAPTION>
Transportation -- 3.8%
<S> <C> <C>
29,900 Burlington Northern Santa Fe
Corporation 2,935,806
101,000 CNF Transportation, Inc. 4,292,500
------------
7,228,306
------------
<CAPTION>
Utilities -- 1.8%
<S> <C> <C>
47,600 Edison International 1,407,175
66,800 Illinova Corporation 2,004,000
------------
3,411,175
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $159,402,559) 184,503,205
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 4.5%
(Cost $8,556,000)
<S> <C> <C>
$8,556,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $8,557,378
on 07/01/1998, collateralized
by $8,315,000 U.S. Treasury
Note, 6.625% maturing
03/31/2002 (value
$8,730,750) 8,556,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $37,965,617) 20.1% 37,965,617
---- ------------
TOTAL INVESTMENTS
(Cost $205,924,176*) 122.1% 231,024,822
OTHER ASSETS AND
LIABILITIES (Net) (22.1)% (41,784,211)
---- ------------
NET ASSETS 100.0% $189,240,611
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $205,977,296.
** As of June 30, 1998, the market value of the securities on loan is
$37,038,255. Collateral received for securities loaned includes $680,850
in U.S. government securities and the remaining $37,284,767 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 77.1%
Argentina -- 4.0%
<S> <C> <C>
32,000 Banco Frances del Rio de La
Plata, SA, ADR $ 734,000
39,000 Telefonica de Argentina, ADR 1,162,687
------------
1,896,687
------------
<CAPTION>
Brazil -- 11.2%
<S> <C> <C>
15,000 Centrais Eletricas
Brasileiras SA, ADR 220,485
22,900,000 Centrais Eletrobras SA 673,209
1,500 Centrais Geradoras do Sul
do Brasil SA+ 10,688
22,900,001 Centrais Geradoras do Sul
do Brasil SA+ 31,284
19,200 Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar, ADR 434,400
23,741 Companhia Energetica de
Minas Gerais, ADR 738,990
1,000,000 Light Services de
Eletricidade SA 306,947
36,800 Petroleo Brasileiro SA, ADR 684,112
2,937,500 Saneamento Basico do Estado 353,044
13,300 Telecomunicacoes do Rio
de Janeiro SA 1,452,194
14,000 Uniao De Bancos
Brasileiros S.A.
(Unibanco) 413,000
------------
5,318,353
------------
<CAPTION>
Chile -- 2.9%
<S> <C> <C>
17,300 Compania Cervecerias
Unidas SA, ADR 365,463
19,100 Compania
Telecomunicaciones de
Chile SA, ADR 387,969
17,000 Enersis SA, ADR 415,437
6,300 Quimica Minera Chile
SA, ADR 211,050
------------
1,379,919
------------
<CAPTION>
China\Hong Kong -- 11.8%
<S> <C> <C>
2,400,000 China Resources Beijing 774,393
300,000 China Telecom (Hong Kong) 520,779
2,114,000 Guangzhou Pharmaceutical 272,845
300,000 Huangshan Tourism
Development Company 116,100
18,000 Hyundai Heavy Industries 380,189
830,000 Ng Fung Hong Ltd. 573,116
622,000 Qingling Motors Company 172,599
410,000 Shanghai Dazhong Taxi
Company 223,860
100,000 Shanghai Industrial
Holdings Ltd. 235,545
570,000 Shanghai Zhenhua Port
Machinery Co., Ltd. 212,040
350,000 Shenzhen Fangda Co. Ltd. 258,389
5,600,000 Tingyi Holding Corporation 343,314
5,200,000 Yanzhou Coal Mining
Company Ltd. 993,289
3,000,000 Zhejiang Expressway
Company Ltd. 503,356
------------
5,579,814
------------
<CAPTION>
Czech Republic -- 0.2%
<S> <C> <C>
5,460 Ceske Radiokomunikace, GDR+ 116,981
------------
<CAPTION>
Egypt -- 2.1%
<S> <C> <C>
6,246 Egypt International
Pharmaceuticals 399,158
28,000 Industrial and
Engineering Enterprises 455,552
8,000 Torah Portland Cement
Company 137,779
------------
992,489
------------
<CAPTION>
Ghana -- 1.3%
<S> <C> <C>
728,229 Ghana Commercial Bank 533,232
85,018 Social Security Bank 95,296
------------
628,528
------------
<CAPTION>
Greece -- 5.4%
<S> <C> <C>
20,000 Intracom S.A. 678,139
3,910 Minoan Lines 96,875
13,980 National Bank of Greece 1,793,499
------------
2,568,513
------------
<CAPTION>
India -- 2.3%
<S> <C> <C>
25,400 BSES Ltd., GDR 256,540
3,500 EIH Ltd., GDR 18,638
14,500 Gujarat Ambuja Cements
Ltd., GDR 68,512
22,200 Hindalco Industries Ltd., ADR 310,800
31,000 Mahanagar Telephone
Nigam, GDR+ 324,725
9,900 State Bank of India, GDR 117,315
1,800 Videsh Sanchar Nigam
Ltd., ADR+ 19,260
------------
1,115,790
------------
<CAPTION>
Indonesia -- 0.4%
<S> <C> <C>
850,000 PT Hanjaya Mandala
Sampoerna 117,491
355,800 PT Indah Kiat Pulp &
Paper Corporation 68,610
------------
186,101
------------
<CAPTION>
Jordan -- 0.5%
<S> <C> <C>
80,200 Jordan Cement Factories 233,494
------------
<CAPTION>
Kenya -- 0.9%
<S> <C> <C>
365,388 Kenya Commercial Bank 429,796
------------
<CAPTION>
Malaysia -- 0.2%
<S> <C> <C>
64,000 Berjaya Sports Toto
Berhad 94,838
------------
<CAPTION>
Mexico -- 7.0%
<S> <C> <C>
100,000 ALFA, SA de CV 408,436
166,300 Corporacion Geo, SA de CV,
Series B+ 929,081
58,000 Desc SA de CV 288,531
12,000 Fomento Economico
Mexicano SA de CV, ADR+ 378,000
272,000 Grupo Elektra SA 284,547
13,200 Grupo Industrial Maseca SA, ADR 146,850
34,900 Grupo Modelo SA de CV 296,352
24,100 Grupo Televisa SA+ 450,593
12,000 TV Azteca SA de CV ADR 129,750
------------
3,312,140
------------
<CAPTION>
Peru -- 1.8%
<S> <C> <C>
1 Cementos Norte Pacasmayo SA 2
58,256 Credicorp Ltd, ADR 855,635
63 Ferreyros SA, ADR 1,693
------------
857,330
------------
<CAPTION>
Romania -- 0.6%
<S> <C> <C>
23,165 Banca Turco Romana, GDR+ 275,663
------------
<CAPTION>
Russia -- 3.4%
<S> <C> <C>
72,050 Irkutskenergo, ADR 353,045
11,000 Lukoil Holdings, ADR 369,600
40,050 Rostelecom, ADR 535,669
120,000 Trade House GUM, ADR 342,000
------------
1,600,314
------------
<CAPTION>
Senegal -- 0.9%
<S> <C> <C>
11,782 Sonatel Communications
Corporation+ 419,011
------------
<CAPTION>
Slovakia -- 0.1%
<S> <C> <C>
2,000 Slovnaft AS, GDR 39,278
------------
<CAPTION>
South Africa -- 6.9%
<S> <C> <C>
1,000,000 Afribrand Holdings Ltd. 337,268
75,000 Ellerine Holdings Ltd. 411,046
27,500 Liberty Life Association
of Africa Ltd. 536,088
765,000 Millennium Entertainment
Group Africa 812,732
128,309 Real Africa Durolink
Holdings Ltd.+ 238,010
145,360 Real Africa Holdings Ltd. 504,961
550,000 Woolworths Holdings Ltd. 408,094
------------
3,248,199
------------
<CAPTION>
South Korea -- 0.9%
<S> <C> <C>
60,000 L.G. Chemical Ltd., GDR 342,000
2,610 Pohang Iron & Steel
Company Ltd. 73,757
1 Sungmi Telecom
Electronics Company 16
------------
415,773
------------
<CAPTION>
Taiwan -- 1.6%
<S> <C> <C>
43,300 Fubon Insurance Company
Ltd.+ 767,925
------------
<CAPTION>
Thailand -- 1.4%
<S> <C> <C>
7,000 Banpu Public Company Ltd. 11,446
159,500 Electricity Generating
Authority 247,565
34,200 PTT Exploration & Production
Public Company Ltd. 259,337
25,000 Siam Cement Public
Company Ltd. 120,853
5,400 The Pizza Public Company Ltd. 15,739
------------
654,940
------------
<CAPTION>
Turkey -- 7.7%
<S> <C> <C>
8,400,000 Aksigorta AS 544,123
2,530,000 Carsi Buyuk Magazacilik AS 251,765
2,726,000 Efes Sinai Yatirim
Holdings AS 552,775
87,675 Haci Omer Sabanci Holding
SA, ADR 1,365,538
6,930,000 Vestel Elektronik Sanayi
ve Ticaret AS 923,827
------------
3,638,028
------------
<CAPTION>
Venezuela -- 1.3%
<S> <C> <C>
21,200 Compania Anonima Nacional
Telefonos de Venezuela, ADR 530,000
28,100 Mavesa SA, ADR 89,569
------------
619,569
------------
<CAPTION>
Zimbabwe -- 0.3%
<S> <C> <C>
170,000 NMBZ Holdings, ADR 131,750
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C> <C>
(Cost $46,765,799) 36,521,223
------------
<CAPTION>
INVESTMENT COMPANY SECURITIES -- 4.4%
India -- 2.9%
<<S> <C> <C>
67,000 Bombay Fund Ltd.+ 452,585
85,000 Is Himalayan Fund 669,800
8,900 The India Magnum Fund NV+ 249,200
------------
1,371,585
------------
<CAPTION>
Russia -- 0.3%
<S> <C> <C>
17,670 Fleming Russia Securities
Fund+ 147,103
------------
<CAPTION>
South Africa -- 1.1%
<S> <C> <C>
400,000 Hosken Consolidated
Investments Ltd. 538,954
------------
<CAPTION>
South Korea -- 0.1%
<S> <C> <C>
10,000 First Korea Smaller
Companies Fund+ 25,000
7,000 New Korea Trust 29,785
------------
54,785
------------
<CAPTION>
TOTAL INVESTMENT COMPANY SECURITIES
<S> <C>
(Cost $3,748,818) 2,112,427
------------
<CAPTION>
PREFERRED STOCKS -- 1.9%
Brazil -- 1.9%
<S> <C> <C>
6,696,359 Telecomunicacoes do Rio
de Janeiro SA 503,725
6,696,358 Telerj Celular SA+ 398,290
------------
902,015
------------
<CAPTION>
TOTAL PREFERRED STOCKS
<S> <C>
(Cost $932,610) 902,015
------------
<CAPTION>
WARRANTS -- 0.0%#
China -- 0.0%#
<S> <C> <C>
51,200 Peking Apparel
International Group Ltd.,
expire 03/31/99+ 1,097
------------
<CAPTION>
Indonesia -- 0.0%#
<S> <C> <C>
13,120 PT Indah Kiat Pulp &
Paper Corporation expire
07/11/02+ 1,549
------------
<CAPTION>
TOTAL WARRANTS
<S> <C>
(Cost $0) 2,646
------------
<CAPTION>
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 14.1%
(Cost $6,657,000)
<S> <C> <C>
$6,657,000 Agreement with State
Street Bank and Trust
Company, 5.800% dated
06/30/1998, to be
repurchased at $6,658,073
on 07/01/1998,
collateralized by
$6,480,000 U.S. Treasury
Bond, 7.125% maturing
02/29/2000 (value
$6,792,457) $ 6,657,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $9,878,515) 20.8% 9,878,515
------------
TOTAL INVESTMENTS
(Cost $67,982,742*) 118.3% 56,073,826
OTHER ASSETS AND
LIABILITIES (Net) (18.3) (8,675,517)
---- ------------
NET ASSETS 100.0% $ 47,398,309
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $67,982,742.
** As of June 30, 1998, the market value of the securities on loan is
$9,696,328. Collateral received for securities loaned includes $1,410,640
in U.S. government securities and the remaining $8,467,875 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
At June 30, 1998 sector diversification of the Munder
Framlington Emerging Markets Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- -----
<S> <C> <C>
COMMON STOCKS:
Banking & Financial
Services................. 11.9% $5,617,196
Telecommunications......... 11.3 5,352,311
Utilities.................. 7.6 3,607,235
Diversified Industrial..... 5.9 2,803,011
Food & Beverage............ 5.3 2,509,591
Insurance.................. 3.9 1,848,136
Retail..................... 3.6 1,720,807
Metals & Mining............ 3.2 1,528,277
Building & Building
Materials................ 3.1 1,489,722
Oil & Gas.................. 2.9 1,352,327
Electronics................ 2.0 923,826
Entertainment.............. 1.9 907,570
Transportation............. 1.7 824,091
Real Estate................ 1.6 774,393
Telecommunications
Equipment................ 1.4 678,139
Drugs & Health Care........ 1.4 672,003
Broadcasting & Advertising. 1.2 580,343
Food Distribution.......... 1.2 573,116
Other Utilities............ 1.0 455,551
Household Appliances &
Home Furnishings......... 0.9 411,046
Machinery & Heavy
Equipment................ 0.8% $ 380,189
Chemicals.................. 0.7 342,000
Steel...................... 0.7 332,146
Automobiles................ 0.4 172,599
Tobacco.................... 0.3 117,491
Communication Services..... 0.3 116,980
Miscellaneous.............. 0.9 431,127
---- ----------
TOTAL COMMON STOCKS........ 77.1 36,521,223
TOTAL PREFERRED
STOCKS .................. 1.9 902,015
REPURCHASE
AGREEMENTS .............. 14.1 6,657,000
INVESTMENT COMPANY
SECURITIES .............. 4.4 2,112,427
WARRANTS .................. 0.0# 2,646
OTHER INVESTMENTS ......... 20.8 9,878,515
---- ----------
TOTAL INVESTMENTS ......... 118.3 56,073,826
OTHER ASSETS AND
LIABILITIES (Net) ....... (18.3) (8,675,517)
---- ----------
NET ASSETS ................ 100.0% $ 47,398,309
==== ==========
<FN>
- ---------
# Amount represents less than 0.1% of net assets.
</TABLE>
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 82.9%
Biotechnology -- 21.2%
<S> <C> <C>
4,500 Agouron Pharmaceuticals, Inc.+ $ 136,406
12,500 Alexion Pharmaceuticals, Inc.+ 125,000
35,000 Ariad Pharmaceuticals, Inc.+ 124,688
13,000 ArQule, Inc.+ 168,187
4,000 Biogen, Inc.+ 196,000
13,125 Cell Genesys, Inc.+ 112,383
5,000 Centocor, Inc.+ 181,250
16,700 CombiChem, Inc.+ 115,856
14,000 Corixa Corporation+ 96,250
6,000 Coulter Pharmaceutical, Inc.+ 182,250
2,275 CuraGen Corporation 14,219
9,500 Gene Logic+ 66,500
13,000 Genzyme Transgenics Corporation+ 100,750
5,000 Gilead Sciences, Inc.+ 160,312
8,000 Guilford Pharmaceuticals, Inc.+ 141,000
12,000 ICOS Corporation+ 229,500
3,500 Immunex Corporation+ 231,875
5,000 Incyte Pharmacuticals, Inc.+ 170,625
25,000 La Jolla Pharmaceutical Company+ 87,500
12,000 Medarex, Inc.+ 79,500
15,000 Millennium Pharmaceuticals, Inc.+ 211,875
8,000 Neurex Corporation+ 243,000
16,000 NPS Pharmaceuticals, Inc.+ 114,000
1,500 ONYX Pharmaceuticals, Inc.+ 9,188
15,000 OSI Pharmaceuticals, Inc.+ 84,375
8,000 Pharmacopeia, Inc.+ 114,000
9,000 Pharmacyclics, Inc.+ 213,750
4,000 Protein Design Laboratories, Inc.+ 96,375
10,000 Synaptic Pharmaceutical
Corporation+ 140,000
19,000 Texas Biotechnology Corporation+ 86,688
8,000 TranskaryoticTherapies, Inc.+ 206,000
7,000 Trimeris, Inc.+ 51,625
6,000 Vertex Pharmaceuticals, Inc.+ 135,000
12,000 Vical, Inc.+ 203,250
5,000 ViroPharma, Inc.+ 116,250
12,000 Virus Research Institute, Inc.+ 46,500
------------
4,791,927
------------
<CAPTION>
Contract Sales & Research
Organizations -- 4.9%
<S> <C> <C>
8,000 BioReliance Corporation+ 120,500
7,000 Boron, Lepore & Associates, Inc.+ 266,000
7,000 PAREXEL International
Corporation+ 254,625
10,000 Pharmaceutical Product
Development, Inc.+ 220,000
5,000 Quintiles TransNational
Corporation+ 245,937
------------
1,107,062
------------
<CAPTION>
Distribution & Marketing Services -- 4.7%
<S> <C> <C>
8,000 Advance Paradiam, Inc.+ 294,000
5,000 Henry Schein, Inc.+ 230,625
4,000 NCS Healthcare, Inc., Class A+ 114,000
6,000 Omnicare, Inc. 228,750
14,000 PSS World Medical, Inc.+ 204,750
------------
1,072,125
------------
<CAPTION>
Drugs -- 11.6%
<S> <C> <C>
12,000 Ascent Pediatrics, Inc.+ 18,000
20,000 Collagenex Pharmaceuticals, Inc.+ 172,500
8,000 Connetics Corporation+ 30,500
175 Crescendo Pharmaceuticals
Corporation+ 2,220
10,000 GelTex Pharmaceuticals, Inc.+ 186,250
6,000 Jones Medical Industries, Inc. 198,750
13,000 Martek Biosciences
Corporation+ 189,313
6,000 Medicis Pharmaceutical
Corporation+ 219,000
4,500 Medimmune, Inc.+ 280,687
7,000 PathoGenesis Corporation+ 203,000
2,500 Pfizer, Inc. 271,719
7,000 SangStat Medical Corporation+ 219,625
5,000 Sepracor, Inc.+ 207,500
7,000 Serologicals Corporation+ 225,750
6,000 US Bioscience, Inc.+ 49,125
7,000 Zonagen, Inc.+ 153,563
------------
2,627,502
------------
<CAPTION>
Drug Delivery -- 3.2%
<S> <C> <C>
13,000 Emisphere Technologies, Inc.+ 156,813
8,000 Inhale Therapeutic Systems+ 198,000
16,000 Nastech Pharmaceuticals
Company, Inc.+ 130,000
12,500 Penederm, Inc.+ 250,000
------------
734,813
------------
<CAPTION>
Hospital/Medical Services -- 3.6%
<S> <C> <C>
8,000 Amsurg Corporation Class A+ 61,000
15,000 Amsurg Corporation Class B+ 105,000
5,000 Carematrix Corporation+ 134,688
10,000 Centennial HealthCare Corporation+ 181,250
4,500 Genesis Health Ventures, Inc.+ 112,500
8,000 Quorum Health Group, Inc.+ 212,000
------------
806,438
------------
<CAPTION>
Managed Healthcare -- 11.4%
<S> <C> <C>
15,000 American Oncology Resources, Inc.+ 183,281
7,000 Concentra Managed Care, Inc.+ 182,000
7,000 Curative Health Services, Inc.+ 199,500
13,000 Hanger Orthopedic Group+ 264,875
7,000 Humana, Inc.+ 218,312
8,000 IMPATH, Inc.+ 194,500
7,000 Pediatric Services of
America, Inc.+ 108,500
12,000 PhyCor, Inc.+ 198,750
15,000 Physician Reliance Network, Inc.+ 171,563
12,000 PMR Corporation+ 120,750
8,000 Prime Medical Services, Inc.+ 75,000
5,000 Renal Care Group, Inc.+ 220,312
25,000 Renex Corporation+ 146,875
12,000 Res-Care, Inc.+ 221,250
9,750 Specialty Care Network, Inc.+ 65,813
------------
2,571,281
------------
<CAPTION>
Medical Devices -- 16.3%
<S> <C> <C>
6,000 Arterial Vascular
Engineering, Inc.+ 214,500
5,000 Bionx Implants, Inc.+ 75,937
5,000 CardioGenesis Corporation+ 26,563
4,000 Conceptus, Inc.+ 5,750
12,000 CryoLife, Inc.+ 189,000
15,000 Cyberonics, Inc.+ 159,375
12,000 Digene Corporation+ 117,000
18,000 Endocardial Solutions, Inc.+ 189,000
9,000 EndoSonics Corporation 54,000
18,000 Horizon Medical Products, Inc.+ 169,875
50,000 InControl, Inc.+ 131,250
40,000 LifeCell Corporation+ 245,000
13,000 Lifecore Biomedical, Inc. 216,125
20,000 LJL Biosystems, Inc.+ 97,500
10,000 Molecular Devices Corporation+ 161,250
8,000 Novoste Corporation+ 176,500
6,000 Perclose, Inc.+ 169,500
5,000 ResMed, Inc.+ 227,812
8,000 Rochester Medical Corporation+ 116,000
12,000 SeaMED Corporation+ 213,000
7,700 SteriGenics International, Inc.+ 200,200
8,000 Theragenics Corporation+ 208,500
10,400 Trex Medical Corporation+ 171,600
7,000 Wesley Jessen VisionCare, Inc.+ 161,875
------------
3,697,112
------------
<CAPTION>
Medical Information Systems -- 6.0%
<S> <C> <C>
10,000 Daou Systems, Inc.+ 228,750
4,500 Envoy Corporation+ 213,187
8,000 HBO & Company 282,000
10,000 Medirisk, Inc.+ 202,500
5,000 National Data Corporation 218,750
5,000 Superior Consultant Holdings
Corporation+ 215,625
------------
1,360,812
------------
<CAPTION>
TOTAL COMMON STOCKS -- DOMESTIC
<S> <C>
(Cost $18,535,004) 18,769,072
------------
<CAPTION>
COMMON STOCKS -- FOREIGN -- 11.9%
Biotechnology -- 5.3%
<S> <C> <C>
700 Cambridge Antibody Technology
Group Plc 2,864
30,000 Celltech Group PLC+ 153,779
2,689 Cerep 148,111
3,700 Genset, ADR+ 108,688
8,650 Karo Bio AB+ 134,478
30,400 KS Biomedix Holdings+ 144,663
2,500 NeuroSearch A/S 193,609
10,200 Oxford Asymmetry
International Plc+ 76,299
22,500 Oxford GlycoSciences+ 81,147
40,000 Peptide Therapeutics Group+ 152,277
------------
1,195,915
------------
<CAPTION>
Drugs -- 2.1%
<S> <C> <C>
64,000 AMRAD Corporation Ltd. 77,470
6,000 BioChem Pharma, Inc 159,000
150 CliniChem Development, Inc.+ 862
3,000 Sankyo Company Ltd. 68,562
25,000 Shire Pharmaceuticals Group
PLC+ 176,153
------------
482,047
------------
<CAPTION>
Medical Devices -- 4.5%
<S> <C> <C>
15,000 Axis Biochemicals ASA 111,553
13,828 Biocompatibles International Plc 27,245
10,000 Biora AB 131,645
50,000 Chemunex SA+ 136,461
10,000 ContextVision AB 165,699
44,224 Gyrus Group PLC+ 118,145
5,000 Kawasumi Laboratories 87,510
6,000 Ortivus AB 94,032
2,400 QIAGEN N.V. ADR+ 151,200
------------
1,023,490
------------
<CAPTION>
TOTAL COMMON STOCKS -- FOREIGN
<S> <C>
(Cost $2,531,928) 2,701,452
------------
<CAPTION>
WARRANTS -- FOREIGN -- 0.0%#
Medical Devices -- 0.0%#
<S> <C> <C>
3,828 Biocompatibles International
Plc , expire 4/30/99+ $ 1,342
------------
<CAPTION>
TOTAL WARRANTS -- FOREIGN
<S> <C>
(Cost $2,653) 1,342
------------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 7.7%
(Cost $1,735,000)
<S> <C> <C>
$1,735,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $1,735,280
on 07/01/1998, collateralized
by $1,475,000 U.S. Treasury
Note, 7.500% maturing
11/15/2016 (value $1,775,071) 1,735,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $5,870,467) 25.9% 5,870,467
------------
TOTAL INVESTMENTS
(Cost $28,675,052*) 128.4% 29,077,333
OTHER ASSETS AND
LIABILITIES (Net) (28.4) (6,429,921)
---- ------------
NET ASSETS 100.0% $ 22,647,412
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $ 28,675,052.
** As of June 30, 1998, the market value of the securities on loan is
$5,612,825. Collateral received for securities loaned of $5,870,467 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.01% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 95.7%
Australia -- 1.2%
<S> <C> <C>
312,000 Goodman Fielder Ltd. $ 455,134
45,000 St. George Bank Ltd. 291,628
34,800 WMC Ltd. 104,986
------------
851,748
------------
<CAPTION>
Belgium -- 1.0%
<S> <C> <C>
2,600 Barco Industries 727,077
------------
<CAPTION>
Brazil -- 0.6%
<S> <C> <C>
11,600 Centrais Eletricas
Brasileiras SA, ADR 174,522
1,160 Centrais Geradoras do Sul
do Brasil SA, ADR+ 8,410
2,100 Telecomunicacoes
Brasileiras SA, ADR 229,294
------------
412,226
------------
<CAPTION>
China\Hong Kong -- 2.4%
<S> <C> <C>
240,000 Cheung Kong
Infrastructure Holdings 453,794
500,000 China Resources Beijing 161,332
80,000 Hutchison Whampoa Ltd. 422,302
1,902,000 RNA Holdings Ltd. 144,835
1,800,000 Yanzhou Coal Mining
Company Ltd.. 343,831
700,000 Zhehuang Expressway
Company, Ltd. 117,450
------------
1,643,544
------------
<CAPTION>
Denmark -- 0.9%
<S> <C> <C>
4,400 Novo Nordisk AS, Series B 607,206
------------
<CAPTION>
Finland -- 4.3%
<<S> <C> <C>
39,000 Cultor Oyj 626,157
12,000 Nokia Ab Oy 883,407
41,000 Raision Tehtaat Oy 740,552
15,400 Sampo Insurance Company Ltd. 730,517
------------
2,980,633
------------
<CAPTION>
France -- 9.0%
<S> <C> <C>
9,000 AXA Company 1,012,290
9,200 Banque Nationale Paris 751,741
4,200 Canal Plus 785,021
5,600 Elf Aquitaine SA 787,337
19,000 Lagardere Group 791,025
13,700 Rhone Poulenc 772,731
9,000 SGS-Thomson
Microelectronics NV+ 637,891
9,600 Societe BIC SA 682,799
------------
6,220,835
------------
<CAPTION>
Germany -- 5.1%
<S> <C> <C>
3,200 Adidas AG 558,042
600 Bayerische Motoren Werke (BMW) 607,170
180 Bayerische Motoren Werke (BMW) 177,659
10,400 Bayerische Vereinsbank AG 882,309
12,500 Mannesmann AG 1,285,730
------------
3,510,910
------------
<CAPTION>
Italy -- 4.9%
<S> <C> <C>
335,000 Bco Di Roma 697,622
155,000 Credito Italiano SpA 811,749
120,000 ENI 786,830
33,410 SAES Getters SpA 306,411
110,000 Telecom Italia Mobile SpA 810,103
------------
3,412,715
------------
<CAPTION>
Japan -- 18.3%
<S> <C> <C>
12,000 Andor Company Ltd. 37,318
20,000 ANRITSU Corporation 180,806
21,000 Arrk Corporation 288,566
20,000 Chodai Company Ltd. 66,536
15,000 Consec Corporation 45,021
27,800 Credit Saison Company Ltd. 552,904
100 DDI Corporation 349,316
27,000 FCC Company Ltd. 234,324
36,000 Fuji Bank 161,163
13,000 Fuji Machine MFG Company Ltd. 345,990
10,000 Futaba Corporation 400,665
36,000 Hankyu Department Store 187,980
7,000 Himiko Company, Ltd. 50,626
22,000 Kawasumi Laboratories 385,044
4,500 Keyence Corporation 491,430
27,900 Kitagawa Industries
Company Ltd. 225,993
20,000 Kokuyo Company 339,915
33,000 Laox Company 204,057
3,000 Lasertec Corporation 61,835
9,000 Meitec Corporation 312,432
48,000 Minebea Company Ltd. 479,410
76,000 Mitsubishi Heavy Industries 288,016
19,000 Namco 445,216
30 Net One Systems Company Ltd. 74,203
8,900 Nichiei Company Ltd. 607,623
54,000 Nikko Securities Company Ltd. 224,561
57,000 NTN Corporation 179,735
9,000 Promise Company Ltd. 371,664
12,000 Pulstec Industrial
Company, Ltd. 172,706
57,000 Ricoh Company Ltd. 602,278
6,400 Riso Kagaku 379,084
7,000 Rohm Company 721,415
17,000 Sankyo Company, Ltd. 388,515
28,000 Sanyo Denki 113,806
6,000 Secom 347,581
38,000 Sumitomo Bank Ltd. 371,013
32,000 Sumitomo Electric Industries 324,698
41,000 Sumitomo Trust & Banking 183,843
16,000 The Bank of
Tokyo-Mitsubishi, Ltd. 169,986
16,000 Tostem Corporation 208,057
43,000 Ube-Nitto Kasei Company Ltd. 129,059
19,000 World Company, Ltd. 452,086
71,000 Yamato Kogyo Company, Ltd. 523,758
------------
12,680,234
------------
<CAPTION>
Netherlands -- 4.9%
<S> <C> <C>
30,000 ABN AMRO Holdings 702,497
3,000 Akzo Nobel 667,372
14,000 ING Groep 917,378
13,000 Philips Electronics NV 1,093,592
------------
3,380,839
------------
<CAPTION>
New Zealand -- 0.3%
<S> <C> <C>
82,125 Telecom Corporation of
Netherlands 176,063
------------
<CAPTION>
Portugal -- 2.3%
<S> <C> <C>
27,548 Banco Comercial
Portugues, SA (BCP) 782,715
4,500 Telecel-Comunicacaoes
Pessoais, SA 799,567
------------
1,582,282
------------
<CAPTION>
Russia -- 0.1%
<S> <C> <C>
25,000 Trade House GUM, ADR 71,250
------------
<CAPTION>
Slovakia -- 0.1%
<S> <C> <C>
2,000 Slovnaft AS, GDR 39,278
------------
<CAPTION>
Spain -- 4.5%
<S> <C> <C>
33,000 Banco Santander SA 844,636
32,000 Corporacion Bancaria de
Espana SA 717,835
33,000 Cortefiel SA 720,900
18,218 Telefonica de Espana SA 842,293
------------
3,125,664
------------
<CAPTION>
Sweden -- 4.5%
<S> <C> <C>
4,000 Autoliv, Inc. 126,500
18,000 Autoliv, Inc., ADR 575,476
30,000 Ericsson (L.M.) Telephone
Company, Class B 876,379
105,000 Nordbanken Holding AB 770,123
41,000 Orvitus 642,553
24,000 Pricer AB 141,123
------------
3,132,154
------------
<CAPTION>
Switzerland -- 8.4%
<S> <C> <C>
1,751 Adecco SA 790,916
1,200 Clariant AG 791,653
210 Disetronic Holding AG 477,052
650 Novartis AG 1,083,405
100 Roche Holdings AG 983,623
2,500 UBS AG+ 931,123
1,250 Zurich
Versicherungs-Gesellschaft 799,049
------------
5,856,821
------------
<CAPTION>
United Kingdom -- 22.9%
<S> <C> <C>
148,000 BBA Group Plc 1,116,962
45,000 British Airways Plc 487,260
41,922 CGU Plc 782,568
120,000 Compass Group Plc 1,380,508
60,000 Granada Group Plc 1,104,006
53,000 Laporte Plc 632,733
105,000 Lloyds TSB Group Plc 1,470,045
58,900 Pearson Plc 1,079,832
160,000 Rentokil Initial 1,151,425
63,000 Royal & Sun Alliance
Insurance Group Plc 651,659
15,600 Scottish Radio Holdings Plc 142,609
80,000 Sema Group 941,711
80,000 Senior Engineering Group Plc 263,145
118,000 Shell Transporation &
Trading Plc 831,444
115,000 Smithkline Beecham 1,404,593
105,000 Vodafone Group Plc 1,333,297
95,000 Williams Plc 610,693
12,000 Zeneca Group Plc 515,336
------------
15,899,826
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $60,732,397) 66,311,305
------------
<CAPTION>
INVESTMENT COMPANY SECURITY -- 0.1%
(Cost $133,380)
Russia -- 0.1%
<S> <C> <C>
5,130 Fleming Russia Securities
Fund+ 42,707
------------
<CAPTION>
PREFERRED STOCKS -- 3.6%
Germany -- 3.6%
<S> <C> <C>
12,000 Fresenius Medical Care AG 555,602
300 Porsche AG 865,009
1,600 SAP AG 1,086,806
------------
2,507,417
------------
<CAPTION>
TOTAL PREFERRED STOCKS
<S> <C>
(Cost $1,540,106) 2,507,417
------------
<CAPTION>
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 0.1%
(Cost $106,000)
<S> <C> <C>
$106,000 Agreement with State
Street Bank and Trust
Company, 5.800% dated
06/30/1998, to be
repurchased at $106,017
on 07/01/1998,
collaterized by $90,000
U.S. Treasury Note, 7.50%
maturing 11/15/2016
(value $108,309) $ 106,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $6,520,234) 9.4% 6,520,234
------------
TOTAL INVESTMENTS
(Cost $69,032,117*) 108.9% 75,487,663
OTHER ASSETS AND
LIABILITIES (Net) (8.9) (6,185,548)
---- ------------
NET ASSETS 100.0% $ 69,302,115
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $ 69,138,053.
**As of June 30, 1998, the market value of the securities on loan is
$6,245,502. Collateral received for securities loaned includes $1,125,350
in U.S. government securities and the remaining $5,394,884 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- -----
<S> <C> <C>
COMMON STOCKS:
Banking & Financial
Services................. 18.4% $12,751,371
Telecommunications......... 9.1 6,299,719
Drugs & Health Care........ 7.3 5,071,215
Insurance.................. 5.7 3,976,083
Electric & Electrical
Equipment................ 5.1 3,531,473
Electronics................ 4.9 3,399,615
Food & Beverage............ 4.6 3,202,351
Chemicals.................. 4.3 2,993,548
Oil & Gas.................. 3.5 2,444,888
Machinery.................. 3.5 2,410,113
Apparel & Textiles......... 2.5 1,743,553
Automotive................. 2.5 1,721,130
Diversified Industrial..... 2.4 1,664,862
Entertainment.............. 2.2 1,549,221
Pharmeceuticals & Medical
Supplies................. 2.1 1,416,112
Household Appliances &
Home Furnishings......... 2.0 1,411,456
Industrial Machinery....... 1.9 1,285,730
Building & Building
Materials................ 1.8 1,269,474
Computers.................. 1.8 1,265,589
Business Services.......... 1.7 1,205,033
Printing & Publishing...... 1.6% $ 1,079,832
Retail..................... 1.4 980,130
Broadcasting & Advertising. 1.3 927,630
Transportation............. 0.9 604,710
Manufacturing.............. 0.7 514,558
Metals and Mining.......... 0.7 448,817
Conglomerates.............. 0.6 422,303
Forest Paper & Products.... 0.5 339,915
Utilities.................. 0.3 174,522
Miscellaneous.............. 0.4 206,352
---- ----------
TOTAL COMMON STOCKS........ 95.7 66,311,305
TOTAL PREFERRED
STOCKS .................. 3.6 2,507,417
REPURCHASE
AGREEMENT ............... 0.1 106,000
INVESTMENT COMPANY
SECURITY ................ 0.1 42,707
OTHER INVESTMENTS ......... 9.4 6,520,234
---- ----------
TOTAL INVESTMENTS ......... 108.9 75,487,663
OTHER ASSETS AND
LIABILITIES (Net) ....... (8.9) (6,185,548)
---- ----------
NET ASSETS ................ 100.0% $ 69,302,115
==== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
53
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying
schedules:
Securities .............. $137,452,530 $ 94,380,925 $294,881,140 $268,010,590 $54,228,983 $37,835,818
Repurchase Agreements ... 22,891,000 6,707,000 11,454,000 4,482,000 1,193,000 1,509,000
------------ ------------ ------------ ------------ ----------- -----------
Total Investments ........... 160,343,530 101,087,925 306,335,140 272,492,590 55,421,983 39,344,818
Cash ........................ 351 473 27 46,683 833 321
Interest receivable ......... 3,688 466,749 47,274 722 192 243
Dividends receivable ........ 78,614 23,838 490,071 931,838 3,518 12,249
Receivable for investment
securities sold ........... 2,697,244 360,952 -- 40,876 35,624 158,047
Receivable for Fund shares
sold ...................... 920,703 283,518 2,119,780 238,335 574,749 3,192
Receivable from investment
advisor ................... -- -- -- -- 10,758 --
Unamortized organization
costs ..................... -- -- 1,217 -- -- 26,684
Prepaid expenses and other
assets .................... 16,710 9,805 16,888 14,639 8,845 6,541
------------ ------------ ------------ ------------ ----------- -----------
Total Assets .......... 164,060,840 102,233,260 309,010,397 273,765,683 56,056,502 39,552,095
------------ ------------ ------------ ------------ ----------- -----------
LIABILITIES:
Unrealized depreciation of
forward foreign exchange
contracts ................. -- -- -- 366 -- --
Variation margin ............ 36,125 -- -- -- -- --
Payable for Fund shares
redeemed .................. 8,212,602 976,709 2,456,616 203,114 104,246 53,667
Payable for investment
securities purchased ...... -- -- -- 20,555 503,897 311,313
Payable upon return of
securities loaned ......... -- 20,597,198 42,018,892 56,005,468 2,747,600 7,700,823
Investment advisory fee
payable ................... 96,746 42,780 161,782 132,110 41,754 19,298
Administration fee payable .. 14,078 7,162 23,460 19,169 4,533 2,852
Shareholder servicing fees
payable ................... 6,918 6,127 44,641 21,927 558 274
Distribution fees payable ... 16,920 781 3,902 3,593 20,616 546
Transfer agent fee payable .. 6,805 1,955 5,763 5,162 -- 1,031
Custodian fees payable ...... 3,634 8,826 12,703 23,036 8,167 3,845
Accrued Trustees'/Directors'
fees and expenses ......... 1,115 615 1,838 1,635 466 241
Accrued expenses and other
payables .................. 37,384 23,113 38,168 36,853 9,526 5,006
Total Liabilities ..... 8,432,327 21,665,266 44,767,765 56,472,988 3,441,363 8,098,896
------------ ------------ ------------ ------------ ----------- -----------
NET ASSETS .................. $155,628,513 $ 80,567,994 $264,242,632 $217,292,695 $52,615,139 $31,453,199
============ ============ ============ ============ =========== ===========
Investments, at cost ........ $118,569,285 $ 85,635,776 $252,485,104 $226,348,160 $55,739,845 $37,129,765
============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
54
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$773,633,168 $92,337,903 $169,573,555 $439,710,334 $222,468,822 $49,416,826 $27,342,333 $75,381,663
50,334,000 2,265,000 12,940,000 35,566,000 8,556,000 6,657,000 1,735,000 106,000
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
823,967,168 94,602,903 182,513,555 475,276,334 231,024,822 56,073,826 29,077,333 75,487,663
126 901 1,823 137 15,431 572,727 1,855 87,528
8,109 365 2,085 5,730 1,378 1,073 280 17
409,287 722,426 187,317 18,950 177,776 332,449 1,324 147,264
-- 2,477,262 624,703 5,858,282 -- 569,325 -- 62,002
3,899,403 96,012 398,223 733,265 241,105 333,282 108,175 161,910
-- -- -- -- -- 11,607 14,343 3,060
-- 18,384 -- -- 26,144 4,928 4,220 20,971
34,477 17,591 9,919 20,431 9,303 8,938 8,964 9,431
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
828,318,570 97,935,844 183,737,625 481,913,129 231,495,959 57,908,155 29,216,494 75,979,846
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- -- -- -- -- 4 408
-- -- -- -- -- -- -- --
5,733,144 50,339 2,222,943 9,169,166 4,087,560 56,315 36,723 38,005
-- 445,374 1,884,300 2,576,569 -- 485,863 621,963 30,497
64,669,752 -- 11,832,150 59,556,546 37,965,617 9,878,515 5,870,467 6,520,234
456,078 57,953 103,131 251,942 115,355 50,884 17,955 57,062
66,474 8,585 15,042 36,546 17,029 2,080 917 2,723
55,609 422 17,022 32,010 3,005 6,404 35 446
99,636 7,679 5,421 20,302 4,390 639 10,197 812
12,356 1,397 1,425 8,563 771 1,780 1,102 1,804
41,717 6,622 10,731 25,991 11,131 10,644 6,546 12,264
6,303 795 1,393 3,464 1,547 400 170 542
220,655 31,871 51,658 73,345 48,943 16,322 3,003 12,934
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
71,361,724 611,037 16,145,216 71,754,444 42,255,348 10,509,846 6,569,082 6,677,731
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
$756,956,846 $97,324,807 $167,592,409 $410,158,685 $189,240,611 $47,398,309 $22,647,412 $69,302,115
============ =========== ============ ============ ============ =========== =========== ===========
$577,834,218 $87,075,105 $161,142,293 $448,798,822 $205,924,176 $67,982,742 $28,675,052 $69,032,117
============ =========== ============ ============ ============ =========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
55
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income/(loss) ............. $ -- $ -- $ 136,706 $ 41,238 $ -- $ --
Accumulated net realized
gain/(loss) on investments
sold, forward foreign
exchange contracts, futures
contracts and currency
transactions .............. 6,047,205 1,558,866 28,427,157 822,932 862,849 (3,158,058)
Net unrealized
appreciation/(depreciation)
of investments, futures
contracts, foreign currency
and net other assets ...... 41,742,198 15,452,149 53,850,036 46,141,644 (317,862) 2,215,053
Par value ................... 12,783 5,976 16,899 14,426 31,059 29,158
Paid-in capital in excess of
par value ................. 107,826,327 63,551,003 181,811,834 170,272,455 52,039,093 32,367,046
------------ ----------- ------------ ------------ ----------- -----------
$155,628,513 $80,567,994 $264,242,632 $217,292,695 $52,615,139 $31,453,199
============ =========== ============ ============ =========== ===========
NET ASSETS:
Class A Shares .............. $ 14,110,355 $ 843,512 $ 9,544,868 $ 6,263,843 $10,820,818 $ 170,065
============ =========== ============ ============ =========== ===========
Class B Shares .............. $ 1,197,417 $ 646,508 $ 1,694,223 $ 1,121,306 $15,965,092 $ 499,133
============ =========== ============ ============ =========== ===========
Class C Shares .............. $ 110,123 $ 114,822 $ 1,776,203 $ 1,910,945 $ 7,441,289 $ 98,178
============ =========== ============ ============ =========== ===========
Class K Shares .............. $ 67,694,743 $31,747,823 $216,387,090 $105,915,743 $ 3,050,443 $ 1,296,577
============ =========== ============ ============ =========== ===========
Class Y Shares .............. $ 72,515,875 $47,215,329 $ 34,840,248 $102,080,858 $15,337,497 $29,389,246
============ =========== ============ ============ =========== ===========
SHARES OUTSTANDING:
Class A Shares .............. 1,154,776 62,585 611,082 416,735 636,575 15,849
============ =========== ============ ============ =========== ===========
Class B Shares .............. 103,424 48,121 108,831 75,586 948,462 47,449
============ =========== ============ ============ =========== ===========
Class C Shares .............. 9,379 8,536 114,243 127,809 441,795 9,350
Class K Shares .............. 5,603,077 2,353,212 13,837,396 7,047,124 179,475 121,015
Class Y Shares .............. 5,912,736 3,503,834 2,227,712 6,758,850 899,571 2,722,139
============ =========== ============ ============ =========== ===========
CLASS A SHARES:
Net asset value and
redemption price per share $ 12.22 $ 13.48 $ 15.62 $ 15.03 $ 17.00 $ 10.73
============ =========== ============ ============ =========== ===========
Maximum sales charge ........ 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
============ =========== ============ ============ =========== ===========
Maximum offering price per
share ..................... $ 12.93 $ 14.26 $ 16.53 $ 15.90 $ 17.99 $ 11.35
============ =========== ============ ============ =========== ===========
CLASS B SHARES:
Net asset value and offering
price per share* .......... $ 11.58 $ 13.44 $ 15.57 $ 14.83 $ 16.83 $ 10.52
============ =========== ============ ============ =========== ===========
CLASS C SHARES:
Net asset value and offering
price per share* .......... $ 11.74 $ 13.45 $ 15.55 $ 14.95 $ 16.84 $ 10.50
============ =========== ============ ============ =========== ===========
CLASS K SHARES:
Net asset value, offering
price and redemption price
per share ................. $ 12.08 $ 13.49 $ 15.64 $ 15.03 $ 17.00 $ 10.71
============ =========== ============ ============ =========== ===========
CLASS Y SHARES:
Net asset value, offering
price and redemption price
per share ................. $ 12.26 $ 13.48 $ 15.64 $ 15.10 $ 17.05 $ 10.80
============ =========== ============ ============ =========== ===========
<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>
56
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ------------ ------------ ------------ ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ -- $ 138,196 $ 126,140 $ -- $ 14,983 $ (127,776) $ (2,990) $ (45,004)
39,939,734 2,733,362 2,996,573 23,483,406 12,134,803 (6,321,583) 152,648 (363,987)
246,132,950 7,527,798 21,371,262 26,477,512 25,100,638 (11,912,664) 402,291 6,455,891
353,532 65,096 117,608 20,434 116,612 52,719 19,263 58,032
470,530,630 86,860,355 142,980,826 360,177,333 151,873,575 65,707,613 22,076,200 63,197,183
------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
$756,956,846 $97,324,807 $167,592,409 $410,158,685 $189,240,611 $ 47,398,309 $22,647,412 $69,302,115
============ =========== ============ ============ ============ ============ =========== ===========
$ 32,311,247 $ 4,098,947 $ 6,473,525 $ 20,909,016 $ 5,763,302 $ 632,396 $ 4,984,406 $ 1,600,972
============ =========== ============ ============ ============ ============ =========== ===========
$102,699,777 $ 6,956,180 $ 3,237,102 $ 14,013,004 $ 2,308,743 $ 511,306 $ 8,664,011 $ 590,815
============ =========== ============ ============ ============ ============ =========== ===========
$ 14,411,244 $ 1,513,474 $ 1,931,696 $ 6,319,174 $ 1,179,335 $ 131,920 $ 3,377,936 $ 196,279
============ =========== ============ ============ ============ ============ =========== ===========
$275,378,271 $ 2,144,771 $ 84,699,115 $159,836,647 $ 14,754,252 $ 31,790,335 $ 163,179 $ 2,270,983
============ =========== ============ ============ ============ ============ =========== ===========
$332,156,307 $82,611,435 $ 71,250,971 $209,080,844 $165,234,979 $ 14,332,352 $ 5,457,880 $64,643,066
============ =========== ============ ============ ============ ============ =========== ===========
1,505,545 274,411 454,645 1,047,347 356,067 70,348 421,715 134,290
============ =========== ============ ============ ============ ============ =========== ===========
4,962,318 465,864 228,123 731,439 143,289 57,126 740,897 49,938
============ =========== ============ ============ ============ ============ =========== ===========
695,330 101,061 136,214 324,735 73,287 14,729 288,849 16,554
============ =========== ============ ============ ============ ============ =========== ===========
12,857,426 143,541 5,943,364 8,008,767 910,418 3,536,889 13,823 190,487
============ =========== ============ ============ ============ ============ =========== ===========
15,332,572 5,524,754 4,998,460 10,322,143 10,178,167 1,592,849 461,022 5,411,914
============ =========== ============ ============ ============ ============ =========== ===========
$ 21.46 $ 14.94 $ 14.24 $ 19.96 $ 16.19 $ 8.99 $ 11.82 $ 11.92
============ =========== ============ ============ ============ ============ =========== ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
============ =========== ============ ============ ============ ============ =========== ===========
$ 22.71 $ 15.81 $ 15.07 $ 21.12 $ 17.13 $ 9.51 $ 12.51 $ 12.61
============ =========== ============ ============ ============ ============ =========== ===========
$ 20.70 $ 14.93 $ 14.19 $ 19.16 $ 16.11 $ 8.95 $ 11.69 $ 11.83
============ =========== ============ ============ ============ ============ =========== ===========
$ 20.73 $ 14.98 $ 14.18 $ 19.46 $ 16.09 $ 8.96 $ 11.69 $ 11.86
============ =========== ============ ============ ============ ============ =========== ===========
$ 21.42 $ 14.94 $ 14.25 $ 19.96 $ 16.21 $ 8.99 $ 11.80 $ 11.92
============ =========== ============ ============ ============ ============ =========== ===========
$ 21.66 $ 14.95 $ 14.25 $ 20.26 $ 16.23 $ 9.00 $ 11.84 $ 11.94
============ =========== ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
57
<PAGE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ----------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .................... $ 1,651,833 $ 2,560,806 $ 1,033,585 $ 174,708 $ 111,478 $ 122,840
Dividends (a) ............... 1,043,310 331,025 6,505,691 4,748,590 58,776 160,724
------------ ----------- ----------- ----------- ---------- -----------
Total investment
income .............. 2,695,143 2,891,831 7,539,276 4,923,298 170,254 283,564
------------ ----------- ----------- ----------- ---------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ............ 28,721 1,274 14,520 15,618 14,218 304
Class B Shares ............ 6,266 3,890 10,447 11,221 81,387 4,143
Class C Shares ............ 1,715 880 7,781 23,594 42,988 1,018
Shareholder servicing fees:
Class K Shares ............ 191,096 60,426 536,623 274,391 4,515 3,180
Investment advisory fee ..... 1,451,332 524,133 1,900,685 1,628,425 304,989 280,117
Administration fee .......... 211,021 87,730 275,781 236,457 32,971 41,204
Transfer agent fee .......... 46,425 20,332 59,606 53,237 5,853 8,996
Custodian fees .............. 42,667 35,795 54,753 190,761 29,740 18,071
Legal and audit fees ........ 16,397 6,675 19,993 16,850 2,700 3,685
Trustees'/Directors' fees and
expenses .................. 7,798 3,120 9,620 8,556 1,021 1,436
Amortization of organization
costs ..................... -- 3,472 1,821 -- -- 12,748
Registration and filing fees 40,806 33,447 734 24,004 74,182 36,942
Other ....................... 18,388 29,194 69,990 -- 14,458 7,167
------------ ----------- ----------- ----------- ---------- -----------
Total Expenses ........ 2,062,632 810,368 2,962,354 2,483,114 609,022 419,011
Fees waived and/or expenses
reimbursed by investment
advisor ................... -- -- -- -- (75,264) --
------------ ----------- ----------- ----------- ---------- -----------
Net Expenses .......... 2,062,632 810,368 2,962,354 2,483,114 533,758 419,011
NET INVESTMENT
INCOME/(LOSS) ............. 632,511 2,081,463 4,576,922 2,440,184 (363,504) (135,447)
------------ ----------- ----------- ----------- ---------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ..... 40,912,735 5,703,535 47,077,678 12,322,142 2,381,269 (1,798,495)
Forward foreign exchange
contracts ............... -- -- -- 57,170 -- --
Futures contracts ......... 768,121 -- -- -- -- --
Foreign currency
transactions ................ -- -- -- (24,248) -- --
Net change in unrealized
appreciation/
(depreciation) of:
Securities ................ (11,619,358) 4,433,170 306,124 (6,537,712) (836,028) 2,273,336
Forward foreign exchange
contracts ............... -- -- -- (366) -- --
Futures contracts ......... (32,047) -- -- -- -- --
Foreign currency and net
other assets ............ -- -- -- (36,758) -- --
------------ ----------- ----------- ----------- ---------- -----------
Net realized and unrealized
gain/(loss) on investments 30,029,451 10,136,705 47,383,802 5,780,228 1,545,241 474,841
------------ ----------- ----------- ----------- ---------- -----------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS ................ $ 30,661,962 $12,218,168 $51,960,724 $ 8,220,412 $1,181,737 $ 339,394
============ =========== =========== =========== ========== ===========
<FN>
- ----------------
(a) Net of foreign withholding taxes of $4,878, $170, $17,771, $524,286,
$547, $8,373, $59,769, $303, $102,442 for Munder Accelerating Growth
Fund, Munder Balanced Fund, Munder Growth & Income Fund, Munder
International Equity Fund, Munder Mid-Cap Growth Fund, Munder Value Fund,
Munder Framlington Emerging Markets Fund, Munder Framlington Healthcare
Fund and Munder Framlington International Growth Fund, respectively.
See Notes to Financial Statements.
</TABLE>
58
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ----------- ------------ ----------- ------------ --------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 2,239,887 $ 240,705 $ 682,023 $ 1,944,850 $ 567,273 $ 380,207 $ 49,485 $ 159,797
5,749,193 4,259,723 1,825,490 600,695 2,093,032 872,177 10,294 785,443
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
7,989,080 4,500,428 2,507,513 2,545,545 2,660,305 1,252,384 59,779 945,240
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
55,691 6,769 10,714 59,251 10,919 1,804 7,066 3,287
942,437 63,758 15,054 107,506 15,819 4,169 42,842 2,170
112,333 10,810 9,109 51,322 8,593 448 20,953 1,303
653,866 4,803 185,810 408,472 28,712 72,455 354 4,898
6,169,411 612,857 1,028,013 3,045,349 1,066,142 554,427 143,897 516,840
718,057 90,009 148,876 441,430 156,491 23,218 12,564 26,065
112,434 18,399 29,217 90,718 29,402 41,703 39,008 42,783
128,255 22,998 38,395 95,006 37,729 118,440 29,417 120,297
52,618 7,195 11,366 32,467 12,006 4,398 1,010 7,288
24,872 3,066 4,960 15,386 5,249 1,568 495 1,852
49,319 14,634 -- -- 12,490 1,403 1,202 5,967
57,419 41,469 82,420 59,600 56,968 83,303 72,252 79,089
213,913 46,071 55,054 82,218 47,279 9,810 9,881 14,204
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
9,290,625 942,838 1,618,988 4,488,725 1,487,799 917,146 380,941 826,043
(1,214,795) -- -- -- -- (110,473) (112,541) (105,456)
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
8,075,830 942,838 1,618,988 4,488,725 1,487,799 806,673 268,400 720,587
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
(86,750) 3,557,590 888,525 (1,943,180) 1,172,506 445,711 (208,621) 224,653
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
57,519,549 3,087,322 8,250,295 85,835,208 16,249,019 (5,353,851) 265,847 (130,226)
-- -- -- -- -- (256,636) (4,811) (206,619)
-- -- -- 437,814 -- -- -- --
-- -- -- -- -- (180,697) (462) (120,453)
88,892,683 (1,828,364) 14,588,947 (38,336,774) 13,817,760 (12,921,833) 100,039 3,758,640
-- -- -- -- -- (6,325) (4) 920
-- -- -- -- -- -- -- --
-- -- -- -- (8) (68) 17 (1,071)
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
146,412,232 1,258,958 22,839,242 47,936,248 30,066,771 (18,719,410) 360,626 3,301,191
------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
$146,325,482 $ 4,816,548 $23,727,767 $ 45,993,068 $31,239,277 $(18,273,699) $ 152,005 $3,525,844
============ =========== =========== ============ =========== ============ ========= ==========
<FN>
See Notes to Financial Statements.
</TABLE>
59
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) $ 632,511 $ 2,081,463 $ 4,576,922 $ 2,440,184 $ (363,504) $ (135,447)
Net realized gain/(loss) on
investments sold .......... 41,680,856 5,703,535 47,077,678 12,355,064 2,381,269 (1,798,495)
Net change in unrealized
appreciation/
(depreciation) of
investments ............... (11,651,405) 4,433,170 306,124 (6,574,836) (836,028) 2,273,336
------------ ------------ ------------ ------------ ----------- -----------
Net increase/(decrease) in
net assets resulting from
operations ................ 30,661,962 12,218,168 51,960,724 8,220,412 1,181,737 339,394
Dividends to shareholders
from net investment income:
Class A Shares .......... (37,839) (12,304) (105,754) (81,341) -- --
Class B Shares .......... -- (7,042) (10,894) (7,796) -- --
Class C Shares .......... -- (1,440) (8,114) (14,540) -- --
Class K Shares .......... (174,388) (640,005) (3,798,603) (1,386,400) -- --
Class Y Shares .......... (400,939) (1,397,675) (639,004) (1,473,592) -- (2,147)
Distributions to shareholders
from net realized gains:
Class A Shares .......... (1,509,306) (34,027) (709,636) (421,143) (200,426) (363)
Class B Shares .......... (102,109) (27,885) (130,526) (73,900) (284,509) (1,977)
Class C Shares .......... (53,814) (7,200) (71,978) (146,699) (166,726) (358)
Class K Shares .......... (23,723,055) (2,572,553) (33,747,169) (7,243,743) (55,740) (5,084)
Class Y Shares .......... (28,991,871) (4,287,718) (4,561,542) (6,435,614) (388,128) (159,389)
Distributions to shareholders
in excess of realized gains:
Class A Shares .......... -- -- -- -- -- (1,739)
Class B Shares .......... -- -- -- -- -- (9,457)
Class C Shares .......... -- -- -- -- -- (1,712)
Class K Shares .......... -- -- -- -- -- (24,324)
Class Y Shares .......... -- -- -- -- -- (762,616)
Net increase/(decrease) in
net assets from Fund share
transactions:
Class A Shares .......... 5,501,397 440,063 5,491,229 (176,367) 10,885,938 102,936
Class B Shares .......... 577,084 432,175 1,022,079 21,870 15,922,896 425,792
Class C Shares .......... (142,089) 39,185 1,002,578 (393,285) 7,605,168 (20,022)
Class K Shares .......... (5,346,188) 25,358,644 (2,599,559) (24,045,346) 2,744,686 146,421
Class Y Shares .......... (69,450,336) (26,488,592) 3,990,672 (2,594,187) 12,155,073 6,576,194
------------ ------------ ------------ ------------ ----------- -----------
Net increase/(decrease) in
net assets ................ (93,191,491) 3,011,794 17,084,503 (36,251,671) 49,399,969 6,601,549
NET ASSETS:
Beginning of period ......... 248,820,004 77,556,200 247,158,129 253,544,366 3,215,170 24,851,650
------------ ------------ ------------ ------------ ----------- -----------
End of period ............... $155,628,513 $ 80,567,994 $264,242,632 $217,292,695 $52,615,139 $31,453,199
============ ============ ============ ============ =========== ===========
Undistributed net investment
income/(loss) ............. $ -- $ -- $ 136,706 $ 41,238 $ -- $ $ --
============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
60
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$ (86,750) $ 3,557,590 $ 888,525 $ (1,943,180) $ 1,172,506 $ 445,711 $ (208,621) $ 224,653
57,519,549 3,087,322 8,250,295 86,273,022 16,249,019 (5,791,184) 260,574 (457,298)
88,892,683 (1,828,364) 14,588,947 (38,336,774) 13,817,752 (12,928,226) 100,052 3,758,489
------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
146,325,482 4,816,548 23,727,767 45,993,068 31,239,277 (18,273,699) 152,005 3,525,844
(12,065) (108,959) (26,178) -- (36,542) (2,697) -- (2,066)
-- (212,532) -- -- (743) (61) -- --
-- (36,424) -- -- (382) (4) -- --
(162,310) (76,887) (330,560) -- (64,557) (133,371) -- (2,557)
(367,945) (2,999,226) (414,148) -- (1,079,848) (92,010) -- (122,744)
(911,264) (20,080) (98,858) (2,406,705) (155,490) (2,952) -- (2,543)
(4,381,717) (57,106) (46,471) (1,802,093) (102,547) (1,902) -- (423)
(510,812) (9,143) (31,704) (739,949) (52,647) (125) -- (155)
(12,258,369) (17,626) (3,173,416) (29,901,527) (709,652) (141,436) -- (3,147)
(13,781,279) (626,049) (2,414,775) (37,145,834) (8,345,671) (69,616) -- (100,609)
-- -- -- -- -- (11,999) -- (1,338)
-- -- -- -- -- (7,730) -- (222)
-- -- -- -- -- (510) -- (81)
-- -- -- -- -- (574,853) -- (1,657)
-- -- -- -- -- (282,947) -- (52,964)
11,650,530 2,724,813 4,300,790 1,838,033 2,771,389 330,315 4,350,716 420,739
2,131,348 2,284,249 2,782,374 9,490,901 1,157,493 584,974 7,733,693 442,098
3,287,255 1,003,579 1,717,806 4,338,208 543,586 133,643 3,228,224 83,236
(7,678,546) 617,619 23,335,289 19,006,863 5,094,370 40,278,768 37,061 936,727
109,458,384 33,785,992 47,491,052 76,298,503 67,989,812 15,732,843 3,049,654 37,971,159
------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
232,788,692 41,068,768 96,818,968 84,969,468 98,247,848 37,464,631 18,551,353 43,089,297
524,168,154 56,256,039 70,773,441 325,189,217 90,992,763 9,933,678 4,096,059 26,212,818
------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
$756,956,846 $97,324,807 $167,592,409 $410,158,685 $189,240,611 $ 47,398,309 $22,647,412 $69,302,115
============ =========== ============ ============ ============ ============ =========== ===========
$ -- $ 138,196 $ 126,140 $ -- $ 14,983 $ (127,776) $ (2,990) $ (45,004)
============ =========== ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
61
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
------------ ----------- ----------- ----------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) $ (444,787) $ 1,731,687 $ 5,067,420 $ 2,471,250 $ (4,883) $ (92,185)
------------ ----------- ----------- ----------- -------- ---------
Net realized gain/(loss) on
investments sold .......... 25,529,024 4,253,299 27,808,188 6,149,347 (59,387) (224,362)
Net change in unrealized
appreciation/
(depreciation) of
investments ............... (15,381,711) 3,076,915 22,254,173 31,230,328 518,166 372,632
------------ ----------- ----------- ----------- -------- ---------
Net increase in net assets
resulting from operations .. 9,702,526 9,061,901 55,129,781 39,850,925 453,896 56,085
Dividends to shareholders from
net investment income:
Class A Shares ............ -- (8,318) (52,808) (78,899) -- --
Class B Shares ............ -- (2,044) (6,488) (4,180) -- --
Class C Shares ............ -- (697) (4,089) (9,762) -- --
Class K Shares ............ -- (101,038) (4,357,460) (1,698,687) -- --
Class Y Shares ............ -- (1,551,696) (605,671) (1,711,723) -- --
Distributions to shareholders
in excess of net investment
income:
Class A Shares ............ -- -- -- -- -- --
Class B Shares ............ -- -- -- -- -- --
Class C Shares ............ -- -- -- -- -- --
Class K Shares ............ -- -- -- -- -- --
Class Y Shares ............ -- -- -- -- -- --
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund, Munder Framlington
Healthcare Fund and Munder Framlington International Growth Fund
commenced operations on December 31, 1996.
See Notes to Financial Statements.
</TABLE>
62
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Market Healthcare Growth
Fund Fund Fund(a) Fund Fund Fund(b) Fund(b) Fund(b)
------------ ----------- ---------- ----------- ----------- ---------- -------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 802,123 $ 1,386,760 $ 254,012 $(1,286,136) $ 497,561 $ 26,325 $ (9,612) $ 89,292
31,693,197 524,593 502,604 46,948,801 5,806,480 207,419 (66,987) 15,908
75,394,082 7,273,750 6,782,315 6,246,976 10.966,351 1,015,562 302,239 2,697,402
------------ ----------- ---------- ----------- ----------- ---------- -------- ----------
107,899,402 9,185,103 7,538,931 51,909,641 17,270,392 1,249,306 225,640 2,802,602
-- (26,568) (3,816) -- (6,002) (1,011) -- --
-- (89,023) (712) -- -- (240) -- --
-- (6,949) (478) -- -- (9) -- --
(154,709) (15,055) (165,622) -- (24,802) (6,926) -- --
(342,031) (1,309,637) (65,985) -- (494,602) (11,088) -- --
-- (267) -- -- -- -- -- --
-- (1,176) -- -- -- -- -- --
-- (78) -- -- -- -- -- --
-- (148) -- -- -- -- -- --
-- (13,330) -- -- -- -- -- --
<FN>
See Notes to Financial Statements.
</TABLE>
63
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
------------ ----------- ------------ ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Distributions to shareholders
from net realized gains:
Class A Shares ............ (522,917) (20,784) (134,569) (546,957) -- (24,793)
Class B Shares ............ (31,285) (5,581) (18,909) (107,481) -- (6,562)
Class C Shares ............ (20,795) (1,603) (5,330) (185,029) -- (10,643)
Class K Shares ............ (9,185,520) (239,099) (12,866,517) (12,841,026) -- (59,979)
Class Y Shares ............ (16,254,335) (3,044,683) (1,632,776) (10,403,715) -- (2,549,785)
Distributions to shareholders
from capital:
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 ............ 103,837 (15,751) 2,249,127 1,586,450 162,834 (123,545)
Class B Shares ............ 247,942 113,805 350,066 128,920 393,839 56,661
Class C Shares ............ 178,689 68,515 609,503 537,498 104,830 67,620
Class K Shares ............ (16,295,182) 4,613,702 (11,139,950) 13,005,712 163,478 731,577
Class Y Shares ............ (24,267,204) 8,881,206 5,304,744 13,224,781 1,936,293 4,537,791
------------ ----------- ------------ ------------ ---------- -----------
Net increase/(decrease) in
net assets ................ (56,344,244) 17,747,835 32,818,654 40,746,827 3,215,170 2,674,427
NET ASSETS:
Beginning of period ......... 305,164,248 59,808,365 214,339,475 212,797,539 -- 22,177,223
------------ ----------- ------------ ------------ ---------- -----------
End of period ............... $248,820,004 $77,556,200 $247,158,129 $253,544,366 $3,215,170 $24,851,650
============ =========== ============ ============ ========== ===========
Undistributed net investment
income .................... $ -- $ 14,675 $ 131,333 $ 565,929 $ -- $ --
============ =========== ============ ============ ========== ===========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund, Munder Framlington
Healthcare Fund and Munder Framlington International Growth Fund
commenced on December 31, 1996.
See Notes to Financial Statements.
</TABLE>
64
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Market Healthcare Growth
Fund Fund Fund(a) Fund Fund Fund(b) Fund(b) Fund(b)
------------ ----------- ------------ ------------ ---------- ----------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
(546,542) -- -- (851,894) (79,699) -- -- --
(3,444,755) -- -- (148,603) (12,823) -- -- --
(336,270) -- -- (76,100) (40,972) -- -- --
(8,634,692) -- -- (16,790,412) (105,852) -- -- --
(6,586,379) -- -- (16,925,786) (4,083,005) -- -- --
-- (1,392) -- -- -- -- -- --
-- (6,126) -- -- -- -- -- --
-- (408) -- -- -- -- -- --
-- (772) -- -- -- -- -- --
-- (69,426) -- -- -- -- -- --
4,430,458 1,049,132 1,040,188 5,574,247 908,590 463,104 642,857 978,276
3,919,132 2,331,806 341,448 4,212,334 754,012 126,009 1,020,404 118,950
2,174,706 507,369 181,247 1,705,453 91,401 20,318 162,935 58,068
57,472,777 1,405,136 45,442,173 33,713,592 6,095,828 4,031,349 105,000 1,000,059
15,585,646 22,213,807 16,466,067 37,806,434 33,396,573 4,062,866 1,939,223 21,254,863
------------ ----------- ----------- ------------ ----------- ---------- ---------- -----------
171,426,743 35,151,998 70,773,441 100,128,906 53,669,039 9,933,678 4,096,059 26,212,818
352,741,411 21,104,041 -- 225,060,311 37,323,724 -- -- --
------------ ----------- ----------- ------------ ----------- ---------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441 $325,189,217 $90,992,763 $9,933,678 $4,096,059 $26,212,818
============ =========== =========== ============ =========== ========== ========== ===========
$ 410,980 $ -- $ 17,399 $ -- $ 40,728 $ 623 $ -- $ 7,821
============ =========== =========== ============ =========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
65
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------- ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 539,419,231 $ 465,440 $ 52,339,094 $ 15,657,100 $13,663,946 $ 168,580
Issued as reinvestment of
dividends ................. 1,402,134 42,874 550,030 197,002 137,190 1,922
Redeemed .................... (535,319,968) (68,251) (47,397,895) (16,030,469) (2,915,198) (67,566)
------------- ------------ ------------ ------------ ----------- ------------
Net increase/(decrease) ..... $ 5,501,397 $ 440,063 $ 5,491,229 $ (176,367) $10,885,938 $ 102,936
============= ============ ============ ============ =========== ============
Class B Shares ..............
Sold ........................ $ 14,119,271 $ 509,380 $ 1,136,459 $ 305,470 $16,787,807 $ 574,011
Issued as reinvestment of
dividends ................. 47,704 4,555 52,424 20,842 127,415 574
Redeemed .................... (13,589,891) (81,760) (166,804) (304,442) (992,326) (148,793)
------------- ------------ ------------ ------------ ----------- ------------
Net increase ................ $ 577,084 $ 432,175 $ 1,022,079 $ 21,870 $15,922,896 $ 425,792
============= ============ ============ ============ =========== ============
Class C Shares:
Sold ........................ $ 131,853 $ 67,088 $ 9,979,727 $ 26,112,696 $10,789,550 $ 81,236
Issued as reinvestment of
dividends ................. 6,791 2,435 13,871 1,467 76,181 497
Redeemed .................... (280,733) (30,338) (8,991,020) (26,507,448) (3,260,563) (101,755)
------------- ------------ ------------ ------------ ----------- ------------
Net increase/(decrease) ..... $ (142,089) $ 39,185 $ 1,002,578 $ (393,285) $ 7,605,168 $ (20,022)
============= ============ ============ ============ =========== ============
Class K Shares:
Sold ........................ $ 244,084,125 $ 36,238,336 $ 37,934,509 $ 19,678,745 $ 3,286,508 $ 1,072,484
Issued as reinvestment of
dividends ................. 28,455 -- 791 4,812 1,933 --
Redeemed .................... (249,458,768) (10,879,692) (40,534,859) (43,728,903) (543,755) (926,063)
------------- ------------ ------------ ------------ ----------- ------------
Net increase/(decrease) ..... $ (5,346,188) $ 25,358,644 $ (2,599,559) $(24,045,346) $ 2,744,686 $ 146,421
============= ============ ============ ============ =========== ============
Class Y Shares:
Sold ........................ $ 144,252,479 $ 17,891,800 $ 41,828,650 $ 37,273,610 $13,665,453 $ 18,459,230
Issued as reinvestment of
dividends ................. 301,458 20,638 93,667 234,936 246,160 152,033
Redeemed .................... (214,004,273) (44,401,030) (37,931,645) (40,102,733) (1,756,540) (12,035,069)
------------- ------------ ------------ ------------ ----------- ------------
Net increase/(decrease) ..... $ (69,450,336) $(26,488,592) $ 3,990,672 $ (2,594,187) $12,155,073 $ 6,576,194
============= ============ ============ ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
66
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
------------- ----------- ------------- ------------- ------------- ----------- ---------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 125,767,920 $ 3,008,839 $ 141,413,374 $ 851,622,256 $ 182,928,935 $ 725,997 $4,670,335 $ 551,489
658,823 79,679 94,875 1,616,927 148,415 15,685 -- 5,750
(114,776,213) (363,705) (137,207,459) (851,401,150) (180,305,961) (411,367) (319,619) (136,500)
------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 11,650,530 $ 2,724,813 $ 4,300,790 $ 1,838,033 $ 2,771,389 $ 330,315 $4,350,716 $ 420,739
============= =========== ============= ============= ============= =========== ========== ===========
$ 12,159,704 $ 3,140,780 $ 2,934,233 $ 12,987,682 $ 1,975,392 $ 731,828 $8,010,359 $ 446,549
1,685,590 74,933 21,465 384,944 19,472 3,531 -- 185
(11,713,946) (931,464) (173,324) (3,881,725) (837,371) (150,385) (276,666) (4,636)
------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 2,131,348 $ 2,284,249 $ 2,782,374 $ 9,490,901 $ 1,157,493 $ 584,974 $7,733,693 $ 442,098
============= =========== ============= ============= ============= =========== ========== ===========
$ 5,465,341 $ 1,122,807 $ 2,449,191 $ 19,422,073 $ 3,033,439 $ 357,347 $3,413,905 $ 3,196,011
27,187 13,557 17,092 217,318 17,693 498 -- 20
(2,205,273) (132,785) (748,477) (15,301,183) (2,507,546) (224,202) (185,681) (3,112,795)
------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 3,287,255 $ 1,003,579 $ 1,717,806 $ 4,338,208 $ 543,586 $ 133,643 $3,228,224 $ 83,236
============= =========== ============= ============= ============= =========== ========== ===========
$ 50,186,632 $ 699,056 $ 42,055,711 $ 258,655,493 $ 7,292,813 $48,204,012 $ 37,061 $ 2,491,379
89,260 -- 610 385,586 364 15 -- --
(57,954,438) (81,437) (18,721,032) (240,034,216) (2,198,807) (7,925,259) -- (1,554,652)
------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ (7,678,546) $ 617,619 $ 23,335,289 $ 19,006,863 $ 5,094,370 $40,278,768 $ 37,061 $ 936,727
============= =========== ============= ============= ============= =========== ========== ===========
$ 192,274,534 $40,212,699 $ 95,281,559 $ 182,007,606 $ 102,254,412 $19,650,219 $3,416,348 $42,572,415
1,713,798 541,776 925,440 5,087,805 1,469,009 117,261 -- 96,952
(84,529,948) (6,968,483) (48,715,947) (110,796,908) (35,733,609) (4,034,637) (366,694) (4,698,208)
------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 109,458,384 $33,785,992 $ 47,491,052 $ 76,298,503 $ 67,989,812 $15,732,843 $3,049,654 $37,971,159
============= =========== ============= ============= ============= =========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
67
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
----------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ------------ ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 41,735,220 35,128 3,300,696 1,068,198 783,470 15,620
Issued as reinvestment of
dividends ................. 126,701 3,375 37,128 14,938 8,580 187
Redeemed .................... (41,137,844) (5,256) (2,967,466) (1,092,860) (169,871) (5,962)
----------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... 724,077 33,247 370,358 (9,724) 622,179 9,845
=========== ========== ========== ========== ======== ==========
Class B Shares:
Sold ........................ 1,124,972 38,372 73,692 20,825 963,594 50,722
Issued as reinvestment of
dividends ................. 4,496 356 3,590 1,610 8,014 57
Redeemed .................... (1,063,976) (5,942) (10,728) (20,761) (57,721) (13,529)
----------- ---------- ---------- ---------- -------- ----------
Net increase ................ 65,492 32,786 66,554 1,674 913,887 37,250
=========== ========== ========== ========== ======== ==========
Class C Shares:
Sold ........................ 10,781 5,032 645,741 1,737,363 618,833 7,517
Issued as reinvestment of
dividends ................. 631 193 935 110 4,788 49
Redeemed .................... (21,679) (2,315) (582,962) (1,753,702) (190,515) (8,985)
----------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... (10,267) 2,910 63,714 (16,229) 433,106 (1,419)
=========== ========== ========== ========== ======== ==========
Class K Shares:
Sold ........................ 16,772,490 2,660,260 2,399,900 1,372,285 194,137 101,810
Issued as reinvestment of
dividends ................. 2,571 -- 53 369 121 --
Redeemed .................... (17,194,048) (812,753) (2,511,129) (2,942,441) (30,301) (85,882)
----------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... (418,987) 1,847,507 (111,176) (1,569,787) 163,957 15,928
=========== ========== ========== ========== ======== ==========
Class Y Shares:
Sold ........................ 9,171,627 1,351,069 2,641,745 2,573,626 810,899 1,591,682
Issued as reinvestment of
dividends ................. 26,777 1,626 6,391 17,653 15,366 14,689
Redeemed .................... (13,755,141) (3,253,921) (2,368,783) (2,658,666) (104,360) (1,116,605)
----------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... (4,556,737) (1,901,226) 279,353 (67,387) 721,905 489,766
=========== ========== ========== ========== ======== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
68
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ---------- ----------- ----------- ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
6,081,224 193,510 9,885,606 38,939,088 11,436,014 65,933 389,454 48,119
35,825 5,166 7,030 85,371 10,894 1,497 -- 576
(5,537,783) (23,295) (9,534,652) (38,516,138) (11,204,399) (38,259) (28,756) (11,602)
---------- --------- ---------- ----------- ----------- --------- ------- ---------
579,266 175,381 357,984 508,321 242,509 29,171 360,698 37,093
========== ========= ========== =========== =========== ========= ======= =========
634,260 201,381 207,462 634,390 127,593 59,988 665,972 38,978
94,589 4,841 1,630 21,081 1,425 333 -- 19
(604,396) (60,244) (11,995) (196,447) (52,811) (13,539) (22,987) (400)
---------- --------- ---------- ----------- ----------- --------- ------- ---------
124,453 145,978 197,097 459,024 76,207 46,782 642,985 38,597
========== ========= ========== =========== =========== ========= ======= =========
278,253 71,494 170,434 864,580 189,854 32,857 289,644 309,736
1,524 875 1,284 11,715 1,232 47 -- 2
(111,422) (8,477) (51,868) (658,060) (155,615) (20,000) (15,939) (298,660)
---------- --------- ---------- ----------- ----------- --------- ------- ---------
168,355 63,892 119,850 218,235 35,471 12,904 273,705 11,078
========== ========= ========== =========== =========== ========= ======= =========
2,532,388 45,991 2,985,358 11,225,265 484,866 3,932,077 2,916 230,623
4,859 -- 47 20,358 25 1 -- --
(2,862,299) (5,293) (1,258,817) (10,302,528) (142,618) (737,301) -- (136,071)
---------- --------- ---------- ----------- ----------- --------- ------- ---------
(325,052) 40,698 1,726,588 943,095 342,273 3,194,777 2,916 94,552
========== ========= ========== =========== =========== ========= ======= =========
9,751,713 2,604,804 6,789,601 8,089,789 6,579,214 1,600,701 300,623 3,728,279
92,338 35,106 68,847 264,990 99,537 11,233 -- 9,641
(4,201,175) (461,761) (3,377,343) (5,027,722) (2,215,981) (392,540) (31,075) (425,626)
---------- --------- ---------- ----------- ----------- --------- ------- ---------
5,642,876 2,178,149 3,481,105 3,327,057 4,462,770 1,219,394 269,548 3,312,294
========== ========= ========== =========== =========== ========= ======= =========
<FN>
See Notes to Financial Statements.
</TABLE>
69
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
------------- ------------ ------------ ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 101,714,828 $ 102,364 $ 3,240,200 $ 7,573,689 $ 176,161 $ 94,969
Issued as reinvestment of
dividends ................. 433,223 24,900 103,491 179,150 -- 4,730
Redeemed .................... (102,044,214) (143,015) (1,094,564) (6,166,389) (13,327) (223,244)
------------- ------------ ------------ ------------ ---------- -----------
Net increase/(decrease) ..... $ 103,837 $ (15,751) $ 2,249,127 $ 1,586,450 $ 162,834 $ (123,545)
============= ============ ============ ============ ========== ===========
Class B Shares:
Sold ........................ $ 3,390,164 $ 115,688 $ 419,009 $ 380,267 $ 393,839 $ 57,198
Issued as reinvestment of
dividends ................. 16,206 2,384 12,899 21,349 -- 4,952
Redeemed .................... (3,158,428) (4,267) (81,842) (272,696) -- (5,489)
------------- ------------ ------------ ------------ ---------- -----------
Net increase ................ $ 247,942 $ 113,805 $ 350,066 $ 128,920 $ 393,839 $ 56,661
============= ============ ============ ============ ========== ===========
Class C Shares:
Sold ........................ $ 1,851,264 $ 68,415 $ 3,204,162 $ 2,511,095 $ 104,830 $ 85,141
Issued as reinvestment of
dividends ................. 52 122 2,457 35 -- 896
Redeemed .................... (1,672,627) (22) (2,597,116) (1,973,632) -- (18,417)
------------- ------------ ------------ ------------ ---------- -----------
Net increase ................ $ 178,689 $ 68,515 $ 609,503 $ 537,498 $ 104,830 $ 67,620
============= ============ ============ ============ ========== ===========
Class K Shares:
Sold ........................ $ 214,830,413 $ 6,581,712 $ 39,725,691 $ 40,942,377 $ 209,128 $ 859,841
Issued as reinvestment of
dividends ................. 6,756 -- 496 11,878 -- --
Redeemed .................... (231,132,351) (1,968,010) (50,866,137) (27,948,543) (45,650) (128,264)
------------- ------------ ------------ ------------ ---------- -----------
Net increase/(decrease) ..... $ (16,295,182) $ 4,613,702 $(11,139,950) $ 13,005,712 $ 163,478 $ 731,577
============= ============ ============ ============ ========== ===========
Class Y Shares:
Sold ........................ $ 34,636,181 $ 27,428,925 $ 11,770,423 $ 34,855,719 $1,979,362 $ 7,321,781
Issued as reinvestment of
dividends ................. 398,011 2,289 14,438 845,365 -- 299,113
Redeemed .................... (59,301,396) (18,550,008) (6,480,117) (22,476,303) (43,069) (3,083,103)
------------- ------------ ------------ ------------ ---------- -----------
Net increase/(decrease) ..... $ (24,267,204) $ 8,881,206 $ 5,304,744 $ 13,224,781 $1,936,293 $ 4,537,791
============= ============ ============ ============ ========== ===========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares, Class C
Shares, Class K and Class Y Shares commenced operations on December 26,
1996, February 24, 1997, March 31, 1997, December 31, 1996 and December
26, 1996 respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares, Class B Shares, Class C
shares, Class K Shares and Class Y shares commenced operations on January
10, 1997, February 11 1997, January 13, 1997, December 31, 1996 and
December 26, 1996, respectively.
(d) The Munder Framlington Emerging Markets Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on January 14, 1997, February 25, 1997, March 3, 1997, January
10, 1997 and December 31, 1996 respectively.
(e) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares,
Class C Shares, Class K and Class Y Shares commenced operations on
February 14, 1997, January 31, 1997, January 13, 1997, April 1, 1997 and
December 31, 1996, respectively.
(f) The Munder Framlington International Growth Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on February 20, 1997, March 19, 1997, February 13, 1997,
January 10, 1997 and December 31, 1996, respectively.
See Notes to Financial Statements.
</TABLE>
70
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund Fund Fund(d) Fund(e) Fund(f)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 7,599,306 $ 1,175,987 $ 1,099,006 $ 80,987,644 $ 1,753,575 $ 469,149 $ 668,481 $ 1,003,276
294,024 17,340 3,512 600,615 6,328 955 -- --
(3,462,872) (144,195) (62,330) (76,014,012) (851,313) (7,000) (25,624) (25,000)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 4,430,458 $ 1,049,132 $ 1,040,188 $ 5,574,247 $ 908,590 $ 463,104 $ 642,857 $ 978,276
============ =========== =========== ============= =========== ========== ========== ===========
$ 11,008,276 $ 2,467,417 $ 337,176 $ 5,020,913 $ 801,674 $ 135,920 $1,020,479 $ 220,489
1,223,154 15,845 4,280 17,864 3,810 179 -- --
(8,312,298) (151,456) (8) (826,443) (51,472) (10,090) (75) (101,539)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 3,919,132 $ 2,331,806 $ 341,448 $ 4,212,334 $ 754,012 $ 126,009 $1,020,404 $ 118,950
============ =========== =========== ============= =========== ========== ========== ===========
$ 11,554,085 $ 535,009 $ 180,840 $ 23,728,049 $ 136,163 $ 21,795 $ 162,935 $ 58,068
13,790 1,967 407 5,764 2,223 40 -- --
(9,393,169) (29,607) -- (22,028,360) (46,985) (1,481) -- --
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 2,174,706 $ 507,369 $ 181,247 $ 1,705,453 $ 91,401 $ 20,318 $ 162,935 $ 58,068
============ =========== =========== ============= =========== ========== ========== ===========
$ 86,220,708 $ 1,415,046 $46,367,097 $ 177,871,885 $ 6,662,501 $4,031,349 $ 105,000 $ 1,108,648
77,782 -- -- 17,337 351 -- -- --
(28,825,713) (9,910) (924,924) (144,175,630) (567,024) -- -- (108,589)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 57,472,777 $ 1,405,136 $45,442,173 $ 33,713,592 $ 6,095,828 $4,031,349 $ 105,000 $ 1,000,059
============ =========== =========== ============= =========== ========== ========== ===========
$ 51,479,805 $23,238,587 $16,984,508 $ 57,984,178 $34,487,168 $4,285,017 $1,941,112 $21,627,250
886,972 100,318 22,034 822,966 331,479 1,133 -- --
(36,781,131) (1,125,098) (540,475) (21,000,710) (1,422,074) (223,284) (1,889) (372,387)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 15,585,646 $22,213,807 $16,466,067 $ 37,806,434 $33,396,573 $4,062,866 $1,939,223 $21,254,863
============ =========== =========== ============= =========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
71
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
------------ ---------- ---------- ------------- --------- ---------
Shares
<S> <C> <C> <C> <C> <C> <C>
Class A Shares:
Sold ........................ 7,376,349 8,188 234,161 501,239 15,641 8,528
Issued as reinvestment of
dividends ................. 33,248 2,066 7,787 13,029 -- 450
Redeemed .................... (7,376,019) (11,276) (79,802) (403,802) (1,245) (20,417)
----------- ---------- ---------- ---------- ------- --------
Net increase/(decrease) ..... 33,578 (1,022) 162,146 110,466 14,396 (11,439)
=========== ========== ========== ========== ======= ========
Class B Shares:
Sold ........................ 253,156 9,389 29,848 26,727 34,575 5,698
Issued as reinvestment of
dividends ................. 1,273 198 980 1,578 -- 475
Redeemed .................... (235,452) (331) (6,076) (18,613) -- (542)
----------- ---------- ---------- ---------- ------- --------
Net increase ................ 18,977 9,256 24,752 9,692 34,575 5,631
=========== ========== ========== ========== ======= ========
Class C Shares:
Sold ........................ 133,496 5,410 234,022 165,385 8,689 7,869
Issued as reinvestment of
dividends ................. 4 9 161 2 -- 86
Redeemed .................... (121,579) (2) (185,999) (126,816) -- (1,815)
----------- ---------- ---------- ---------- ------- --------
Net increase ................ 11,921 5,417 48,184 38,571 8,689 6,140
=========== ========== ========== ========== ======= ========
Class K Shares:
Sold ........................ 15,187,815 525,081 2,900,852 2,865,640 20,097 81,024
Issued as reinvestment of
dividends ................. 518 -- 35 869 -- --
Redeemed .................... (16,346,825) (158,306) (3,708,480) (1,945,295) (4,579) (12,315)
----------- ---------- ---------- ---------- ------- --------
Net increase/(decrease) ..... (1,158,492) 366,775 (807,593) 921,214 15,518 68,709
=========== ========== ========== ========== ======= ========
Class Y Shares:
Sold ........................ 2,517,095 2,239,730 847,658 2,420,567 181,860 645,678
Issued as reinvestment of
dividends ................. 30,267 184 1,088 61,722 -- 28,379
Redeemed .................... (4,259,374) (1,501,310) (468,153) (1,561,205) (4,194) (294,692)
----------- ---------- ---------- ---------- ------- --------
Net increase/(decrease) ..... (1,712,012) 738,604 380,593 921,084 177,666 379,365
=========== ========== ========== ========== ======= ========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares, Class C
Shares, Class K and Class Y Shares commenced operations on December 26,
1996, February 24, 1997, March 31, 1997, December 31, 1996 and December
26, 1996 respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares, Class B Shares, Class C
shares, Class K Shares and Class Y shares commenced operations on January
10, 1997, February 11 1997, January 13, 1997, December 31, 1996 and
December 26, 1996, respectively.
(d) The Munder Framlington Emerging Markets Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on January 14, 1997, February 25, 1997, March 3, 1997, January
10, 1997 and December 31, 1996 respectively.
(e) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares,
Class C Shares, Class K and Class Y Shares commenced operations on
February 14, 1997, January 31, 1997, January 13, 1997, April 1, 1997 and
December
31, 1996, respectively.
(f) The Munder Framlington International Growth Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on February 20, 1997, March 19, 1997, February 13, 1997,
January 10, 1997 and December 31, 1996, respectively.
See Notes to Financial Statements.
</TABLE>
72
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund Fund Fund(d) Fund(e) Fund(f)
------------ ----------- --------- ---------- --------- ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
483,816 84,585 102,051 4,073,044 141,937 41,734 63,699 99,737
19,537 1,277 298 32,016 515 74 -- --
(220,758) (10,673) (5,688) (3,795,299) (65,495) (631) (2,682) (2,540)
---------- --------- --------- ---------- --------- ------- ------- ---------
282,595 75,189 96,661 309,761 76,957 41,177 61,017 97,197
========== ========= ========= ========== ========= ======= ======= =========
714,134 177,899 30,619 266,694 62,109 11,246 97,919 20,407
83,151 1,184 408 974 328 14 -- --
(536,526) (11,359) (1) (43,006) (4,251) (916) (7) (9,066)
---------- --------- --------- ---------- --------- ------- ------- ---------
260,759 167,724 31,026 224,662 58,186 10,344 97,912 11,341
745,285 38,801 16,329 1,198,463 11,143 1,953 15,144 5,476
937 145 35 310 192 -- -- --
(603,919) (2,165) -- (1,095,914) (3,665) (128) -- --
---------- --------- --------- ---------- --------- ------- ------- ---------
142,303 36,781 16,364 102,859 7,670 1,825 15,144 5,476
========== ========= ========= ========== ========= ======= ======= =========
5,480,651 103,574 4,300,140 9,094,522 525,427 342,112 10,907 106,183
5,174 -- -- 924 30 -- -- --
(1,802,231) (731) (83,364) (7,327,720) (45,251) -- -- (10,248)
---------- --------- --------- ---------- --------- ------- ------- ---------
3,683,594 102,843 4,216,776 1,767,726 480,206 342,112 10,907 95,935
========== ========= ========= ========== ========= ======= ======= =========
3,198,676 1,714,854 1,565,794 2,938,830 2,741,436 393,313 191,665 2,135,815
58,502 7,437 1,870 43,474 28,172 88 -- --
(2,276,376) (80,307) (50,309) (1,054,932) (111,678) (19,946) (191) (36,195)
---------- --------- --------- ---------- --------- ------- ------- ---------
980,802 1,641,984 1,517,355 1,927,372 2,657,930 373,455 191,474 2,099,620
========== ========= ========= ========== ========= ======= ======= =========
<FN>
See Notes to Financial Statements.
</TABLE>
73
<PAGE>
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(g) 6/30/97(g) 6/30/96 6/30/95(d) 2/28/95(e)
---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 14.56 $15.36 $14.82 $12.73 $13.98
------- ------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) ..... 0.03 (0.04) (0.05) (0.01) (0.03)
Net realized and unrealized
gain/(loss) on investments ..... 1.64 0.62 2.92 2.10 (0.88)
------- ------ ------ ------ ------
Total from investment operations .. 1.67 0.58 2.87 2.09 (0.91)
------- ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.03) -- -- -- --
Distributions from net realized
gains .......................... (3.98) (1.38) (2.33) -- (0.34)
------- ------ ------ ------ ------
Total distributions .............. (4.01) (1.38) (2.33) -- (0.34)
------- ------ ------ ------ ------
Net asset value, end of period ... $ 12.22 $14.56 $15.36 $14.82 $12.73
======= ====== ====== ====== ======
Total return (b) ................. 13.75% 4.83% 22.03% 16.42% (6.45)%
======= ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $14,110 $6,270 $6,098 $4,701 $4,138
Ratio of operating expenses to
average net assets ............. 1.20% 1.20% 1.20% 1.20%(c) 1.18%
Ratio of net investment
income/(loss) to average net
assets ......................... 0.19% (0.32)% (0.42)% (0.21)%(c) (0.25)%
Portfolio turnover rate .......... 76% 88% 112% 31% 90%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.20% 1.20% 1.27% 1.44%(c) 1.41%
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on November 23, 1992,
April 25, 1994, September 26, 1995 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than 0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
<FN>
See Notes to Financial Statements.
</TABLE>
74
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------------------------- -------------------------------------
Year Year Year Period Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98(g) 6/30/97(g) 6/30/96 6/30/95(d) 2/28/95(e) 6/30/98(g) 6/30/97(g) 6/30/96
---------- ---------- ------- ---------- ---------- ---------- ---------- -------
<C> <C> <C> <C> <C> <C> <C> <C>
$14.17 $15.08 $14.70 $12.66 $12.88 $14.31 $15.25 $16.30
------ ------ ------ ------ ------ ------ ------ ------
(0.07) (0.15) (0.05) (0.02) (0.07) (0.07) (0.07) (0.05)
1.46 0.62 2.76 2.06 0.19 1.48 0.48 1.33
------ ------ ------ ------ ------ ------ ------ ------
1.39 0.47 2.71 2.04 0.12 1.41 0.44 1.28
------ ------ ------ ------ ------ ------ ------ ------
-- -- -- -- -- -- -- --
(3.98) (1.38) (2.33) -- (0.34) (3.98) (1.38) (2.33)
------ ------ ------ ------ ------ ------ ------ ------
(3.98) (1.38) (2.33) -- (0.34) (3.98) (1.38) (2.33)
------ ------ ------ ------ ------ ------ ------ ------
$11.58 $14.17 $15.08 $14.70 $12.66 $11.74 $14.31 $15.25
====== ====== ====== ====== ====== ====== ====== ======
12.16% 4.15% 21.05% 16.11% 0.99% 12.43% 3.89% 10.22%
====== ====== ====== ====== ====== ====== ====== ======
$1,197 $ 538 $ 286 $ 67 $ 39 $ 110 $ 281 $ 118
1.95% 1.95% 1.95% 1.95%(c) 1.88%(c) 1.95% 1.95% 1.95%(c)
(0.56)% (1.07)% (1.17)% (0.96)%(c) (0.95)%(c) (0.56)% (1.07)% (1.17)%(c)
76% 88% 112% 31% 90% 76% 88% 112%
1.95% 1.95% 2.02% 2.19%(c) 2.11%(c) 1.95% 1.95% 2.02%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
75
<PAGE>
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period (Continued)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(g) 6/30/96 6/30/95(d) 2/28/95(e)
------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 14.71 $ 15.47 $ 14.88 $ 12.77 $ 13.99
------- -------- -------- -------- --------
Income from investment operations:
Net investment income/(loss) ..... 0.06 (0.01) (0.02) 0.00(f) 0.00(f)
Net realized and unrealized
gain/(loss) on investments ..... 1.53 0.63 2.94 2.11 (0.88)
------- -------- -------- -------- --------
Total from investment operations .. 1.59 0.62 2.92 2.11 (0.88)
------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ......................... (0.06) -- -- -- --
Distributions from net realized
gains .......................... (3.98) (1.38) (2.33) -- (0.34)
------- -------- -------- -------- --------
Total distributions .............. (4.04) (1.38) (2.33) -- (0.34)
------- -------- -------- -------- --------
Net asset value, end of period ... $ 12.26 $ 14.71 $ 15.47 $ 14.88 $ 12.77
======= ======== ======== ======== ========
Total return (b) ................. 13.44% 5.07% 22.31% 16.52% (6.22)%
======= ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $72,516 $154,038 $188,390 $193,701 $177,584
Ratio of operating expenses to
average net assets ............. 0.95% 0.95% 0.95% 0.95%(c) 0.93%
Ratio of net investment
income/(loss) to average net
assets ......................... 0.44% (0.07)% (0.17)% 0.04%(c) 0.00%
Portfolio turnover rate .......... 76% 88% 112% 31% 90%
Ratio of operating expenses to
average net assets without
waivers ........................ 0.95% 0.95% 1.02% 1.19%(c) 1.16%
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on November 23, 1992,
April 25, 1994, September 26, 1995 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than 0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
76
<PAGE>
[ This Page Intentionally Left Blank ]
77
<PAGE>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $13.01 $12.35 $10.77 $ 9.95 $10.35
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............ 0.30 0.29 0.27 0.09 0.19
Net realized and unrealized
gain/(loss) on investments ..... 1.66 1.30 1.55 0.85 (0.41)
------ ------ ------ ------ ------
Total from investment operations .. 1.96 1.59 1.82 0.94 (0.22)
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.32) (0.27) (0.24) (0.12) (0.18)
Distributions from net realized
gains .......................... (1.17) (0.66) -- -- --
------ ------ ------ ------ ------
Total distributions .............. (1.49) (0.93) (0.24) (0.12) (0.18)
------ ------ ------ ------ ------
Net asset value, end of period ... $13.48 $13.01 $12.35 $10.77 $ 9.95
====== ====== ====== ====== ======
Total return (b) ................. 15.93% 13.63% 17.06% 9.44% (2.07)%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $ 844 $ 382 $ 375 $ 314 $ 286
Ratio of operating expenses to
average net assets ............. 1.17% 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to
average net assets ............. 2.41% 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate .......... 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.17% 1.22% 1.26% 1.51%(c) 1.57%
<FN>
- ----------------
(a) The Munder Balanced Fund Class A Shares, Class B Shares, Class C Shares
and Class Y Shares commenced operations on April 30, 1993, June 21, 1994,
January 24, 1996 and April 13, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
78
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------------------- ------------------------------------
Year Year Year Period Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e) 6/30/98 6/30/97(f) 6/30/96(f)
------- ---------- ---------- ---------- ---------- ------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C>
$12.97 $12.33 $10.76 $ 9.93 $ 9.56 $12.99 $12.35 $11.67
------ ------ ------ ------ ------ ------ ------ ------
0.21 0.19 0.18 0.06 0.07 0.22 0.18 0.05
1.64 1.30 1.56 0.84 0.37 1.62 1.32 0.67
------ ------ ------ ------ ------ ------ ------ ------
1.85 1.49 1.74 0.90 0.44 1.84 1.50 0.72
------ ------ ------ ------ ------ ------ ------ ------
(0.21) (0.19) (0.17) (0.07) (0.07) (0.21) (0.20) (0.04)
(1.17) (0.66) -- -- -- (1.17) (0.66) --
------ ------ ------ ------ ------ ------ ------ ------
(1.38) (0.85) (0.17) (0.07) (0.07) (1.38) (0.86) (0.04)
------ ------ ------ ------ ------ ------ ------ ------
$13.44 $12.97 $12.33 $10.76 $ 9.93 $13.45 $12.99 $12.35
====== ====== ====== ====== ====== ====== ====== ======
15.11% 12.73% 16.24% 9.11% 4.65% 15.00% 12.84% 6.20%
====== ====== ====== ====== ====== ====== ====== ======
$ 647 $ 199 $ 75 $ 15 $ 19 $ 115 $ 73 $ 3
1.92% 1.97% 1.90% 1.91%(c) 1.85%(c) 1.92% 1.97% 1.90%(c)
1.66% 1.55% 1.54% 1.76%(c) 1.26%(c) 1.66% 1.55% 1.54%(c)
79% 125% 197% 52% 116% 79% 125% 197%
1.92% 1.97% 2.01% 2.26%(c) 2.20%(c) 1.92% 1.97% 2.01%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
79
<PAGE>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period (Continued)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 13.01 $ 12.35 $ 10.77 $ 9.95 $ 10.36
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ............ 0.37 0.31 0.30 0.10 0.21
Net realized and unrealized
gain/(loss)
on investments ................. 1.62 1.31 1.55 0.85 (0.42)
------- ------- ------- ------- -------
Total from investment operations .. 1.99 1.62 1.85 0.95 (0.21)
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ......................... (0.35) (0.30) (0.27) (0.13) (0.20)
Distributions from net realized
gains .......................... (1.17) (0.66) -- -- --
------- ------- ------- ------- -------
Total distributions .............. (1.52) (0.96) (0.27) (0.13) (0.20)
Net asset value, end of period ... $ 13.48 $ 13.01 $ 12.35 $ 10.77 $ 9.95
======= ======= ======= ======= =======
Total return (b) ................. 16.23% 13.91% 17.35% 9.57% (1.91)%
======= ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $47,215 $70,314 $57,637 $48,844 $45,610
Ratio of operating expenses to
average net assets ............. 0.92% 0.97% 0.90% 0.91%(c) 0.97%
Ratio of net investment income to
average net assets ............. 2.66% 2.55% 2.54% 2.76%(c) 2.14%
Portfolio turnover rate .......... 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets without
waivers ........................ 0.92% 0.97% 1.01% 1.26%(c) 1.32%
<FN>
- ----------------
(a) The Munder Balanced Fund Class A Shares, Class B Shares, Class C Shares
and Class Y Shares commenced operations on April 30, 1993, June 21, 1994,
January 24, 1996 and April 13, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
80
<PAGE>
[ This Page Intentionally Left Blank ]
81
<PAGE>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(g)
------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $15.21 $13.04 $11.14 $10.42 $10.10
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............ 0.29 0.31 0.32 0.10 0.23
Net realized and unrealized gain
on investments ................. 2.96 3.14 1.98 0.80 0.24
------ ------ ------ ------ ------
Total from investment operations .. 3.25 3.45 2.30 0.90 0.47
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.28) (0.32) (0.31) (0.18) (0.15)
Distributions from net realized
gains .......................... (2.56) (0.96) (0.09) -- (0.00)(f)
------ ------ ------ ------ ------
Total distributions .............. (2.84) (1.28) (0.40) (0.18) (0.15)
------ ------ ------ ------ ------
Net asset value, end of period ... $15.62 $15.21 $13.04 $11.14 $10.42
====== ====== ====== ====== ======
Total return (b) ................. 23.03% 28.10% 20.90% 8.69% 4.79%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $9,545 $3,662 $1,025 $ 226 $ 128
Ratio of operating expenses to
average net assets ............. 1.19% 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to
average net assets ............. 1.78% 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate .......... 73% 62% 37% 13% 12%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.19% 1.20% 1.28% 15.51%(c) 1.53%(c)
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on August 8, 1994, August
9, 1994, December 5, 1995 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
82
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------------------------- ----------------------------------------
Year Year Year Period Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e) 6/30/98 6/30/97(g) 6/30/96(g)
------- ---------- ---------- ---------- ---------- ------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C>
$15.17 $13.02 $11.13 $10.41 $10.10 $15.16 $13.01 $12.60
------ ------ ------ ------ ------ ------ ------ ------
0.17 0.21 0.23 0.09 0.19 0.16 0.19 0.14
2.95 3.13 1.99 0.77 0.25 2.95 3.15 0.55
------ ------ ------ ------ ------ ------ ------ ------
3.12 3.34 2.22 0.86 0.44 3.11 3.34 0.69
------ ------ ------ ------ ------ ------ ------ ------
(0.16) (0.23) (0.24) (0.14) (0.13) (0.16) (0.23) (0.19)
(2.56) (0.96) (0.09) -- (0.00)(f) (2.56) (0.96) (0.09)
------ ------ ------ ------ ------ ------ ------ ------
(2.72) (1.19) (0.33) (0.14) (0.13) (2.72) (1.19) (0.28)
------ ------ ------ ------ ------ ------ ------ ------
$15.57 $15.17 $13.02 $11.13 $10.41 $15.55 $15.16 $13.01
====== ====== ====== ====== ====== ====== ====== ======
22.09% 27.16% 20.09% 8.30% 4.47% 22.05% 27.17% 5.57%
====== ====== ====== ====== ====== ====== ====== ======
$1,694 $ 641 $ 228 $ 57 $ 51 $1,776 $ 766 $ 31
1.94% 1.95% 1.96% 1.84%(c) 1.27%(c) 1.94% 1.95% 1.96%(c)
1.03% 1.53% 1.81% 2.58%(c) 3.96%(c) 1.03% 1.53% 1.81%(c)
73% 62% 37% 13% 12% 73% 62% 37%
1.94% 1.95% 2.03% 2.26%(c) 2.27%(c) 1.94% 1.95% 2.03%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
83
<PAGE>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period (Continued)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 15.23 $ 13.05 $ 11.14 $10.43 $10.00
------- ------- ------- ------ ------
Income from investment operations:
Net investment income ............ 0.32 0.35 0.35 0.11 0.25
Net realized and unrealized gain
on investments ................. 2.97 3.14 1.98 0.79 0.34
------- ------- ------- ------ ------
Total from investment operations .. 3.29 3.49 2.33 0.90 0.59
------- ------- ------- ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.32) (0.35) (0.33) (0.19) (0.16)
Distributions from net realized
gains .......................... (2.56) (0.96) (0.09) -- 0.00(f)
------- ------- ------- ------ ------
Total distributions .............. (2.88) (1.31) (0.42) (0.19) (0.16)
------- ------- ------- ------ ------
Net asset value, end of period ... $ 15.64 $ 15.23 $ 13.05 $11.14 $10.43
======= ======= ======= ====== ======
Total return (b) ................. 23.32% 28.43% 21.26% 8.69% 6.02%
======= ======= ======= ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $34,840 $29,674 $20,464 $7,860 $4,142
Ratio of operating expenses to
average net assets ............. 0.94% 0.95% 0.96% 0.84%(c) 0.28%(c)
Ratio of net investment income to
average net assets ............. 2.03% 2.53% 2.81% 3.58%(c) 4.97%(c)
Portfolio turnover rate .......... 73% 62% 37% 13% 12%
Ratio of operating expenses to
average net assets without
waivers ........................ 0.94% 0.95% 1.03% 1.26%(c) 1.28%(c)
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on August 8, 1994, August
9, 1994, December 5, 1995 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
84
<PAGE>
[ This Page Intentionally Left Blank ]
85
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $15.73 $15.09 $13.42 $12.29 $13.68
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............ 0.15 0.14 0.15 0.12 0.17
Net realized and unrealized gain
on investments ................. 0.34 2.30 1.64 1.01 (1.48)
------ ------ ------ ------ ------
Total from investment operations .. 0.49 2.44 1.79 1.13 (1.31)
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.19) (0.21) (0.12) -- (0.02)
Distributions from net realized
gains .......................... (1.00) (1.59) -- -- --
Distributions from capital ....... -- -- -- -- (0.06)
------ ------ ------ ------ ------
Total distributions .............. (1.19) (1.80) (0.12) -- (0.08)
------ ------ ------ ------ ------
Net asset value, end of period ... $15.03 $15.73 $15.09 $13.42 $12.29
====== ====== ====== ====== ======
Total return (b) ................. 4.30% 17.98% 13.37% 9.28% (9.67)%
====== ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $6,264 $6,710 $4,767 $1,400 $1,339
Ratio of operating expenses to
average net assets ............. 1.25% 1.26% 1.26% 1.21%(c) 1.18%
Ratio of net investment income to
average net
assets ......................... 1.03% 0.98% 1.07% 2.57%(c) 1.31%
Portfolio turnover rate .......... 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.25% 1.26% 1.33% 1.46%(c) 1.43%
<FN>
- ----------------
(a) The Munder International Equity Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on November 30,
1992, March 9, 1994, September 29, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
86
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------------------- ----------------------------------
Year Year Year Period Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f) 6/30/98 6/30/97(f) 6/30/96(f)
------- ---------- ---------- ---------- ------------ ------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C>
$15.57 $14.91 $13.35 $12.26 $13.45 $15.68 $15.02 $14.13
------ ------ ------ ------ ------ ------ ------ ------
0.05 0.03 0.05 0.08 0.08 0.04 0.03 0.04
0.32 2.28 1.62 1.01 (1.21) 0.34 2.30 0.95
------ ------ ------ ------ ------ ------ ------ ------
0.37 2.31 1.67 1.09 (1.13) 0.38 2.33 0.99
------ ------ ------ ------ ------ ------ ------ ------
(0.11) (0.06) (0.11) -- (0.00)(g) (0.11) (0.08) (0.10)
(1.00) (1.59) -- -- -- (1.00) (1.59) --
-- -- -- -- (0.06) -- -- --
------ ------ ------ ------ ------ ------ ------ ------
(1.11) (1.65) (0.11) -- (0.06) (1.11) (1.67) (0.10)
------ ------ ------ ------ ------ ------ ------ ------
$14.83 $15.57 $14.91 $13.35 $12.26 $14.95 $15.68 $15.02
====== ====== ====== ====== ====== ====== ====== ======
3.54% 17.18% 12.53% 8.89% (8.38)% 3.50% 17.18% 7.06%
====== ====== ====== ====== ====== ====== ====== ======
$1,121 $1,151 $ 957 $ 128 $ 118 $1,911 $2,259 $1,584
2.00% 2.01% 2.01% 1.96%(c) 1.88%(c) 2.00% 2.01% 2.01%(c)
0.28% 0.23% 0.32% 1.82%(c) 0.61%(c) 0.28% 0.23% 0.32%(c)
41% 46% 75% 14% 20% 41% 46% 75%
2.00% 2.01% 2.08% 2.21%(c) 2.13%(c) 2.00% 2.01% 2.08%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
87
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period (Continued)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 15.80 $ 15.15 $ 13.45 $ 12.30 $ 13.68
-------- -------- ------- ------- -------
Income from investment operations:
Net investment income ............ 0.19 0.18 0.19 0.12 0.20
Net realized and unrealized gain
on investments ................. 0.33 2.32 1.64 1.03 (1.47)
-------- -------- ------- ------- -------
Total from investment operations .. 0.52 2.50 1.83 1.15 (1.27)
-------- -------- ------- ------- -------
Less distributions:
Dividends from net investment
income ......................... (0.22) (0.26) (0.13) -- (0.05)
Distributions from net realized
gains .......................... (1.00) (1.59) -- -- --
Distributions from capital ....... -- -- -- -- (0.06)
-------- -------- ------- ------- -------
Total distributions .............. (1.22) (1.85) (0.13) -- (0.11)
-------- -------- ------- ------- -------
Net asset value, end of period ... $ 15.10 $ 15.80 $ 15.15 $ 13.45 $ 12.30
======== ======== ======= ======= =======
Total return (b) ................. 4.48% 18.35% 13.63% 9.35% (9.33)%
======== ======== ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $102,081 $107,831 $89,435 $75,000 $68,263
Ratio of operating expenses to
average net assets ............. 1.00% 1.01% 1.01% 0.96%(c) 0.93%
Ratio of net investment income to
average
net assets ..................... 1.28% 1.23% 1.32% 2.82%(c) 1.56%
Portfolio turnover rate .......... 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets
without waivers ................ 1.00% 1.01% 1.08% 1.21%(c) 1.18%
<FN>
- ----------------
(a) The Munder International Equity Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on November 30,
1992, March 9, 1994, September 29, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
88
<PAGE>
[ This Page Intentionally Left Blank ]
89
<PAGE>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98 6/30/97(d)
---------- ---------- ------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 12.81 $10.00 $ 12.79 $11.00
------- ------ ------- ------
Income from investment operations:
Net investment loss ................... (0.17) (0.05) (0.29) (0.05)
Net realized and unrealized gain on
investments ......................... 5.00 2.86 4.97 1.84
------- ------ ------- ------
Total from investment operations ...... 4.83 2.81 4.68 1.79
------- ------ ------- ------
Less distributions:
Distributions from net realized gains .. (0.64) -- (0.64) --
------- ------ ------- ------
Total distributions ................... (0.64) -- (0.64) --
------- ------ ------- ------
Net asset value, end of period ........ $ 17.00 $12.81 $ 16.83 $12.79
======= ====== ======= ======
Total return (b) ...................... 38.01% 28.10% 36.87% 16.27%
======= ====== ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $10,821 $ 184 $15,965 $ 442
Ratio of operating expenses to average
net assets .......................... 1.53% 1.50%(c) 2.28% 2.25%(c)
Ratio of net investment loss to average
net assets .......................... (0.97)% (0.88)%(c) (1.72)% (1.63)%(c)
Portfolio turnover rate ............... 172% 68% 172% 68%
Ratio of operating expenses to average
net assets without waivers and/or
expenses reimbursed ................. 1.78% 7.90%(c) 2.53% 8.65%(c)
<FN>
- ----------------
(a) The 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) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
90
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ----------
<C> <C> <C> <C>
$12.79 $10.13 $ 12.83 $10.00
------ ------ ------- ------
(0.29) (0.03) (0.13) (0.03)
4.98 2.69 4.99 2.86
------ ------ ------- ------
4.69 2.66 4.86 2.83
------ ------ ------- ------
(0.64) -- (0.64) --
------ ------ ------- ------
(0.64) -- (0.64) --
------ ------ ------- ------
$16.84 12.79 17.05 12.83
====== ===== ===== =====
36.95% 26.26% 38.19% 28.30%
====== ===== ===== =====
$7,441 $ 111 $15,337 $2,279
2.28% 2.25%(c) 1.28% 1.25%(c)
(1.72)% (1.63%)(c) (0.72)% (0.63)%(c)
172% 68% 172% 68%
2.53% 8.65%(c) 1.53% 7.65%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
91
<PAGE>
Munder Mid-Cap Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
---------- ---------- ----------
Year Year Period
Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period .. $10.47 $11.56 $10.55
------ ------ ------
Income from investment operations:
Net investment loss ................... (0.06) (0.07) (0.04)
Net realized and unrealized gain on
investments ......................... 0.58 0.18 1.05
------ ------ ------
Total from investment operations ...... 0.52 0.11 1.01
------ ------ ------
Less distributions:
Distributions from net realized gains .. (0.05) (1.20)
Distribution in excess of net realized
gains ............................... (0.21) -- --
------ ------ ------
Total distributions ................... (0.26) (1.20) --
------ ------ ------
Net asset value, end of period ........ $10.73 $10.47 $11.56
====== ====== ======
Total return (b) ...................... 5.05% 0.90% 9.57%
====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $ 170 $ 63 $ 202
Ratio of operating expenses to average
net assets .......................... 1.34% 1.24% 1.20%(c)
Ratio of net investment loss to average
net assets .......................... (0.59)% (0.61)% (0.53)%(c)
Portfolio turnover rate ............... 137% 162% 247%
Ratio of operating expenses to average
net assets without waivers .......... 1.34% 1.46% 1.38% (c)
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on December 22, 1995,
January 26,1996, November 9, 1995 and August 14, 1995, 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.
See Notes to Financial Statements.
</TABLE>
92
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares Y Shares
------------------------------------ ------------------------------------ ------------------------------------
Year Year Period Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/96(d) 6/30/98(d) 6/30/97(d) 6/30/96(d) 6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$10.35 $11.53 $10.57 $10.34 $11.51 $10.40 $ 10.51 $ 11.58 $ 10.00
------ ------ ------ ------ ------ ------ ------- ------- -------
(0.14) (0.14) (0.08) (0.15) (0.14) (0.09) (0.04) (0.04) (0.03)
0.57 0.16 1.04 0.57 0.17 1.20 0.59 0.17 1.61
------ ------ ------ ------ ------ ------ ------- ------- -------
0.43 0.02 0.96 0.42 0.03 1.11 0.55 0.13 1.58
------ ------ ------ ------ ------ ------ ------- ------- -------
(0.05) (1.20) -- (0.05) (1.20) -- (0.05) (1.20) --
(0.21) -- -- (0.21) -- -- (0.21) -- --
------ ------ ------ ------ ------ ------ ------- ------- -------
(0.26) (1.20) -- (0.26) (1.20) -- (0.26) (1.20) --
------ ------ ------ ------ ------ ------ ------- ------- -------
$10.52 $10.35 $11.53 $10.50 $10.34 $11.51 $ 10.80 $ 10.51 $ 11.58
====== ====== ====== ====== ====== ====== ======= ======= =======
4.13% 0.07% 9.08% 4.13% 0.17% 10.67% 5.23% 1.07% 15.80%
====== ====== ====== ====== ====== ====== ======= ======= =======
$ 499 $ 106 $ 53 $ 98 $ 111 $ 53 $29,389 $23,472 $21,449
2.09% 1.99% 1.95%(c) 2.08% 1.99% 1.95% (c) 1.08% 0.99% 0.95%(c)
(1.28)%
(1.34)% (1.36)% (1.28)%(c) (1.34)% (1.36)% (c) (0.34)% (0.36)% (0.28)%(c)
137% 162% 247% 137% 162% 247% 137% 162% 247%
2.09% 2.21% 2.13%(c) 2.08% 2.21% 2.13% (c) 1.08% 1.21% 1.13%(c)
See Notes to Financial Statements.
</TABLE>
93
<PAGE>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e,h) 12/31/94
---------- ---------- ---------- -------------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 18.02 $ 14.83 $12.02 $10.38 $10.68
------- ------- ------ ------ ------
Income from investment operations:
Net investment income/(loss) ..... 0.00 (g) 0.04 0.06 0.01 0.01
Net realized and unrealized
gain/(loss) on investments ..... 4.37 3.90 3.20 1.63 (0.27)
------- ------- ------ ------ ------
Total from investment operations .. 4.37 3.94 3.26 1.64 (0.26)
------- ------- ------ ------ ------
Dividends from net investment
income ......................... (0.01) -- (0.05) -- --
Distributions from net realized
gains .......................... (0.92) (0.75) (0.40) -- (0.04)
------- ------- ------ ------ ------
Total distributions .............. (0.93) (0.75) (0.45) -- (0.04)
------- ------- ------ ------ ------
Net asset value, end of period ... $ 21.46 $ 18.02 $14.83 $12.02 $10.38
======= ======= ====== ====== ======
Total return (b) ................. 25.02% 27.57% 27.56% 15.80% (2.45)%
======= ======= ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $32,311 $16,693 $9,544 $9,409 $2,829
Ratio of operating expenses to
average net assets ............. 1.21% 1.25% 1.26% 1.65%(c) 1.75%
Ratio of net investment income to
average net assets ............. 0.00% 0.25% 0.44% 0.28%(c) 0.04%
Portfolio turnover rate .......... 34% 33% 54% 27% 48%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.39% 1.50% 1.51% 1.97%(c) 3.05%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on August 4, 1993, April
29, 1993 and September 20, 1993, and August 16, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than 0.01 per share.
(h) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
See Notes to Financial Statements.
</TABLE>
94
<PAGE>
<TABLE>
<CAPTION>
B Shares
------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e,h) 12/31/94
---------- ---------- ---------- -------------- --------
<C> <C> <C> <C> <C>
$ 17.54 $ 14.56 $ 11.85 $ 10.27 $ 10.65
-------- ------- ------- ------- -------
(0.14) (0.08) (0.04) (0.03) (0.07)
4.22 3.81 3.15 1.61 (0.27)
-------- ------- ------- ------- -------
4.08 3.73 3.11 1.58 (0.34)
-------- ------- ------- ------- -------
-- -- -- -- --
(0.92) (0.75) (0.40) -- (0.04)
-------- ------- ------- ------- -------
(0.92) (0.75) (0.40) -- (0.04)
-------- ------- ------- ------- -------
$ 20.70 $ 17.54 $ 14.56 $ 11.85 $ 10.27
======== ======= ======= ======= =======
24.12% 26.61% 26.66% 15.38% (3.21)%
======== ======= ======= ======= =======
$102,700 $84,865 $66,630 $54,349 $46,549
1.96% 2.00% 2.01% 2.40%(c) 2.50%
(0.75)% (0.50)% (0.31)% (0.47)%(c) (0.71)%
34% 33% 54% 27% 48%
2.14% 2.25% 2.26% 2.72%(c) 2.89%
<FN>
See Notes to Financial Statements.
</TABLE>
95
<PAGE>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
C Shares
------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e,h) 12/31/94
---------- ---------- ---------- -------------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .................... $ 17.56 $14.57 $11.86 $10.28 $10.66
------- ------ ------ ------ ------
Income from investment
operations:
Net investment income/(loss) (0.14) (0.08) (0.04) (0.02) (0.07)
Net realized and unrealized
gain/(loss) on investments 4.23 3.82 3.15 1.60 (0.27)
------- ------ ------ ------ ------
Total from investment
operations ................ 4.09 3.74 3.11 1.58 (0.34)
------- ------ ------ ------ ------
Less distributions:
Dividends from net investment
income .................... -- -- -- -- --
Distributions from net
realized gains ............ (0.92) (0.75) (0.40) -- (0.04)
------- ------ ------ ------ ------
Total distributions ......... (0.92) (0.75) (0.40) -- (0.04)
------- ------ ------ ------ ------
Net asset value, end of
period .................... $ 20.73 $17.56 $14.57 $11.86 $10.28
======= ====== ====== ====== ======
Total return (b) ............ 24.09% 26.66% 26.64% 15.37% (3.21)%
======= ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) .................... $14,411 $9,253 $5,605 $3,207 $2,071
Ratio of operating expenses
to average net assets ....... 1.96% 2.00% 2.01% 2.40%(c) 2.50%
Ratio of net investment
income/(loss) to average
net assets ................ (0.75)% (0.50)% (0.31)% (0.47)%(c) (0.65)%
Portfolio turnover rate ..... 34% 33% 54% 27% 48%
Ratio of operating expenses
to average net assets
without waivers ........... 2.14% 2.25% 2.26% 2.72%(c) 4.57%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on August 4, 1993, April
29, 1993, September 20, 1993, and August 16, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than 0.01 per share.
(h) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
<FN>
See Notes to Financial Statements.
</TABLE>
96
<PAGE>
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e,h) 12/31/94
---------- ---------- ---------- -------------- --------
<C> <C> <C> <C> <C>
$ 18.17 $ 14.94 $ 12.10 $ 10.43 $10.70
-------- -------- -------- ------- ------
0.05 0.08 0.09 0.00(g) 0.04
4.38 3.94 3.22 1.67 (0.27)
-------- -------- -------- ------- ------
4.43 4.02 3.31 1.67 (0.23)
-------- -------- -------- ------- ------
(0.02) (0.04) (0.07) -- --
(0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- ------- ------
(0.94) (0.79) (0.47) -- (0.04)
-------- -------- -------- ------- ------
$ 21.66 $ 18.17 $ 14.94 $ 12.10 $10.43
======== ======== ======== ======= ======
25.28% 27.96% 27.85% 16.01% (2.17)%
======== ======== ======== ======= ======
$332,156 $176,027 $130,129 $87,604 $3,244
0.96% 1.00% 1.01% 1.40%(c) 1.50%
0.25% 0.50% 0.69% 0.53%(c) 0.29%
34% 33% 54% 27% 48%
1.14% 1.25% 1.26% 1.72%(c) 2.53%
<FN>
See Notes to Financial Statements.
</TABLE>
97
<PAGE>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
---------- ------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $14.40 $11.22 $10.09 $10.00
------ ------ ------ ------
Income from investment operations:
Net investment income ............ 0.64 0.44 0.45 0.36
Net realized and unrealized gain
on investments ................. 0.66 3.26 1.12 0.07
------ ------ ------ ------
Total from investment operations .. 1.30 3.70 1.57 0.43
------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.62) (0.48) (0.44) (0.34)
Distributions in excess of net
investment income .............. -- (0.01) -- --
Distributions from net realized
gains .......................... (0.14) -- -- --
Distributions from paid-in capital -- (0.03) -- --
------ ------ ------ ------
Total distributions .............. (0.76) (0.52) (0.44) (0.34)
------ ------ ------ ------
Net asset value, end of period ... $14.94 14.40 11.22 10.09
====== ===== ===== =====
Total return (b) ................. 8.93% 33.51% 15.92% 4.45%
====== ===== ===== =====
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $4,099 $1,426 $ 267 $ 223
Ratio of operating expenses to
average net assets ............. 1.28% 1.35% 1.25% 1.50%(c)
Ratio of net investment income to
average net assets ............. 4.15% 3.80% 4.25% 5.03%(c)
Portfolio turnover rate .......... 15% 15% 17% 3%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.28% 1.38% 1.52% 7.23%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares, Class C and Class Y Shares commenced operations on on September
30, 1994, October 3, 1994, January 5, 1996 and October 3, 1994,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
98
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------- ----------------------------------------
Year Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended
6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d) 6/30/98(e) 6/30/97 6/30/96(e)
---------- ------- ---------- ---------- ---------- ------- ----------
<C> <C> <C> <C> <C> <C> <C>
$14.40 11.22 10.09 10.00 14.44 11.25 10.76
0.53 0.36 0.38 0.30 0.53 0.36 0.18
0.65 3.24 1.11 0.07 0.66 3.26 0.47
1.18 3.60 1.49 0.37 1.19 3.62 0.65
(0.51) (0.38) (0.36) (0.28) (0.51) (0.39) (0.16)
-- (0.01) -- -- -- (0.01) --
(0.14) -- -- -- (0.14) -- --
-- (0.03) -- -- -- (0.03) --
(0.65) (0.42) (0.36) (0.28) (0.65) (0.43) (0.16)
$14.93 $14.40 $11.22 $10.09 $14.98 $14.44 $11.25
8.12% 32.52% 15.05% 3.87% 8.17% 32.57% 6.08%
$6,956 $4,606 $1,707 $1,496 $1,513 $ 537 $ 4
2.03% 2.10% 2.00% 2.25%(c) 2.03% 2.10% 2.00%(c)
3.40% 3.05% 3.50% 4.28%(c) 3.40% 3.05% 3.50%(c)
15% 15% 17% 3% 15% 15% 17%
2.03% 2.13% 2.27% 7.98%(c) 2.03% 2.13% 2.27%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
99
<PAGE>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
---------- ------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 14.40 $ 11.22 $ 10.09 $10.00
------- ------- ------- ------
Income from investment operations:
Net investment income ............ 0.68 0.51 0.47 0.37
Net realized and unrealized gain
on investments ................. 0.66 3.22 1.13 0.08
------- ------- ------- ------
Total from investment operations .. 1.34 3.73 1.60 0.45
------- ------- ------- ------
Less distributions:
Dividends from net investment
income ......................... (0.65) (0.51) (0.47) (0.36)
Distributions in excess of net
investment income .............. -- (0.01) -- --
Distributions from net realized
gains .......................... (0.14) -- -- --
Distributions from paid-in capital -- (0.03) -- --
Total distributions .............. (0.79) (0.55) (0.47) (0.36)
------- ------- ------- ------
Net asset value, end of period ... $ 14.95 $ 14.40 $ 11.22 $10.09
======= ======= ======= ======
Total return (b) ................. 9.24% 33.79% 16.20% 4.64%
======= ======= ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $82,611 $48,206 $19,125 $4,989
Ratio of operating expenses to
average net assets ............. 1.03% 1.10% 1.00% 1.25%(c)
Ratio of net investment income to
average net assets ............. 4.40% 4.05% 4.50% 5.28%(c)
Portfolio turnover rate .......... 15% 15% 17% 3%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.03% 1.13% 1.27% 6.98%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares, Class C and Class Y Shares commenced operations on on September
30, 1994, October 3, 1994, January 5, 1996 and October 3, 1994,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
100
<PAGE>
[ This Page Intentionally Left Blank ]
101
<PAGE>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $12.04 $10.22 $12.03 $10.76
------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) ..... 0.08 0.09 (0.03) 0.05
Net realized and unrealized gain
on investments ................. 2.82 1.77 2.83 1.24
------ ------ ------ ------
Total from investment operations .. 2.90 1.86 2.80 1.29
------ ------ ------ ------
Less distributions:
Dividends from net investment
income ......................... (0.06) (0.04) -- (0.02)
Distribution from net realized
capital gains .................. (0.64) -- (0.64) --
------ ------ ------ ------
Total distributions .............. (0.70) (0.04) (0.64) (0.02)
------ ------ ------ ------
Net asset value, end of period ... $14.24 $12.04 $14.19 $12.03
====== ====== ====== ======
Total return (b) ................. 24.36% 18.20% 23.58% 12.03%
====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $6,474 $1,164 $3,237 $ 373
Ratio of operating expenses to
average net assets ............. 1.27% 1.38%(c) 2.02% 2.13%(c)
Ratio of net investment
income/(loss) to average net
assets ......................... 0.56% 1.93%(c) (0.19)% 1.18%(c)
Portfolio turnover rate .......... 53% 73% 53% 73%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.27% 1.51%(c) 2.02% 2.26%(c)
<FN>
- ----------------
(a) The Munder Small-Cap 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 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) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
102
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ----------
<C> <C> <C> <C>
$12.02 $10.22 $ 12.04 $ 10.00
------ ------ ------- -------
(0.03) 0.05 0.11 0.12
2.83 1.78 2.84 1.96
------ ------ ------- -------
2.80 1.83 2.95 2.08
------ ------ ------- -------
-- (0.03) (0.10) (0.04)
(0.64) -- (0.64) --
------ ------ ------- -------
(0.64) (0.03) (0.74) (0.04)
------ ------ ------- -------
$14.18 $12.02 $ 14.25 $ 12.04
====== ====== ======= =======
23.60% 17.92% 24.84% 20.86%
====== ====== ======= =======
$1,932 $ 197 $71,251 $18,271
2.02% 2.13%(c) 1.02% 1.13%(c)
(0.19)% 1.18%(c) 0.81% 2.18%(c)
53% 73% 53% 73%
2.02% 2.26%(c) 1.02% 1.26%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
103
<PAGE>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 21.61 $ 21.08 $15.28 $13.89 $14.37
------- ------- ------ ------ ------
Income from investment operations:
Net investment loss .............. (0.13) (0.12) (0.12) (0.02) (0.07)
Net realized and unrealized
gain/(loss) on investments ..... 2.59 3.64 7.16 1.41 (0.39)
------- ------- ------ ------ ------
Total from investment operations .. 2.46 3.52 7.04 1.39 (0.46)
------- ------- ------ ------ ------
Less distributions:
Distributions from net realized
capital gains .................. (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------ ------ ------
Total distributions .............. (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------ ------ ------
Net asset value, end of period ... $ 19.96 $ 21.61 $21.08 $15.28 $13.89
======= ======= ====== ====== ======
Total return (b) ................. 12.41% 18.88% 48.28% 10.01% (3.21)%
======= ======= ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ......................... $20,909 $11,646 $4,832 $2,871 $2,697
Ratio of operating expenses to
average net assets ............. 1.20% 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to
average net assets ............. (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate .......... 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without
waivers ........................ 1.20% 1.22% 1.28% 1.46%(c) 1.48%
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on November 23,
1992, April 28, 1994, September 26, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
104
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------------------------- ----------------------------------------
Year Year Year Period Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d) 6/30/98(f) 6/30/97(f) 6/30/96(f)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 21.05 $20.74 $15.15 $13.81 $13.54 $21.32 $20.93 $17.05
------- ------ ------ ------ ------ ------ ------ ------
(0.28) (0.25) (0.26) (0.05) (0.05) (0.28) (0.25) (0.21)
2.50 3.55 7.09 1.39 0.34 2.53 3.63 5.33
------- ------ ------ ------ ------ ------ ------ ------
2.22 3.30 6.83 1.34 0.29 2.25 3.38 5.12
------- ------ ------ ------ ------ ------ ------ ------
(4.11) (2.99) (1.24) -- (0.02) (4.11) (2.99) (1.24)
------- ------ ------ ------ ------ ------ ------ ------
(4.11) (2.99) (1.24) -- (0.02) (4.11) (2.99) (1.24)
------- ------ ------ ------ ------ ------ ------ ------
$ 19.16 $21.05 $20.74 $15.15 $13.81 $19.46 $21.32 $20.93
======= ====== ====== ====== ====== ====== ====== ======
11.51% 18.06% 47.26% 9.70% 2.13% 11.50% 18.26% 31.97%
======= ====== ====== ====== ====== ====== ====== ======
$14,013 $5,735 $ 990 $ 46 $ 39 $6,319 $2,271 $ 76
1.95% 1.97% 1.96% 1.96%(c) 1.85%(c) 1.95% 1.97% 1.96%(c)
(1.32)% (1.37)% (1.41)% (1.16)%(c) (1.02)%(c) (1.32)% (1.37)% (1.41)%(c)
123% 98% 98% 39% 45% 123% 98% 98%
1.95% 1.97% 2.03% 2.21%(c) 2.10%(c) 1.95% 1.97% 2.03%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
105
<PAGE>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period (Continued)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 21.84 $ 21.21 $ 15.33 $ 13.93 $ 14.38
-------- -------- -------- ------- -------
Income from investment operations:
Net investment loss .............. (0.07) (0.07) (0.07) (0.01) (0.02)
Net realized and unrealized
gain/(loss) on investments ..... 2.60 3.69 7.19 1.41 (0.41)
-------- -------- -------- ------- -------
Total from investment operations .. 2.53 3.62 7.12 1.40 (0.43)
-------- -------- -------- ------- -------
Less distributions:
Distributions from net realized
capital gains .................. (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- ------- -------
Total distributions .............. (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- ------- -------
Net asset value, end of period ... $ 20.26 $ 21.84 $ 21.21 $ 15.33 $ 13.93
======== ======== ======== ======= =======
Total return (b) ................. 12.57% 19.26% 48.65% 10.05% (3.00)%
======== ======== ======== ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in
000's) ........................... $209,081 $152,772 $107,492 $79,968 $72,207
Ratio of operating expenses to
average net assets ............. 0.95% 0.97% 0.96% 0.96%(c) 0.98%
Ratio of net investment loss to
average net assets ............. (0.32)% (0.37)% (0.41)% (0.16)%(c) (0.15)%
Portfolio turnover rate .......... 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without
waivers ........................ 0.95% 0.97% 1.03% 1.21%(c) 1.23%
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on November 23,
1992, April 28, 1994, September 26, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
106
<PAGE>
[ This Page Intentionally Left Blank ]
107
<PAGE>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
------------------------------------------
Year Year Period
Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period .. $13.98 $11.57 $10.38
------ ------ ------
Income from investment operations:
Net investment income/(loss) .......... 0.10 0.08 0.05
Net realized and unrealized gain on
investments ......................... 3.35 3.64 1.19
------ ------ ------
Total from investment operations ...... 3.45 3.72 1.24
------ ------ ------
Less distributions:
Dividends from net investment income .. (0.09) (0.09) (0.05)
Distributions from net realized gains .. (1.15) (1.22) --
------ ------ ------
Total distributions ................... (1.24) (1.31) (0.05)
------ ------ ------
Net asset value, end of period ........ $16.19 $13.98 $11.57
====== ====== ======
Total return (b) ...................... 25.53% 34.38% 11.95%
====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $5,763 $1,587 $ 424
Ratio of operating expenses to average
net assets .......................... 1.24% 1.27% 1.20%(c)
Ratio of net investment income/(loss)
to average net assets ............... 0.61% 0.70% 0.64%(c)
Portfolio turnover rate ............... 92% 139% 223%
Ratio of operating expenses to average
net assets without waivers .......... 1.24% 1.31% 1.30%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, February 9, 1996 and August 18, 1995, 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.
See Notes to Financial Statements.
</TABLE>
108
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares Y Shares
-------------------------------------- -------------------------------------- --------------------------------------
Year Year Period Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/96(d) 6/30/98(d) 6/30/97(d) 6/30/96(d) 6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$13.93 $11.55 $10.41 $13.93 $11.54 $11.35 $ 14.00 $ 11.59 $ 10.00
------ ------ ------ ------ ------ ------ -------- ------- -------
(0.02) (0.01) (0.01) (0.02) (0.01) (0.01) 0.13 0.12 0.09
3.36 3.61 1.16 3.34 3.62 0.23 3.38 3.63 1.56
------ ------ ------ ------ ------ ------ -------- ------- -------
3.34 3.60 1.15 3.32 3.61 0.22 3.51 3.75 1.65
------ ------ ------ ------ ------ ------ -------- ------- -------
(0.01) -- (0.01) (0.01) -- (0.03) (0.13) (0.12) (0.06)
(1.15) (1.22) -- (1.15) (1.22) -- (1.15) (1.22) --
------ ------ ------ ------ ------ ------ -------- ------- -------
(1.16) (1.22) (0.01) (1.16) (1.22) (0.03) (1.28) (1.34) (0.06)
------ ------ ------ ------ ------ ------ -------- ------- -------
$16.11 $13.93 $11.55 $16.09 $13.93 $11.54 $ 16.23 $ 14.00 $ 11.59
====== ====== ====== ====== ====== ====== ======== ======= =======
24.93% 33.24% 11.09% 24.78% 33.36% 1.90% 26.12% 34.66% 16.52%
====== ====== ====== ====== ====== ====== ======== ======= =======
$2,309 $ 935 $ 103 $1,179 $ 527 $ 348 $165,235 $80,004 $35,432
1.99% 2.02% 1.95%(c) 1.99% 2.02% 1.95%(c) 0.99% 1.02% 0.95%(c)
(0.14)% (0.05)% (0.11)%(c) (0.14)% (0.05)% (0.11)%(c) 0.86% 0.95% 0.89%(c)
92% 139% 223% 92% 139% 223% 92% 139% 223%
1.99% 2.06% 2.05%(c) 1.99% 2.06% 2.05%(c) 0.99% 1.06% 1.05%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
109
<PAGE>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 12.92 $10.18 $ 12.91 $11.13
------- ------ ------- ------
Income from investment operations:
Net investment income ................. 0.11 0.05 0.02 0.01
Net realized and unrealized gain/(loss)
on investments ...................... (3.73) 2.71 (3.71) 1.79
------- ------ ------- ------
Total from investment operations ...... (3.62) 2.76 (3.69) 1.80
------- ------ ------- ------
Less distributions:
Dividends from net investment income .. (0.04) (0.02) (0.00)(e) (0.02)
Distributions from net realized gains .. (0.05) -- (0.05) --
Distributions in excess of net realized
gains ............................... (0.22) -- (0.22) --
------- ------ ------- ------
Total distributions ................... (0.31) (0.02) (0.27) (0.02)
------- ------ ------- ------
Net asset value, end of period ........ $ 8.99 $12.92 $ 8.95 $12.91
======= ====== ======= ======
Total return (b) ...................... (28.34)% 27.16% (28.90)% 16.21%
======= ====== ======= ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $ 632 $ 532 $ 511 $ 134
Ratio of operating expenses to average
net assets .......................... 1.89% 1.79%(c) 2.64% 2.54%(c)
Ratio of net investment income to
average net assets .................. 0.93% 1.14%(c) 0.18% 0.39%(c)
Portfolio turnover rate ............... 94% 46% 94% 46%
Ratio of operating expenses to average
net assets without expenses
reimbursed .......................... 2.14% 5.43%(c) 2.89% 6.18%(c)
<FN>
- ----------------
(a) The Munder Framlington Emerging Markets Fund Class A Shares, Class B
Shares, Class C Shares and Class Y Shares commenced operations on January
14, 1997, February 25, 1997, March 3, 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) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
110
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ----------
<C> <C> <C> <C>
$ 12.92 $10.95 $ 12.92 $10.00
------- ------ ------- ------
0.02 0.01 0.13 0.07
(3.71) 1.96 (3.72) 2.88
------- ------ ------- ------
(3.69) 1.97 (3.59) 2.95
------- ------ ------- ------
(0.00)(e) (0.00)(e) (0.06) (0.03)
(0.05) -- (0.05) --
(0.22) -- (0.22) --
------- ------ ------- ------
(0.27) 0.00(e) (0.33) (0.03)
------- ------ ------- ------
$ 8.96 $12.92 $ 9.00 $12.92
======= ====== ======= ======
(28.88)% 18.03% (28.12)% 29.51%
======= ====== ======= ======
$ 132 $ 24 $14,332 $4,826
2.64% 2.54% (c) 1.64% 1.54% (c)
0.18% 0.39% (c) 1.18% 1.39% (c)
94% 46% 94% 46%
2.89% 6.18% (c) 1.89% 5.18% (c)
<FN>
See Notes to Financial Statements.
</TABLE>
111
<PAGE>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
----------------------- -----------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97 6/30/98(d) 6/30/97
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .. $10.89 $11.30 $10.85 $11.02
------ ------ ------ ------
Income from investment operations:
Net investment loss ................... (0.15) (0.01) (0.23) (0.02)
Net realized and unrealized gain/(loss)
on investments ...................... 1.08 (0.40) 1.07 (0.15)
------ ------ ------ ------
Total from investment operations ...... 0.93 (0.41) 0.84 (0.17)
------ ------ ------ ------
Less distributions:
Dividends from net investment income .. -- -- -- --
Distributions from net realized gains .. -- -- -- --
------ ------ ------ ------
Total distributions ................... -- -- -- --
------ ------ ------ ------
Net asset value, end of period ........ $11.82 $10.89 $11.69 $10.85
====== ====== ====== ======
Total return (b) ...................... 8.54% (3.63)% 7.83% (1.54)%
====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $4,984 $ 664 $8,664 $1,063
Ratio of operating expenses to average
net assets .......................... 1.62% 1.55%(c) 2.37% 2.30%(c)
Ratio of net investment loss to average
net assets .......................... (1.20)% (0.95)%(c) (1.95)% (1.70)%(c)
Portfolio turnover rate ............... 47% 14% 47% 14%
Ratio of operating expenses to average
net assets without expenses
reimbursed .......................... 2.40% 7.33%(c) 3.15% 8.08%(c)
<FN>
- ----------------
(a) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on February 14,
1997, January 31, 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) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
112
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
----------------------- -----------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97 6/30/98(d) 6/30/97
---------- ------- ---------- -------
<C> <C> <C> <C>
$10.86 $10.40 $10.89 $10.00
------ ------ ------ ------
(0.23) (0.01) (0.11) (0.03)
1.06 0.47 1.06 0.92
------ ------ ------ ------
0.83 0.46 0.95 0.89
------ ------ ------ ------
-- -- -- --
-- -- -- --
------ ------ ------ ------
-- -- -- --
------ ------ ------ ------
$11.69 $10.86 $11.84 $10.89
====== ====== ====== ======
7.73% 4.42% 8.72% 8.90%
====== ====== ====== ======
$3,378 $ 164 $5,458 $2,086
2.37% 2.30%(c) 1.37% 1.30%(c)
(1.95)% (1.70)%(c) (0.95)% (0.70)%(c)
47% 14% 47% 14%
3.15% 8.08%(c) 2.15% 7.08%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
113
<PAGE>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .. $11.35 $10.10 $11.32 $ 9.85
------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) .......... 0.02 0.05 (0.06) 0.01
Net realized and unrealized gain on
investments ......................... 0.61 1.20 0.61 1.46
------ ------ ------ ------
Total from investment operations ...... 0.63 1.25 0.55 1.47
------ ------ ------ ------
Less distributions:
Dividends from net investment income .. (0.02) -- -- --
Distributions from net realized gains . (0.03) -- (0.03) --
Distributions in excess of net realized
gains ............................... (0.01) -- (0.01) --
------ ------ ------ ------
Total distributions ................... (0.06) -- (0.04) --
------ ------ ------ ------
Net asset value, end of period ........ $11.92 $11.35 $11.83 $11.32
====== ====== ====== ======
Total return (b) ...................... 5.60% 12.38% 4.88% 14.92%
====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $1,601 $1,103 $ 591 $ 128
Ratio of operating expenses to average
net assets .......................... 1.62% 1.55%(c) 2.37% 2.30%(c)
Ratio of net investment income/(loss)
to average net assets ............... 0.21% 1.01%(c) (0.54)% 0.26%(c)
Portfolio turnover rate ............... 38% 15% 38% 15%
Ratio of operating expenses to average
net assets without expenses
reimbursed .......................... 1.82% 2.56%(c) 2.57% 3.31%(c)
<FN>
- ----------------
(a) The Munder Framlington International Growth Fund Class A Shares, Class B
Shares, Class C Shares and Class Y Shares commenced operations on
February 20, 1997, March 19, 1997, February 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) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
114
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ----------
<C> <C> <C> <C>
$11.33 $10.03 $ 11.35 $ 10.00
------ ------ ------- -------
(0.06) 0.01 0.05 0.07
0.63 1.29 0.61 1.28
------ ------ ------- -------
0.57 1.30 0.66 1.35
------ ------ ------- -------
-- -- (0.03) --
(0.03) -- (0.03) --
(0.01) -- (0.01) --
------ ------ ------- -------
(0.04) -- (0.07) --
------ ------ ------- -------
$11.86 $11.33 $ 11.94 $ 11.35
====== ====== ======= =======
5.05% 12.96% 5.86% 13.50%
====== ====== ======= =======
$ 196 $ 62 $64,643 $23,831
2.37% 2.30%(c) 1.37% 1.30%(c)
(0.54)% 0.26%(c) 0.46% 1.26%(c)
38% 15% 38% 15%
2.58% 3.31%(c) 1.57% 2.31%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
115
<PAGE>
[ This Page Intentionally Left Blank ]
116
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
- ------------------------------------------------------------------------------
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, and 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, and was organized as a Massachusetts business
trust on August 30, 1989. The Munder Framlington Funds Trust ("Framlington")
is registered under the 1940 Act as an open-end investment company, and was
organized as a Massachusetts business trust on October 30, 1996. MFI, MFT and
Framlington consist of 33 portfolios currently in operation. Information
presented in these financial statements pertains only to the equity funds set
forth below (each a "Fund", and collectively, the "Funds"). The financial
statements for the other remaining funds of MFI, MFT and the Framlington are
presented in separate reports.
EQUITY FUNDS
MFI:
Munder Micro-Cap Equity Fund
Munder Mid-Cap Growth Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
MFT:
Munder Accelerating Growth Fund
Munder Balanced Fund
Munder Growth & Income Fund
Munder International Equity Fund
Munder Small Company Growth Fund
Framlington:
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
The Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. The Financial Highlights of Class K Shares of the
Funds are presented in a separate annual report. Each Fund is classified as a
diversified management investment company under the 1940 Act.
On February 24, 1998, the Board of Trustees of the Munder Funds Trust
approved a proposal for the reorganization of the Munder Accelerating Growth
Fund (the "Fund"). If the reorganization is approved by the shareholders of
the Fund, the Fund's assets will be acquired by the Munder Multi-Season
Growth Fund, shareholders of the Fund will become shareholders of the Munder
Multi-Season Growth Fund and the Fund will be terminated. A shareholder
meeting to consider the reorganization has been scheduled in the Fall of
1998, and if approved the reorganization will be completed in the Fall of
1998.
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:
117
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
Security Valuation: 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 Munder Capital Management (the
"Advisor") under supervision of the Boards of Trustees and Directors.
Portfolio securities primarily traded on the London Stock Exchange are
generally valued at the mid-price between the current bid and asked prices.
Portfolio securities that are primarily traded on foreign securities
exchanges, other than the London Stock Exchange, are generally valued at the
preceding closing values of such securities on their respective exchanges,
except when an occurrence subsequent to the time a value was so established
is likely to have changed such value. In such an event, the fair value of
those securities will be determined through the consideration of other
factors by or under the direction of the Boards of Trustees and Directors.
Debt securities with remaining maturities of 60 days or less at the time of
purchase are valued on an amortized cost basis, unless the Boards of Trustees
and Directors determine 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). Thereafter, a
constant proportionate amortization of any discount or premium is recorded
until maturity of the security.
Forward Foreign Currency Contracts: Each Fund (except Munder Real
Estate Equity Investment Fund) may engage in forward foreign currency
contracts in an effort to reduce the level of volatility caused by changes in
foreign currency exchange rates. The Funds may use forward foreign currency
contracts to facilitate transactions in foreign securities and to manage a
Fund's currency exposure. Forward foreign currency contracts are valued at
the exchange rate and are marked-to-market daily. The change in market value
is recorded by the Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the Fund
could be exposed to risks if the counterparties to the contracts are unable
to meet the terms of their contracts.
Foreign Currency: The books and records of the Munder International
Equity Fund, Munder Framlington International Growth Fund, Munder Framlington
Emerging Markets Fund and Munder Framlington Healthcare 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.
118
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
Future Contracts: Each Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order
to maintain liquidity. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin." Subsequent payments ("variation margin") are made or
received by the Fund each day, depending on the daily fluctuation of the
value of the contract. The daily changes in the contract are recorded as
unrealized gains or losses. The Fund recognizes a realized gain or loss when
the contract is closed.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
Options: Each Equity Fund may write put or call options on securities
they own or have the right to acquire, and may purchase call or put options
written by others. Options may relate to individual securities, stock
indices, foreign currencies or futures contracts. The purchase of any of
these instruments can result in the loss on the investment in that particular
instrument or, in the case of writing covered options, can limit the
opportunity to earn a profit on the underlying security. The risk associated
with purchasing an option is that the Fund pays a premium whether or not the
option is exercised. Additionally, the Fund bears the risk of loss of premium
and change in market value should the counterparty not perform under the
contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it, the Fund will recognize a gain
if the premium received by the Fund on the closing transaction exceeds the
premium paid to purchase the option. When an option written by the Fund
expires on its stipulated expiration date, the Fund realizes a gain equal to
the net premium received for the option. When the Fund enters into a closing
purchase transaction on an option written by it, the Fund realizes a gain or
loss equal to the difference between the cost of a closing purchase
transaction and the premium received when the call was written. If a written
call option is exercised, the premium is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a
gain or loss. If a written put option is exercised, the premium reduces the
cost basis of the security purchased by the Fund.
Repurchase Agreements: The Funds 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 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.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a Fund's total assets. Each loan is
secured by collateral adjusted daily to have a market value at least equal to
the current market value of the securities loaned. These loans are terminable
at any time and the Funds will receive any interest or
119
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
dividends paid on the loaned securities. A Fund may share with the borrower
some of the income received on the collateral for the loan or the Fund will
be paid a premium for the loan. If the borrower defaults and the value of the
portfolio securities increases in excess of the collateral received or if
bankruptcy proceedings commence with respect to the borrower of the security,
realization of the value of the securities loaned may be delayed or limited.
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 on
relative net assets of each Fund. Operating expenses of each Fund directly
attributable to a class of shares are charged to that class' operations.
Expenses of each Fund not directly attributable to the operations of any
class of shares are prorated among the classes based on the relative average
net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the
amount of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid at least annually by Munder
International Equity Fund, Munder Multi-Season Growth Fund, Munder Mid-Cap
Growth Fund, Munder Micro-Cap Equity Fund, Munder Small-Cap Value Fund,
Munder Value Fund, Munder Framlington Emerging Markets Fund, Munder
Framlington Healthcare Fund and Munder Framlington International Growth Fund;
quarterly (if available) by Munder Accelerating Growth Fund, Munder Balanced
Fund, Munder Growth & Income Fund, and Munder Small Company Growth Fund; and
monthly by Munder Real Estate Equity Investment Fund. 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. The Munder Multi-Season Growth Fund
and the Munder Small Company Growth Fund also utilize earnings and profits
distributed to shareholders on redemption of shares as a part of the
dividends paid deduction for income tax purposes.
As determined at June 30, 1998, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified 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 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.
120
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
2. Investment Advisor, Sub-Advisor, Custodian, and Other Related Party
Transactions
Munder Capital Management 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:
<TABLE>
<CAPTION>
Fees on Assets Fees on Assets
up to $500 Million Exceeding $500 Million
------------------ ----------------------
<S> <C> <C>
Munder Multi-Season Growth Fund ............ 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Million Exceeding $250 Million
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund
and Munder Framlington International
Growth Fund .............................. 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
Munder Micro-Cap Equity Fund ............... 1.00%
Munder Accelerating Growth Fund,
Munder Growth & Income Fund, Munder
International Equity Fund, Munder
Small-Cap Value Fund, and Munder
Small Company Growth Fund ................ 0.75%
Munder Mid-Cap Growth Fund, Munder
Real Estate Equity Investment Fund and
Munder Value Fund ........................ 0.74%
Munder Balanced Fund ....................... 0.65%
Framlington Emerging Markets Fund .......... 1.25%
</TABLE>
Pursuant to a sub-advisory agreement with the Advisor, Framlington
Overseas Investment Management Limited (the "Sub-Advisor") provides
sub-advisory services to The Munder Framlington Funds and is responsible for
the management of each Fund's portfolio, including all decisions regarding
purchases and sales of portfolio securities. For its services with regard to
the Munder Framlington Healthcare Fund and the Munder Framlington
International Growth Fund, the Advisor pays the Sub-Advisor a monthly fee
equal on an annual basis of up to 0.50% of each Fund's average daily net
assets up to $250 million, reduced to 0.375% of each Fund's average daily net
assets in excess of $250 million. For its services with regard to the Munder
Framlington Emerging Markets Fund, the Advisor pays the Sub-Advisor a monthly
fee equal on an annual basis of up to 0.625% of the Fund's average daily net
assets. The Advisor indirectly owns a 49% interest in the Sub-Advisor.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88% of
the Advisor. The Funds have received an order from the Securities and
Exchange Commission allowing the Funds to escrow advisory fees payable to the
Advisor until a shareholder vote for the consideration of new advisory
contracts can be taken. This vote is expected to occur in November 1998.
121
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
The Advisor voluntarily waived fees and reimbursed expenses for the
year ended June 30, 1998, for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Micro-Cap Equity Fund ..................... -- $ 75,264
Munder Multi-Season Growth Fund .................. $1,214,795 --
Munder Framlington Emerging Markets Fund ......... -- 110,473
Munder Framlington Healthcare Fund ............... -- 112,541
Munder Framlington International Growth Fund ..... -- 105,456
</TABLE>
Comerica provides certain shareholder services to the Funds. As
compensation for the shareholder services provided to the Funds, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the
Funds beneficially owned by Comerica and its customers. Prior to November 1,
1997, Comerica provided custodian services and received fees, as compensation
for its services based on the aggregate average daily net assets of the Fund
and certain other investment portfolios advised by the Advisor for which
Comerica provided services. These fees were 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 received certain transaction
based fees. After November 1, 1997, no compensation was paid to Comerica for
its services as custodian to the Fund. Comerica earned $352,625 for its
custodian and shareholder services to the Munder Funds for the year ended
June 30, 1998.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee consisting of a $30,000 annual retainer per year for services
in such capacity plus $2,500 for each meeting attended per year, plus
out-of-pocket expenses incurred as a Board member for services provided as a
Board member of MFT, MFI, Framlington and St. Clair Funds, Inc. 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, Sub-Advisor or Comerica received any compensation
from MFI, MFT or Framlington.
3. Shareholder Distribution and Service Plans
The Funds have adopted Service Plans and Distribution and Service Plans
(collectively, the "Plans") pursuant to Rule 12b-1, adopted by the Securities
and Exchange Commission under the 1940 Act, with respect to the Class A,
Class B and Class C Shares. Under the Plans, the Distributor uses the service
fees primarily to pay ongoing trail commissions to securities dealers and
other financial institutions and organizations (collectively, the "Service
Organizations") who provide shareholder services for the Funds. The Class B
and Class C Plans also permit payments to be made by 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 Funds have also
adopted Shareholder Servicing Plans (the "Class K Plans") 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 year ended June 30, 1998, the effective rates, as a
percentage of average daily net assets, under the Plans and Class K 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 Funds ................... 0.25% 1.00% 1.00% 0.25%
</TABLE>
122
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
4. Securities Transactions
For the year ended June 30, 1998, purchases and sales of securities,
other than short-term investments and U.S. Government securities, were as
follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Accelerating Growth Fund ................. $131,132,420 $258,348,206
Munder Balanced Fund ............................ 37,497,127 40,500,824
Munder Growth & Income Fund ..................... 176,361,019 205,261,443
Munder International Equity Fund ................ 88,825,899 133,847,376
Munder Micro-Cap Equity Fund .................... 96,234,154 49,131,212
Munder Mid-Cap Growth Fund ...................... 54,115,469 47,763,344
Munder Multi-Season Growth Fund ................. 291,571,646 208,714,369
Munder Real Estate Equity Investment Fund ....... 52,092,300 11,674,540
Munder Small-Cap Value Fund ..................... 136,427,074 66,104,671
Munder Small Company Growth Fund ................ 482,806,852 457,660,934
Munder Value Fund ............................... 190,356,084 124,611,279
Munder Framlington Emerging Markets Fund ........ 84,062,402 34,161,099
Munder Framlington Healthcare Fund .............. 23,933,631 6,307,746
Munder Framlington International Growth Fund .... 59,952,311 18,990,349
</TABLE>
For the year ended June 30, 1998, purchases and sales of U.S.
Government securities, excluding short-term investments, were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Accelerating Growth Fund .................. $ 3,131,765 --
Munder Balanced Fund ............................. 19,754,842 $25,064,768
</TABLE>
At June 30, 1998, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Accelerating Growth Fund .................. $ 42,005,020 $ 238,794
Munder Balanced Fund ............................. 15,877,073 432,204
Munder Growth & Income Fund ...................... 55,938,516 2,058,912
Munder International Equity Fund ................. 64,835,399 19,568,402
Munder Micro-Cap Equity Fund ..................... 3,706,938 4,073,646
Munder Mid-Cap Growth Fund ....................... 4,285,872 2,073,008
Munder Multi-Season Growth Fund .................. 248,679,074 2,546,124
Munder Real Estate Equity Investment Fund ........ 8,942,301 1,414,503
Munder Small-Cap Value Fund ...................... 29,053,803 7,654,815
Munder Small Company Growth Fund ................. 48,878,064 23,557,156
Munder Value Fund ................................ 26,706,225 1,658,699
Munder Framlington Emerging Markets Fund ......... 3,103,034 15,011,950
Munder Framlington Healthcare Fund ............... 2,673,803 2,271,526
Munder Framlington International Growth Fund ..... 12,868,507 6,518,897
</TABLE>
123
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
5. Geographic and Industry Concentration
The Munder International Equity Fund primarily invests in foreign
securities and Munder Framlington International Growth Fund and Munder
Framlington Emerging Markets Fund each intend to invest at least 65% of their
total net assets in foreign securities. Investing in securities of foreign
companies and/or foreign governments involves special risks and
considerations not typically associated with investing in U.S. companies
and/or U.S. government securities. These risks include revaluation of
currencies and future adverse political and economic developments. Moreover,
securities of many foreign companies and foreign governments and their
markets may be less liquid and their prices more volatile than those of
securities of U.S. companies and the U.S. government.
The Munder Real Estate Equity Investment Fund primarily invests in
equity securities of United States companies which are principally engaged in
the real estate industry or which own significant real estate assets, and
accordingly, is more susceptible to factors adversely affecting the U.S. real
estate industry.
The Munder Framlington Healthcare Fund primarily invests in securities
of companies in healthcare industries. These industries are characterized by
rapidly changing technology and extensive government regulation.
6. Organizational Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying the Funds'
shares for distribution under Federal securities regulations, have been
capitalized and are being amortized on a straight-line basis over a period of
5 years from commencement of operations.
7. Subsequent Event
The Board of Directors of the Munder Funds, Inc. voted on August 4, 1998
to close and liquidate the Munder Mid-Cap Growth Fund effective September 15,
1998.
124
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
The Munder Framlington Funds Trust
We have audited the accompanying statements of assets and liabilities of the
Munder Accelerating Growth Fund, Munder Balanced Fund, Munder Growth & Income
Fund, Munder International Equity Fund and Munder Small Company Growth Fund
(five of the portfolios constituting The Munder Funds Trust), the 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
and Munder Value Fund (seven of the portfolios constituting The Munder Funds,
Inc.), and the Munder Framlington Emerging Markets Fund, Munder Framlington
Healthcare Fund and Munder Framlington International Growth Fund (three of
the portfolios constituting The Munder Framlington Funds Trust)
(collectively, the "Funds"), including the portfolios of investments, as of
June 30, 1998, and the related statements of operations for the year then
ended, the statements of changes in net assets and financial highlights for
each of the periods indicated therein (except for the financial highlights of
the Munder Multi-Season Growth Fund for the year ended December 31, 1994).
These financial statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The
financial highlights for the year ended December 31, 1994 of the Munder
Multi-Season Growth Fund were audited by other auditors whose report dated
February 14, 1995, expressed an unqualified opinion on those financial
highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1998 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the respective portfolios referred to above constituting The Munder
Funds Trust, The Munder Funds, Inc., and The Munder Framlington Funds Trust
at June 30, 1998, the results of their operations for the year then ended and
changes in their net assets and their financial highlights for each of the
indicated periods, in conformity with generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 14, 1998
125
<PAGE>
[ This Page Intentionally Left Blank ]
126
<PAGE>
The Munder Funds
Tax Information, June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------
The percentages of total net assets invested in U.S. Government and U.S.
Government Agency obligations at June 30, 1998, were as follows:
<TABLE>
<CAPTION>
<S> <C>
Munder Balanced Fund:
Federal Home Loan Mortgage Corporation ............ 0.5%
Federal National Mortgage Association ............. 3.1%
Government National Mortgage Association .......... 0.3%
U.S. Treasury Bonds ............................... 5.1%
U.S. Treasury Notes ............................... 9.1%
</TABLE>
<PAGE>
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for
the dividend received deduction available to corporate shareholders:
<TABLE>
<CAPTION>
<S> <C>
Munder Accelerating Growth Fund ..................... 15.9%
Munder Balanced Fund ................................ 11.1%
Munder Growth & Income Fund ......................... 31.0%
Munder International Equity Fund .................... 3.2%
Munder Micro-Cap Equity Fund ........................ 2.9%
Munder Mid-Cap Growth Fund .......................... 13.5%
Munder Small-Cap Value Fund ......................... 9.9%
Munder Small Company Growth Fund .................... 1.9%
Munder Value Fund ................................... 10.9%
Munder Framlington Emerging Markets Fund ............ 0.3%
Munder Framlington International Growth Fund ........ 0.9%
</TABLE>
The following amounts have been designated as capital gain dividends for the
purpose of the dividend paid deduction:
<TABLE>
<CAPTION>
<S> <C>
Munder Accelerating Growth Fund ..................... $ 3,701,350
Munder Balanced Fund ................................ 573,112
Munder Multi-Season Growth Fund ..................... 9,188,419
Munder Small Company Growth Fund .................... 19,158,171
</TABLE>
127
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNEQABCY98
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Annual
Report
The Munder Funds
Investments JUNE 30, 1998
for all seasons
THE MUNDER INCOME FUNDS
Bond
Intermediate Bond
International Bond
U.S. Government Income
Michigan Triple Tax-Free Bond
Tax-Free Bond
Tax-Free Intermediate Bond
Short Term Treasury
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Money Market
Tax-Free Money Market
U.S. Treasury Money Market
<PAGE>
(INSIDE FRONT COVER)
"In our continuing
efforts to address the
investment needs and
asset allocation objectives
of our shareholders, we
have added two new
funds to the Munder
Family of Funds..."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
We are pleased to present The Munder Funds 1998 annual report. In this
report you will find information detailing each Fund's portfolio holdings and
performance.
In our continuing efforts to address the investment needs and asset
allocation objectives of our shareholders, we have added two new funds to the
Munder Family of Funds: the Munder Framlington Global Financial Services Fund
and the Munder Growth Opportunities Fund. The Global Financial Services Fund
provides investors with an opportunity to gain exposure to the dynamic
financial services sector by taking advantage of the continuing consolidation
of financial services companies in the U.S. market, as well as emergence of
similar trends globally. The Growth Opportunities Fund is designed to bring
our Growth at a Reasonable Price, or GARP, discipline to a fund investing in
the mid-cap part of the market.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
http://www.munder.com. Thank you very much for your confidence in Munder
Capital Management and the Munder Family of Funds.
Very truly yours,
/s/ Lee Munder
--------------
Lee Munder, President
<PAGE>
Table of
Contents
- -----------------------------------------------------------------------------
FIXED INCOME FUNDS OVERVIEW
iii Munder Bond Fund
iii Munder Intermediate Bond Fund
iv Munder International Bond Fund
iv Munder U.S. Government Income Fund
v Munder Michigan Triple Tax-Free Bond Fund
v Munder Tax-Free Bond Fund
vi Munder Tax-Free Intermediate Bond Fund
vi Munder Short Term Treasury Fund
vii Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
Income Funds:
1 Munder Bond Fund
4 Munder Intermediate Bond Fund
7 Munder International Bond Fund
10 Munder U.S. Government Income Fund
13 Munder Michigan Triple Tax-Free Bond Fund
18 Munder Tax-Free Bond Fund
24 Munder Tax-Free Intermediate Bond Fund
32 Munder Short Term Treasury Fund
Money Market Funds:
33 Munder Cash Investment Fund
35 Munder Money Market Fund
37 Munder Tax-Free Money Market Fund
47 Munder U.S. Treasury Money Market Fund
48 Financial Statements
70 Financial Highlights
107 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
- -----------------------------------------------------------------------------
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
<PAGE>
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
The pattern of solid economic growth and low inflation that has been
characteristic of the past several years continued during the Funds' fiscal
year which ended June 30, 1998. Growth, however, appears to have slowed
during the second quarter of 1998. The National Association of Purchasing
Managers' Survey, an indicator of the pace of industrial activity, fell
during the second quarter of 1998. For the first time in several months, the
Index, at 49.6 for June, was below a level of 50. Any reading less than 50
implies a contraction in the manufacturing sector.
While some of the slowing in industrial activity may be due to the
strike at General Motors, the primary reason for a reduction in the pace of
economic growth appears to be the fall off in foreign demand stemming from
weakness in Southeast Asia. Surprisingly, second quarter of 1998 economic
growth was over 5% considering there were significant declines in U.S.
exports to Korea (-82% at an annual rate) and Japan (-27% at an annual rate.)
There will undoubtedly be additional reductions in exports to the troubled
Southeast Asian countries, as well as some acceleration in imports from that
region. However, we believe that it is unlikely that the fallout from
Southeast Asia will be powerful enough to derail the U.S. expansion.
The reason for optimism is that domestic demand is likely to continue
to be more than robust enough to offset the declines in foreign demand. The
U.S. consumer is still benefiting from rising wages, low inflation and
relatively low interest rates. Consumer spending accounts for close to
67% of U.S. economic activity. This compares to exports, which account for a
much smaller 13% of economic activity.
Even with solid economic growth during the first half of 1998,
inflation remained subdued. As of June 1998, the Consumer Price Index was up
only 1.68% from year-ago levels. This continued moderation in inflation,
along with the weakness in Southeast Asian economies and financial markets,
reduces the probability that the Federal Reserve will feel the need to hike
interest rates in the near term, despite significant public discussion of
this topic by various Federal Reserve Governors.
The Bond Market
Interest rates fell modestly during the second quarter of 1998 and the
gap between yields on shorter-term and longer-term securities narrowed. This
was due to the fact that the decline in longer-term rates was greater than
the decline in shorter-term rates. At the end of June 1998, there was little
difference in yield from two-year notes through ten-year notes, with most
maturities providing a yield just under 5.5%. Thirty-year Treasury bonds
offered a yield of just over 5.6%. The Federal Funds rate is presently at
5.5%. Investors would have to anticipate a Federal Reserve easing of monetary
policy for rates to fall from these levels. In fact, the market is vulnerable
to an increase in rates if economic data remains strong or if inflation
begins to rise.
For the year ended June 30, 1998, the broad bond market provided a
return of 10.5% and the intermediate segment of the market provided a return
of 8.5%. Government securities were the best performing asset class. Heavy
corporate supply, coupled with continuing unrest in the Far East and
volatility in the domestic stock market, contributed to relatively poor
performance for corporate bonds. Lower interest rates and faster than
expected mortgage pre-payments (a response to lower interest rates)
contributed to the relatively poor performance of mortgage-related bonds.
ii
<PAGE>
During the second quarter of 1998, we slightly decreased the weighting
in mortgage-backed securities, as robust performance earlier in the year
provided an opportunity to scale back positions at attractive prices. Going
forward, we plan to maintain our mortgage weighting and to slightly increase
our corporate weighting, while maintaining the focus on very high quality
securities.
The following paragraphs detail the performance of The Munder Funds.
Each Fund offers its shares to investors in several classes. These classes
have different sales charges and expenses, which affect performance.
Performance figures in the following narrative discussion represent the
performance of Class Y shares, net of Fund expenses.
[Please note: In some of the following commentary, the Munder bond
funds are compared to various indices. It is important to remember that the
returns for the Munder bond funds are reported after the deduction of all
expenses. Since the various indices are not actively managed funds, there are
no expenses netted against their returns.]
MUNDER BOND FUND
Fund Managers: James C. Robinson and Gregory A. Prost, CFA
The Fund earned a 10.72% return for the year ended June 30, 1998,
compared to the 11.28% return for the Lehman Government/Corporate Bond Index
and the 10.36% average return for the Lipper universe of corporate debt A
rated funds. The Fund has earned above-average returns for the one-month,
three-month, six-month, nine-month, and one-year time periods ended June 30,
1998.
The Fund benefited from a reduction in its weighting of
mortgage-related securities. The performance of these securities suffered
from the renewed decline in interest rates during the second quarter of 1998
and the corresponding acceleration of mortgage pre-payments. In an
environment of renewed concerns over Asian markets, the high quality of the
Fund also helped to boost performance.
A key factor in the performance of the Fund for the fourth quarter of
1997 was its focus on high quality. The turmoil in the Southeast Asian
financial and currency markets led to a flight to quality. Issuers paid
dearly for perceived credit risk, as previously investment grade bonds issued
by countries such as Korea moved to junk bond status. In this environment,
the Fund's emphasis on quality was rewarded by the markets.
MUNDER INTERMEDIATE BOND FUND
Fund Managers: Anne K. Kennedy and James C. Robinson
The Fund generated a return of 7.99% for the year ended June 30, 1998,
relative to the 8.54% return for the Lehman Intermediate Government/Corporate
Bond Index and 7.20% average return for the Lipper universe of short
intermediate investment grade debt funds. The Fund has earned average or
above-average returns for the one-month, three-month, six-month, nine-month,
and two-year time periods ended June 30, 1998.
iii
<PAGE>
A resurgence in concerns over Southeast Asian financial markets and
currencies caused a renewed flight to quality in the fixed income markets.
Given the high quality of the Fund, this was a strong positive for Fund
performance. In addition, a reduction in the weighting of mortgage- related
securities during the second quarter of 1998 helped to boost returns. In the
unsettled fixed income environment that characterized the fourth quarter of
1997, the high quality of the portfolio was awarded a premium by investors.
MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon E. Fayolle and Gregory A. Prost, CFA
The Fund earned a return of 1.12% for the year ended June 30, 1998,
relative to the 0.88% return for the Salomon Brothers Non-U.S. $ World
Government Bond Index and the 3.67% average return for the Lipper universe of
international income funds. The Fund has earned above-average returns for the
one-month and three-month time periods ended June 30, 1998.
The Japanese yen fell to an eight year low against the U.S. dollar amid
a relentless stream of negative reports on the Japanese economy. Coordinated
intervention by the U.S. Treasury and the Bank of Japan halted the yen's free
fall and calmed the currency markets but did little more. The effects of the
sharp decline in the yen spilled over into the other Asian markets as well as
China and Russia, resulting in further declines in their respective currency
and equity markets. The major western bond markets benefited from this
renewed bout of global anxiety which drove long-term interest rates to
historical lows in the U.S., Germany, the U.K. and Japan.
Although Japan was the main focus for the currency and bond market for
the second quarter of 1998, its bond market return of (2.26)% for the second
quarter of 1998 was eclipsed by Australia with a (4.93)% return. Declining
commodity prices and renewed fears of imported deflation from the Asian
economies impacted both Australia and Canada, which also had a negative bond
market return for the second quarter of 1998. The core European markets
experienced strong positive returns, benefiting from the Asian flight to
quality and the low inflation environment.
The Fund's strong performance for the second quarter of 1998, relative
to the Salomon Brothers Non-U.S. $ World Government Bond Index and its Lipper
universe, was primarily due to the Fund's underweighting of the Japanese yen
and the overweighing of the core European countries. The Fund continues its
underweighting in the yen and its overweighting in the core European
countries. In addition, the Fund is underweighting the Anglo-dollar bloc
currencies.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Managers: Peter G. Root and James C. Robinson
The Fund exhibited a return of 9.97% for the year ended June 30, 1998,
relative to the 11.26% return for the Lehman Government Bond Index and the
10.17% average return for the Lipper universe of general U.S. government
funds. The Fund has earned above-average returns for the three-month,
two-year, three-year, and ten-year time periods ended June 30, 1998.
The Fund's relatively heavy weighting in government guaranteed
mortgage-backed securities has added yield to the Fund. This has helped the
Fund to achieve its goal of generating relatively high current income and
bolstered its total returns as well, relative to other managed government
bond funds.
iv
<PAGE>
The performance of the Fund was held back during the fourth quarter of
1997 by the weak performance of mortgage-related government securities, which
had a relatively heavy weighting in the Fund for that time period. The
presence of mortgage securities in the portfolio had been a positive factor
during much of the previous year, however, in the fourth quarter of 1997, the
significant decline in interest rates led to investors' expectations that the
rate of pre-payment for mortgage-related securities would accelerate
significantly. The result of faster pre-payments is shorter maturities
for mortgage-related securities, making them less attractive in a strong bond
market environment.
MUNDER MICHIGAN TRIPLE TAX-FREE BOND FUND
MUNDER TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Michigan Triple Tax-Free Bond Fund earned a return of 9.17% for the
year ended June 30, 1998, relative to the 10.19% return of the Lehman
Brothers 20 Year Municipal Bond Index and the 7.97% average return for the
Lipper universe of Michigan municipal debt funds. The Fund has earned
above-average returns for the one-month, three-month, six-month, nine-month,
one-year, two-year and three-year time periods ended June 30, 1998.
The Tax-Free Bond Fund earned a return of 8.70% for the year ended June
30, 1998, relative to the 7.97% return of the Lehman Brothers 20 Year
Municipal Bond Index and the 8.39% average return for the Lipper universe of
general municipal debt funds. The Fund has earned above-average returns for
the three-month, one-year, and five-year periods ended June 30, 1998.
The municipal yield curve became modestly steeper during the second
quarter of 1998, with a widening of the gap between shorter-term and
longer-term municipal yields. This was a result of a decline in short-term
rates and a marginal increase in long-term rates. This slight change in
yields, however, masked the volatility which occurred during the second
quarter of 1998 as the market attempted to distribute a record volume of new
municipal securities issuances.
The large supply of new issues caused municipal prices, particularly
those of longer-term insured bonds, to lag the rally in the taxable bond
market. General obligation bonds were among the strongest of the tax-exempt
bonds during the second quarter of 1998, outpacing the returns on revenue
bonds. Water and sewer bonds and hospital bonds, which had been strong
performers in prior quarters, lagged nearly all tax-exempt sectors during the
second quarter of 1998. Longer-term and shorter-term municipal bonds simply
earned their coupon during the second quarter of 1998. This was in sharp
contrast to the taxable bond market where bonds showed solid price
appreciation during the second quarter of 1998.
The performance of both Funds was held back during the second quarter
of 1998 by their overweighting in insured bonds. In addition,
government-backed securities, on a risk-adjusted basis, underperformed other
sectors of the municipal market. The Funds' heavier weighting in these
quality sectors was a negative for their performance during the second
quarter of 1998.
The Michigan Triple Tax-Free Bond Fund, however, benefited from a large
exposure to education-related bonds relative to other Michigan tax-exempt
bond funds. This offset the negative impact of the overweighting of insured
bonds and government-backed securities.
v
<PAGE>
MUNDER TAX-FREE INTERMEDIATE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 5.70% for the year ended June 30, 1998,
relative to the 6.51% return of the Lehman Mutual Fund Intermediate/Short
Muni Bond Index and the 6.69% average return for the Lipper universe of
intermediate municipal debt funds. The Fund has earned above- average returns
for the one-month time period ended June 30, 1998.
The municipal yield curve steepened during the second quarter of 1998,
with a widening of the gap between short-term and long-term tax-exempt
yields. This was a result of a decline in shorter-term rates. One-year notes
were strong performers on a risk-adjusted basis, followed by three-year
notes. The seven-year area of the maturity spectrum underperformed other
intermediate-term maturities during the second quarter of 1998 after
outperforming in the first quarter of 1998. There was little difference in
returns, after adjusting for maturity, for five-year to fifteen-year bonds.
Quality spreads (the difference in yields between higher and lower quality
maturities) were unchanged for the second quarter of 1998 in the intermediate
segment of the municipal market. General obligation bonds outperformed
pre-refunded bonds.
For the year ended June 30, the Fund's performance was held back by its
heavy weighting in pre-refunded securities. The Fund's relatively short
average maturity and its overweighting in high quality bonds also held back
returns.
MUNDER SHORT TERM TREASURY FUND
Fund Manager: Sharon E. Fayolle
The Fund exhibited a return of 5.81% for the year ended June 30, 1998,
relative to the 6.42% return for the Merrill Lynch 0-3 Year Treasury Index
and a 6.57% average return for the Lipper universe of short U.S. Treasury
funds.
Interest rates fell modestly during the second quarter of 1998 and the
yield curve flattened, as the decline in long-term rates outpaced the decline
in short-term rates. The market is presently priced higher than the Federal
Funds rate of 5.5%. Investors would have to anticipate an easing by the
Federal Reserve in order for rates to fall from these levels. The market,
which has benefited from the continued economic instability yin Asia, is
vulnerable to an increase in rates if economic data remains strong or if
inflation increases.
The Fund is a defensive fund, with the goal of providing higher returns
than money market funds with minimal price volatility. Its structure tends to
be more defensive than the average fund in its Lipper universe. The more
conservative positioning of the Fund was not a relative negative during the
second quarter of 1998, given the small difference in yields between
shorter-term and longer-term maturities.
vi
<PAGE>
[ This Page Intentionally Left Blank]
<PAGE>
Hypotheticals and Total Returns
- -----------------------------------------------------------------------------
The following graphs represent the performance of the Funds since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately forty-one months) and a period of time when the
Funds were managed by the predecessor. The chart following each line graph
sets forth performance information and the growth of a hypothetical $10,000
investment for the class(es) of each Fund shown in the line graph as well as
certain other classes of shares offered by the Fund. These classes have
different sales charges and expenses than the class(es) shown in the line
graph, which affect performance. The Lipper mutual fund averages were derived
from a universe of only those mutual funds that were in existence as of the
inception date of the Funds and are comprised of mutual funds which are
categorized under the Funds' respective objectives by Lipper Analytical
Services, Inc.
Bond Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
<TABLE>
<CAPTION>
Lehman Gov't/Corp Lipper Corp. Debt A
Class Y Bond Index Rated Funds Average
------- ---------------- -------------------
<S> <C> <C> <C>
12/1/91 $10,000.00 $10,000.00 $10,000.00
12/31/91 $10,400.00 $10,337.00 $10,359.00
1/31/92 $10,168.00 $10,184.00 $10,195.00
2/29/92 $10,270.00 $10,238.00 $10,246.00
3/31/92 $10,253.00 $10,182.00 $10,194.00
4/30/92 $10,331.00 $10,242.00 $10,251.00
5/31/92 $10,513.00 $10,441.00 $10,460.00
6/30/92 $10,672.00 $10,594.00 $10,613.00
7/31/92 $10,892.00 $10,865.00 $10,895.00
8/31/92 $10,925.00 $10,962.00 $10,986.00
9/30/92 $10,576.00 $11,112.00 $11,128.00
10/31/92 $10,381.00 $10,942.00 $10,944.00
11/30/92 $10,373.00 $10,933.00 $10,944.00
12/31/92 $10,518.00 $11,121.00 $11,128.00
1/31/93 $10,727.00 $11,362.00 $11,365.00
2/28/93 $10,962.00 $11,598.00 $11,621.00
3/31/93 $11,049.00 $11,638.00 $11,663.00
4/30/93 $11,135.00 $11,727.00 $11,739.00
5/31/93 $11,099.00 $11,721.00 $11,745.00
6/30/93 $11,343.00 $11,987.00 $12,007.00
7/31/93 $11,404.00 $12,064.00 $12,102.00
8/31/93 $11,671.00 $12,341.00 $12,381.00
9/30/93 $11,730.00 $12,384.00 $12,418.00
10/31/93 $11,801.00 $12,434.00 $12,476.00
11/30/93 $11,659.00 $12,294.00 $12,310.00
12/31/93 $11,693.00 $12,347.00 $12,376.00
1/31/94 $11,870.00 $12,533.00 $12,562.00
2/28/94 $11,580.00 $12,261.00 $12,287.00
3/31/94 $11,306.00 $11,961.00 $11,962.00
4/30/94 $11,200.00 $11,862.00 $11,837.00
5/31/94 $11,190.00 $11,840.00 $11,801.00
6/30/94 $11,184.00 $11,812.00 $11,760.00
7/31/94 $11,353.00 $12,048.00 $11,971.00
8/31/94 $11,364.00 $12,053.00 $11,972.00
9/30/94 $11,212.00 $11,870.00 $11,788.00
10/31/94 $11,179.00 $11,857.00 $11,758.00
11/30/94 $11,151.00 $11,836.00 $11,737.00
12/31/94 $11,224.00 $11,914.00 $11,823.00
1/31/95 $11,416.00 $12,143.00 $12,027.00
2/28/95 $11,661.00 $12,424.00 $12,299.00
3/31/95 $11,727.00 $12,508.00 $12,389.00
4/30/95 $11,880.00 $12,682.00 $12,560.00
5/31/95 $12,329.00 $13,214.00 $13,069.00
6/30/95 $12,416.00 $13,319.00 $13,156.00
7/31/95 $12,395.00 $13,268.00 $13,102.00
8/31/95 $12,539.00 $13,438.00 $13,287.00
9/30/95 $12,667.00 $13,574.00 $13,429.00
10/31/95 $12,836.00 $13,774.00 $13,620.00
11/30/95 $13,019.00 $14,000.00 $13,832.00
12/31/95 $13,218.00 $14,207.00 $14,044.00
1/31/96 $13,297.00 $14,295.00 $14,112.00
2/29/96 $13,032.00 $13,992.00 $13,807.00
3/31/96 $12,951.00 $13,874.00 $13,701.00
4/30/96 $12,856.00 $13,779.00 $13,597.00
5/31/96 $12,828.00 $13,756.00 $13,576.00
6/30/96 $12,976.00 $13,940.00 $13,745.00
7/31/96 $13,004.00 $13,973.00 $13,771.00
8/30/96 $12,963.00 $13,938.00 $13,742.00
9/30/96 $13,184.00 $14,186.00 $13,988.00
10/31/96 $13,461.00 $14,517.00 $14,309.00
11/30/96 $13,713.00 $14,784.00 $14,586.00
12/31/96 $13,577.00 $14,620.00 $14,430.00
1/31/97 $13,583.00 $14,637.00 $14,458.00
2/28/97 $13,608.00 $14,668.00 $14,504.00
3/31/97 $13,449.00 $14,494.00 $14,313.00
4/30/97 $13,636.00 $14,706.00 $14,508.00
5/31/97 $13,738.00 $14,843.00 $14,637.00
6/30/97 $13,882.00 $15,021.00 $14,827.00
7/31/97 $14,272.64 $15,480.64 $15,283.67
8/30/97 $14,125.63 $15,307.26 $15,101.80
9/30/97 $14,329.04 $15,547.58 $15,338.89
10/31/97 $14,565.47 $15,796.34 $15,538.30
11/30/97 $14,628.10 $15,880.07 $15,605.11
12/31/97 $14,762.68 $16,046.81 $15,754.92
1/31/98 $14,988.55 $16,273.07 $15,955.01
2/28/98 $14,946.58 $16,240.52 $15,923.10
3/31/98 $14,980.96 $16,290.87 $15,974.05
4/30/98 $15,060.36 $16,372.32 $16,042.74
5/31/98 $15,230.54 $16,547.50 $16,209.59
6/30/98 $15,370.66 $16,716.29 $16,345.75
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
----------------------------------------------------
Lehman Lipper Corp
Class and With Without Gov't/Corp Debt A Rated
Inception Date Load Load Bond Index Funds Avg.
- -------------- ---- -------- ---------- ------------
<S> <C> <C> <C> <C>
Class A-- 12/9/92 $14,008.51* $14,591.59 $16,715.26 $16,363.28
Class B-- 3/13/96 $11,355.97+ $11,655.97 $12,047.15 $11,825.82
Class C-- 3/25/96 N/A $11,607.39 $12,047.15 $11,825.82
Class Y-- 12/1/91 N/A $15,371.45 $16,715.26 $16,363.28
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------
One One Five Five Since Since
Year Year Years Years Inception Inception
w/load w/out load w/load w/out load w/load w/out load
- ------ ---------- ------ ---------- --------- ----------
<C> <C> <C> <C> <C> <C>
6.02%* 10.45% 5.17%* 6.04% 6.25%* 7.03%
4.75%* 9.75% N/A N/A 5.68%+ 6.89%
8.84%* 9.84% N/A N/A N/A 6.79%
N/A 10.72% N/A 6.27% N/A 6.75%
<FN>
- ------------------------------------------------------------------------------
*Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining Contingent Deferred Sales Charge ("CDSC") schedule
as defined in the prospectus, figures reflect the deduction of a 3.00%
back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index is a weighted composite
of (i) Lehman Brothers Government Bond Index, which is comprised of all
publicly issued, non-convertible debt of the U.S. Government or any agency
thereof, quasi-federal corporations, and corporate debt guaranteed by the
U.S. Government and (ii) Lehman Brothers Corporate Bond Index, which is
comprised of all public fixed-rate, non-convertible investment-grade
domestic corporate debt, excluding collateralized mortgage obligations.
/TABLE
<PAGE>
Intermediate Bond Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
<TABLE>
<CAPTION>
Lehman Int.Gov/Corp Lipper Short Invst. Grade
Class Y Bond Index Debt Funds Average
------- ------------------- -------------------------
<S> <C> <C> <C>
12/1/91 $10,000.00 $10,000.00 $10,000.00
12/31/91 $10,180.00 $10,244.00 $10,139.00
1/31/92 $10,130.00 $10,151.00 $10,124.00
2/29/92 $10,172.00 $10,191.00 $10,162.00
3/31/92 $10,158.00 $10,151.00 $10,159.00
4/30/92 $10,237.00 $10,240.00 $10,232.00
5/31/92 $10,356.00 $10,399.00 $10,327.00
6/30/92 $10,498.00 $10,553.00 $10,427.00
7/31/92 $10,679.00 $10,763.00 $10,547.00
8/31/92 $10,781.00 $10,870.00 $10,623.00
9/30/92 $10,935.00 $11,018.00 $10,710.00
10/31/92 $10,814.00 $10,875.00 $10,650.00
11/30/92 $10,755.00 $10,837.00 $10,643.00
12/31/92 $10,871.00 $10,979.00 $10,725.00
1/31/93 $11,058.00 $11,192.00 $10,847.00
2/28/93 $11,246.00 $11,369.00 $10,952.00
3/31/93 $11,295.00 $11,414.00 $10,996.00
4/30/93 $11,377.00 $11,506.00 $11,058.00
5/31/93 $11,339.00 $11,480.00 $11,060.00
6/30/93 $11,510.00 $11,661.00 $11,149.00
7/31/93 $11,547.00 $11,689.00 $11,189.00
8/31/93 $11,730.00 $11,874.00 $11,287.00
9/30/93 $11,780.00 $11,924.00 $11,323.00
10/31/93 $11,807.00 $11,956.00 $11,359.00
11/30/93 $11,699.00 $11,889.00 $11,357.00
12/31/93 $11,747.00 $11,943.00 $11,410.00
1/31/94 $11,893.00 $12,076.00 $11,485.00
2/28/94 $11,670.00 $11,897.00 $11,417.00
3/31/94 $11,444.00 $11,701.00 $11,333.00
4/30/94 $11,338.00 $11,621.00 $11,289.00
5/31/94 $11,340.00 $11,629.00 $11,299.00
6/30/94 $11,332.00 $11,631.00 $11,309.00
7/31/94 $11,453.00 $11,798.00 $11,397.00
8/31/94 $11,492.00 $11,835.00 $11,437.00
9/30/94 $11,378.00 $11,726.00 $11,422.00
10/31/94 $11,368.00 $11,725.00 $11,441.00
11/30/94 $11,337.00 $11,672.00 $11,427.00
12/31/94 $11,393.00 $11,713.00 $11,408.00
1/31/95 $11,554.00 $11,910.00 $11,515.00
2/28/95 $11,761.00 $12,157.00 $11,647.00
3/31/95 $11,824.00 $12,227.00 $11,709.00
4/30/95 $11,948.00 $12,378.00 $11,814.00
5/31/95 $12,304.00 $12,752.00 $12,014.00
6/30/95 $12,363.00 $12,838.00 $12,081.00
7/31/95 $12,358.00 $12,839.00 $12,119.00
8/31/95 $12,470.00 $12,956.00 $12,199.00
9/30/95 $12,563.00 $13,050.00 $12,266.00
10/31/95 $12,697.00 $13,195.00 $12,365.00
11/30/95 $12,852.00 $13,369.00 $12,470.00
12/31/95 $12,994.00 $13,509.00 $12,565.00
1/31/96 $13,084.00 $13,626.00 $12,661.00
2/29/96 $12,930.00 $13,466.00 $12,612.00
3/31/96 $12,845.00 $13,396.00 $12,602.00
4/30/96 $12,787.00 $13,349.00 $12,612.00
5/31/96 $12,759.00 $13,339.00 $12,636.00
6/30/96 $12,893.00 $13,480.00 $12,722.00
7/31/96 $12,920.00 $13,521.00 $12,776.00
8/30/96 $12,933.00 $13,532.00 $12,822.00
9/30/96 $13,098.00 $13,720.00 $12,941.00
10/31/96 $13,308.00 $13,963.00 $13,077.00
11/30/96 $13,475.00 $14,147.00 $13,188.00
12/31/96 $13,401.00 $14,056.00 $13,191.00
1/31/97 $13,455.00 $14,111.00 $13,254.00
2/28/97 $13,476.00 $14,138.00 $13,298.00
3/31/97 $13,372.00 $14,040.00 $13,285.00
4/30/97 $13,529.00 $14,205.00 $13,388.00
5/31/97 $13,630.00 $14,323.00 $13,476.00
6/30/97 $13,744.00 $14,454.00 $13,570.00
7/31/97 $13,992.08 $14,747.42 $13,787.12
8/30/97 $13,944.51 $14,673.68 $13,747.14
9/30/97 $14,086.74 $14,843.89 $13,883.23
10/31/97 $14,230.42 $15,008.66 $13,987.36
11/30/97 $14,258.89 $15,041.68 $14,015.33
12/31/97 $14,365.83 $15,162.01 $14,106.43
1/31/98 $14,523.85 $15,360.64 $14,261.60
2/28/98 $14,519.49 $15,348.35 $14,260.18
3/31/98 $14,573.22 $15,397.46 $14,314.37
4/30/98 $14,649.00 $15,474.45 $14,377.35
5/31/98 $14,751.54 $15,587.41 $14,467.93
6/30/98 $14,840.05 $15,687.17 $14,538.82
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
----------------------------------------------------------
Lehman Int. Lipper Short
Class and With Without Gov't/Corp Invst. Grade
Inception Date Load Load Bond Index Debt Funds Avg.
- -------------- ---------- ---------- ---------- ---------------
<S> <C> <C> <C> <C>
Class A-- 11/24/92 $13,045.91* $13,592.67 $14,841.19 $13,642.58
Class B-- 10/25/94 $12,321.56+ $12,621.56 $13,717.61 $12,673.16
Class C-- 4/19/96 N/A $11,329.64 $12,048.65 $11,492.69
Class Y-- 12/1/91 N/A $14,840.05 $15,687.17 $14,538.82
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------
One One Five Five Since Since
Year Year Years Years Inception Inception
w/load w/out load w/load w/out load w/load w/out load
------ ---------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
3.51%* 7.84% 4.12%* 4.98% 4.86%* 5.63%
1.94%* 6.94% N/A N/A 5.83%+ 6.53%
5.69%* 6.69% N/A N/A N/A 5.84%
N/A 7.99% N/A 5.19% N/A 6.17%
</TABLE>
International Bond Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
<TABLE>
<CAPTION>
Salomon Bros Non-US $ Lipper International
Class Y World Gov't Bond Income Funds Average
------- --------------------- --------------------
<S> <C> <C> <C>
10/2/96 $10,000.00 $10,000.00 $10,000.00
10/31/96 $10,150.00 $10,169.00 $10,194.00
11/30/96 $10,300.00 $10,285.00 $10,361.00
12/31/96 $10,243.00 $10,212.00 $10,351.00
1/31/97 $9,860.00 $9,797.00 $10,091.00
2/28/97 $9,800.00 $9,683.00 $10,049.00
3/31/97 $9,679.00 $9,622.00 $9,963.00
4/30/97 $9,517.00 $9,426.00 $9,876.00
5/31/97 $9,779.00 $9,773.00 $10,090.00
6/30/97 $9,910.00 $9,894.00 $10,254.00
7/31/97 $9,728.55 $9,635.77 $10,142.23
8/30/97 $9,718.82 $9,679.13 $10,153.39
9/30/97 $9,959.85 $9,914.33 $10,412.30
10/31/97 $10,121.20 $10,136.41 $10,484.14
11/30/97 $9,859.06 $9,876.92 $10,376.16
12/31/97 $9,744.69 $9,777.16 $10,349.18
1/31/98 $9,806.08 $9,843.65 $10,405.06
2/28/98 $9,960.04 $9,982.44 $10,534.09
3/31/98 $9,826.57 $9,817.73 $10,485.63
4/30/98 $10,011.31 $10,033.72 $10,641.87
5/31/98 $10,052.36 $10,017.67 $10,670.60
6/30/98 $10,021.20 $9,981.60 $10,635.39
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
----------------------------------------------------
Lipper
Salomon Bros. International
Class and With Without Non-US $ Income Funds
Inception Date Load Load World Gov't Bond Average
- -------------- ---- ---- ---------------- -------
<S> <C> <C> <C> <C>
Class A-- 10/17/96 $9,597.04* $10,000.92 $ 9,815.12 $10,408.85
Class B-- 6/9/97 $9,613.05+ $10,005.33 $10,520.32 $10,487.81
Class Y-- 10/2/96 N/A $10,021.94 $ 9,980.68 $10,630.22
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------
One One Since Since
Year Year Inception Inception
w/load w/out load w/load w/out load
- ------ ---------- ------ ----------
<S> <C> <C> <C>
(3.19)%* 0.86% (2.38)%* 0.01%
(4.66)%* 0.26% (3.65)%+ 0.05%
N/A 1.12% N/A 0.13%
<FN>
- -------------------------------------------------------------------------
*Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load for the Intermediate
Bond Fund and 4.00% for the International Bond Fund.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers 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
Salomon Brothers Non-U.S. World Government Bond Index is a market-weighted
index that includes the government bond markets that are freely open to
investors (exluding the United States) and have a total market
capitalization of at least $20 billion, Dm30 billion and Y2.5 trillion.
/TABLE
<PAGE>
U.S. Government Income Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
<TABLE>
<CAPTION>
Lehman Gov't/Corp Lipper U.S. Gov't Debt
Class Y Bond Index Funds Average
------- ----------------- ----------------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 $10,130.00 $10,199.00 $10,168.00
8/31/94 $10,128.00 $10,204.00 $10,165.00
9/30/94 $9,978.00 $10,049.00 $10,009.00
10/31/94 $9,957.00 $10,038.00 $9,982.00
11/30/94 $9,935.00 $10,020.00 $9,962.00
12/31/94 $10,002.00 $10,086.00 $10,034.00
1/31/95 $10,161.00 $10,280.00 $10,213.00
2/28/95 $10,385.00 $10,518.00 $10,442.00
3/31/95 $10,451.00 $10,589.00 $10,494.00
4/30/95 $10,577.00 $10,736.00 $10,623.00
5/31/95 $10,991.00 $11,186.00 $11,033.00
6/30/95 $11,075.00 $11,276.00 $11,103.00
7/31/95 $11,035.00 $11,232.00 $11,048.00
8/31/95 $11,167.00 $11,376.00 $11,185.00
9/30/95 $11,276.00 $11,491.00 $11,301.00
10/31/95 $11,430.00 $11,660.00 $11,462.00
11/30/95 $11,607.00 $11,852.00 $11,636.00
12/31/95 $11,751.00 $12,027.00 $11,807.00
1/31/96 $11,795.00 $12,102.00 $11,860.00
2/29/96 $11,578.00 $11,845.00 $11,582.00
3/31/96 $11,507.00 $11,746.00 $11,475.00
4/30/96 $11,444.00 $11,665.00 $11,385.00
5/31/96 $11,426.00 $11,645.00 $11,344.00
6/30/96 $11,582.00 $11,801.00 $11,477.00
7/31/96 $11,600.00 $11,829.00 $11,496.00
8/30/96 $11,593.00 $11,800.00 $11,455.00
9/30/96 $11,783.00 $12,009.00 $11,650.00
10/31/96 $12,059.00 $12,290.00 $11,909.00
11/30/96 $12,240.00 $12,516.00 $12,128.00
12/31/96 $12,119.00 $12,377.00 $11,987.00
1/31/97 $12,136.00 $12,391.00 $12,001.00
2/28/97 $12,185.00 $12,417.00 $12,015.00
3/31/97 $12,042.00 $12,270.00 $11,860.00
4/30/97 $12,229.00 $12,449.00 $12,038.00
5/31/97 $12,330.00 $12,565.00 $12,138.00
6/30/97 $12,480.00 $12,716.00 $12,281.00
7/31/97 $12,816.84 $13,105.11 $12,622.41
8/30/97 $12,695.08 $12,958.33 $12,487.35
9/30/97 $12,884.23 $13,161.78 $12,674.66
10/31/97 $13,077.50 $13,372.37 $12,871.12
11/30/97 $13,081.42 $13,443.24 $12,923.89
12/31/97 $13,209.62 $13,584.39 $13,057.01
1/31/98 $13,373.42 $13,775.93 $13,224.14
2/28/98 $13,352.02 $13,748.38 $13,192.40
3/31/98 $13,409.43 $13,791.00 $13,225.38
4/30/98 $13,455.02 $13,859.96 $13,278.28
5/31/98 $13,615.14 $14,008.26 $13,408.41
6/30/98 $13,724.06 $14,151.14 $13,530.43
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
- ------------------------------------------------------------------------ -------------------------------------------
Lehman Lipper U.S. One One Since Since
Class and With Without Gov't/Corp Gov't Debt Year Year Inception Inception
Inception Date Load Load Bond Index Funds Avg. w/load w/outload w/load w/out load
- -------------- ---- ------- ---------- ---------- ------ --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 7/28/94 $13,012.52* $13,557.41 $15,438.20 $13,302.94 5.32%* 9.71% 6.94%* 8.06%
Class B-- 9/6/95 $11,607.64+ $11,907.64 $13,841.55 $12,114.86 3.89%* 8.89% 5.44%+ 6.40%
Class C-- 8/12/96 N/A $11,412.61 $13,312.27 $11,768.08 7.82%* 8.82% N/A 7.26%
Class Y-- 7/5/94 N/A $13,724.56 $15,746.79 $13,529.67 N/A 9.97% N/A 8.26%
</TABLE>
<PAGE>
Michigan Triple Tax-Free Bond Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class A
<TABLE>
<CAPTION>
Class A-4.0% Lehman Muni Bond Lipper Michigan Muni
Front-end Load 20 Yr. Index Debt Funds Average
-------------- ---------------- --------------------
<S> <C> <C> <C>
2/15/94 $9,600.00 $10,000.00 $10,000.00
2/28/94 $9,407.00 $10,000.00 $10,000.00
3/31/94 $8,940.00 $9,473.00 $9,854.00
4/30/94 $9,010.00 $9,550.00 $9,636.00
5/31/94 $9,075.00 $9,664.00 $9,723.00
6/30/94 $9,012.00 $9,567.00 $9,661.00
7/31/94 $9,181.00 $9,786.00 $9,834.00
8/31/94 $9,206.00 $9,813.00 $9,861.00
9/30/94 $9,060.00 $9,617.00 $9,696.00
10/31/94 $8,889.00 $9,363.00 $9,492.00
11/30/94 $8,721.00 $9,140.00 $9,291.00
12/31/94 $8,883.00 $9,431.00 $9,535.00
1/31/95 $9,148.00 $9,800.00 $9,840.00
2/28/95 $9,392.00 $10,155.00 $10,123.00
3/31/95 $9,485.00 $10,272.00 $10,198.00
4/30/95 $9,484.00 $10,270.00 $10,195.00
5/31/95 $9,772.00 $10,657.00 $10,518.00
6/30/95 $9,658.00 $10,493.00 $10,380.00
7/31/95 $9,712.00 $10,548.00 $10,440.00
8/31/95 $9,838.00 $10,693.00 $10,563.00
9/30/95 $9,930.00 $10,778.00 $10,635.00
10/31/95 $10,086.00 $11,007.00 $10,816.00
11/30/95 $10,254.00 $11,251.00 $11,018.00
12/31/95 $10,362.00 $11,409.00 $11,140.00
1/31/96 $10,426.00 $11,467.00 $11,201.00
2/29/96 $10,298.00 $11,336.00 $11,103.00
3/31/96 $10,114.00 $11,156.00 $10,913.00
4/30/96 $10,048.00 $11,111.00 $10,865.00
5/31/96 $10,036.00 $11,125.00 $10,859.00
6/30/96 $10,166.00 $11,282.00 $10,979.00
7/31/96 $10,274.00 $11,393.00 $11,084.00
8/30/96 $10,262.00 $11,375.00 $11,081.00
9/30/96 $10,425.00 $11,605.00 $11,244.00
10/31/96 $10,533.00 $11,744.00 $11,358.00
11/30/96 $10,747.00 $11,989.00 $11,557.00
12/31/96 $10,686.00 $11,918.00 $11,505.00
1/31/97 $10,680.00 $11,905.00 $11,499.00
2/28/97 $10,786.00 $12,033.00 $11,600.00
3/31/97 $10,599.00 $11,843.00 $11,449.00
4/30/97 $10,684.00 $11,975.00 $11,542.00
5/31/97 $10,848.00 $12,190.00 $11,708.00
6/30/97 $10,967.00 $12,344.00 $11,827.00
7/31/97 $11,339.66 $12,758.76 $12,159.34
8/30/97 $11,177.50 $12,601.83 $12,021.94
9/30/97 $11,323.93 $12,775.73 $12,157.79
10/31/97 $11,412.25 $12,868.99 $12,229.52
11/30/97 $11,484.15 $12,973.23 $12,299.23
12/31/97 $11,703.50 $13,209.35 $12,492.32
1/31/98 $11,812.34 $13,357.29 $12,598.51
2/28/98 $11,785.17 $13,347.94 $12,597.25
3/31/98 $11,782.82 $13,366.63 $12,603.55
4/30/98 $11,721.54 $13,298.46 $12,530.45
5/31/98 $11,930.19 $13,539.16 $12,728.43
6/30/98 $11,973.14 $13,600.09 $12,772.98
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
- ------------------------------------------------------------------------ --------------------------------------------
Lipper U.S. One One Since Since
Class and With Without Lehman Muni Muni Debt Year Year Inception Inception
Inception Date Load Load 20-Year Index Funds Avg. w/load w/out load w/load w/out load
- -------------- ---------- ---------- ------------- ----------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 2/15/94 $11,959.67* $12,453.47 $13,649.47 $12,769.81 4.67%* 9.01% 4.18%* 5.15%
Class B-- 7/5/94 $12,593.07+ $12,893.07 $14,130.11 $13,218.69 3.23%* 8.23% 5.95%+ 6.58%
Class C-- 10/4/96 N/A $11,209.92 $11,767.44 $11,349.10 7.24%* 8.24% N/A 6.79%
Class Y-- 1/3/94 N/A $12,529.69 $13,412.75 $12,535.06 N/A 9.17% N/A 5.15%
<FN>
- -------------------------------------------------------------------------
*Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends. Aggregate total returns are derived by
dividing the initial investment into the value of shares held at the end of
a period and subtracting one from the result.
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 20-year Municipal Bond Index is a performance benchmark for
the long-term investment grade tax-exempt bond market.
</TABLE>
<PAGE>
Tax-Free Bond Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
<TABLE>
<CAPTION>
Lehman Muni Lipper Muni
Class Y 20 Yr. Index Debt Funds Average
------- ------------ ------------------
<S> <C> <C> <C>
7/21/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 $10,070.00 $10,000.00 $10,000.00
8/31/94 $10,110.00 $10,028.00 $10,025.00
9/30/94 $9,992.00 $9,827.00 $9,860.00
10/31/94 $9,893.00 $9,568.00 $9,670.00
11/30/94 $9,717.00 $9,344.00 $9,465.00
12/31/94 $9,918.00 $9,637.00 $9,698.00
1/31/95 $10,145.00 $10,014.00 $9,988.00
2/28/95 $10,408.00 $10,377.00 $10,282.00
3/31/95 $10,522.00 $10,496.00 $10,377.00
4/30/95 $10,542.00 $10,494.00 $10,376.00
5/31/95 $10,852.00 $10,890.00 $10,697.00
6/30/95 $10,738.00 $10,723.00 $10,579.00
7/31/95 $10,824.00 $10,779.00 $10,646.00
8/31/95 $10,953.00 $10,927.00 $10,762.00
9/30/95 $11,015.00 $11,013.00 $10,825.00
10/31/95 $11,162.00 $11,248.00 $10,991.00
11/30/95 $11,386.00 $11,497.00 $11,205.00
12/31/95 $11,512.00 $11,658.00 $11,332.00
1/31/96 $11,577.00 $11,718.00 $11,389.00
2/29/96 $11,482.00 $11,584.00 $11,299.00
3/31/96 $11,289.00 $11,399.00 $11,120.00
4/30/96 $11,204.00 $11,354.00 $11,070.00
5/31/96 $11,194.00 $11,368.00 $11,077.00
6/30/96 $11,317.00 $11,529.00 $11,178.00
7/31/96 $11,417.00 $11,642.00 $11,278.00
8/30/96 $11,396.00 $11,623.00 $11,272.00
9/30/96 $11,529.00 $11,859.00 $11,433.00
10/31/96 $11,651.00 $12,001.00 $11,558.00
11/30/96 $11,876.00 $12,251.00 $11,761.00
12/31/96 $11,786.00 $12,178.00 $11,712.00
1/31/97 $11,799.00 $12,166.00 $11,713.00
2/28/97 $11,925.00 $12,296.00 $11,816.00
3/31/97 $11,699.00 $12,102.00 $11,665.00
4/30/97 $11,804.00 $12,236.00 $11,759.00
5/31/97 $12,025.00 $12,457.00 $11,927.00
6/30/97 $12,154.00 $12,613.00 $12,063.00
7/31/97 $12,596.53 $13,036.80 $12,424.89
8/30/97 $12,389.94 $12,876.44 $12,278.28
9/30/97 $12,567.12 $13,054.14 $12,429.30
10/31/97 $12,651.32 $13,149.43 $12,506.36
11/30/97 $12,722.17 $13,255.94 $12,577.65
12/31/97 $12,980.43 $13,497.20 $12,777.63
1/31/98 $13,121.91 $13,648.37 $12,897.74
2/28/98 $13,073.36 $13,638.82 $12,890.00
3/31/98 $13,038.06 $13,657.91 $12,892.58
4/30/98 $12,906.38 $13,588.26 $12,812.65
5/31/98 $13,187.74 $13,834.20 $13,020.21
6/30/98 $13,211.48 $13,896.46 $13,063.18
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
- -------------------------------------------------------------------------- ---------------------------------------------------
Lipper Muni One One Since Since
Class and With Without Lehman Muni Debt Funds Year Year Inception Inception
Inception Date Load Load 20-Year Index Avg. w/load w/out load w/load w/out load
- -------------- ---- ------- ------------- ----------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 10/9/95 $11,368.73* $11,845.58 $13,707.64 $12,067.19 4.17%* 8.54% 4.82%* 6.41%
Class B-- 12/6/94 $12,652.63+ $12,952.63 $14,875.10 $13,806.10 2.65%* 7.65% 6.82%+ 7.52%
Class Y-- 7/21/94 N/A $13,210.83 $13,898.70 $13,075.47 N/A 8.70% N/A 7.31%
</TABLE>
<PAGE>
Tax-Free Intermediate Bond Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
<TABLE>
<CAPTION>
Lehman Muni Lipper Intermediate Muni
Class Y 5 Yr. G/O Index Debt Funds Average
------- --------------- -----------------------
<S> <C> <C> <C>
12/17/92 $10,000.00 $10,000.00 $10,000.00
12/31/92 $10,038.00 $10,070.00 $10,000.00
1/31/93 $10,115.00 $10,178.76 $10,115.00
2/28/93 $10,368.00 $10,444.42 $10,421.00
3/31/93 $10,266.00 $10,326.40 $10,306.00
4/30/93 $10,311.00 $10,392.49 $10,391.00
5/31/93 $10,334.00 $10,428.86 $10,431.00
6/30/93 $10,447.00 $10,569.65 $10,579.00
7/31/93 $10,451.00 $10,577.05 $10,578.00
8/31/93 $10,581.00 $10,720.90 $10,768.00
9/30/93 $10,647.00 $10,798.09 $10,890.00
10/31/93 $10,661.00 $10,814.29 $10,911.00
11/30/93 $10,624.00 $10,782.92 $10,842.00
12/31/93 $10,747.00 $10,930.65 $11,026.00
1/31/94 $10,840.00 $11,033.40 $11,138.00
2/28/94 $10,642.00 $10,827.07 $10,903.00
3/31/94 $10,402.00 $10,585.63 $10,599.00
4/30/94 $10,488.00 $10,692.55 $10,654.00
5/31/94 $10,548.00 $10,752.42 $10,737.00
6/30/94 $10,505.00 $10,727.69 $10,701.00
7/31/94 $10,609.00 $10,844.62 $10,838.00
8/31/94 $10,657.00 $10,896.68 $10,882.00
9/30/94 $10,572.00 $10,814.95 $10,771.00
10/31/94 $10,476.00 $10,754.39 $10,650.00
11/30/94 $10,339.00 $10,685.56 $10,494.00
12/31/94 $10,494.00 $10,779.60 $10,661.00
1/31/95 $10,664.00 $10,883.08 $10,874.00
2/28/95 $10,891.00 $11,040.88 $11,112.00
3/31/95 $10,985.00 $11,216.43 $11,210.00
4/30/95 $11,013.00 $11,246.72 $11,232.00
5/31/95 $11,268.00 $11,493.02 $11,498.00
6/30/95 $11,265.00 $11,502.22 $11,450.00
7/31/95 $11,382.00 $11,663.25 $11,562.00
8/31/95 $11,478.00 $11,781.05 $11,676.00
9/30/95 $11,482.00 $11,816.39 $11,729.00
10/31/95 $11,553.00 $11,866.02 $11,847.00
11/30/95 $11,660.00 $11,966.88 $11,983.00
12/31/95 $11,723.00 $12,032.70 $12,061.00
1/31/96 $11,830.00 $12,175.89 $12,160.00
2/29/96 $11,781.00 $12,134.49 $12,122.00
3/31/96 $11,676.00 $12,070.17 $11,991.00
4/30/96 $11,661.00 $12,052.07 $11,970.00
5/31/96 $11,645.00 $12,037.61 $11,969.00
6/30/96 $11,709.00 $12,123.07 $12,042.00
7/31/96 $11,795.00 $12,203.09 $12,151.00
8/30/96 $11,791.00 $12,228.71 $12,152.00
9/30/96 $11,879.00 $12,320.43 $12,259.00
10/31/96 $11,967.00 $12,435.01 $12,377.00
11/30/96 $12,124.00 $12,607.85 $12,562.00
12/31/96 $12,094.00 $12,588.94 $12,526.00
1/31/97 $12,125.00 $12,622.93 $12,555.00
2/28/97 $12,215.00 $12,712.56 $12,647.00
3/31/97 $12,058.00 $12,568.90 $12,515.00
4/30/97 $12,101.00 $12,631.75 $12,582.00
5/31/97 $12,251.00 $12,769.43 $12,735.00
6/30/97 $12,341.00 $12,792.00 $12,850.00
7/31/97 $12,573.50 $13,017.14 $13,130.13
8/30/97 $12,496.81 $12,950.75 $13,022.46
9/30/97 $12,599.28 $13,066.01 $13,156.59
10/31/97 $12,653.46 $13,133.96 $13,217.11
11/30/97 $12,683.83 $13,174.67 $13,266.02
12/31/97 $12,804.32 $13,287.97 $13,431.84
1/31/98 $12,919.56 $13,408.89 $13,544.67
2/28/98 $12,924.73 $13,430.35 $13,550.09
3/31/98 $12,918.27 $13,442.44 $13,551.44
4/30/98 $12,860.13 $13,385.98 $13,479.62
5/31/98 $13,000.31 $13,546.61 $13,669.68
6/30/98 $13,043.21 $13,592.67 $13,707.96
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
- --------------------------------------------------------------------------
<PAGE>
Lipper
Lehman Muni Intermediate
Class and With Without 5 Year Muni Debt
Inception Date Load Load G/O Index Funds Avg.
- -------------- ---- ---- --------- ----------
<S> <C> <C> <C> <C>
Class A-- 11/30/92 $12,392.41* $12,905.28 $13,688.21 $13,880.58
Class B-- 5/16/96 $10,654.65+ $10,954.65 $11,357.56 $11,436.47
Class Y-- 12/17/92 N/A $13,043.21 $13,593.06 $13,709.92
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------------------
One One Five Five Since Since
Year Year Years Years Inception Inception
w/load w/out load w/load w/out load w/load w/out load
------ ---------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C>
1.26%* 5.44% 3.43%* 4.27% 3.92%* 4.67%
(0.32)%* 4.68% N/A N/A 3.03%+ 4.38%
N/A 5.70% N/A 4.51% N/A 4.89%
<FN>
- -------------------------------------------------------------------------
*Reflects the deduction of the maximum sales charge of 4.00% for Class A
Shares, of 5.00% for Class B Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers 20-year Municipal Bond Index is a performance benchmark
for the long-term investment grade tax-exempt bond market. The Lehman
Brothers Municipal Bond 5-year Government/Obligation Index is an unmanaged
index that includes state and local government bonds secured by the taxing
power of the issuer with four to six-year maturities.
</TABLE>
<PAGE>
Short Term Treasury Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
<TABLE>
<CAPTION>
Merrill Lynch Lipper Short
0-3 Year Tsy. U.S. Tsy.
Class Y Index Funds Avg.
------- ------------- ------------
<S> <C> <C> <C>
1/29/97 $10,000.00 $10,000.00 $10,000.00
1/31/97 $10,010.00 $10,000.00 $10,039.00
2/28/97 $10,040.53 $10,028.00 $10,056.07
3/31/97 $10,045.05 $10,038.03 $10,026.90
4/30/97 $10,111.55 $10,109.30 $10,110.13
5/31/97 $10,164.73 $10,170.96 $10,173.82
6/30/97 $10,229.79 $10,233.01 $10,240.97
7/31/97 $10,304.57 $10,323.06 $10,374.10
8/30/97 $10,330.54 $10,344.74 $10,357.50
9/30/97 $10,399.34 $10,414.05 $10,437.25
10/31/97 $10,454.45 $10,480.70 $10,517.62
11/30/97 $10,489.58 $10,512.14 $10,539.71
12/31/97 $10,540.14 $10,577.31 $10,607.16
1/31/98 $10,616.66 $10,665.11 $10,708.99
2/28/98 $10,631.63 $10,683.24 $10,702.57
3/31/98 $10,671.29 $10,729.17 $10,736.81
4/30/98 $10,730.62 $10,779.60 $10,789.42
5/31/98 $10,773.65 $10,833.50 $10,844.45
6/30/98 $10,824.14 $10,887.67 $10,897.59
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
- ---------------------------------------------------------------------- --------------------------------------------
Merrill Lynch Lipper Short One One Since Since
Class and With Without 0-3 Year Tsy. U.S. Tsy. Year Year Inception Inception
Inception Date Load Load Index Funds Avg. w/load w/out load w/load w/out load
- -------------- ---- ---------- ------------- ------------ ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class Y--1/29/97 N/A $10,824.14 $10,887.67 $10,897.59 N/A 5.81% N/A 5.74%
<FN>
- -------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Merrill Lynch 0-3 Year Treasury Index is a weighted composite of the
Merrill Lynch 0-12 Month Treasury Index, which is made up of all Treasury
notes and bonds with maturities of less than one year, and the Merrill
Lynch 1-3 Year Treasury Index, which consists of all Treasury securities
with maturities of one to three years.
</TABLE>
<PAGE>
Munder Bond Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
ASSET BACKED SECURITIES -- 9.4%
<S> <C> <C>
$1,900,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A2,
7.050% due 05/25/2021 $ 1,930,039
2,500,000 Banc One Credit Card Master
Trust, Series 1994-C, Series A,
7.800% due 12/15/2000 2,520,550
Merrill Lynch Mortgage
Investors, Inc., Class A:
396,000 Series 87-C,
10.100% due 11/15/2007 403,053
17,697 Series 89-B,
10.800% due 04/15/2009 17,917
5,500,000 Residential Accredit Loans,
Inc., Series 1997 QS5 Class A 5,
7.250% due 06/25/2027 5,524,063
Standard Credit Card Master
Trust, Class A,
6,000,000 Series 1995-10,
5.900% due 02/07/2001 6,006,540
5,940,000 Series 1994-2,
7.250% due 04/07/2008 6,413,477
2,300,000 Union Acceptance Corporation,
Class A3, Series 1996-C, 6.630% due
10/08/2003+ 2,342,780
------------
TOTAL ASSET BACKED SECURITIES
(Cost $24,839,952) 25,158,419
------------
<CAPTION>
COLLATERALIZED MORTGAGE OBLIGATIONS
(CMO) -- 4.1%
<S> <C> <C>
754,457 CMO Trust, Class F, Series 60,
9.000% due 08/01/2016 757,234
5,000,000 Federal Home Mortgage
Corporation, Series #1541,
Class F,
6.250% due 05/15/2019 5,001,800
1,925,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 1,953,528
$3,066,000 Federal Home Mortgage
Corporation, Series 1752
Class K,
8.000% due 07/15/2007 $ 3,162,426
------------
<CAPTION>
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO)
<S> <C>
(Cost $10,795,962) 10,874,988
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 46.7%
Drugs -- 2.5%
<S> <C> <C>
6,000,000 Eli Lilly and Company,
8.375% due 02/07/2005 6,701,250
------------
<CAPTION>
Finance -- 17.3%
<S> <C> <C>
5,072,000 ACC Consumer Finance
Corporation,
10.250% due 12/01/2003 5,534,820
4,000,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 4,016,520
20,593 Bank of America National Trust,
9.000% due 03/01/2008 21,200
3,830,000 Block Financial Corporation,
6.750% due 11/01/2004 3,912,652
4,500,000 Countrywide Capital III,
Subordinated Capital Income,
Secs Series B,
8.050% due 06/15/2027++ 5,071,275
2,500,000 Ford Motor Credit Company,
6.500% due 02/28/2002 2,538,500
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005++ 5,341,474
5,500,000 GMAC, Senior Note,
6.375% due 12/01/2001 5,543,725
3,540,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005++ 3,885,433
4,520,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 5,314,390
4,850,000 Transamerica Capital III,
7.625% due 11/15/2037 5,179,606
------------
46,359,595
------------
<CAPTION>
Finance -- Foreign -- 7.4%
<S> <C> <C>
$5,250,000 Abbey National Plc,
6.700% due 06/29/2049 $ 5,286,120
4,800,000 Abbey National Treasury,
6.375% due 03/18/2002+ 4,850,400
4,500,000 Swedish Export Credit Corp.,
6.010% due 06/19/2000 4,511,250
5,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 5,190,500
------------
19,838,270
------------
<CAPTION>
Government Agency -- Foreign -- 2.2%
<S> <C> <C>
5,015,000 British Columbia Hydro Power
Corporation,
12.500% due 01/15/2014 5,381,898
401,000 Manitoba Province Canada,
9.500% due 09/15/1998 403,895
------------
5,785,793
------------
<CAPTION>
Industrial -- 7.7%
<S> <C> <C>
3,895,000 Anheuser Busch Companies,
9.000% due 12/01/2009 4,717,390
6,725,000 Harris Corporation Delaware,
6.350% due 02/01/2028 6,726,816
4,500,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001++ 4,483,845
4,400,000 Wal-Mart Stores,
8.625% due 04/01/2001 4,700,476
------------
20,628,527
------------
<CAPTION>
Industrial -- Foreign -- 1.7%
<S> <C> <C>
4,600,000 Investor A/B,
6.250% due 04/07/2003 4,602,875
------------
<CAPTION>
Supranational -- 1.5%
<S> <C> <C>
3,950,000 African Development Bank,
6.750% due 07/30/1999 3,987,090
------------
<CAPTION>
Transportation -- 0.4%
<S> <C> <S>
1,000,000 Consolidated Rail Corporation,
MTN,
7.000% due 07/01/1999 1,010,670
------------
<CAPTION>
Utility -- Electric -- 6.0%
<S> <C> <C>
$2,500,000 Montana Power Company,
Series A, MTN,
8.680% due 02/07/2022 $ 2,811,475
4,100,000 National Rural Utilities
Cooperative Finance, Note,
6.125% due 05/15/2005 4,122,386
8,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 9,010,155
------------
15,944,016
------------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
<S> <C>
(Cost $124,181,786) 124,858,086
------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 16.4%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.7%
FHLMC:
<S> <C> <C>
1,473,201 Pool #E62394, Gold,
7.500% due 09/01/2010 1,513,243
422,453 Pool #200021,
10.500% due 11/01/2000 444,340
------------
1,957,583
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 9.9%
FNMA:
<S> <C> <C>
6,150,000 Remic Trust 1993 183 Class H,
6.500% due 03/25/2022 6,239,667
2,510,000 Remic Trust 1997 G1 Class K,
6.750% due 02/18/2004 2,580,380
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,752,000
5,816,000 Remic Trust 1990-41 Class D,
9.500% due 04/25/2020 6,219,049
2,955,342 Pool #303105,
11.000% due 11/01/2020 3,256,817
2,983,105 Pool #100081,
11.500% due 08/01/2016 3,346,685
------------
26,394,598
------------
<CAPTION>
Government Agency -- Debentures -- 1.8%
<S> <C> <C>
$4,600,000 Tennessee Valley Authority:
6.375% due 06/15/2005 $ 4,772,224
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 4.0%
GNMA:
<S> <C> <C>
4,222,364 Pool #371438,
6.500% due 01/15/2024 4,215,145
1,887,403 Pool #780584,
7.000% due 06/15/2027 1,924,321
4,402,692 Pool #780799,
8.000% due 05/15/2028 4,562,289
------------
10,701,755
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
<S> <C>
(Cost $43,404,512) 43,826,160
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 20.6%
U.S. Treasury Bonds -- 10.7%
<S> <C> <C>
24,725,000 6.875% due 08/15/2025 28,618,198
------------
<CAPTION>
U.S. Treasury Notes -- 9.9%
<S> <C> <C>
5,000,000 5.500% due 02/28/2003 4,996,100
6,500,000 6.250% due 02/15/2007 6,803,875
1,450,000 7.500% due 11/15/2001 1,534,825
11,590,000 7.875% due 11/15/2004 13,011,282
------------
26,346,082
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $53,865,833) 54,964,280
------------
<CAPTION>
REPURCHASE AGREEMENT -- 1.3%
(Cost $3,389,000)
<S> <C> <C>
$3,389,000 Agreement with State Street Bank
and Trust Company, 5.800% dated
06/30/1998, to be repurchased at
$3,389,546 on 07/01/1998,
collateralized by $2,130,000
U.S. Treasury Note, 13.250%
maturing 05/15/2014
(value $3,458,722) $ 3,389,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $45,996,125) 17.2% 45,996,125
---- ------------
TOTAL INVESTMENTS
(Cost $306,473,170*) 115.7% 309,067,058
OTHER ASSETS AND
LIABILITIES (Net) (15.7) (42,081,470)
---- ------------
NET ASSETS 100.0% $266,985,588
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $306,649,861.
** As of June 30, 1998, the market value of the securities on loan is
$45,194,983. Collateral received for securities loaned includes $7,052,500
in U.S. government securities and the remaining $38,943,625 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Floating rate note. The interest shown reflects the rate currently in effect.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
/TABLE
<PAGE>
Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
ASSET BACKED SECURITIES -- 15.8%
<S> <C> <C>
$ 5,000,000 American Express Credit Account
Master, Series 96 Class A,
6.800% due 12/15/2003 $ 5,121,500
6,147,000 Banc One Credit Card Master
Trust, Series 1994-C, Class A,
7.800% due 12/15/2000 6,197,528
7,924,966 California Infrastructure SCE-1,
Series 1997-1, Class A1,
5.980% due 12/26/2000 7,934,873
5,500,000 Charming Shoppes Master Trust,
Series 1194-1, Class A, 7.000%
due 04/15/1999 5,551,700
10,000,000 Chemical Master Credit Card,
Trust 1,
6.230% due 06/15/2003 10,105,800
5,405,000 Contimortgage Home Equity
Loan, 1997 2 Passthru
Certificate Class A 9,
7.090% due 04/15/2028 5,573,636
9,405,000 CWMBS, Mortgage Passthru
Series 1996 I Class A 6,
7.750% due 09/25/2026 9,501,871
5,000,000 Dayton Hudson Credit Card,
Series 1995-1A, 6.100% due
02/25/2002 5,005,550
10,000,000 Discover Card Trust, Series
1991-DA,
8.000% due 10/16/2000 10,034,800
10,000,000 Racers-Kellogg, Series 1998-1
144A,
5.750% due 02/02/2001 9,964,100
6,666,670 Sears Credit Company, Master
Trust, Series 1995-4A,
6.250% due 01/15/2003++ 6,680,270
11,320,000 Standard Credit Card and Trust,
Series 1990-6A, 7.850% due
02/07/2002 11,668,430
------------
<CAPTION>
TOTAL ASSET BACKED SECURITIES
<S> <C>
(Cost $93,779,886) 93,340,058
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 29.6%
Banking and Financial Services -- 14.6%
<S> <C> <C>
$ 5,000,000 Abbey National Plc,
6.700% due 06/29/2049 $ 5,034,400
10,000,000 America Express Bank, Ltd.,
5.725% due 02/10/2004+ 9,841,520
10,000,000 American General Finance
Corporation, MTN,
6.180% due 05/12/2003 9,978,100
Associates Corporation of
North America:
5,000,000 6.000% due 03/15/2000 5,005,800
2,570,000 MTN,
8.250% due 10/15/2004 2,837,845
11,500,000 AT&T Capital Corporation,
MTN, 6.180% due
12/03/1999 11,512,880
5,897,000 BankAmerica Corporation,
MTN, 5.741% due
08/15/2003+ 5,895,526
Ford Motor Credit Corporation:
9,425,000 6.250% due 11/08/2000 9,476,743
2,260,000 6.500% due 02/15/2006 2,297,516
2,750,000 International Lease Finance
Corporation,
5.500% due 01/15/1999 2,747,003
6,420,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005 7,046,464
6,433,000 Midland American Capital,
12.750% due 11/15/2003 6,580,959
3,505,232 Textron Financial Corporation
Receivables,
6.050% due 03/16/2009 3,508,807
4,000,000 U.S. Leasing International,
MTN, 9.880% due
03/06/2001 4,373,520
------------
86,137,083
------------
<CAPTION>
Foreign -- 5.7%
<S> <C> <C>
$10,000,000 Halifax Building Society,
6.000% due 02/26/2008 $ 9,925,000
10,140,000 Tyco International Group,
6.375% due 06/15/2005 10,156,325
3,270,000 Union Bank Switzerland,
7.250% due 07/15/2006 3,501,418
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 10,381,000
------------
33,963,743
------------
<CAPTION>
Industrial -- 6.7%
<S> <C> <C>
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 5,060,143
4,950,000 General Motors Corporation,
6.600% due 01/17/2001 5,015,142
10,000,000 Merck & Co,
5.760% due 05/03/2037 10,147,700
4,500,000 Montana Power Company,
MTN, 8.680% due
02/07/2022 5,060,655
4,000,000 Pitney Bowes Inc.,
5.950% due 02/01/2005 4,033,040
7,125,000 Thermolase Corporation,
4.375% due 08/05/2004 6,056,250
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 4,249,199
------------
39,622,129
------------
<CAPTION>
Utility -- Electric -- 1.0%
<S> <C> <C>
5,625,000 National Rural Utilities,
6.300% due 11/19/2001 5,653,181
------------
<CAPTION>
Utility -- Telephone -- 1.6%
<S> <C> <C>
9,500,000 Michigan Bell Telephone,
5.875% due 09/15/1999 9,514,630
------------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
<S> <C>
(Cost $173,989,116) 174,890,766
------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 33.5%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 2.8%
FHLMC:
<S> <C> <C>
$3,839,944 8.000% due 03/01/2028 $ 3,971,923
4,612,952 Pool #A00813,
9.000% due 10/01/2020 4,858,823
1,172,877 Pool #E61740,
9.000% due 04/01/2010 1,223,381
3,303,989 Pool #F70013, Gold,
7.000% due 12/01/2011 3,365,509
3,145,744 Pool #G50249, REMIC,
8.500% due 03/01/2000 3,214,730
------------
16,634,366
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 9.6%
FNMA:
<S> <C> <C>
11,677,248 6.000% due 02/01/2013 11,549,499
12,108,268 6.000% due 05/01/2013 11,975,803
13,327,046 6.000% due 04/01/2018 13,085,427
9,609,203 6.000% due 03/01/2028 9,353,887
2,822,696 Pool #070225,
7.500% due 08/01/2018 2,890,441
7,885,645 Pool #250550,
6.500% due 05/01/2026 7,854,024
------------
56,709,081
------------
<CAPTION>
Government Agency Debentures -- 18.5%
<S> <C> <C>
50,000,000 AID-Israel,
0.000% due 02/15/2004 36,679,000
8,250,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,314,101
17,675,000 Federal Home Loan Bank,
5.285% due 02/21/2001 17,500,548
4,250,000 Federal Home Loan Mortgage
Corporation,
6.000% due 04/25/2000 4,266,448
10,020,000 Medium Term Note,
5.650% due 06/12/2000 10,023,106
11,000,000 Benchmark Note,
5.750% due 06/15/2005 10,988,010
10,950,000 SallieMae Student Loan Trust,
5.692% due 01/25/2010 10,860,210
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 10,374,400
------------
109,005,823
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 2.1%
GNMA:
<S> <C> <C>
9,487,628 8.000% due 05/15/2028 9,831,555
2,605,094 Pool #780077,
8.000% due 03/15/2025 2,705,338
------------
12,536,893
------------
<CAPTION>
Small Business Administration (SBA) --
0.5%
<S> <C> <C>
2,871,623 SBA, Pool #502796,
6.500% due 11/25/2019 2,914,698
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
<S> <C>
(Cost $194,533,592) 197,800,861
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 17.1%
U.S. Treasury Notes -- 17.1%
<S> <C> <C>
5,000,000 6.000% due 08/15/1999 5,026,450
14,500,000 7.750% due 01/31/2000 14,980,530
14,800,000 6.625% due 07/31/2001 15,240,004
47,975,000 7.500% due 11/15/2001 50,781,537
10,000,000 5.500% due 02/28/2003 9,992,200
4,800,000 6.875% due 05/15/2006 5,197,488
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $101,348,381) 101,218,209
------------
<CAPTION>
REPURCHASE AGREEMENT -- 3.1%
(Cost $18,285,000)
<S> <C> <C>
$18,285,000 Agreement with State Street
Bank and Trust Company, 5.800%
dated 06/30/1998, to be
repurchased at $18,287,946 on
07/01/1998, collateralized by
$18,380,000 U.S. Treasury
Note, 3.625% maturing
01/15/2008
(value $18,655,700) $ 18,285,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $81,818,275) 13.8% 81,818,275
---- ------------
TOTAL INVESTMENTS
(Cost $663,754,250*) 112.9% 667,353,169
OTHER ASSETS AND
LIABILITIES (Net) (12.9) (76,602,755)
---- ------------
NET ASSETS 100.0% $590,750,414
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $664,044,394.
** As of June 30, 1998, the market value of the securities on loan is
$80,249,154. Collateral received for securities loaned of $81,818,275 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Floating rate note. The interest rate shown reflects the rate currently
in effect.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Bond Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
FOREIGN BONDS AND NOTES -- 88.0%
Australia -- 2.6%
Government -- 2.6%
<S> <C> <C> <C>
AUD 2,000,000 Queensland Treasury Corporation, Government Bond, Series 5,
6.500% due 06/14/2005 $ 1,296,697
------------
<CAPTION>
Belgium -- 3.8%
Government -- 3.8%
<S> <C> <C> <C>
BEF 61,000,000 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 1,894,461
------------
<CAPTION>
Canada -- 4.5%
Government -- 4.5%
<S> <C> <C> <C>
CAD 3,000,000 Government of Canada,
7.500% due 12/01/2003 2,242,697
------------
<CAPTION>
Denmark -- 5.2%
Government -- 5.2%
<S> <C> <C> <C>
DKK 15,750,000 Kingdom of Denmark,
8.000% due 05/15/2003 2,622,211
------------
<CAPTION>
Finland -- 1.3%
Government -- 1.3%
<S> <C> <C> <C>
FIM 3,000,000 Republic of Finland,
9.500% due 03/15/2004 678,834
------------
<CAPTION>
France -- 17.5%
Finance -- 4.1%
<S> <C> <C> <C>
FRF 12,000,000 Caisse Refinance Hypo,
8.500% due 03/05/1999 2,045,024
<CAPTION>
Government -- 9.4% Government of France:
<S> <C> <C>
22,500,000 5.500% due 04/25/2007 3,916,668
3,600,000 8.500% due 12/26/2012 805,842
------------
4,722,510
------------
<CAPTION>
Supranational -- 4.0%
<S> <C> <C>
12,000,000 Eurofima,
5.625% due 11/25/1999 2,031,620
------------
8,799,154
------------
<CAPTION>
Germany -- 20.3%
Finance -- 4.8%
<S> <C> <C> <C>
DEM 2,600,000 Bayerische Vereinsbank New York, Global Bond,
4.500% due 06/24/2002 1,445,862
1,700,000 Sudwest LB Capital Markets,
5.000% due 02/08/1999 951,487
<CAPTION>
Government -- 13.5%
<S> <C> <C> <C>
DEM 7,500,000 Federal Republic of Germany,
5.625% due 01/04/2028 $ 4,316,726
4,000,000 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 2,463,944
<CAPTION>
Supranational -- 2.0%
<S> <C> <C> <C>
1,750,000 International Bank of Reconstruction & Development,
7.250% due 10/13/1999 1,008,498
------------
10,186,517
------------
<CAPTION>
Italy -- 3.3%
Government -- 3.3%
<S> <C> <C> <C>
ITL 2,500,000,000 Government of Italy,
8.500% due 04/01/2004 1,664,837
------------
<CAPTION>
Japan -- 16.7%
Government -- 9.1%
<S> <C> <C> <C>
JPY 580,000,000 Government of Japan,
2.600% due 09/20/2007 4,568,019
<CAPTION>
Supranational -- 7.6%
<S> <C> <C> <C>
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 1,954,752
220,000,000 Interamerican Development Bank,
6.000% due 10/30/2001 1,853,260
------------
8,376,031
------------
<CAPTION>
Netherlands -- 4.8%
Government -- 4.8%
<S> <C> <C> <C>
NLG 4,300,000 Government of Netherlands, Series 2,
8.250% due 06/15/2002 2,408,338
------------
<CAPTION>
Sweden -- 2.9%
Government -- 2.9%
<S> <C> <C> <C>
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,456,559
------------
<CAPTION>
United Kingdom -- 5.1%
Finance -- 2.5%
<S> <C> <C> <C>
GBP 750,000 General Electric Capital Corporation,
7.500% due 12/01/1998 1,248,065
<CAPTION>
Supranational -- 2.6%
<S> <C> <C> <C>
750,000 European Investment Bank,
8.500% due 11/06/2001 1,307,516
------------
2,555,581
------------
<CAPTION>
TOTAL FOREIGN BONDS AND NOTES
<S> <C>
(Cost $45,793,828) $ 44,181,917
<CAPTION>
GOVERNMENT AGENCY OBLIGATIONS -- 6.5%
<S> <C> <C> <C>
GBP 600,000 Federal National Mortgage Association, Global Bond,
6.875% due 06/07/2002 1,003,323
DEM 3,700,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 2,249,605
------------
<CAPTION>
TOTAL GOVERNMENT AGENCY OBLIGATIONS
<S> <C>
(Cost $3,314,071) 3,252,928
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.9%
(Cost $1,453,000)
<S> <C> <C> <C>
U.S. 1,453,000 Agreement with State Street Bank and Trust Company, 5.800% dated
6/30/98, to be repurchased at $1,453,234 on 7/1/1998,
collateralized by $1,070,000 U.S. Treasury Bond, 8.875%
maturing 8/15/2017
(value $1,486,601) 1,453,000
------------
<S> <C> <C>
OTHER INVESTMENTS** (Cost $846,000) 1.7% 846,000
----- ------------
TOTAL INVESTMENTS (Cost $51,406,899*) 99.1% 49,733,845
OTHER ASSETS AND LIABILITIES (Net) .9 476,309
----- ------------
NET ASSETS 100.0% $ 50,210,154
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $51,520,487.
** As of June 30, 1998, the market value of the securities on loan is
$829,825. Collateral received for securities loaned of $846,000 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
ABBREVIATIONS:
AUD -- Australian Dollar
BEF -- Belgian Francs
CAD -- Canadian Dollar
DEM -- German Deutsche Mark
DKK -- Danish Krone
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
ITL -- Italian Lira
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
ASSET BACKED SECURITY -- 1.7%
(Cost $4,954,336)
<S> <C> <C>
$ 5,000,000 Residential Accreditation Loans,
Inc., Class A4, Series 1997-QS3,
7.750% due 04/25/2027 $ 5,063,100
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 0.0% (DELTA)
(Cost $20,084)
Finance -- 0.0% (DELTA)
<S> <C> <C>
20,585 BankAmerica National Trust,
9.000% due 03/01/2008 21,192
------------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 83.7%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 42.5%
FHLMC:
<S> <C> <C>
7,000,000 6.500% due 04/15/2007 7,063,420
2,553,196 Pool #A01048, Gold,
8.500% due 02/01/2020 2,655,860
7,280,984 Pool #E00160, Gold,
7.000% due 11/01/2007 7,408,838
1,852,783 Pool #G00479, Gold,
9.000% due 04/01/2025 1,955,409
5,500,000 Series 1399, Class Q,
7.000% due 02/15/2021 5,714,830
1,000,000 Series 1452, Class PH,
6.500% due 06/15/2006 1,016,360
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 6,024,750
203,833 Series 1542, Class E,
5.650% due 01/15/2015 203,418
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 5,096,850
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 9,276,910
3,000,000 Series 16, Class PM,
6.500% due 04/25/2021 3,020,370
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 5,093,750
3,375,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,405,577
$ 4,300,000 Series 1617, Class C,
6.500% due 02/15/2023 $ 4,353,750
4,845,000 Series 1619, Class B,
6.400% due 01/15/2023 4,929,787
3,720,000 Series 1633, Class PL,
6.500% due 03/15/2023 3,804,853
2,000,000 Series 1650, Class H,
6.250% due 10/15/2022 2,018,740
3,000,000 Series 1671, Class F,
6.250% due 03/15/2022 2,998,500
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,808,854
460,103 Series 168, Class E,
8.000% due 12/15/2020 459,284
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,793,392
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,686,859
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 1,069,604
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 2,074,180
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 9,276,306
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 4,310,520
1,045,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,060,096
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,686,200
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,707,225
------------
124,974,492
------------
<CAPTION>
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 0.3%
<S> <C> <C>
985,720 FHA, Azalea Garden,
8.500% due 09/01/2030 1,037,470
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 35.9%
FNMA:
<S> <C> <C>
$ 173,818 Pool #040305,
11.500% due 02/01/2014 $ 193,006
52,261 Pool #058255,
11.500% due 11/01/2010 58,034
79,677 Pool #081585,
11.500% due 07/01/2012 88,482
1,824,014 Pool #100081,
11.500% due 08/01/2016 2,046,325
176,641 Pool #210448,
11.500% due 11/01/2015 196,232
2,784,065 Pool #250323,
7.000% due 07/01/2002 2,821,539
1,979,562 Pool #303105,
11.000% due 11/01/2020 2,181,497
164,814 Pool #336457,
10.500% due 11/01/2020 179,402
1,224,749 Series 1989-98, Class D,
9.200% due 04/25/2019 1,242,667
4,745,093 Series 1990-117, Class E,
8.950% due 10/25/2020 5,089,160
3,442,236 Series 1990-120, Class G,
9.000% due 11/25/2019 3,492,252
5,000,000 Series 1990-45, Class J,
9.500% due 05/25/2020 5,645,700
5,000,000 Series 1993-120, Class HA,
6.500% due 01/25/2021 5,065,600
6,000,000 Series 1993-139 Class H,
6.750% due 12/25/2021 6,116,100
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,616,175
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022 2,028,240
5,100,000 Series 1993-163, Class BJ,
7.000% due 07/25/2006 5,285,079
2,000,000 Series 1993-168, Class PG,
6.250% due 01/25/2020 1,997,520
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023 2,913,120
$10,319,600 Series 1993-226, Class PN,
9.000% due 05/25/2022 11,757,843
3,500,000 Series 1993-240, Class PD,
6.250% due 12/25/2013 3,524,045
2,000,000 Series 1993-83, Class VE,
6.600% due 12/25/2005 2,027,740
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,465,020
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,529,055
1,600,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,657,568
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,764,846
5,150,000 Series 1996-70, Class PJ,
6.500% due 02/25/2026 5,285,806
9,500,000 Series 1997-60, Class PD,
6.500% due 01/18/2024 9,569,445
6,705,000 Series G97-1, Class J,
6.750% due 02/18/2004 6,767,021
------------
105,604,519
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 4.8%
GNMA:
<S> <C> <C>
3,519,208 Pool #780799,
8.000% due 05/15/2028 3,646,780
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 10,448,854
------------
14,095,634
------------
<CAPTION>
Small Business Administration (SBA) -- 0.2%
<S> <C> <C>
509,027 SBA, Pool # 503548,
6.125% due 11/25/2021+++ 517,299
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
<S> <C>
(Cost $240,723,317) 246,229,414
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 11.3%
U.S. Treasury Bonds -- 9.4%
U.S. Treasury Bonds:
<S> <C> <C>
$ 1,800,000 8.750% due 11/15/2008 $ 2,054,142
4,000,000 8.125% due 08/15/2019 5,156,120
15,860,000 8.000% due 11/15/2021 20,429,107
------------
27,639,369
------------
<CAPTION>
U.S. Treasury Notes -- 1.9%
<S> <C> <C>
1,000,000 7.875% due 11/15/2004 1,122,630
4,250,000 6.875% due 05/15/2006 4,599,350
------------
5,721,980
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $30,944,023) 33,361,349
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.7%
(Cost $7,854,000)
<S> <C> <C>
$7,854,000 Agreement with State Street
Bank and Trust Company, 5.800%
dated 06/30/1988, to be
repurchased at $7,855,265 on
07/01/1998, collateralized by
$7,645,000 U.S. Treasury Note,
7.125% maturing 02/29/2000
(value $8,013,642) 7,854,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $284,495,760*) 99.4% $292,529,055
OTHER ASSETS AND
LIABILITIES (Net) 0.6 1,704,562
----- ------------
NET ASSETS 100.0% $294,233,617
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $284,543,815.
+++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
(DELTA) Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investment, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES -- 97.8%
Michigan -- 97.8%
<S> <C> <C> <C> <C>
$ 750,000 Allegen, Michigan, Public School District,
5.000% due 05/01/2022 AAA Aaa $732,660
1,000,000 Bay City, Michigan, Electric Utility Revenue
Refunding, (AMBAC Insured),
5.300% due 01/01/2010 AAA Aaa 1,049,220
Birmingham, Michigan, City School District:
1,000,000 5.000% due 11/01/2018 AA+ Aa2 983,620
1,000,000 7.000% due 11/01/2008 AA+ Aa2 1,185,580
1,500,000 Cedar Springs, Michigan, Public School District,
5.000% due 05/01/2024 AAA Aaa 1,459,800
1,000,000 Central Michigan University Revenue,
(FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,030,610
1,250,000 Chippewa Valley, Michigan, Schools Refunding,
4.750% due 05/01/2023 AAA Aaa 1,177,075
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 609,978
1,055,000 De Witt, Michigan, Public Schools, GO,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2011 AAA Aaa 1,110,852
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 699,475
1,000,000 Detroit, Michigan, Sewer Disposal Revenue,
Series A, (MBIA Insured),
5.000% due 07/01/2027 AAA Aaa 968,960
1,055,000 Detroit, Michigan, Water Supply System,
(MBIA Insured), Series B,
5.400% due 07/01/2011 AAA Aaa 1,120,621
500,000 Detroit, Michigan, Water Supply Systems, Revenue,
Series A,
5.000% due 07/01/2027 AAA Aaa 484,480
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 1,008,640
1,000,000 Eastern Michigan University Revenue, GO,
(FGIC Insured),
5.500% due 06/01/2017 AAA Aaa 1,046,980
1,000,000 Ferris State University, Michigan, Revenue
General,
5.000% due 10/01/2023 AAA Aaa 981,770
1,000,000 Ferris State University, Michigan, Revenue
Refunding, (MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 1,022,830
Grand Rapids, Michigan:
$ 750,000 Building Authority, Refunding, and Improvement
Revenue,
5.500% due 04/01/2013 A+ A1 775,852
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2016 AAA Aaa 1,022,810
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 1,015,840
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 677,634
500,000 Holland, Michigan, Water Supply Systems,
5.375% due 07/01/2017 A+ A1 513,245
Hudsonville Public Schools, Michigan:
1,000,000 Refunding,
5.150% due 05/01/2027 AAA Aaa 994,200
950,000 Series B, GO, (FGIC Insured), Pre-refunded,
6.000% due 05/01/2004 AAA Aaa 1,052,324
1,000,000 Kalamazoo, Michigan, City School District, GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,056,300
1,500,000 Kalamazoo, Michigan, Hospital Finance Authority
Revenue, Series A,
6.250% due 06/01/2014 AAA Aaa 1,710,945
500,000 Kenowa Hills, Michigan, Public Schools, GO,
(MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 529,645
1,000,000 Livonia Public School District, Michigan, GO,
(FGIC Insured),
5.125% due 05/01/2022 AAA Aaa 989,840
Michigan Municipal Bond Authority Revenue:
550,000 Local Government Loan
(AMBAC Insured),
4.550% due 05/01/2008 AAA NR 550,572
1,250,000 State Revolving Fund,
5.125% due 10/01/2020 AA+ Aa1 1,245,862
1,100,000 Michigan Public Power Agency Revenue,
(Belle River Project), Series A,
5.250% due 01/01/2018 AA- A1 1,099,208
$ 1,000,000 Michigan State Building Authority Revenue,
Facilities Project, Series II,
5.000% due 10/15/2014 AA Aa3 1,002,090
Michigan State Comprehensive Transportation
Revenue Series A, (MBIA Insured):
1,000,000 5.250% due 08/01/2012 AAA Aaa 1,027,070
500,000 5.250% due 08/01/2014 AAA Aaa 509,545
500,000 Michigan State Environmental Protection Program,
5.000% due 11/01/2011 AA+ Aa1 510,670
Michigan State Hospital Finance Authority Revenue:
500,000 (Hackley Hospital), Series A,
4.800% due 05/01/2005 NR A3 501,070
1,000,000 (Henry Ford Continuing Care), Series A,
5.250% due 11/15/2025 AA Aa2 1,000,200
1,000,000 (Mercy Health Services), Series S,
5.500% due 08/15/2020 AA- Aa3 1,028,010
1,000,000 (Mercy Health Services), Series W,
5.250% due 08/15/2027 AAA Aaa 997,210
1,500,000 Hospital, Henry Ford Health, Series A,
5.250% due 11/15/2020 AA Aa2 1,500,300
Michigan State Housing Development Authority,
Series A:
(AMBAC Insured):
500,000 6.050% due 12/01/2027 AAA Aaa 529,895
1,000,000 6.450% due 12/01/2014 AA+ NR 1,072,400
1,000,000 Michigan State Trunk Line Highway Revenue,
Series A,
(FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,045,250
1,500,000 Michigan State University Revenues, General
Series A,
5.125% due 02/15/2016 AAA Aaa 1,504,245
1,500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 1,717,860
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 502,750
1,000,000 Oakland County Michigan, Novi Wastewater Control
Systems,
5.000% due 05/01/2007 AA+ Aa3 1,040,670
1,500,000 Redford, Michigan Union School District, Refunding,
5.000% due 05/01/2022 AAA Aaa 1,487,685
$ 1,000,000 Redford, Michigan, Unified School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,102,520
1,750,000 Rochester Community School District, Michigan, GO,
5.000% due 05/01/2019 AAA Aaa 1,738,713
750,000 Rockford Michigan Public Schools,
6.500% due 05/01/2009 AAA Aaa 873,570
600,000 Royal Oak, Michigan, Hospital Finance Authority,
Hospital Revenue, (William Beaumont Hospital),
Series G,
5.500% due 11/15/2013 AA Aa3 617,484
1,000,000 Saint Johns, Michigan, Public Schools District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,088,100
1,000,000 South Lake, Michigan, Public Schools System,
5.125% due 05/01/2014 AAA Aaa 1,025,460
1,500,000 South Lyon, Michigan, Community Schools,
4.750% due 05/01/2023 AAA Aaa 1,412,490
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,045,900
750,000 Three Rivers, Michigan, Community Schools,
5.600% due 05/01/2010 AAA Aaa 819,488
600,000 University of Michigan, Hospital Revenue, Series A,
5.500% due 12/01/2021 AA Aa2 609,240
1,000,000 West Bloomfield School District, Michigan, GO,
(MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 1,007,320
1,000,000 Williamston, Michigan, Community School District,
5.500% due 05/01/2025 AAA Aaa 1,061,330
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 495,840
------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S> <C>
(Cost $57,792,288) 59,781,803
------------
<CAPTION>
SHORT-TERM INVESTMENT -- 1.1%
(Cost $673,079)
<S> <C> <C>
673,079 Valiant Fund Tax Exempt Money Market $ 673,079
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $58,465,367*) 98.9% 60,454,882
OTHER ASSETS AND LIABILITIES (Net) 1.1 691,664
----- ------------
NET ASSETS 100.0% $ 61,146,546
===== ============
<FN>
- ---------
*Aggregate cost for Federal tax purposes is $58,472,809.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 1998
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES -- 97.8%
Arizona -- 0.9%
<S> <C> <C> <C> <C>
$ 1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,870,640
------------
<CAPTION>
California -- 2.1%
<S> <C> <C> <C> <C>
2,905,000 Perris, California Community Facilities Revenue,
ETM,
8.750% due 10/01/2021 AAA Aaa 4,313,838
------------
<CAPTION>
Delaware -- 0.9%
<S> <C> <C> <C> <C>
1,555,000 Delaware State Economic Development Authority,
Osteopathic Hospital Associates Delaware,
Series A,
6.500% due 01/01/2008 NR Aaa 1,766,433
------------
<CAPTION>
District of Columbia 2.4%
<S> <C> <C> <C> <C>
5,000,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 4,850,700
------------
<CAPTION>
Florida -- 12.1%
<S> <C> <C> <C> <C>
2,000,000 Florida State, Board of Education, Administrative
Capital Revenue,
8.400% due 06/01/2007 AA+ Aa2 2,560,960
3,000,000 Gainesville, Florida, Utility Systems Revenue,
Series A,
6.500% due 10/01/2012 AA Aa3 3,511,020
5,000,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 6,045,700
Palm Beach County, Florida:
2,285,000 Criminal Justice,
5.750% due 06/01/2013 AAA Aaa 2,524,194
3,050,000 GO,
6.750% due 07/01/2011 AA Aa2 3,665,307
5,000,000 Port Everglades, Florida, Port Authority Revenue,
ETM,
7.125% due 11/01/2016 AAA Aaa 6,059,850
------------
24,367,031
------------
<CAPTION>
Georgia -- 6.8% Georgia State, GO:
<S> <C> <C> <C> <C>
4,500,000 7.400% due 08/01/2007 AAA Aaa 5,490,990
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,296,680
5,100,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 5,865,153
------------
13,652,823
------------
<CAPTION>
Hawaii -- 1.2%
<S> <C> <C> <C> <C>
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA Aa2 2,437,500
------------
<CAPTION>
Illinois -- 9.8%
<S> <C> <C> <C> <C>
1,000,000 Addison, Illinois, Single-family Mortgage Revenue,
ETM,
7.500% due 04/01/2011 AAA NR 1,191,240
2,500,000 Chicago, Illinois, Wastewater Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,643,000
2,000,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,169,780
5,000,000 Illinois Educational Facilities Authority Revenue,
Northwestern University, Mandatory Put 11/01/2015,
5.250% due 11/01/2032 AA+ Aa1 5,107,900
Illinois State, Sales Tax Revenue:
5,000,000 Series P,
6.500% due 06/15/2022 AAA Aa2 5,978,450
2,500,000 Series Y,
5.250% due 06/15/2009 NR Aa2 2,644,100
------------
19,734,470
------------
<CAPTION>
Indiana -- 2.8%
<S> <C> <C> <C> <C>
3,000,000 Indiana State Office Building Capital Revenue,
7.400% due 07/01/2015 AAA Aaa 3,829,920
1,525,000 Indiana Transportation Finance Airport Lease,
Refunding Series A,
6.000% due 11/01/2010 AAA Aaa 1,708,305
------------
5,538,225
------------
<CAPTION>
Maryland -- 3.6%
<S> <C> <C> <C> <C>
3,000,000 Baltimore, Maryland, (Water Projects), Series A,
(FGIC Insured),
5.000% due 07/01/2024 AAA Aaa 2,996,220
3,725,000 Baltimore, Maryland, Series A, (FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 4,166,338
------------
7,162,558
------------
<CAPTION>
Massachusetts -- 5.4%
<S> <C> <C> <C> <C>
3,500,000 Massachusetts Bay Transport Authority, General
Transportation Systems, Series A,
5.500% due 03/01/2011 AAA Aaa 3,767,085
1,000,000 Massachusetts State Port Authority Revenue,
Refunding Series A,
5.750% due 07/01/2012 AA- Aa3 1,089,370
3,000,000 Massachusetts State, Grant Anticipation Notes,
Series A,
5.250% due 12/15/2012 AAA Aa3 3,126,060
3,000,000 Massachusetts State, Turnpike Authority Revenue,
Department of Transportation, Senior Series A,
5.125% due 01/01/2023 AAA Aaa 2,981,700
------------
10,964,215
------------
<CAPTION>
Michigan -- 20.3%
<S> <C> <C> <C> <C>
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,475,430
3,000,000 Detroit, Michigan, Sewer Disposal Revenue, Series A,
(MBIA Insured),
5.000% due 07/01/2027 AAA Aaa 2,906,880
2,000,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 2,134,280
3,000,000 Michigan State, Building Authority Revenue, Series I,
6.500% due 10/01/2004 AA Aa3 3,372,840
3,000,000 Michigan State, Comprehensive Transportation,
Series A,
(MBIA Insured),
5.250% due 08/01/2014 AAA Aaa 3,057,270
7,000,000 Michigan State, Enviromental Protection Program,
GO,
6.250% due 11/01/2012 AA+ Aa1 8,104,250
2,000,000 Michigan State, Environmental Protection Program,
5.000% due 11/01/2011 AA+ Aa1 2,042,680
Michigan State, Hospital Finance Authority
Revenue:
$ 2,250,000 (Henry Ford Health System), (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,522,137
1,000,000 (McLaren Health Care Corporation) Series A,
5.250% due 06/01/2009 NR A1 1,035,690
3,000,000 (Mercy Health Services), Series S,
5.250% due 08/15/2027 AAA Aaa 2,991,630
2,500,000 Michigan State, Trunk Line, Series A,
(FGIC Insured),
5.625% due 11/01/2020 AAA Aaa 2,616,775
4,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 4,470,975
2,500,000 Rockford, Michigan, Public School System,
5.250% due 05/01/2022 AAA Aaa 2,512,450
1,500,000 South Lake, Michigan, Public Schools System,
5.125% due 05/01/2014 AAA Aaa 1,538,190
------------
40,781,477
------------
<CAPTION>
Minnesota -- 5.1%
<S> <C> <C> <C> <C>
2,865,000 St. Paul Minnesota, Tax Increment Block 39
Project, Series A,
4.750% due 02/01/2016 AA+ Aa2 2,758,737
7,000,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa3 7,476,140
------------
10,234,877
------------
<CAPTION>
Nevada -- 2.9%
<S> <C> <C> <C> <C>
2,500,000 Nevada State, Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,800,025
3,000,000 Nevada State, Colorado River Community, GO,
5.250% due 07/01/2020 AA Aa 3,014,040
------------
5,814,065
------------
<CAPTION>
New Mexico -- 0.5%
<S> <C> <C> <C> <C>
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 1,101,130
------------
<CAPTION>
New York -- 0.7%
<S> <C> <C> <C> <C>
1,500,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer System Revenue, Series A,
5.125% due 06/15/2021 NR A2 1,473,225
------------
<CAPTION>
North Carolina -- 1.3%
<S> <C> <C> <C> <C>
2,500,000 North Carolina, Municipal Power Agency, Catawba
Electric Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,683,450
------------
<CAPTION>
Ohio -- 3.5%
<S> <C> <C> <C> <C>
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,509,350
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,380,880
University Cincinnati, Ohio, General Receipts:
585,000 Series AA,
5.500% due 06/01/2012 A-1 Aa 616,140
1,450,000 Series T,
5.500% due 06/01/2013 A-1 Aa 1,539,363
------------
7,045,733
------------
<CAPTION>
Oklahoma -- 0.6%
<S> <C> <C> <C> <C>
1,000,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue, (Blackwell Regional
Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,248,270
------------
<CAPTION>
Pennsylvania -- 1.0%
<S> <C> <C> <C> <C>
2,000,000 Pennsylvania State, GO,
5.000% due 10/15/2015 AA- Aa3 1,988,180
------------
<CAPTION>
South Carolina -- 1.2%
<S> <C> <C> <C> <C>
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,334,987
------------
<CAPTION>
Texas -- 7.0%
<S> <C> <C> <C> <C>
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,357,560
2,435,000 San Antonio, Texas, Electric & Gas Revenue,
Series A,
5.000% due 02/01/2012 AA Aa1 2,492,247
2,000,000 Spring, Texas, Independent School District
Authority, GO,
(PSFG),
6.875% due 08/15/2009 AAA Aaa 2,356,560
2,000,000 Texas State, Refunding Water Financial Assistance,
Series C,
5.000% due 08/01/2018 AAA Aaa 1,965,080
2,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 1,929,840
------------
14,101,287
------------
<CAPTION>
Virginia -- 3.2%
<S> <C> <C> <C> <C>
4,000,000 Fairfax County, Virginia, Water Authority Revenue,
Refunding,
5.000% due 04/01/2021 AA Aa2 3,994,680
2,500,000 Richmond, Virginia, Series B,
5.000% due 01/15/2021 AAA Aaa 2,450,450
------------
6,445,130
------------
<CAPTION>
Washington -- 2.5%
<S> <C> <C> <C> <C>
1,815,000 Douglas County, Washington, Public Utility
District No.1, GO, (Wells Hydroelectric Project),
Pre-refunded,
8.750% due 09/01/2006 A A 2,434,732
2,500,000 Seattle, Washington, Drain & Wastewater Utility
Revenue, (MBIA Insured),
5.250% due 12/01/2025 AAA Aaa 2,511,475
------------
4,946,207
------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S> <C>
(Cost $186,274,013) 196,856,451
------------
<CAPTION>
Shares
- ---------
SHORT-TERM INVESTMENT -- 0.6%
(Cost $1,105,449)
<S> <C> <C>
1,105,449 Valiant Fund Tax Exempt Money Market 1,105,449
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $187,379,462*) 98.4% 197,961,900
OTHER ASSETS AND LIABILITIES (Net) 1.6 3,278,953
----- ------------
NET ASSETS 100.0% $201,240,853
===== ============
<FN>
- ---------
*Aggregate cost for Federal tax purposes is $187,379,462.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, June 30,1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES -- 98.2%
Alabama -- 1.2%
<S> <C> <C> <C> <C>
$ 3,500,000 Alabama State Public School and College Authority
Revenue, Series A,
5.750% due 08/01/2003 AA- Aa $ 3,749,130
------------
<CAPTION>
California -- 3.4%
<S> <C> <C> <C> <C>
3,000,000 Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue,
Series B, (AMBAC Insured),
8.000% due 07/01/2003 AAA Aaa 3,496,920
6,070,000 Sacramento County, California, Sanitation District
Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa 7,230,159
------------
10,727,079
------------
<CAPTION>
Colorado -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Arapahoe County, Colorado, School District, Cherry
Creek Referendum, 5.500% due 12/15/2006 AA Aa2 5,385,200
------------
<CAPTION>
Delaware -- 0.8%
<S> <C> <C> <C> <C>
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,598,525
------------
<CAPTION>
Florida -- 7.8%
<S> <C> <C> <C> <C>
4,000,000 Dade County, Florida, School District,
(MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,403,880
6,500,000 Florida State, Board of Education, Capital Outlay,
Series D,
6.000% due 06/01/2005 AA+ Aa2 7,137,325
Jacksonville, Florida, Electric Authority Revenue:
5,000,000 Bulk Power Supply System Sherer, Series 4-1-A,
Pre-refunded,
6.750% due 10/01/2000 AAA Aaa 5,365,100
3,650,000 St. John's River Power Park System, Series 10,
6.500% due 10/01/2003 AA Aa2 4,042,776
3,000,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue, Series A, Pre-refunded,
6.500% due 10/01/2001 AA- Aa2 3,278,070
------------
24,227,151
------------
<CAPTION>
Hawaii -- 2.3%
<S> <C> <C> <C> <C>
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 3,229,980
3,650,000 Honolulu, Hawaii, City and County, GO, Series A,
ETM,
10.000% due 08/01/2000 AA Aaa 4,088,329
------------
7,318,309
------------
<CAPTION>
Illinois -- 7.1%
<S> <C> <C> <C> <C>
4,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa 4,948,020
6,000,000 Illinois Educational Facilities Authority
Revenues, Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 6,150,540
2,000,000 Illinois Health Facilities Authority Revenue,
Pre-refunded,
5.500% due 05/15/2003 AAA Aaa 2,150,340
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 NR Aa2 4,231,840
4,525,000 Lake County, Illinois, Adalai E. Stevenson School
District, No. 125,
5.500% due 01/01/2003 NR Aa1 4,768,898
------------
22,249,638
------------
<CAPTION>
Maryland -- 6.5%
<S> <C> <C> <C> <C>
1,750,000 Baltimore Maryland Convention Center Revenue,
Refunding, 4.150% due 09/01/2001 AAA Aaa 1,755,040
Maryland State:
2,000,000 4.850% due 10/15/2002 AAA Aaa 2,061,980
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,186,180
5,000,000 State & Local Facilities Series 2, GO,
5.000% due 08/01/2004 AAA Aaa 5,205,900
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,377,807
5,000,000 Prince George's County, Maryland, Consolidated
Public Improvement, GO,
(MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,558,400
------------
20,145,307
------------
<CAPTION>
Massachusetts -- 0.7%
<S> <C> <C> <C> <C>
2,000,000 Massachusetts Water Resource Authority Revenue,
Series A, Pre-refunded,
6.750% due 07/15/2002 AAA Aaa 2,231,120
------------
<CAPTION>
Michigan -- 25.1%
<S> <C> <C> <C> <C>
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,683,539
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2002 AAA Aaa 2,773,075
4,200,000 Chippewa Valley, Michigan, Schools, GO,
(FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 4,519,494
1,000,000 Detroit, Michigan, Sewage Disposal Revenue,
Series A,
4.600% due 07/01/2004 AAA Aaa 1,012,840
2,000,000 Detroit, Michigan, Water Supply Systems Revenue,
Senior Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,099,920
2,350,000 Gaylord, Michigan, Community Schools, GO,
Pre-refunded,
6.600% due 05/01/2002 AA Aa2 2,594,071
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded, 6.300% due 05/01/2002 AAA Aaa 2,190,440
Michigan State, Building Authority Revenue,
Series I:
5,000,000 6.500% due 10/01/2004
(AMBAC Insured): AA Aa3 5,621,400
5,600,000 6.000% due 10/01/2006 AAA Aaa 6,193,712
2,500,000 6.250% due 10/01/2003 AAA Aaa 2,739,000
Michigan State, Hospital Finance Authority
Revenue:
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 1,041,040
3,370,000 Oakwood Hospital Obligated Group, Pre-refunded,
7.100% due 07/01/2000 AAA Aaa 3,636,567
Michigan State, Hospital Finance Authority Revenue,
Pre-refunded:
5,250,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001 NR Aaa 5,887,507
2,900,000 Oakwood Hospital Obligated Group, (FGIC Insured),
7.000% due 07/01/2000 AAA Aaa 3,123,909
1,450,000 Michigan State, Housing Development Authority,
Series A, Rental Housing Revenue,
5.000% due 10/01/2003 AAA Aaa 1,494,791
1,095,000 Michigan State, Housing Single Family Mortgage,
Series A,
5.300% due 12/01/2006 AAA Aaa 1,145,129
3,160,000 Michigan State, Trunk Line Highway Revenue, Series A,
5.625% due 10/01/2003 AA- A1 3,371,625
3,500,000 Michigan State, Underground Storage Tank Financial
Assurance Authority,
Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,855,180
4,000,000 Plymouth-Canton, Michigan, Community School
District, Series B, (Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2001 AA+ Aa2 4,325,720
2,000,000 Redford, Michigan, Union School District,
Pre-refunded,
5.950% due 05/01/2006 AAA Aaa 2,231,360
Rochester Community School District, Michigan, GO:
3,350,000 6.000% due 05/01/2002 AA Aa2 3,567,783
2,000,000 Pre-refunded,
6.500% due 05/01/2002 AA NR 2,166,480
3,000,000 University of Michigan, Hospital Revenue, Series A,
7.500% due 12/01/2001 AA Aa2 3,310,680
5,000,000 Western Michigan University Revenue, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2001 AAA Aaa 5,441,450
2,000,000 Western Michigan University Revenues,
6.125% due 11/15/2022 AAA Aaa 2,191,840
------------
78,218,552
------------
<CAPTION>
Minnesota -- 1.7%
<S> <C> <C> <C> <C>
1,500,000 Minnesota State,
5.000% due 05/01/2002 AAA Aaa 1,548,255
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002 AAA Aaa 3,783,360
------------
5,331,615
------------
<CAPTION>
Missouri -- 1.3%
<S> <C> <C> <C> <C>
3,500,000 Missouri State Regional Convention and Sport,
Series A, Pre-refunded,
6.900% due 08/15/2003 AAA Aaa 3,938,760
------------
<CAPTION>
New Jersey -- 1.3%
<S> <C> <C> <C> <C>
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,962,700
------------
<CAPTION>
New Mexico -- 1.3%
<S> <C> <C> <C> <C>
4,000,000 New Mexico State,
4.625% due 09/01/2006 AA+ Aa1 4,039,200
------------
<CAPTION>
New York -- 6.9%
Municipal Assistance Corporation, City of New York:
<S> <C> <C> <C> <C>
3,600,000 Series G,
5.000% due 07/01/2003 AA Aa2 3,728,736
5,000,000 Series J,
5.500% due 07/01/2002 AA Aa2 5,243,700
2,000,000 New York City Transport Finance Authority,
5.500% due 08/15/2007 NR Aa3 2,153,360
5,000,000 New York State Thruway Authority Highway & Bridges,
Series A,
5.250% due 04/01/2001 AAA Aaa 5,157,500
5,000,000 Triborough, New York, Bridge & Tunnel Authority,
General Purpose Series A,
5.000% due 01/01/2001 A+ Aa3 5,102,900
------------
21,386,196
------------
<CAPTION>
Ohio -- 1.8%
<S> <C> <C> <C> <C>
2,420,000 Columbus Ohio, Series 1,
6.100% due 09/15/2007 NR Aaa 2,563,240
2,500,000 Warren Ohio Hospital Revenue, Warren General
Hospital Project, Series B, Pre-refunded,
7.300% due 11/15/2003 AAA NR 2,914,800
------------
5,478,040
------------
<CAPTION>
Oklahoma -- 1.2%
<S> <C> <C> <C> <C>
3,250,000 Tulsa Oklahoma Industrial Authority Hospital
Revenue, Tulsa Regional Medical Center,
Pre-refunded,
7.200% due 06/01/2003 AAA NR 3,738,605
------------
<CAPTION>
Oregon -- 0.7%
<S> <C> <C> <C> <C>
2,000,000 Washington County Or Unified Sewer Agency,
Agency Sewer Revenue, Pre-refunded,
6.125% due 10/01/2004 AAA Aaa 2,214,920
------------
<CAPTION>
Pennsylvania -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA- Aa3 5,431,250
------------
<CAPTION>
Rhode Island -- 1.8%
<S> <C> <C> <C> <C>
5,100,000 Rhode Island Depositors Economic Protection
Corporation, Special Obligation, Series A,
Pre-refunded, 6.950% due 08/01/2002 AAA Aaa 5,721,843
------------
<CAPTION>
South Carolina -- 3.0%
South Carolina State Public Service Authority
Revenue, Pre-refunded:
<S> <C> <C> <C> <C>
2,455,000 Santee Cooper, Series D, (AMBAC Insured),
6.500% due 07/01/2002 AAA Aaa 2,714,248
2,940,000 Santee Cooper, Series D, (AMBAC Insured),
6.625% due 07/01/2002 AAA Aaa 3,263,870
3,000,000 York County, South Carolina, Public Facilities
Corporation, COP, Pre-refunded,
7.500% due 06/01/2001 NR Aaa 3,338,370
------------
9,316,488
------------
<CAPTION>
Tennessee -- 1.0%
<S> <C> <C> <C> <C>
3,000,000 Tennessee State, Series B, GO, Pre-refunded,
6.850% due 06/01/2001 AAA Aaa 3,272,070
------------
<CAPTION>
Texas -- 12.5%
<S> <C> <C> <C> <C>
3,500,000 Austin, Texas, Independent School District,
(PSFG),
7.000% due 08/01/2006 AAA Aaa 4,089,820
2,480,000 Austin, Texas, Utility System Revenue, Series A,
5.000% due 05/15/2001 A A2 2,532,105
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 3,024,477
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,407,314
5,070,000 Dallas, Texas, Waterworks and Sewer Authority
Revenue, 7.750% due 04/01/2003 AA Aa2 5,828,878
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002 AAA Aaa 4,517,847
2,175,000 Plano, Texas, Independent School District, GO,
(PSFG), 8.500% due 02/15/2003 AAA Aaa 2,551,318
3,500,000 Tarrant County, Texas, Water Control Revenue,
Pre-refunded,
6.000% due 03/01/2001 AAA Aaa 3,669,785
Texas State, GO:
4,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 4,767,570
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa2 2,076,640
3,250,000 University of Texas, Permanent University Funding,
(PSFG),
5.000% due 07/01/2004 AAA Aaa 3,383,997
------------
38,849,751
------------
<CAPTION>
Virginia -- 2.4%
<S> <C> <C> <C> <C>
4,870,000 Hampton, Virginia, Public Improvement Revenue,
Series C,
6.000% due 08/01/2003 AA- Aa3 5,264,860
2,190,000 Virginia State, Transportation Board Contract
Revenue, Series B, (U.S. Route 58 Corridor),
5.200% due 05/15/2002 AA Aa2 2,273,461
------------
7,538,321
------------
<CAPTION>
Wisconsin -- 3.0%
Wisconsin State:
<S> <C> <C> <C> <C>
2,000,000 6.000% due 05/01/2003 AA Aa2 2,152,040
4,000,000 Series C, Pre-refunded, 6.250% due 05/01/2003 AA Aaa 4,354,080
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,786,626
------------
9,292,746
------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S> <C>
(Cost $297,961,376) 306,362,516
------------
<CAPTION>
SHORT-TERM INVESTMENTS -- 0.2%
(Cost $686,833)
<S> <C> <C>
686,833 Valiant Fund Tax Exempt Money Market $ 686,833
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $298,648,209*) 98.4% 307,049,349
OTHER ASSETS AND LIABILITIES (Net) 1.6 4,989,116
----- ------------
NET ASSETS 100.0% $312,038,465
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $298,648,209.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF-- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Short Term Treasury Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
U.S. TREASURY OBLIGATIONS -- 95.5%
U.S. Treasury Notes -- 95.5%
<S> <C> <C>
$1,000,000 5.750% due 12/31/1998 $ 1,002,090
5,000,000 6.250% due 05/31/1999 5,031,900
5,000,000 5.875% due 07/31/1999 5,017,600
4,000,000 5.875% due 11/15/1999 4,018,200
3,000,000 7.875% due 11/15/1999 3,091,830
3,000,000 5.625% due 11/30/1999 3,004,050
1,000,000 5.625% due 12/31/1999 1,001,490
4,000,000 6.875% due 03/31/2000 4,088,760
3,000,000 5.875% due 06/30/2000 3,021,000
3,000,000 6.250% due 08/31/2000 3,044,070
4,000,000 5.750% due 11/15/2000 4,018,120
1,000,000 5.625% due 05/15/2001 1,003,590
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $37,256,918) 37,342,700
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.9%
(Cost $1,131,528)
<S> <C> <C>
1,131,528 Agreement with Lehman Brothers Holdings Inc., 5.750%
dated 06/30/1998, to be repurchased at $1,131,709 on
07/01/1998, collateralized by $3,350,000 U.S. Treasury
Strip principal due 02/15/2017 (value $1,154,845) 1,131,528
------------
<S> <C> <C>
OTHER INVESTMENTS** (Cost $9,998,555) 25.6% 9,998,555
---- ------------
TOTAL INVESTMENTS (Cost $48,387,001*) 124.0% 48,472,783
OTHER ASSETS AND LIABILITIES (Net) (24.0) (9,358,971)
---- ------------
NET ASSETS 100.0% $ 39,113,812
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $48,390,269.
** As of June 30, 1998, the market value of the securities on loan is
$9,814,489. Collateral received for securities loaned includes $957,484 in
U.S. government securities and the remaining $9,041,071 invested in
Navigator Securities Lending Trust-Prime Portfolio.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Cash Investment Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
CERTIFICATES OF DEPOSIT -- 14.5%
<S> <C> <C> <C> <C>
$50,000,000 Bank of Nova Scotia,
5.570% due 09/02/1998 A1+/AA- P1/Aa3 $ 50,000,000
50,000,000 Canadian Imperial Bank of Commerce, NY,
5.570% due 09/23/1998 A1+/AA- P1/Aa3 50,000,000
20,000,000 National Westminster Bank,
5.790% due 07/30/1998 A1+/AA P1/Aa2 20,000,000
44,000,000 Rabobank Nederland N. V.,
5.580% due 10/20/1998+ A1+/AAA P1/Aaa 44,000,000
-------------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
<S> <C>
(Cost $164,000,000) 164,000,000
-------------
COMMERCIAL PAPER -- 60.6%
<S> <C> <C> <C> <C>
50,000,000 B.A.T. Capital Corporation,
5.620% due 07/08/1998+,+++ A2/A- P1/A2 49,945,361
50,000,000 Banc One Funding Corporation,
5.510% due 08/26/1998+ A1/NR P1/NR 49,571,445
50,000,000 Corporate Asset Funding,
5.510% due 08/06/1998+ A1+/NR P1/NR 49,724,500
50,000,000 CXC, Inc.,
5.480% due 07/07/1998+ A1+/NR P1/NR 49,954,333
30,000,000 Finova Capital Corporation,
5.530% due 07/13/1998+,+++ A2/A- P2/Baa 29,944,700
50,000,000 First Chicago Financial Corporation,
5.530% due 10/01/1998+ A1/NR P1/NR 49,293,389
50,000,000 Golden Managers Acceptance Corporation,
5.540% due 07/16/1998+,+++ A1+/NR NR/NR 49,884,583
25,000,000 Greenwich Asset Funding, Inc.,
5.530% due 08/26/1998+ A1+/NR P1/NR 24,784,945
42,000,000 National Bank of Canada New York,
5.450% due 11/30/1998+ A1/A P1/A1 41,033,533
50,000,000 New Center Asset Trust,
6.500% due 07/01/1998+ A1/NR P1/NR 50,000,000
50,000,000 Preferred Receivables Funding Corporation,
6.250% due 07/01/1998+ A1/NR P1/NR 50,000,000
25,000,000 Sanwa Business Credit Company,
5.700% due 07/20/1998+,+++ A2/A- P1/Aa3 24,924,792
30,000,000 Sheffield Receivables Corporation,
5.510% due 08/28/1998+ A1+/NR P1/NR 29,733,683
50,000,000 Societe Generale North America, Inc.,
5.480% due 07/07/1998+ A1/AA- P1/Aa3 49,954,333
50,000,000 Swedish Expt Cr Corporation,
5.380% due 10/05/1998+ A1+/AA+ P1/Aa3 49,282,667
40,000,000 Tribune Company,
5.510% due 08/12/1998+ A1/A P1/A2 39,742,867
-------------
<CAPTION>
TOTAL COMMERCIAL PAPER
<S> <C>
(Cost $687,775,131) 687,775,131
-------------
<CAPTION>
CORPORATE NOTES -- 6.6%
<S> <C> <C> <C> <C>
25,000,000 Allstate Funding Agreement,
5.741% due 05/17/1999+ NR/AA+ AA2 25,000,000
25,000,000 Jackson National Life Insurance,
5.760% due 09/22/1998++ NR/AA NR/Aa3 25,000,000
25,000,000 Transamerica Life Annuity,
5.721% due 02/17/1999++ A1/AA P1/Aa3 25,000,000
-------------
<CAPTION>
TOTAL CORPORATE NOTES
<S> <C>
(Cost $75,000,000) 75,000,000
-------------
<CAPTION>
REPURCHASE AGREEMENTS -- 13.2%
<S> <C> <C>
49,239,788 Agreement with Lehman Brothers Holdings Inc.,
5.750% dated 06/30/1998, to be repurchased at
$49,247,653 on 07/01/1998, collaterized by
$122,004,000 U.S. Treasury Strips, 5.500-5.750%
having maturities ranging from 02/15/2003 through
08/15/2025 (value $50,226,275) 49,239,788
50,000,000 Agreement with Sanwa BGK Securities Company L.P.,
5.800% dated 06/30/1998, to be repurchased at
$50,008,056 on 07/01/1998, collaterized by
$33,422,000 U.S. Treasury Bonds, 12.000% maturing
08/15/2013 (value $51,000,635) 50,000,000
50,000,000 Agreement with State Street Bank and Trust
Company, 5.800% dated 06/30/1998, to be
repurchased at $50,008,056 on 07/01/1998,
collaterized by $42,440,000 U.S. Treasury Bonds,
7.125% maturing 02/15/2023 (value $51,001,294) 50,000,000
-------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C>
(Cost $149,239,788) 149,239,788
-------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $1,076,014,919*) 94.9% 1,076,014,919
OTHER ASSETS AND LIABILITIES (Net) 5.1 57,907,518
---- -------------
NET ASSETS 100.0% $1,133,922,437
===== =============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ B.A.T. Capital Corporation, rated F-1 by Fitch, Finova Capital
Corporation, rated F-1 by Fitch and D-1 by Duff and Phelps, Golden
Managers Acceptance Corporation rated D-1+ by Duff and Phelps and Sanwa
Business Credit Company rated D-1 by Duff and Phelps, are defined as
being eligible securities under Rule 2a7.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Money Market Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
CERTIFICATE OF DEPOSIT -- 14.3%
<S> <C> <C> <C> <C>
$3,000,000 Canadian Imperial Bank of Commerce, NY,
5.570% due 09/23/1998 A1+/AA- P1/Aa3 $ 3,000,000
5,000,000 National Westminster Bank,
5.790% due 07/30/1998 A1+/AA P1/Aa2 5,000,000
4,000,000 Rabobank Nederland N. V.,
5.580% due 10/20/1998 A1+/AAA P1/Aaa 4,000,000
------------
<CAPTION>
TOTAL CERTIFICATE OF DEPOSIT
(Cost $12,000,000) 12,000,000
------------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 54.3%
<S> <C> <C> <C> <C>
5,000,000 B.A.T. Capital Corporation,
5.630% due 07/28/1998+,+++ A2/A- P1/A2 4,978,887
4,000,000 Banc One Funding Corporation,
5.550% due 08/17/1998+ A1/NR P1/NR 3,971,017
4,000,000 Bank of Nova Scotia,
5.570% due 09/02/1998+ A1+/AA- P1/Aa3 4,000,000
5,000,000 CXC Inc.,
5.530% due 07/23/1998+ A1+/NR P1/NR 4,983,103
4,000,000 General Electric Capital Corporation,
5.520% due 09/18/1998+ A1+/AAA P1/Aaa 3,951,547
4,000,000 Golden Managers Acceptance Corporation,
5.540% due 07/16/1998+,+++ A1+/NR NR/NR 3,990,767
5,000,000 National Bank of Canada New York,
5.450% due 11/30/1998+ A1/A P1/A1 4,884,944
3,000,000 National Rural Utilities Cooperative Finance,
5.500% due 09/28/1998+ A1+/AA P1/A1 2,959,208
4,000,000 Preferred Receivables Funding Corporation,
5.600% due 08/05/1998+ A1/NR P1/NR 3,978,222
4,000,000 Sanwa Business Credit Corporation,
5.700% due 07/24/1998+,+++ A2/BBB+ P1/A1 3,985,433
4,000,000 Toyota Motor Credit Company,
5.500% due 09/02/1998+ A1+/AAA P1/Aaa 3,961,500
------------
<CAPTION>
TOTAL COMMERCIAL PAPER -- DISCOUNT
<S> <C>
(Cost $45,644,628) 45,644,628
------------
<CAPTION>
CORPORATE NOTES -- 4.1% (Cost $3,481,000)
<S> <C> <C> <C> <C>
3,481,000 Capital One Funding Corporation,
5.630% due 04/01/2009++ A1+/AA- P1/NR 3,481,000
------------
<CAPTION>
REPURCHASE AGREEMENT -- 22.0%
(Cost $18,487,060)
<S> <C> <C>
$18,487,060 Agreement with Lehman Brothers Holdings Inc.,
5.750% dated 06/30/1998, to be repurchased at
$18,490,013 on 07/01/1998, collateralized by
$22,014,000 U.S. Treasury Strip Principal due
02/15/2007 (value $13,635,693) and $13,320,000
U.S. Treasury Strip, principal due 11/15/2014
(value $5,222,772). $ 18,487,060
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $79,612,688*) 94.7% 79,612,688
OTHER ASSETS AND LIABILITIES (Net) 5.3 4,484,151
----- ------------
NET ASSETS 100.0% $ 84,096,839
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ B.A.T. Capital Corporation, rated F-1 by Fitch, and Golden Managers
Acceptance Corporation and Sanwa Business Credit Corporation, rated D1+
by Duff and Phelps, are defined as being eligible securities under Rule
2a7.
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES 99.9%
Alabama -- 2.0%
<S> <C> <C> <C> <C>
$ 5,900,000 Birmingham Alabama, Series A,
3.500% due 10/01/2015+ A-1+ VMIG1 $ 5,900,000
------------
<CAPTION>
Arizona -- 6.4%
<S> <C> <C> <C> <C>
3,200,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue (Tucson
Electric Power), (Barclays Bank, LOC),
3.600% due 12/01/2020+ A-1+ VMIG1 3,200,000
3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue,
(Tucson Electric - 83C), (Bankers Trust
Corporation, NY, LOC),
3.650% due 12/15/2018+ A-1+ VMIG1 3,400,000
3,000,000 Maricopa County Arizona Pollution Control,
3.550% due 12/01/2014+ NR Aa2 3,000,000
6,400,000 Maricopa County, Arizona, Pollution Control, El
Paso A, Pre-refunded,
3.550% due 08/01/2015+ NR VMIG1 6,400,000
3,000,000 Pima County Arizona Industrial Development
Authority, (Tucson Electric),
3.550% due 12/01/2022+ AA VMIG1 3,000,000
------------
19,000,000
------------
<CAPTION>
Arkansas -- 1.3%
<S> <C> <C> <C> <C>
4,000,000 Fayetteville Arkansas Public Facilities Board,
Butterfield Trail Village,
4.000% due 09/01/2027+ NR VMIG1 4,000,000
------------
<CAPTION>
California -- 3.4%
<S> <C> <C> <C> <C>
10,000,000 California School Cash Reserve, Pool Series A,
4.500% due 07/02/1999 SP-1+ MIG1 10,073,200
------------
<CAPTION>
Colorado -- 3.5%
<S> <C> <C> <C> <C>
4,000,000 Colorado Health Facilities Authority Revenue,
Variable Catholic Health Series B,
3.400% due 12/01/2025+ A-1+ VMIG1 4,000,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
3.600% due 10/01/2035+ A-1+ NR 6,500,000
------------
10,500,000
------------
<CAPTION>
Delaware -- 0.8%
<S> <C> <C> <C> <C>
2,510,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire,
3.550% due 08/15/2020+ A-1+ NR 2,510,000
------------
<CAPTION>
Florida -- 4.9%
<S> <C> <C> <C> <C>
2,500,000 Broward County, Florida, Mulit-family Housing,
Southern Pointe Project,
3.550% due 05/15/2027+ A-1+ NR 2,500,000
1,900,000 Dade County, Florida, Aviation Revenue, Series C,
5.000% due 10/01/1998 AAA Aaa 1,907,267
4,000,000 Palm Beach County Florida Revenue, Jewish
Community Campus Corporation,
3.450% due 03/01/2027+ A-1+ NR 4,000,000
6,300,000 University of North Florida, Foundation, Inc.,
Capital Improvement Revenue, Series 1994, (First
Union National Bank of North Carolina, LOC),
3.550% due 11/01/2024+ NR VMIG1 6,300,000
------------
14,707,267
------------
<CAPTION>
Georgia -- 8.0%
<S> <C> <C> <C> <C>
1,500,000 Clayton County, Georgia, Housing Authority,
Floating Rate Rivers Edge Development,
3.600% due 08/01/2006+ NR VMIG1 1,500,000
5,700,000 DeKalb County, Georgia, Private Hospital, Hospital
Authority, Revenue Anticipation Certificates,
(Egleston Children's Health) Series A, (Suntrust
Bank, Atlanta, GA, LOC),
3.450% due 12/01/2017+ A-1+ VMIG1 5,700,000
2,800,000 Fulco Georgia Hospital Authority Anticipation
Certificates, Shepherd Center Incorporated
Project,
3.500% due 09/01/2017+ A-1+ NR 2,800,000
3,200,000 Fulton County Georgia Residntial Care, Lenbrook
Square Foundation,
4.000% due 01/01/2018+ A-1+ NR 3,200,000
2,400,000 Glynn - Brunswick, Georgia, Memorial Hospital
Authority, Revenue Anticipation Certificates,
(Southeast Georgia Project), (MBIA Insured),
(Suntrust Bank, Atlanta, GA, LOC),
3.400% due 08/01/2016+ AAA Aaa 2,400,000
Metro Atlanta Rapid Transit Georgia Tax:
1,000,000 Series J, Pre-refunded,
7.600% due 07/01/1998 AAA Aaa 1,020,000
2,500,000 Series J, Pre-refunded,
8.000% due 07/01/1998 AAA Aaa 2,550,000
4,600,000 Municipal Electric Authority Georgia, Variable
Project One B,
3.350% due 01/01/2016+ NR A3 4,600,000
------------
23,770,000
------------
<CAPTION>
Hawaii -- 0.3%
<S> <C> <C> <C> <C>
1,000,000 Honolulu Hawaii City & County, Series D,
6.300% due 12/01/1998 AA Aaa 1,010,398
------------
<CAPTION>
Illinois -- 12.9%
Chicago Illinois Multifamily Housing Revenue:
<S> <C> <C> <C> <C>
2,700,000 Waveland Associates,
3.550% due 11/01/2010+ NR Aaa 2,700,000
2,000,000 Waveland Association,
3.550% due 11/01/2010+ NR Aaa 2,000,000
Illinois Development Finance Authority Revenue:
2,000,000 Chicago Symphony,
3.450% due 06/01/2031+ A-1+ VMIG1 2,000,000
4,000,000 Loyola Academy, Series A,
3.500% due 10/01/2027+ A-1+ NR 4,000,000
Illinois Educational Facilities Authority
Revenues:
2,200,000 Art Institute of Chicago,
3.550% due 03/01/2027+ A-1+ VMIG1 2,200,000
3,850,000 Pooled Financing Program,
3.500% due 12/01/2005+ AAA Aaa 3,850,000
1,000,000 The Adler Planetarium,
3.500% due 04/01/2031+ A-1+ NR 1,000,000
Illinois Health Facilities Authority:
11,500,000 (Advocate Health Care) Series B,
3.550% due 08/15/2022+ A-1 VMIG1 11,500,000
3,000,000 (Gottlieb Health Resources Inc.),
3.500% due 11/15/2024+ NR VMIG1 3,000,000
4,000,000 Illinois State Development Finance Authority,
Industrial Development Authority Revenue,
(Lake Forest Academy Project),
(Northern Trust Company, LOC),
3.550% due 12/01/2024+ A-1+ NR 4,000,000
2,000,000 Springfield, Illinois, Water Revenue,
6.500% due 03/01/2015+ AA Aa2 2,078,157
------------
38,328,157
------------
<CAPTION>
Indiana -- 0.9%
<S> <C> <C> <C> <C>
1,100,000 Indiana State Development Finance Authority
Revenue, (Educational Facility -- Indiana
Historical Society),
(NBD Bank, Detroit, LOC),
3.500% due 08/01/2031+ A-1+ NR 1,100,000
1,500,000 Indianapolis Public Improvement Bond Bank,
Series B,
5.000% due 02/01/1999 AAA Aaa 1,511,434
------------
2,611,434
------------
<CAPTION>
Iowa -- 1.3%
<S> <C> <C> <C> <C>
4,000,000 Woodbury County Iowa Educational Facility Revenue,
Siouxland Med Education Foundation,
3.600% due 11/01/2016+ A NR 4,000,000
------------
<CAPTION>
Louisiana -- 0.9%
<S> <C> <C> <C> <C>
2,600,000 Louisiana State Offshore Term, Deepwater Port
Revenue,
3.700% due 09/01/2008+ A-1+ VMIG1 2,600,000
------------
<CAPTION>
Maryland -- 2.1%
<S> <C> <C> <C> <C>
3,200,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
3.600% due 07/01/2022+ NR VMIG1 3,200,000
1,000,000 Charles County, Maryland,
5.000% due 02/01/1999 AA- Aa3 1,008,600
Maryland State:
1,000,000 First Series,
6.500% due 03/01/1999 AAA Aaa 1,019,535
1,000,000 First Series,
6.700% due 03/01/1999 AAA Aaa 1,020,853
------------
6,248,988
------------
<CAPTION>
Michigan -- 1.4%
1,250,000 Michigan Municipal Bond Authority Revenue,
Series B,
4.500% due 07/02/1998 SP-1+ NR 1,250,026
2,000,000 Michigan State, GO,
4.500% due 09/30/1998 SP-1+ MIG1 2,003,782
1,000,000 Saline, Michigan, Economic Development,
Obligation
Brecon Village Project,
3.500% due 11/01/2025+ A-1+ NR 1,000,000
------------
4,253,808
------------
<CAPTION>
Minnesota -- 4.7%
<S> <C> <C> <C> <C>
7,000,000 Minneapolis Minnesota, Variable Series B,
3.400% due 12/01/2016+ A-1+ Aaa 7,000,000
1,000,000 Minnesota School Districts, Tax & Aid Anticipation
Certificates Indebteness, Series B,
3.850% due 09/03/1998 NR MIG1 1,000,000
4,000,000 Rochester, Minnesota, Health Care Facilities,
Facilities Revenue,
3.650% due 11/15/2017+ AA+ NR 4,000,000
1,000,000 Southern Minnesota Municipal Power Agency Supply,
Pre-refunded,
7.000% due 01/01/1999 AAA Aaa 1,036,666
1,000,000 Washington County, Minnesota, Housing,
6.300% due 02/01/1999 AAA Aaa 1,015,772
------------
14,052,438
------------
<CAPTION>
Missouri -- 2.9%
<S> <C> <C> <C> <C>
1,000,000 Branson Missouri Reorganized School District,
Improvement & Refunding, Pre-refunded,
6.200% due 03/01/1999 AAA Aaa 1,015,527
2,000,000 Columbia, Missouri, Special Obligation Reserve,
Series A,
(Toronto Dominion Bank, LOC),
3.500% due 06/01/2008+ AA VMIG1 2,000,000
2,500,000 Missouri State Environment Improvement Energy,
3.750% due 06/01/2014+ A-1+ P1 2,500,000
3,000,000 Missouri State Health & Educational Facilities,
Authority,
3.500% due 06/01/2019+ A-1+ VMIG1 3,000,000
------------
8,515,527
------------
<CAPTION>
Nebraska -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Nebraska Educational Facilities Authority Revenue,
Educational Equipment & Improvement,
(FGIC Insured),
(SBPA -- Mitsubishi Bank of New York,
exp. 04/15/1998),
3.800% due 12/01/2000+ AAA Aaa 5,000,000
------------
<CAPTION>
Nevada -- 2.3%
<S> <C> <C> <C> <C>
6,822,000 Clark County, Nevada, Airport Improvement Revenue,
Series A-1, (MBIA Insured), (SBPA -- National
Westminster Bank, exp. 02/19/1999),
3.400% due 07/01/2012+ AAA Aaa 6,822,000
------------
<CAPTION>
New Mexico -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Farmington, New Mexico, Pollution Control Revenue,
(El Paso Electric Co.), Series A,
3.550% due 11/01/2013+ NR Aa3 5,000,000
------------
<CAPTION>
North Carolina -- 5.5%
<S> <C> <C> <C> <C>
3,800,000 Mecklenburg County Industrial Facilities, Edgcomb
Metals Company Project,
3.500% due 12/01/2009+ NR Aa3 3,800,000
3,000,000 North Carolina Educational Finance Facilities,
3.450% due 09/01/2027+ NR NR 3,000,000
3,000,000 North Carolina Medical Care Commission, Hospital
Revenue, Series B,
3.400% due 06/01/2022+ A-1+ VMIG1 3,000,000
North Carolina State, (Union Bank of
Switzerland/Morgan Guaranty, LOC):
4,500,000 3.450% due 08/10/1998 A1+ NR 4,500,000
2,000,000 3.600% due 07/23/1998 A1+ P1 2,000,000
------------
16,300,000
------------
<CAPTION>
Ohio -- 3.3%
<S> <C> <C> <C> <C>
1,980,000 Franklin County, Ohio, Hospital Revenue, Us Health
Corporation, Series A,
3.550% due 12/01/2021 NR VMIG1 1,980,000
3,000,000 Ohio State Public Facilities Commission, Higher
Education, Series Ii B,
5.000% due 11/01/1998 AA- Aa3 3,013,479
2,500,000 Ohio State Special Obligation, Elementary &
Secondary Education Capital Facilities B,
4.500% due 12/01/1998 AA- Aa3 2,507,104
2,215,000 Summit County, Ohio, Bond Anticipation Notes,
4.875% due 11/19/1998 NR MIG1 2,223,856
------------
9,724,439
------------
<CAPTION>
Pennsylvania -- 4.4%
<S> <C> <C> <C> <C>
1,500,000 Allegheny County, Pennsylvania, Hospital
Development Revenue, Children Hospital
Pittsburgh B,
3.450% due 12/01/2015+ AAA Aaa 1,500,000
2,000,000 Delaware Valley, Pennsylvania, Registered
Finance,
Series A,
3.450% due 12/01/2017+ A-1+ VMIG1 2,000,000
5,000,000 Philadelphia, Pennsylvania, Water & Wastewater,
Variable Series B,
3.820% due 08/01/2027+ A-1+ VMIG1 4,999,786
4,765,000 York County, Pennsylvania, Industrial Development
Authority,
Industrial Development Revenue,
(New Edgecomb Corporation Project),
(Banque Nationale Paris, LOC),
3.500% due 07/01/2009+ NR Aa3 4,765,000
------------
13,264,786
------------
<CAPTION>
South Carolina -- 1.5%
<S> <C> <C> <C> <C>
2,000,000 South Carolina Educational Facilities Authority,
(Variable Furman University Project), Series B,
3.350% due 10/01/2026+ AAA Aaa 2,000,000
1,475,000 South Carolina State, State Highway Series A,
6.100% due 02/01/1999 AAA Aaa 1,496,994
1,015,000 Sumter County, South Carolina, School District
Number, Series B,
5.500% due 03/01/1999 AA Aa1 1,028,215
------------
4,525,209
------------
<CAPTION>
Tennessee -- 4.4%
<S> <C> <C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial Development
Authority Revenue, (Market Street Ltd. Project),
(ABN -- Amro, LOC),
3.600% due 12/15/2012+ A-1+ NR 6,700,000
2,400,000 Clarksville, Tennessee, Public Building Authority,
(NationsBank, TN, LOC),
3.600% due 06/01/2024+ A-1+ NR 2,400,000
2,000,000 Metropolitan Government Nashville and Davidson
County, Tennessee, Industrial Development Board
Revenue, Multi-family Housing, (Arbor Crest
Apartments), Series B,
3.550% due 12/01/2007+ NR VMIG1 2,000,000
2,000,000 Metropolitan Government Nashville and Davidson
County, Tennessee, Health and Facilities Board,
(West Mead Place Project), (NationsBank, GA, LOC),
3.600% due 10/01/2015+ A-1+ NR 2,000,000
------------
13,100,000
------------
<CAPTION>
Texas -- 9.5%
<S> <C> <C> <C> <C>
5,625,000 Bexar County, Texas, Health Facilities Development
Company, Retirement Community, Air Force,
Series B,
3.500% due 03/01/2012+ A-1+ NR 5,625,000
2,100,000 Dallas County, Texas, Utility & Reclaim,
7.000% due 02/15/1999 AAA Aaa 2,144,920
2,000,000 Joshua, Texas, Independent School District,
Series B,
Pre-refunded,
6.125% due 02/15/2006+ NR Aaa 2,032,072
7,000,000 Lower Colorado River Authority Texas Revenue,
Refunding Junior Lien, 3rd Supplement Series,
(MBIA Insured), (SBPA-Baverische Vereinbank),
3.400% due 01/01/2013+ A-1+ VMIG1 7,000,000
1,000,000 North East Independent School District Texas,
6.500% due 02/01/1999 AAA Aaa 1,017,206
1,000,000 Texas A & M University Revenues, Comb Fee
Refunding & Improvement Series B, Pre-refunded,
7.500% due 08/15/1998 AA Aa2 1,004,884
2,000,000 Texas State, Refunding Bonds, Veterans Housing
Assistance Fund I,
3.400% due 12/01/2016+ A-1+ VMIG1 2,000,000
7,500,000 Texas State, Tax & Revenue Anticipation Notes,
4.750% due 08/31/1998 SP-1+ MIG1 7,513,003
------------
28,337,085
------------
<CAPTION>
Utah -- 3.5%
<S> <C> <C> <C> <C>
4,900,000 Salt Lake County Utah Housing Authority, Revenue,
3.500% due 01/01/2009+ NR Aa1 4,900,000
1,000,000 State Of Utah, General Obligation Highway, Series A,
3.750% due 09/30/1998 A-1 P-1 1,000,000
4,400,000 Utah State Board Regents Student Loan, Loan
Revenue Series B,
3.400% due 11/01/2000+ AAA Aaa 4,400,000
------------
10,300,000
------------
<CAPTION>
Virginia -- 1.0%
<S> <C> <C> <C> <C>
1,700,000 Richmond, Virginia, Redevelopment & Housing
Authority, Stony Point Project,
3.550% due 04/01/2029+ A-1 NR 1,700,000
1,445,000 Rockingham County, Virginia, Industrial
Development, Higher Education Facilities,
3.550% due 01/03/2017+ A-1 NR 1,445,000
------------
3,145,000
------------
<CAPTION>
Wisconsin -- 3.4%
<S> <C> <C> <C> <C>
3,200,000 Milwaukee Wisconsin Revenue, School Order
Notes, Series B,
4.250% due 08/27/1998 SP-1+ MIG1 3,202,181
5,000,000 Wisconsin State, Series G,
6.750% due 05/01/2011+ AA Aaa 5,170,880
1,650,000 Wisconsin State Health & Educational Facilities,
Authority Revenue,
5.000% due 08/15/1998 AA- NR 1,652,320
------------
10,025,381
------------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $297,625,117) 297,625,117
------------
<CAPTION>
SHORT-TERM INVESTMENTS -- 1.1%
<S> <C> <C>
1,999,705 Dreyfus Tax-Exempt Cash Management $ 1,999,705
1,493,269 Valiant Fund Tax Exempt Money Market 1,493,269
------------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS (Cost $3,492,974) 3,492,974
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $301,118,091*) 101.0% 301,118,091
OTHER ASSETS AND LIABILITIES (Net) (1.0) (3,113,854)
----- ------------
NET ASSETS 100.0% $298,004,237
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Variable rate security. The interest rate shown reflects the rate currently
in effect.
ABBREVIATIONS:
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand by Purchase Agreement
See Notes to Financial Statements.
/TABLE
<PAGE>
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
U.S. TREASURY OBLIGATIONS -- 51.5%
U.S. Treasury Bills -- 28.6%
<S> <C>
$25,000,000 due 07/09/1998 $ 24,974,667
------------
<CAPTION>
U.S. Treasury Notes -- 22.9%
<S> <C>
20,000,000 5.125% due 12/31/1998 19,975,894
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $44,950,561) 44,950,561
------------
<CAPTION>
REPURCHASE AGREEMENTS -- 48.2%
<S> <C> <C>
20,119,796 Agreement with Lehman Brothers Holdings Inc., 5.750%
dated 06/30/1998 to be repurchased at $20,123,011 on
07/01/1998, collateralized by $10,095,000 U.S. Treasury
Note, 6.000% maturing 08/15/1999 (value $10,365,100),
$5,322,000 U.S. Treasury Note, 5.875% maturing
11/15/1999 (value $5,382,690) and $6,974,000
U.S. Treasury Bonds, 12.000% maturing 05/15/2005
(value $4,770,634) 20,119,796
4,000,000 Agreement with Merrill Lynch and Company, Inc., 5.700%
dated 06/30/1998, to be repurchased at $4,000,633 on
07/01/1998, collateralized by $4,060,000 U.S. Treasury
Note, 5.625% maturing 11/30/1999 (value $4,080,300) 4,000,000
4,000,000 Agreement with Morgan (J.P.) and Company, 5.500% dated
06/30/1998, to be repurchased at $4,000,611 on
07/01/1998, collateralized by $3,060,000 U.S. Treasury
Bonds, 11.625% maturing 11/15/2004 (value $4,081,275) 4,000,000
4,000,000 Agreement with Sanwa BGK Securities Company L.P.,
5.800% dated 06/30/1998, to be repurchased at $4,000,644 on
07/01/1998, collaterized by $2,674,000 U.S. Treasury Bonds,
12.000% maturing 08/15/2013 (value
$4,080,417) 4,000,000
10,000,000 Agreement with State Street Bank and Trust Company,
5.800% dated 06/30/1998, to be repurchased at $10,001,611 on
07/01/1998, collaterized by $7,770,000 U.S. Treasury Note,
8.125% maturing 08/15/2019 (value
$10,206,532) 10,000,000
------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C>
(Cost $42,119,796) 42,119,796
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $87,070,357*) 99.7% 87,070,357
OTHER ASSETS AND LIABILITIES (Net) 0.3 259,100
---- ------------
NET ASSETS 100.0% $ 87,329,457
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value See accompanying schedules:
Securities ................................. $305,678,058 $649,068,169 $48,280,845 $284,675,055 $ 60,454,882
Repurchase Agreements ...................... 3,389,000 18,285,000 1,453,000 7,854,000 --
------------ ------------ ----------- ------------ ------------
Total Investments .............................. 309,067,058 667,353,169 49,733,845 292,529,055 60,454,882
Cash ........................................... 13,394 981 610 886 --
Interest receivable ............................ 3,975,628 6,760,802 1,312,282 1,860,211 752,180
Receivable for investment securities sold ...... 34,990 10,332 -- 22,561 --
Receivable for Fund shares sold ................ 541,252 642,329 -- 378,696 44,020
Unamortized organization costs ................. -- -- 21,777 2,330 3,007
Prepaid expenses and other assets .............. 12,898 25,504 20,308 17,172 5,742
Receivable from advisor ........................ -- -- -- -- --
------------ ------------ ----------- ------------ ------------
Total Assets ............................... 313,645,220 674,793,117 51,088,822 294,810,911 61,259,831
------------ ------------ ----------- ------------ ------------
LIABILITIES:
Payable for Fund shares redeemed ............... 339,952 1,730,552 10 319,126 41,000
Payable for investment securities purchased .... 109,825 -- -- -- --
Payable upon return of securities loaned ....... 45,996,125 81,818,275 846,000 -- --
Dividends payable .............................. -- -- -- -- --
Investment advisory fee payable ................ 109,105 241,804 21,084 120,344 24,982
Administration fee payable ..................... 23,693 52,453 4,597 26,170 5,427
Shareholder servicing fees payable ............. 8,820 18,731 41 44,878 11,674
Distribution fees payable ...................... 1,007 75,167 120 1,615 957
Transfer agent fee payable ..................... 2,548 13,614 1,325 6,940 --
Custodian fees payable ......................... 13,976 12,872 -- 16,552 5,896
Accrued Trustees'/Directors' fees and expenses . 2,408 4,567 374 2,214 453
Accrued expenses and other payables ............ 52,173 74,668 5,117 39,455 22,896
------------ ------------ ----------- ------------ ------------
Total Liabilities .......................... 46,659,632 84,042,703 878,668 577,294 113,285
------------ ------------ ----------- ------------ ------------
NET ASSETS ..................................... $266,985,588 $590,750,414 $50,210,154 $294,233,617 $ 61,146,546
============ ============ =========== ============ ============
Investments, at cost ........................... $306,473,170 $663,754,250 $51,406,899 $284,495,760 $ 58,465,367
============ ============ =========== ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
48
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- -------------------------------------------- --------------------------------------------------------------
Munder Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ------------ ------------ ----------- -------------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
$197,961,900 $307,049,349 $47,341,255 $ 926,775,131 $61,125,628 $301,118,091 $44,950,561
-- -- 1,131,528 149,239,788 18,487,060 -- 42,119,796
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
197,961,900 307,049,349 48,472,783 1,076,014,919 79,612,688 301,118,091 87,070,357
-- -- 5,541 -- -- 3,145 1
3,433,890 5,158,395 392,803 2,526,801 337,852 2,509,783 9,499
-- -- -- -- -- 3,995,312 --
110,510 210,262 222,000 60,172,070 14,485,160 2,802,494 2,142,922
5,485 -- 30,496 -- 6,168 -- --
14,020 17,743 9,655 42,976 13,148 14,394 12,686
-- -- 4,398 -- -- -- --
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
201,525,805 312,435,749 49,137,676 1,138,756,766 94,455,016 310,443,219 89,235,465
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
97,499 94,166 -- 34,513 10,210,330 1,618,818 1,569,356
-- -- -- -- -- 10,073,200 --
-- -- 9,998,555 -- -- -- --
-- -- -- 4,052,852 60,781 522,866 269,362
82,882 128,449 8,539 321,662 29,518 87,237 23,728
18,039 27,947 3,742 99,943 7,818 27,125 7,437
39,909 60,763 174 83,441 -- 24,527 5,008
954 1,747 304 25,600 7,002 15,786 1,986
5,899 10,804 1,652 26,376 4,137 8,174 6,736
13,115 19,117 5,886 59,668 11,460 19,294 11,216
1,527 2,376 388 8,869 763 2,533 292
25,128 51,915 4,624 121,405 26,368 39,422 10,887
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
284,952 397,284 10,023,864 4,834,329 10,358,177 12,438,982 1,906,008
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
$201,240,853 $312,038,465 $39,113,812 $1,133,922,437 $84,096,839 $298,004,237 $87,329,457
============ ============ =========== ============== =========== ============ ===========
$187,379,462 $298,648,209 $48,387,001 $1,076,014,919 $79,612,688 $301,118,091 $87,070,357
============ ============ =========== ============== =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
49
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed (distributed in excess of) net
investment income ............................ $ 43,986 $ 669,522 $ -- $ (231,084) $ 48,865
Accumulated net realized gain/(loss) on
investments sold ............................. (945,129) (20,088,601) 626,771 330,239 738,982
Net unrealized appreciation/(depreciation) of
investments and foreign currency transactions 2,593,888 3,598,919 (1,686,664) 8,033,295 1,989,515
Par value ...................................... 26,719 62,190 51,852 28,341 6,080
Paid-in capital in excess of par value ......... 265,266,124 606,508,384 51,218,195 286,072,826 58,363,104
============ ============ =========== ============ ===========
$266,985,588 $590,750,414 $50,210,154 $294,233,617 $61,146,546
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares ................................. $ 1,529,337 $ 7,386,786 $ 160,057 $ 2,597,621 $ 1,855,033
============ ============ =========== ============ ===========
Class B Shares ................................. $ 684,589 $ 598,412 $ 106,897 $ 969,764 $ 629,096
============ ============ =========== ============ ===========
Class C Shares ................................. $ 63,447 $ 69,582 $ 31,467 $ 100,736 $ 77,689
============ ============ =========== ============ ===========
Class K Shares ................................. $ 43,280,884 $355,839,841 $ 77,402 $219,723,572 $57,574,006
============ ============ =========== ============ ===========
Class Y Shares ................................. $221,427,331 $226,855,793 $49,834,331 $ 70,841,924 $ 1,010,722
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares ................................. 153,091 776,851 16,563 250,317 184,476
============ ============ =========== ============ ===========
Class B Shares ................................. 68,560 63,062 11,067 93,434 62,547
============ ============ =========== ============ ===========
Class C Shares ................................. 6,326 7,325 3,235 9,710 7,732
============ ============ =========== ============ ===========
Class K Shares ................................. 4,332,244 37,464,099 8,003 21,162,675 5,724,749
============ ============ =========== ============ ===========
Class Y Shares ................................. 22,159,244 23,878,728 5,146,333 6,824,386 100,435
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption price per share . $ 9.99 $9.51 $ 9.66 $10.38 $10.06
====== ===== ====== ====== ======
Maximum sales charge ........................... 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share ............... $10.41 $9.91 $10.06 $10.81 $10.48
====== ===== ====== ====== ======
CLASS B SHARES:
Net asset value and offering price per share* .. $ 9.99 $9.49 $ 9.66 $10.38 $10.06
====== ===== ====== ====== ======
CLASS C SHARES:
Net asset value and offering price per share* .. $10.03 $9.50 $ 9.73 $10.37 $10.05
====== ===== ====== ====== ======
CLASS K SHARES:
Net asset value, offering price and redemption
price per share .............................. $ 9.99 $9.50 $ 9.67 $10.38 $10.06
====== ===== ====== ====== ======
CLASS Y SHARES:
Net asset value, offering price and redemption
price per share .............................. $ 9.99 $9.50 $ 9.68 $10.38 $10.06
====== ===== ====== ====== ======
<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>
50
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- -------------------------------------------- ----------------------------------------------------------------
Munder Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ------------ ------------ ----------- -------------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
$ 167,194 $ 226,528 $ 53,493 $ -- $ -- $ -- $ --
4,296,663 1,249,900 151,822 (4,951) 303 (135,332) 41,582
10,582,438 8,401,140 85,782 -- -- -- --
18,735 29,822 38,923 1,133,925 840,975 298,096 87,288
186,175,823 302,131,075 38,783,792 1,132,793,463 83,255,561 297,841,473 87,200,587
============ ============ =========== ============== =========== ============ ===========
$201,240,853 $312,038,465 $39,113,812 $1,133,922,437 $84,096,839 $298,004,237 $87,329,457
============ ============ =========== ============== =========== ============ ===========
$ 2,510,495 $ 6,554,210 -- $ 133,662,953 $14,749,493 $ 72,007,055 $ 8,645,520
============ ============ =========== ============== =========== ============ ===========
$ 489,511 $ 464,813 -- -- $ 657,773 -- --
============ ============ =========== ============== =========== ============ ===========
$ 41,320 -- -- -- $ 854 -- --
============ ============ =========== ============== =========== ============ ===========
$194,076,570 $295,600,697 $ 647,937 $ 672,841,992 -- $205,599,869 $41,247,001
============ ============ =========== ============== =========== ============ ===========
$ 4,122,957 $ 9,418,745 $38,465,875 $ 327,417,492 $68,688,719 $ 20,397,313 $37,436,936
============ ============ =========== ============== =========== ============ ===========
234,030 626,441 -- 133,658,920 14,748,826 71,992,417 8,643,842
============ ============ =========== ============== =========== ============ ===========
45,580 44,481 -- -- 657,783 -- --
============ ============ =========== ============== =========== ============ ===========
3,850 -- -- -- 853 -- --
============ ============ =========== ============== =========== ============ ===========
18,067,230 28,251,666 64,506 672,846,039 -- 205,694,954 41,230,416
============ ============ =========== ============== =========== ============ ===========
384,081 899,798 3,827,776 327,419,991 68,690,026 20,408,608 37,413,617
============ ============ =========== ============== =========== ============ ===========
$10.73 $10.46 N/A $1.00 $1.00 $1.00 $1.00
====== ====== ====== ===== ===== ===== =====
4.00% 4.00% -- -- -- -- --
$11.18 $10.90 N/A $1.00 $1.00 $1.00 $1.00
====== ====== ====== ===== ===== ===== =====
$10.74 $10.45 N/A N/A $1.00 N/A N/A
====== ====== ====== ===== ===== ===== =====
$10.73 N/A N/A N/A $1.00 N/A N/A
====== ====== ====== ===== ===== ===== =====
$10.74 $10.46 $10.04 $1.00 N/A $1.00 $1.00
====== ====== ====== ===== ===== ===== =====
$10.73 $10.47 $10.05 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ===== ===== ===== =====
<FN>
See Notes to Financial Statements.
</TABLE>
51
<PAGE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund Fund Bond Fund
----------- ----------- ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding taxes of
$4,051 for the Munder International Bond Fund) $15,400,968 $37,139,149 $ 2,352,045 $19,247,109 $2,758,750
----------- ----------- ----------- ----------- ----------
Total investment income ............... 15,400,968 37,139,149 2,352,045 19,247,109 2,758,750
----------- ----------- ----------- ----------- ----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares .............................. 2,735 17,654 400 6,581 2,067
Class B Shares .............................. 6,329 5,683 401 12,408 4,234
Class C Shares .............................. 1,545 1,584 2 268 747
Shareholder servicing fees:
Class K Shares .............................. 100,081 872,005 213 529,016 125,750
Investment advisory fee ........................ 1,116,093 2,770,357 253,258 1,386,132 261,589
Administration fee ............................. 242,096 602,338 55,142 301,528 56,871
Transfer agent fee ............................. 49,285 126,482 11,595 63,022 14,123
Custodian fees ................................. 57,308 115,672 32,676 63,432 22,431
Legal and audit fees ........................... 18,828 46,313 4,363 22,503 4,561
Trustees'/Directors' fees and expenses ......... 8,266 21,139 1,963 10,605 1,977
Amortization of organization costs ............. -- -- 6,506 2,323 4,480
Registration and filing fees ................... 51,810 53,024 35,335 41,218 3,221
Other .......................................... 52,466 59,458 36,305 18,540 11,835
----------- ----------- ----------- ----------- ----------
Total Expenses ........................ 1,706,842 4,691,709 438,159 2,457,576 513,886
Expenses reimbursed by investment advisor ...... -- -- -- -- --
----------- ----------- ----------- ----------- ----------
Net Expenses .......................... 1,706,842 4,691,709 438,159 2,457,576 513,886
----------- ----------- ----------- ----------- ----------
NET INVESTMENT INCOME .......................... 13,694,126 32,447,440 1,913,886 16,789,533 2,244,864
----------- ----------- ----------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ....................... 4,728,659 3,685,329 392,077 1,108,248 863,725
Forward foreign exchange contracts .......... -- -- (412,479) -- --
Foreign currency transactions ............... -- -- (105,031) -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities .................................. 3,308,753 5,213,246 (1,177,137) 7,657,342 1,255,741
Foreign currency and net other assets ....... -- -- (10,006) -- --
----------- ----------- ----------- ----------- ----------
Net realized and unrealized gain/(loss) on
investments .................................. 8,037,412 8,898,575 (1,312,576) 8,765,590 2,119,466
----------- ----------- ----------- ----------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ................................... $21,731,538 $41,346,015 $ 601,310 $25,555,123 $4,364,330
=========== =========== =========== =========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
52
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------------- --------------------------------------------------------------
Munder Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ----------- ----------- ---------- ----------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
$11,245,567 $15,453,185 $3,126,237 $60,933,702 $6,447,256 $11,109,505 $7,363,710
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
11,245,567 15,453,185 3,126,237 60,933,702 6,447,256 11,109,505 7,363,710
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
7,966 17,556 11 269,773 31,560 154,996 18,269
3,552 3,575 1,848 -- 7,386 -- --
396 -- 159 -- 13,170 -- --
489,719 732,249 822 986,832 -- 322,637 71,106
1,017,292 1,542,255 135,827 3,750,786 454,600 1,075,987 470,094
221,395 335,604 59,153 1,165,241 124,307 334,308 147,118
48,341 70,842 13,219 202,712 26,733 69,924 34,685
49,737 71,364 16,613 175,061 31,744 61,253 48,135
16,982 26,034 3,517 90,485 8,635 26,085 11,842
7,869 11,906 2,129 41,029 4,613 11,750 5,874
5,474 -- 8,295 -- 35,832 -- --
18,651 38,749 67,298 42,570 24,007 32,482 25,245
-- 22,515 37,565 37,202 20,728 38,750 16,233
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
1,887,374 2,872,649 346,456 6,761,691 783,315 2,128,172 848,601
-- -- (62,711) -- -- -- --
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
1,887,374 2,872,649 283,745 6,761,691 783,315 2,128,172 848,601
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
9,358,193 12,580,536 2,842,492 54,172,011 5,663,941 8,981,333 6,515,109
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
5,702,590 1,939,378 201,568 -- -- 20,202 350
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1,457,881 1,683,215 38,061 -- -- -- --
-- -- -- -- -- -- --
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
7,160,471 3,622,593 239,629 -- -- 20,202 350
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
$16,518,664 $16,203,129 $3,082,121 $54,172,011 $5,663,941 $ 9,001,535 $6,515,459
=========== =========== ========== =========== ========== =========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
53
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Net investment income .......................... $ 13,694,126 $ 32,447,440 $ 1,913,886 $ 16,789,533 $ 2,244,864
Net realized gain/(loss) on investments ........ 4,728,659 3,685,329 (125,433) 1,108,248 863,725
Net change in unrealized
appreciation/(depreciation) of investments ... 3,308,753 5,213,246 (1,187,143) 7,657,342 1,255,741
------------ ------------ ----------- ------------ -----------
Net increase in net assets resulting from
operations ................................... 21,731,538 41,346,015 601,310 25,555,123 4,364,330
Dividends to shareholders from net
investment income:
Class A Shares ............................... (64,993) (392,003) (3,591) (153,757) (36,612)
Class B Shares ............................... (32,649) (27,600) (460) (63,433) (14,966)
Class C Shares ............................... (9,081) (7,222) (25) (1,531) (2,693)
Class K Shares ............................... (2,309,105) (19,688,059) (1,948) (12,468,287) (2,120,313)
Class Y Shares ............................... (10,967,327) (11,705,695) (1,217,193) (3,797,610) (30,979)
Distributions to shareholders from net
realized gains:
Class A Shares ............................... -- -- (260) (18,534) (923)
Class B Shares ............................... -- -- (36) (6,556) (661)
Class C Shares ............................... -- -- -- (120) (164)
Class K Shares ............................... -- -- (147) (1,148,408) (87,429)
Class Y Shares ............................... -- -- (82,339) (329,997) (1,099)
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares ............................... 674,212 1,201,962 (5,296) 1,322,725 1,288,395
Class B Shares ............................... 100,737 125,196 86,442 (667,713) 301,399
Class C Shares ............................... 15,087 (872) 31,759 90,138 (16,409)
Class K Shares ............................... 6,660,251 24,345,882 (23,235) 19,461,225 12,267,002
Class Y Shares ............................... 101,272,269 61,989,285 (1,144,971) 14,050,826 332,242
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets .......... 117,070,939 97,186,889 (1,759,990) 41,824,091 16,241,120
NET ASSETS:
Beginning of period ............................ 149,914,649 493,563,525 51,970,144 252,409,526 44,905,426
------------ ------------ ----------- ------------ -----------
End of period .................................. $266,985,588 $590,750,414 $50,210,154 $294,233,617 $61,146,546
============ ============ =========== ============ ===========
Undistributed (distribution in excess of) net
investment income ............................ $ 43,986 $ 669,522 $ -- $ (231,084) $ 48,865
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
54
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------------ -----------------------------------------------------------
Munder Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
$ 9,358,193 $ 12,580,536 $ 2,842,492 $ 54,172,011 $ 5,663,941 $ 8,981,333 $ 6,515,109
5,702,590 1,939,378 201,568 -- -- 20,202 350
1,457,881 1,683,215 38,061 -- -- -- --
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
16,518,664 16,203,129 3,082,121 54,172,011 5,663,941 9,001,535 6,515,459
(144,258) (281,249) (257) (5,145,981) (451,160) (1,749,355) (338,938)
(13,876) (11,775) (8,373) -- (27,058) -- --
(1,537) -- (644) -- (52,154) -- --
(8,900,093) (11,750,608) (16,037) (33,090,514) -- (6,299,298) (2,253,812)
(190,299) (343,586) (2,785,706) (15,935,516) (5,133,569) (932,680) (3,922,359)
(62,615) (62,353) -- -- -- -- --
(5,007) (3,013) (44) -- -- -- --
(599) -- (4) -- -- -- --
(2,947,365) (2,377,413) -- -- -- -- --
(59,887) (61,867) (16,152) -- -- -- --
(51,267) 309,819 58 37,467,530 11,093,345 66,785,667 3,325,188
245,213 191,703 (33,215) -- 206,444 -- --
40,861 -- (95) -- (1,754,337) -- --
(202,350) 10,713,073 (780,314) 72,985,200 -- (21,186,744) (640,511)
96,749 1,874,706 (10,842,113) 47,992,725 (55,930,785) (2,552,382) (196,101,274)
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
4,322,334 14,400,566 (11,400,775) 158,445,455 (46,385,333) 43,066,743 (193,416,247)
196,918,519 297,637,899 50,514,587 975,476,982 130,482,172 254,937,494 280,745,704
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
$201,240,853 $312,038,465 $ 39,113,812 $1,133,922,437 $ 84,096,839 $298,004,237 $ 87,329,457
============ ============ ============ ============== ============ ============ =============
$ 167,194 $ 226,528 $ 53,493 $ -- $ -- $ -- $ --
============ ============ ============ ============== ============ ============ =============
<FN>
See Notes to Financial Statements.
</TABLE>
55
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
------------------------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund(a) Fund Bond Fund
------------ ------------ ----------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
Net investment income ........... $ 9,817,973 $ 30,588,226 $ 1,106,189 $ 15,419,474 $ 1,682,905
Net realized gain/(loss) on
investments sold .............. (1,273,300) (2,962,876) (725,777) 92,451 23,364
Net change in unrealized
appreciation/(depreciation) of
investments ................... 1,614,599 4,183,462 (499,521) 1,487,143 1,067,899
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net
assets resulting from
operations .................... 10,159,272 31,808,812 (119,109) 16,999,068 2,774,168
Dividends to shareholders from
net investment income:
Class A Shares ................ (54,483) (329,669) (111) (31,453) (21,787)
Class B Shares ................ (29,919) (13,634) -- (75,633) (10,562)
Class C Shares ................ (3,606) (5,423) -- (485) (2,210)
Class K Shares ................ (2,194,881) (20,149,211) -- (11,212,087) (1,624,310)
Class Y Shares ................ (7,136,218) (10,089,041) (237,229) (3,165,621) (22,751)
Distributions to shareholders from
net realized gains:
Class A Shares ................ -- -- -- (160) (54)
Class B Shares ................ -- -- -- (722) (32)
Class C Shares ................ -- -- -- (3) (10)
Class K Shares ................ -- -- -- (72,543) (4,034)
Class Y Shares ................ -- -- -- (19,022) (55)
Distributions in excess of
net realized capital gains:
Class A Shares ................ -- -- -- (30) --
Class B Shares ................ -- -- -- (81) --
Class C Shares ................ -- -- -- (1) --
Class K Shares ................ -- -- -- (11,014) --
Class Y Shares ................ -- -- -- (2,999) --
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares ................ (79,168) 744,889 168,043 960,997 73,547
Class B Shares ................ 260,017 360,152 20,740 1,099,256 52,035
Class C Shares ................ (6,847) (2,000) -- 9,738 89,022
Class K Shares ................ 2,646,572 (45,876,064) 99,343 33,672,565 12,789,812
Class Y Shares ................ (117,790) (21,825,653) 52,038,467 7,860,468 435,535
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net
assets ........................ 3,442,949 (65,376,842) 51,970,144 46,010,238 14,528,314
NET ASSETS:
Beginning of period ............. 146,471,700 558,940,367 -- 206,399,288 30,377,112
------------ ------------ ----------- ------------ -----------
End of period ................... $149,914,649 $493,563,525 $51,970,144 $252,409,526 $44,905,426
============ ============ =========== ============ ===========
Undistributed net investment
income ........................ $ -- $ 19,585 $ 100,354 $ 27,555 $ 9,564
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) The Munder International Bond Fund commenced operations on October 2,
1996.
(b) The Munder Short Term Treasury Fund commenced operations on January 29,
1997.
See Notes to Financial Statements.
</TABLE>
56
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- -------------------------------------------- --------------------------------------------------------------
Munder Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund(b) Fund Fund Fund Fund
- ------------ ------------ ----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
$ 9,107,338 $ 12,573,026 $ 1,090,404 $ 47,793,512 $ 7,265,513 $ 7,227,770 $ 15,008,675
1,883,192 1,919,657 (33,546) 260 (10) 17,604 19,327
2,794,934 1,306,532 47,721 -- -- -- --
- ------------ ------------ ----------- ------------ ------------ ------------ ------------
13,785,464 15,799,215 1,104,579 47,793,772 7,265,503 7,245,374 15,028,002
(90,026) (234,435) -- (3,996,094) (15,771) (184,129) (126,065)
(2,157) (6,230) (534) -- (6,198) -- --
-- -- -- -- (14,812) -- --
(8,895,270) (12,106,823) (18,093) (28,603,926) -- (6,145,280) (1,992,551)
(108,734) (232,532) (1,061,825) (15,193,492) (7,228,732) (898,361) (12,890,059)
(11,640) (13,709) -- -- -- -- --
(361) (447) -- -- -- -- --
-- -- -- -- -- -- --
(1,496,506) (798,558) -- -- -- -- --
(15,776) (14,053) -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1,312,356 1,165,835 -- (20,429,813) 3,631,506 (5,381,208) 3,698,908
235,233 221,595 33,542 -- 326,972 -- --
-- -- -- -- 1,755,190 -- --
(9,483,602) (52,431,479) 1,419,541 52,334,583 -- 34,181,594 (20,258,836)
1,969,365 2,175,949 49,037,377 (38,398,886) (98,775,028) (2,647,522) (76,339,867)
- ------------ ------------ ----------- ------------ ------------ ------------ ------------
(2,801,654) (46,475,672) 50,514,587 (6,493,856) (93,061,370) 26,170,468 (92,880,468)
199,720,173 344,113,571 -- 981,970,838 223,543,542 228,767,026 373,626,172
- ------------ ------------ ----------- ------------ ------------ ------------ ------------
$196,918,519 $297,637,899 $50,514,587 $975,476,982 $130,482,172 $254,937,494 $280,745,704
============ ============ =========== ============ ============ ============ ============
$ 54,477 $ 33,210 $ 13,723 $ -- $ -- $ -- $ --
============ ============ =========== ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
57
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ------------ ------------ ---------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .............................. $ 954,099 $ 35,518,363 $ 20,223 $ 4,536,840 $ 1,586,012
Issued as reinvestment of dividends 44,875 306,750 3,852 101,920 17,093
Redeemed .......................... (324,762) (34,623,151) (29,371) (3,316,035) (314,710)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 674,212 $ 1,201,962 $ (5,296) $ 1,322,725 $ 1,288,395
============ ============ ============ ============ ============
Class B Shares:
Sold .............................. $ 929,598 $ 635,955 $ 91,959 $ 3,178,214 $ 292,659
Issued as reinvestment of dividends 2,530 8,823 111 1,375 11,786
Redeemed .......................... (831,391) (519,582) (5,628) (3,847,302) (3,046)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 100,737 $ 125,196 $ 86,442 $ (667,713) $ 301,399
============ ============ ============ ============ ============
Class C Shares:
Sold .............................. $ 646,994 $ 2,201,476 $ 31,759 $ 197,028 $ 24,993
Issued as reinvestment of dividends 218 4,450 -- 964 --
Redeemed .......................... (632,125) (2,206,798) -- (107,854) (41,402)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 15,087 $ (872) $ 31,759 $ 90,138 $ (16,409)
============ ============ ============ ============ ============
Class K Shares:
Sold .............................. $ 14,348,224 $ 80,068,663 $ 43,020 $ 47,245,732 $ 16,968,229
Issued as reinvestment of dividends -- 24,387 -- 2,615 --
Redeemed .......................... (7,687,973) (55,747,168) (66,255) (27,787,122) (4,701,227)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 6,660,251 $ 24,345,882 $ (23,235) $ 19,461,225 $ 12,267,002
============ ============ ============ ============ ============
Class Y Shares:
Sold .............................. $135,969,213 $100,224,429 $ 4,116,120 $ 16,769,629 $ 576,221
Issued as reinvestment of dividends 81,944 146,626 491,207 46,332 9,477
Redeemed .......................... (34,778,888) (38,381,770) (5,752,298) (2,765,135) (253,456)
------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $101,272,269 $ 61,989,285 $ (1,144,971) $ 14,050,826 $ 332,242
============ ============ ============ ============ ============
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class C Shares commenced operations on July
7, 1997.
(b) The Munder Short Term Treasury Fund Class A Shares and Class C Shares
commenced operations on February 12, 1998 and July 2, 1997, respectively.
See Notes to Financial Statements.
</TABLE>
58
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund(a) Bond Fund Fund(b)
- ------------ ------------ ------------
<S> <C> <C>
$ 3,614,014 $ 4,811,740 $ 32,905
46,628 166,779 92
(3,711,909) (4,668,700) (32,939)
- ------------ ------------ ------------
$ (51,267) $ 309,819 $ 58
============ ============ ============
$ 246,154 $ 191,439 $ 443,632
59 264 137
(1,000) -- (476,984)
- ------------ ------------ ------------
$ 245,213 $ 191,703 $ (33,215)
============ ============ ============
$ 40,861 -- $ 59,968
-- -- 23
-- -- (60,086)
- ------------ ------------ ------------
$ 40,861 -- $ (95)
============ ============ ============
$ 23,208,945 $ 45,773,724 $ 1,700,010
821 11,065 --
(23,412,116) (35,071,716) (2,480,324)
- ------------ ------------ ------------
$ (202,350) $ 10,713,073 $ (780,314)
============ ============ ============
$ 837,177 $ 3,988,232 $ 36,472,976
3,985 1,632 2,439,897
(744,413) (2,115,158) (49,754,986)
- ------------ ------------ ------------
$ 96,749 $ 1,874,706 $(10,842,113)
============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
59
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund Fund Bond Fund
---------- ---------- -------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 96,300 3,750,114 2,097 440,195 159,016
Issued as reinvestment of dividends ........ 4,562 32,465 401 9,916 1,718
Redeemed ................................... (33,162) (3,659,805) (3,049) (321,399) (31,820)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) .................... 67,700 122,774 (551) 128,712 128,914
========== ========== ======== ========== =========
Class B Shares:
Sold ....................................... 93,817 67,247 9,526 308,147 29,315
Issued as reinvestment of dividends ........ 257 935 12 134 1,185
Redeemed ................................... (83,938) (54,915) (579) (373,051) (307)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) .................... 10,136 13,267 8,959 (64,770) 30,193
========== ========== ======== ========== =========
Class C Shares:
Sold ....................................... 65,083 233,511 3,235 19,096 2,500
Issued as reinvestment of dividends ........ 22 470 -- 94 --
Redeemed ................................... (63,450) (232,883) -- (10,463) (4,067)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) .................... 1,655 1,098 3,235 8,727 (1,567)
========== ========== ======== ========== =========
Class K Shares:
Sold ....................................... 1,456,896 8,464,953 4,445 4,581,485 1,705,070
Issued as reinvestment of dividends ........ -- 2,585 -- 254 --
Redeemed ................................... (779,936) (5,887,836) (6,880) (2,691,211) (473,464)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) .................... 676,960 2,579,702 (2,435) 1,890,528 1,231,606
========== ========== ======== ========== =========
Class Y Shares
Sold ....................................... 13,821,217 10,591,114 423,302 1,627,028 57,300
Issued as reinvestment of dividends ........ 8,318 15,507 50,974 4,506 952
Redeemed ................................... (3,523,204) (4,056,301) (584,840) (268,382) (25,401)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) .................... 10,306,331 6,550,320 (110,564) 1,363,152 32,851
========== ========== ======== ========== =========
<FN>
- ----------------
(a) The Munder Tax Free Bond Fund Class C Shares commenced operations on July
7, 1997.
(b) The Munder Short Term Treasury Fund Class A Shares and Class C Shares
commenced operations on February 12, 1998 and July 2, 1997, respectively.
See Notes to Financial Statements.
</TABLE>
60
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund(a) Bond Fund Fund(b)
- -------------------------------------------
<S> <C> <C>
336,093 457,922 3,251
4,348 15,922 9
(343,395) (443,962) (3,260)
- ---------- ---------- ----------
(2,954) 29,882 --
========== ========== ==========
22,812 18,270 44,062
5 25 14
(93) -- (47,456)
- ---------- ---------- ----------
22,724 18,295 (3,380)
========== ========== ==========
3,850 -- 5,947
-- -- 2
-- -- (5,949)
- ---------- ---------- ----------
3,850 -- --
========== ========== ==========
2,156,931 4,356,995 169,058
76 1,056 --
(2,177,117) (3,340,840) (247,078)
- ---------- ---------- ----------
(20,110) 1,017,211 (78,020)
========== ========== ==========
78,211 380,413 3,629,044
372 156 243,183
(69,922) (201,750) (4,947,479)
- ---------- ---------- ----------
8,661 178,819 (1,075,252)
========== ========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
61
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
Since the Funds have sold, redeemed and reinvested shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, redemptions and reinvestments are the same as the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
--------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ....................................... $ 1,529,521,817 $ 632,100,591 $ 177,864,977 $ 38,374,572
Issued as reinvestment of dividends ........ 4,882,857 321,576 1,747,092 329,790
Redeemed ................................... (1,496,937,144) (621,328,822) (112,826,402) (35,379,174)
--------------- ------------- ------------- -------------
Net increase ............................... $ 37,467,530 $ 11,093,345 $ 66,785,667 $ 3,325,188
=============== ============= ============= =============
Class B Shares:
Sold ....................................... $ 16,765,810
Issued as reinvestment of dividends ........ 16,857
Redeemed ................................... (16,576,223)
-------------
Net increase ............................... $ 206,444
=============
Class C Shares:
Sold ....................................... $ 54,403,515
Issued as reinvestment of dividends ........ 46,154
Redeemed ................................... (56,204,006)
-------------
Net (decrease) ............................. $ (1,754,337)
=============
Class K Shares:
Sold ....................................... $ 1,296,422,618 $ 398,274,187 $ 157,006,524
Issued as reinvestment of dividends ........ 165,621 6,260 3,336
Redeemed ................................... (1,223,603,039) (419,467,191) (157,650,371)
--------------- ------------- -------------
Net increase/(decrease) .................... $ 72,985,200 $ (21,186,744) $ (640,511)
=============== ============= =============
Class Y Shares:
Sold ....................................... $ 659,461,802 $ 481,224,890 $ 119,848,786 $ 112,737,894
Issued as reinvestment of dividends ........ 131,983 4,772,056 4,192 15,454
Redeemed ................................... (611,601,060) (541,927,731) (122,405,360) (308,854,622)
--------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ 47,992,725 $ (55,930,785) $ (2,552,382) $(196,101,274)
=============== ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
62
<PAGE>
[ This Page Intentionally Left Blank ]
63
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund(a) Fund(b) Bond Fund(c)
------------ ------------ ----------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 722,605 $ 3,845,090 $ 172,931 $ 1,484,727 $ 253,986
Issued as reinvestment of dividends ........ 32,466 247,408 112 20,649 13,052
Redeemed ................................... (834,239) (3,347,609) (5,000) (544,379) (193,491)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ (79,168) $ 744,889 $ 168,043 $ 960,997 $ 73,547
============ ============ =========== ============ ===========
Class B Shares:
Sold ....................................... $ 505,619 $ 356,872 $ 20,740 $ 1,934,087 $ 70,290
Issued as reinvestment of dividends ........ 5,598 5,729 -- 7,163 6,877
Redeemed ................................... (251,200) (2,449) -- (841,994) (25,132)
------------ ------------ ----------- ------------ -----------
Net increase ............................... $ 260,017 $ 360,152 $ 20,740 $ 1,099,256 $ 52,035
============ ============ =========== ============ ===========
Class C Shares:
Sold ....................................... $ 650,966 $ 2,475,363 -- $ 16,574 $ 89,041
Issued as reinvestment of dividends ........ 437 3,113 -- 20 --
Redeemed ................................... (658,250) (2,480,476) -- (6,856) (19)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ (6,847) $ (2,000) -- $ 9,738 $ 89,022
============ ============ =========== ============ ===========
Class K Shares:
Sold ....................................... $ 13,725,771 $ 41,376,179 $ 115,302 $ 61,223,031 $20,579,426
Issued as reinvestment of dividends ........ -- 38,309 -- 3,554 301
Redeemed ................................... (11,079,199) (87,290,552) (15,959) (27,554,020) (7,789,915)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ 2,646,572 $(45,876,064) $ 99,343 $ 33,672,565 $12,789,812
============ ============ =========== ============ ===========
Class Y Shares:
Sold ....................................... $ 20,310,569 $ 32,107,963 $52,163,268 $ 8,849,219 $ 471,521
Issued as reinvestment of dividends ........ 33,206 41,666 5,749 18,056 6,295
Redeemed ................................... (20,461,565) (53,975,282) (130,550) (1,006,807) (42,281)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ (117,790) $(21,825,653) $52,038,467 $ 7,860,468 $ 435,535
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) The Munder International Bond Fund Class A Shares, Class B Shares, Class
K Shares, and Class Y Shares commenced operations on October 17, 1996,
June 9, 1997, March 24, 1997, and October 2, 1996, respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
(d) The Munder Short Term Treasury Fund Class B Shares, Class K Shares and
Class Y Shares commenced operations on April 4, 1997, April 2, 1997 and
January 29, 1997, respectively.
See Notes to Financial Statements.
</TABLE>
64
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
- ------------ ------------ -----------
<S> <C> <C>
$ 2,651,583 $ 4,542,574 --
30,725 114,181 --
(1,369,952) (3,490,920) --
- ------------ ------------ -----------
$ 1,312,356 $ 1,165,835 --
============ ============ ===========
$ 485,874 $ 221,204 $ 68,495
300 391 --
(250,941) -- (34,953)
- ------------ ------------ -----------
$ 235,233 $ 221,595 $ 33,542
============ ============ ===========
-- -- --
-- -- --
-- -- --
- ------------ ------------ -----------
-- -- --
============ ============ ===========
$ 26,287,176 $ 21,354,645 $ 1,425,010
976 10,316 22
(35,771,754) (73,796,440) (5,491)
- ------------ ------------ -----------
$ (9,483,602) $(52,431,479) $ 1,419,541
============ ============ ===========
$ 2,323,433 $ 3,244,759 $52,806,009
799 574 812,987
(354,867) (1,069,384) (4,581,619)
- ------------ ------------ -----------
$ 1,969,365 $ 2,175,949 $49,037,377
============ ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
65
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple Tax-Free
Fund Fund Fund(a) Fund(b) Bond Fund(c)
---------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 74,757 411,150 17,619 147,994 26,624
Issued as reinvestment of dividends ........ 3,396 26,780 11 2,054 1,371
Redeemed ................................... (86,692) (359,206) (516) (54,343) (20,187)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) .................... (8,539) 78,724 17,114 95,705 7,808
========== ========== ========= ========== =========
Class B Shares:
Sold ....................................... 53,020 38,333 2,108 191,518 7,428
Issued as reinvestment of dividends ........ 580 683 -- 701 726
Redeemed ................................... (26,060) (276) -- (83,881) (2,621)
---------- ---------- --------- ---------- ---------
Net increase ............................... 27,540 38,740 2,108 108,338 5,533
========== ========== ========= ========== =========
Class C Shares:
Sold ....................................... 67,270 264,896 -- 1,648 9,301
Issued as reinvestment of dividends ........ 45 357 -- 2 --
Redeemed ................................... (68,024) (264,567) -- (667) (2)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) .................... (709) 686 -- 983 9,299
========== ========== ========= ========== =========
Class K Shares:
Sold ....................................... 1,434,648 4,430,395 12,057 6,094,852 2,153,255
Issued as reinvestment of dividends ........ -- 4,108 -- 353 32
Redeemed ................................... (1,159,269) (9,358,156) (1,619) (2,742,562) (814,695)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) .................... 275,379 (4,923,653) 10,438 3,352,643 1,338,592
========== ========== ========= ========== =========
Class Y Shares:
Sold ....................................... 2,124,698 3,444,548 5,269,912 881,230 49,599
Issued as reinvestment of dividends ........ 3,471 4,471 569 1,794 660
Redeemed ................................... (2,135,075) (5,777,546) (13,584) (100,133) (4,466)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) .................... (6,906) (2,328,527) 5,256,897 782,891 45,793
========== ========== ========= ========== =========
<FN>
- ----------------
(a) The Munder International Bond Fund Class A Shares, Class B Shares, Class
K Shares, and Class Y Shares commenced operations on October 17, 1996,
June 9, 1997, March 24, 1997, and October 2, 1996, respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
(d) The Munder Short Term Treasury Fund Class B Shares, Class K Shares and
Class Y Shares commenced operations on April 4, 1997, April 2, 1997 and
January 29, 1997, respectively.
See Notes to Financial Statements.
</TABLE>
66
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
- ---------- ---------- ----------
<S> <C> <C>
254,403 435,557 --
2,955 10,985 --
(130,788) (334,666) --
- ---------- ---------- ---------
126,570 111,876 --
========== ========== =========
46,477 21,323 6,865
27 36 --
(24,129) -- (3,485)
- ---------- ---------- ---------
22,375 21,359 3,380
========== ========== =========
-- -- --
-- -- --
-- -- --
-- -- --
2,514,364 2,052,808 143,073
94 993 2
(3,433,740) (7,097,180) (549)
- ---------- ---------- ---------
(919,282) (5,043,379) 142,526
========== ========== =========
222,652 313,064 5,280,326
77 55 81,447
(33,925) (103,099) (458,745)
- ---------- ---------- ---------
188,804 210,020 4,903,028
========== ========== =========
<FN>
See Notes to Financial Statements.
</TABLE>
67
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
(Continued)
- -----------------------------------------------------------------------------
Since the Funds have sold, redeemed and reinvested shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, redemptions and reinvestments are the same as the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund (a) Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ....................................... $ 265,542,230 $ 28,917,566 $ 11,521,703 $ 23,806,876
Issued as reinvestment of dividends ........ 3,974,343 10,575 182,115 126,067
Redeemed ................................... (289,946,386) (25,296,635) (17,085,026) (20,234,035)
------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ (20,429,813) $ 3,631,506 $ (5,381,208) $ 3,698,908
============= ============= ============= =============
Class B Shares:
Sold ....................................... $ 3,601,653
Issued as reinvestment of dividends ........ 5,117
Redeemed ................................... (3,279,798)
-------------
Net increase ............................... $ 326,972
=============
Class C Shares:
Sold ....................................... $ 36,045,428
Issued as reinvestment of dividends ........ 12,362
Redeemed ................................... (34,302,600)
-------------
Net increase ............................... $ 1,755,190
=============
Class K Shares:
Sold ....................................... $ 977,051,641 $ 319,774,325 $ 119,384,579
Issued as reinvestment of dividends ........ 102,409 7,415 77
Redeemed ................................... (924,819,467) (285,600,146) (139,643,492)
------------- ------------- -------------
Net increase/(decrease) .................... $ 52,334,583 $ 34,181,594 $ (20,258,836)
============= ============= =============
Class Y Shares:
Sold ....................................... $ 455,034,404 $ 301,972,601 $ 147,408,752 $ 675,428,907
Issued as reinvestment of dividends ........ 5,498 7,034,959 2,621 10
Redeemed ................................... (493,438,788) (407,782,588) (150,058,895) (751,768,784)
------------- ------------- ------------- -------------
Net (decrease) ............................. $ (38,398,886) $ (98,775,028) $ (2,647,522) $ (76,339,867)
============= ============= ============= =============
<FN>
- ----------------
(a) The Munder Money Market Fund Class C Shares commenced operations on
October 17, 1996.
See Notes to Financial Statements.
</TABLE>
68
<PAGE>
[ This Page Intentionally Left Blank ]
69
<PAGE>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(e) 6/30/97 6/30/96 6/30/95(d) 2/28/95(e,f)
---------- ------- ------- --------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 9.58 $ 9.53 $ 9.70 $ 9.31 $ 9.91
------- ------ ------ ------ ------
Income from investment operations:
Net investment income .......................... 0.59 0.60 0.61 0.21 0.61
Net realized and unrealized gain/(loss) on
investments .................................. 0.39 0.03 (0.20) 0.38 (0.63)
------- ------ ------ ------ ------
Total from investment operations ............... 0.98 0.63 0.41 0.59 (0.02)
------- ------ ------ ------ ------
Less distributions:
Dividends from net investment income ........... (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------ ------ ------ ------
Total distributions ............................ (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------ ------ ------ ------
Net asset value, end of period ................. $ 9.99 $ 9.58 $ 9.53 $ 9.70 $ 9.31
======= ====== ====== ====== ======
Total return (b) ............................... 10.45% 6.84% 4.24% 6.39% 0.45%
======= ====== ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $1,529 $ 818 $ 895 $ 919 $ 880
Ratio of operating expenses to average net
assets ....................................... 0.96% 0.96% 0.95% 0.95%(c) 0.92%
Ratio of net investment income to average net
assets ....................................... 5.93% 6.34% 6.26% 6.47%(c) 6.57%
Portfolio turnover rate. ....................... 222% 279% 507% 99% 165%
Ratio of operating expenses to average net
assets without waivers ....................... 0.96% 0.96% 1.04% 1.19%(c) 1.16%
<FN>
- ----------------
(a) The Munder Bond Fund Class A Shares, Class B Shares, Class C Shares and
Class Y Shares commenced operations on December 9, 1992, March 13, 1996,
March 25, 1996, and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
70
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------- ----------------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/98(e) 6/30/97 6/30/96 6/30/98(e) 6/30/97 6/30/96
---------- ------- ------- ---------- ------- -------
<C> <C> <C> <C> <C> <C>
$ 9.57 $ 9.53 $ 9.68 $ 9.60 $ 9.52 $ 9.74
------ ------ ------ ------ ------- -------
0.51 0.54 0.16 0.52 0.66 0.16
0.40 0.02 (0.14) 0.40 (0.08) (0.21)
------ ------ ------ ------ ------- -------
0.91 0.56 0.02 0.92 0.58 (0.05)
------ ------ ------ ------ ------- -------
(0.49) (0.52) (0.17) (0.49) (0.50) (0.17)
------ ------ ------ ------ ------- -------
(0.49) (0.52) (0.17) (0.49) (0.50) (0.17)
------ ------ ------ ------ ------- -------
$ 9.99 $ 9.57 $ 9.53 $10.03 $ 9.60 $ 9.52
====== ====== ====== ====== ======= =======
9.75% 5.97% 0.22% 9.84% 6.19% (0.49)%
====== ====== ====== ====== ======= =======
$ 685 $ 559 $ 294 $ 63 $ 45 $ 51
1.72% 1.71% 1.70%(c) 1.72% 1.71% 1.70% (c)
5.18% 5.59% 5.51%(c) 5.18% 5.59% 5.51% (c)
222% 279% 507% 222% 279% 507%
1.72% 1.71% 1.79%(c) 1.72% 1.71% 1.79% (c)
<FN>
See Notes to Financial Statements.
</TABLE>
71
<PAGE>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
---------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(e) 6/30/97 6/30/96 6/30/95(d) 2/28/95(e,f)
---------- ------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.58 $ 9.53 $ 9.70 $ 9.31 $ 9.91
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ...................... 0.61 0.63 0.64 0.21 0.64
Net realized and unrealized gain/(loss) on
investments .............................. 0.39 0.03 (0.21) 0.39 (0.64)
-------- -------- -------- -------- --------
Total from investment operations ........... 1.00 0.66 0.43 0.60 --
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ....... (0.59) (0.61) (0.60) (0.21) (0.60)
-------- -------- -------- -------- --------
Total distributions ........................ (0.59) (0.61) (0.60) (0.21) (0.60)
-------- -------- -------- -------- --------
Net asset value, end of period ............. $ 9.99 $ 9.58 $ 9.53 $ 9.70 $ 9.31
======== ======== ======== ======== ========
Total return (b) ........................... 10.72% 7.09% 4.50% 6.48% 0.70%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's)........ $221,427 $113,493 $113,020 $146,741 $141,704
Ratio of operating expenses to average net
assets ................................... 0.72% 0.71% 0.70% 0.70%(c) 0.67%
Ratio of net investment income to average
net assets ............................... 6.18% 6.59% 6.51% 6.72%(c) 6.82%
Portfolio turnover rate. ................... 222% 279% 507% 99% 165%
Ratio of operating expenses to average net
assets without waivers ................... 0.72% 0.71% 0.79% 0.94%(c) 0.91%
<FN>
- ----------------
(a) The Munder Bond Fund Class A Shares, Class B Shares, Class C Shares and
Class Y Shares commenced operations on December 9, 1992, March 13, 1996,
March 25, 1996, and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
72
<PAGE>
[ This Page Intentionally Left Blank ]
73
<PAGE>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.33 $ 9.31 $ 9.52 $ 9.27 $ 9.91
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.55 0.55 0.58 0.22 0.59
Net realized and unrealized gain/(loss) on
investments .............................. 0.16 0.02 (0.21) 0.25 (0.61)
------ ------ ------ ------ ------
Total from investment operations ........... 0.71 0.57 0.37 0.47 (0.02)
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ....... (0.53) (0.55) (0.58) (0.22) (0.61)
Distributions from net realized gains ...... -- -- -- -- (0.01)
------ ------ ------ ------ ------
Total distributions ........................ (0.53) (0.55) (0.58) (0.22) (0.62)
------ ------ ------ ------ ------
Net asset value, end of period ............. $ 9.51 $ 9.33 $ 9.31 $ 9.52 $ 9.27
====== ====== ====== ====== ======
Total return (b) ........................... 7.84% 6.34% 3.92% 5.15% 0.54%
====== ====== ====== ====== ======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $7,387 $6,104 $5,356 $5,470 $5,472
Ratio of operating expenses to average net
assets ................................... 0.93% 0.93% 0.94% 0.95%(c) 0.93%
Ratio of net investment income to average
net assets ............................... 5.77% 5.91% 6.08% 7.12%(c) 6.71%
Portfolio turnover rate .................... 194% 325% 494% 84% 80%
Ratio of operating expenses to average net
assets without waivers ................... 0.93% 0.93% 1.02% 1.19%(c) 1.18%
<FN>
- ----------------
(a) The Munder Intermediate Bond Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on November 24, 1992,
October 25, 1994, April 19, 1996 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
74
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------------------------ -------------------------------------
Year Year Year Period Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98(f) 6/30/98(f) 6/30/96 6/30/95(d) 2/28/95(e) 6/30/98(f) 6/30/97(f) 6/30/96
---------- ---------- ------- ---------- ---------- ---------- ---------- --------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 9.32 $ 9.30 $ 9.51 $ 9.27 $ 9.22 $ 9.35 $ 9.31 $ 9.40
------ ------ ------ ------ ------ ------ ------ ------
0.47 0.48 0.49 0.20 0.19 0.48 0.45 0.10
0.16 0.03 (0.19) 0.24 0.11 0.13 0.08 (0.06)
------ ------ ------ ------ ------ ------ ------ ------
0.63 0.51 0.30 0.44 0.30 0.61 0.53 0.04
------ ------ ------ ------ ------ ------ ------ ------
(0.46) (0.49) (0.51) (0.20) (0.24) (0.46) (0.49) (0.13)
-- -- -- -- (0.01) -- -- --
------ ------ ------ ------ ------ ------ ------ ------
(0.46) (0.49) (0.51) (0.20) (0.25) (0.46) (0.49) (0.13)
------ ------ ------ ------ ------ ------ ------ ------
$ 9.49 $ 9.32 $ 9.30 $ 9.51 $ 9.27 $ 9.50 $ 9.35 $ 9.31
====== ====== ====== ====== ====== ====== ====== ======
6.94% 5.60% 3.22% 4.78% 3.33% 6.69% 5.77% 0.39%
====== ====== ====== ====== ====== ====== ====== ======
$ 598 $ 464 $ 103 $ 9 $ 7 $ 70 $ 58 $ 52
1.68% 1.68% 1.69% 1.70%(c) 1.67%(c) 1.68% 1.68% 1.69%(c)
5.02% 5.16% 5.33% 6.37%(c) 5.97%(c) 5.02% 5.16% 5.33%(c)
194% 325% 494% 84% 80% 194% 325% 494%
1.68% 1.68% 1.77% 1.94%(c) 1.92%(c) 1.68% 1.68% 1.77%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
75
<PAGE>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
---------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.33 $ 9.31 $ 9.51 $ 9.27 $ 9.91
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ...................... 0.57 0.57 0.60 0.23 0.60
Net realized and unrealized gain/(loss) on
investments .............................. 0.16 0.03 (0.20) 0.24 (0.59)
-------- -------- -------- -------- --------
Total from investment operations ........... 0.73 0.60 0.40 0.47 0.01
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ....... (0.56) (0.58) (0.60) (0.23) (0.64)
Distributions from net realized gains ...... -- -- -- -- (0.01)
-------- -------- -------- -------- --------
Total distributions ........................ (0.56) (0.58) (0.60) (0.23) (0.65)
-------- -------- -------- -------- --------
Net asset value, end of period ............. $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27
======== ======== ======== ======== ========
Total return (b) ........................... 7.99% 6.60% 4.29% 5.12% 0.78%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $226,856 $161,606 $182,937 $157,484 $162,185
Ratio of operating expenses to average net
assets ................................... 0.68% 0.68% 0.69% 0.70%(c) 0.68%
Ratio of net investment income to average
net assets ............................... 6.02% 6.16% 6.33% 7.37%(c) 6.96%
Portfolio turnover rate .................... 194% 825% 494% 84% 80%
Ratio of operating expenses to average net
assets without waivers ................... 0.68% 0.68% 0.77% 0.94%(c) 0.93%
<FN>
- ----------------
(a) The Munder Intermediate Bond Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on November 24, 1992,
October 25, 1994, April 19, 1996 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
76
<PAGE>
[ This Page Intentionally Left Blank ]
77
<PAGE>
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
------------------- -------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/98 6/30/97 6/30/98 6/30/97
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 9.82 $ 9.98 $ 9.83 $ 9.85
------ ------ ------ ------
Income from investment operations:
Net investment income .......................... 0.20 0.10 0.18 0.01
Net realized and unrealized (loss) on
investments .................................. (0.11) (0.18) (0.15) (0.03)
------ ------ ------ ------
Total from investment operations ............... 0.09 (0.08) 0.03 (0.02)
------ ------ ------ ------
Less distributions:
Dividends from net investment income ........... (0.23) (0.08) (0.18) --
------ ------ ------ ------
Distributions from net realized gains .......... (0.02) -- (0.02) --
------ ------ ------ ------
Total distributions ............................ (0.25) (0.08) (0.20) --
Net asset value, end of period ................. $ 9.66 $ 9.82 $ 9.66 $ 9.83
====== ====== ====== ======
Total return (b) ............................... 0.86% (0.84)% 0.26% (0.20)%
====== ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 160 $ 168 $ 107 $ 21
Ratio of operating expenses to average net
assets ....................................... 1.11% 1.14%(c) 1.86% 1.89%(c)
Ratio of net investment income to average net
assets ....................................... 3.53% 3.61%(c) 2.78% 2.86%(c)
Portfolio turnover rate ........................ 81% 75% 81% 75%
Ratio of operating expenses to average net
assets without waivers ....................... 1.11% 1.18%(c) 1.86% 1.93%(c)
<FN>
- ----------------
(a) The Munder International Bond Fund Class A Shares, Class B Shares, Class
C Shares, and Class Y Shares commenced operations on October 17, 1996,
June 9, 1997, June 4, 1998, 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.
See Notes to Financial Statements.
</TABLE>
78
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------- ------------------------
Period Year Period
Ended Ended Ended
6/30/98 6/30/98 6/30/97
------- ------- --------
<C> <C> <C>
$ 9.84 $ 9.83 $ 10.00
------ ------- -------
0.01 0.22 0.25
(0.11) (0.11) (0.34)
------ ------- -------
(0.10) 0.11 (0.09)
------ ------- -------
(0.01) (0.24) (0.08)
-- (0.02) --
------ ------- -------
(0.01) (0.26) (0.08)
------ ------- -------
$ 9.73 $ 9.68 $ 9.83
====== ======= =======
(0.84)% 1.12% (0.90)%
====== ======= =======
$ 31 $49,834 $51,679
1.87%(c) 0.86% 0.89% (c)
2.79%(c) 3.78% 3.86% (c)
81% 81% 75%
1.87%(c) 0.86% 0.93% (c)
<FN>
See Notes to Financial Statements.
</TABLE>
79
<PAGE>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
------------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $10.09 $ 9.98 $10.30 $ 9.88 $ 10.03
------ ------ ------ ------ -------
Income from investment operations:
Net investment income ...................... 0.61 0.65 0.71 0.24 0.42
Net realized and unrealized gain/(loss) on
investments .............................. 0.35 0.07 (0.27) 0.41 (0.10)
------ ------ ------ ------ -------
Total from investment operations ........... 0.96 0.72 0.44 0.65 0.32
------ ------ ------ ------ -------
Less distributions:
Dividends from net investment income ....... (0.61) (0.61) (0.68) (0.23) (0.47)
Distributions from net realized gains ...... (0.06) (0.00)(g) (0.08) -- --
------ ------ ------ ------ -------
Total distributions ........................ (0.67) (0.61) (0.76) (0.23) (0.47)
------ ------ ------ ------ -------
Net asset value, end of period ............. $10.38 $10.09 $ 9.98 $10.30 $ 9.88
====== ====== ====== ====== =======
Total return (b) ........................... 9.71% 7.50% 4.34% 6.66% 3.30%
====== ====== ====== ====== =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $2,598 $1,226 $ 259 $ 97 $ 69
Ratio of operating expenses to average net
assets ................................... 0.94% 0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to average
net assets ............................... 6.00% 6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate .................... 85% 130% 133% 42% 143%
Ratio of operating expenses to average net
assets without waivers ................... 0.94% 0.96% 1.04% 1.21%(c) 1.19%(c)
<FN>
- ----------------
(a) The Munder U.S. Government Income Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on July 28, 1994,
September 6, 1995, August 12, 1996 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
80
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------- ---------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96(f) 6/30/98 6/30/97
------- ------- ---------- ------- -------
<C> <C> <C> <C> <C>
$10.09 $ 9.98 $10.31 $10.09 $10.11
------ ------ ------ ------ ------
0.50 0.58 0.49 0.50 0.54
0.38 0.07 (0.24) 0.37 (0.06)
------ ------ ------ ------ ------
0.88 0.65 0.25 0.87 0.48
------ ------ ------ ------ ------
(0.53) (0.54) (0.50) (0.53) (0.50)
(0.06) (0.00)(g) (0.08) (0.06) (0.00)(g)
------ ------ ------ ------ ------
(0.59) (0.54) (0.58) (0.59) (0.50)
------ ------ ------ ------ ------
$10.38 $10.09 $ 9.98 $10.37 $10.09
====== ====== ====== ====== ======
8.89% 6.77% 2.42% 8.82% 4.87%
====== ====== ====== ====== ======
$ 970 $1,596 $ 498 $ 101 $ 10
1.69% 1.71% 1.72%(c) 1.69% 1.71%(c)
5.25% 5.76% 6.17%(c) 5.25% 5.76%(c)
85% 130% 133% 85% 130%
1.69% 1.71% 1.79%(c) 1.69% 1.71%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
81
<PAGE>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
-----------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 10.09 $ 9.98 $ 10.30 $ 9.89 $ 10.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ...................... 0.62 0.68 0.74 0.24 0.44
Net realized and unrealized gain/(loss) on
investments .............................. 0.36 0.07 (0.27) 0.41 (0.07)
------- ------- ------- ------- -------
Total from investment operations ........... 0.98 0.75 0.47 0.65 0.37
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.63) (0.64) (0.71) (0.24) (0.48)
Distributions from net realized gains ...... (0.06) (0.00)(g) (0.08) -- --
------- ------- ------- ------- -------
Total distributions ........................ (0.69) (0.64) (0.79) (0.24) (0.48)
------- ------- ------- ------- -------
Net asset value, end of period ............. $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89
======= ======= ======= ======= =======
Total return (b) ........................... 9.97% 7.75% 4.58% 6.64% 3.85%
======= ======= ======= ======= =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $70,842 $55,098 $46,695 $12,862 $11,647
Ratio of operating expenses to average net
assets ................................... 0.69% 0.71% 0.72% 0.72%(c) 0.70%(c)
Ratio of net investment income to average
net assets ............................... 6.25% 6.76% 7.17% 7.21%(c) 7.27%(c)
Portfolio turnover rate .................... 85% 130% 133% 42% 143%
Ratio of operating expenses to average net
assets without waivers ................... 0.69% 0.71% 0.79% 0.96%(c) 0.94%(c)
<FN>
- ----------------
(a) The Munder U.S. Government Income Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on July 28, 1994,
September 6, 1995, August 12, 1996 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
82
<PAGE>
[ This Page Intentionally Left Blank ]
83
<PAGE>
Munder Michigan Triple Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(e,f)
------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.64 $ 9.35 $ 9.34 $ 9.24 $ 9.73
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.41 0.44 0.48 0.16 0.44
Net realized and unrealized gain/(loss) on
investments .............................. 0.45 0.28 0.01 0.10 (0.50)
------ ------ ------ ------ ------
Total from investment operations ........... 0.86 0.72 0.49 0.26 (0.06)
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ....... (0.42) (0.43) (0.48) (0.16) (0.43)
Distributions from net realized gains ...... (0.02) (0.00)(g) -- -- --
------ ------ ------ ------ ------
Total distributions ........................ (0.44) (0.43) (0.48) (0.16) (0.43)
------ ------ ------ ------ ------
Net asset value, end of period ............. $10.06 $ 9.64 $ 9.35 $ 9.34 $ 9.24
====== ====== ====== ====== ======
Total return (b) ........................... 9.01% 7.88% 5.25% 2.84% (0.16)%
====== ====== ====== ====== ======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $1,855 $ 536 $ 446 $ 417 $ 444
Ratio of operating expenses to average net
assets ................................... 0.98% 0.88% 0.51% 0.52%(c) 0.56%
Ratio of net investment income to average
net assets ............................... 4.29% 4.57% 5.01% 5.06%(c) 4.81%
Portfolio turnover rate .................... 34% 19% 31% 8% 53%
Ratio of operating expenses to average net
assets without waivers ................... 0.98% 1.02% 1.09% 1.26%(c) 1.30%
<FN>
- ----------------
(a) The Munder Michigan Triple Tax-Free Bond Fund Class A Shares, Class B
Shares, Class C Shares and Class Y Shares commenced operations on
February 15, 1994, July 5, 1994, October 4, 1996, and January 3, 1994,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
84
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------------------------- -------------------------
Year Year Year Period Period Year Period
Ended Ended Ended Ended Ended Ended Ended
6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(e,f) 6/30/98 6/30/97(e)
------- ---------- ---------- ------------ ------------ ------- ----------
<C> <C> <C> <C> <C> <C> <C>
$ 9.64 $ 9.35 $ 9.34 $ 9.24 $ 9.17 $ 9.63 $ 9.56
------ ------ ------ ------ ------ ------ ------
0.35 0.36 0.41 0.14 0.24 0.34 0.26
0.44 0.29 (0.00)(g) 0.10 0.10 0.44 0.07
------ ------ ------ ------ ------ ------ ------
0.79 0.65 0.41 0.24 0.34 0.78 0.33
------ ------ ------ ------ ------ ------ ------
(0.35) (0.36) (0.40) (0.14) (0.27) (0.34) (0.26)
(0.02) (0.00)(g) -- -- -- (0.02) (0.00)(g)
------ ------ ------ ------ ------ ------ ------
(0.37) (0.36) (0.40) (0.14) (0.27) (0.36) (0.26)
------ ------ ------ ------ ------ ------ ------
$10.06 $ 9.64 $ 9.35 $ 9.34 $ 9.24 $10.05 $ 9.63
====== ====== ====== ====== ====== ====== ======
8.23% 7.09% 4.46% 2.58% 3.81% 8.24% 3.57%
====== ====== ====== ====== ====== ====== ======
$ 629 $ 312 $ 251 $ 254 $ 227 $ 78 $ 90
1.73% 1.63% 1.26% 1.27%(c) 1.29%(c) 1.73% 1.63%(c)
3.54% 3.82% 4.26% 4.31%(c) 4.08%(c) 3.54% 3.82%(c)
34% 19% 31% 8% 53% 34% 19%
1.73% 1.77% 1.84% 2.01%(c) 2.03%(c) 1.73% 1.77%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
85
<PAGE>
Munder Michigan Triple Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d) 2/28/95(e,f)
------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.65 $ 9.35 $ 9.34 $ 9.24 $ 9.73
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.40 0.46 0.44 0.17 0.50
Net realized and unrealized gain/(loss) on
investments .............................. 0.47 0.29 0.07 0.10 (0.54)
------ ------ ------ ------ ------
Total from investment operations ........... 0.87 0.75 0.51 0.27 (0.04)
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ....... (0.44) (0.45) (0.50) (0.17) (0.45)
Distributions from net realized gains ...... (0.02) (0.00)(g) -- -- --
------ ------ ------ ------ ------
Total distributions ........................ (0.46) (0.45) (0.50) (0.17) (0.45)
------ ------ ------ ------ ------
Net asset value, end of period ............. $10.06 $ 9.65 $ 9.35 $ 9.34 $ 9.24
====== ====== ====== ====== ======
Total return (b) ........................... 9.17% 8.26% 5.51% 2.92% 0.10%
====== ====== ====== ====== ======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $1,011 $ 652 $ 204 $ 771 $ 604
Ratio of operating expenses to average net
assets ................................... 0.73% 0.63% 0.26% 0.27%(c) 0.31%
Ratio of net investment income to average
net assets ............................... 4.54% 4.82% 5.26% 5.31%(c) 5.06%
Portfolio turnover rate .................... 34% 19% 31% 8% 53%
Ratio of operating expenses to average net
assets without waivers ................... 0.73% 0.77% 0.84% 1.01%(c) 1.05%
<FN>
- ----------------
(a) The Munder Michigan Triple Tax-Free Bond Fund Class A Shares, Class B
Shares, Class C Shares and Class Y Shares commenced operations on
February 15, 1994, July 5, 1994, October 4, 1996, and January 3, 1994,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
86
<PAGE>
[ This Page Intentionally Left Blank ]
87
<PAGE>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
-----------------------------------------
Year Year Period
Ended Ended Ended
6/30/98 6/30/97(e) 6/30/96(e)
------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ........... $10.50 $10.33 $10.49
------ ------ ------
Income from investment operations:
Net investment income .......................... 0.50 0.47 0.34
Net realized and unrealized gain/(loss) on
investments .................................. 0.38 0.25 (0.14)
------ ------ ------
Total from investment operations ............... 0.88 0.72 0.20
------ ------ ------
Less distributions:
Dividends from net investment income ........... (0.49) (0.47) (0.35)
Distributions from net realized gains .......... (0.16) (0.08) (0.01)
------ ------ ------
Total distributions ............................ (0.65) (0.55) (0.36)
------ ------ ------
Net asset value, end of period ................. $10.73 $10.50 $10.33
====== ====== ======
Total return (b) ............................... 8.54% 7.13% 1.87%
====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $2,510 $2,490 $1,141
Ratio of operating expenses to average net
assets ....................................... 0.93% 0.95% 0.98% (c)
Ratio of net investment income to average net
assets ....................................... 4.60% 4.52% 4.42% (c)
Portfolio turnover rate. ....................... 61% 45% 15%
Ratio of operating expenses to average net
assets without waivers ....................... 0.93% 0.95% 1.06% (c)
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on October 9, 1995,
December 6, 1994, July 7, 1997 and July 21, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(g) Total net assets for Class B Shares were $164 at February 28, 1995.
See Notes to Financial Statements.
</TABLE>
88
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
----------------------------------------------------------------------- --------
Year Year Year Period Period Period
Ended Ended Ended Ended Ended Ended
6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(f) 6/30/98
------- ---------- ---------- ------------ ---------- -------
<C> <C> <C> <C> <C> <C>
$10.52 $10.34 $10.29 $10.14 $ 9.72 $10.64
------ ------ ------ ------ ------ ------
0.41 0.32 0.40 0.13 0.10 0.41
0.38 0.33 0.05 0.15 0.42 0.25
------ ------ ------ ------ ------ ------
0.79 0.65 0.45 0.28 0.52 0.66
------ ------ ------ ------ ------ ------
(0.41) (0.39) (0.39) (0.13) (0.10) (0.41)
(0.16) (0.08) (0.01) -- -- (0.16)
------ ------ ------ ------ ------ ------
(0.57) (0.47) (0.40) (0.13) (0.10) (0.57)
------ ------ ------ ------ ------ ------
$10.74 $10.52 $10.34 $10.29 $10.14 $10.73
====== ====== ====== ====== ====== ======
7.65% 6.43% 4.36% 2.80% 5.39% 6.34%
====== ====== ====== ====== ====== ======
$ 490 $ 240 $ 5 $ 1 -- (g) $ 41
1.68% 1.70% 1.73% 1.77%(c) 1.67%(c) 1.68%(c)
3.85% 3.77% 3.67% 3.63%(c) 3.95%(c) 3.85%(c)
61% 45% 15% 12% 50% 61%
1.68% 1.70% 1.81% 2.01%(c) 1.91%(c) 1.68%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
89
<PAGE>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97(e) 6/30/96(e) 6/30/95(d,e) 2/28/95(f)
------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $10.51 $10.34 $10.29 $10.13 $10.06
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.52 0.50 0.49 0.16 0.30
Net realized and unrealized gain on
investments .............................. 0.37 0.25 0.06 0.16 0.10
------ ------ ------ ------ ------
Total from investment operations ........... 0.89 0.75 0.55 0.32 0.40
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ....... (0.51) (0.50) (0.49) (0.16) (0.33)
Distributions from net realized gains ...... (0.16) (0.08) (0.01) -- --
------ ------ ------ ------ ------
Total distributions ........................ (0.67) (0.58) (0.50) (0.16) (0.33)
------ ------ ------ ------ ------
Net asset value, end of period ............. $10.73 $10.51 $10.34 $10.29 $10.13
====== ====== ====== ====== ======
Total return (b) ........................... 8.70% 7.40% 5.38% 3.17% 4.08%
====== ====== ====== ====== ======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $4,123 $3,946 $1,929 $1,498 $ 953
Ratio of operating expenses to average net
assets ................................... 0.68% 0.70% 0.73% 0.77%(c) 0.68%(c)
Ratio of net investment income to average
net assets ............................... 4.85% 4.77% 4.67% 4.63%(c) 4.94%(c)
Portfolio turnover rate .................... 61% 45% 15% 12% 50%
Ratio of operating expenses to average net
assets without waivers ................... 0.68% 0.70% 0.81% 1.01%(c) 0.92%(c)
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on October 9, 1995,
December 6, 1994, July 7, 1997 and July 21, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) Per share numbers have been calculated using the average shares method.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
90
<PAGE>
[ This Page Intentionally Left Blank ]
91
<PAGE>
Munder Tax-Free Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $10.41 $10.34 $10.36 $10.17 $10.44
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.43 0.41 0.41 0.14 0.40
Net realized and unrealized gain/(loss) on
investments .............................. 0.13 0.10 (0.02) 0.19 (0.23)
------ ------ ------ ------ ------
Total from investment operations ........... 0.56 0.51 0.39 0.33 0.17
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ....... (0.42) (0.41) (0.41) (0.14) (0.42)
Distributions from net realized gains ...... (0.09) (0.03) -- -- (0.02)
------ ------ ------ ------ ------
Total distributions ........................ (0.51) (0.44) (0.41) (0.14) (0.44)
------ ------ ------ ------ ------
Net asset value, end of period ............. $10.46 $10.41 $10.34 $10.36 $10.17
====== ====== ====== ====== ======
Total return (b) ........................... 5.44% 5.04% 3.79% 3.25% 2.05%
====== ====== ====== ====== ======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $6,554 $6,213 $5,012 $4,138 $4,551
Ratio of operating expenses to average net
assets ..................................... 0.94% 0.93% 0.96% 0.98%(c) 0.95%
Ratio of net investment income to average
net assets ................................. 4.07% 3.96% 3.91% 4.02%(c) 4.19%
Portfolio turnover rate .................... 27% 31% 20% 5% 52%
Ratio of operating expenses to average net
assets without waivers ................... 0.94% 0.93% 1.04% 1.22%(c) 1.19%
<FN>
- ----------------
(a) The Munder Tax-Free Intermediate Bond Fund Class A Shares, Class B
Shares, and Class Y Shares commenced operations on November 30, 1992, May
16, 1996 and December 17, 1992, respectively. The Fund is authorized to
issue Class C Shares. As of June 30, 1998, the Fund had not commenced
selling Class C shares.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
92
<PAGE>
<TABLE>
<CAPTION>
B Shares Y Shares
---------------------------------------------- -------------------------------------------------
Year Year Period Year Year Year Period Year
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ---------- ---------- ------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C>
$10.40 $10.34 $10.36 $10.42 $10.34 $10.37 $ 10.17 $ 10.44
------ ------ ------ ------ ------ ------ ------- -------
0.37 0.33 0.04 0.45 0.44 0.45 0.15 0.42
0.11 0.10 0.00 0.14 0.11 (0.04) 0.20 (0.23)
------ ------ ------ ------ ------ ------ ------- -------
0.48 0.43 0.04 0.59 0.55 0.41 0.35 0.19
------ ------ ------ ------ ------ ------ ------- -------
(0.34) (0.34) (0.06) (0.45) (0.44) (0.44) (0.15) (0.44)
(0.09) (0.03) -- (0.09) (0.03) -- -- (0.02)
------ ------ ------ ------ ------ ------ ------- -------
(0.43) (0.37) (0.06) (0.54) (0.47) (0.44) (0.15) (0.46)
------ ------ ------ ------ ------ ------ ------- -------
$10.45 $10.40 $10.34 $10.47 $10.42 $10.34 $ 10.37 $ 10.17
====== ====== ====== ====== ====== ====== ======= =======
4.68% 4.24% 0.39% 5.70% 5.40% 3.95% 3.43% 2.34%
====== ====== ====== ====== ====== ====== ======= =======
$ 465 $ 272 $ 50 $9,419 $7,511 $5,285 $11,100 $10,709
1.69% 1.68% 1.71%(c) 0.69% 0.68% 0.71% 0.73%(c) 0.70%
3.32% 3.21% 3.16%(c) 4.32% 4.21% 4.16% 4.27%(c) 4.44%
27% 31% 20% 27% 31% 20% 5% 52%
1.69% 1.68% 1.79%(c) 0.69% 0.68% 0.79% 0.97%(c) 0.94%
<FN>
See Notes to Financial Statements.
</TABLE>
93
<PAGE>
Munder Short Term Treasury Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
-------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97(d)
---------- ----------
<S> <C> <C>
Net asset value, beginning of period ........... $ 10.01 $ 10.00
------- -------
Income from investment operations:
Net investment income .......................... 0.53 0.22
Net realized and unrealized gain on investments 0.04 0.01
------- -------
Total from investment operations ............... 0.57 0.23
------- -------
Less distributions:
Dividends from net investment income ........... (0.53) (0.22)
------- -------
Total distributions ............................ (0.53) (0.22)
------- -------
Net asset value, end of period ................. $ 10.05 $ 10.01
======= =======
Total return (b) ............................... 5.81% 2.30%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $38,466 $49,055
Ratio of operating expenses to average net
assets ....................................... 0.52% 0.52%(c)
Ratio of net investment income to average net
assets ....................................... 5.24% 5.26%(c)
Portfolio turnover rate ........................ 104% 40%
Ratio of operating expenses to average net
assets without expenses advisor .............. 0.63% 0.55%(c)
<FN>
- ----------------
(a) The Munder Short Term Treasury Fund Class Y Shares commenced operations
on January 29,1997.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
94
<PAGE>
[ This Page Intentionally Left Blank ]
95
<PAGE>
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
-----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- -------- ------- -------
Income from investment operations:
Net investment income ...................... 0.049 0.047 0.049 0.018 0.039
-------- ------- -------- ------- -------
Total from investment operations ........... 0.049 0.047 0.049 0.018 0.039
-------- ------- -------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.049) (0.047) (0.049) (0.018) (0.039)
-------- ------- -------- ------- -------
Total distributions ........................ (0.049) (0.047) (0.049) (0.018) (0.039)
-------- ------- -------- ------- -------
Net asset value, end of period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======== ======= =======
Total return (b) ........................... 5.04% 4.80% 5.02% 1.78% 3.97%
======== ======= ======== ======= =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $133,663 $96,192 $116,622 $52,530 $40,239
Ratio of operating expenses to average net
assets ................................... 0.76% 0.80% 0.78% 0.77%(c) 0.80%
Ratio of net investment income to average
net assets ............................... 4.92% 4.71% 4.88% 5.39%(c) 4.02%
Ratio of operating expenses to average net
assets without waivers ................... 0.76% 0.80% 0.78% 0.79%(c) 0.83%
<FN>
- ----------------
(a) The Munder Cash Investment Fund Class A Shares and Class Y Shares
commenced operations on December 1, 1992 and March 14, 1990,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
96
<PAGE>
<TABLE>
<CAPTION>
Y Shares
-----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
-------- ------- ------- ---------- ----------
<C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
0.051 0.050 0.051 0.019 0.042
-------- -------- -------- -------- --------
0.051 0.050 0.051 0.019 0.042
-------- -------- -------- -------- --------
(0.051) (0.050) (0.051) (0.019) (0.042)
-------- -------- -------- -------- --------
(0.051) (0.050) (0.051) (0.019) (0.042)
-------- -------- -------- -------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
5.30% 5.07% 5.27% 1.87% 4.23%
======== ======== ======== ======== ========
$327,417 $279,427 $317,825 $340,394 $324,793
0.51% 0.55% 0.53% 0.52%(c) 0.55%
5.17% 4.96% 5.13% 5.64%(c) 4.27%
0.51% 0.55% 0.53% 0.54%(c) 0.58%
<FN>
See Notes to Financial Statements.
</TABLE>
97
<PAGE>
Munder Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
------------------------------------
Year Year Period
Ended Ended Ended
6/30/98 6/30/97 6/30/96
------- ------- -------
<S> <C> <C> <C>
Net asset value, beginning of period ........... $ 1.00 $ 1.00 $ 1.00
------- ------- -------
Income from investment operations:
Net investment income .......................... 0.048 0.046 0.048
------- ------- -------
Total from investment operations ............... 0.048 0.046 0.048
------- ------- -------
Less distributions:
Dividends from net investment income ........... (0.048) (0.046) (0.048)
------- ------- -------
Total distributions ............................ (0.048) (0.046) (0.048)
------- ------- -------
Net asset value, end of period ................. $ 1.00 $ 1.00 $ 1.00
======= ======= =======
Total return (b) ............................... 4.89% 4.72% 4.83%
======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $14,749 $ 3,655 $ 23
Ratio of operating expenses to average net
assets ....................................... 0.89% 0.89% 0.87%(c)
Ratio of net investment income to average net
assets ....................................... 4.78% 4.61% 4.84%(c)
Ratio of operating expenses to average net
assets without waivers ....................... 0.89% 0.89% 0.87%(c)
<FN>
- ----------------
(a) The Munder Money Market Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on July 3, 1995, February
16, 1994, October 17, 1996 and August 18, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
98
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------------------------- -------- ------- -------
Year Year Year Period Period Year Period
Ended Ended Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d,e) 12/31/94 6/30/98 6/30/97
------- ------- ------- ------------ -------- ------- -------
<C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- -------
0.040 0.039 0.041 0.020 0.030 0.040 0.027
------- ------- ------- ------- ------- ------- -------
0.040 0.039 0.041 0.020 0.030 0.040 0.027
------- ------- ------- ------- ------- ------- -------
(0.040) (0.039) (0.041) (0.020) (0.030) (0.040) (0.027)
------- ------- ------- ------- ------- ------- -------
(0.040) (0.039) (0.041) (0.020) (0.030) (0.040) (0.027)
------- ------- ------- ------- ------- ------- -------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= =======
4.09% 3.92% 4.13% 1.99% 2.97% 4.10% 2.75%
======= ======= ======= ======= ======= ======= =======
$ 658 $ 451 $ 124 $ 371 $ 501 $ 1 $ 1,755
1.64% 1.64% 1.62% 1.60% (c) 1.60%(c) 1.64% 1.64%(c)
4.04% 3.86% 4.09% 4.46% (c) 3.36%(c) 4.03% 3.86%(c)
1.64% 1.64% 1.62% 1.66% (c) 3.34%(c) 1.64% 1.64%(c)
<FN>
See Notes to Financial Statements.
</TABLE>
99
<PAGE>
Munder Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d,e) 12/31/94
------- ------- ------- ------------ --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- -------- -------- -------- --------
Income from investment operations:
Net investment income .......................... 0.050 0.049 0.051 0.024 0.040
------- -------- -------- -------- --------
Total from investment operations ............... 0.050 0.049 0.051 0.024 0.040
------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ........... (0.050) (0.049) (0.051) (0.024) (0.040)
------- -------- -------- -------- --------
Total distributions ............................ (0.050) (0.049) (0.051) (0.024) (0.040)
------- -------- -------- -------- --------
Net asset value, end of period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======== ======== ======== ========
Total return (b) ............................... 5.14% 4.97% 5.17% 2.44% 3.88%
======= ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $68,689 $124,621 $223,396 $263,513 $145,685
Ratio of operating expenses to average net
assets ....................................... 0.64% 0.64% 0.62% 0.60%(c) 0.60%
Ratio of net investment income to average net
assets ....................................... 5.03% 4.86% 5.09% 5.46%(c) 3.81%
Ratio of operating expenses to average net
assets without waivers ....................... 0.64% 0.64% 0.62% 0.66%(c) 0.74%
<FN>
- ----------------
(a) The Munder Money Market Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on July 3, 1995, February
16, 1994, October 17, 1996 and August 18, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was December 31.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
100
<PAGE>
[ This Page Intentionally Left Blank ]
101
<PAGE>
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income .......................... 0.028 0.028 0.029 0.011 0.023
------- ------- ------- ------- -------
Total from investment operations ............... 0.028 0.028 0.029 0.011 0.023
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ........... (0.028) (0.028) (0.029) (0.011) (0.023)
------- ------- ------- ------- -------
Total distributions ............................ (0.028) (0.028) (0.029) (0.011) (0.023)
------- ------- ------- ------- -------
Net asset value, end of period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total return (b) ............................... 2.87% 2.78% 2.89% 1.09% 2.33%
======= ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $72,007 $ 5,205 $10,582 $ 8,530 $ 4,539
Ratio of operating expenses to average net
assets ....................................... 0.79% 0.78% 0.78% 0.79%(c) 0.80%
Ratio of net investment income to average net
assets ....................................... 2.83% 2.76% 2.89% 3.26%(c) 2.29%
Ratio of operating expenses to average net
assets without waivers ....................... 0.79% 0.78% 0.80% 0.84%(c) 0.85%
<FN>
- ----------------
(a) The Munder Tax-Free Money Market Fund Class A Shares and Class Y Shares
commenced operations on November 29, 1992 and March 14, 1990,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
102
<PAGE>
<TABLE>
<CAPTION>
Y Shares
-----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
0.031 0.030 0.031 0.012 0.026
------- ------- ------- ------- -------
0.031 0.030 0.031 0.012 0.026
------- ------- ------- ------- -------
(0.031) (0.030) (0.031) (0.012) (0.026)
------- ------- ------- ------- -------
(0.031) (0.030) (0.031) (0.012) (0.026)
------- ------- ------- ------- -------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
3.13% 3.04% 3.16% 1.19% 2.59%
======= ======= ======= ======= =======
$20,397 $22,951 $25,594 $23,430 $30,884
0.54% 0.53% 0.53% 0.54%(c) 0.55%
3.08% 3.01% 3.14% 3.51%(c) 2.54%
0.54% 0.53% 0.55% 0.59%(c) 0.60%
<FN>
See Notes to Financial Statements.
</TABLE>
103
<PAGE>
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
-----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income .......................... 0.047 0.046 0.047 0.017 0.037
------- ------- ------- ------- -------
Total from investment operations ............... 0.047 0.046 0.047 0.017 0.037
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ........... (0.047) (0.046) (0.047) (0.017) (0.037)
------- ------- ------- ------- -------
Total distributions ............................ (0.047) (0.046) (0.047) (0.017) (0.037)
------- ------- ------- ------- -------
Net asset value, end of period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total return (b) ............................... 4.76% 4.66% 4.77% 1.72% 3.72%
======= ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 8,646 $ 5,319 $ 1,620 $ 1,117 $ 3,815
Ratio of operating expenses to average net
assets ....................................... 0.82% 0.79% 0.79% 0.80%(c) 0.80%
Ratio of net investment income to average net
assets ....................................... 4.67% 4.54% 4.64% 5.13%(c) 3.63%
Ratio of operating expenses to average net
assets without waivers ....................... 0.82% 0.79% 0.81% 0.85%(c) 0.85%
<FN>
- ----------------
(a) The Munder U. S. Treasury Money Market Fund Class A Shares and Class Y
Shares commenced operations on November 24, 1992 and March 14, 1990,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
104
<PAGE>
<TABLE>
<CAPTION>
Y Shares
-----------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- -------- -------- -------- --------
0.049 0.048 0.049 0.018 0.039
------- -------- -------- -------- --------
0.049 0.048 0.049 0.018 0.039
------- -------- -------- -------- --------
(0.049) (0.048) (0.049) (0.018) (0.039)
------- -------- -------- -------- --------
(0.049) (0.048) (0.049) (0.018) (0.039)
------- -------- -------- -------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======== ======== ======== ========
5.00% 4.91% 5.02% 1.80% 4.01%
======= ======== ======== ======== ========
$37,437 $233,549 $309,873 $231,055 $240,590
0.57% 0.54% 0.54% 0.55%(c) 0.55%
4.92% 4.79% 4.89% 5.38%(c) 3.88%
0.57% 0.54% 0.56% 0.60%(c) 0.60%
<FN>
See Notes to Financial Statements.
</TABLE>
105
<PAGE>
[ This Page Intentionally Left Blank ]
106
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
- -----------------------------------------------------------------------------
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 and 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 and was organized as a Massachusetts business trust on
August 30, 1989. MFI and MFT consist of 26 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 in separate reports.
MFI:
Income Funds
Munder International Bond Fund
Munder Short Term Treasury 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 (with the exception of the Munder Short Term Treasury
Fund and the Munder Tax-Free Intermediate Bond Fund) offer five classes of
shares -- Class A, Class B, Class C, Class K and Class Y Shares. The Munder
Short Term Treasury Fund offers two classes of shares -- Class K and Class Y
Shares. The Munder Tax-Free Intermediate Bond Fund offers four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Money Market
Funds of MFT offer three classes of Shares -- Class A, Class K and Class Y
Shares. The Munder Money Market Fund offers four classes of shares -- Class
A, Class B, Class C and Class Y Shares. The Financial Highlights of Class K
Shares of the Munder Funds are presented in a separate annual report. Each
Fund is classified as a diversified management investment company under the
1940 Act, except for 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 Munder Funds in the preparation of their financial statements:
107
<PAGE>
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 Trustees
and Directors determine 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 Fund's currency exposure. Forward
foreign currency contracts are valued at the exchange rate and are
marked-to-market daily. The change in market value is recorded by the Fund as
an unrealized gain or loss. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the Fund
could be exposed to risks if the counterparties to the contracts are unable
to meet the terms of their contracts.
Foreign Currency: The books and records of the Munder International
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
108
<PAGE>
of foreign currency gains and losses related to the fluctuation in exchange
rates between the initial purchase trade date and the subsequent sale trade
date is included in realized gains and losses on investment securities sold.
Options: The Munder Bond Fund, Munder Intermediate Bond Fund, Munder
International Bond Fund and Munder U.S. Government Income Fund may write put
or call options on securities they own or have the right to acquire, and may
purchase call or put options written by others. Options may relate to
individual securities, stock indices, foreign currencies or futures
contracts. The purchase of any of these instruments can result in the loss on
the investment in that particular instrument or, in the case of writing
covered options, can limit the opportunity to earn a profit on the underlying
security. The risk associated with purchasing an option is that the Fund pays
a premium whether or not the option is exercised. Additionally, the Fund
bears the risk of loss of premium and change in market value should the
counterparty not perform under the contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it, the Fund will recognize a gain
if the premium received by the Fund on the closing transaction exceeds the
premium paid to purchase the option. When an option written by the Fund
expires on its stipulated expiration date, the Fund realizes a gain equal to
the net premium received for the option. When the Fund enters into a closing
purchase transaction on an option written by it, the Fund realizes a gain or
loss equal to the difference between the cost of a closing purchase
transaction and the premium received when the call was written. If a written
call option is exercised, the premium is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a
gain or loss. If a written put option is exercised, the premium reduces the
cost basis of the security purchased by the Fund.
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 purchase, 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.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% (33-1/3% for Munder Money Market Fund) of the value of
a Fund's total assets. Each loan is secured by collateral adjusted daily to
have a market value at least equal to the current market value of the
securities loaned. These loans are terminable at any time and the Funds will
receive any interest or dividends paid on the loaned securities. A Fund may
share with the borrower some of the income received on the collateral for the
loan or the Fund will be paid a premium for the loan. If the borrower
defaults and the value of the portfolio securities increases in excess of the
collateral received, or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities
loaned may be delayed or limited.
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
109
<PAGE>
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) and declared daily and paid monthly by the Money
Market Funds. Each Fund's net realized capital gains (including net
short-term capital gains), if any, are declared and distributed at least
annually. Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by a Fund, timing differences and differing characterization of
distributions made by a Fund as a whole.
As determined at June 30, 1998, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified 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 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, and Other Related Party
Transactions
Munder Capital Management (the "Advisor"), 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:
<TABLE>
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
The Income Funds (excluding Munder Short Term
Treasury Fund) .................................... 0.50%
Munder Short Term Treasury Fund ..................... 0.25%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.35%
Munder Money Market Fund ............................ 0.40%
</TABLE>
110
<PAGE>
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88% of
the Advisor. The Funds have received an order from the Securities and
Exchange Commission allowing the Funds to escrow advisory fees payable to the
Advisor until a shareholder vote for the consideration of new advisory
contracts can be taken. This vote is expected to occur in November 1998.
The Advisor voluntarily reimbursed expenses for the year ended June 30,
1998, for the following Fund:
<TABLE>
<CAPTION>
Fund Expenses Reimbursed
---- -------------------
<S> <C>
Munder Short Term Treasury Fund ..................... $62,711
</TABLE>
Comerica provides certain shareholder services to the Funds. As
compensation for the shareholder services provided to the Funds, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the
Funds beneficially owned by Comerica and its customers. Prior to November 1,
1997, Comerica provided custodian services and received fees, as compensation
for its services, based on the aggregate average daily net assets of the Fund
and certain other investment portfolios advised by the Advisor for which
Comerica provided services. These fees were 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 received certain transaction
based fees. After November 1, 1997, no compensation was paid to Comerica for
its services as custodian to the Fund. Comerica earned $359,952 for its
custodian and shareholder services to the Funds for the year ended June 30,
1998.
Each Trustee of MFT and each Director of MFI is paid an aggregate fee
consisting of a $30,000 annual retainer per year for services in such
capacity plus $2,500 for each meeting attended per year, plus out-of-pocket
expenses incurred as a Board member for services provided as a Board member
of MFT, MFI, The Munder Framlington Funds Trust and St. Clair Funds, Inc. 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 or Comerica, received any compensation
from MFI or MFT.
3. Shareholder Distribution and Service Plans
The Munder Funds have adopted Services 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 Munder 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 Munder Funds). The Munder Funds
have also adopted Shareholder Servicing
111
<PAGE>
Plans (the "Class K Plans") for the Class K Shares of the Munder Funds. Under
the Class K Plans, the Munder Funds are permitted to enter into agreements
with institutions that provide shareholder services to their customers. For
the year ended June 30, 1998, the effective rates, as a percentage of average
daily net assets, under the Plans and Class K Plans were 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 (excluding Munder Money Market
Fund) ............................................. 0.25% N/A N/A 0.15%
Munder Money Market Fund ............................ 0.25% 1.00% 1.00% N/A
</TABLE>
4. Securities Transactions
For the year ended June 30, 1998, purchases and sales of securities
other than short-term investments and U.S. Government securities were as
follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Bond Fund .................................... $ 276,319,788 $192,833,454
Munder Intermediate Bond Fund ....................... 546,932,776 388,771,650
Munder International Bond Fund ...................... 40,217,175 38,453,893
Munder U.S. Government Income Fund .................. 4,500,000 21,588,069
Munder Michigan Triple Tax-Free Bond Fund ........... 30,570,617 17,505,859
Munder Tax-Free Bond Fund ........................... 121,967,928 125,370,285
Munder Tax-Free Intermediate Bond Fund .............. 95,480,657 81,980,836
</TABLE>
For the year ended June 30, 1998, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Bond Fund .................................... $ 304,447,310 $ 277,523,009
Munder Intermediate Bond Fund ....................... 597,386,476 650,980,628
Munder U.S. Government Income Fund .................. 269,409,602 205,062,119
Munder Short Term Treasury Fund ..................... 52,540,390 64,325,899
</TABLE>
112
<PAGE>
At June 30, 1998, 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 ............................... $ 2,417,197 --
Munder Intermediate Bond Fund .................. 5,115,906 $1,807,131
Munder International Bond Fund ................. 295,901 2,082,543
Munder U.S. Government Income Fund ............. 8,396,271 411,031
Munder Michigan Triple Tax-Free Bond Fund ...... 2,037,603 55,530
Munder Tax-Free Bond Fund ...................... 10,820,313 237,875
Munder Tax-Free Intermediate Bond Fund ......... 8,416,258 15,118
Munder Short Term Treasury ..................... 98,656 16,142
</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 the Funds'
shares for distribution under Federal securities regulations, have been
capitalized and are being amortized on a straight-line basis over a period of
5 years from commencement of operations.
113
<PAGE>
7. Capital Loss Carryforwards
As determined at June 30, 1998, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring
Fund 1999 2000 2001 2002 2003 2005
---- -------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Munder Bond Fund ...................... -- -- -- -- -- $ 768,438
Munder Intermediate Bond Fund ......... -- -- -- -- $8,558,139 11,240,318
Munder Cash Investment Fund ........... $ 3,301 $ 1,650 -- -- -- --
Munder Tax-Free Money Market Fund ..... 11,012 57,257 $39,684 $15,088 12,291 --
</TABLE>
114
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
We have audited the accompanying statements of assets and liabilities of the
Munder Bond Fund, Munder Intermediate Bond Fund, Munder U.S. Government
Income Fund, Munder Michigan Triple Tax-Free Bond Fund, Munder Tax-Free Bond
Fund, Munder Tax-Free Intermediate Bond Fund, Munder Cash Investment Fund,
Munder Tax-Free Money Market Fund and Munder U.S. Treasury Money Market Fund
(nine of the portfolios constituting The Munder Funds Trust), and the Munder
International Bond Fund, Munder Short Term Treasury Fund and Munder Money
Market Fund (three of the portfolios constituting The Munder Funds, Inc.)
(collectively, the "Funds"), including the portfolios of investments, as of
June 30, 1998, and the related statements of operations for the year then
ended, the statements of changes in net assets and financial highlights for
each of the periods indicated therein (except for the financial highlights of
the Munder Money Market Fund for the year ended December 31, 1994). These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The
financial highlights for the year ended December 31, 1994 of the Munder Money
Market Fund were audited by other auditors whose report dated February 14,
1995, expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1998 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the respective portfolios referred to above constituting The Munder
Funds Trust and The Munder Funds, Inc. at June 30, 1998, the results of their
operations for the year then ended, and changes in their net assets and their
financial highlights for each of the indicated periods, in conformity with
generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 14, 1998
115
<PAGE>
The Munder Funds
Tax Information, June 30, 1998 (Unaudited)
The percentages of total net assets invested in U.S. Government and U.S.
Government Agency obligations at June 30, 1998, were as follows:
<TABLE>
<CAPTION>
<S> <C>
Munder Bond Fund:
Federal Home Loan Mortgage Corporation ............ 0.7%
Federal National Mortgage Association ............. 9.9%
Government Agency Debentures ...................... 1.8%
Government National Mortgage Association .......... 4.0%
U.S. Treasury Bond ................................ 10.7%
U.S. Treasury Notes ............................... 9.9%
Munder Intermediate Bond Fund:
Federal Home Loan Mortgage Corporation ............ 2.8%
Federal National Mortgage Association ............. 9.6%
Government Agency Debentures ...................... 18.5%
Government National Mortgage Association .......... 2.1%
Small Business Administration ..................... 0.5%
U.S. Treasury Notes ............................... 17.1%
Munder U.S. Government Income Fund:
Federal Home Loan Mortgage Corporation ............ 42.5%
Federal Housing Authority/Veterans Administration . 0.3%
Federal National Mortgage Association ............. 35.9%
Government National Mortgage Association .......... 4.8%
Small Business Administration ..................... 0.2%
U.S. Treasury Bonds ............................... 9.4%
U.S. Treasury Notes ............................... 1.9%
Munder Short Term Treasury:
U.S. Treasury Notes ............................... 95.5%
Munder U.S. Treasury Money Market Fund:
U.S. Treasury Bills ............................... 28.6%
U.S. Treasury Notes ............................... 22.9%
</TABLE>
Of the distributions made from investment income, the following percentages
are tax exempt for regular Federal income tax purposes:
<TABLE>
<CAPTION>
<S> <C>
Munder Michigan Triple Tax-Free Bond Fund ........... 98.8%
Munder Tax-Free Bond Fund ........................... 99.3%
Munder Tax-Free Intermediate Bond Fund .............. 100.0%
Munder Tax-Free Money Market Fund ................... 100.0%
</TABLE>
116
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNINCABCY98
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
CLASS K SHARES
Annual
Report
[ LOGO ]
JUNE 30, 1998
Investments
for all seasons
THE MUNDER EQUITY FUNDS
Accelerating Growth
Balanced
Growth & Income
Index 500
International Equity
Micro-Cap Equity
Mid-Cap Growth
Multi-Season Growth
Real Estate Equity Investment
Small-Cap Value
Small Company Growth
Value
THE MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
THE MUNDER INCOME FUNDS
Bond
Intermediate Bond
International Bond
U.S. Government Income
Michigan Triple Tax-Free Bond
Tax-Free Bond
Tax-Free Intermediate Bond
Short Term Treasury
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Tax-Free Money Market
U.S. Treasury Money Market
<PAGE>
(INSIDE FRONT COVER)
"In our continuing
efforts to address the
investment needs and
asset allocation objectives
of our shareholders, we
have added two new
funds to the Munder
Family of Funds..."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
We are pleased to present The Munder Funds 1998 annual report. In this
report you will find information detailing each Fund's portfolio holdings and
performance.
In our continuing efforts to address the investment needs and asset
allocation objectives of our shareholders, we have added two new funds to the
Munder Family of Funds: the Munder Framlington Global Financial Services Fund
and the Munder Growth Opportunities Fund. The Global Financial Services Fund
provides investors with an opportunity to gain exposure to the dynamic
financial services sector by taking advantage of the continuing consolidation
of financial services companies in the U.S. market, as well as emergence of
similar trends globally. The Growth Opportunities Fund is designed to bring
our Growth at a Reasonable Price, or GARP, discipline to a fund investing in
the mid-cap part of the market.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
http://www.munder.com. Thank you very much for your confidence in Munder
Capital Management and the Munder Family of Funds.
Very truly yours,
/s/ Lee Munder
--------------
Lee Munder, President
<PAGE>
Table of
Contents
- ------------------------------------------------------------------------------
EQUITY FUNDS OVERVIEW
iv Munder Accelerating Growth Fund
v Munder Balanced Fund
v Munder Growth & Income Fund
v Munder Index 500 Fund
vi Munder International Equity Fund
vi Munder Micro-Cap Equity Fund
vi Munder Mid-Cap Growth Fund
vii Munder Multi-Season Growth Fund
vii Munder Real Estate Equity Investment Fund
viii Munder Small-Cap Value Fund
viii Munder Small Company Growth Fund
viii Munder Value Fund
ix Munder Framlington Emerging Markets Fund
ix Munder Framlington Healthcare Fund
ix Munder Framlington International Growth Fund
FIXED INCOME FUNDS OVERVIEW
x Munder Bond Fund
xi Munder Intermediate Bond Fund
xi Munder International Bond Fund
xi Munder U.S. Government Income Fund
xii Munder Michigan Triple Tax-Free Bond Fund
xii Munder Tax-Free Bond Fund
xiii Munder Tax-Free Intermediate Bond Fund
xiii Munder Short Term Treasury Fund
xv Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
Equity Funds:
1 Munder Accelerating Growth Fund
3 Munder Balanced Fund
8 Munder Growth & Income Fund
10 Munder Index 500 Fund
20 Munder International Equity Fund
34 Munder Micro-Cap Equity Fund
37 Munder Mid-Cap Growth Fund
39 Munder Multi-Season Growth Fund
41 Munder Real Estate Equity Investment Fund
43 Munder Small-Cap Value Fund
46 Munder Small Company Growth Fund
49 Munder Value Fund
51 Munder Framlington Emerging Markets Fund
56 Munder Framlington Healthcare Fund
59 Munder Framlington International Growth Fund
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
<PAGE>
Income Funds:
63 Munder Bond Fund
66 Munder Intermediate Bond Fund
69 Munder International Bond Fund
72 Munder U.S. Government Income Fund
75 Munder Michigan Triple Tax-Free Bond Fund
80 Munder Tax-Free Bond Fund
86 Munder Tax-Free Intermediate Bond Fund
94 Munder Short Term Treasury Fund
Money Market Funds:
95 Munder Cash Investment Fund
97 Munder Money Market Fund
99 Munder Tax-Free Money Market Fund
109 Munder U.S. Treasury Money Market Fund
110 Financial Statements
151 Financial Highlights
177 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
ii
<PAGE>
Management's Discussion of
Fund Performance
- ---------------------------------------------------------------------------
The Investment Environment
The pattern of solid economic growth and low inflation that has been
characteristic of the past several years continued during the Funds' fiscal
year which ended June 30, 1998. Growth, however, appears to have slowed
during the second quarter of 1998. The National Association of Purchasing
Managers' Survey, an indicator of the pace of industrial activity, fell
during the quarter. For the first time in several months, the Index, at 49.6
for June, was below a level of 50. Any reading less than 50 implies a
contraction in the manufacturing sector.
While some of the slowing in industrial activity may be due to the
strike at General Motors, the primary reason for a reduction in the pace of
economic growth appears to be the fall off in foreign demand stemming from
the weakness in Southeast Asia. Surprisingly, first quarter economic growth
was over 5% considering there were significant declines in U.S. exports to
Korea (-82% at an annual rate) and Japan (-27% at an annual rate.) There will
undoubtedly be additional reductions in exports to the troubled Southeast
Asian countries, as well as some acceleration in imports from that region.
However, we believe that it is unlikely that the fallout from Southeast Asia
will be powerful enough to derail the U.S. expansion.
The reason for optimism is that domestic demand is likely to continue
to be more than robust enough to offset the declines in foreign demand. The
U.S. consumer is still benefiting from rising wages, low inflation and
relatively low interest rates. Consumer spending accounts for close to 67% of
U.S. economic activity. This compares to exports, which account for a much
smaller 13% of economic activity.
Even with solid economic growth during the first half of 1998,
inflation remained subdued. As of June 1998, the Consumer Price Index was up
only 1.68% from year-ago levels. This continued moderation in inflation,
along with the weakness in Southeast Asian economies and financial markets,
reduces the probability that the Federal Reserve will feel the need to hike
interest rates in the near term, despite significant public discussion of
this topic by various Federal Reserve Governors.
The Stock Market
The stock market, as measured by the S&P 500 Index, was up by 30.16%
for the year ended June 30, 1998. From the first quarter of 1995 through June
30, 1998, the S&P 500 Index has registered fourteen consecutive positive
quarters. Measuring from 1928, this surpasses the record of eleven sequential
positive quarters that occurred from the third quarter of 1962 through the
first quarter of 1965.
The strength in the S&P 500 Index, however, conceals many of the
cross-currents that were present in the stock market during the second
quarter. The commonly reported S&P 500 Index is calculated on a
capitalization-weighted basis. This means that the largest of the 500
companies in the Index have the greatest influence on its return. In fact,
the largest 100 companies in the S&P 500 universe, with capitalizations of
$21 billion or more, had a 66.6% weighting in the calculation of the Index's
return for the second quarter of 1998. The smallest 100 companies in the S&P
500 universe, ranging in size from $500 million to $3.3 billion, had a 2.4%
weight. In fact, in reviewing the companies that had the largest impact on
the return of the S&P 500 Index, the largest 20 companies accounted for 68%
of the total return of the S&P 500 Index during the second quarter.
iii
<PAGE>
The narrowness of the returns in the stock market are even more
apparent when one looks at some of the other indices. For example, the S&P
500 Index gained 3.30% for the quarter ended June 30, 1998, the S&P 400
Mid-Cap Index returned -2.14% for the quarter, and the S&P 600 Small-Cap
Index generated an even weaker -4.45%.
A large part of the explanation for the positive performance of
equities is the continuation of large and positive money flows into equity
mutual funds. These flows include foreign money that is being directed toward
the U.S. equity market. This money flows first toward stocks that are
believed to be most liquid and that has helped to boost the performance of
the largest capitalization stocks. It is interesting to note that, at the end
of the second quarter of 1998, flows into equity mutual funds in general were
27% higher than year-ago levels, while flows into small company and
aggressive stock funds were 20% behind the year-ago pace.
In addition to money flows, the overall investment environment has
other favorable characteristics: relatively positive corporate earnings,
continuing economic growth and low inflation. As valuations climb,
however, the impact of negative news on stock prices will be amplified.
Volatility will undoubtedly be a key characteristic of the stock market
during the remainder of the year.
[The performance data contained in the following commentary are based on
the K class of shares.]
MUNDER ACCELERATING GROWTH FUND
Fund Manager: The Munder Accelerating Fund Committee
The Fund earned a return of 13.16% for the year ended June 30, 1998,
relative to the 25.38% average return for the Lipper universe of growth stock
mutual funds. The Fund's energy holdings were weak due to declines in oil
prices and this had a negative impact on the Fund's return. The Fund's REIT
holdings also performed poorly, despite continued strength in their
fundamentals.
Positive factors included the Fund's telecommunication equipment
holdings, which continue to perform well and are benefiting from
deregulation. Two of the Fund's telecommunication services names, CenturyTel
and WorldCom, generated strong returns due to acquisitions made by the
companies. Finally, several retail holdings aided returns due to continued
strength in consumer spending. The Fund remains focused on holdings that are
expected to generate strong earnings growth even in an environment of an
overall slowdown in profits.
In general, the Fund invests in companies that are growing at
accelerating rates, and it is these companies that have been most susceptible
to the weakness resulting from the Asian crisis. In fact, we have reviewed
this Fund continuously over the last several years and believe that the
ability to capitalize on market inefficiencies that allowed many "momentum"
funds to prosper is over. The Board of Directors of The Munder Funds has
approved a proposal to reorganize this Fund into the Multi-Season Growth
Fund. Shareholder's of this fund will be asked to vote on the proposal and if
approved the reorganization will take place at the end of November.
iv
<PAGE>
MUNDER BALANCED FUND
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 15.86% for the year ended 1998, relative to
the 17.57% average return for the Lipper universe of balanced mutual funds.
The Fund has historically been managed with approximately 40% of the
assets in the style of the Multi-Season Growth Fund, 20% in the style of the
Accelerating Growth Fund, and the remaining 40% in fixed income securities.
Gradually the equity portion of the fund has been shifted toward the
Multi-Season Growth Fund style. This will continue since the Accelerating
Growth Fund is planned to reorganize into the Multi-Season Growth Fund later
this year pending shareholder approval. We also expect that the equity
portion of this Fund will broaden over time to include exposure to our Value
and Small-Cap styles.
By shifting away from the Accelerating style and the broadening of the
portfolio of this Fund will improve its relative and absolute performance.
MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 23.00% for the year ended June 30, 1998,
relative to the 20.94% average return for the Lipper universe of equity
income mutual funds.
This Fund differs from most equity income funds in that a part of its
goal includes obtaining an income yield greater than the S&P 500 Index. As a
result, this Fund tends to underperform the S&P 500 Index when growth is in
favor, but performs well in more uncertain markets as we have seen over the
last year. We believe that dividend income accounts for a significant amount
of the return of the S&P 500 Index. Given the Fund's yield target, the Fund
tends to own a number of higher dividend-paying stocks, including utilities,
REITs and financial stocks. As a result, the market's view on interest rates
also tends to impact the Fund's performance.
MUNDER INDEX 500 FUND
Fund Managers: Todd B. Johnson and Ken A. Schluchter
The Fund earned a return of 29.42% for the year ended 1998, compared to
the 29.39% average return for the Lipper universe of mutual funds with the
objective of tracking the S&P 500 Index. The Fund has earned average or
above-average returns for the three-month, six-month, and one-year time
periods ended June 30, 1998.
The S&P 500 Index earned an average return of 30.16% for the year ended
June 30, 1998. This far outpaced the smaller-cap segment of the stock market,
with the S&P 400 Mid-Cap Index earning a return of 27.15% and the S&P 600
Small-Cap Index earning a return of 19.46%. The best performing sectors of
the S&P 500 universe for the quarter included technology, healthcare, and
consumer cyclicals.
The Fund continues to pay careful attention to the weight of each of
its 500 holdings relative to the weights of the 500 stocks in the S&P 500
universe. This helps the Fund to meet its objective of tracking the total
return of the S&P 500 Index. Cash flows are invested promptly to minimize
their impact on the overall return of the Fund.
v
<PAGE>
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of 4.24% for the year ended June 30, 1998,
relative to the 2.83% return for the FT/S&P Actuaries World ex-U.S. Index and
the 8.19% average return for the Lipper universe of international equity
mutual funds. The Fund also earned above-average returns for the one-month
time period ended June 30, 1998. It has outperformed the FT World ex-U.S.
Index for the one-month, three-month, six-month, nine-month, one-year,
two-year, three-year and five-year time periods ended June 30, 1998.
The Fund remains highly diversified, holding 770 stocks representing 45
countries as of June 30, 1998. The Fund invests in a broadly diversified
group of foreign securities, represented primarily by American Depositary
Receipts (ADR's) listed on the U.S. markets. Approximately 87% of the Fund is
held in ADR's, while the remainder is in direct investments in other
international companies. We believe that this gives investors the best of the
all worlds: quality trading on U.S. exchanges, U.S. liquidity, more demanding
accounting and governmental standards that are necessary to list securities
for trading in the U.S., and very broad diversification across the world,
without many of the costs of international investing. We consider this Fund
to be more similar to an international index fund than many of our
competitors' funds. We don't make the kind of bets on countries or regions
which have the tendency to increase volatility and costly turnover. The ADR
portion of the portfolio gives the Fund broad exposure, while the active
portion focuses on countries and companies positioned to benefit from strong
economic growth.
The strength of the dollar negatively impacted the portfolio by 0.95%
in June and has reduced performance by approximately 1.5% since the beginning
of 1998 and approximately 5.5% for fiscal year ended June 30, 1998. We
believe that investors look for total international exposure, including
currency, therefore currency hedging is not part of our strategy, as we
believe that the effect currency fluctuations evens out over time.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund earned a return of 37.90% for the year ended June 30, 1998,
relative to the 23.94% average return for the Lipper universe of micro-cap
mutual funds. The Fund, which began operation in December, 1996, has earned
an above-average return for the one-year period ended June 30, 1998.
Even though the Fund's performance continues to be above the average of
its peer group, and above the S&P 500 Index for the same time period, we have
seen some pullback in the second quarter of 1998, as most small-cap funds
experienced with continued concerns about the impact of Asia on the U.S.
economy. Continued low inflation and low interest rates generally are
positives for these small companies, especially those in the early growth
stages. We continue to monitor economic conditions and the impact of overseas
markets to identify buying or selling opportunities.
MUNDER MID-CAP GROWTH FUND
Fund Manager: The Munder Mid-Cap Fund Committee
The Fund exhibited a 4.85% return for the year ended June 30, 1998,
relative to the 22.22% average return for the Lipper universe of mid-cap
mutual funds. Although the performance of the Fund lagged for the year as a
whole, returns for June were slightly ahead of the S&P 400 Mid- Cap Index.
vi
<PAGE>
The market continues to favor the largest capitalization stocks in the
S&P 500 universe. We believe that there are very compelling values within the
mid-cap universe where higher growth rates can be found at lower valuations
than is the case in the larger-cap universes. The flow of funds from global
investors continues to be directed toward large-cap S&P 500 names, however,
and this has helped to boost the performance of large-cap stocks.
This Fund has been in existence for almost 3 years and its assets
remain below $50 million. As a result, it is expensive to operate and
difficult to obtain the economies of scale for executing trades in the
market. As a result, the Board of Directors of The Munder Funds decided in
August, 1998 to close this Fund effective September 15, 1998.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and Lee Munder, CFA
The Fund generated a return of 25.05% for the year ended June 30, 1998,
relative to 25.38% average return for the Lipper universe of growth stock
mutual funds. The Fund has earned above- average returns for the nine-month,
two-year and three-year time periods ended June 30, 1998.
While the S&P 500 Index returned 3.30% on a capitalization-weighted
basis (as it is typically reported), the S&P 500 earned -1.11% for the second
quarter of 1998 on an equal-weighted basis. This helps to illustrate that it
is primarily the largest capitalization stocks in the S&P 500 (and in the
stock market as a whole) that have been doing well. To outperform the S&P 500
and large-cap growth managers, a fund would have to be concentrated in the
largest companies only, be significantly overweighted in technology and
consumer cyclical stocks and avoid all earnings disappointments. Any
disappointing news, except when it involves the very largest companies, is
being dealt with severely by investors.
This environment, with top performance concentrated in the largest cap
stocks and in a handful of sectors, has been a difficult one for the
Multi-Season Growth Fund, which is a diversified and equally-weighted
portfolio of high quality stocks with consistent growth and reasonable
valuations. The best performing sectors in the Fund during the second quarter
of 1998 were telecommunications (Century Telephone up by 13% and WorldCom up
by 12%) and technology (Cisco Systems up by 35% and BMC Software up by 24%).
Weaker sectors included energy and services.
As of June 30, 1998, the Fund's estimated earnings growth over the 12
month period was 16% relative to 7% for the S&P 500 Index universe of stocks.
We remain confident that the attractive characteristics of the Fund versus
the S&P 500 Index will eventually be rewarded by investors, regardless of the
size of the companies represented in the Fund.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Peter K. Hoglund, CFA
The Fund generated a return of 8.92% for the year ended June 30, 1998,
relative to the 8.05% return for the NAREIT Index (equity only) and the 9.04%
average return for the Lipper universe of real estate mutual funds. The Fund
has earned above-average returns relative to the Lipper universe for the
one-month, three-month, and two-year time periods ended June 30, 1998. It has
outperformed the NAREIT Index for the one-year period.
While still displaying negative returns for much of 1998, the REIT
market was beginning to show positive signs by the end of June 1998. A
mini-rally during the last two weeks in June was led by the higher quality,
larger names in the Fund. The fundamentals of the Fund's holdings continue
vii
<PAGE>
to be strong and look especially compelling when compared to both their peers
and the broad market. The over-sold condition of REITs, which occurred during
the first six months of 1998, was disappointing. Nonetheless, we believe that
it has positioned the Fund to perform well, on both an absolute and relative
basis, as the REIT market improves.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund earned a return of 24.53% for the year ended June 30, 1998,
relative to the 16.50% return for the Russell 2000 Index, the 19.89% return
for the Russell 2000 Value Index and the 17.63% average return for the Lipper
universe of small-cap mutual funds. The Fund, which began operation in
December 1996, has earned above-average returns for the one-month and
one-year time periods ended June 30, 1998.
Among the Fund's holdings, the strongest relative performance came from
utilities, financials and consumer staples. Utilities were boosted by
holdings that gained from anticipation of consolidation in the cable
industry. Financial holdings benefited from general market strength and from
good stock selection. Returns among consumer staples stocks were led by
food-related holdings. Weaker sectors of the Fund included technology,
materials and processing, and producer durables.
MUNDER SMALL COMPANY GROWTH FUND
Fund Managers: Carl P. Wilk and Michael Gura, CFA
The Fund generated a return of 12.36% for the year ended June 30, 1998,
compared to the 13.19% return for the Russell 2000 Growth Index and the
17.63% average return for the Lipper universe of small cap mutual funds. The
Fund has earned above-average returns for the two-year, three-year, five-year
and ten-year time periods ended June 30, 1998.
Especially in the first half of 1998, the focus on the stock market was
large-cap names. Our discipline for this Fund is truly small-cap and our
median market cap is less than that of the Russell 2000. This focus on
large-cap names and not small-cap hurt the performance of the Fund. The
sectors where the biggest impact was felt were energy, healthcare, and select
technology sectors. However, performance in sectors which helped the
performance of the Fund were consumer cyclicals and finance. In the second
half of 1997, fears of an economic slowdown because of the Asian crisis
affected several of our technology securities, especially in the wireless
equipment areas.
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund exhibited a return of 25.84% for the year ended June 30, 1998,
relative to the 22.86% return for the Lipper universe of growth & income
funds. (There is no Lipper universe representing value funds. The growth &
income universe is the closest universe to the Fund in terms of investment
characteristics.) The Fund has earned above-average returns for the one-year
and two-year time periods ended June 30, 1998.
In an environment where large-cap stocks have significantly
outperformed smaller cap stocks, the lower capitalization stocks held in the
Fund proved to be a negative for performance. The best gains in the Fund came
from healthcare and technology, two of the top performing S&P 500 sectors for
the quarter. Even though the Fund was underweighted in these sectors, good
stock selection coupled with robust market performance created strong gains
from the Fund's holdings in both areas. Weaker performance came from two of
the largest sectors in the portfolio. Financials
viii
<PAGE>
underperformed due to the continuing weakness in REITs. Consumer cyclicals
also showed relatively weak performance, largely because of weakness in the
auto industry from both the General Motors strike and from reduced demand
coming from Southeast Asian customers.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Manager: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of -28.34% for the year ended June 30, 1998,
relative to the -39.08% return for the MSCI Emerging Markets Free Index and
the -31.87% return for the Lipper universe of emerging markets mutual funds.
The Fund, which began operation in December 1996, has earned above-average
returns for the three-month and one-year time periods ended June 30, 1998.
The Fund's goal for most of 1998 has been to seek "safe haven" markets
whose economies have relatively little debt, in particular debt which is
denominated in U.S. dollars. The sentiment toward emerging markets has become
so poor, however, that it appears that investors are no longer distinguishing
between the problem economies and those that are healthy. As a result, many
of the Fund's investments have fallen in value without any deterioration in
their outlook. We believe that in some stock markets, such as China and
Mexico, the extent of the decline is not justified by fundamentals, creating
good value for investors. The Fund continues to focus on regions with
favorable economic and political climates while avoiding the stock markets of
Southeast Asia.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Munder Framlington Healthcare Fund generated a 8.45% return for the
year ended June 30, 1998, compared to the 17.97% average return for the
Lipper universe of health/ biotechnology mutual funds. The small and mid
capitalization healthcare stocks held in the Fund remained out of favor with
investors, again underperforming larger company drug stocks. This fund is
characterized by 80.80% of its holdings comprised of companies with a market
capitalization below $2 billion rather than on the giants of the healthcare
industry. The growth rates of the stocks in the Fund remain strong, with
little threat posed to them by a softening of the economy. In addition, their
valuations remain reasonable. The restraint on many of these Fund holdings
continues to be poor sentiment. We believe that the underlying earnings
growth and current valuations argue for strong relative outperformance when
these stocks come back into favor.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of 5.60% for the year ended June 30, 1998,
relative to the 6.38% return for the Morgan Stanley EAFE Index and the 8.19%
average return for the Lipper universe of international equity mutual funds.
The Fund has earned above-average returns for the one-month, three-month and
six-month time periods ended June 30, 1998.
The key theme of corporate restructuring remains intact in Europe and,
although valuations are high in some countries, the European economies are
looking increasingly attractive. In addition, the flow of funds into European
stock markets has continued to increase. The Fund is still overweighted in
Europe compared to the Morgan Stanley EAFE Index. It is also underweighted in
Japan where the economy and companies' earnings have been disappointing for
an extended period of time.
ix
<PAGE>
The Bond Market
Interest rates fell modestly during the second quarter and the gap
between yields on shorter- term and longer-term securities narrowed. This was
due to the fact that the decline in longer-term rates was greater than the
decline in shorter-term rates. At the end of June 1998, there was little
difference in yield from two-year notes through ten-year notes, with most
maturities providing a yield just under 5.5%. Thirty-year Treasury bonds
offered a yield of just over 5.6%. The Federal Funds rate is presently at
5.5%. Investors would have to anticipate a Federal Reserve easing of monetary
policy for rates to fall from these levels. In fact, the market is vulnerable
to an increase in rates if economic data remains strong or if inflation
begins to rise.
For the year ended June 30, 1998, the broad bond market provided a
return of 10.5% and the intermediate segment of the market provided a return
of 8.5%. Government securities were the best performing asset class. Heavy
corporate supply, coupled with continuing unrest in the Far East and
volatility in the domestic stock market, contributed to relatively poor
performance for corporate bonds. Lower interest rates and faster than
expected mortgage pre-payments (a response to lower interest rates)
contributed to the relatively poor performance of mortgage-related bonds.
During the second quarter of 1998, we slightly decreased the weighting
in mortgage-backed securities, as robust performance earlier in the year
provided an opportunity to scale back positions at attractive prices. Going
forward, we plan to maintain our mortgage weighting and to slightly increase
our corporate weighting, while maintaining the focus on very high quality
securities.
[Please note: In some of the following commentary, the Munder bond
funds are compared to various indices. It is important to remember that the
returns for the Munder bond funds are reported after the deduction of all
expenses. Since the various indices are not actively managed funds, there are
no expenses netted against their returns.]
MUNDER BOND FUND
Fund Managers: James C. Robinson and Gregory A. Prost, CFA
The Fund earned a 10.57% return for the year ended June 30, 1998,
compared to the 11.28% return for the Lehman Government/Corporate Bond Index
and the 10.36% average return for the Lipper universe of corporate debt A
rated funds. The Fund has earned above-average returns for the one-month,
three-month, six-month, nine-month, and one-year time periods ended June 30,
1998.
The Fund benefited from a reduction in its weighting of
mortgage-related securities. The performance of these securities suffered
from the renewed decline in interest rates during the second quarter of 1998
and the corresponding acceleration of mortgage pre-payments. In an
environment of renewed concerns over Asian markets, the high quality of the
Fund also helped to boost performance.
A key factor in the performance of the Fund for the fourth quarter of
1997 was its focus on high quality. The turmoil in the Southeast Asian
financial and currency markets led to a flight to quality. Issuers paid
dearly for perceived credit risk, as previously investment grade bonds issued
by countries such as Korea moved to junk bond status. In this environment,
the Fund's emphasis on quality was rewarded by the markets.
x
<PAGE>
MUNDER INTERMEDIATE BOND FUND
Fund Managers: Anne K. Kennedy and James C. Robinson
The Fund generated a return of 7.73% for the year ended June 30, 1998,
relative to the 8.54% return for the Lehman Intermediate Government/Corporate
Bond Index and a 7.20% average return for the Lipper universe of short
intermediate investment grade debt funds. The Fund has earned above-average
returns for the one-month, three-month, six-month, nine-month, one-year, and
two- year time periods ended June 30, 1998.
A resurgence in concerns over Southeast Asian financial markets and
currencies caused a renewed flight to quality in the fixed income markets.
Given the high quality of the Fund, this was a strong positive for Fund
performance. In addition, a reduction in the weighting of mortgage- related
securities during the second quarter helped to boost returns.
MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon E. Fayolle and Gregory A. Prost, CFA
The Fund earned a return of 0.80% for the year ended June 30, 1998,
relative to the 0.88% for the Salomon Brothers Non-U.S. $ World Government
Bond Index and the 3.67% average return for the Lipper universe of
international income funds. The Fund has earned above-average returns for the
one-month and three-month time periods ended June 30, 1998.
The Japanese yen fell to an eight year low against the U.S. dollar amid
a relentless stream of negative reports on the Japanese economy. Coordinated
intervention by the U.S. Treasury and the Bank of Japan halted the yen's free
fall and calmed the currency markets but did little more. The effects of the
sharp decline in the yen spilled over into the other Asian markets as well as
China and Russia, resulting in further declines in their respective currency
and equity markets. The major western bond markets benefited from this
renewed bout of global anxiety which drove long-term interest rates to
historical lows in the U.S., Germany, the U.K. and Japan.
Although Japan was the main focus for the currency and bond market for
the second quarter of 1998, its bond market return of (2.26)% for the second
quarter of 1998 was eclipsed by Australia with a (4.93)% return. Declining
commodity prices and renewed fears of imported deflation from the Asian
economies impacted both Australia and Canada, which also had a negative bond
market return for the quarter. The core European markets experienced strong
positive returns, benefiting from the Asian flight to quality and the low
inflation environment.
The Fund's strong performance for the second quarter of 1998, relative
to the Salomon Brothers Non-U.S. $ World Government Bond Index and its Lipper
universe, was primarily due to the Fund's underweighting of the Japanese yen
and the overweighting of the core European countries. The Fund continues its
underweighting in the yen and its overweighting in the core European
countries. In addition, the Fund is underweighting the Anglo-dollar bloc
currencies.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Managers: Peter G. Root and James C. Robinson
The Fund exhibited a return of 9.70% for the year ended June 30, 1998,
relative to the 11.26% return for the Lehman Government Bond Index and the
10.17% average return for the Lipper universe of general U.S. government
funds. The Fund has earned above-average returns for the six-month and
two-year time periods ended June 30, 1998.
xi
<PAGE>
The Fund's relatively heavy weighting in government guaranteed
mortgage-backed securities has added yield to the Fund. This has helped the
Fund to achieve its goal of generating relatively high current income and
bolstered its total returns as well, relative to other managed government
bond funds.
The performance of the Fund was held back during the fourth quarter of
1997 by the weak performance of mortgage-related government securities, which
had a relatively heavy weighting in the Fund for that time period. The
presence of mortgage securities in the portfolio had been a positive factor
during much of the previous year; however, in the fourth quarter of 1997, the
significant decline in interest rates led to investors' expectations that the
rate of pre-payment for mortgage-related securities would accelerate
significantly. The result of faster pre-payments shortens maturities for
mortgage-related securities, making them less attractive in a strong bond
market environment.
MUNDER MICHIGAN TRIPLE TAX-FREE BOND FUND
MUNDER TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Michigan Triple Tax-Free Bond Fund earned a return of 9.02% for the
year ended June 30, 1998, relative to the 10.19% return of the Lehman
Brothers 20 Year Municipal Index and the 7.97% average return for the Lipper
universe of Michigan municipal debt funds. The Fund has earned above-average
returns for the three-month, nine-month, one-year, two-year, and three-year
time periods ended June 30, 1998.
The Tax-Free Bond Fund earned a return of 8.43% for the year ended June
30, 1998, relative to the 7.97% return of the Lehman Brothers 20 Year
Municipal Index and the 8.39% average return for the Lipper universe of
general municipal debt funds. The Fund has earned an above-average return for
the one-year time period ended June 30, 1998.
The municipal yield curve became modestly steeper during the second
quarter of 1998, with a widening of the gap between shorter-term and
longer-term municipal yields. This was a result of a decline in short-term
rates and a marginal increase in long-term rates. This slight change in
yields, however, masked the volatility which occurred during the second
quarter of 1998 as the market attempted to distribute a record volume of new
municipal securities issuances.
The large supply of new issues caused municipal prices, particularly
those of longer-term insured bonds, to lag the rally in the taxable bond
market. General obligation bonds were among the strongest of the tax-exempt
bonds during the second quarter of 1998, outpacing the returns on revenue
bonds. Water and sewer bonds and hospital bonds, which had been strong
performers in prior quarters, lagged nearly all tax-exempt sectors during the
second quarter of 1998. Longer-term and shorter-term municipal bonds simply
earned their coupon during the second quarter of 1998. This was in sharp
contrast to the taxable bond market where bonds showed solid price
appreciation during the second quarter of 1998.
xii
<PAGE>
The performance of both Funds was held back during the second quarter
of 1998 by their overweighting in insured bonds. In addition,
government-backed securities, on a risk-adjusted basis, underperformed other
sectors of the municipal market. The Funds' heavier weighting in these
quality sectors was a negative for their performance during the second
quarter of 1998.
The Michigan Triple Tax-Free Bond Fund, however, benefited from a large
exposure to education-related bonds relative to other Michigan tax-exempt
bond funds. This offset the negative impact of the overweighting of insured
bonds and government-backed securities.
MUNDER TAX-FREE INTERMEDIATE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 5.44% for the year ended June 30, 1998,
relative to the 6.51% return of the Lehman Mutual Fund Intermediate/Short
Muni Index and the 6.69% average return for the Lipper universe of
intermediate municipal debt funds.
The municipal yield curve steepened during the second quarter of 1998,
with a widening of the gap between short-term and long-term tax-exempt
yields. This was a result of a decline in shorter-term rates. One-year notes
were strong performers on a risk-adjusted basis, followed by three-year
notes. The seven-year area of the maturity spectrum underperformed other
intermediate- term maturities during the second quarter of 1998 after
outperforming in the first quarter. There was little difference in returns,
after adjusting for maturity, for five-year to fifteen-year bonds. Quality
spreads (the difference in yields between higher and lower quality
maturities) were unchanged for the second quarter of 1998 in the intermediate
segment of the municipal market. General obligation bonds outperformed
pre-refunded bonds.
For the year ended June 30, the Fund's performance was held back by its
heavy weighting in pre-refunded securities. The Fund's relatively short
average maturity and its overweighting in high quality bonds also held back
returns.
MUNDER SHORT TERM TREASURY FUND
Fund Manager: Sharon E. Fayolle
The Fund exhibited a return of 5.47% for the year ended June 30, 1998,
relative to the 6.42% return for the Merrill Lynch 0-3 Year Treasury Index
and a 6.57% average return for the Lipper universe of short U.S. Treasury
funds.
Interest rates fell modestly during the second quarter of 1998 and the
yield curve flattened, as the decline in long-term rates outpaced the decline
in short-term rates. The market is presently priced higher than the Federal
Funds rate of 5.5%. Investors would have to anticipate an easing by the
Federal Reserve in order for rates to fall from these levels. The market,
which has benefited from the continued economic instability in Asia, is
vulnerable to an increase in rates if economic data remains strong or if
inflation increases.
The Fund is a defensive fund, with the goal of providing higher returns
than money market funds with minimal price volatility. Its structure tends to
be more defensive than the average fund in its Lipper universe. The more
conservative positioning of the Fund was not a relative negative during the
second quarter of 1998, given the small difference in yields between
shorter-term and longer-term maturities.
xiii
<PAGE>
[ This Page Intentionally Left Blank ]
xiv
<PAGE>
Hypotheticals and Total Returns
- -----------------------------------------------------------------------------
The following graphs represent the performance of the Funds since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately forty-one months) and a period of time when the
Funds were managed by the predecessor. The Lipper mutual fund averages were
derived from a universe of only those mutual funds that were in existence as
of the inception date of the Funds and are comprised of mutual funds which
are categorized under the Funds' respective objectives by Lipper Analytical
Services, Inc.
Accelerating Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
Class K S&P 500 Lipper Growth Funds Average
------- ------- ---------------------------
<S> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00
11/30/92 $10,187.00 $10,000.00 $10,000.00
12/31/92 $10,511.00 $10,123.00 $10,177.93
1/31/93 $10,665.00 $10,207.00 $10,310.25
2/28/93 $10,543.00 $10,346.00 $10,154.64
3/31/93 $11,128.00 $10,564.00 $10,444.00
4/30/93 $10,610.00 $10,309.00 $10,125.00
5/31/93 $11,151.00 $10,584.00 $10,502.00
6/30/93 $11,291.00 $10,615.00 $10,533.00
7/31/93 $11,344.00 $10,572.00 $10,498.00
8/31/93 $12,035.00 $10,973.00 $10,948.00
9/30/93 $12,244.00 $10,888.00 $10,055.00
10/31/93 $12,343.00 $11,114.00 $11,203.00
11/30/93 $11,749.00 $11,008.00 $10,996.00
12/31/93 $12,343.00 $11,141.00 $11,303.00
1/31/94 $12,592.00 $11,519.00 $11,667.00
2/28/94 $12,440.00 $11,207.00 $11,477.00
3/31/94 $11,702.00 $10,719.00 $10,939.00
4/30/94 $11,577.00 $10,856.00 $10,989.00
5/31/94 $11,257.00 $11,034.00 $11,045.00
6/30/94 $10,545.00 $10,764.00 $10,679.00
7/31/94 $10,901.00 $11,117.00 $10,962.00
8/31/94 $11,435.00 $11,572.00 $11,468.00
9/30/94 $11,257.00 $11,289.00 $11,246.00
10/31/94 $11,755.00 $11,542.00 $11,428.00
11/30/94 $11,097.00 $11,122.00 $11,002.00
12/31/94 $11,309.00 $11,287.00 $11,105.00
1/31/95 $11,190.00 $11,580.00 $11,183.00
2/28/95 $11,638.00 $12,030.00 $11,620.00
3/31/95 $12,031.00 $12,385.00 $11,948.00
4/30/95 $12,095.00 $12,749.00 $12,212.00
5/31/95 $12,507.00 $13,258.00 $12,590.00
6/30/95 $13,549.00 $13,565.00 $13,122.00
7/31/95 $14,564.00 $14,015.00 $13,747.00
8/31/95 $14,710.00 $14,050.00 $13,856.00
9/30/95 $15,048.00 $14,643.00 $14,264.00
10/31/95 $14,408.00 $14,590.00 $14,055.00
11/30/95 $14,609.00 $15,230.00 $14,556.00
12/31/95 $14,219.00 $15,523.00 $14,626.00
1/31/96 $14,661.00 $16,051.00 $14,947.00
2/29/96 $15,360.00 $16,201.00 $15,273.00
3/31/96 $15,726.00 $16,356.00 $15,411.00
4/30/96 $16,383.00 $16,597.00 $15,881.00
5/31/96 $17,018.00 $17,023.00 $16,279.00
6/30/96 $16,534.00 $17,090.00 $16,065.00
7/31/96 $14,908.00 $16,335.00 $15,136.00
8/30/96 $15,468.00 $16,680.00 $15,644.00
9/30/96 $16,674.00 $17,618.00 $16,523.00
10/31/96 $16,254.00 $18,104.00 $16,688.00
11/30/96 $16,545.00 $19,471.00 $17,714.00
12/31/96 $16,047.00 $19,085.00 $17,465.00
1/31/97 $16,952.00 $20,277.00 $18,371.00
2/28/97 $16,083.00 $20,436.00 $18,145.00
3/31/97 $14,809.00 $19,598.00 $17,344.00
4/30/97 $15,035.00 $20,767.00 $18,010.00
5/31/97 $16,511.00 $22,037.00 $19,296.00
6/30/97 $17,333.00 $23,016.00 $20,055.00
7/31/97 $18,940.12 $24,848.07 $21,741.63
8/30/97 $18,273.42 $23,456.58 $21,019.80
9/30/97 $19,713.37 $24,742.00 $22,190.61
10/31/97 $18,475.37 $23,915.62 $21,349.58
11/30/97 $18,440.27 $25,022.91 $21,708.26
12/31/97 $18,316.72 $25,453.31 $21,914.48
1/31/98 $17,717.76 $25,735.84 $22,017.48
2/28/98 $19,012.93 $27,591.39 $23,679.80
3/31/98 $20,113.78 $29,004.07 $24,731.19
4/30/98 $20,081.60 $29,297.01 $25,025.49
5/31/98 $19,238.17 $28,793.10 $24,292.24
6/30/98 $19,615.24 $29,962.10 $25,174.05
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------------- ------------------------------
Accelerating Lipper Growth One Five Since
Growth Fund S&P 500 Funds Average Year Years Inception
------------ ------- ------------- ---- ----- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $19,613.79 $29,962.10 $25,174.05 13.16% 11.68% 12.78%
<FN>
- ---------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an
unmanaged index of common stock prices, include reinvestment of dividends.
</TABLE>
xv
<PAGE>
Balanced Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
60% S&P 500/40% Lipper Balanced
Class K S&P 500 Lehman Gov't/Corp Funds Average
------- ------- ----------------- -------------
<S> <C> <C> <C> <C>
4/16/93 $10,000.00 $10,000.00 $10,000.00 $10,000.00
4/30/93 $9,890.00 $10,000.00 $10,000.00 $10,157.00
5/31/93 $10,030.00 $10,267.00 $10,158.00 $10,273.00
6/30/93 $10,100.00 $10,297.00 $10,267.00 $10,294.00
7/31/93 $10,092.00 $10,255.00 $10,268.00 $10,602.00
8/31/93 $10,384.00 $10,644.00 $10,595.00 $10,638.00
9/30/93 $10,434.00 $10,562.00 $10,561.00 $10,739.00
10/31/93 $10,475.00 $10,780.00 $10,709.00 $10,589.00
11/30/93 $10,222.00 $10,678.00 $10,600.00 $10,774.00
12/31/93 $10,516.00 $10,807.00 $10,696.00 $11,033.00
1/31/94 $10,685.00 $11,174.00 $10,979.00 $10,822.00
2/28/94 $10,503.00 $10,871.00 $10,704.00 $10,422.00
3/31/94 $10,046.00 $10,398.00 $10,318.00 $10,440.00
4/30/94 $9,990.00 $10,531.00 $10,364.00 $10,483.00
5/31/94 $9,909.00 $10,703.00 $10,460.00 $10,291.00
6/30/94 $9,593.00 $10,441.00 $10,294.00 $10,522.00
7/31/94 $9,781.00 $10,784.00 $10,580.00 $10,794.00
8/31/94 $10,067.00 $11,225.00 $10,846.00 $10,593.00
9/30/94 $9,954.00 $10,950.00 $10,619.00 $10,650.00
10/31/94 $10,097.00 $11,196.00 $10,762.00 $10,390.00
11/30/94 $9,809.00 $10,789.00 $10,510.00 $10,489.00
12/31/94 $9,947.00 $10,949.00 $10,633.00 $10,626.00
1/31/95 $9,999.00 $11,232.00 $10,881.00 $10,952.00
2/28/95 $10,298.00 $11,670.00 $11,240.00 $11,149.00
3/31/95 $10,486.00 $12,013.00 $11,474.00 $11,346.00
4/30/95 $10,590.00 $12,367.00 $11,746.00 $11,719.00
5/31/95 $10,932.00 $12,861.00 $12,223.00 $11,959.00
6/30/95 $11,259.00 $13,159.00 $12,438.00 $12,240.00
7/31/95 $11,604.00 $13,595.00 $12,682.00 $12,343.00
8/31/95 $11,667.00 $13,629.00 $12,761.00 $12,622.00
9/30/95 $11,968.00 $14,204.00 $13,152.00 $12,585.00
10/31/95 $11,915.00 $14,153.00 $13,190.00 $12,974.00
11/30/95 $12,262.00 $14,773.00 $13,639.00 $13,144.00
12/31/95 $12,272.00 $15,058.00 $13,881.00 $13,383.00
1/31/96 $12,558.00 $15,570.00 $14,218.00 $13,436.00
2/29/96 $12,695.00 $15,715.00 $14,201.00 $13,487.00
3/31/96 $12,759.00 $15,866.00 $14,252.00 $13,631.00
4/30/96 $12,939.00 $16,100.00 $14,360.00 $13,800.00
5/31/96 $13,152.00 $16,514.00 $14,601.00 $13,811.00
6/30/96 $13,193.00 $16,577.00 $14,701.00 $13,415.00
7/31/96 $12,681.00 $15,845.00 $14,273.00 $13,663.00
8/30/96 $12,905.00 $16,180.00 $14,462.00 $14,171.00
9/30/96 $13,553.00 $17,090.00 $15,092.00 $14,436.00
10/31/96 $13,650.00 $17,561.00 $15,488.00 $15,098.00
11/30/96 $14,121.00 $18,887.00 $16,375.00 $14,934.00
12/31/96 $13,817.00 $18,513.00 $16,094.00 $15,366.00
1/31/97 $14,135.00 $19,669.00 $16,794.00 $15,374.00
2/28/97 $13,999.00 $19,824.00 $16,897.00 $14,937.00
3/31/97 $13,493.00 $19,011.00 $16,350.00 $15,361.00
4/30/97 $13,882.00 $20,144.00 $17,102.00 $16,047.00
5/31/97 $14,569.00 $21,376.00 $17,888.00 $16,529.00
6/30/97 $14,992.00 $22,326.00 $18,519.00 $16,430.00
7/31/97 $15,912.51 $24,103.15 $19,105.68 $17,350.08
8/30/97 $15,428.77 $22,753.37 $18,378.14 $16,897.24
9/30/97 $16,143.12 $24,000.26 $19,097.83 $17,530.89
10/31/97 $15,923.57 $23,198.65 $18,837.33 $17,229.36
11/30/97 $16,085.99 $24,272.75 $19,400.57 $17,484.35
12/31/97 $16,250.07 $24,690.24 $19,682.26 $17,713.40
1/31/98 $16,199.70 $24,964.30 $19,924.36 $17,823.22
2/28/98 $16,849.30 $26,764.23 $20,770.34 $18,557.54
3/31/98 $17,299.18 $28,134.55 $21,434.16 $19,079.00
4/30/98 $17,311.29 $28,418.71 $21,606.92 $19,201.11
5/31/98 $17,081.05 $27,929.91 $21,476.42 $19,007.18
6/30/98 $17,369.72 $29,063.87 $22,087.21 $19,290.39
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------- --------------------------------------------
60% S&P 500/
40% Lehman Lipper Balanced One Five Since
Balanced Fund S&P 500 Gov't/Corp. Funds Average Year Years Inception
------------- ------- ----------- ------------- ---- ----- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Class K $17,368.80 $29,063.87 $22,087.21 $19,290.39 15.86% 11.45% 11.18%
</TABLE>
Growth & Income Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
Lipper Equity Income
Class K S&P 500 Funds Average
------- ------- --------------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 $10,090.00 $10,328.00 $10,263.00
8/31/94 $10,190.00 $10,750.00 $10,591.00
9/30/94 $10,130.00 $10,487.00 $10,400.00
10/31/94 $10,154.00 $10,723.00 $10,459.00
11/30/94 $9,902.00 $10,333.00 $10,058.00
12/31/94 $9,944.00 $10,486.00 $10,131.00
1/31/95 $10,239.00 $10,757.00 $10,323.00
2/28/95 $10,594.00 $11,176.00 $10,654.00
3/31/95 $10,796.00 $11,506.00 $10,909.00
4/30/95 $11,052.00 $11,844.00 $11,156.00
5/31/95 $11,442.00 $12,317.00 $11,491.00
6/30/95 $11,502.00 $12,602.00 $11,643.00
7/31/95 $11,657.00 $13,020.00 $11,970.00
8/31/95 $11,709.00 $13,053.00 $12,102.00
9/30/95 $12,221.00 $13,603.00 $12,501.00
10/31/95 $12,242.00 $13,555.00 $12,363.00
11/30/95 $12,825.00 $14,149.00 $12,890.00
12/31/95 $13,321.00 $14,422.00 $13,209.00
1/31/96 $13,648.00 $14,912.00 $13,516.00
2/29/96 $13,606.00 $15,051.00 $13,635.00
3/31/96 $13,750.00 $15,195.00 $13,818.00
4/30/96 $13,633.00 $15,419.00 $13,987.00
5/31/96 $13,782.00 $15,816.00 $14,213.00
6/30/96 $13,914.00 $15,877.00 $14,232.00
7/31/96 $13,445.00 $15,176.00 $13,709.00
8/30/96 $13,765.00 $15,497.00 $14,065.00
9/30/96 $14,322.00 $16,368.00 $14,601.00
10/31/96 $14,740.00 $16,819.00 $14,932.00
11/30/96 $15,577.00 $18,089.00 $15,777.00
12/31/96 $15,433.00 $17,731.00 $15,693.00
1/31/97 $16,000.00 $18,838.00 $16,285.00
2/28/97 $16,325.00 $18,986.00 $16,464.00
3/31/97 $15,884.00 $18,208.00 $15,954.00
4/30/97 $16,350.00 $19,294.00 $16,421.00
5/31/97 $17,188.00 $20,473.00 $17,372.00
6/30/97 $17,826.00 $21,383.00 $18,016.00
7/31/97 $19,113.57 $23,085.09 $19,169.02
8/30/97 $18,375.79 $21,792.32 $18,618.87
9/30/97 $19,393.81 $22,986.54 $19,555.40
10/31/97 $19,147.51 $22,218.79 $18,970.70
11/30/97 $19,653.00 $23,247.52 $19,554.99
12/31/97 $20,376.23 $23,647.38 $20,018.45
1/31/98 $20,488.30 $23,909.86 $20,004.43
2/28/98 $21,420.52 $25,633.77 $21,126.68
3/31/98 $22,564.37 $26,946.21 $22,068.93
4/30/98 $22,340.99 $27,218.37 $22,073.35
5/31/98 $21,963.42 $26,750.21 $21,720.17
6/30/98 $21,923.89 $27,836.27 $21,854.84
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------- ------------------------------
Lipper Equity
Growth & Income Funds One Since
Income Fund S&P 500 Average Year Inception
----------- ------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $21,925.96 $27,836.27 $21,854.84 23.00% 21.75%
<FN>
- ---------
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
xvi
Index 500 Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
Lipper S&P 500
Class K S&P 500 Funds Average
------- ------- --------------
<S> <C> <C> <C>
12/7/92 $10,000.00 $10,000.00 $10,000.00
12/31/92 $10,017.00 $10,122.00 $10,120.00
1/31/93 $10,109.00 $10,207.00 $10,198.00
2/28/93 $10,243.00 $10,346.00 $10,335.00
3/31/93 $10,457.00 $10,564.00 $10,550.00
4/30/93 $10,201.00 $10,309.00 $10,288.00
5/31/93 $10,470.00 $10,584.00 $10,557.00
6/30/93 $10,497.00 $10,615.00 $10,582.00
7/31/93 $10,450.00 $10,572.00 $10,535.00
8/31/93 $10,839.00 $10,972.00 $10,927.00
9/30/93 $10,757.00 $10,888.00 $10,843.00
10/31/93 $10,980.00 $11,113.00 $11,063.00
11/30/93 $10,870.00 $11,007.00 $10,953.00
12/31/93 $10,998.00 $11,140.00 $11,082.00
1/31/94 $11,371.00 $11,519.00 $11,451.00
2/28/94 $11,050.00 $11,206.00 $11,132.00
3/31/94 $10,574.00 $10,718.00 $10,646.00
4/30/94 $10,698.00 $10,856.00 $10,782.00
5/31/94 $10,864.00 $11,033.00 $10,953.00
6/30/94 $10,597.00 $10,763.00 $10,682.00
7/31/94 $10,936.00 $11,116.00 $11,028.00
8/31/94 $11,372.00 $11,571.00 $11,472.00
9/30/94 $11,084.00 $11,288.00 $11,189.00
10/31/94 $11,338.00 $11,542.00 $11,438.00
11/30/94 $10,928.00 $11,122.00 $11,021.00
12/31/94 $11,089.00 $11,287.00 $11,181.00
1/31/95 $11,365.00 $11,579.00 $11,468.00
2/28/95 $11,813.00 $12,030.00 $11,909.00
3/31/95 $12,154.00 $12,384.00 $12,254.00
4/30/95 $12,508.00 $12,749.00 $12,609.00
5/31/95 $12,997.00 $13,257.00 $13,104.00
6/30/95 $13,288.00 $13,565.00 $13,402.00
7/31/95 $13,731.00 $14,015.00 $13,839.00
8/31/95 $13,760.00 $14,050.00 $13,871.00
9/30/95 $14,331.00 $14,642.00 $14,448.00
10/31/95 $14,283.00 $14,590.00 $14,396.00
11/30/95 $14,902.00 $15,230.00 $15,021.00
12/31/95 $15,187.00 $15,523.00 $15,303.00
1/31/96 $15,697.00 $16,051.00 $15,816.00
2/29/96 $15,809.00 $16,200.00 $15,955.00
3/31/96 $15,961.00 $16,356.00 $16,110.00
4/30/96 $16,197.00 $16,597.00 $16,343.00
5/31/96 $16,597.00 $17,024.00 $16,759.00
6/30/96 $16,660.00 $17,089.00 $16,822.00
7/31/96 $15,928.00 $16,335.00 $16,076.00
8/30/96 $16,248.00 $16,680.00 $16,407.00
9/30/96 $17,154.00 $17,618.00 $17,323.00
10/31/96 $17,630.00 $18,104.00 $17,798.00
11/30/96 $18,935.00 $19,471.00 $19,130.00
12/31/96 $18,550.00 $19,085.00 $18,747.00
1/31/97 $19,681.00 $20,277.00 $19,906.00
2/28/97 $19,828.00 $20,436.00 $20,057.00
3/31/97 $18,993.00 $19,598.00 $19,226.00
4/30/97 $20,117.00 $20,767.00 $20,364.00
5/31/97 $21,337.00 $22,037.00 $21,594.00
6/30/97 $22,290.00 $23,016.00 $22,555.00
7/31/97 $24,046.45 $24,848.07 $24,330.08
8/30/97 $22,695.04 $23,456.58 $22,970.03
9/30/97 $23,918.30 $24,742.00 $24,210.41
10/31/97 $23,117.04 $23,915.62 $23,399.36
11/30/97 $24,164.24 $25,022.91 $24,459.35
12/31/97 $24,582.28 $25,453.31 $24,865.38
1/31/98 $24,840.40 $25,735.84 $25,136.41
2/28/98 $26,601.58 $27,591.39 $26,928.63
3/31/98 $27,947.62 $29,004.07 $28,288.53
4/30/98 $28,229.89 $29,297.01 $28,560.10
5/31/98 $27,735.87 $28,907.36 $28,057.44
6/30/98 $28,848.08 $30,081.00 $29,185.35
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------- ------------------------------
Lipper
Index 500 S&P 500 One Five Since
Fund S&P 500 Funds Average Year Years Inception
---- ------- ------------- ---- ----- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $28,848.08 $29,958.09 $29,183.91 29.42% 22.39% 20.96%
</TABLE>
International Equity Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
FT/S&P Actuaries Lipper International
Class K World Index ex U.S. Funds Average
------- ------------------- --------------------
<S> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00
11/30/92 $10,134.00 $10,000.00 $10,000.00
12/31/92 $10,172.00 $10,031.43 $10,132.00
1/31/93 $10,044.00 $10,035.08 $10,172.00
2/28/93 $10,296.00 $10,375.68 $10,412.00
3/31/93 $10,634.00 $11,294.40 $11,013.00
4/30/93 $10,847.00 $12,340.30 $10,571.00
5/31/93 $11,050.00 $12,685.28 $11,819.00
6/30/93 $10,963.00 $12,374.65 $11,576.00
7/31/93 $11,331.00 $12,926.47 $11,929.00
8/31/93 $11,979.00 $13,534.57 $12,658.00
9/30/93 $11,882.00 $13,170.59 $12,575.00
10/31/93 $12,637.00 $13,522.88 $13,144.00
11/30/93 $12,250.00 $12,373.92 $12,644.00
12/31/93 $13,479.00 $13,259.03 $13,857.00
1/31/94 $13,856.00 $14,375.82 $14,699.00
2/28/94 $13,237.00 $14,353.90 $14,369.00
3/31/94 $12,231.00 $13,793.31 $13,721.00
4/30/94 $12,521.00 $14,364.13 $14,078.00
5/31/94 $12,628.00 $14,318.81 $14,052.00
6/30/94 $12,095.00 $14,492.03 $13,880.00
7/31/94 $12,657.00 $14,644.06 $14,283.00
8/31/94 $13,005.00 $14,994.88 $14,716.00
9/30/94 $12,618.00 $14,586.32 $14,345.00
10/31/94 $12,918.00 $15,052.62 $14,616.00
11/30/94 $12,453.00 $14,306.39 $13,923.00
12/31/94 $12,325.00 $14,367.78 $13,771.00
1/31/95 $11,741.00 $13,758.95 $13,113.00
2/28/95 $11,965.00 $13,650.78 $13,154.00
3/31/95 $12,296.00 $14,501.53 $13,589.00
4/30/95 $12,705.00 $15,082.59 $14,039.00
5/31/95 $12,891.00 $14,883.79 $14,171.00
6/30/95 $13,076.00 $14,615.55 $14,181.00
7/31/95 $13,690.00 $15,538.66 $14,956.00
8/31/95 $13,397.00 $14,973.69 $14,672.00
9/30/95 $13,758.00 $15,227.31 $14,911.00
10/31/95 $13,670.00 $14,829.70 $14,616.00
11/30/95 $13,738.00 $15,278.47 $14,791.00
12/31/95 $14,018.00 $15,869.02 $15,231.00
1/31/96 $14,156.00 $16,018.86 $15,566.00
2/29/96 $14,175.00 $16,007.16 $15,629.00
3/31/96 $14,372.00 $16,336.79 $15,892.00
4/30/96 $14,824.00 $16,858.65 $16,396.00
5/31/96 $14,745.00 $16,580.91 $16,348.00
6/30/96 $14,814.00 $16,662.04 $16,459.00
7/31/96 $14,333.00 $16,128.66 $15,862.00
8/30/96 $14,608.00 $16,222.91 $16,065.00
9/30/96 $14,873.00 $16,660.58 $16,412.00
10/31/96 $14,873.00 $16,513.72 $16,362.00
11/30/96 $15,452.00 $17,148.66 $17,095.00
12/31/96 $15,424.00 $16,899.51 $17,195.00
1/31/97 $15,258.00 $16,364.66 $17,122.00
2/28/97 $15,402.00 $16,674.46 $17,363.00
3/31/97 $15,336.00 $16,618.93 $17,420.00
4/30/97 $15,535.00 $16,718.30 $17,478.00
5/31/97 $16,707.00 $17,896.13 $18,509.00
6/30/97 $17,494.00 $18,814.57 $19,374.00
7/31/97 $17,849.65 $19,132.54 $19,902.91
8/30/97 $16,626.95 $17,699.51 $18,457.96
9/30/97 $17,449.99 $18,644.66 $19,596.81
10/31/97 $16,116.81 $17,186.65 $18,119.22
11/30/97 $15,794.47 $16,934.01 $17,950.71
12/31/97 $15,908.19 $17,032.22 $18,099.70
1/31/98 $16,425.21 $17,732.25 $18,525.04
2/28/98 $17,665.31 $18,877.75 $19,747.69
3/31/98 $18,315.39 $19,478.06 $20,756.80
4/30/98 $18,471.07 $19,577.40 $21,041.17
5/31/98 $18,206.94 $19,428.61 $21,062.21
6/30/98 $18,236.07 $19,337.30 $20,900.03
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------- ------------------------------
FT/S&P
International Actuaries Lipper
Equity World Index International One Five Since
Fund ex U.S. Funds Average Year Years Inception
------------- ----------- ------------- ---- ----- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $18,234.75 $19,347.02 $20,656.12 4.24% 10.71% 11.32%
<FN>
- ---------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that, an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends. The 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 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.
</TABLE>
xvii
<PAGE>
Micro-Cap Equity Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Wilshire Micro-Cap Lipper Micro-Cap
Class K Index Fund Average
------- ---------------- ------------
<S> <C> <C> <C>
12/31/96 $10,000.00 $10,000.00 $10,000.00
1/31/97 $10,464.00 $10,474.00 $10,421.00
2/28/97 $10,781.00 $10,253.00 $10,107.00
3/31/97 $10,010.00 $9,788.00 $9,494.00
4/30/97 $9,664.00 $9,474.00 $9,204.00
5/31/97 $11,117.00 $10,382.00 $10,343.00
6/30/97 $12,681.00 $11,052.00 $11,146.00
7/31/97 $14,491.21 $11,620.07 $11,936.25
8/30/97 $15,856.28 $12,119.74 $12,585.58
9/30/97 $17,844.66 $13,252.93 $13,784.99
10/31/97 $17,746.52 $12,791.73 $13,294.24
11/30/97 $17,478.55 $12,546.13 $13,066.91
12/31/97 $17,148.20 $12,419.41 $12,885.28
1/31/98 $16,890.98 $12,331.23 $12,748.70
2/28/98 $18,145.98 $13,083.44 $13,653.86
3/31/98 $18,793.79 $13,724.53 $14,419.84
4/30/98 $18,711.10 $14,016.86 $14,664.97
5/31/98 $17,537.91 $13,328.63 $13,861.33
6/30/98 $17,487.05 $13,265.99 $13,825.29
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------- ------------------------------
Wilshire Lipper
Micro-Cap Micro-Cap Micro-Cap One Since
Equity Fund Index Funds Average Year Inception
----------- ----- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $17,487.05 $13,265.71 $13,813.52 37.90% 45.10%
</TABLE>
Mid-Cap Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
S&P 400 Lipper Mid-Cap
Class K Mid-Cap Index Funds Average
------- ------------- -------------
<S> <C> <C> <C>
10/2/95 $10,000.00 $10,000.00 $10,000.00
10/31/95 $9,753.00 $9,742.70 $9,756.00
11/30/95 $9,953.00 $10,168.21 $10,101.00
12/31/95 $10,209.00 $10,142.00 $10,178.00
1/31/96 $10,180.00 $10,290.00 $10,251.00
2/29/96 $10,598.00 $10,639.00 $10,611.00
3/31/96 $10,693.00 $10,767.00 $10,798.00
4/30/96 $11,396.00 $11,096.00 $11,352.00
5/31/96 $11,643.00 $11,246.00 $11,678.00
6/30/96 $10,978.00 $11,077.00 $11,344.00
7/31/96 $10,038.00 $10,328.00 $10,457.00
8/30/96 $10,817.00 $10,924.00 $11,054.00
9/30/96 $11,880.00 $11,400.00 $11,707.00
10/31/96 $11,425.00 $11,433.00 $11,563.00
11/30/96 $11,519.00 $12,077.00 $12,076.00
12/31/96 $11,405.00 $12,090.00 $12,031.00
1/31/97 $11,722.00 $12,544.00 $12,412.00
2/28/97 $11,246.00 $12,441.00 $12,046.00
3/31/97 $9,786.00 $11,911.00 $11,420.00
4/30/97 $9,585.00 $12,220.00 $11,595.00
5/31/97 $10,886.00 $13,288.00 $12,733.00
6/30/97 $11,077.00 $13,667.00 $13,216.00
7/31/97 $12,251.38 $15,020.03 $14,279.89
8/30/97 $12,198.70 $15,002.01 $14,227.05
9/30/97 $13,097.75 $15,864.62 $15,133.32
10/31/97 $12,103.63 $15,174.51 $14,423.56
11/30/97 $12,040.69 $15,399.10 $14,417.79
12/31/97 $11,344.74 $15,996.58 $14,608.11
1/31/98 $10,900.02 $15,692.65 $14,381.68
2/28/98 $11,789.47 $16,993.57 $15,632.89
3/31/98 $12,158.48 $17,759.98 $16,359.82
4/30/98 $12,266.69 $18,084.98 $16,503.79
5/31/98 $11,529.46 $17,271.16 $15,706.65
6/30/98 $11,615.93 $17,379.97 $16,113.45
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------- ----------------------------
Lipper
Mid-Cap S&P 400 Mid-Cap One Since
Growth Fund Mid-Cap Index Funds Average Year Inception
----------- ------------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $11,614.17 $17,377.22 $16,152.39 4.85% 5.60%
<FN>
- ---------
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
xviii
<PAGE>
Multi-Season Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Growth
Class K S&P 500 Funds Average
------- ------- -------------
<S> <C> <C> <C>
6/23/95 $10,000.00 $10,000.00 $10,000.00
6/30/95 $9,852.00 $10,000.00 $10,000.00
7/31/95 $10,189.00 $10,331.00 $10,484.71
8/31/95 $10,164.00 $10,357.00 $10,565.00
9/30/95 $10,598.00 $10,794.00 $10,869.00
10/31/98 $10,607.00 $10,755.00 $10,703.00
11/30/95 $11,221.00 $11,227.00 $11,075.00
12/31/95 $11,240.00 $11,443.00 $11,105.00
1/31/95 $11,714.00 $11,832.00 $11,348.00
2/29/96 $11,883.00 $11,942.00 $11,604.00
3/31/96 $11,958.00 $12,057.00 $11,702.00
4/30/96 $12,144.00 $12,235.00 $12,081.00
5/31/96 $12,382.00 $12,550.00 $12,398.00
6/30/96 $12,568.00 $12,598.00 $12,227.00
7/31/96 $12,059.00 $12,042.00 $11,500.00
8/31/96 $12,390.00 $12,296.00 $11,901.00
9/30/96 $13,250.00 $12,988.00 $12,585.00
10/31/96 $13,369.00 $13,346.00 $12,675.00
11/30/96 $14,182.00 $14,353.00 $13,438.00
12/31/96 $13,750.00 $14,069.00 $13,234.00
1/31/97 $14,258.00 $14,948.00 $13,918.00
2/28/97 $14,267.00 $15,065.00 $13,706.00
3/31/97 $13,652.00 $14,447.00 $13,070.00
4/30/97 $14,329.00 $15,309.00 $13,570.00
5/31/97 $15,380.00 $16,245.00 $14,563.00
6/30/97 $16,030.00 $16,967.00 $15,130.00
7/31/97 $17,259.02 $18,317.57 $16,402.43
8/30/97 $16,421.96 $17,291.79 $15,857.87
9/30/97 $17,392.50 $18,239.38 $16,741.16
10/31/97 $16,964.64 $17,630.18 $16,106.67
11/30/97 $17,356.52 $18,446.46 $16,377.26
12/31/97 $17,901.52 $18,763.74 $16,532.84
1/31/98 $17,704.60 $18,972.02 $16,610.55
2/28/98 $19,276.77 $20,339.90 $17,864.64
3/31/98 $20,155.79 $21,381.30 $18,657.83
4/30/98 $20,137.65 $21,597.25 $18,879.86
5/31/98 $19,547.62 $21,225.78 $18,326.68
6/30/98 $20,044.13 $22,087.55 $18,991.94
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------- ----------------------------
Multi-Season Lipper Growth One Since
Growth Fund S&P 500 Funds Average Year Inception
----------- ------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $20,044.96 $22,087.55 $18,991.94 25.05% 25.87%
</TABLE>
Real Estate Equity Investment Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Real Estate
Class K NAREIT Funds Average
------- ------ -------------
<S> <C> <C> <C>
10/3/96 $10,000.00 $10,000.00 $10,000.00
10/31/96 $10,149.00 $10,297.00 $10,191.00
11/30/96 $10,640.00 $10,767.00 $10,641.00
12/31/96 $11,674.00 $11,885.00 $11,602.00
1/31/97 $11,798.00 $12,018.00 $11,798.00
2/28/97 $11,737.00 $11,994.00 $11,832.00
3/31/97 $11,809.00 $11,969.00 $11,797.00
4/30/97 $11,385.00 $11,641.00 $11,383.00
5/31/97 $11,629.00 $11,983.00 $11,786.00
6/30/97 $12,311.00 $12,566.00 $12,429.00
7/31/97 $12,864.13 $12,954.29 $12,974.63
8/30/97 $12,826.83 $12,923.20 $12,913.65
9/30/97 $14,115.92 $14,051.39 $14,114.62
10/31/97 $13,604.93 $13,672.01 $13,654.49
11/30/97 $13,781.79 $13,967.32 $13,818.34
12/31/97 $14,246.24 $14,296.95 $14,183.14
1/31/98 $14,061.04 $14,221.18 $14,004.44
2/28/98 $13,784.03 $13,979.42 $13,975.03
3/31/98 $14,135.53 $14,229.65 $14,297.85
4/30/98 $13,680.36 $13,765.76 $13,900.37
5/31/98 $13,535.35 $13,669.40 $13,702.98
6/30/98 $13,408.12 $13,576.45 $13,563.21
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------------ ----------------------------
Real Estate Lipper
Equity Real Estate One Since
Investment Fund NAREIT Funds Average Year Inception
--------------- ------ ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $13,409.69 $13,577.56 $13,552.58 8.92% 18.34%
<FN>
- ---------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Wilshire Micro-Cap Index consists of all issues in the Wilshire 5000
index that rank below the 2,501st company based on size. The Wilshire 5000
index contains all publicly traded U.S. stocks, but excludes REITs and
limited partnerships. The S&P 400 MidCap Index is a capitalization-weighted
index that measures the performance of the mid-range sector of the U.S. stock
market where the median market capitalization is approximately $700 million.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends. National Association of Real Estate Investment
Trusts ("NAREIT") are equity real estate investment trusts which are defined
as those which derive more than 75% of their income from equity investments
in real estate assets. The NAREIT equity index includes all tax qualified
real estate investment trusts listed on the New York Stock Exchange, the
American Stock Exchange or the NASDAQ National Market System.
</TABLE>
xix
<PAGE>
Small-Cap Value Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Small Company
Class K Russell 2000 Growth Funds Average
------- ------------ --------------------
<S> <C> <C> <C>
12/31/96 $10,000.00 $10,000.00 $10,000.00
1/31/97 $10,833.00 $10,200.00 $10,249.00
2/28/97 $10,833.00 $9,952.00 $9,818.00
3/31/97 $10,456.00 $9,483.00 $9,314.00
4/30/97 $10,446.00 $9,509.00 $9,250.00
5/31/97 $11,280.00 $10,567.00 $10,357.00
6/30/97 $11,985.00 $11,020.00 $10,899.00
7/31/97 $12,771.34 $11,532.43 $11,578.01
8/30/97 $13,418.84 $11,796.52 $11,789.89
9/30/97 $14,685.58 $12,660.03 $12,683.56
10/31/97 $14,206.83 $12,104.25 $12,120.41
11/30/97 $14,097.44 $12,025.58 $11,942.24
12/31/97 $14,417.45 $12,236.02 $12,042.55
1/31/98 $14,166.59 $12,042.69 $11,835.42
2/28/98 $14,951.42 $12,932.65 $12,756.22
3/31/98 $15,594.33 $13,465.47 $13,349.38
4/30/98 $15,834.48 $13,539.53 $13,458.85
5/31/98 $15,049.09 $12,809.75 $12,699.77
6/30/98 $14,925.69 $12,836.65 $12,800.10
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------ ------------------------------
Lipper Small
Small-Cap Company Growth One Since
Value Fund Russell 2000 Funds Average Year Inception
---------- ------------ ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $14,924.62 $12,838.30 $13,665.59 24.53% 30.63%
</TABLE>
Small Company Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Small Company
Class K Russell 2000 Growth Funds Average
------- ------------ --------------------
<S> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00
11/30/92 $10,187.00 $10,000.00 $10,000.00
12/31/92 $10,438.00 $10,348.00 $10,333.00
1/31/93 $10,739.00 $10,698.00 $10,574.00
2/28/93 $10,325.00 $10,451.00 $10,210.00
3/31/93 $10,731.00 $10,790.00 $10,570.00
4/30/93 $10,089.00 $10,494.00 $10,234.00
5/31/93 $10,511.00 $10,958.00 $10,775.00
6/30/93 $10,568.00 $11,027.00 $10,857.00
7/31/93 $10,552.00 $11,179.00 $10,926.00
8/31/93 $10,990.00 $11,662.00 $11,463.00
9/30/93 $11,412.00 $11,991.00 $11,828.00
10/31/93 $11,510.00 $12,300.00 $12,013.00
11/30/93 $11,080.00 $11,895.00 $11,623.00
12/31/93 $11,810.00 $12,302.00 $12,108.00
1/31/94 $11,777.00 $12,687.00 $12,432.00
2/28/94 $11,885.00 $12,641.00 $12,421.00
3/31/94 $11,157.00 $11,974.00 $11,765.00
4/30/94 $11,281.00 $12,045.00 $11,762.00
5/31/94 $10,983.00 $11,910.00 $11,557.00
6/30/94 $10,355.00 $11,505.00 $11,130.00
7/31/94 $10,529.00 $11,694.00 $11,332.00
8/31/94 $11,364.00 $12,346.00 $12,013.00
9/30/94 $11,455.00 $12,305.00 $12,061.00
10/31/94 $11,662.00 $12,256.00 $12,208.00
11/30/94 $11,050.00 $11,761.00 $11,759.00
12/31/94 $11,487.00 $12,077.00 $12,020.00
1/31/95 $11,098.00 $11,925.00 $11,891.00
2/28/95 $11,503.00 $12,421.00 $12,394.00
3/31/95 $11,926.00 $12,635.00 $12,717.00
4/30/95 $11,735.00 $12,916.00 $12,877.00
5/31/95 $11,909.00 $13,138.00 $13,077.00
6/30/95 $12,655.00 $13,819.00 $13,842.00
7/31/95 $13,789.00 $14,615.00 $14,865.00
8/31/95 $13,822.00 $14,918.00 $15,107.00
9/30/95 $14,303.00 $15,184.00 $15,514.00
10/31/95 $14,187.00 $14,505.00 $15,028.00
11/30/95 $14,609.00 $15,115.00 $15,580.00
12/31/95 $14,892.00 $15,513.00 $15,769.00
1/31/96 $15,007.00 $15,497.00 $15,669.00
2/29/96 $15,595.00 $15,980.00 $16,316.00
3/31/96 $16,574.00 $16,305.00 $16,709.00
4/30/96 $18,105.00 $17,177.00 $17,896.00
5/31/96 $19,093.00 $17,854.00 $18,582.00
6/30/96 $18,764.00 $17,121.00 $17,860.00
7/31/96 $16,859.00 $15,626.00 $16,298.00
8/30/96 $17,909.00 $16,533.00 $17,293.00
9/30/96 $19,298.00 $17,179.00 $18,194.00
10/31/96 $18,942.00 $16,914.00 $17,816.00
11/30/96 $19,805.00 $17,611.00 $18,378.00
12/31/96 $20,385.00 $18,073.00 $18,599.00
1/31/97 $20,581.00 $18,434.00 $19,074.00
2/28/97 $19,456.00 $17,987.00 $18,302.00
3/31/97 $17,990.00 $17,138.00 $17,342.00
4/30/97 $17,990.00 $17,186.00 $17,278.00
5/31/97 $20,591.00 $19,098.00 $19,293.00
6/30/97 $22,315.00 $19,917.00 $20,254.00
7/31/97 $23,687.82 $20,843.14 $21,515.82
8/30/97 $24,194.74 $21,320.45 $21,909.56
9/30/97 $27,032.78 $22,881.11 $23,570.31
10/31/97 $25,618.97 $21,876.62 $22,523.79
11/30/97 $24,855.52 $21,734.43 $22,192.69
12/31/97 $25,539.05 $22,114.78 $22,379.11
1/31/98 $24,673.27 $21,765.37 $21,994.19
2/28/98 $26,143.80 $23,373.83 $23,705.33
3/31/98 $27,262.76 $24,336.83 $24,807.63
4/30/98 $27,350.00 $24,470.68 $25,011.05
5/31/98 $25,151.06 $23,151.71 $23,600.43
6/30/98 $25,075.60 $23,200.33 $23,786.87
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------- ----------------------------
Lipper Small
Small Company Company Growth One Five Since
Growth Fund Russell 2000 Funds Average Year Years Inception
----------- ------------ ------------- ---- ----- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $25,072.98 $23,203.09 $25,394.05 12.36% 18.86% 17.83%
<FN>
- ---------
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
xx
<PAGE>
Value Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Growth &
Class K S&P/BARRA Value Index Income Funds Average
------- --------------------- --------------------
<S> <C> <C> <C>
11/30/95 $10,000.00 $10,000.00 $10,000.00
12/31/95 $9,906.00 $10,277.00 $10,165.00
1/31/96 $10,258.00 $10,584.00 $10,440.00
2/29/96 $10,461.00 $10,683.00 $10,584.00
3/31/96 $10,649.00 $10,933.00 $10,728.00
4/30/96 $10,751.00 $11,045.00 $10,910.00
5/31/96 $10,881.00 $11,211.00 $11,118.00
6/30/96 $10,733.00 $11,158.00 $11,079.00
7/31/96 $10,288.00 $10,687.00 $10,604.00
8/30/96 $10,714.00 $10,982.00 $10,906.00
9/30/96 $11,143.00 $11,452.00 $11,409.00
10/31/96 $11,394.00 $11,841.00 $11,629.00
11/30/96 $12,240.00 $12,746.00 $12,398.00
12/31/96 $12,484.00 $12,537.00 $12,264.00
1/31/97 $13,235.00 $13,115.00 $12,806.00
2/28/97 $12,947.00 $13,211.00 $12,872.00
3/31/97 $12,565.00 $12,759.00 $12,405.00
4/30/97 $12,699.00 $13,238.00 $12,870.00
5/31/97 $13,688.00 $14,068.00 $13,675.00
6/30/97 $14,422.00 $14,605.00 $14,214.00
7/31/97 $15,608.35 $15,773.40 $15,260.15
8/30/97 $15,330.53 $15,060.44 $14,750.46
9/30/97 $16,455.79 $15,942.98 $15,498.31
10/31/97 $15,837.05 $15,357.88 $14,954.32
11/30/97 $16,001.75 $15,943.01 $15,355.09
12/31/97 $16,497.81 $16,296.95 $15,616.13
1/31/98 $16,275.09 $16,096.49 $15,625.50
2/28/98 $17,425.74 $17,303.73 $16,691.16
3/31/98 $18,199.44 $18,181.03 $17,427.24
4/30/98 $18,388.71 $18,395.57 $17,547.49
5/31/98 $17,963.93 $18,136.19 $17,182.50
6/30/98 $18,150.76 $18,274.02 $17,472.88
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------- ----------------------------
Lipper Growth
S&P/BARRA & Income One Since
Value Fund Value Index Funds Average Year Inception
---------- ----------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $18,148.60 $18,274.02 $17,472.88 25.84% 25.95%
</TABLE>
Framlington Emerging Markets Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
MSCI Emerging Lipper Emerging Markets
Class K Markets Index Funds Average
------- ------------- -----------------------
<S> <C> <C> <C>
1/10/97 $10,000.00 $10,000.00 $10,000.00
1/31/97 $10,526.80 $10,651.00 $10,798.00
2/28/97 $10,914.50 $11,081.30 $11,191.05
3/31/97 $10,984.14 $10,809.81 $10,957.15
4/30/97 $11,262.47 $10,886.56 $11,025.09
5/31/97 $11,988.12 $11,155.46 $11,471.60
6/30/97 $12,869.48 $11,800.24 $12,107.13
7/31/97 $13,188.26 $12,015.01 $12,467.92
8/30/97 $12,978.57 $10,627.27 $11,340.82
9/30/97 $13,387.39 $10,708.04 $11,794.46
10/31/97 $11,444.88 $8,950.85 $9,996.98
11/30/97 $10,996.24 $8,624.14 $9,637.09
12/31/97 $11,217.27 $8,831.99 $9,783.57
1/31/98 $9,927.28 $8,139.56 $9,078.18
2/28/98 $11,012.33 $8,989.33 $9,886.14
3/31/98 $11,431.90 $9,379.47 $10,260.82
4/30/98 $11,534.79 $9,277.23 $10,351.12
5/31/98 $10,276.34 $8,006.25 $9,027.21
6/30/98 $9,223.02 $7,166.39 $8,219.27
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------------------- ----------------------------
Framlington Lipper Emerging
Emerging MSCI Emerging Markets One Since
Markets Fund Markets Index Funds Average Year Inception
------------ ------------- ---------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $9,222.21 $7,166.39 $8,219.27 (28.34)% (5.35)%
<FN>
- ---------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The 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 S&P 500/BARRA Value Index is a
capitalization-weighted index of all the stocks in the S&P 500 that have low
price-to-book ratios. Figures for the Morgan Stanley (MSCI) Emerging Markets
Index, an unmanaged index used to protray the pattern of common stock price
movement in Europe, Australia, New Zealand and countries in the Far East,
include gross reinvestment of dividends.
</TABLE>
xxi
<PAGE>
Framlington Healthcare Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
S&P Healthcare Lipper Health/Biotechnology
Class K Composite Funds Average
------- -------------- ---------------------------
<S> <C> <C> <C>
4/1/97 $10,000.00 $10,000.00 $10,000.00
4/30/97 $9,555.60 $10,819.00 $9,989.00
5/31/97 $10,888.89 $11,481.12 $11,028.85
6/30/97 $11,523.82 $12,582.16 $11,597.94
7/31/97 $11,767.21 $12,827.51 $11,985.32
8/30/97 $11,756.62 $11,788.49 $11,691.67
9/30/97 $13,047.49 $12,471.04 $12,742.76
10/31/97 $12,370.33 $12,600.74 $12,346.46
11/30/97 $12,317.14 $13,135.01 $12,335.34
12/31/97 $12,296.20 $13,711.64 $12,380.99
1/31/98 $12,507.69 $14,668.71 $12,602.61
2/28/98 $13,311.94 $15,490.16 $13,371.36
3/31/98 $13,682.01 $16,032.31 $13,832.68
4/30/98 $13,650.54 $16,410.67 $13,879.71
5/31/98 $12,815.13 $16,093.95 $13,364.77
6/30/98 $12,497.31 $17,270.42 $13,583.95
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------- ----------------------------
Framlington Lipper Health/
Healthcare S&P Healthcare Biotechnology One Since
Fund Composite Funds Average Year Inception
----------- --------------- -------------- ---- ----------
<S> <C> <C> <C> <C> <C>
Class K $12,497.35 $17,270.42 $13,583.95 8.45% 19.54%
</TABLE>
Framlington International Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper International
Class K MSCI EAFE Index Funds Average
------- --------------- --------------------
<S> <C> <C> <C>
1/10/97 $10,000.00 $10,000.00 $10,000.00
1/31/97 $10,070.90 $9,650.00 $9,967.00
2/28/97 $10,202.63 $9,814.05 $10,107.53
3/31/97 $10,121.62 $9,852.32 $10,129.77
4/30/97 $10,162.10 $9,906.51 $10,150.03
5/31/97 $10,901.70 $10,553.41 $10,750.91
6/30/97 $11,499.44 $11,138.07 $11,248.68
7/31/97 $11,681.82 $11,320.73 $11,555.77
8/30/97 $10,922.51 $10,477.34 $10,716.82
9/30/97 $11,469.72 $11,066.16 $11,378.05
10/31/97 $10,587.70 $10,218.49 $10,520.14
11/30/97 $10,324.07 $10,116.31 $10,422.31
12/31/97 $10,339.55 $10,207.36 $10,508.81
1/31/98 $10,889.62 $10,676.89 $10,755.77
2/28/98 $11,602.89 $11,364.49 $11,465.65
3/31/98 $12,010.15 $11,716.79 $12,051.54
4/30/98 $12,162.68 $11,811.69 $12,216.65
5/31/98 $12,234.44 $11,757.36 $12,228.87
6/30/98 $12,142.68 $11,849.07 $12,134.70
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------------- ----------------------------
Framlington Lipper
International MSCI EAFE International One Since
Growth Fund Index Funds Average Year Inception
------------- --------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $12,143.19 $11,849.07 $12,134.70 5.60% 14.11%
<FN>
- ---------
Please refer to the preceding and following pages for additional information
on performance and index description.
</TABLE>
xxii
<PAGE>
Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Corp Debt A
Class K Lehman Gov't/Corp Bond Index Rated Funds Average
------- --------------------------- -------------------
<S> <C> <C> <C>
11/23/92 $10,000.00 $10,000.00 $10,000.00
11/30/92 $9,959.00 $10,000.00 $10,000.00
12/31/92 $10,098.00 $10,171.13 $10,168.00
1/31/93 $10,298.00 $10,392.00 $10,389.00
2/28/93 $10,524.00 $10,608.00 $10,625.00
3/31/93 $10,608.00 $10,644.00 $10,662.00
4/30/93 $10,690.00 $10,725.00 $10,731.00
5/31/93 $10,656.00 $10,720.00 $10,733.00
6/30/93 $10,890.00 $10,963.00 $10,977.00
7/31/93 $10,948.00 $11,033.00 $11,063.00
8/31/93 $11,204.00 $11,286.00 $11,324.00
9/30/93 $11,261.00 $11,326.00 $11,358.00
10/31/93 $11,329.00 $11,372.00 $11,412.00
11/30/93 $11,193.00 $11,244.00 $11,257.00
12/31/93 $11,226.00 $11,293.00 $11,315.00
1/31/94 $11,395.00 $11,463.00 $11,489.00
2/28/94 $11,115.00 $11,213.00 $11,231.00
3/31/94 $10,850.00 $10,939.00 $10,928.00
4/30/94 $10,761.00 $10,848.00 $10,812.00
5/31/94 $10,761.00 $10,828.00 $10,776.00
6/30/94 $10,726.00 $10,803.00 $10,739.00
7/31/94 $10,886.00 $11,019.00 $10,933.00
8/31/94 $10,895.00 $11,023.00 $10,934.00
9/30/94 $10,747.00 $10,856.00 $10,763.00
10/31/94 $10,713.00 $10,844.00 $10,735.00
11/30/94 $10,684.00 $10,825.00 $10,713.00
12/31/94 $10,749.00 $10,896.00 $10,795.00
1/31/95 $10,932.00 $11,106.00 $10,985.00
2/28/95 $11,163.00 $11,363.00 $11,237.00
3/31/95 $11,225.00 $11,439.00 $11,318.00
4/30/95 $11,369.00 $11,599.00 $11,475.00
5/31/95 $11,784.00 $12,085.00 $11,953.00
6/30/95 $11,865.00 $12,182.00 $12,031.00
7/31/95 $11,854.00 $12,135.00 $11,979.00
8/31/95 $11,990.00 $12,290.00 $12,144.00
9/30/95 $12,097.00 $12,415.00 $12,274.00
10/31/95 $12,269.00 $12,597.00 $12,451.00
11/30/95 $12,440.00 $12,805.00 $12,646.00
12/31/95 $12,628.00 $12,993.00 $12,844.00
1/31/96 $12,701.00 $13,074.00 $12,902.00
2/29/96 $12,445.00 $12,797.00 $12,613.00
3/31/96 $12,365.00 $12,689.00 $12,513.00
4/30/96 $12,272.00 $12,602.00 $12,417.00
5/31/96 $12,243.00 $12,581.00 $12,394.00
6/30/96 $12,381.00 $12,749.00 $12,549.00
7/31/96 $12,406.00 $12,779.00 $12,601.00
8/30/96 $12,364.00 $12,748.00 $12,570.00
9/30/96 $12,572.00 $12,974.00 $12,798.00
10/31/96 $12,834.00 $13,277.00 $13,098.00
11/30/96 $13,072.00 $13,522.00 $13,357.00
12/31/96 $12,939.00 $13,371.00 $13,210.00
1/31/97 $12,941.00 $13,387.00 $13,232.00
2/28/97 $12,963.00 $13,415.00 $13,274.00
3/31/97 $12,809.00 $13,256.00 $13,096.00
4/30/97 $12,985.00 $13,449.00 $13,277.00
5/31/97 $13,079.00 $13,575.00 $13,395.00
6/30/97 $13,214.00 $13,738.00 $13,571.00
7/31/97 $13,597.21 $14,158.38 $13,988.99
8/30/97 $13,454.44 $13,999.81 $13,822.52
9/30/97 $13,632.03 $14,219.61 $14,039.53
10/31/97 $13,867.87 $14,447.12 $14,222.05
11/30/97 $13,924.73 $14,523.69 $14,283.20
12/31/97 $14,050.05 $14,676.19 $14,420.32
1/31/98 $14,248.15 $14,883.12 $14,603.46
2/28/98 $14,219.66 $14,853.36 $14,574.25
3/31/98 $14,249.52 $14,899.40 $14,620.89
4/30/98 $14,322.19 $14,973.90 $14,683.76
5/31/98 $14,481.17 $15,134.12 $14,836.47
6/30/98 $14,610.05 $15,288.49 $14,961.09
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------------- ----------------------------
Lehman Lipper Corp
Gov't/Corp Debt A Rated One Five Since
Bond Fund Bond Index Funds Average Year Years Inception
--------- ---------- ------------- ---- ----- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $14,610.05 $15,288.49 $14,961.09 10.57% 6.03% 6.98%
</TABLE>
Intermediate Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lehman Int. Gov't/Corp Lipper Short Invt. Grade Debt
Class K Bond Index Funds Average
------- --------------------- -----------------------------
<S> <C> <C> <C>
11/20/92 $10,000.00 $10,000.00 $10,000.00
11/30/92 $9,961.00 $10,000.00 $10,000.00
12/31/92 $10,069.00 $10,130.00 $10,075.00
1/31/93 $10,241.00 $10,327.00 $10,182.00
2/28/93 $10,415.00 $10,490.00 $10,277.00
3/31/93 $10,461.00 $10,532.00 $10,314.00
4/30/93 $10,537.00 $10,617.00 $10,371.00
5/31/93 $10,502.00 $10,593.00 $10,375.00
6/30/93 $10,660.00 $10,759.00 $10,452.00
7/31/93 $10,695.00 $10,786.00 $10,490.00
8/31/93 $10,864.00 $10,957.00 $10,578.00
9/30/93 $10,910.00 $11,002.00 $10,611.00
10/31/93 $10,935.00 $11,032.00 $10,644.00
11/30/93 $10,835.00 $10,970.00 $10,642.00
12/31/93 $10,879.00 $11,020.00 $10,688.00
1/31/94 $11,004.00 $11,143.00 $10,761.00
2/28/94 $10,805.00 $10,978.00 $10,697.00
3/31/94 $10,594.00 $10,797.00 $10,623.00
4/30/94 $10,495.00 $10,723.00 $10,583.00
5/31/94 $10,495.00 $10,731.00 $10,595.00
6/30/94 $10,483.00 $10,732.00 $10,605.00
7/31/94 $10,595.00 $10,887.00 $10,684.00
8/31/94 $10,628.00 $10,921.00 $10,722.00
9/30/94 $10,520.00 $10,820.00 $10,711.00
10/31/94 $10,512.00 $10,819.00 $10,731.00
11/30/94 $10,481.00 $10,769.00 $10,713.00
12/31/94 $10,528.00 $10,808.00 $10,707.00
1/31/95 $10,675.00 $10,990.00 $10,807.00
2/28/95 $10,864.00 $11,218.00 $10,932.00
3/31/95 $10,920.00 $11,282.00 $10,989.00
4/30/95 $11,034.00 $11,421.00 $11,088.00
5/31/95 $11,359.00 $11,766.00 $11,272.00
6/30/95 $11,411.00 $11,845.00 $11,338.00
7/31/95 $11,405.00 $11,847.00 $11,373.00
8/31/95 $11,506.00 $11,955.00 $11,445.00
9/30/95 $11,590.00 $12,041.00 $11,507.00
10/31/95 $11,710.00 $12,176.00 $11,597.00
11/30/95 $11,863.00 $12,336.00 $11,690.00
12/31/95 $11,980.00 $12,465.00 $11,778.00
1/31/96 $12,060.00 $12,573.00 $11,869.00
2/29/96 $11,916.00 $12,425.00 $11,827.00
3/31/96 $11,835.00 $12,361.00 $11,820.00
4/30/96 $11,779.00 $12,317.00 $11,830.00
5/31/96 $11,751.00 $12,308.00 $11,852.00
6/30/96 $11,872.00 $12,439.00 $11,934.00
7/31/96 $11,895.00 $12,476.00 $11,990.00
8/30/96 $11,904.00 $12,486.00 $12,033.00
9/30/96 $12,053.00 $12,660.00 $12,143.00
10/31/96 $12,244.00 $12,884.00 $12,270.00
11/30/96 $12,395.00 $13,054.00 $12,372.00
12/31/96 $12,324.00 $12,970.00 $12,377.00
1/31/97 $12,371.00 $13,020.00 $12,437.00
2/28/97 $12,389.00 $13,045.00 $12,475.00
3/31/97 $12,290.00 $12,955.00 $12,464.00
4/30/97 $12,432.00 $13,107.00 $12,559.00
5/31/97 $12,522.00 $13,216.00 $12,642.00
6/30/97 $12,624.00 $13,337.00 $12,726.00
7/31/97 $12,849.09 $13,607.74 $12,929.62
8/30/97 $12,802.83 $13,539.70 $12,892.12
9/30/97 $12,916.77 $13,696.76 $13,019.75
10/31/97 $13,060.15 $13,848.80 $13,117.40
11/30/97 $13,083.66 $13,879.26 $13,143.64
12/31/97 $13,179.17 $13,990.30 $13,229.07
1/31/98 $13,322.82 $14,173.57 $13,374.59
2/28/98 $13,316.16 $14,162.23 $13,373.25
3/31/98 $13,349.45 $14,207.55 $13,424.07
4/30/98 $13,430.88 $14,278.59 $13,483.14
5/31/98 $13,522.21 $14,382.82 $13,568.08
6/30/98 $13,599.29 $14,474.87 $13,634.56
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------------- ----------------------------
Lehman Int. Lipper Short
Intermediate Gov't/Corp Invt. Grade Debt One Five Since
Bond Fund Bond Index Funds Average Year Years Inception
------------ ---------- ---------------- ---- ----- ---------
<S> <C> <C> <C> <C> <C> <C>
Class K $13,599.29 $14,474.87 $13,634.56 7.73% 4.97% 5.61%
<FN>
- ---------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The S&P Healthcare Composite is a capitalization-weighted index of all of the
stocks in the S&P 500 that are involved in the business of health care
related products or services. Figures for the Morgan Stanley (MSCI) EAFE
Index, an unmanaged index used to protray the pattern of common stock price
movement in Europe, Australia, New Zealand and countries in the Far East,
include 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.
</TABLE>
xxiii
<PAGE>
International Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Salomon Bros Non-US $ Lipper International Income
Class K World Gov't Bond Funds Average
------- -------------------- ---------------------------
<S> <C> <C> <C>
3/25/97 $10,000.00 $10,000.00 $10,000.00
3/31/97 $10,062.90 $9,884.00 $9,909.00
4/30/97 $9,895.15 $9,683.35 $9,826.76
5/31/97 $10,167.66 $10,039.70 $10,034.10
6/30/97 $10,303.91 $10,163.19 $10,151.50
7/31/97 $10,104.74 $9,897.93 $10,040.85
8/30/97 $10,104.74 $9,942.47 $10,051.89
9/30/97 $10,349.27 $10,184.07 $10,308.22
10/31/97 $10,506.58 $10,412.20 $10,379.34
11/30/97 $10,233.41 $10,145.65 $10,272.44
12/31/97 $10,112.65 $10,043.17 $10,245.73
1/31/98 $10,166.25 $10,111.47 $10,301.05
2/28/98 $10,337.04 $10,254.04 $10,428.79
3/31/98 $10,187.16 $10,084.85 $10,380.81
4/30/98 $10,379.69 $10,306.71 $10,535.49
5/31/98 $10,411.87 $10,290.22 $10,563.93
6/30/98 $10,386.99 $10,253.18 $10,529.07
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------------ ----------------------------
Solomon Bros. Lipper
International Non-US $ World International One Since
Bond Fund Gov't Bond Income Funds Year Inception
------------- -------------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $10,386.81 $10,253.18 $10,529.07 0.80% 3.03%
</TABLE>
U.S. Government Income Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper U.S. Gov't Grade
Class K Lehman Gov't/Corp Bond Index Debt Funds Average
------- --------------------------- -----------------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 $10,130.00 $10,199.00 $10,168.00
8/31/94 $10,126.00 $10,204.00 $10,165.00
9/30/94 $9,974.00 $10,049.00 $10,005.00
10/31/94 $9,951.00 $10,038.00 $9,977.00
11/30/94 $9,927.00 $10,020.00 $9,957.00
12/31/94 $9,989.00 $10,086.00 $10,030.00
1/31/95 $10,146.00 $10,280.00 $10,210.00
2/28/95 $10,368.00 $10,518.00 $10,440.00
3/31/95 $10,431.00 $10,589.00 $10,492.00
4/30/95 $10,555.00 $10,736.00 $10,621.00
5/31/95 $10,966.00 $11,186.00 $11,028.00
6/30/95 $11,047.00 $11,276.00 $11,095.00
7/31/95 $11,005.00 $11,232.00 $11,041.00
8/31/95 $11,135.00 $11,376.00 $11,178.00
9/30/95 $11,241.00 $11,491.00 $11,292.00
10/31/95 $11,391.00 $11,660.00 $11,453.00
11/30/95 $11,566.00 $11,852.00 $11,624.00
12/31/95 $11,707.00 $12,027.00 $11,795.00
1/31/96 $11,748.00 $12,102.00 $11,848.00
2/29/96 $11,541.00 $11,845.00 $11,582.00
3/31/96 $11,469.00 $11,746.00 $11,475.00
4/30/96 $11,392.00 $11,665.00 $11,385.00
5/31/96 $11,383.00 $11,645.00 $11,344.00
6/30/96 $11,525.00 $11,801.00 $11,477.00
7/31/96 $11,551.00 $11,829.00 $11,496.00
8/30/96 $11,542.00 $11,800.00 $11,455.00
9/30/96 $11,729.00 $12,009.00 $11,650.00
10/31/96 $12,001.00 $12,290.00 $11,909.00
11/30/96 $12,167.00 $12,516.00 $12,128.00
12/31/96 $12,044.00 $12,377.00 $11,987.00
1/31/97 $12,058.00 $12,391.00 $12,001.00
2/28/97 $12,105.00 $12,417.00 $12,015.00
3/31/97 $11,973.00 $12,270.00 $11,860.00
4/30/97 $12,155.00 $12,449.00 $12,038.00
5/31/97 $12,253.00 $12,565.00 $12,138.00
6/30/97 $12,388.00 $12,716.00 $12,281.00
7/31/97 $12,719.63 $13,105.11 $12,622.41
8/30/97 $12,594.97 $12,958.33 $12,487.35
9/30/97 $12,780.12 $13,161.78 $12,674.66
10/31/97 $12,969.27 $13,372.37 $12,871.12
11/30/97 $12,970.56 $13,443.24 $12,923.89
12/31/97 $13,095.08 $13,584.39 $13,057.01
1/31/98 $13,256.15 $13,775.93 $13,224.14
2/28/98 $13,232.29 $13,748.38 $13,192.40
3/31/98 $13,299.77 $13,791.00 $13,225.38
4/30/98 $13,329.03 $13,859.96 $13,278.28
5/31/98 $13,484.98 $14,008.26 $13,408.41
6/30/98 $13,590.17 $14,151.14 $13,530.43
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------- ----------------------------
Lehman Lipper U.S. Gov't
U.S. Gov't Gov't/Corp Grade Debt One Since
Income Fund Bond Index Funds Average Year Inception
----------- ---------- ---------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $13,590.04 $14,151.14 $13,530.43 9.70% 7.99%
<FN>
- ---------
Please refer to the preceding and following pages for additional information
on performance and index description.
</TABLE>
xxiv
<PAGE>
Michigan Triple Tax-Free Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart ]
<TABLE>
<CAPTION>
Lipper Michigan
Lehman Muni Bond Muni Debt
Class K 20 Year Index Funds Average
------- ---------------- ---------------
<S> <C> <C> <C>
1/3/94 $10,000.00 $10,000.00 $10,000.00
1/31/94 $10,050.00 $10,125.76 $10,123.00
2/28/94 $9,752.00 $9,824.74 $9,856.00
3/31/94 $9,268.00 $9,306.80 $9,451.00
4/30/94 $9,341.00 $9,383.06 $9,490.00
5/31/94 $9,408.00 $9,494.17 $9,575.00
6/30/94 $9,343.00 $9,399.00 $9,517.00
7/31/94 $9,518.00 $9,615.00 $9,687.00
8/31/94 $9,534.00 $9,641.00 $9,711.00
9/30/94 $9,382.00 $9,448.00 $9,561.00
10/31/94 $9,215.00 $9,199.00 $9,364.00
11/30/94 $9,040.00 $8,984.00 $9,176.00
12/31/94 $9,209.00 $9,266.00 $9,412.00
1/31/95 $9,483.00 $9,628.00 $9,698.00
2/28/95 $9,736.00 $9,978.00 $9,975.00
3/31/95 $9,833.00 $10,092.00 $10,043.00
4/30/95 $9,832.00 $10,090.00 $10,040.00
5/31/95 $10,130.00 $10,471.00 $10,343.00
6/30/95 $10,013.00 $10,310.00 $10,201.00
7/31/95 $10,068.00 $10,363.00 $10,265.00
8/31/95 $10,199.00 $10,506.00 $10,384.00
9/30/95 $10,295.00 $10,589.00 $10,447.00
10/31/95 $10,445.00 $10,814.00 $10,626.00
11/30/95 $10,630.00 $11,054.00 $10,827.00
12/31/95 $10,742.00 $11,209.00 $10,948.00
1/31/96 $10,809.00 $11,266.00 $11,004.00
2/29/96 $10,676.00 $11,138.00 $10,912.00
3/31/96 $10,474.00 $10,960.00 $10,739.00
4/30/96 $10,416.00 $10,917.00 $10,695.00
5/31/96 $10,393.00 $10,930.00 $10,696.00
6/30/96 $10,527.00 $11,084.00 $10,804.00
7/31/96 $10,651.00 $11,193.00 $10,904.00
8/30/96 $10,627.00 $11,176.00 $10,904.00
9/30/96 $10,808.00 $11,402.00 $11,052.00
10/31/96 $10,919.00 $11,538.00 $11,159.00
11/30/96 $11,141.00 $11,779.00 $11,349.00
12/31/96 $11,067.00 $11,709.00 $11,301.00
1/31/97 $11,072.00 $11,697.00 $11,296.00
2/28/97 $11,170.00 $11,822.00 $11,395.00
3/31/97 $10,988.00 $11,636.00 $11,251.00
4/30/97 $11,077.00 $11,765.00 $11,341.00
5/31/97 $11,246.00 $11,977.00 $11,498.00
6/30/97 $11,370.00 $12,127.00 $11,610.00
7/31/97 $11,754.31 $12,534.47 $11,936.24
8/30/97 $11,582.69 $12,380.29 $11,801.36
9/30/97 $11,732.11 $12,551.14 $11,934.72
10/31/97 $11,821.27 $12,642.76 $12,005.13
11/30/97 $11,893.38 $12,745.17 $12,073.56
12/31/97 $12,130.06 $12,977.13 $12,263.12
1/31/98 $12,241.66 $13,122.48 $12,367.35
2/28/98 $12,211.05 $13,113.29 $12,366.12
3/31/98 $12,206.17 $13,131.65 $12,372.30
4/30/98 $12,128.05 $13,064.68 $12,300.54
5/31/98 $12,353.63 $13,301.15 $12,494.89
6/30/98 $12,395.63 $13,361.00 $12,538.62
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------------------ ----------------------------
Michigan Lipper Michigan
Triple Tax-Free Lehman Muni Bond Muni Debt One Since
Bond Fund 20 Year Index Funds Average Year Inception
--------------- --------------- ---------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $12,394.94 $13,361.00 $12,538.62 9.02% 4.90%
</TABLE>
<PAGE>
Tax-Free Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart ]
<TABLE>
<CAPTION>
Lipper
Lehman Muni Bond Muni Debt
Class K 20 Year Index Funds Average
------- ---------------- -------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 $10,130.00 $10,229.00 $10,177.00
8/31/94 $10,168.00 $10,257.00 $10,202.00
9/30/94 $10,048.00 $10,052.00 $10,032.00
10/31/94 $9,946.00 $9,787.00 $9,838.00
11/30/94 $9,778.00 $9,558.00 $9,630.00
12/31/94 $9,965.00 $9,858.00 $9,868.00
1/31/95 $10,201.00 $10,244.00 $10,164.00
2/28/95 $10,464.00 $10,615.00 $10,466.00
3/31/95 $10,577.00 $10,737.00 $10,561.00
4/30/95 $10,583.00 $10,735.00 $10,561.00
5/31/95 $10,903.00 $11,140.00 $10,892.00
6/30/95 $10,787.00 $10,969.00 $10,769.00
7/31/95 $10,871.00 $11,026.00 $10,839.00
8/31/95 $10,997.00 $11,177.00 $10,957.00
9/30/95 $11,057.00 $11,266.00 $11,022.00
10/31/95 $11,203.00 $11,506.00 $11,192.00
11/30/95 $11,425.00 $11,760.00 $11,409.00
12/31/95 $11,548.00 $11,925.00 $11,539.00
1/31/96 $11,611.00 $11,986.00 $11,596.00
2/29/96 $11,513.00 $11,850.00 $11,506.00
3/31/96 $11,318.00 $11,660.00 $11,324.00
4/30/96 $11,230.00 $11,614.00 $11,274.00
5/31/96 $11,219.00 $11,629.00 $11,282.00
6/30/96 $11,339.00 $11,793.00 $11,386.00
7/31/96 $11,437.00 $11,909.00 $11,484.00
8/30/96 $11,413.00 $11,890.00 $11,478.00
9/30/96 $11,544.00 $12,131.00 $11,643.00
10/31/96 $11,664.00 $12,276.00 $11,770.00
11/30/96 $11,886.00 $12,531.00 $11,977.00
12/31/96 $11,794.00 $12,457.00 $11,927.00
1/31/97 $11,804.00 $12,444.00 $11,928.00
2/28/97 $11,917.00 $12,578.00 $12,033.00
3/31/97 $11,700.00 $12,380.00 $11,880.00
4/30/97 $11,803.00 $12,517.00 $11,975.00
5/31/97 $12,009.00 $12,742.00 $12,147.00
6/30/97 $12,147.00 $12,902.00 $12,286.00
7/31/97 $12,574.57 $13,335.51 $12,654.58
8/30/97 $12,377.15 $13,171.48 $12,505.26
9/30/97 $12,551.67 $13,353.25 $12,659.07
10/31/97 $12,633.26 $13,450.73 $12,737.56
11/30/97 $12,700.21 $13,559.68 $12,810.16
12/31/97 $12,955.49 $13,806.46 $13,013.84
1/31/98 $13,095.41 $13,961.09 $13,136.17
2/28/98 $13,032.55 $13,951.32 $13,128.29
3/31/98 $13,007.79 $13,970.85 $13,130.92
4/30/98 $12,873.81 $13,899.60 $13,049.50
5/31/98 $13,151.88 $14,151.19 $13,260.91
6/30/98 $13,172.92 $14,214.87 $13,304.67
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------ ----------------------------
Lehman Muni Lipper
Tax-Free Bond 20 Muni Debt One Since
Bond Fund Year Index Funds Average Year Inception
--------- ----------- ------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $13,170.54 $14,214.87 $13,304.67 8.43% 7.15%
<FN>
- ---------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Salomon Brothers Non-U.S. World Government Bond Index is a
market-weighted index that includes the government bond markets that are
freely open to investors (excluding the United States) and have a total
market capitalization of at least $20 billion, Dm30 billion and Y2.5
trillion. 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 20-year Municipal Bond Index is a performance benchmark for the
long-term investment grade tax-exempt bond market.
</TABLE>
xxv
<PAGE>
Tax-Free Intermediate Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart ]
<TABLE>
<CAPTION>
Lehman Muni Bond Lipper Intermediate Muni
Class K 5 Yr. G/O Index Debt Funds Average
------- ----------------- ------------------------
<S> <C> <C> <C>
2/29/88 $10,580.00 $10,461.76 $10,310.00
3/31/88 $10,473.00 $10,422.01 $10,204.00
4/30/88 $10,539.00 $10,517.89 $10,255.00
5/31/88 $10,550.00 $10,390.62 $10,246.00
6/30/88 $10,630.00 $10,466.48 $10,346.00
7/31/88 $10,641.00 $10,514.62 $10,401.00
8/31/88 $10,641.00 $10,484.13 $10,414.00
9/30/88 $10,730.00 $10,585.83 $10,551.00
10/31/88 $10,798.00 $10,677.92 $10,694.00
11/30/88 $10,769.00 $10,621.33 $10,624.00
12/31/88 $10,849.00 $10,651.07 $10,727.00
1/31/89 $10,919.00 $10,803.38 $10,864.00
2/28/89 $10,904.00 $10,688.86 $10,792.00
3/31/89 $10,839.00 $10,620.45 $10,772.00
4/30/89 $10,945.00 $10,803.13 $10,964.00
5/31/89 $11,035.00 $10,999.74 $11,134.00
6/30/89 $11,116.00 $11,120.74 $11,257.00
7/31/89 $11,229.00 $11,283.10 $11,383.00
8/31/89 $11,209.00 $11,239.10 $11,321.00
9/30/89 $11,205.00 $11,244.72 $11,303.00
10/31/89 $11,304.00 $11,343.67 $11,409.00
11/30/89 $11,408.00 $11,487.74 $11,561.00
12/31/89 $11,475.00 $11,580.79 $11,654.00
1/31/90 $11,467.00 $11,586.58 $11,602.00
2/28/90 $11,560.00 $11,673.48 $11,701.00
3/31/90 $11,628.00 $11,637.29 $11,701.00
4/30/90 $11,522.00 $11,598.89 $11,619.00
5/31/90 $11,688.00 $11,811.15 $11,840.00
6/30/90 $11,774.00 $11,897.37 $11,936.00
7/31/90 $11,894.00 $12,038.95 $12,093.00
8/31/90 $11,824.00 $11,998.01 $11,957.00
9/30/90 $11,898.00 $12,023.21 $11,993.00
10/31/90 $12,055.00 $12,199.95 $12,155.00
11/30/90 $12,252.00 $12,375.63 $12,363.00
12/31/90 $12,325.00 $12,421.42 $12,413.00
1/31/91 $12,461.00 $12,604.01 $12,564.00
2/28/91 $12,570.00 $12,718.71 $12,661.00
3/31/91 $12,585.00 $12,689.46 $12,679.00
4/30/91 $12,694.00 $12,848.08 $12,834.00
5/31/91 $12,787.00 $12,913.60 $12,931.00
6/30/91 $12,756.00 $12,909.73 $12,916.00
7/31/91 $12,761.00 $13,038.82 $13,059.00
8/31/91 $12,982.00 $13,207.03 $13,202.00
9/30/91 $13,091.00 $13,369.47 $13,361.00
10/31/91 $13,199.00 $13,471.08 $13,475.00
11/30/91 $13,269.00 $13,514.19 $13,507.00
12/31/91 $13,527.00 $13,818.26 $13,782.00
1/31/92 $13,610.00 $13,844.51 $13,807.00
2/29/92 $13,586.00 $13,852.82 $13,812.00
3/31/92 $13,543.00 $13,807.10 $13,790.00
4/30/92 $13,625.00 $13,928.61 $13,905.00
5/31/92 $13,746.00 $14,053.96 $14,069.00
6/30/92 $13,896.00 $14,256.34 $14,287.00
7/31/92 $14,169.00 $14,629.86 $14,729.00
8/31/92 $14,104.00 $14,520.13 $14,561.00
9/30/92 $14,186.00 $14,611.61 $14,647.00
10/31/92 $14,155.00 $14,564.85 $14,489.00
11/30/92 $14,360.00 $14,741.09 $14,765.00
12/31/92 $14,446.00 $14,844.27 $14,901.00
1/31/93 $14,581.00 $15,004.59 $15,082.00
2/28/93 $14,920.00 $15,396.21 $15,577.00
3/31/93 $14,774.00 $15,222.24 $15,382.00
4/30/93 $14,838.00 $15,319.66 $15,518.00
5/31/93 $14,871.00 $15,373.28 $15,580.00
6/30/93 $15,033.00 $15,580.82 $15,811.00
7/31/93 $15,039.00 $15,591.72 $15,808.00
8/31/93 $15,227.00 $15,803.77 $16,113.00
9/30/93 $15,321.00 $15,917.56 $16,312.00
10/31/93 $15,342.00 $15,941.43 $16,344.00
11/30/93 $15,288.00 $15,895.20 $16,220.00
12/31/93 $15,465.00 $16,112.97 $16,512.00
1/31/94 $15,585.00 $16,264.43 $16,686.00
2/28/94 $15,310.00 $15,960.28 $16,303.00
3/31/94 $14,963.00 $15,604.37 $15,810.00
4/30/94 $15,084.00 $15,761.97 $15,884.00
5/31/94 $15,163.00 $15,850.24 $16,017.00
6/30/94 $15,096.00 $15,813.79 $15,966.00
7/31/94 $15,245.00 $15,986.16 $16,171.00
8/31/94 $15,311.00 $16,062.89 $16,232.00
9/30/94 $15,185.00 $15,942.42 $16,057.00
10/31/94 $15,045.00 $15,853.14 $15,866.00
11/30/94 $14,845.00 $15,751.68 $15,616.00
12/31/94 $15,062.00 $15,890.29 $15,863.00
1/31/95 $15,302.00 $16,042.84 $16,178.00
2/28/95 $15,625.00 $16,275.46 $16,541.00
3/31/95 $15,757.00 $16,534.24 $16,691.00
4/30/95 $15,793.00 $16,578.89 $16,730.00
5/31/95 $16,140.00 $16,941.96 $17,133.00
6/30/95 $16,148.00 $16,955.52 $17,077.00
7/31/95 $16,312.00 $17,192.89 $17,240.00
8/31/95 $16,446.00 $17,366.54 $17,413.00
9/30/95 $16,449.00 $17,418.64 $17,501.00
10/31/95 $16,547.00 $17,491.80 $17,680.00
11/30/95 $16,697.00 $17,640.48 $17,877.00
12/31/95 $16,767.00 $17,737.50 $18,002.00
1/31/96 $16,917.00 $17,948.58 $18,163.00
2/29/96 $16,860.00 $17,887.55 $18,107.00
3/31/96 $16,691.00 $17,792.75 $17,895.00
4/30/96 $16,681.00 $17,766.06 $17,857.00
5/31/96 $16,655.00 $17,744.74 $17,849.00
6/30/96 $16,744.00 $17,870.73 $17,957.00
7/31/96 $16,864.00 $17,988.68 $18,134.00
8/30/96 $16,854.00 $18,026.45 $18,167.00
9/30/96 $16,976.00 $18,161.65 $18,295.00
10/31/96 $17,099.00 $18,330.55 $18,482.00
11/30/96 $17,320.00 $18,585.35 $18,767.00
12/31/96 $17,274.00 $18,557.47 $18,722.00
1/31/97 $17,314.00 $18,607.58 $18,560.00
2/28/97 $17,439.00 $18,739.69 $18,902.00
3/31/97 $17,212.00 $18,527.93 $18,702.00
4/30/97 $17,270.00 $18,620.57 $18,796.00
5/31/97 $17,463.00 $18,823.53 $19,040.00
6/30/97 $17,588.00 $18,989.00 $19,224.00
7/31/97 $17,915.84 $19,323.21 $19,643.08
8/30/97 $17,802.97 $19,224.66 $19,482.01
9/30/97 $17,963.20 $19,395.76 $19,682.67
10/31/97 $18,036.85 $19,496.62 $19,773.21
11/30/97 $18,076.53 $19,557.05 $19,846.38
12/31/97 $18,244.64 $19,725.25 $20,094.46
1/31/98 $18,407.02 $19,904.75 $20,263.25
2/28/98 $18,412.54 $19,936.59 $20,271.35
3/31/98 $18,399.65 $19,954.54 $20,273.38
4/30/98 $18,294.77 $19,870.73 $20,165.93
5/31/98 $18,508.82 $20,109.18 $20,450.27
6/30/98 $18,547.32 $20,177.55 $20,507.53
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------- ------------------------------
Tax-Free Lehman Muni Lipper Intermediate
Intermediate Bond 5 Yr. G/O Muni Debt One Five Ten Since
Bond Fund Index Funds Average Year Years Years Inception
----------- --------------- ------------------- ------ ----- ----- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Class K $18,547.32 $20,177.55 $20,507.53 5.44% 4.27% 5.72% 5.57%
</TABLE>
Short Term Treasury Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Merrill Lynch Lipper Short
0-3 Year Tsy. U.S. Tsy.
Class K Index Funds Avg.
------- ------------- ------------
<S> <C> <C> <C>
4/2/97 $10,000.00 $10,000.00 $10,000.00
4/30/97 $10,064.10 $10,071.00 $10,083.00
5/31/97 $10,114.92 $10,132.43 $10,146.52
6/30/97 $10,177.64 $10,194.24 $10,213.49
7/31/97 $10,250.00 $9,928.17 $10,346.27
8/30/97 $10,273.78 $9,949.02 $10,329.71
9/30/97 $10,342.20 $10,015.68 $10,409.25
10/31/97 $10,394.95 $10,079.78 $10,489.40
11/30/97 $10,427.69 $10,110.02 $10,511.43
12/31/97 $10,475.76 $10,172.70 $10,578.70
1/31/98 $10,549.83 $10,257.13 $10,680.26
2/28/98 $10,562.59 $10,274.57 $10,673.85
3/31/98 $10,589.32 $10,318.75 $10,708.01
4/30/98 $10,646.07 $10,367.25 $10,760.48
5/31/98 $10,697.39 $10,350.66 $10,815.35
6/30/98 $10,734.51 $10,402.42 $10,868.35
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------- ----------------------------
Merrill Lynch Lipper Short
Short Term 0-3 Year Tsy. U.S. Tsy. One Since
Treasury Fund Index Funds Average Year Inception
------------- -------------- -------------- ---- ---------
<S> <C> <C> <C> <C> <C>
Class K $10,734.30 $10,402.42 $10,868.35 2.50% 2.41%
<FN>
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers Municipal Bond 5-year Government/Obligation Index is an
unmanaged index that includes state and local government bonds secured by the
taxing power of the issuer with four to six year maturities.The Merrill Lynch
0-3 Year Treasury Index is a weighted composite of the Merrill Lynch 0-12
Month Treasury Index, which is made up of all Treasury notes and bonds with
maturities of less than one year, and the Merrill Lynch 1-3 Year Treasury
Index, which consists of all Treasury securities with m aturities of one to
three years.
</TABLE>
xxvi
<PAGE>
Munder Accelerating Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 88.2%
Automobile Parts & Equipment -- 3.5%
<S> <C> <C>
37,800 Lear Corporation+ $ 1,939,613
83,380 Tower Automotive, Inc.+ 3,574,917
------------
5,514,530
------------
<CAPTION>
Banking and Finance -- 17.4%
<S> <C> <C>
49,400 BankAmerica Corporation 4,270,013
159,240 Charter One Financial, Inc. 5,364,397
42,800 Chase Manhattan Corporation 3,231,400
52,000 Fannie Mae 3,159,000
81,300 Finova Group, Inc. 4,603,612
63,400 GreenPoint Financial
Corporation 2,385,425
93,000 U.S. Bancorp 3,999,000
------------
27,012,847
------------
<CAPTION>
Chemicals -- 1.0%
<S> <C> <C>
38,600 Air Products & Chemicals, Inc. 1,544,000
------------
<CAPTION>
Commercial Services -- 4.6%
<S> <C> <C>
138,773 Cendant Corporation+ 2,896,886
42,000 Equifax, Inc. 1,525,125
112,500 Equity Corporation
International+ 2,700,000
------------
7,122,011
------------
<CAPTION>
Communication Equipment -- 5.9%
<S> <C> <C>
58,200 Lucent Technologies, Inc. 4,841,512
60,300 Tellabs, Inc.+ 4,318,988
------------
9,160,500
------------
<CAPTION>
Computer Hardware, Software
or Services -- 9.7%
<S> <C> <C>
106,250 Fiserv, Inc.+ 4,512,305
32,975 Honeywell, Inc. 2,755,473
90,300 Parametric Technology
Corporation+ 2,449,388
106,000 Saville Systems, ADR+ 5,313,250
------------
15,030,416
------------
<CAPTION>
Diversified -- 5.7%
<S> <C> <C>
46,600 Textron, Inc. 3,340,637
88,300 Tyco International Ltd. 5,562,900
------------
8,903,537
------------
<CAPTION>
Drugs -- 2.3%
<S> <C> <C>
52,200 Warner-Lambert Company 3,621,375
------------
<CAPTION>
Food and Beverages -- 2.6%
<S> <C> <C>
73,400 Sara Lee Corporation 4,105,813
------------
<CAPTION>
Home Furnishings -- 1.0%
<S> <C> <C>
60,000 Leggett & Platt, Inc. 1,500,000
------------
<CAPTION>
Medical Instruments, Services,
and Supplies -- 10.0%
<S> <C> <C>
38,100 Elan Corporation Plc, ADR+ 2,450,306
168,000 HBO & Company 5,922,000
201,500 HEALTHSOUTH Corporation+ 5,377,531
51,021 Total Renal Care Holdings,
Inc.+ 1,760,225
------------
15,510,062
------------
<CAPTION>
Office Equipment and Supplies -- 3.0%
<S> <C> <C>
97,800 Pitney Bowes, Inc. 4,706,625
------------
<CAPTION>
Oil Equipment & Services -- 5.7%
<S> <C> <C>
82,600 Diamond Offshore Drilling, Inc. 3,304,000
80,000 Precision Drilling Corp+ 1,570,000
79,900 Veritas DGC, Inc.+ 3,990,006
------------
8,864,006
------------
<CAPTION>
Publishing -- 1.2%
<S> <C> <C>
40,900 Applied Graphics Technologies+ 1,871,175
------------
<CAPTION>
Real Estate -- 2.0%
<S> <C> <C>
45,500 Mack-Cali Realty Corporation 1,564,063
38,000 Spieker Properties, Inc. 1,472,500
------------
3,036,563
------------
<CAPTION>
Retail -- Store -- 6.0%
<S> <C> <C>
28,800 Costco Companies, Inc.+ 1,816,200
129,400 Pier 1 Imports, Inc. 3,089,425
89,200 TJX Companies, Inc. 2,151,950
56,600 Walgreen Company 2,338,287
------------
9,395,862
------------
<CAPTION>
Telecommunications -- 5.5%
<S> <C> <C>
46,500 Century Telephone
Enterprises, Inc. 2,133,188
44,000 SBC Communications 1,760,000
97,600 WorldCom, Inc. 4,727,500
------------
8,620,688
------------
<CAPTION>
Toys -- 1.1%
<S> <C> <C>
41,000 Mattel, Inc. 1,734,813
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $95,480,578) 137,254,823
------------
<CAPTION>
U.S. TREASURY BILLS -- 0.1%
<S> <C> <C>
200,000 4.92%++ due 9/24/98** 197,707
------------
<CAPTION>
TOTAL U.S. TREASURY BILLS
<S> <C>
(Cost $197,707) 197,707
------------
<CAPTION>
REPURCHASE AGREEMENT -- 14.7%
<S> <C> <C>
$22,891,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $22,894,688
on 07/01/1998, collateralized
by $22,950,000 U.S. Treasury
Note, 6.000% maturing
10/15/1999 (value
$23,351,625) $ 22,891,000
------------
<CAPTION>
TOTAL REPURCHASE AGREEMENT
<S> <C>
(Cost $22,891,000) 22,891,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $118,569,285*) 103.0% 160,343,530
OTHER ASSETS AND
LIABILITIES (Net) (3.0) (4,715,017)
----- ------------
NET ASSETS 100.0% $155,628,513
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $118,577,304.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security
++ Rate represents annualized yield at date of purchase.
ABBREVIATION:
ADR -- American Depository Receipt
</TABLE>
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Depreciation
- ------- ---------
FUTURES CONTRACTS -- LONG POSITION
<S> <C> <C>
17 S&P 500 Index
September 1998 $(32,047)
========
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Balanced Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 51.5%
Advertising -- 0.9%
<S> <C> <C>
14,000 Omnicom Group, Inc. $ 698,250
------------
<CAPTION>
Aerospace -- 0.7%
<S> <C> <C>
4,800 Sundstrand Corporation 274,800
3,400 United Technologies Corporation 314,500
------------
589,300
------------
<CAPTION>
Automobile Parts & Equipment -- 1.4%
<S> <C> <C>
11,300 Johnson Controls, Inc. 646,219
3,500 Lear Corporation+ 179,594
7,000 Tower Automotive, Inc.+ 300,125
------------
1,125,938
------------
<CAPTION>
Banking and Financial Services -- 8.0%
<S> <C> <C>
8,700 Associates First Capital
Corporation 668,813
11,700 BankAmerica Corporation 1,011,319
22,440 Charter One Financial, Inc. 755,947
12,600 Chase Manhattan Corporation 951,300
10,000 Fannie Mae 607,500
7,000 Finova Group, Inc. 396,375
4,800 GreenPoint Financial Corporation 180,600
7,600 MGIC Investment 433,675
14,000 Norwest Corporation 523,250
6,900 Summit Bancorp 327,750
13,500 U.S. Bancorp 580,500
------------
6,437,029
------------
<CAPTION>
Building Materials -- 0.8%
<S> <C> <C>
19,600 Sherwin-Williams Company 649,250
------------
<CAPTION>
Business Equipment and Supplies -- 1.0%
<S> <C> <C>
14,700 Avery Dennison Corporation 790,125
------------
<CAPTION>
Business Services -- 2.1%
<S> <C> <C>
9,200 Automatic Data Processing, Inc. 670,450
8,000 Equifax, Inc. 290,500
7,100 First Data Corporation 236,519
11,400 Fiserv, Inc.+ 484,143
------------
1,681,612
------------
<CAPTION>
Chemicals -- 0.3%
<S> <C> <C>
6,200 Air Products & Chemicals, Inc. 248,000
------------
<CAPTION>
Commercial Services -- 1.4%
<S> <C> <C>
55,189 Cendant Corporation+ 1,152,070
------------
<CAPTION>
Computer Hardware, Software
or Services -- 4.5%
<S> <C> <C>
7,000 BMC Software, Inc.+ 363,563
12,450 CISCO Systems, Inc.+ 1,146,178
10,000 Hewlett-Packard Company 598,750
5,400 Honeywell, Inc. 451,237
10,950 Oracle Corporation+ 268,959
19,400 Parametric Technology Company+ 526,225
4,800 Saville Systems Ireland Plc, ADR+ 240,600
------------
3,595,512
------------
<CAPTION>
Consumer Non-Durables -- 0.4%
<S> <C> <C>
6,700 Newell Company 333,744
------------
<CAPTION>
Diversified -- 4.8%
<S> <C> <C>
13,500 Textron, Inc. 967,781
32,100 Thermo Electron Corporation+ 1,097,419
29,300 Tyco International Ltd. 1,845,900
------------
3,911,100
------------
<CAPTION>
Drugs -- 2.9%
<S> <C> <C>
9,000 Amgen, Inc. 588,375
5,500 Merck & Company, Inc. 735,625
3,400 Pfizer, Inc. 369,537
3,500 Schering-Plough Corporation 320,687
4,500 Warner-Lambert Company 312,188
------------
2,326,412
------------
<CAPTION>
Electrical Equipment -- 1.6%
<S> <C> <C>
9,500 Emerson Electric Company 573,562
7,600 General Electric Company 691,600
------------
1,265,162
------------
<CAPTION>
Food and Beverages -- 1.1%
<S> <C> <C>
15,300 Sara Lee Corporation 855,844
------------
<CAPTION>
Home Furnishings -- 0.5%
<S> <C> <C>
15,200 Leggett & Platt, Inc. 380,000
------------
<CAPTION>
Household Products -- 0.4%
<S> <C> <C>
9,300 Lancaster Colony Corporation 352,238
------------
<CAPTION>
Insurance -- 1.3%
<S> <C> <C>
2,325 American International
Group, Inc. 339,450
9,200 MBIA, Inc. 688,850
------------
1,028,300
------------
<CAPTION>
Manufactured Housing -- 0.7%
<S> <C> <C>
31,000 Clayton Homes, Inc. 589,000
------------
<CAPTION>
Medical Services and Supplies -- 3.2%
<S> <C> <C>
11,100 Biomet, Inc. 366,994
3,500 Elan Corporation Plc, ADR+ 225,094
17,200 HBO & Company 606,300
37,400 HEALTHSOUTH Corporation+ 998,112
7,800 Stryker Corporation 299,325
3,166 Total Renal Care Holdings, Inc.+ 109,227
------------
2,605,052
------------
<CAPTION>
Office Equipment and Supplies -- 0.5%
<S> <C> <C>
8,400 Pitney Bowes, Inc. 404,250
------------
<CAPTION>
Oil Equipment and Services -- 2.1%
<S> <C> <C>
4,600 Diamond Offshore Drilling, Inc. 184,000
5,000 Precision Drilling Corporation+ 98,125
9,912 R&B Falcon Corporation+ 224,259
4,300 Schlumberger Ltd. 293,744
13,200 Transocean Offshore, Inc. 587,400
6,500 Veritas DGC, Inc.+ 324,593
------------
1,712,121
------------
<CAPTION>
Publishing -- 0.2%
<S> <C> <C>
3,800 Applied Graphics
Technologies, Inc.+ 173,850
------------
<CAPTION>
Real Estate -- 0.6%
<S> <C> <C>
7,000 Equity Corporation International+ 168,000
4,300 Mack-Cali Realty Corporation 147,813
3,600 Spieker Properties, Inc. 139,500
------------
455,313
------------
<CAPTION>
Recreation -- 0.9%
<S> <C> <C>
18,000 Carnival Corporation, Class A 713,250
------------
<CAPTION>
Restaurants -- 1.1%
<S> <C> <C>
4,900 Cracker Barrel Old Country
Store, Inc. 155,575
29,800 Wendy's International, Inc. 700,300
------------
855,875
------------
<CAPTION>
Retail -- Specialty -- 4.3%
<S> <C> <C>
8,093 Consolidated Stores Corporation+ 293,371
10,000 Costco Companies, Inc.+ 630,625
9,000 General Nutrition Companies, Inc.+ 280,125
12,500 Home Depot, Inc. 1,038,281
27,900 Pier 1 Imports, Inc. 666,112
6,800 TJX Companies, Inc. 164,050
10,200 Walgreen Company 421,388
------------
3,493,952
------------
<CAPTION>
Telecommunications -- 3.3%
<S> <C> <C>
15,600 Century Telephone Enterprise 715,650
3,600 Lucent Technologies 299,475
6,800 SBC Communications, Inc. 272,000
6,000 Tellabs, Inc.+ 429,750
19,700 WorldCom, Inc. 954,219
------------
2,671,094
------------
<CAPTION>
Toys -- 0.5%
<S> <C> <C>
9,250 Mattel, Inc. 391,391
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $26,798,662) 41,485,034
------------
<CAPTION>
ASSET BACKED SECURITIES -- 4.9%
<S> <C> <C>
1,055,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A-2,
7.050% due 05/25/2021 1,071,680
200,000 Banc One Credit Card Master
Trust, Series 1994-C, Class A,
7.800% due 12/15/2000 201,644
500,000 Chase Manhattan Corporation,
Series 1996-4, Class A,
6.730% due 02/15/2003 503,975
500,000 Racers-Kellogg, Series 1998
144A,
5.750% due 02/02/2001 498,205
600,000 Residential Accredit Loans,
Inc., Series 1997-QS5, Class A5,
7.250% due 06/25/2027 602,625
600,000 Residential Asset Securities
Corporation, Series 1997-KS3,
Class AI6,
6.900% due 08/25/2027 612,360
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 407,440
------------
<CAPTION>
TOTAL ASSET BACKED SECURITIES
<S> <C>
(Cost $3,890,233) 3,897,929
------------
<CAPTION>
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.6%
<S> <C> <C>
750,000 Federal Home Mortgage
Corporation, Series 1541,
Class F,
6.250% due 05/15/2019 750,270
550,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 558,151
------------
<CAPTION>
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
<S> <C>
(Cost $1,280,895) 1,308,421
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 15.5%
Drugs -- 0.8%
<S> <C> <C>
600,000 Eli Lilly and Company,
8.375% due 02/07/2005 670,125
------------
<CAPTION>
Finance -- 5.1%
<S> <C> <C>
400,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 401,652
500,000 Countrywide Capital III,
8.050% due 06/15/2027 563,475
530,000 Federal National Mortgage
Association, MTN,
5.650% due 06/12/2000 530,164
140,000 Ford Motor Credit Corporation,
6.500% due 02/15/2006 142,324
400,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 464,476
500,000 GMAC,
6.375% due 12/01/2001 503,975
540,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005+++ 592,693
600,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 705,450
150,000 Transamerica Capital III,
7.625% due 11/15/2037 160,194
------------
4,064,403
------------
<CAPTION>
Finance -- Foreign -- 3.3%
<S> <C> <C>
750,000 Abbey National Plc,
6.700% due 06/29/2049 755,160
575,000 Abbey National Treasury,
7.250% due 03/18/2002 581,038
500,000 Swedish Export Credit Corp.,
6.010% due 06/19/2000 501,250
90,000 Union Bank of Switzerland,
7.250% due 07/15/2006 96,369
700,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 726,670
------------
2,660,487
------------
<CAPTION>
Government Agency -- 0.5%
<S> <C> <C>
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 414,976
------------
<CAPTION>
Government Agency -- Foreign -- 0.7%
<S> <C> <C>
500,000 British Columbia Hydro,
12.500% due 01/15/2014 536,580
------------
<CAPTION>
Industrial -- 2.4%
<S> <C> <C>
600,000 Anheuser Busch Companies,
9.000% due 12/01/2009 726,684
600,000 Harris Corporation,
6.350% due 02/01/2028 600,162
600,000 Wal-Mart Stores,
8.625% due 04/01/2001 640,974
------------
1,967,820
------------
<CAPTION>
Industrial -- Foreign -- 1.3%
<S> <C> <C>
550,000 International Telecommunications
Satellite,
8.375% due 10/14/2004 612,219
400,000 Investor A/B Group Finance,
6.250% due 04/07/2003 400,250
------------
1,012,469
------------
<CAPTION>
Supranational -- 0.4%
<S> <C> <C>
350,000 African Development Bank, Notes,
6.750% due 07/30/1999 353,287
------------
<CAPTION>
Utility -- Electric -- 1.0%
<S> <C> <C>
500,000 National Rural Utilities,
6.125% due 05/15/2005 502,730
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 310,695
------------
813,425
------------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
<S> <C>
(Cost $12,350,748) 12,493,572
------------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 3.9%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.5%
FHLMC:
<S> <C> <C>
164,308 Pool #E62394, Gold,
7.500% due 09/01/2010 168,774
211,226 Pool #200021,
10.500% due 11/01/2000 222,170
------------
390,944
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 3.1%
FNMA:
<S> <C> <C>
1,000,000 Series 1993-183 Class H,
6.500% due 03/25/2022 1,014,580
500,000 Pool #380137,
7.280% due 03/01/2008 540,000
342,097 Pool #303105,
11.000% due 11/01/2020 376,995
545,911 Pool #100081,
11.500% due 08/01/2016 612,446
------------
2,544,021
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 0.3%
GNMA:
<S> <C> <C>
205,559 Pool #780584,
7.000% due 06/15/2027 209,579
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
<S> <C>
(Cost $3,130,984) 3,144,544
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 14.2%
U.S. Treasury Bonds -- 5.1%
<S> <C> <C>
3,525,000 6.875% due 08/15/2025 4,080,046
------------
<CAPTION>
U.S. Treasury Notes -- 9.1%
<S> <C> <C>
500,000 6.250% due 02/15/2007 523,375
1,795,000 7.500% due 11/15/2001 1,900,008
4,410,000 7.875% due 11/15/2004 4,950,798
------------
7,374,181
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $10,880,056) 11,454,227
------------
<CAPTION>
REPURCHASE AGREEMENT -- 8.3%
(Cost $6,707,000)
<S> <C> <C>
$6,707,000 Agreement with State Street Bank
and Trust Company, 5.800% dated
06/30/1998, to be repurchased at
$6,708,081 on 07/01/1998,
collateralized by $6,835,000
U.S. Treasury Note, 5.625%
maturing 12/31/1999 (value
$6,843,544) $ 6,707,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $20,597,198) 25.6% 20,597,198
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $85,635,776*) 125.5% 101,087,925
OTHER ASSETS AND
LIABILITIES (Net) (25.5) (20,519,931)
---- ------------
NET ASSETS 100.0% $ 80,567,994
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $85,643,056.
** As of June 30, 1998, the market value of the securities on loan is
$19,915,995. Collateral received for securities loaned includes $542,500
in U.S. government securities and the remaining $20,054,698 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ Floating rate note. The interest rate shown reflects the rate currently
in effect.
+++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATIONS:
ADR -- American Depository Receipt
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Growth & Income Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 85.0%
Automobile Parts & Equipment -- 2.1%
<S> <C> <C>
97,000 Johnson Controls, Inc. $ 5,547,188
<CAPTION>
Banking and Finance -- 16.3%
<S> <C> <C>
85,500 Banc One Corporation 4,771,969
84,000 Federal National Mortgage
Association 5,103,000
172,000 First Security Corporation 3,681,875
100,800 National City Corporation 7,156,800
122,000 Norwest Corporation 4,559,750
73,400 PNC Bank Corporation 3,949,837
60,500 Summit Bancorp 2,873,750
120,000 U.S. Bancorp 5,160,000
134,000 Washington Mutual, Inc. 5,820,625
------------
43,077,606
------------
<CAPTION>
Chemicals -- 4.1%
<S> <C> <C>
98,074 Avery Dennison Corporation 5,271,477
86,000 Imperial Chemical Industries
Plc, ADR 5,547,000
------------
10,818,477
------------
<CAPTION>
Computer Software -- 2.0%
<S> <C> <C>
143,000 Dun & Bradstreet Corporation 5,165,875
------------
<CAPTION>
Drugs -- 4.4%
<S> <C> <C>
124,000 American Home Products
Corporation 6,417,000
38,300 Merck & Co., Inc. 5,122,625
------------
11,539,625
------------
<CAPTION>
Drugs & Health Care -- 2.1%
<S> <C> <C>
48,000 Bristol-Myers Squibb Company 5,517,000
------------
<CAPTION>
Electrical Equipment -- 1.6%
<S> <C> <C>
46,000 General Electric Company 4,186,000
------------
<CAPTION>
Electrical Machinery -- 1.7%
<S> <C> <C>
81,000 Cooper Industries, Inc. 4,449,938
------------
<CAPTION>
Food and Beverages -- 5.3%
<S> <C> <C>
67,000 General Mills, Inc. 4,581,125
80,000 Sara Lee Corporation 4,475,000
197,000 Sysco Corporation 5,048,125
------------
14,104,250
------------
<CAPTION>
Holding Companies -- Diversified -- 1.9%
<S> <C> <C>
69,300 Textron, Inc. 4,967,944
------------
<CAPTION>
Hotels -- 0.8%
<S> <C> <C>
44,000 Starwood Lodging Trust 2,125,750
------------
<CAPTION>
Insurance -- 2.0%
<S> <C> <C>
59,000 Lincoln National Corporation 5,391,125
------------
<CAPTION>
Machinery & Heavy Equipment -- 1.5%
<S> <C> <C>
76,000 Deere & Company 4,018,500
------------
<CAPTION>
Office Equipment and Supplies -- 3.4%
<S> <C> <C>
76,000 Pitney Bowes, Inc. 3,657,500
51,000 Xerox Corporation 5,182,875
------------
8,840,375
------------
<CAPTION>
Oil and Petroleum -- 3.9%
<S> <C> <C>
35,511 British Petroleum Company Plc,
ADR 3,133,846
56,000 Exxon Corporation 3,993,500
41,000 Mobil Corporation 3,141,625
------------
10,268,971
------------
<CAPTION>
Paper -- 3.0%
<S> <C> <C>
124,000 Consolidated Papers, Inc. 3,379,000
145,000 Mead Corporation 4,603,750
------------
7,982,750
------------
<CAPTION>
Printing and Publishing -- 3.4%
<S> <C> <C>
76,000 Donnelley (R.R.) & Sons
Company 3,477,000
67,000 McGraw-Hill, Inc. 5,464,687
------------
8,941,687
------------
<CAPTION>
Real Estate -- 5.2%
<S> <C> <C>
100,000 Brandywine Realty Trust 2,237,500
101,300 FelCor Suite Hotels, Inc. 3,178,288
81,700 Health Care Property Investors,
Inc. 2,946,306
135,000 Prentiss Properties Trust 3,282,187
56,750 Spieker Properties, Inc. 2,199,063
------------
13,843,344
------------
<CAPTION>
Retail -- Store -- 4.1%
<S> <C> <C>
70,000 Penney (J.C.) Company, Inc. 5,061,875
93,000 Sears, Roebuck & Company 5,678,812
------------
10,740,687
------------
<CAPTION>
Telecommunications -- 5.8%
<S> <C> <C>
76,000 AT & T Corporation 4,341,500
124,000 Bell Atlantic Corporation 5,657,500
80,000 BellSouth Corporation 5,370,000
------------
15,369,000
------------
<CAPTION>
Utilities -- Electric -- 4.2%
<S> <C> <C>
128,000 Consolidated Edison Company 5,896,000
116,300 New Century Energies, Inc. 5,284,381
------------
11,180,381
------------
<CAPTION>
Utilities -- Natural Gas -- 6.2%
<S> <C> <C>
161,862 El Paso Natural Gas Company 6,191,222
215,671 MCN Corporation Holding
Company 5,364,816
116,000 Texas Utilities Company 4,828,500
------------
16,384,538
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C> <C>
(Cost $177,635,312) 224,461,011
------------
<CAPTION>
Principal
Amount
- -----------
CONVERTIBLE BONDS AND NOTES -- 3.2%
<S> <C> <C>
$4,350,000 Home Depot, Inc., Conv. Sub. Note,
3.250% due 10/01/2001 7,993,125
555,000 Thermo Instrument Systems, Inc.,
Conv. Sub. Note,
4.000% due 01/15/2005+ 549,450
------------
<CAPTION>
TOTAL CONVERTIBLE BONDS AND NOTES
<S> <C> <C>
(Cost $4,906,770) 8,542,575
------------
<CAPTION>
CONVERTIBLE PREFERRED STOCKS -- 7.5%
<S> <C> <C>
88,000 AirTouch Communications, Inc.,
Series C 4.250% Conv. Pfd. 7,260,000
63,000 Cendant Corporation
7.50% Conv. Pfd. 2,358,562
96,700 El Paso Energy Capital Trust I
4.750%, Conv. Pfd. 5,125,100
93,000 Wendys Financial I
5.000%, Conv. Pfd. 5,115,000
------------
<CAPTION>
TOTAL CONVERTIBLE PREFERRED STOCKS
<S> <C>
(Cost $16,470,130) 19,858,662
------------
<CAPTION>
Principal
Amount
- -----------
REPURCHASE AGREEMENT -- 4.3%
(Cost $11,454,000)
<S> <C> <C>
$11,454,000 Agreement with State Street Bank
and Trust Company, 5.800% dated
06/30/1998, to be repurchased at
$11,455,845 on 07/01/1998,
collateralized by $11,130,000
U.S. Treasury Bond, 6.625%
maturing 03/31/2002
(value $11,686,500) 11,454,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $42,018,892) 15.9% 42,018,892
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $252,485,104*) 115.9% 306,335,140
OTHER ASSETS AND
LIABILITIES (Net) (15.9) (42,092,508)
------ ------------
NET ASSETS 100.0% $264,242,632
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $210,436,644.
** As of June 30, 1998, the market value of the securities on loan is
$40,621,579. Collateral received for securities loaned includes $1,026,375
in U.S government securities and the remaining $40,992,517 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Index 500 Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.4%
Advertising -- 0.2%
<S> <C> <C>
12,250 Interpublic Group of
Companies, Inc. $ 743,422
15,300 Omnicom Group, Inc. 763,087
------------
1,506,509
------------
<CAPTION>
Aerospace -- 1.1%
<S> <C> <C>
90,898 Boeing Company 4,050,642
11,400 General Dynamics Corporation 530,100
17,571 Lockheed Martin Corporation 1,860,330
5,800 Northrop Grumman Corporation 598,125
20,500 United Technologies
Corporation 1,896,250
------------
8,935,447
------------
<CAPTION>
Airlines -- 0.4%
<S> <C> <C>
16,400 AMR Corporation+ 1,365,300
6,800 Delta Air Lines, Inc. 878,900
20,050 Southwest Airlines Company 593,981
9,100 US Airways Group, Inc.+ 721,175
------------
3,559,356
------------
<CAPTION>
Apparel -- 0.3%
<S> <C> <C>
6,300 Fruit Of The Loom, Inc.+ 209,081
6,000 Liz Claiborne, Inc. 313,500
25,600 NIKE, Inc., Class B 1,246,400
4,800 Reebok International Ltd.+ 132,900
10,800 V.F. Corporation 556,200
------------
2,458,081
------------
<CAPTION>
Automobiles -- 1.7%
<S> <C> <C>
58,100 Chrysler Corporation 3,275,388
109,100 Ford Motor Company 6,436,900
62,200 General Motors Corporation 4,155,737
6,280 Navistar International
Corporation+ 181,335
------------
14,049,360
------------
<CAPTION>
Automobile Parts & Equipment -- 0.4%
<S> <C> <C>
13,700 AutoZone, Inc.+ 437,544
3,300 Cummins Engine, Inc. 169,125
9,300 Dana Corporation 497,550
5,400 Echlin, Inc. 264,937
16,125 Genuine Parts Company 557,320
7,600 Johnson Controls, Inc. 434,625
5,400 Pep Boys -- Manny, Moe & Jack 102,263
11,000 TRW, Inc. 600,875
------------
3,064,239
------------
<CAPTION>
Banks -- 9.3%
<S> <C> <C>
63,125 Banc One Corporation 3,523,164
33,800 Bank of New York, Inc. 2,051,237
61,432 BankAmerica Corporation 5,310,028
26,400 BankBoston 1,468,500
8,477 Bankers Trust New York
Corporation 983,862
12,500 BB&T Corporation 845,313
76,768 Chase Manhattan Corporation 5,795,984
40,600 Citicorp 6,059,550
14,050 Comerica, Inc. 930,813
20,925 Fifth Third Bancorporation 1,318,275
25,831 First Chicago Corporation 2,289,272
87,134 First Union Corporation 5,075,555
25,590 Fleet Financial Group, Inc. 2,136,765
17,300 Huntington Bancshares, Inc. 579,550
39,600 KeyCorp 1,410,750
45,068 MBNA Corporation 1,487,244
23,400 Mellon Bank Corporation 1,629,225
12,000 Mercantile Bancorporation, Inc. 604,500
16,000 Morgan (J.P.) & Company, Inc. 1,874,000
53,989 Morgan Stanley, Dean Witter,
Discover and Company 4,933,245
29,200 National City Corporation 2,073,200
86,159 NationsBank Corporation 6,591,163
10,000 Northern Trust Corporation 762,500
68,100 Norwest Corporation 2,545,237
26,800 PNC Bank Corporation 1,442,175
9,400 Republic New York Corporation 591,613
14,500 State Street Corporation 1,007,750
16,000 Summit Bancorp 760,000
19,000 SunTrust Banks, Inc. 1,544,938
23,700 Synovus Financial Corporation 562,875
66,779 U.S. Bancorp 2,871,497
18,535 Wachovia Corporation 1,566,208
34,860 Washington Mutual, Inc. 1,514,231
7,566 Wells Fargo & Company 2,791,854
------------
76,932,073
------------
<CAPTION>
Broadcasting -- 0.7%
<S> <C> <C>
64,600 CBS Corporation 2,051,050
10,900 Clear Channel Communications+ 1,189,462
54,800 MediaOne Group, Inc. 2,407,775
4,600 Meredith Corporation 215,913
------------
5,864,200
------------
<CAPTION>
Building Materials -- 0.9%
<S> <C> <C>
5,200 Centex Corporation 196,300
4,050 Crane Company 196,678
3,000 Fleetwood Enterprises 120,000
66,123 Home Depot, Inc. 5,492,342
3,300 Kaufman & Broad Home
Corporation 104,775
15,300 Masco Corporation 925,650
10,933 Pall Corporation 224,126
3,800 Pulte Corporation 113,525
------------
7,373,396
------------
<CAPTION>
Business Equipment and Supplies -- 1.8%
<S> <C> <C>
10,500 Avery Dennison Corporation 564,375
11,900 Ikon Office Solutions 173,294
85,400 International Business
Machines Corporation 9,804,987
25,500 Pitney Bowes, Inc. 1,227,188
29,500 Xerox Corporation 2,997,937
------------
14,767,781
------------
<CAPTION>
Business Services -- 0.2%
<S> <C> <C>
76,513 Cendant Corporation+ 1,597,209
7,000 Deluxe Corporation 250,687
7,700 Moore Corporation Ltd. 102,025
------------
1,949,921
------------
<CAPTION>
Chemicals and Plastics -- 2.8%
<S> <C> <C>
21,100 Air Products & Chemicals, Inc. 844,000
19,950 Dow Chemical Company 1,928,916
101,500 dupont (E.I.) de Nemours &
Company 7,574,437
7,075 Eastman Chemical Company 440,419
11,600 Ecolab, Inc. 359,600
12,950 Engelhard Corporation 262,238
3,100 FMC Corporation+ 211,381
5,100 Great Lakes Chemical
Corporation 201,131
8,500 Hercules, Inc. 349,562
4,000 Kerr-McGee Corporation 231,500
6,300 Mallinckrodt Group, Inc. 187,031
36,400 Minnesota Mining &
Manufacturing Company 2,991,625
53,900 Monsanto Company 3,011,662
11,900 Morton International, Inc. 297,500
5,800 Nalco Chemical Company 203,725
1,275 Octel Corporation+ 25,341
14,200 Praxair, Inc. 664,737
7,400 Raychem Corporation 218,763
17,900 Rockwell International
Corporation 860,319
5,200 Rohm & Haas Company 540,475
9,012 Sigma-Aldrich Corporation 316,547
6,000 Union Camp Corporation 297,750
12,200 Union Carbide Corporation 651,175
6,800 W R Grace & Company+ 116,025
------------
22,785,859
------------
<CAPTION>
Coal -- 0.2%
<S> <C> <C>
19,700 CSX Corporation 896,350
1,800 Eastern Enterprises 77,175
7,200 Fluor Corporation 367,200
------------
1,340,725
------------
<CAPTION>
Communication Equipment -- 1.2%
<S> <C> <C>
13,900 Cabletron Systems, Inc.+ 186,781
86,600 GTE Corporation 4,817,125
7,200 Harris Corporation 321,750
53,800 Motorola, Inc. 2,827,862
14,500 National Semiconductor
Corporation+ 191,219
7,000 Scientific-Atlanta, Inc. 177,625
16,400 Tellabs, Inc.+ 1,174,650
------------
9,697,012
------------
<CAPTION>
Computer Hardware, Software
or Services -- 7.8%
<S> <C> <C>
32,000 3COM Corporation+ 982,000
6,300 Adobe Systems, Inc. 267,356
12,900 Advanced Micro Devices, Inc.+ 220,106
19,424 AMP, Inc. 667,700
11,700 Apple Computer, Inc.+ 335,644
4,200 Autodesk, Inc. 162,225
27,100 Automatic Data Processing, Inc. 1,974,912
20,000 Bay Networks, Inc.+ 645,000
6,800 Ceridian Corporation+ 399,500
92,050 CISCO Systems, Inc.+ 8,474,353
148,624 Compaq Computer Corporation 4,217,192
49,075 Computer Associates
International, Inc. 2,726,730
13,700 Computer Sciences Corporation 876,800
4,200 Data General Corporation+ 62,738
57,900 Dell Computer Corporation+ 5,373,844
14,000 Gateway 2000, Inc.+ 708,750
93,200 Hewlett Packard Company 5,580,350
11,000 Honeywell, Inc. 919,187
221,600 Microsoft Corporation+ 24,015,900
31,600 Novell, Inc.+ 402,900
87,550 Oracle Systems Corporation+ 2,150,447
24,300 Parametric Technology
Corporation+ 659,137
21,900 Seagate Technologies, Inc.+ 521,494
17,000 Silicon Graphics, Inc.+ 206,125
34,100 Sun Microsystems, Inc.+ 1,481,219
22,600 Unisys Corporation+ 638,450
------------
64,670,059
------------
<CAPTION>
Computer -- Semiconductors -- 1.8%
<S> <C> <C>
32,900 Applied Materials+ 970,550
44,800 EMC Corporation+ 2,007,600
152,500 Intel Corporation 11,304,062
12,500 LSI Logic Corporation+ 288,281
19,100 Micron Technology, Inc.+ 473,919
------------
15,044,412
------------
<CAPTION>
Consumer Non-Durables -- 3.6%
<S> <C> <C>
20,900 Corning, Inc. 726,275
293,000 General Electric Company 26,663,000
8,800 Grainger (W.W.), Inc. 438,350
30,800 Lowe's Companies, Inc. 1,249,325
14,300 Newell Company 712,319
------------
29,789,269
------------
<CAPTION>
Consumer Services-- 0.2%
<S> <C> <C>
9,300 Block (H & R), Inc. 391,763
5,450 Manor Care, Inc. 209,484
23,000 Service Corporation
International 986,125
------------
1,587,372
------------
<CAPTION>
Consumer Staples -- 0.1%
<S> <C> <C>
22,000 Pioneer Hi-Bred
International, Inc. 910,250
------------
<CAPTION>
Containers -- 0.2%
<S> <C> <C>
2,400 Ball Corporation 96,450
11,000 Crown Cork & Seal Company, Inc. 522,500
13,900 Owens-Illinois, Inc,+ 622,025
7,369 Sealed Air Corporation+ 270,811
------------
1,511,786
------------
<CAPTION>
Cosmetics -- Toiletry -- 0.1%
<S> <C> <C>
4,800 Alberto-Culver Company, Class 139,200
11,700 Avon Products, Inc. 906,750
------------
1,045,950
------------
<CAPTION>
Diversified -- 1.9%
<S> <C> <C>
2,300 Aeroquip-Vickers, Inc. 134,263
50,800 AlliedSignal Corporation 2,254,250
14,640 Cognizant Corporation 922,320
15,600 Fortune Brands, Inc. 599,625
10,300 Loews Corporation 897,387
30,500 Raytheon Company, Class B 1,803,312
14,500 Textron, Inc. 1,039,469
14,300 Thermo Electron Corporation+ 488,881
52,431 Tyco International Ltd. 3,303,153
57,600 Unilever NV 4,546,800
------------
15,989,460
------------
<CAPTION>
Electrical Equipment -- 0.4%
<S> <C> <C>
10,900 Cooper Industries, Inc. 598,819
3,600 Foster Wheeler Corporation 77,175
4,400 General Signal Corporation 158,400
4,350 Tektronix, Inc. 153,881
35,100 Texas Instruments, Inc. 2,046,769
4,700 Thomas & Betts Corporation 231,475
------------
3,266,519
------------
<CAPTION>
Electronics -- 0.4%
<S> <C> <C>
6,600 Eaton Corporation 513,150
4,000 EG & G, Inc. 120,000
39,800 Emerson Electric Company 2,402,925
7,800 KLA-Tencor Corporation+ 215,962
9,200 Tandy Corporation 488,175
------------
3,740,212
------------
<CAPTION>
Energy and Resources -- 0.2%
<S> <C> <C>
15,965 Burlington Resources, Inc. 687,493
15,800 Dresser Industries, Inc. 696,187
21,278 Sempra Energy+ 590,465
------------
1,974,145
------------
<CAPTION>
Entertainment -- 1.6%
<S> <C> <C>
8,900 Brunswick Corporation 220,275
61,336 Disney (Walt) Company 6,444,114
6,100 Harcourt General Corporation 362,950
11,900 Hasbro, Inc. 467,819
6,400 King World Productions, Inc. 163,200
26,411 Mattel, Inc. 1,117,515
53,100 Time Warner, Inc. 4,536,731
------------
13,312,604
------------
<CAPTION>
Financial Services -- 4.3%
<S> <C> <C>
41,500 American Express Company 4,731,000
22,828 American General Corporation 1,625,068
31,175 Associates First Capital
Corporation 2,396,577
4,600 Beneficial Corporation 704,662
5,900 Capital One Financial
Corporation 732,765
9,600 Countrywide Credit Industries 487,200
8,200 Dow Jones & Company, Inc. 457,150
13,000 Equifax, Inc. 472,063
93,200 Fannie Mae 5,661,900
61,100 Federal Home Loan Mortgage
Corporation 2,875,519
40,192 First Data Corporation 1,338,896
12,000 Green Tree Financial
Corporation 513,750
29,000 Household International, Inc. 1,442,750
10,700 Lehman Brothers Holdings, Inc. 829,919
31,100 Merrill Lynch & Company, Inc. 2,868,975
24,000 Schwab (Charles) Corporation 780,000
15,300 SLM Holding Corporation 749,853
4,900 Temple-Inland, Inc. 263,988
103,412 Travelers Group, Inc. 6,269,352
------------
35,201,387
------------
<CAPTION>
Food and Beverages -- 6.3%
<S> <C> <C>
22,100 Albertson's, Inc. 1,145,056
43,700 Anheuser-Busch Companies, Inc. 2,062,094
26,000 Bestfoods 1,509,625
40,800 Campbell Soup Company 2,167,500
222,100 Coca-Cola Company 18,989,550
43,250 ConAgra, Inc. 1,370,484
3,100 Coors (Adolph) Company, Class B 105,400
32,900 Heinz (H.J.) Company 1,846,512
12,900 Hershey Foods Corporation 890,100
36,800 Kellogg Company 1,382,300
34,100 PepsiCo, Inc. 5,523,244
218,500 Philip Morris Cos, Inc. 8,603,437
12,200 Quaker Oats Company 670,238
9,500 Ralston-Purina Company 1,109,719
42,000 Sara Lee Corporation 2,349,375
31,300 Seagram Company Ltd. 1,281,344
16,700 UST, Inc. 450,900
10,500 Wrigley (Wm) Jr. Company 1,029,000
------------
52,485,878
------------
<CAPTION>
Food Distribution -- 0.6%
<S> <C> <C>
51,314 Archer-Daniels-Midland
Company 994,209
14,200 General Mills, Inc. 970,925
3,300 Great Atlantic & Pacific Tea
Company, Inc. 109,106
23,000 Kroger Company+ 986,125
5,300 Supervalu, Inc. 235,188
30,200 Sysco Corporation 773,875
13,100 Winn Dixie Stores, Inc. 670,556
------------
4,739,984
------------
<CAPTION>
Glass Products -- 0.2%
<S> <C> <C>
4,600 Owens Corning Fiberglass
Corporation 187,738
16,000 PPG Industries, Inc. 1,113,000
------------
1,300,738
------------
<CAPTION>
Health Care Facilities -- 0.4%
<S> <C> <C>
57,877 Columbia/HCA Healthcare
Corporation 1,685,668
15,000 Humana, Inc.+ 467,812
27,700 Tenet Healthcare Corporation+ 865,625
------------
3,019,105
------------
<CAPTION>
Health Care Products -- 4.1%
<S> <C> <C>
138,800 Abbott Laboratories 5,673,450
5,600 Allergan, Inc. 259,700
4,800 Bausch & Lomb, Inc. 240,600
11,100 Becton, Dickinson & Company 861,638
107,500 Merck & Co., Inc. 14,378,125
117,400 Pfizer, Inc. 12,759,912
------------
34,173,425
------------
<CAPTION>
Holding Companies-- 0.2%
<S> <C> <C>
8,600 Providian, LLC 675,637
20,900 Public Service Enterprise 719,744
------------
1,395,381
------------
<CAPTION>
Home Appliances -- 0.4%
<S> <C> <C>
8,500 Black & Decker Corporation 518,500
22,500 Illinois Tool Works, Inc. 1,500,469
8,400 Maytag Corporation 414,750
5,150 Snap-On, Inc. 186,688
7,700 Stanley Works 320,031
6,500 Whirlpool Corporation 446,875
------------
3,387,313
------------
<CAPTION>
Home Furnishings and Housewares -- 0.8%
<S> <C> <C>
118,000 American Home Products
Corporation 6,106,500
3,600 Armstrong World 242,550
13,200 Rubbermaid, Inc. 438,075
1,800 Springs Industries, Inc. 83,025
5,400 Tupperware Corporation 151,875
------------
7,022,025
------------
<CAPTION>
Hotels and Restaurants -- 0.9%
<S> <C> <C>
13,100 Darden Restaurants, Inc. 207,963
9,100 Harrah's Entertainment
Corporation+ 211,575
22,000 Hilton Hotels Corporation 627,000
23,000 Marriott International, Inc. 744,625
61,800 McDonald's Corporation 4,264,200
15,800 Mirage Resorts, Inc.+ 336,737
13,740 Tricon Global Restaurants, Inc.+ 435,386
11,700 Wendy's International, Inc. 274,950
------------
7,102,436
------------
<CAPTION>
Insurance -- 3.8%
<S> <C> <C>
12,914 Aetna Life & Casualty Company 983,078
37,760 Allstate Corporation 3,457,400
62,914 American International
Group, Inc. 9,185,444
15,150 AON Corporation 1,064,288
14,900 Chubb Corporation 1,197,587
19,500 CIGNA Corporation 1,345,500
15,000 Cincinnati Financial
Corporation 575,625
16,500 Conseco, Inc. 771,375
6,800 General Re Corporation 1,723,800
10,600 Hartford Financial Services
Group, Inc. 1,212,375
9,250 Jefferson-Pilot Corporation 535,922
8,700 Lincoln National Corporation 794,963
23,100 Marsh & McLennan
Companies, Inc. 1,396,106
8,800 MBIA, Inc. 658,900
10,300 MGIC Investment Corporation 587,744
6,200 Progressive Corporation 874,200
12,400 SAFECO Corporation 563,425
21,058 St. Paul Companies, Inc. 885,752
17,600 SunAmerica, Inc. 1,010,900
12,300 Torchmark, Inc. 562,725
5,400 Transamerica Corporation 621,675
17,300 United Healthcare Corporation 1,098,550
12,400 UNUM Corporation 688,200
------------
31,795,534
------------
<CAPTION>
Investment Companies -- 0.2%
<S> <C> <C>
10,200 Bear Stearns Companies, Inc. 580,227
22,800 Franklin Resources, Inc. 1,231,200
------------
1,811,427
------------
<CAPTION>
Machinery and Heavy Equipment -- 0.6%
<S> <C> <C>
32,800 Caterpillar, Inc. 1,734,300
3,500 Cincinnati Milacron, Inc. 85,094
22,000 Deere & Company 1,163,250
20,100 Dover Corporation 688,425
14,550 Ingersoll-Rand Company 641,109
9,950 Parker-Hannifin Corporation 379,344
------------
4,691,522
------------
<CAPTION>
Manufacturing -- 0.6%
<S> <C> <C>
20,450 Alcan Aluminum Ltd. 564,931
15,000 Aluminum Company of America 989,063
17,500 Boston Scientific Corporation+ 1,253,437
2,200 Briggs & Stratton Corporation 82,363
6,000 Brown-Forman Corporation, Class B 385,500
6,500 Case Corporation 313,625
7,040 PACCAR, Inc. 367,840
6,400 Reynolds Metals Company 358,000
15,600 Sherwin-Williams Company 516,750
------------
4,831,509
------------
<CAPTION>
Medical Instruments, Services,
and Supplies -- 2.2%
<S> <C> <C>
4,900 Bard (C.R.), Inc. 186,506
25,300 Baxter International, Inc. 1,361,456
10,100 Biomet, Inc. 333,931
9,700 Cardinal Health, Inc. 909,375
13,600 Guidant Corporation 969,850
38,600 HBO & Company 1,360,650
35,989 HEALTHSOUTH Corporation+ 960,456
120,900 Johnson & Johnson Company 8,916,375
42,200 Medtronic, Inc. 2,690,250
2,100 Shared Medical Systems
Corporation 154,219
8,050 St. Jude Medical, Inc.+ 296,341
6,700 United States Surgical
Corporation 305,688
------------
18,445,097
------------
<CAPTION>
Metals and Mining -- 0.4%
<S> <C> <C>
17,727 Allegheny Teldyne, Inc. 405,505
3,600 ASARCO, Inc. 80,100
33,500 Barrick Gold Corporation 642,781
20,700 Battle Mountain Gold Company 122,906
8,100 Cyprus Amax Minerals Company 107,325
17,000 Freeport McMoRan Copper &
Gold, Class B 258,188
19,000 Homestake Mining Company 197,125
14,700 Inco Ltd. 200,288
900 NACCO Industries Inc., Class A 116,325
13,755 Newmont Mining Corporation 324,962
5,100 Phelps Dodge Corporation 291,656
22,500 Placer Dome, Inc. 264,375
------------
3,011,536
------------
<CAPTION>
Natural Gas -- 0.4%
<S> <C> <C>
7,200 Columbia Gas System, Inc. 400,500
8,600 Consolidated Natural Gas
Company 506,325
29,565 Enron Corporation 1,598,358
4,200 NICOR, Inc. 168,525
2,700 ONOEK, Inc. 107,663
9,900 Sonat, Inc. 382,387
------------
3,163,758
------------
<CAPTION>
News and Publishing -- 0.8%
<S> <C> <C>
25,600 Gannett Company, Inc. 1,819,200
50,094 Kimberly-Clark Corporation 2,298,062
7,300 Knight-Ridder, Inc. 401,956
8,600 New York Times Company, Class A 681,550
8,100 Times Mirror Company (New),
Class A 509,288
11,000 Tribune Company 756,937
------------
6,466,993
------------
<CAPTION>
Oil -- 6.6%
<S> <C> <C>
8,000 Amerada Hess Corporation 434,500
86,300 Amoco Corporation 3,592,237
8,900 Apache Corporation 280,350
6,500 Ashland, Inc. 335,563
28,900 Atlantic Richfield Company 2,257,812
15,300 Baker Hughes, Inc. 528,806
58,800 Chevron Corporation 4,884,075
9,400 Coastal Corporation 656,237
220,000 Exxon Corporation 15,688,750
23,700 Halliburton Company 1,056,131
9,700 Louisiana Land & Exploration
Company 177,025
5,400 McDermott International, Inc. 185,963
70,300 Mobil Corporation 5,386,737
33,000 Occidental Petroleum
Corporation 891,000
9,500 Oryx Energy Company+ 210,188
4,100 Pennzoil Company 207,563
23,500 Phillips Petroleum Company 1,132,406
192,800 Royal Dutch Petroleum
Company 10,567,850
15,000 Tenneco, Inc. 570,938
48,700 Texaco, Inc. 2,906,781
22,200 Union Pacific Corporation 979,575
22,355 Union Pacific Resources Group 392,610
21,600 Unocal Corporation 772,200
26,000 USX-Marathon Group 892,125
------------
54,987,422
------------
<CAPTION>
Oil Equipment and Services -- 0.4%
<S> <C> <C>
4,400 Helmerich & Payne, Inc. 97,900
44,900 Schlumberger Ltd. 3,067,231
4,600 Western Atlas, Inc. 390,425
------------
3,555,556
------------
<CAPTION>
Paper and Forest Products -- 0.6%
<S> <C> <C>
4,600 Bemis Company, Inc. 188,025
4,800 Boise Cascade Corporation 157,200
8,700 Champion International
Corporation 427,931
19,825 Fort James Corporation 882,212
8,000 Georgia-Pacific Corporation 471,500
4,300 Harnischfeger Industries, Inc. 121,744
27,619 International Paper Company 1,187,617
9,300 Mead Corporation 295,275
2,300 Potlatch Corporation 96,600
8,981 Stone Container Corporation 140,328
17,550 Weyerhaeuser Company 810,591
10,000 Willamette Indutries, Inc. 320,000
------------
5,099,023
------------
<CAPTION>
Personal Items -- 3.0%
<S> <C> <C>
26,600 Colgate-Palmolive Company 2,340,800
101,020 Gillette Company 5,726,571
9,400 International Flavors &
Fragrances, Inc. 408,313
3,400 Jostens, Inc. 81,175
120,600 Procter & Gamble Company 10,982,137
73,700 Warner-Lambert Company 5,112,938
------------
24,651,934
------------
<CAPTION>
Petroleum Refining -- 0.3%
<S> <C> <C>
5,100 Anadarko Petroleum
Corporation 342,656
7,800 Rowan Companies+ 151,613
8,400 Sun Company 326,025
38,100 Williams Companies, Inc. 1,285,875
------------
2,106,169
------------
<CAPTION>
Pharmaceuticals -- 3.1%
<S> <C> <C>
7,800 ALZA Corporation 337,350
89,520 Bristol-Myers Squibb Company 10,289,205
99,600 Lilly (Eli) & Company 6,579,825
45,720 Pharmacia & Upjohn, Inc. 2,108,835
66,000 Schering-Plough Corporation 6,047,250
------------
25,362,465
------------
<CAPTION>
Photographic Equipment and Supplies -- 0.3%
<S> <C> <C>
29,000 Eastman Kodak Company 2,118,812
3,950 Polaroid Corporation 140,472
------------
2,259,284
------------
<CAPTION>
Printing and Publishing -- 0.3%
<S> <C> <C>
6,500 American Greetings
Corporation, Class A 331,094
12,600 Donnelley (R.R.) & Sons
Company 576,450
15,440 Dun & Bradstreet Corporation+ 557,770
8,900 McGraw-Hill, Inc. 725,906
9,150 Westvaco Corporation 258,488
------------
2,449,708
------------
<CAPTION>
Railroads -- 0.1%
<S> <C> <C>
34,100 Norfolk Southern Corporation 1,016,606
------------
<CAPTION>
Research and Development -- 0.2%
<S> <C> <C>
22,900 Amgen, Inc. 1,497,088
------------
<CAPTION>
Retail -- Store -- 4.0%
<S> <C> <C>
271 Abercrombie and Fitch
Company+ 11,924
24,600 American Stores Company 595,012
8,900 Circuit City Stores --
Circuit City Group 417,187
9,480 Consolidated Stores
Corporation+ 343,650
19,417 Costco Companies, Inc.+ 1,224,485
34,582 CVS Corporation 1,346,537
39,300 Dayton Hudson Corporation 1,906,050
9,800 Dillard's, Inc. 406,088
18,900 Federated Department Store+ 1,017,056
35,350 Gap, Inc. 2,178,444
43,900 K mart Corporation+ 845,075
20,464 Limited, Inc. 677,870
3,400 Longs Drug Stores Company 98,175
20,800 May Department Stores Company 1,362,400
6,800 Nordstrom, Inc. 525,300
22,600 Penney (J.C.) Company, Inc. 1,634,262
23,200 Rite Aid Corporation 871,450
3,200 Russell Corporation 96,600
35,200 Sears, Roebuck & Company 2,149,400
28,800 TJX Companies, Inc. 694,800
24,950 Toys R Us, Inc.+ 587,884
11,900 Venator Group, Inc.+ 227,588
202,000 Wal-Mart Stores, Inc. 12,271,500
44,700 Walgreen Company 1,846,669
------------
33,335,406
------------
<CAPTION>
Savings and Loan Associations -- 0.1%
<S> <C> <C>
9,912 Ahmanson (H.F.) Company 703,752
4,900 Golden West Financial
Corporation 520,931
------------
1,224,683
------------
<CAPTION>
Soaps and Detergents -- 0.1%
<S> <C> <C>
9,300 Clorox Company 886,988
------------
<CAPTION>
Steel -- 0.1%
<S> <C> <C>
9,500 Armco, Inc.+ 60,563
11,500 Bethlehem Steel Corporation+ 143,031
7,900 Nucor Corporation 363,400
5,400 Timken Company 166,388
7,840 USX-U.S.Steel Group, Inc. 258,720
8,725 Worthington Industries, Inc. 131,420
------------
1,123,522
------------
<CAPTION>
Technology -- 0.6%
<S> <C> <C>
99,000 Ameritech Corporation 4,442,625
10,700 ITT Industries 399,913
3,700 Millipore Corporation 100,825
4,300 Perkin-Elmer Corporation 267,406
------------
5,210,769
------------
<CAPTION>
Telecommunications -- 7.8%
<S> <C> <C>
10,900 360 Communications Company 348,909
51,500 AirTouch Communications, Inc.+ 3,009,531
16,600 ALLTEL Corporation 771,900
7,737 Andrew Corporation+ 139,750
17,300 Ascend Communications, Inc.+ 857,431
146,106 AT & T Corporation 8,346,305
139,562 Bell Atlantic Corporation 6,367,516
89,000 BellSouth Corporation 5,974,125
33,200 Comcast Corporation Special,
Class A (non -- voting) 1,347,713
10,700 DSC Communications
Corporation+ 321,000
15,400 Frontier Corporation 485,100
13,500 General Instrument
Corporation+ 367,031
117,974 Lucent Technologies, Inc. 9,813,962
65,100 MCI Communications
Corporation 3,783,938
24,600 NEXTEL Communications, Inc.+ 611,925
46,800 Northern
Telecommunications Ltd. 2,655,900
165,400 SBC Communications 6,616,000
38,700 Sprint Corporation 2,728,350
45,586 Tele-Communications Inc.,
Class A+ 1,752,212
46,558 US West, Inc.+ 2,188,226
32,100 Viacom Inc., Class B+ 1,869,825
92,800 WorldCom, Inc. 4,495,000
------------
64,851,649
------------
<CAPTION>
Tire and Rubber -- 0.2%
<S> <C> <C>
7,000 Cooper Tire & Rubber Company 144,375
6,600 Goodrich (B.F.) Company 327,525
14,100 Goodyear Tire & Rubber Company 908,569
------------
1,380,469
------------
<CAPTION>
Transportation -- 0.3%
<S> <C> <C>
14,163 Burlington Northern Santa Fe 1,390,629
13,280 FDX Corporation+ 833,320
6,700 Ryder System, Inc. 211,469
------------
2,435,418
------------
<CAPTION>
Utilities -- 2.3%
<S> <C> <C>
12,100 Ameren Corporation 480,975
17,100 American Electric Power
Company, Inc. 775,912
13,250 Baltimore Gas & Electric
Company 411,578
13,600 Carolina Power & Light Company 589,900
19,100 Central & Southwest Corporation 513,313
14,234 Cinergy Corporation 498,190
21,200 Consolidated Edison Company 976,525
17,600 Dominion Resources, Inc. 717,200
13,000 DTE Energy Company 524,875
32,370 Duke Energy Company 1,917,922
34,100 Edison International 1,008,081
22,200 Entergy Corporation 638,250
20,727 FirstEnergy Corporation 637,355
16,000 FPL Group, Inc. 1,008,000
11,500 GPU, Inc. 434,844
26,595 Houston Industries, Inc. 821,121
3,800 National Service Indutries, Inc. 193,325
16,000 Niagara Mohawk Power
Corporation+ 239,000
13,600 Northern States Power Company 389,300
26,700 PacifiCorp 604,088
20,000 PECO Energy Company 583,750
2,900 People's Energy Corporation 112,013
34,300 PG & E Corporation 1,082,594
15,100 PP & L Resources, Inc. 342,581
62,700 Southern Company 1,736,006
22,015 Texas Utilities Company 916,374
19,500 Unicom Corporation 683,719
------------
18,836,791
------------
<CAPTION>
Waste Management -- 0.3%
<S> <C> <C>
17,100 Browning-Ferris Industries, Inc. 594,225
29,600 Laidlaw Inc., Class B
(non-voting) 360,750
42,791 Waste Management, Inc. 1,497,685
------------
2,452,660
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $550,379,213) 805,894,655
------------
<CAPTION>
U.S. TREASURY BILLS -- 0.2%
<S> <C> <C>
2,000,000 3.31%++ due 10/15/98** 1,969,967
------------
<CAPTION>
TOTAL U.S. TREASURY BILLS
<S> <C>
(Cost $1,969,967) 1,969,967
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.9%
(Cost $23,921,000)
<S> <C> <C>
$23,921,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $23,924,854
on 07/01/1998, collateralized
by $24,040,000 U.S. Treasury
Note, 3.625% maturing
01/15/2008 (value
$24,400,600) $ 23,921,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $576,270,180*) 100.5% 831,785,622
OTHER ASSETS AND
LIABILITIES (Net) (0.5) (3,947,488)
---- ------------
NET ASSETS 100.0% $827,838,134
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $576,907,561.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
</TABLE>
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS -- LONG POSITION
<S> <C> <C>
97 S&P 500 Index
September 1998 $975,202
========
<FN>
- ---------
See Notes to Financial Statements.
</TABLE>
Munder International Equity Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.6%
Argentina -- 0.7%
<S> <C> <C>
1,100 Alpargatas S.A.I.C., ADR $ 2,332
400 APCO Argentina Inc., ADR 10,400
2,460 Banco de Galicia Bueno, ADR 44,895
1,656 Banco Frances del Rio
de la Plata, SA, ADR 37,984
3,000 Banco Rio de La Plata SA 31,687
1,800 Buenos Aires
Embotelladora SA, ADR+ 2,475
9,800 Corporacion Mapfre, ADR 93,559
800 Disco SA, ADR+ 25,600
500 IRSA Inversiones Y
Representaciones SA, GDR 14,563
2,220 Metrogas SA, ADR 19,564
13,565 Perez Companc SA, ADR 136,022
4,000 Quilmes Industrial SA, ADR 39,000
7,100 Telecom Argentina SA, ADR 211,669
8,500 Telefonica de Argentina, ADR 275,719
2,800 Transportadora de Gas del
Sur SA, ADR 32,200
20,800 Y.P.F. Sociedad Anonima, ADR 625,300
------------
1,602,969
------------
<CAPTION>
Australia -- 2.6%
<S> <C> <C>
9,150 Amcor Ltd. 157,837
2,100 Ashton Mining Ltd., ADR 5,540
9,850 Australia & New Zealand
Bank, ADR 336,747
7,100 Australian National
Industries, ADR 16,356
5,200 Boral Ltd., ADR 76,050
35,340 Broken Hill
Proprietary Ltd., ADR 598,571
2,800 Burns, Philip &
Company Ltd., ADR 1,356
7,000 Coca-Cola Amatil Ltd., ADR 90,882
5,500 Coles Myer Ltd., ADR 169,469
900 Cortecs International Ltd., ADR+ 6,638
8,500 CSR Ltd., ADR 98,352
5,000 E-mail Partners Ltd., ADR 17,381
500 FAI Insurances Ltd., ADR 2,875
1,200 FH Faulding &
Company, ADR 21,945
10,600 Goodman Fielder Ltd., ADR 61,852
9,050 Great Central Mines Ltd., ADR 27,150
6,900 James Hardie Industries, ADR 38,634
4,700 Kidston Gold Mines Ltd., ADR+ 2,538
800 Lihir Gold Ltd., ADR+ 19,750
46,400 M.I.M. Holdings Ltd., ADR 44,932
2,400 Mayne Nickless Ltd., ADR 63,689
16,100 National Australia
Bank Ltd., ADR 1,063,606
26,300 News Corporation Ltd., ADR 844,887
4,739 Normandy Mining Ltd., ADR 38,831
4,900 North Ltd., ADR 50,492
1,300 Orbital Engineering Ltd., ADR+ 6,906
9,600 Pacific Dunlop
Olympic Ltd., ADR 61,200
1,700 Petsec Energy Ltd., ADR+ 27,519
31,800 Pioneer International Ltd., ADR 75,814
5,370 Rio Tinto Ltd., ADR 256,007
5,100 Santos Ltd., ADR 63,113
700 Simsmetal Ltd., ADR 11,037
600 Sons of Gwalia, ADR 7,449
4,300 Southcorp Holdings Ltd., ADR 62,593
8,000 St. George Bank Ltd., ADR 51,845
7,900 Telstra Corporation Ltd. 400,925
13,200 Westpac Banking Ltd., ADR 396,825
10,100 WMC Ltd., ADR 121,200
39,300 Woodside Petroleum Ltd. 196,627
------------
5,595,420
------------
<CAPTION>
Austria -- 0.2%
<S> <C> <C>
7,800 Bank Austria
Aktiengeselschaft, ADR 127,001
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 67,041
9,800 OMV AG, ADR 262,775
1,000 Wolford AG, ADR 12,690
------------
469,507
------------
<CAPTION>
Belgium -- 0.2%
<S> <C> <C>
8,450 Petrofina SA, ADR 347,066
1,200 Xeikon N.V., ADR+ 25,575
------------
372,641
------------
<CAPTION>
Bermuda -- 0.2%
<S> <C> <C>
1,200 Comcast UK Cable
Partners Ltd., ADR+ 18,825
3,900 Exel Ltd., ADR 303,469
400 Frontline Ltd., ADR+ 4,675
600 LaSalle Re Holdings Ltd., ADR 22,725
2,000 PartnerRe Ltd., ADR 102,000
------------
451,694
------------
<CAPTION>
Brazil -- 0.8%
<S> <C> <C>
5,425 Aracruz Celulose SA, ADR 62,048
5,996 Cemig-Companhia
Energetica de Minas, ADR 186,652
1,100 Centrais Eletricas
Brasileiras SA, ADR 16,169
110 Centrais Geradoras do Sul
do Brasil SA, ADR+ 784
5,000 Companhia Cervejaria
Brahma, ADR 62,813
2,700 Companhia Siderurgica
Nacional, ADR 66,150
1,800 Continental AG, ADR 56,592
1,300 Copene Petroquimica, ADR 14,387
2,600 Panamerican Beverages Inc.,
ADR, Class A 81,737
11,200 Telecomunicacoes
Brasileiras SA 1,222,900
------------
1,770,232
------------
<CAPTION>
Canada -- 3.3%
<S> <C> <C>
4,200 Aber Resources Ltd.+ 2,625
3,200 Abitibi-Consolidated Inc., ADR 41,000
1,400 Agnico Eagle Mines Ltd., ADR 7,700
2,950 Alberta Energy
Company Ltd., ADR 69,325
500 Alliance Communications
Corporation, ADR+ 8,625
2,700 Arakis Energy
Corporation, ADR+ 3,881
2,400 Avenor, Inc. 41,629
9,550 Bank of Montreal, ADR 531,219
23,000 BCE Inc., ADR 981,812
2,600 BCE Mobile
Communications, Inc+ 67,762
800 Bell Canada
International, Inc.+ 18,700
13,300 Bema Gold Corporation+ 21,612
3,700 BioChem Pharmaceuticals, Inc. 98,050
1,200 Biomira Inc., ADR+ 2,700
1,000 Biovail Corporation
International, ADR+ 32,000
5,000 C Mac Industries Inc.+ 88,342
1,500 Campbell Resource Inc., ADR+ 563
15,900 Canadian Imperial Bank of
Commerce 515,756
1,000 Canadian Marconi Company, ADR 12,938
5,100 Canadian Occidental
Petroleum, ADR 109,650
12,400 Canadian Pacific Ltd., ADR 351,850
600 Chieftain International, Inc., ADR+ 14,213
1,100 Clearnet Communications
Inc., ADR+ 12,100
93 CliniChem Development, Inc.+ 532
2,500 Cognos, Inc.+ 66,602
9,000 Cognos, Inc., ADR+ 237,912
3,300 Cominco, ADR 49,500
2,000 Corel, ADR+ 4,438
2,300 Cott Corporation, ADR 16,675
400 Decoma International, Inc 3,550
4,800 Domatar, Inc., ADR 32,400
548 Dreco Energy Services Ltd.+ 14,523
14,550 EdperBrascan Corporation,
Class A 246,441
4,000 Encal Energy Ltd.+ 15,250
600 Fahnestock Viner Holdings,
Inc., ADR 11,625
2,100 Fairfax Financial
Holdings Ltd.+ 819,136
1,000 Four Seasons Hotels, Inc., ADR 35,250
2,500 Goldcorp Inc., Class A, ADR+ 11,719
9,406 Gulf Canada Resources, ADR 46,442
2,300 Hollinger, Inc., ADR 27,196
6,900 Imperial Oil Ltd., ADR 120,319
800 Intertape Polymer Group
Inc., ADR 17,750
1,400 Intrawest Corporation 27,912
2,200 IPL Energy Inc., ADR 99,550
1,650 Ipsco, Inc., ADR 44,344
300 Jetform Corporation, ADR+ 6,300
8,315 Laidlaw, Inc., Class B 101,339
1,600 Loewen Group Inc., ADR 43,200
4,700 Macmillan Bloedel Ltd., ADR 49,937
2,200 Magna International, Class A, ADR 150,975
5,600 Methanex Corporation, ADR+ 48,300
1,300 Microcell
Telecommunications, Inc.+ 11,700
4,000 Mitel Corporation, ADR+ 54,750
6,200 Newbridge Network, ADR+ 148,412
2,400 Newcourt Credit Group, Inc. 118,050
17,600 Nova Corporation of
Alberta, ADR 203,500
3,400 Numac Energy Inc., ADR+ 8,713
1,400 Philip Services
Corporation+ 5,756
1,200 PLD Telekom Inc., ADR+ 8,625
1,700 Potash Corporation of
Saskatchewan, ADR 128,456
2,600 Quebecor Inc., Class A, ADR 51,901
1,300 Rigel Energy Corporation, ADR+ 11,838
1,900 Rio Algom Ltd., ADR 28,322
3,400 Rogers Cantel Mobil
Communications, Class B, ADR+ 42,500
2,500 Royal Group Technologies Ltd.+ 72,500
4,300 Royal Oak Mines, ADR+ 3,763
2,000 Suncor Energy, Inc. 69,500
3,200 Supersol Ltd. 52,800
1,200 Tee-Comm Electronics, Inc.+ 0
4,200 Teleglobe, Inc. 111,300
5,000 Telesystem International
Wireless, Inc.+ 96,837
7,100 Transcanada Pipelines
Ltd., ADR 157,975
17,100 Trilon Financial
Corporation 132,473
3,900 Trizec Hahn Corporation, ADR 83,606
6,500 TVX Gold, Inc.+ 19,656
3,400 West Coast Energy, Inc., ADR 75,862
------------
7,081,964
------------
<CAPTION>
Chile -- 0.3%
<S> <C> <C>
600 AFP Provida, ADR 10,013
900 Banco BHIF, ADR 13,444
900 Banco de Edwards, ADR 12,769
400 Banco Santander Chile,
ADR 5,150
700 Banco Santiago SA, ADR 11,725
1,900 Compania Cervecerias
Unidas SA, ADR 40,137
7,075 Compania de
Telecomunicaciones de
Chile SA, ADR 143,711
800 Cristalerias de Chile, ADR 10,400
2,500 Distribucion y Servicio D&S SA 37,500
2,200 Embotelladora Andina SA, ADR 38,500
7,500 Empresa Nacional
Electricidad SA, ADR 106,875
2,100 Empresa Telex Chile, ADR 3,019
4,400 Enersis SA, ADR 107,525
2,200 Gener SA, ADR 40,150
700 Laboratorio Chile SA, ADR 10,062
2,400 Linea Aerea Nacional
Chile SA 19,500
1,200 Madeco, ADR 10,575
1,000 Maderas Y Sinteticos Sociedad
(Masisa), ADR 8,125
700 Quimica Minera Chile SA, ADR 23,450
3,500 Quinenco SA, ADR 31,500
600 Santa Isabel SA, ADR 6,600
900 Supermercados Unimarc SA, ADR 6,975
500 Vina Concha Y Toro SA, ADR 14,250
------------
711,955
------------
<CAPTION>
China\Hong Kong -- 3.5%
<S> <C> <C>
18,100 Amoy Properties Ltd., ADR 58,402
2,300 Amway Asia Pacific Ltd., ADR 30,044
1,900 APT Satellite Holdings
Ltd., ADR+ 16,744
7,200 Asia Pulp & Paper Company
Ltd., ADR 81,000
600 Asia Satellite
Telecommunications
Holdings Ltd., ADR 9,825
47,548 Bank East Asia Ltd., ADR 51,549
750 Beijing Yanhua
Petrochemical Company,
Ltd., ADR 4,500
3,200 C.P. Pokphand, ADR 2,943
10,300 Cathay Pacific Airways, ADR 36,225
6,800 CDL Hotels
International Ltd., ADR 20,186
19,600 Champion Technology
Holdings, ADR 3,352
700 China Eastern Airlines
Corporation Ltd., ADR+ 6,213
900 China Southern Airlines
Company Ltd., ADR+ 6,413
26,300 China Telecom (Hong Kong) Ltd.+ 908,994
5,800 Dairy Farm
International Ltd., ADR 31,030
500 DSG International Ltd., ADR+ 3,438
1,850 Egana International
Holdings Ltd. 5,659
17,000 First Pacific Company
Ltd., ADR 35,654
3,700 Glorious Sun Enterprises Ltd.+ 6,781
1,300 Gold Peak Industries Ltd., ADR 4,446
3,000 Guangshen Railway Company Ltd.,
ADR 20,437
8,750 Hang Lung Development, ADR 43,479
27,300 Hang Seng Bank Ltd., ADR 154,329
58,700 Henderson Land Development
Company Ltd., ADR 193,571
81,598 Hong Kong and China Gas
Ltd., ADR 92,677
74,300 Hong Kong Electric
Holdings Ltd., ADR 230,150
13,100 Hong Kong Land
Holdings, ADR 81,875
17,432 Hong Kong
Telecommunications Ltd., ADR 329,029
32,200 Hopewell Holdings Ltd., ADR 17,247
15,300 HSBC Holdings Plc, ADR 3,885,603
4,700 Huaneng Power
International, ADR+ 63,156
18,200 Hysan Development Ltd.,
ADR 30,067
16,900 Jardine Matheson &
Company Ltd., ADR 45,630
5,800 Jardine Strategic
Holding, ADR 22,040
1,200 Johnson Electric
Holdings, ADR 44,450
33,900 New World Development
Company Ltd., ADR 131,260
500 Peak International Ltd.+ 6,875
6,800 Pearl Oriental Holdings 7,460
10,050 Peregrine Investment
Holdings, ADR 0
2,200 Shandong Huaneng, ADR 11,825
3,970 Shanghai Chlor-Alkali
Chemical Company, ADR 5,082
1,600 Shanghai Erfangji Co., Ltd., ADR 1,440
2,600 Shanghai Petrochemicals Ltd., ADR 29,087
2,900 Shanghai Tire & Rubber
Company Ltd., ADR 4,698
5,500 Shuntak Holdings Ltd., ADR 5,394
1,800 Singer Company, ADR 12,825
10,850 South China Morning Post, ADR 26,082
87,900 Sun Hung Kai Properties Ltd., ADR 373,246
58,400 Swire Pacific Ltd., ADR 225,057
7,700 Television Broadcasts Ltd. 40,746
800 VTech Holdings Ltd., ADR 29,788
10,500 Wharf Holdings Ltd., ADR 51,831
1,000 Yanzhou Coal Mining
Company Ltd., ADR+ 9,750
------------
7,549,584
------------
<CAPTION>
Colombia -- 0.0%#
<S> <C> <C>
1,100 Banco Ganadero SA, ADR 35,750
1,300 Banco Industrial
Colombiano, ADR 14,219
------------
49,969
------------
<CAPTION>
Denmark -- 0.5%
<S> <C> <C>
2,300 ISS International Service
Systems, ADR+ 66,963
8,800 Novo Nordisk AS,
Series B, ADR 605,550
9,500 Tele Danmark, Series B, ADR 447,687
------------
1,120,200
------------
<CAPTION>
Finland -- 0.6%
<S> <C> <C>
1,700 American Group Ltd., ADR+ 16,438
1,700 Instrumentarium
Corporation, ADR 51,000
15,800 Nokia Oyj, ADR 1,146,488
700 Rauma-Repola, ADR 14,525
1,600 Valmet Corporation, ADR 55,800
------------
1,284,251
------------
<CAPTION>
France -- 7.7%
<S> <C> <C>
12,000 Accor SA, ADR 335,842
36,600 Alcatel Alsthom Cie Generale
D'Electric, ADR 1,489,162
200 Alstom+ 6,513
700 Bouygues Offshore SA, ADR 14,788
800 Business Objects SA, ADR+ 13,500
3,000 Canal Plus, ADR 112,146
1,800 Carrefour SA 1,138,826
300 Chargeurs SA 24,786
1,950 Christian Dior SA 245,455
600 CIPE France 22,826
1,977 Clarins SA, ADR 36,560
1,300 Coflexip SA, ADR 79,462
1,000 Companie Generale de
Geophysique SA, ADR+ 29,375
550 Credit Lyonnais 56,131
3,900 Dassault Systemes SA, ADR 185,737
24,100 Elf Aquitaine, ADR 1,711,100
49,200 Eurotunnel SA+ 7,487
36,800 France Telecom SA 2,559,900
800 Genset, ADR+ 23,500
600 Groupe AB SA, ADR+ 3,375
12,450 Groupe Danone, ADR 686,576
6,600 Havas SA, ADR 140,009
8,900 Lafarge SA, ADR 306,692
2,900 Lagardere Group, ADR 120,735
16,000 Louis Vuitton Moet
Hennessy, ADR 632,000
3,200 LVMH
(Moet Hennessy Louis Vuitton) 640,455
4,750 Michelin 274,203
3,800 Pechiney SA, ADR 76,831
8,150 Pernod Ricard, ADR 141,210
9,050 PSA Peugeot Citroen, ADR 486,503
10,900 Rhone-Poulnec SA, ADR 612,444
5,150 Schneider SA 410,675
400 Scor SA, ADR 25,500
550 SEB SA 76,236
23,000 Societe Generale, ADR 956,415
6,400 STMicroelectronics NV+ 447,200
1,000 Stolt Comex Seaway SA 19,375
4,200 Thomson CSF, ADR 159,783
14,800 Total SA, Class B 1,924,144
2,700 Valeo SA, ADR 275,998
4,500 Vivendi, ADR 192,186
------------
16,701,641
------------
<CAPTION>
Germany -- 8.0%
<S> <C> <C>
25,500 Bayer AG, ADR 1,320,635
14,200 Commerzbank AG, ADR 540,930
14,300 Daimler-Benz AG, ADR 1,391,569
14,500 Deutsche Bank AG, ADR 1,225,849
102,100 Deutsche Telekom, ADR 2,807,750
16,100 Dresdner Bank AG, ADR 870,415
21,600 Hoechst AG, ADR 1,071,900
26,000 Mannesmann AG 2,674,319
300 Pfeiffer Vacuum
Technology AG, ADR+ 21,413
800 Puma AG, ADR 20,405
12,200 RWE AG, ADR 722,482
11,001 SAP AG, ADR 2,490,823
2,300 SGL Carbon AG, ADR 89,700
18,200 VEBA AG 1,197,787
5,000 Volkswagen AG, ADR 965,632
------------
17,411,609
------------
<CAPTION>
Greece -- 0.0%#
<S> <C> <C>
400 Anangel -- American
Shipholdings Ltd, ADR 2,900
------------
<CAPTION>
Hungary -- 0.0%#
<S> <C> <C>
600 Euronet Services, Inc., ADR+ 2,625
600 Pannonplast Rt. 5,557
------------
8,182
------------
<CAPTION>
Indonesia -- 0.1%
<S> <C> <C>
3,300 Gulf Indonesia Resources Ltd.+ 37,950
5,300 PT Indorayon Utama, ADR+ 597
3,883 PT Indosat, ADR 43,198
1,100 PT Pasifik Satelit
Nusantara, ADR+ 15,400
15,200 PT Telekomunikasi
Indonesia, ADR 88,350
1,100 PT Tri Polyta Indonesia, ADR+ 1,238
------------
186,733
------------
<CAPTION>
Ireland -- 0.6%
<S> <C> <C>
4,200 Allied Irish Banks, ADR 360,412
4,300 Bank of Ireland, ADR 354,212
1,400 CBT Group Plc, ADR+ 74,900
2,800 CRH, ADR 202,300
2,400 Elan Corporation Plc, ADR+ 154,350
2,100 Jefferson Smurfit Group, ADR 64,050
1,400 Ryanair Holdings Plc, ADR+ 49,875
1,300 Saville Systems Ireland, ADR+ 65,163
500 Warner Chilcott
Laboratories, ADR+ 4,938
2,800 Waterford Wedgwood Plc, ADR 39,025
------------
1,369,225
------------
<CAPTION>
Israel -- 0.2%
<S> <C> <C>
200 American-Israeli Paper
Mills, ADR 8,163
1,300 Blue Square-Israel Ltd., ADR 20,069
1,300 Check Point Software
Technologies Ltd.+ 42,575
2,700 ECI Telecommunications
Ltd., ADR 102,262
800 Elbit Medical Imaging Ltd., ADR 6,650
900 Elbit Systems Ltd., ADR 11,644
800 Elron Electronic
Industries Ltd., ADR 13,950
800 Elscint Ltd., ADR+ 5,700
500 ESC Medical Systems Ltd., ADR+ 16,875
400 Gilat Satellite Network
Ltd., ADR+ 13,375
2,300 Koor Industries Ltd., ADR 53,762
500 Matav-Cable Systems Media
Ltd., ADR 11,719
500 MEMCO Software Ltd.+ 9,500
300 NICE-Systems Ltd., ADR+ 11,250
1,600 Scitex Corporation, ADR+ 20,900
700 Tadiran Ltd., ADR 23,187
500 Tecnomatrix Technologies
Ltd., ADR+ 10,000
2,100 Teva Pharmaceutical, ADR 73,894
------------
455,475
------------
<CAPTION>
Italy -- 2.2%
<S> <C> <C>
3,272 Benetton Group SpA, ADR 136,197
1,600 De Rigo SpA, ADR+ 9,500
29,400 Ente Nazionale
Idrocarburi SpA, ADR 1,911,000
24,230 Fiat, ADR 533,060
1,000 Fila Holding SpA, ADR 15,000
2,100 Industrie Natuzzi, ADR 54,600
14,500 Instituto Nazionale delle
Assicurazioni, ADR 412,344
7,200 Istituto Mobiliare
Italiano SpA, ADR 343,350
8,500 Luxottica Group, ADR 131,750
19,542 Montedison SpA, ADR 243,053
500 SAES Getters SpA, ADR 4,719
13,900 Telecom Italia SpA 1,021,650
------------
4,816,223
------------
<CAPTION>
Japan -- 13.4%
<S> <C> <C>
10,870 Amway Japan Ltd., ADR 59,106
25,000 Ashikaga Bank Ltd. 31,279
6,700 Bandai Company Ltd., ADR 23,428
205,495 Bank of Tokyo, ADR 2,260,445
30,000 Canon Inc., ADR 686,250
2,500 CSK Corporation, ADR 50,000
12,900 Dai'El, Inc., ADR 54,825
19,000 Daifuku Company, Ltd. 71,042
9,750 Eisai Company Ltd., ADR 133,272
105,000 Fuji Bank 470,059
18,900 Fuji Photo Film
Company Ltd., ADR 653,231
11,900 Hitachi Ltd., ADR 767,550
17,100 Honda Motor
Company Ltd., ADR 1,221,581
29,000 Isetan Company 243,292
144,000 Ishikawajima-Harima Heavy
Industries Company., Ltd. 263,484
137,000 Isuzu Motors Ltd. 241,759
15,600 Ito-Yokado Ltd., ADR 741,000
238,000 Itochu Corporation 516,381
32,700 Japan Airlines Company, ADR 175,762
30,000 Japan Storage Battery Co., Ltd. 71,599
29,000 JGC Corporation 71,100
43,000 JSR Corporation 202,141
17,000 JUSCO Co. 312,902
98,000 Kankaku Securities Company 74,420
12,800 Kawasaki Heavy Industries Ltd. 103,681
290,000 Kawasaki Heavy Industries Ltd. 587,257
11,800 Kawasaki Steel
Corporation, ADR 213,351
3,800 Kirin Brewery Company, ADR 362,900
20,900 Kobe Steel Ltd., ADR 79,356
9,100 Komatsu Ltd., ADR 177,433
2,600 Kubota Corporation, ADR 119,600
3,400 Kyocera Corporation, ADR 330,437
120,000 Long Term Credit
Bank of Japan 70,297
6,200 Makita Corporation, ADR 70,912
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,221,700
19,000 Mercian Corporation 68,019
28,800 Mitsubishi Corporation, ADR 358,256
285,000 Mitsubishi Electric Corporation 657,518
3,000 Mitsui & Company Ltd., ADR 328,125
33,000 Mitsui Engineering &
Shipbuiding Co., Ltd. 25,060
64,000 Mitsukoshi Ltd. 184,682
11,200 NEC Corporation, ADR 519,400
53,000 New Japan Securities
Company, Ltd. 50,213
49,000 Nikon Corporation 353,670
117,300 Nippon Telegraph &
Telephone Corporation, ADR 4,926,600
46,200 Nissan Motor
Company Ltd., ADR 294,525
22,000 Okuma Corporation 100,557
9,600 Olympus Optical Company, ADR 83,732
38,000 Orient Corporation 83,272
6,200 Pioneer Electronics
Corporation, ADR 120,125
4,900 Ricoh Company Ltd., ADR 258,874
14,100 Sanyo Electric
Corporation, ADR 209,737
512 Sawako Corporation, ADR 4,777
11,600 Sega Enterprises, ADR 50,045
23,000 Seiyu Ltd. 48,239
14,500 Shiseido Ltd., ADR 165,271
173,000 Showa Denko K.K. 175,164
13,500 Sony Corporation, ADR 1,161,844
11,400 Sumitomo Metal
Industries, ADR 183,858
4,800 TDK Corporation, ADR 357,600
82,000 The Daiwa Bank, Ltd. 124,539
250,000 The Mitsui Trust &
Banking Company, Ltd. 591,234
11,200 Tokio Marine & Fire
Insurance Ltd., ADR 569,800
26,000 Tokyo Steel Manufacturing 134,259
76,000 Tokyu Land Corporation 111,579
212,000 Tomen Corporation 188,588
6,000 Toshiba Ceramics Co., Ltd. 19,831
70,000 Toshoku 506
72,170 Toyota Motor Corporation, ADR 3,743,819
99,000 Unitika Ltd. 74,463
1,200 Wacoal Corporation, ADR 61,200
252,000 Yamaichi Securities 0
43,000 Yasuda Trust & Banking 40,428
------------
29,162,241
------------
<CAPTION>
Korea -- 0.3%
<S> <C> <C>
57,600 Korea Electric Power
Corporation, ADR 410,400
13,600 Pohang Iron & Steel
Company, Ltd., ADR 163,200
20,655 SK Telecom Company Ltd., ADR 114,895
------------
688,495
------------
<CAPTION>
Luxembourg -- 0.1%
<S> <C> <C>
1,200 Espirito Santo Financial
Holdings, ADR 29,250
1,700 Millicom International
Cellular S.A.+ 74,375
7,750 Minorco SA, ADR 92,516
------------
196,141
------------
<CAPTION>
Malaysia -- 0.0%#
<S> <C> <C>
41,600 Amalgamated Steelmills
Berhad, ADR 4,210
7,900 Resorts World Berhad, ADR 43,400
------------
47,610
------------
<CAPTION>
Mexico -- 1.2%
<S> <C> <C>
2,900 Altos Hornos de
Mexico SA, ADR+ 15,134
2,100 Apasco SA, Series A, ADR 54,685
800 Bufete Industries, ADR+ 5,200
22,500 Cemex SA, ADR 168,772
5,100 Coca-Cola Femsa SA, ADR 88,612
2,500 Consorcio G. Grupo Dina, ADR+ 6,250
2,000 Controladora Comercial
Mexican SA de CV, ADR 33,875
2,505 Desc de CV, Series C, ADR 49,787
4,000 Empresas Ica, ADR 37,750
4,400 Empresas La Moderna
SA de CV, ADR+ 103,950
38,500 Grupo Carso SA, ADR 317,047
1,100 Grupo Casa Autrey, ADR 7,150
13,000 Grupo Elektra, ADR 126,750
7,800 Grupo Financiero
Bancomer SA de CV, ADR 74,303
4,400 Grupo Financiero
Serfin SA de CV, ADR+ 5,500
1,100 Grupo Imsa SA, ADR 16,638
800 Grupo Industrial
Durango SA, ADR+ 7,150
2,400 Grupo Industrial
Maseca SA, ADR 26,700
2,100 Grupo Iusacell, Series L, ADR+ 28,875
500 Grupo Radio Central, ADR 5,563
5,600 Grupo Telivisa SA, ADR+ 210,700
2,800 Grupo Tribasa SA, ADR+ 14,525
1,000 Industries Bachoco SA, ADR 12,125
5,200 Kimberly Clark Inc., ADR 91,868
19,300 Telefono de Mexico SA, ADR 927,606
3,300 Tolmex SA de CV, ADR+ 148,741
2,000 Transport Matima Mexico,
Class L, ADR+ 13,250
2,700 Tubos de Acero de
Mexico, ADR 34,594
4,300 Vitro Sociedad Anomina, ADR 27,413
------------
2,660,513
------------
<CAPTION>
Netherlands -- 5.6%
<S> <C> <C>
52,100 ABN AMRO Holding, ADR 1,221,094
18,800 AEGON Insurance, ADR 1,626,200
5,100 Akzo Nobel, ADR 565,462
5,000 ASM Lithography Holdings NV+ 145,312
6,800 Baan Company, ADR+ 243,100
1,200 Benckiser NV+ 74,025
500 Chicago Bridge & Iron
Company NV 7,750
5,200 DSM, ADR 133,437
12,600 Elsevier, ADR 378,000
10,525 Fortis Amev, ADR 616,666
3,200 Gucci Group, ADR 169,600
47,005 ING Groep NV 3,072,952
4,800 Ispat International NV,
Class A+ 90,000
3,400 KLM Royal Dutch
Airlines, ADR 139,188
13,060 Koninklijke Ahold, ADR 417,920
3,100 Koninklijke Bols
Wessanen NV, ADR 44,683
500 Koninklijke Van
Ommeren, ADR 21,006
1,300 Madge Networks NV, ADR+ 6,175
5,400 New Holland NV, ADR 105,975
3,200 Oce Van Der Griten, ADR 135,600
500 Orthofix
International NV, ADR+ 6,500
12,300 Philips Electronics NV, ADR 1,045,500
1,800 Polygram NV, ADR 91,575
600 QIAGEN N.V. ADR+ 37,800
1,600 Royal Nedlloyd Group, ADR 16,254
16,983 Royal PTT Nederland, ADR 1,080,543
3,300 Toolex Alpha NV, ADR+ 60,844
200 Velcro Industries NV, ADR 27,850
6,900 VNU-Verenigde Nederlandse
Uitgeversbedrijven
Verenigd Bezit, ADR 250,665
2,600 Wolters Kluwer, ADR 356,854
------------
12,188,530
------------
<CAPTION>
New Zealand -- 0.1%
<S> <C> <C>
1,325 Fletcher Challenge,
Building, ADR 16,480
1,325 Fletcher Challenge, Energy, ADR 32,131
3,160 Fletcher Challenge, Forest, ADR 17,972
2,550 Fletcher Challenge, Paper, ADR 28,050
4,500 Telecommunications of New
Zealand Ltd., ADR 147,375
500 Tranz Rail Holdings Ltd., ADR 3,313
------------
245,321
------------
<CAPTION>
Norway -- 0.3%
<S> <C> <C>
1,800 Nera ASA, ADR 4,163
8,250 Norsk Hydro AS, ADR 364,031
2,200 Petroleum Geo -- Services, ADR+ 67,100
4,300 Saga Petroleum, Class A, ADR
67,725 1,700 Smedvig ASA, ADR 20,628
700 Unitor ASA, ADR 10,320
------------
533,967
------------
<CAPTION>
Panama -- 0.0%#
<S> <C> <C>
700 Banco Latinoamericano de
Exportaciones SA 21,525
------------
<CAPTION>
Peru -- 0.1%
<S> <C> <C>
2,500 Banco Wiese, ADR 8,594
500 Compania de Minas
Buenaventura SA, ADR 6,562
8,500 Telefonica del Peru SA,
ADR 173,719
------------
188,875
------------
<CAPTION>
Philippines -- 0.1%
<S> <C> <C>
4,100 Philippine Long Distance
Telephone Company, ADR 92,763
9,150 San Miguel Corporation,
Class B, ADR 119,821
------------
212,584
------------
<CAPTION>
Portugal -- 0.5%
<S> <C> <C>
4,200 Banco Comercial Portuges
SA, ADR 117,075
10,900 Electricidade de Portugal
SA, ADR 502,081
6,900 Portugal Telecom SA, ADR 365,269
------------
984,425
------------
<CAPTION>
Russia -- 0.3%
<S> <C> <C>
1,200 Chernogorneft, ADR+ 3,900
2,200 Inkombank, ADR 7,185
3,500 Irkutskenergo, ADR 17,150
4,800 Lukoil, ADR 161,280
9,300 Mosenergo, ADR 46,500
4,400 Rostelecom, ADR 58,850
17,000 Surgutneftegaz 68,000
4,400 Tatneft, ADR 34,100
2,200 Trade House GUM 6,270
15,100 Unified Energy Systems 194,790
1,700 Uralsvyazinform, ADR 8,500
1,000 Vimpel -- Communications, ADR+ 44,750
------------
651,275
------------
<CAPTION>
Singapore -- 0.2%
<S> <C> <C>
6,500 Asia Pacific Resources
International Holdings
Ltd., Class A+ 11,781
500 Asia Pacific Wire & Cable
Corporation Ltd.+ 2,625
1,300 China Yuchai, ADR+ 3,331
3,200 Cycle & Carriage Ltd., ADR 15,649
6,023 Development Bank of
Singapore, ADR 133,674
14,875 Keppel Corporation Ltd. 44,846
6,100 Neptune Orient Lines Ltd., ADR 8,471
8,000 Sembawang Corporation Ltd., ADR 9,448
16,300 United Overseas Bank Ltd., ADR 101,303
------------
331,128
------------
<CAPTION>
South Africa -- 0.4%
<S> <C> <C>
5,100 Driefontein Consolidated, ADR 26,138
9,066 Gold Fields Ltd. 51,980
3,900 Gold Fields of South Africa Ltd.+ 45,094
1,600 Harmony Gold Mining
Company Ltd., ADR+ 6,500
6,318 Imperial Holdings Ltd., ADR 61,797
9,100 Iscor Ltd., ADR 17,187
18,000 Liberty Life Association
of Africa Ltd., ADR 175,447
3,400 Pepkor Ltd., ADR 25,170
21,200 Sasol Ltd., ADR 125,875
3,100 Servgro International Ltd., ADR 30,787
10,200 South African Breweries., ADR 211,273
13,100 Wooltru Ltd., ADR 16,789
------------
794,037
------------
<CAPTION>
Spain -- 3.1%
<S> <C> <C>
25,500 Banco Bilbao Vizcaya, ADR 1,300,500
11,900 Banco Central Hispano, ADR 371,875
17,600 Banco Santander SA, ADR 892,100
22,700 Banesto Espanol de
Credito, ADR+ 136,555
3,100 Compania Sevillana
Electric, ADR 68,443
9,100 Corporacion Bancaria
Argentaria 410,638
48,200 Endesa S.A., ADR 1,042,325
17,650 Repsol, ADR 970,750
11,300 Telefonica de Espana SA, ADR 1,571,406
------------
6,764,592
------------
<CAPTION>
Sweden -- 2.4%
<S> <C> <C>
4,300 AGA AB, ADR 65,773
60,400 Astra AB, ADR 1,238,200
6,666 Atlas Copco, ADR 181,777
3,800 Autoliv Inc., ADR 120,175
500 Biacore International AB, ADR+ 4,375
7,000 Electrolux AB, ADR 237,125
70,400 Ericsson (L.M.) Telephone
Company, Class B, ADR 2,015,200
10,050 Sandvik AB, ADR 275,947
4,300 SKF AB, ADR 78,206
7,100 Svenska Cellulosa AB, ADR 183,820
1,700 Swedish Match Company, ADR 56,100
22,500 Volvo AB, ADR 665,156
------------
5,121,854
------------
<CAPTION>
Switzerland -- 7.7%
<S> <C> <C>
1,200 ABB AB, ADR 165,750
2,900 ABB AG, ADR 428,977
5,000 Adecco SA, ADR 277,500
19,100 Credit Suisse Group, ADR 1,062,466
2,400 Mettler Toledo
International, Inc.+ 48,150
29,700 Nestle, ADR 3,177,921
45,766 Novartis, ADR 3,817,107
51,700 Roche Holdings Ltd. 5,085,330
7,800 Sulzer Medica, ADR 200,850
27,900 Swiss Bank Corporation, ADR 1,076,039
1,200 TAG Heuer International
SA, ADR 11,250
38,500 Union Bank of
Switzerland, ADR 1,433,933
------------
16,785,273
------------
<CAPTION>
Taiwan -- 0.3%
<S> <C> <C>
3,693 Macronix International
Company Ltd., ADR 32,544
30,000 Taiwan Semiconductor
Manufacturing Company+ 506,250
------------
538,794
------------
<CAPTION>
Thailand -- 0.0%#
<S> <C> <C>
3,800 Advanced Information
Services PCL, ADR 15,128
10,050 Shinawatra Corporation, ADR 18,294
------------
33,422
------------
<CAPTION>
United Kingdom -- 29.8%
<S> <C> <C>
24,300 Abbey National Plc, ADR 868,277
2,800 Albert Fisher Group Plc, ADR 10,519
73,650 Alexon Group Plc 281,609
37,900 Allied Domeq Plc, ADR 354,122
4,200 Amvescap Plc, ADR 206,325
21,200 AXA SA, ADR 1,204,425
58,000 B.A.T Industries Plc, ADR 1,170,875
37,800 BAA Plc, ADR 409,004
20,100 Barclays Plc, ADR 2,311,500
28,714 Bass Publishing Limited
Company Plc, ADR 533,004
1,000 Bespak Plc, ADR 16,864
32,117 BG Plc, ADR 923,364
26,800 Blue Circle
Industries Plc, ADR 151,472
3,950 Bluebird Toys 7,552
4,600 BOC Group Plc, ADR 124,775
1,600 Body Shop
International Plc, ADR 17,432
2,100 Booker Plc, ADR 34,713
3,600 British Airways Plc, ADR 387,225
2,500 British Biotech Plc, ADR+ 15,938
54,000 British Petroleum Company
Plc, ADR 4,765,500
6,200 British Sky Broadcasting
Group Plc, ADR 264,275
7,300 British Steel Plc, ADR 166,075
22,900 British Telecommunications Plc,
ADR 2,828,150
223,050 British-Borneo Petroleum
Syndicate Plc 1,115,418
27,186 BTR Plc, ADR 308,669
3,800 Burmah Castrol Plc, ADR 138,225
12,812 Cable & Wireless
Communications Plc+ 640,600
26,900 Cable & Wireless Plc, ADR 991,937
8,950 Cadbury Schweppes Plc, ADR 551,544
583 Cantab Pharmaceuticals
Plc, ADR+ 7,470
4,300 Carlton Communications
Plc, ADR 193,500
2,755 Christian Salvesen Plc, ADR 51,520
600 Christies International Plc, ADR 39,672
8,450 Coats Viyella Plc, ADR
31,322 1,100 COLT Telecom Group Plc, ADR+ 179,850
23,000 Compass Group Plc, ADR 264,981
870 Cordiant Communications
Group 10,658
14,600 Courtaulds Plc, ADR 108,587
204,150 Danka Business Systems 647,652
1,700 Danka Business Systems Plc, ADR 20,081
500 Denison International Plc, ADR+ 9,875
36,283 Diageo Plc, ADR 1,748,387
900 Dialog Corp. Plc+ 9,450
2,000 Dixons Group Plc 15,962
5,000 Dixons Group Plc, ADR 122,002
400 Doncasters Plc, ADR+ 11,125
700 Dr. Solomon's Group Plc, ADR+ 24,413
600 Eidos Plc, ADR+ 8,025
15,725 EMI Group Plc, ADR 275,163
4,925 Energy Group Plc, ADR 291,191
4,300 English China Clays Plc, ADR 44,586
5,400 Enterprise Oil Plc, ADR 149,175
6,200 Gallaher Group Plc, ADR 135,625
4,300 General Cable Plc+ 83,312
400 Gentia Software Plc+ 2,250
58,100 Glaxo Wellcome Plc, ADR 3,475,106
4,825 Hanson Trust Plc, ADR 146,258
6,300 Hills Down Holdings Plc, ADR 68,795
1,000 Huntingdon Life Sciences
Group Plc, ADR+ 1,688
6,600 Imperial Chemical
Industries Plc, ADR 425,700
9,425 Imperial Tobacco Group Plc, ADR 139,114
373,900 Inchcape Plc, ADR 1,179,929
2,000 Ionica Group Plc, ADR+ 3,750
124,850 John Mowlem & Company Plc 302,270
12,100 Kingfisher Plc, ADR 389,925
10,500 Lasmo Plc, ADR 133,219
1,800 Laura Ashley Holdings Plc, ADR 4,358
22,636 Logica Plc 728,694
69,650 London Forfaiting Co. Plc 316,321
2,700 London International
Group Plc, ADR 47,587
600 London Pacific Group Ltd. Plc, ADR 9,525
5,400 LucasVarity Plc, ADR 214,987
121,750 M.L. Laboritories Plc 158,563
291,400 Manchester United Plc 767,534
16,900 Marks & Spencer Plc, ADR 923,573
251,300 Medeva Plc 713,313
3,200 Medeva Plc, ADR 36,400
500 Micro Focus Group Plc, ADR+ 16,813
628,100 Monument Oil & Gas Plc 618,756
10,370 National Grid Group Plc, ADR 350,018
11,000 National Power Plc, ADR 405,625
10,400 National Westminster Bank Plc,
ADR 1,118,000
195,550 Next Plc 1,681,526
5,000 NFC Plc, ADR 65,000
400 Novel Denim Holdings Ltd.+ 10,400
268,065 Nycomed Amersham Plc. 1,997,362
9,400 Orange Plc, ADR+ 499,375
20,300 Pearson Plc, ADR 372,166
10,900 Peninsular & Oriental
Steam Plc, ADR 314,446
10,100 Powergen Plc, ADR 569,387
83,400 Powerscreen International 125,328
5,100 Premier Farnell Plc, ADR 52,912
1,600 Premier Oil Plc, ADC 11,287
13,800 Prudential Plc, ADR 909,577
5,300 Racal Electronics Plc, ADR 60,087
1,800 Ramco Energy Plc, ADR 19,575
15,400 Rank Group Plc, ADR 171,325
13,300 Reed International Plc, ADR 493,762
10,300 Rentokil Initial Plc, ADR 741,230
8,753 Reuters Group Plc, ADR 599,580
18,400 Rexam Plc, ADR 82,800
9,700 Rio Tinto Plc, ADR 458,325
870 Saatchi & Saatchi Plc 11,963
1,600 Scottish Hydro-Electric Plc, ADR 140,522
7,400 Scottish Power Plc, ADR 259,471
4,200 Sedgwick Group Plc, ADR 45,937
1,700 Select Appointments
Holdings Plc, ADR 50,150
500 SELECT Software Tools Plc, ADR+ 2,313
1,700 Senetek Plc, ADR+ 5,950
62,300 Shell Transportation &
Trading Plc, ADR 2,639,962
9,800 Siebe Plc, ADR 391,732
1,181,500 Signet Group 848,283
400 Signet Group Plc+ 8,525
300 Smallworldwide Plc, ADR+ 8,738
64,600 Smithkline Beecham
Group Plc, ADR 3,908,300
17,283 Southern Electric
Corporation Plc, ADR 158,427
500 Stolt Comex Seaway SA+ 8,750
1,300 Stolt-Nielsen SA Plc 22,263
850 Stolt-Nielsen SA Plc, ADR 14,769
3,000 Tate & Lyle Plc, ADR 95,254
3,200 Telewest Communications
Plc, ADR+ 76,000
30,000 Tesco Plc 293,032
75,700 Tesco Plc, ADR 736,890
3,564 Thorn EMI Plc, ADR 57,024
8,500 TI Group Plc, ADR 129,151
13,700 Tomkins Plc, ADR 313,387
1,400 Trinity International Plc, ADR 22,978
119,850 TT Group 591,336
35,600 Ulster Television Plc 104,022
69,500 Unilever Plc, ADR 3,010,219
19,400 United Biscuits
Holdings Plc, ADR 77,846
4,600 United News &
Media Plc, ADR 130,884
11,050 Vodafone Group Plc, ADR 1,392,991
3,100 Waste Management
International Plc, ADR+ 33,712
2,500 Wembley Plc, ADR 67,790
7,000 Williams Holdings Ltd. Plc, ADR 135,346
3,200 Willis Corroon Group Plc, ADR 40,200
2,800 WPP Group Plc, ADR 188,300
1,000 Xenova Group Plc, ADR+ 2,125
34,200 Zeneca Group Plc, ADR 1,500,525
------------
64,741,560
------------
<CAPTION>
United States -- 0.0%#
<S> <C> <C>
300 ESG Re Ltd. 6,488
600 Fresh Del Monte Produce, Inc.+ 11,362
500 Getty Images Inc.+ 11,125
400 Stirling Cooke Brown
Holdings Ltd. 11,250
------------
40,225
------------
<CAPTION>
Venezuela -- 0.0%#
<S> <C> <C>
562 Banco Venezolano de
Credito, ADR 4,068
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 42,500
2,400 Mavesa SA, ADR 7,650
1,000 Sidervrgica/Venez/Sivensa, ADR 6,143
------------
60,361
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $165,860,692) 212,005,122
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.0%
(Cost $4,482,000)
<S> <C> <C>
$4,482,000 Agreement with State
Street Bank and Trust
Company, 5.800% dated
06/30/1998, to be
repurchased at $4,482,722
on 07/01/1998,
collateralized by
$4,050,000 U.S. Treasury
Bond, 7.875% maturing
11/15/2004 (value
$4,576,500) $ 4,482,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $56,005,468) 25.8% 56,005,468
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $226,348,160*) 125.4% 272,492,590
OTHER ASSETS AND
LIABILITIES (Net) (25.4) (55,199,895)
---- ------------
NET ASSETS 100.0% $217,292,695
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $227,225,593.
** As of June 30, 1998, the market value of the securities on loan is
$54,329,219. Collateral received for securities loaned includes $1,087,000
in U.S. government securities and the remaining 54,918,468 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
/TABLE
<PAGE>
Munder International Equity Fund
Portfolio of Investments, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
At June 30, 1998 sector diversification of the Munder
International Equity Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- -----
<S> <C> <C>
COMMON STOCKS:
Banking & Financial
Services................. 16.0% $34,794,639
Telecommunications......... 10.8 23,519,717
Oil & Gas.................. 9.5 20,535,613
Drugs & Health Care........ 9.1 19,726,738
Food & Beverage............ 6.0 13,007,529
Automotive................. 4.6 10,058,736
Utilities.................. 4.6 9,917,631
Machinery & Heavy
Equipment................ 4.5 9,835,687
Retail..................... 4.1 9,008,941
Chemicals.................. 2.9 6,311,108
Electric & Electrical Equipment 2.1 4,627,704
Electronics................ 2.1 4,550,317
Business Services.......... 2.0 4,399,401
Printing & Publishing...... 1.7 3,729,908
Construction & Mining
Equipment................ 1.7 3,625,034
Metals & Mining............ 1.5 3,365,242
Software................... 1.4 3,032,036
Manufacturing.............. 1.2 2,699,399
Photography................ 1.0 2,171,357
Household Appliances &
Home Furnishings......... 1.0 2,109,644
Transportation............. 1.0 2,108,374
Medical Products........... 0.9 1,997,362
Tobacco.................... 0.9 1,871,744
Building & Building
Materials................ 0.7 1,623,155
Diversified Industrial..... 0.7 1,620,933
Apparel & Textiles......... 0.6 1,386,440
Broadcasting & Advertising. 0.6 1,288,232
Entertainment.............. 0.6 1,252,094
Real Estate................ 0.5 998,761
Conglomerates.............. 0.4 905,142
Office Supplies............ 0.4 768,350
Miscellaneous.............. 2.5 5,158,154
---- ----------
TOTAL COMMON STOCKS........ 97.6 212,005,122
REPURCHASE
AGREEMENT ............... 2.0 4,482,000
OTHER INVESTMENTS ......... 25.8 56,005,468
---- ----------
TOTAL INVESTMENTS ......... 125.4 272,492,590
OTHER ASSETS AND
LIABILITIES (Net) ....... (25.4) (55,199,895)
---- ----------
NET ASSETS ................ 100.0% $217,292,695
==== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.8%
Banking and Financial Services -- 7.1%
<S> <C> <C>
40,900 ACE Cash Express, Inc.+ $ 705,525
22,250 Colorado Business
Bankshares, Inc.+ 356,000
25,000 First International Bancorp, Inc. 359,375
22,000 Greater Bay Bancorp 763,125
40,400 Litchfield Financial
Corporation 848,400
14,700 People's Bancshares, Inc. 340,856
23,800 Riverview Bancorp, Inc. 395,675
------------
3,768,956
------------
<CAPTION>
Broadcasting -- 0.8%
<S> <C> <C>
20,000 Medialink Worldwide, Inc.+ 420,000
------------
<CAPTION>
Building Materials -- 0.9%
<S> <C> <C>
26,000 Dayton Superior Corporation+ 468,000
------------
<CAPTION>
Commercial Services -- 5.2%
<S> <C> <C>
30,000 COMARCO, Inc.+ 641,250
38,900 Compas International Services
Corporation+ 369,550
46,200 MPW Industrial Services
Group, Inc.+ 623,700
33,721 Ontrack Data
International, Inc.+ 459,449
24,600 SteriGenics International, Inc.+ 639,600
------------
2,733,549
------------
<CAPTION>
Computers & Business Equipment -- 1.5%
<S> <C> <C>
40,000 ScanSource, Inc.+ 770,000
------------
<CAPTION>
Computer Hardware, Software
or Services -- 9.0%
<S> <C> <C>
25,000 Blue Wave Systems, Inc.+ 87,500
50,000 Made2Manage Systems, Inc.+ 581,250
144,750 Oshap Technologies Ltd.+ 968,016
161,550 Sapiens International Corporation+ 1,140,947
100,100 SQL Financials International, Inc.+ 913,412
50,000 Symix Systems, Inc.+ 1,031,250
------------
4,722,375
------------
<CAPTION>
Electrical Equipment-- 3.9%
<S> <C> <C>
100,000 Ault, Inc.+ 512,500
88,000 Merrimac Industries, Inc. 1,160,500
29,000 Trans-Industries, Inc. 395,125
------------
2,068,125
------------
<CAPTION>
Electronics -- 6.5%
<S> <C> <C>
114,750 Aeroflex, Inc.+ 1,190,531
45,500 Anaren Microwave, Inc.+ 682,500
65,000 Herley Industries, Inc.+ 804,375
165,000 Microdyne Corporation+ 742,500
------------
3,419,906
------------
<CAPTION>
Entertainment & Gaming -- 1.7%
<S> <C> <C>
16,300 Brass Eagle, Inc.+ 250,613
31,500 Equity Marketing, Inc.+ 665,437
------------
916,050
------------
<CAPTION>
Food & Beverages -- 0.9%
<S> <C> <C>
97,350 Sherwood Brands, Inc.+ 486,750
------------
<CAPTION>
Health Care Producers -- 3.4%
<S> <C> <C>
127,300 Apple Orthodontix, Inc.+ 763,800
40,000 Medco Research, Inc.+ 1,020,000
------------
1,783,800
------------
<CAPTION>
Health Care Products -- 2.6%
<S> <C> <C>
201,500 Graham-Field Health
Products, Inc.+ 1,133,438
100,000 IVC Industries, Inc.+ 225,000
------------
1,358,438
------------
<CAPTION>
Household Appliances
& Home Furnishings -- 0.7%
<S> <C> <C>
24,200 Drew Industries, Inc.+ 361,488
------------
<CAPTION>
Industrial Machinery -- 2.1%
<S> <C> <C>
23,000 Metrika Systems Corporation+ 385,250
40,000 Park-Ohio Industries+ 740,000
------------
1,125,250
------------
<CAPTION>
Lodging -- 1.7%
<S> <C> <C>
21,000 Suburban Lodges of America,
Inc.+ 317,625
70,350 U.S. Franchise Systems, Inc.+ 571,594
------------
889,219
------------
<CAPTION>
Machinery -- 4.4%
<S> <C> <C>
69,250 Gradall Industries, Inc.+ 1,012,781
200,000 InterSystems, Inc.+ 375,000
100,000 Bolt Technology Corporation+ 912,500
------------
2,300,281
------------
<CAPTION>
Medical and Medical Services -- 12.8%
<S> <C> <C>
100,000 Air Methods Corporation+ 453,125
69,250 Anika Therapeutics, Inc.+ 1,012,781
12,500 Bioanalytical Systems, Inc.+ 87,500
75,000 Castle Dental Centers, Inc.+ 731,250
132,050 IRIDEX Corporation+ 1,056,400
20,000 Meridian Medical
Technologies, Inc.+ 190,000
35,100 Morrison Health Care, Inc. 666,900
80,000 Response Oncology, Inc.+ 525,000
45,000 SeaMED Corporation+ 798,750
79,100 Somnus Medical Technologies, Inc.+ 647,631
90,000 Vision Twenty-One, Inc.+ 573,750
------------
6,743,087
------------
<CAPTION>
Metal Processing -- 1.6%
<S> <C> <C>
40,000 EASCO, Inc. 402,500
20,000 SIFCO Industries, Inc. 422,500
------------
825,000
------------
<CAPTION>
Oil & Gas -- 2.3%
<S> <C> <C>
79,800 Dawson Production Services, Inc.+ 1,197,000
------------
<CAPTION>
Photography -- 0.8%
<S> <C> <C>
55,000 Seattle Filmworks, Inc.+ 424,531
------------
<CAPTION>
Restaurants -- 2.4%
<S> <C> <C>
42,000 Il Fornaio Corporation+ 467,250
49,000 Schlotzsky's, Inc.+ 784,000
------------
1,251,250
------------
<CAPTION>
Retail -- 10.2%
<S> <C> <C>
55,000 Chico's Fas, Inc.+ 852,500
44,200 DeCrane Aircraft Holdings, Inc.+ 767,975
87,700 Gildan Activewear, Inc.+ 570,050
20,800 Happy Kids, Inc.+ 286,000
22,000 K & G Men's Center, Inc.+ 497,750
19,000 Mark Bros. Jewelers, Inc.+ 370,500
31,000 Mazel Stores, Inc.+ 496,000
12,000 Piercing Pagoda, Inc.+ 435,000
17,000 Schultz Save O Stores, Inc. 276,250
223,450 Shop at Home, Inc.+ 796,041
------------
5,348,066
------------
<CAPTION>
Technology -- 0.4%
<S> <C> <C>
25,000 Excel Technology, Inc.+ 221,875
------------
<CAPTION>
Telecommunications -- 11.4%
<S> <C> <C>
120,000 Advanced Communication
Systems, Inc.+ 1,492,500
63,800 Alpha Industries, Inc.+ 953,012
69,800 Comdial Corporation+ 846,325
50,000 Gilat Communications Ltd.+ 431,250
149,000 International FiberCom, Inc.+ 1,299,094
50,000 ViaSat, Inc.+ 959,375
------------
5,981,556
------------
<CAPTION>
Tobacco -- 1.8%
<S> <C> <C>
49,500 800-JR CIGAR, Inc.+ 977,625
------------
<CAPTION>
Trucking & Freight Forwarding -- 1.7%
<S> <C> <C>
72,800 Dynamex, Inc.+ 882,700
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $51,794,377) 51,444,877
------------
<CAPTION>
WARRANTS -- 0.0%#
<S> <C> <C>
48,675 Sherwood Brands, Inc. expires
05/06/2003+ 36,506
------------
<CAPTION>
TOTAL WARRANTS
<S> <C>
(Cost $4,868) 36,506
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.3%
(Cost $1,193,000)
<S> <C> <C>
$1,193,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $1,193,192
on 07/01/1998, collateralized
by $1,055,000 U.S. Treasury
Bond, 6.875% maturing
08/15/2025 (value
$1,218,666) $ 1,193,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $2,747,600) 5.2% 2,747,600
---- ------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $55,739,845*) 105.3% $ 55,421,983
OTHER ASSETS AND
LIABILITIES (Net) (5.3)% (2,806,844)
---- ------------
NET ASSETS 100.0% $ 52,615,139
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $55,788,691.
**As of June 30, 1998, the market value of the securities on loan is
$2,568,400. Collateral received for securities loaned of $2,747,600 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Mid-Cap Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 95.8%
Advertising -- 2.2%
<S> <C> <C>
22,250 HA-LO Industries, Inc.+ $ 692,531
------------
<CAPTION>
Automobile Parts & Equipment -- 1.9%
<S> <C> <C>
14,200 Tower Automotive, Inc.+ 608,825
------------
<CAPTION>
Banking and Finance -- 6.6%
<S> <C> <C>
9,200 Amresco, Inc.+ 267,950
13,950 Charter One Financial, Inc. 469,940
18,700 Mercantile Bankshares
Corporation 650,994
20,156 Sovereign Bancorp, Inc. 29,425
11,300 Westamerica Bancorporation 63,012
------------
2,081,321
------------
<CAPTION>
Basic Industries -- 2.1%
<S> <C> <C>
11,400 Waters Corporation+ 671,888
------------
<CAPTION>
Broadcasting -- 1.4%
<S> <C> <C>
9,600 Meredith Corporation 450,600
------------
<CAPTION>
Chemicals -- 1.6%
<S> <C> <C>
9,700 Minerals Technologies, Inc. 493,488
------------
<CAPTION>
Commercial Services -- 7.8%
<S> <C> <C>
15,800 ABR Information Services, Inc.+ 375,250
8,800 AccuStaff, Inc.+ 275,000
16,800 Equity Corporation
International+ 403,200
21,100 Metamor Worldwide, Inc.+ 742,456
24,900 Stewart Enterprises, Inc. 62,963
------------
2,458,869
------------
<CAPTION>
Communication Equipment -- 1.2%
<S> <C> <C>
13,500 Aspect Telecommunications
Corporation+ 369,563
------------
<CAPTION>
Computer Hardware, Software
or Services -- 12.1%
<S> <C> <C>
20,200 Affiliated Computer Services,
Inc.+ $ 777,700
19,400 BA Merchant Services, Inc.+ 391,638
19,100 Cadence Design Systems, Inc.+ 96,875
14,700 Diebold, Inc. 424,462
16,800 Fiserv, Inc.+ 713,475
8,500 Network Appliance, Inc.+ 330,969
20,600 Parametric Technology
Corporation+ 558,775
------------
3,793,894
------------
<CAPTION>
Diversified -- 1.9%
<S> <C> <C>
13,800 Carlisle Companies, Inc. 594,263
------------
<CAPTION>
Electronics -- Semiconductors -- 3.4%
<S> <C> <C>
16,500 Altera Corporation+ 487,781
18,600 Maxim Integrated Products, Inc.+ 589,388
------------
1,077,169
------------
<CAPTION>
Financial Services -- 3.6%
<S> <C> <C>
12,000 FINOVA Group, Inc. 679,500
4,700 Heller Financial, Inc.+ 141,000
13,684 Imperial Credit Industries, Inc.+ 321,574
------------
1,142,074
------------
<CAPTION>
Health Care Products -- 6.3%
<S> <C> <C>
7,500 Elan Corporation+ 482,344
20,800 ESC Medical Systems Ltd.+ 702,000
21,650 Patterson Dental Company+ 792,931
------------
1,977,275
------------
<CAPTION>
Insurance -- 3.6%
<S> <C> <C>
16,000 HCC Insurance Holdings, Inc. 352,000
15,400 Nationwide Financial Services, Inc. 785,400
------------
1,137,400
------------
<CAPTION>
Investment Corporation -- 1.8%
<S> <C> <C>
22,100 Sirrom Capital Corporation 574,600
------------
<CAPTION>
Lodging -- 3.3%
<S> <C> <C>
13,200 CapStar Hotel Company+ 369,600
17,600 Promus Hotel Corporation+ 677,600
------------
1,047,200
------------
<CAPTION>
Machinery -- 1.1%
<S> <C> <C>
14,400 Donaldson Company, Inc. 340,200
------------
<CAPTION>
Medical Instruments & Supplies -- 4.9%
<S> <C> <C>
26,000 Biomet, Inc. 859,625
10,700 STERIS Corporation+ 680,453
------------
1,540,078
------------
<CAPTION>
Medical Services -- 5.0%
<S> <C> <C>
23,200 HBO & Company 817,800
21,800 Total Renal Care Holdings, Inc.+ 752,100
------------
1,569,900
------------
<CAPTION>
Oil Equipment & Services -- 5.5%
<S> <C> <C>
7,500 Camco International, Inc. 584,062
6,700 Cooper Cameron Corporation+ 341,700
14,600 Diamond Offshore Drilling, Inc. 584,000
6,000 Smith International, Inc.+ 208,875
------------
1,718,637
------------
<CAPTION>
Paper & Forest Products -- 1.5%
<S> <C> <C>
11,362 Bemis Company, Inc. 464,422
------------
<CAPTION>
Printing -- 2.3%
<S> <C> <C>
18,500 Valassis Communications, Inc.+ 713,406
------------
<CAPTION>
Public Service -- 1.5%
<S> <C> <C>
20,600 Corrections Corporation of
America+ 484,100
------------
<CAPTION>
Publishing -- 1.5%
<S> <C> <C>
10,100 Applied Graphics
Technologies, Inc.+ 462,075
------------
<CAPTION>
Real Estate -- 3.2%
<S> <C> <C>
13,600 Mack-Cali Realty Corporation 467,500
14,100 Spieker Properties, Inc. 546,375
------------
1,013,875
------------
<CAPTION>
Restaurants -- 1.0%
<S> <C> <C>
17,850 Landry's Seafood Restaurants, Inc.+ 322,973
------------
<CAPTION>
Retail -- 2.4%
<S> <C> <C>
30,900 Pier 1 Imports, Inc. 737,737
------------
<CAPTION>
Telecommunications -- 3.4%
<S> <C> <C>
9,200 Century Telephone Enterprises 422,050
18,540 Qwest Communications
International, Inc.+ 646,582
------------
1,068,632
------------
<CAPTION>
Trucking & Freight Forwarding -- 1.7%
<S> <C> <C>
12,000 Expeditores International, Inc. 528,000
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $27,919,942) 30,134,995
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 4.8%
(Cost $1,509,000)
<S> <C> <C>
$1,509,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $1,509,243
on 07/01/1998, collateralized
by $1,175,000 U.S. Treasury
Bond, 8.125% maturing
08/15/2019 (value
$1,543,459) 1,509,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $7,700,823) 24.5% 7,700,823
---- ------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $37,129,765*) 125.1% 39,344,818
OTHER ASSETS AND
LIABILITIES (Net) (25.1)% (7,891,619)
---- ------------
NET ASSETS 100.0% $ 31,453,199
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $37,131,954.
** As of June 30, 1998, the market value of the securities on loan is
$7,424,871. Collateral received for securities loaned of $7,700,823 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 93.7%
<S> <C> <C>
Advertising -- 3.3%
130,000 Interpublic Group of
Companies, Inc. $ 7,889,375
346,350 Omnicom, Inc. 17,274,206
------------
25,163,581
------------
<CAPTION>
Aerospace -- 1.7%
<S> <C> <C>
98,825 Sundstrand Corporation 5,657,731
77,950 United Technologies
Corporation 7,210,375
------------
12,868,106
------------
<CAPTION>
Automobile Parts & Equipment -- 2.1%
<S> <C> <C>
281,550 Johnson Controls, Inc. 16,101,141
------------
<CAPTION>
Banking and Financial Services -- 14.0%
<S> <C> <C>
187,500 Associates First Capital
Corporation 14,414,062
82,925 BankAmerica Corporation 7,167,830
223,914 Charter One Financial, Inc. 7,543,103
234,250 Chase Manhattan Corporation 17,685,875
260,000 Federal National Mortgage
Association 15,795,000
128,125 MGIC Investment Corporation 7,311,133
381,400 Norwest Corporation 14,254,825
133,050 Summit Bancorp 6,319,875
366,900 U.S. Bancorp 15,776,700
------------
106,268,403
------------
<CAPTION>
Building Materials -- 1.6%
<S> <C> <C>
367,675 Sherwin-Williams Company 12,179,234
------------
<CAPTION>
Business Equipment and Supplies -- 2.0%
<S> <C> <C>
277,200 Avery Dennison Corporation 14,899,500
------------
<CAPTION>
Business Services -- 5.0%
<S> <C> <C>
212,075 Automatic Data Processing, Inc. 15,454,966
213,225 Equifax, Inc. 7,742,733
431,013 First Data Corporation 14,358,120
------------
37,555,819
------------
<CAPTION>
Chemicals -- 0.8%
<S> <C> <C>
157,000 Air Products & Chemicals, Inc. 6,280,000
------------
<CAPTION>
Commercial Services -- 0.4%
<S> <C> <C>
142,500 Cendant Corporation+ 2,974,688
------------
<CAPTION>
Computer Hardware, Software
or Services -- 7.3%
<S> <C> <C>
165,550 BMC Software, Inc.+ 8,598,253
119,000 Cadence Design Systems, Inc.+ 3,718,750
200,025 CISCO Systems, Inc.+ 18,414,802
134,600 Honeywell, Inc. 11,247,512
235,768 Oracle Systems Corporation+ 5,791,052
267,000 Parametric Technology
Corporation+ 7,242,375
------------
55,012,744
------------
<CAPTION>
Consumer Non-Durables -- 0.9%
<S> <C> <C>
139,325 Newell Company 6,940,127
------------
<CAPTION>
Diversified -- 8.8%
<S> <C> <C>
230,000 AlliedSignal Corporation 10,206,250
249,400 Textron, Inc. 17,878,863
506,012 Thermo Electron Corporation+ 17,299,285
335,000 Tyco International Ltd. 21,105,000
------------
66,489,398
------------
<CAPTION>
Drugs -- 5.8%
<S> <C> <C>
203,500 Amgen, Inc.+ 13,303,812
112,600 Merck & Co., Inc. 15,060,250
68,200 Pfizer, Inc. 7,412,488
86,300 Schering-Plough Corporation 7,907,237
------------
43,683,787
------------
<CAPTION>
Electrical Equipment -- 4.6%
<S> <C> <C>
222,125 Emerson Electric Company 13,410,797
184,800 General Electric Company 16,816,800
131,700 Maxim Integrated Products, Inc.+ 4,173,244
------------
34,400,841
------------
<CAPTION>
Food and Beverages -- 1.8%
<S> <C> <C>
241,850 Sara Lee Corporation 13,528,484
------------
<CAPTION>
Home Furnishings -- 1.0%
<S> <C> <C>
285,950 Leggett & Platt, Inc. 7,148,750
------------
<CAPTION>
Household Products -- 0.9%
<S> <C> <C>
175,486 Lancaster Colony Corporation 6,646,532
------------
<CAPTION>
Insurance -- 3.1%
<S> <C> <C>
58,062 American International
Group, Inc. 8,477,052
203,800 MBIA, Inc. 15,259,525
------------
23,736,577
------------
<CAPTION>
Machinery -- 0.3%
<S> <C> <C>
100,000 Donaldson Company, Inc. 2,362,500
------------
<CAPTION>
Manufactured Housing -- 2.0%
<S> <C> <C>
797,159 Clayton Homes, Inc. 15,146,021
------------
<CAPTION>
Medical Services & Supplies -- 4.8%
<S> <C> <C>
220,900 Biomet, Inc. 7,303,506
515,750 HEALTHSOUTH Corporation+ 13,764,078
110,000 Johnson & Johnson Company 8,112,500
184,500 Stryker Corporation 7,080,188
------------
36,260,272
-----------
<CAPTION>
Oil Equipment and Services -- 3.1%
<S> <C> <C>
240,956 R&B Falcon Corporation+ 5,451,629
74,150 Schlumberger Ltd. 5,065,372
296,500 Transocean Offshore, Inc. 13,194,250
------------
23,711,251
------------
<CAPTION>
Recreation -- 2.1%
<S> <C> <C>
400,000 Carnival Corporation, Class A 15,850,000
------------
<CAPTION>
Restaurants -- 2.3%
<S> <C> <C>
112,400 Cracker Barrel Old Country
Store, Inc. 3,568,700
595,775 Wendy's International, Inc.
4,000,712
------------
17,569,412
------------
<CAPTION>
Retail -- Specialty -- 7.8%
<S> <C> <C>
181,857 Consolidated Stores Corporation+ 6,592,316
190,900 Costco Companies, Inc.+ 12,038,631
259,225 General Nutrition Companies,
Inc.+ 8,068,378
190,700 Home Depot, Inc. 15,840,019
300,000 Pier 1 Imports, Inc. 7,162,500
224,050 Walgreen Company 9,256,066
------------
58,957,910
------------
<CAPTION>
Telecommunications -- 5.2%
<S> <C> <C>
366,975 Century Telephone Enterprises 16,834,978
169,200 SBC Communications 6,768,000
331,275 WorldCom, Inc. 16,046,133
------------
39,649,111
------------
<CAPTION>
Toys -- 1.0%
<S> <C> <C>
179,125 Mattel, Inc. 7,579,227
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $462,830,466) 708,963,416
------------
<CAPTION>
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 6.6%
(Cost $50,334,000)
<S> <C> <C>
$50,334,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $50,342,109
on 07/01/1998, collateralized
by $45,435,000 U.S. Treasury
Note, 7.875% maturing
11/15/2004 (value
$51,341,550) 50,334,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $64,669,752) 8.5% 64,669,752
---- ------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $577,834,218*) 108.8% 823,967,168
OTHER ASSETS AND
LIABILITIES (Net) (8.8) (67,010,322)
---- ------------
NET ASSETS 100.0% $756,956,846
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
**As of June 30, 1998, the market value of the securities on loan is
$62,196,227. Collateral received for securities loaned of $64,669,752 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 94.9%
<S> <C> <C>
Apartments -- 10.5%
91,085 Avalon Bay Community, Inc. $ 3,461,228
107,200 Camden Property Trust 3,189,200
74,300 Equity Residential Properties
Trust 3,524,606
------------
10,175,034
------------
<CAPTION>
Community Shopping Centers -- 14.6%
<S> <C> <C>
146,075 Bradley Real Estate, Inc. 3,085,834
76,100 Developers Diversified Realty
Corporation 2,982,169
206,375 IRT Property Company 2,270,125
87,600 Kimco Realty Corporation 3,591,600
57,000 Vornado Realty Trust 2,262,188
------------
14,191,916
------------
<CAPTION>
Hotels -- 9.0%
<S> <C> <C>
86,600 FelCor Suite Hotels, Inc. 2,717,075
121,751 Patriot American Hospitality, Inc. 2,914,414
65,500 Starwood Lodging Trust 3,164,469
------------
8,795,958
------------
<CAPTION>
Office & Industrial -- 40.0%
<S> <C> <C>
97,075 Arden Realty Group, Inc. 2,511,816
87,400 Boston Properties, Inc. 3,015,300
132,200 Brandywine Realty Trust 2,957,975
85,100 Cabot Industrial Trust 1,819,013
133,800 Corporate Office Properties
Trust, Inc. 1,187,475
93,250 Crescent Real Estate Equities, Inc. 3,135,531
134,925 Duke Realty Investments, Inc. 3,187,603
111,244 Equity Office Properties Trust 3,156,548
75,450 Highwoods Properties, Inc. 2,437,978
118,575 Kilroy Realty Corporation 2,964,375
82,050 Mack-Cali Realty Corporation 2,820,469
108,600 Prentiss Properties Trust 2,640,337
121,200 Reckson Associates Realty
Corporation 2,863,350
9,696 Reckson Services Industries, Inc.+ 32,118
78,600 Spieker Properties, Inc. 3,045,750
50,250 Tower Realty Trust, Inc. 1,124,344
------------
38,899,982
------------
<CAPTION>
Regional Malls -- 7.9%
<S> <C> <C>
80,050 CBL & Associates Properties,
Inc. 1,941,213
115,500 JP Realty, Inc. 2,721,469
94,425 Simon DeBartolo Group, Inc. 3,068,812
------------
7,731,494
------------
<CAPTION>
Storage -- 4.1%
<S> <C> <C>
99,575 Public Storage, Inc. 2,788,100
35,700 Storage USA 1,249,500
------------
4,037,600
------------
<CAPTION>
Triple Net Lease -- 3.8%
<S> <C> <C>
94,300 Commercial Net Lease Realty 1,526,481
63,075 TriNet Corporate Realty
Trust, Inc. 2,144,550
------------
3,671,031
------------
<CAPTION>
Other -- 5.0%
<S> <C> <C>
93,000 Correctional Properties Trust+ 1,883,250
6,840 Crescent Operating, Inc.+ 116,280
107,475 Glenborough Realty Trust, Inc. 2,834,653
------------
4,834,183
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $84,810,105) 92,337,198
------------
<CAPTION>
WARRANTS -- 0.0%#
<S> <C> <C>
2,053 Security Capital Group, Inc.
expires 09/18/1998+ 705
------------
<CAPTION>
TOTAL WARRANTS
<S> <C>
(Cost $0) 705
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.3%
(Cost $2,265,000)
<S> <C> <C>
$2,265,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $2,265,365
on 07/01/1998, collateralized
by $1,925,000 U.S. Treasury
Bond, 7.500% maturing
11/15/2016 (value
$2,314,813) $ 2,265,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $87,075,105*) 97.2% $ 94,602,903
OTHER ASSETS AND
LIABILITIES (Net) 2.8 2,721,904
---- ------------
NET ASSETS 100.0% $ 97,324,807
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $87,075,105.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
<S> <C> <C>
COMMON STOCKS -- 94.1%
Airlines -- 1.6%
73,275 Midwest Express
Holdings, Inc.+ $2,651,639
------------
<CAPTION>
Automobile Parts & Equipment -- 4.6%
<S> <C> <C>
207,541 Control Devices, Inc. 2,698,033
103,200 Dura Automotive Systems, Inc.+ 3,315,300
119,000 Motorcar Parts &
Accesories, Inc.+ 1,755,250
------------
7,768,583
------------
<CAPTION>
Banking and Financial Services -- 22.7%
<S> <C> <C>
71,980 Carolina First Bancshares 1,826,492
133,300 Commonwealth Bancorp, Inc. 3,057,569
152,400 Flagstar Bancorp, Inc. 3,714,750
138,900 Harbor Florida Bancshares, Inc. 1,658,119
82,400 Home Bancorp of Elgin, Inc. 1,277,200
270,600 Long Beach Financial
Corporation+ 2,976,600
33,100 Long Island Bancorp, Inc. 2,010,825
118,000 McDonald & Company
Investments 3,871,875
65,800 Metris Companies, Inc. 4,194,750
83,600 Ocean Financial Corporation 1,598,850
35,300 Pacific Bank, N.A. 1,941,500
29,300 Prime Bancshares, Inc. 743,487
74,970 Provident Bankshares
Corporation 2,211,615
88,000 Riggs National Corporation 2,571,250
70,900 Rock Financial Corporation 726,725
55,800 SIS Bancorp, Inc. 2,162,250
69,600 WSFS Financial Corporation 1,426,800
------------
37,970,657
------------
<CAPTION>
Building Materials -- 6.9%
<S> <C> <C>
152,700 Dayton Superior Corporation+ 2,748,600
77,700 Eagle Hardware & Garden, Inc.+ 1,796,812
71,400 Genlyte Group, Inc.+ 1,892,100
61,700 U.S. Home Corporation+ 2,545,125
156,000 Universal Forest Products, Inc. 2,554,500
------------
11,537,137
------------
<CAPTION>
Chemicals -- 2.7%
<S> <C> <C>
93,000 General Chemical Group, Inc. 2,580,750
72,100 The Carbide/Graphite Group, Inc.+ 2,005,281
------------
4,586,031
------------
<CAPTION>
Commercial Services -- 1.3%
<S> <C> <C>
141,000 First Aviation Services, Inc.+ 722,625
74,100 Tokheim Corporation+ 1,519,050
------------
2,241,675
------------
<CAPTION>
Consumer Durables -- 0.3%
<S> <C> <C>
46,310 Lifetime Hoan Corporation 463,100
------------
<CAPTION>
Containers -- 1.1%
<S> <C> <C>
81,400 Ivex Packaging Corporation+ 1,892,550
------------
<CAPTION>
Diversified Industrial -- 1.2%
<S> <C> <C>
155,750 Griffon Corporation+ 1,995,547
------------
<CAPTION>
Electronics -- 3.5%
<S> <C> <C>
175,200 inTEST Corporation+ 1,051,200
59,100 Kuhlman Corporation 2,338,144
77,700 Microsemi Corporation+ 718,725
135,300 ORBIT/FR, Inc.+ 913,275
86,000 Pioneer-Standard Electronics, Inc. 827,750
------------
5,849,094
------------
<CAPTION>
Food and Beverages -- 1.5%
<S> <C> <C>
120,800 J&J Snack Foods Corporation+ 2,521,700
------------
<CAPTION>
Health Care -- 1.8%
<S> <C> <C>
120,900 Sierra Health Services, Inc.+ 3,045,169
------------
<CAPTION>
Home Furnishings -- 3.5%
<S> <C> <C>
239,000 Quaker Fabric Corporation+ 3,450,563
70,100 Toro Company 2,400,925
------------
5,851,488
------------
<CAPTION>
Hotels -- 1.6%
<S> <C> <C>
180,900 Suburban Lodges of America,
Inc.+ 2,736,113
------------
<CAPTION>
Insurance -- 7.3%
<S> <C> <C>
95,100 ARM Financial Group, Inc. 2,104,088
110,300 ESG Re Ltd. 2,385,237
23,400 Executive Risk, Inc. 1,725,750
90,500 IPC Holdings Ltd. 2,743,281
32,600 NAC Re Corporation 1,740,025
57,100 Stirling Cooke Brown Holdings
Ltd. 1,605,938
------------
12,304,319
------------
<CAPTION>
Medical and Medical Services -- 1.0%
<S> <C> <C>
249,500 Vision Twenty-One, Inc.+ 1,590,563
------------
<CAPTION>
Medical Supplies -- 3.0%
<S> <C> <C>
151,333 Bindley Western Industries, Inc. 4,994,000
------------
<CAPTION>
Metals and Metal Processing -- 5.3%
<S> <C> <C>
85,300 Atchison Casting Corporation+ 1,524,737
204,700 Novamerican Steel, Inc.+ 1,586,425
80,400 Quanex Corporation 2,437,125
277,200 Recycling Industries, Inc.+ 1,628,550
68,800 TransTechnology Corporation 1,767,300
------------
8,944,137
------------
<CAPTION>
Oil and Gas -- 8.5%
<S> <C> <C>
33,300 Cliffs Drilling Company+ 1,092,656
69,700 Colonial Gas Company 1,995,162
62,950 Giant Industries, Inc. 1,093,756
113,100 Houston Exploration Company+ 2,594,231
66,900 North Carolina Natural Gas
Corporation 1,697,588
65,100 Southern Union Company+ 2,099,475
81,300 Southwest Gas Corporation 1,986,769
34,800 Veritas DGC, Inc.+ 1,737,825
------------
14,297,462
------------
<CAPTION>
Real Estate -- 6.8%
<S> <C> <C>
43,500 Golf Trust America 1,495,312
109,200 JP Realty, Inc. 2,573,025
97,300 Kilroy Realty Corporation 2,432,500
98,000 Prentiss Properties Trust 2,382,625
104,200 Reckson Associates Realty
Corporation 2,461,725
8,336 Reckson Service Industries, Inc. 27,613
------------
11,372,800
------------
<CAPTION>
Restaurants -- 1.7%
<S> <C> <C>
81,500 Landry's Seafood Restaurants,
Inc.+ 1,474,641
86,000 Ruby Tuesday, Inc. 1,333,000
------------
2,807,641
------------
<CAPTION>
Retail -- 1.5%
<S> <C> <C>
105,000 Finlay Enterprises, Inc.+ 2,533,125
------------
<CAPTION>
Shoes -- 0.9%
<S> <C> <C>
76,000 Maxwell Shoe, Inc.+ 1,510,500
------------
<CAPTION>
Telecommunications -- 3.8%
<S> <C> <C>
292,900 Century Communications
Corporation, Class A+ 5,491,875
24,000 L-3 Communications
Holdings, Inc.+ 784,500
------------
6,276,375
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $136,370,143) 157,741,405
------------
<CAPTION>
REPURCHASE AGREEMENT -- 7.7%
(Cost $12,940,000)
<S> <C> <C>
$12,940,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $12,942,085
on 07/01/1998, collateralized
by $13,005,000 U.S. Treasury
Note, 3.625% maturing
01/15/2008 (value
$13,200,075) $ 12,940,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $11,832,150) 7.1% 11,832,150
------------
TOTAL INVESTMENTS
(Cost $161,142,293*) 108.9% $182,513,555
OTHER ASSETS AND
LIABILITIES (Net) (8.9) (14,921,146)
----- ------------
NET ASSETS 100.0% $167,592,409
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $161,114,567.
** As of June 30, 1998, the market value of the securities on loan is
$11,381,113. Collateral received for securities loaned of $11,832,150 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
<S> <C> <C>
COMMON STOCKS -- 92.7%
Advertising -- 1.8%
240,780 HA-LO Industries, Inc.+ $ 7,494,277
------------
<CAPTION>
Aerospace & Defense -- 7.3%
<S> <C> <C>
223,200 AAR Corporation 6,598,350
650,500 Aeroflex, Inc.+ 6,748,937
155,700 Aviation Sales Company+ 6,169,613
264,090 Kellstrom Industries, Inc.+ 7,650,357
249,800 REMEC, Inc.+ 2,841,475
------------
30,008,732
------------
<CAPTION>
Apparel & Textiles -- 2.4%
<S> <C> <C>
148,600 Kellwood Company 5,312,450
117,800 St. John Knits, Inc. 4,550,025
------------
9,862,475
------------
<CAPTION>
Automobile Parts & Equipment -- 1.4%
<S> <C> <C>
129,600 Tower Automotive, Inc.+ 5,556,600
------------
<CAPTION>
Banking and Financial Services -- 7.6%
<S> <C> <C>
174,300 Amresco, Inc.+ 5,076,487
73,860 Banknorth Group, Inc. 2,732,820
149,740 Financial Federal Corporation+ 4,014,904
131,100 First International Bancorp, Inc. 1,884,563
27,850 Flagstar Bancorp, Inc. 678,844
186,302 HUBCO, Inc. 6,671,940
160,050 Independent Bank Corporation 3,100,969
259,215 Litchfield Financial
Corporation 5,443,515
55,400 Provident Bankshares
Corporation 1,634,300
------------
31,238,342
------------
<CAPTION>
Broadcasting -- 1.2%
<S> <C> <C>
110,660 Metro Networks, Inc.+ 4,772,213
------------
<CAPTION>
Business Services -- 3.0%
<S> <C> <C>
208,170 Interim Services, Inc.+ 6,687,461
233,100 Wackenhut Corrections
Corporation+ 5,448,713
------------
12,136,174
------------
<CAPTION>
Commercial Services -- 8.8%
<S> <C> <C>
253,300 Comfort Systems USA, Inc.+ 5,920,887
115,200 Cort Business Services
Corporation+ 3,628,800
217,900 F.Y.I., Inc.+ 6,210,150
137,100 NFO Worldwide, Inc.+ 2,442,094
269,350 Nichols Research Corporation+ 7,356,622
268,860 Ontrack Data International, Inc.+ 3,663,218
331,470 Tokheim Corporation+ 6,795,135
------------
36,016,906
------------
<CAPTION>
Computer Hardware, Software
or Services -- 10.0%
<S> <C> <C>
65,000 Applied Voice Technology, Inc.+ 1,495,000
211,680 Axent Technologies, Inc.+ 6,482,700
295,487 Boole & Babbage, Inc.+ 7,054,752
308,010 Deltek Systems, Inc.+ 7,546,245
182,400 Factset Research Systems, Inc.+ 5,928,000
159,400 Gerber Scientific, Inc. 3,626,350
103,380 Inter-Tel, Inc. 1,654,080
108,590 Quadra Med Corp.+ 2,965,864
208,080 Tecnomatix Technologies Ltd.,
ADR+ 4,161,600
------------
40,914,591
------------
<CAPTION>
Electronics -- 1.5%
<S> <C> <C>
320,460 Electromagnetic Sciences, Inc.+ 6,088,740
------------
<CAPTION>
Energy and Natural Resources -- 1.2%
<S> <C> <C>
462,160 Newpark Resources, Inc.+ 5,141,530
------------
<CAPTION>
Health Care Products -- 4.8%
<S> <C> <C>
300,500 Alpharma, Inc. 6,611,000
383,840 Helen of Troy Ltd.+ 8,444,480
15,000 Medicis Pharmaceutical
Corporation+ 547,500
211,550 Morrison Health Care, Inc. 4,019,450
------------
19,622,430
------------
<CAPTION>
Hotels -- 1.5%
<S> <C> <C>
218,650 CapStar Hotel Company+ 6,122,200
------------
<CAPTION>
Insurance -- 2.0%
<S> <C> <C>
100,710 CMAC Investment
Corporation 6,193,665
26,000 Executive Risk, Inc. 1,917,500
------------
8,111,165
------------
<CAPTION>
Leisure -- 2.6%
<S> <C> <C>
484,460 Racing Champions Corporation+ 5,662,126
167,130 Steiner Leisure Ltd.+ 5,055,683
------------
10,717,809
------------
<CAPTION>
Medical Products -- 6.1%
<S> <C> <C>
220,300 ESC Medical Systems Ltd.+ 7,435,125
220,600 Hanger Orthopedic Group+ 4,494,725
225,350 Maxxim Medical, Inc.+ 6,535,150
126,300 Priority Healthcare
Corporation+ 2,289,187
244,000 Thermo BioAnalysis
Corporation+ 4,422,500
------------
25,176,687
------------
<CAPTION>
Medical Services -- 4.5%
<S> <C> <C>
375,910 Assisted Living Concepts, Inc.+ 6,484,447
571,450 Capital Senior Living
Corporation+ 6,857,400
174,400 Curative Health Services, Inc.+ 4,970,400
------------
18,312,247
------------
<CAPTION>
Medical Supplies -- 5.7%
<S> <C> <C>
289,500 CONMED Corporation+ 6,658,500
280,860 Molecular Devices Corporation+ 4,528,867
171,759 Serologicals Group, Inc.+ 5,539,228
415,600 Trex Medical Corporation+ 6,857,400
------------
23,583,995
------------
<CAPTION>
Oil and Gas -- 5.5%
<S> <C> <C>
220,350 Hvide Marine, Inc.+ 2,988,497
373,650 Key Energy Group, Inc.+ 4,904,156
178,450 National-Oilwell, Inc.+ 4,784,691
244,900 Pool Energy Services Company+ 3,612,275
318,300 Tuboscope Vetco International
Corporation+ 6,286,425
------------
22,576,044
------------
<CAPTION>
Printing & Publishing-- 1.4%
<S> <C> <C>
382,500 Schawk, Inc. 5,737,500
------------
<CAPTION>
Restaurants -- 4.1%
<S> <C> <C>
114,900 Consolidated Products, Inc.+ 2,427,263
345,700 Landry's Seafood Restaurants,
Inc.+ 6,255,009
128,800 Ruby Tuesday, Inc. 1,996,400
389,150 Schlotzsky's, Inc.+ 6,226,400
------------
16,905,072
------------
<CAPTION>
Retail -- 3.3%
<S> <C> <C>
342,850 Eagle Hardware & Garden, Inc.+ 7,928,406
8,000 Mark Bros. Jewelers, Inc.+ 156,000
163,350 The Men's Wearhouse, Inc.+ 5,390,550
------------
13,474,956
------------
<CAPTION>
Shoes -- 0.8%
<S> <C> <C>
162,500 Maxwell Shoe Company, Inc.+ 3,229,688
------------
<CAPTION>
Telecommunications -- 2.4%
<S> <C> <C>
212,400 Gilat Satellite Networks Ltd., ADR+ 7,102,125
310,000 P-COM, Inc.+ 2,838,437
------------
9,940,562
------------
<CAPTION>
Tobacco -- 1.6%
<S> <C> <C>
329,800 800-JR CIGAR, Inc.+ 6,513,550
------------
<CAPTION>
Transporation -- Trucking -- 0.2%
<S> <C> <C>
44,410 Heartland Express, Inc.+ 899,303
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $353,676,276) 380,153,788
------------
<CAPTION>
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 8.7%
(Cost $35,566,000)
<S> <C> <C>
$35,566,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $35,571,730
on 07/01/1998, collateralized
by $35,745,000 U.S. Treasury
Note, 3.625% maturing
01/15/2008 (value
$36,281,175) $ 35,566,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $59,556,546) 14.5% 59,556,546
---- ------------
TOTAL INVESTMENTS
(Cost $448,798,822*) 115.9% $475,276,334
OTHER ASSETS AND
LIABILITIES (Net) (15.9) (65,117,649)
---- ------------
NET ASSETS 100.0% $410,158,685
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $449,955,426.
**As of June 30, 1998, the market value of the securities on loan is
$57,601,727. Collateral received for securities loaned of $59,556,546 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Value Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.5%
Aerospace & Defense -- 4.0%
<S> <C> <C>
180,400 Howmet International, Inc.+ $ 2,706,000
26,500 Northrop Grumman Corporation 2,732,812
35,700 Raytheon Company, Class B 2,110,763
------------
7,549,575
------------
<CAPTION>
Airlines -- 3.8%
<S> <C> <C>
141,100 America West Holdings
Corporation+ 4,030,169
39,600 US Airways Group, Inc.+ 3,138,300
------------
,168,469
------------
<CAPTION>
Automobiles -- 3.0%
<S> <C> <C>
100,000 Chrysler Corporation 5,637,500
------------
Automobile Parts & Equipment -- 3.6%
49,600 Dura Automotive Systems, Inc.+ 1,593,400
40,500 Magna International,
Class A, ADR 2,779,312
85,700 Standard Products Company 2,410,313
------------
6,783,025
------------
<CAPTION>
Banking and Financial Services -- 11.7%
<S> <C> <C>
50,215 Banc One Corporation 2,802,625
64,050 First American Corporation 3,082,406
74,400 Green Tree Financial
Corporation 3,185,250
27,500 Heller Financial, Inc.+ 825,000
96,150 Hibernia Corporation, Class A 1,941,028
55,850 Mercantile Bankshares
Corporation 1,944,278
101,700 Paine Webber Group, Inc. 4,360,387
116,720 Sovereign Bancorp, Inc. 1,907,643
88,800 Staten Island Bancorp, Inc. 2,020,200
------------
22,068,817
------------
<CAPTION>
Broadcasting -- 2.3%
<S> <C> <C>
99,450 MediaOne Group, Inc. 4,369,584
------------
<CAPTION>
Building Materials -- 5.0%
<S> <C> <C>
138,700 Pulte Corporation 4,143,662
41,100 Southdown, Inc. 2,933,513
46,300 Texas Industries, Inc. 2,453,900
------------
9,531,075
------------
<CAPTION>
Chemicals -- 3.6%
<S> <C> <C>
183,400 Airgas, Inc.+ 2,636,375
124,700 Millennium Chemicals, Inc. 4,224,212
------------
6,860,587
------------
<CAPTION>
Commercial Services -- 1.0%
<S> <C> <C>
89,300 Cendant Corporation+ 1,864,138
------------
<CAPTION>
Computer Hardware, Software or
Services -- 3.1%
<S> <C> <C>
66,400 Hewlett-Packard Company 3,975,700
78,300 Seagate Technologies, Inc.+ 1,864,519
------------
5,840,219
------------
<CAPTION>
Containers -- 1.6%
<S> <C> <C>
68,350 Owens-Illinois, Inc.+ 3,058,663
------------
<CAPTION>
Electric Utilities -- 1.5%
<S> <C> <C>
33,700 CMS Energy Corporation 1,482,800
29,200 New Century Energies, Inc. 1,326,775
------------
2,809,575
------------
<CAPTION>
Electronics -- 8.6%
<S> <C> <C>
118,700 Analog Devices, Inc.+ 2,915,569
52,300 Intel Corporation 3,876,737
107,400 Micron Technology, Inc.+ 2,664,863
67,600 Texas Instruments, Inc. 3,941,925
85,400 Xilinx, Inc.+ 2,903,600
------------
16,302,694
------------
<CAPTION>
Home Furnishings and Housewares -- 4.5%
<S> <C> <C>
141,150 Furniture Brands
International, Inc.+ 3,961,022
92,350 Maytag Corporation 4,559,781
------------
8,520,803
------------
<CAPTION>
Insurance -- 6.9%
<S> <C> <C>
70,050 Ace Ltd. 2,731,950
19,400 Allstate Corporation 1,776,313
63,000 Nationwide Financial
Services, Inc. 3,213,000
146,100 Reliance Group Holdings, Inc. 2,556,750
62,050 Torchmark Corporation 2,838,787
------------
13,116,800
------------
<CAPTION>
Machinery & Heavy Equipment -- 0.9%
<S> <C> <C>
44,555 EVI Weatherford, Inc.+ 1,654,104
------------
<CAPTION>
Medical Services -- 2.5%
<S> <C> <C>
132,000 Trigon Healthcare, Inc.+ 4,776,750
------------
<CAPTION>
Oil and Gas -- 6.4%
<S> <C> <C>
62,400 Burlington Resources, Inc. 2,687,100
81,100 McDermott International, Inc. 2,792,881
265,700 Santa Fe Energy Resources, Inc. 2,856,275
57,100 Triton Energy Ltd.+ 2,037,756
53,950 USX-Marathon Group 1,851,160
------------
12,225,172
------------
<CAPTION>
Real Estate -- 4.5%
<S> <C> <C>
116,199 Patriot American Hospitality, Inc. 2,781,514
101,450 Public Storage, Inc. 2,840,600
60,250 Starwood Lodging Trust 2,910,828
------------
8,532,942
------------
<CAPTION>
Restaurants -- 1.9%
<S> <C> <C>
150,150 Wendy's International, Inc. 3,528,525
------------
<CAPTION>
Retail -- 4.5%
<S> <C> <C>
118,300 American Stores Company 2,861,381
389,200 Food Lion, Inc. 3,916,325
73,750 Pier 1 Imports, Inc. 1,760,781
------------
8,538,487
------------
<CAPTION>
Telecommunications -- 5.5%
<S> <C> <C>
77,300 Harris Corporation 3,454,344
88,900 ICG Communications, Inc.+ 3,250,406
60,500 MCI Communications
Corporation 3,516,563
2,716 US West, Inc.+ 127,651
------------
10,348,964
------------
<CAPTION>
Tires & Rubber -- 1.5%
<S> <C> <C>
43,100 Goodyear Tire & Rubber
Company 2,777,256
------------
<CAPTION>
Transportation -- 3.8%
<S> <C> <C>
29,900 Burlington Northern Santa Fe
Corporation 2,935,806
101,000 CNF Transportation, Inc. 4,292,500
------------
7,228,306
------------
<CAPTION>
Utilities -- 1.8%
<S> <C> <C>
47,600 Edison International 1,407,175
66,800 Illinova Corporation 2,004,000
------------
3,411,175
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $159,402,559) 184,503,205
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 4.5%
(Cost $8,556,000)
<S> <C> <C>
$8,556,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $8,557,378
on 07/01/1998, collateralized
by $8,315,000 U.S. Treasury
Note, 6.625% maturing
03/31/2002 (value
$8,730,750) 8,556,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $37,965,617) 20.1% 37,965,617
---- ------------
TOTAL INVESTMENTS
(Cost $205,924,176*) 122.1% 231,024,822
OTHER ASSETS AND
LIABILITIES (Net) (22.1)% (41,784,211)
---- ------------
NET ASSETS 100.0% $189,240,611
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $205,977,296.
** As of June 30, 1998, the market value of the securities on loan is
$37,038,255. Collateral received for securities loaned includes $680,850
in U.S. government securities and the remaining $37,284,767 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 77.1%
Argentina -- 4.0%
<S> <C> <C>
32,000 Banco Frances del Rio de La
Plata, SA, ADR $ 734,000
39,000 Telefonica de Argentina, ADR 1,162,687
------------
1,896,687
------------
<CAPTION>
Brazil -- 11.2%
<S> <C> <C>
15,000 Centrais Eletricas
Brasileiras SA, ADR 220,485
22,900,000 Centrais Eletrobras SA 673,209
1,500 Centrais Geradoras do Sul
do Brasil SA+ 10,688
22,900,001 Centrais Geradoras do Sul
do Brasil SA+ 31,284
19,200 Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar, ADR 434,400
23,741 Companhia Energetica de
Minas Gerais, ADR 738,990
1,000,000 Light Services de
Eletricidade SA 306,947
36,800 Petroleo Brasileiro SA, ADR 684,112
2,937,500 Saneamento Basico do Estado 353,044
13,300 Telecomunicacoes do Rio
de Janeiro SA 1,452,194
14,000 Uniao De Bancos
Brasileiros S.A.
(Unibanco) 413,000
------------
5,318,353
------------
<CAPTION>
Chile -- 2.9%
<S> <C> <C>
17,300 Compania Cervecerias
Unidas SA, ADR 365,463
19,100 Compania
Telecomunicaciones de
Chile SA, ADR 387,969
17,000 Enersis SA, ADR 415,437
6,300 Quimica Minera Chile
SA, ADR 211,050
------------
1,379,919
------------
<CAPTION>
China\Hong Kong -- 11.8%
<S> <C> <C>
2,400,000 China Resources Beijing 774,393
300,000 China Telecom (Hong Kong) 520,779
2,114,000 Guangzhou Pharmaceutical 272,845
300,000 Huangshan Tourism
Development Company 116,100
18,000 Hyundai Heavy Industries 380,189
830,000 Ng Fung Hong Ltd. 573,116
622,000 Qingling Motors Company 172,599
410,000 Shanghai Dazhong Taxi
Company 223,860
100,000 Shanghai Industrial
Holdings Ltd. 235,545
570,000 Shanghai Zhenhua Port
Machinery Co., Ltd. 212,040
350,000 Shenzhen Fangda Co. Ltd. 258,389
5,600,000 Tingyi Holding Corporation 343,314
5,200,000 Yanzhou Coal Mining
Company Ltd. 993,289
3,000,000 Zhejiang Expressway
Company Ltd. 503,356
------------
5,579,814
------------
<CAPTION>
Czech Republic -- 0.2%
<S> <C> <C>
5,460 Ceske Radiokomunikace, GDR+ 116,981
------------
<CAPTION>
Egypt -- 2.1%
<S> <C> <C>
6,246 Egypt International
Pharmaceuticals 399,158
28,000 Industrial and
Engineering Enterprises 455,552
8,000 Torah Portland Cement
Company 137,779
------------
992,489
------------
<CAPTION>
Ghana -- 1.3%
<S> <C> <C>
728,229 Ghana Commercial Bank 533,232
85,018 Social Security Bank 95,296
------------
628,528
------------
<CAPTION>
Greece -- 5.4%
<S> <C> <C>
20,000 Intracom S.A. 678,139
3,910 Minoan Lines 96,875
13,980 National Bank of Greece 1,793,499
------------
2,568,513
------------
<CAPTION>
India -- 2.3%
<S> <C> <C>
25,400 BSES Ltd., GDR 256,540
3,500 EIH Ltd., GDR 18,638
14,500 Gujarat Ambuja Cements
Ltd., GDR 68,512
22,200 Hindalco Industries Ltd., ADR 310,800
31,000 Mahanagar Telephone
Nigam, GDR+ 324,725
9,900 State Bank of India, GDR 117,315
1,800 Videsh Sanchar Nigam
Ltd., ADR+ 19,260
------------
1,115,790
------------
<CAPTION>
Indonesia -- 0.4%
<S> <C> <C>
850,000 PT Hanjaya Mandala
Sampoerna 117,491
355,800 PT Indah Kiat Pulp &
Paper Corporation 68,610
------------
186,101
------------
<CAPTION>
Jordan -- 0.5%
<S> <C> <C>
80,200 Jordan Cement Factories 233,494
------------
<CAPTION>
Kenya -- 0.9%
<S> <C> <C>
365,388 Kenya Commercial Bank 429,796
------------
<CAPTION>
Malaysia -- 0.2%
<S> <C> <C>
64,000 Berjaya Sports Toto
Berhad 94,838
------------
<CAPTION>
Mexico -- 7.0%
<S> <C> <C>
100,000 ALFA, SA de CV 408,436
166,300 Corporacion Geo, SA de CV,
Series B+ 929,081
58,000 Desc SA de CV 288,531
12,000 Fomento Economico
Mexicano SA de CV, ADR+ 378,000
272,000 Grupo Elektra SA 284,547
13,200 Grupo Industrial Maseca SA, ADR 146,850
34,900 Grupo Modelo SA de CV 296,352
24,100 Grupo Televisa SA+ 450,593
12,000 TV Azteca SA de CV ADR 129,750
------------
3,312,140
------------
<CAPTION>
Peru -- 1.8%
<S> <C> <C>
1 Cementos Norte Pacasmayo SA 2
58,256 Credicorp Ltd, ADR 855,635
63 Ferreyros SA, ADR 1,693
------------
857,330
------------
<CAPTION>
Romania -- 0.6%
<S> <C> <C>
23,165 Banca Turco Romana, GDR+ 275,663
------------
<CAPTION>
Russia -- 3.4%
<S> <C> <C>
72,050 Irkutskenergo, ADR 353,045
11,000 Lukoil Holdings, ADR 369,600
40,050 Rostelecom, ADR 535,669
120,000 Trade House GUM, ADR 342,000
------------
1,600,314
------------
<CAPTION>
Senegal -- 0.9%
<S> <C> <C>
11,782 Sonatel Communications
Corporation+ 419,011
------------
<CAPTION>
Slovakia -- 0.1%
<S> <C> <C>
2,000 Slovnaft AS, GDR 39,278
------------
<CAPTION>
South Africa -- 6.9%
<S> <C> <C>
1,000,000 Afribrand Holdings Ltd. 337,268
75,000 Ellerine Holdings Ltd. 411,046
27,500 Liberty Life Association
of Africa Ltd. 536,088
765,000 Millennium Entertainment
Group Africa 812,732
128,309 Real Africa Durolink
Holdings Ltd.+ 238,010
145,360 Real Africa Holdings Ltd. 504,961
550,000 Woolworths Holdings Ltd. 408,094
------------
3,248,199
------------
<CAPTION>
South Korea -- 0.9%
<S> <C> <C>
60,000 L.G. Chemical Ltd., GDR 342,000
2,610 Pohang Iron & Steel
Company Ltd. 73,757
1 Sungmi Telecom
Electronics Company 16
------------
415,773
------------
<CAPTION>
Taiwan -- 1.6%
<S> <C> <C>
43,300 Fubon Insurance Company
Ltd.+ 767,925
------------
<CAPTION>
Thailand -- 1.4%
<S> <C> <C>
7,000 Banpu Public Company Ltd. 11,446
159,500 Electricity Generating
Authority 247,565
34,200 PTT Exploration & Production
Public Company Ltd. 259,337
25,000 Siam Cement Public
Company Ltd. 120,853
5,400 The Pizza Public Company Ltd. 15,739
------------
654,940
------------
<CAPTION>
Turkey -- 7.7%
<S> <C> <C>
8,400,000 Aksigorta AS 544,123
2,530,000 Carsi Buyuk Magazacilik AS 251,765
2,726,000 Efes Sinai Yatirim
Holdings AS 552,775
87,675 Haci Omer Sabanci Holding
SA, ADR 1,365,538
6,930,000 Vestel Elektronik Sanayi
ve Ticaret AS 923,827
------------
3,638,028
------------
<CAPTION>
Venezuela -- 1.3%
<S> <C> <C>
21,200 Compania Anonima Nacional
Telefonos de Venezuela, ADR 530,000
28,100 Mavesa SA, ADR 89,569
------------
619,569
------------
<CAPTION>
Zimbabwe -- 0.3%
<S> <C> <C>
170,000 NMBZ Holdings, ADR 131,750
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C> <C>
(Cost $46,765,799) 36,521,223
------------
<CAPTION>
INVESTMENT COMPANY SECURITIES -- 4.4%
India -- 2.9%
<<S> <C> <C>
67,000 Bombay Fund Ltd.+ 452,585
85,000 Is Himalayan Fund 669,800
8,900 The India Magnum Fund NV+ 249,200
------------
1,371,585
------------
<CAPTION>
Russia -- 0.3%
<S> <C> <C>
17,670 Fleming Russia Securities
Fund+ 147,103
------------
<CAPTION>
South Africa -- 1.1%
<S> <C> <C>
400,000 Hosken Consolidated
Investments Ltd. 538,954
------------
<CAPTION>
South Korea -- 0.1%
<S> <C> <C>
10,000 First Korea Smaller
Companies Fund+ 25,000
7,000 New Korea Trust 29,785
------------
54,785
------------
<CAPTION>
TOTAL INVESTMENT COMPANY SECURITIES
<S> <C>
(Cost $3,748,818) 2,112,427
------------
<CAPTION>
PREFERRED STOCKS -- 1.9%
Brazil -- 1.9%
<S> <C> <C>
6,696,359 Telecomunicacoes do Rio
de Janeiro SA 503,725
6,696,358 Telerj Celular SA+ 398,290
------------
902,015
------------
<CAPTION>
TOTAL PREFERRED STOCKS
<S> <C>
(Cost $932,610) 902,015
------------
<CAPTION>
WARRANTS -- 0.0%#
China -- 0.0%#
<S> <C> <C>
51,200 Peking Apparel
International Group Ltd.,
expire 03/31/99+ 1,097
------------
<CAPTION>
Indonesia -- 0.0%#
<S> <C> <C>
13,120 PT Indah Kiat Pulp &
Paper Corporation expire
07/11/02+ 1,549
------------
<CAPTION>
TOTAL WARRANTS
<S> <C>
(Cost $0) 2,646
------------
<CAPTION>
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 14.1%
(Cost $6,657,000)
<S> <C> <C>
$6,657,000 Agreement with State
Street Bank and Trust
Company, 5.800% dated
06/30/1998, to be
repurchased at $6,658,073
on 07/01/1998,
collateralized by
$6,480,000 U.S. Treasury
Bond, 7.125% maturing
02/29/2000 (value
$6,792,457) $ 6,657,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $9,878,515) 20.8% 9,878,515
------------
TOTAL INVESTMENTS
(Cost $67,982,742*) 118.3% 56,073,826
OTHER ASSETS AND
LIABILITIES (Net) (18.3) (8,675,517)
---- ------------
NET ASSETS 100.0% $ 47,398,309
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $67,982,742.
** As of June 30, 1998, the market value of the securities on loan is
$9,696,328. Collateral received for securities loaned includes $1,410,640
in U.S. government securities and the remaining $8,467,875 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
At June 30, 1998 sector diversification of the Munder
Framlington Emerging Markets Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- -----
<S> <C> <C>
COMMON STOCKS:
Banking & Financial
Services................. 11.9% $5,617,196
Telecommunications......... 11.3 5,352,311
Utilities.................. 7.6 3,607,235
Diversified Industrial..... 5.9 2,803,011
Food & Beverage............ 5.3 2,509,591
Insurance.................. 3.9 1,848,136
Retail..................... 3.6 1,720,807
Metals & Mining............ 3.2 1,528,277
Building & Building
Materials................ 3.1 1,489,722
Oil & Gas.................. 2.9 1,352,327
Electronics................ 2.0 923,826
Entertainment.............. 1.9 907,570
Transportation............. 1.7 824,091
Real Estate................ 1.6 774,393
Telecommunications
Equipment................ 1.4 678,139
Drugs & Health Care........ 1.4 672,003
Broadcasting & Advertising. 1.2 580,343
Food Distribution.......... 1.2 573,116
Other Utilities............ 1.0 455,551
Household Appliances &
Home Furnishings......... 0.9 411,046
Machinery & Heavy
Equipment................ 0.8% $ 380,189
Chemicals.................. 0.7 342,000
Steel...................... 0.7 332,146
Automobiles................ 0.4 172,599
Tobacco.................... 0.3 117,491
Communication Services..... 0.3 116,980
Miscellaneous.............. 0.9 431,127
---- ----------
TOTAL COMMON STOCKS........ 77.1 36,521,223
TOTAL PREFERRED
STOCKS .................. 1.9 902,015
REPURCHASE
AGREEMENTS .............. 14.1 6,657,000
INVESTMENT COMPANY
SECURITIES .............. 4.4 2,112,427
WARRANTS .................. 0.0# 2,646
OTHER INVESTMENTS ......... 20.8 9,878,515
---- ----------
TOTAL INVESTMENTS ......... 118.3 56,073,826
OTHER ASSETS AND
LIABILITIES (Net) ....... (18.3) (8,675,517)
---- ----------
NET ASSETS ................ 100.0% $ 47,398,309
==== ==========
<FN>
- ---------
# Amount represents less than 0.1% of net assets.
</TABLE>
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 82.9%
Biotechnology -- 21.2%
<S> <C> <C>
4,500 Agouron Pharmaceuticals, Inc.+ $ 136,406
12,500 Alexion Pharmaceuticals, Inc.+ 125,000
35,000 Ariad Pharmaceuticals, Inc.+ 124,688
13,000 ArQule, Inc.+ 168,187
4,000 Biogen, Inc.+ 196,000
13,125 Cell Genesys, Inc.+ 112,383
5,000 Centocor, Inc.+ 181,250
16,700 CombiChem, Inc.+ 115,856
14,000 Corixa Corporation+ 96,250
6,000 Coulter Pharmaceutical, Inc.+ 182,250
2,275 CuraGen Corporation 14,219
9,500 Gene Logic+ 66,500
13,000 Genzyme Transgenics Corporation+ 100,750
5,000 Gilead Sciences, Inc.+ 160,312
8,000 Guilford Pharmaceuticals, Inc.+ 141,000
12,000 ICOS Corporation+ 229,500
3,500 Immunex Corporation+ 231,875
5,000 Incyte Pharmacuticals, Inc.+ 170,625
25,000 La Jolla Pharmaceutical Company+ 87,500
12,000 Medarex, Inc.+ 79,500
15,000 Millennium Pharmaceuticals, Inc.+ 211,875
8,000 Neurex Corporation+ 243,000
16,000 NPS Pharmaceuticals, Inc.+ 114,000
1,500 ONYX Pharmaceuticals, Inc.+ 9,188
15,000 OSI Pharmaceuticals, Inc.+ 84,375
8,000 Pharmacopeia, Inc.+ 114,000
9,000 Pharmacyclics, Inc.+ 213,750
4,000 Protein Design Laboratories, Inc.+ 96,375
10,000 Synaptic Pharmaceutical
Corporation+ 140,000
19,000 Texas Biotechnology Corporation+ 86,688
8,000 TranskaryoticTherapies, Inc.+ 206,000
7,000 Trimeris, Inc.+ 51,625
6,000 Vertex Pharmaceuticals, Inc.+ 135,000
12,000 Vical, Inc.+ 203,250
5,000 ViroPharma, Inc.+ 116,250
12,000 Virus Research Institute, Inc.+ 46,500
------------
4,791,927
------------
<CAPTION>
Contract Sales & Research
Organizations -- 4.9%
<S> <C> <C>
8,000 BioReliance Corporation+ 120,500
7,000 Boron, Lepore & Associates, Inc.+ 266,000
7,000 PAREXEL International
Corporation+ 254,625
10,000 Pharmaceutical Product
Development, Inc.+ 220,000
5,000 Quintiles TransNational
Corporation+ 245,937
------------
1,107,062
------------
<CAPTION>
Distribution & Marketing Services -- 4.7%
<S> <C> <C>
8,000 Advance Paradiam, Inc.+ 294,000
5,000 Henry Schein, Inc.+ 230,625
4,000 NCS Healthcare, Inc., Class A+ 114,000
6,000 Omnicare, Inc. 228,750
14,000 PSS World Medical, Inc.+ 204,750
------------
1,072,125
------------
<CAPTION>
Drugs -- 11.6%
<S> <C> <C>
12,000 Ascent Pediatrics, Inc.+ 18,000
20,000 Collagenex Pharmaceuticals, Inc.+ 172,500
8,000 Connetics Corporation+ 30,500
175 Crescendo Pharmaceuticals
Corporation+ 2,220
10,000 GelTex Pharmaceuticals, Inc.+ 186,250
6,000 Jones Medical Industries, Inc. 198,750
13,000 Martek Biosciences
Corporation+ 189,313
6,000 Medicis Pharmaceutical
Corporation+ 219,000
4,500 Medimmune, Inc.+ 280,687
7,000 PathoGenesis Corporation+ 203,000
2,500 Pfizer, Inc. 271,719
7,000 SangStat Medical Corporation+ 219,625
5,000 Sepracor, Inc.+ 207,500
7,000 Serologicals Corporation+ 225,750
6,000 US Bioscience, Inc.+ 49,125
7,000 Zonagen, Inc.+ 153,563
------------
2,627,502
------------
<CAPTION>
Drug Delivery -- 3.2%
<S> <C> <C>
13,000 Emisphere Technologies, Inc.+ 156,813
8,000 Inhale Therapeutic Systems+ 198,000
16,000 Nastech Pharmaceuticals
Company, Inc.+ 130,000
12,500 Penederm, Inc.+ 250,000
------------
734,813
------------
<CAPTION>
Hospital/Medical Services -- 3.6%
<S> <C> <C>
8,000 Amsurg Corporation Class A+ 61,000
15,000 Amsurg Corporation Class B+ 105,000
5,000 Carematrix Corporation+ 134,688
10,000 Centennial HealthCare Corporation+ 181,250
4,500 Genesis Health Ventures, Inc.+ 112,500
8,000 Quorum Health Group, Inc.+ 212,000
------------
806,438
------------
<CAPTION>
Managed Healthcare -- 11.4%
<S> <C> <C>
15,000 American Oncology Resources, Inc.+ 183,281
7,000 Concentra Managed Care, Inc.+ 182,000
7,000 Curative Health Services, Inc.+ 199,500
13,000 Hanger Orthopedic Group+ 264,875
7,000 Humana, Inc.+ 218,312
8,000 IMPATH, Inc.+ 194,500
7,000 Pediatric Services of
America, Inc.+ 108,500
12,000 PhyCor, Inc.+ 198,750
15,000 Physician Reliance Network, Inc.+ 171,563
12,000 PMR Corporation+ 120,750
8,000 Prime Medical Services, Inc.+ 75,000
5,000 Renal Care Group, Inc.+ 220,312
25,000 Renex Corporation+ 146,875
12,000 Res-Care, Inc.+ 221,250
9,750 Specialty Care Network, Inc.+ 65,813
------------
2,571,281
------------
<CAPTION>
Medical Devices -- 16.3%
<S> <C> <C>
6,000 Arterial Vascular
Engineering, Inc.+ 214,500
5,000 Bionx Implants, Inc.+ 75,937
5,000 CardioGenesis Corporation+ 26,563
4,000 Conceptus, Inc.+ 5,750
12,000 CryoLife, Inc.+ 189,000
15,000 Cyberonics, Inc.+ 159,375
12,000 Digene Corporation+ 117,000
18,000 Endocardial Solutions, Inc.+ 189,000
9,000 EndoSonics Corporation 54,000
18,000 Horizon Medical Products, Inc.+ 169,875
50,000 InControl, Inc.+ 131,250
40,000 LifeCell Corporation+ 245,000
13,000 Lifecore Biomedical, Inc. 216,125
20,000 LJL Biosystems, Inc.+ 97,500
10,000 Molecular Devices Corporation+ 161,250
8,000 Novoste Corporation+ 176,500
6,000 Perclose, Inc.+ 169,500
5,000 ResMed, Inc.+ 227,812
8,000 Rochester Medical Corporation+ 116,000
12,000 SeaMED Corporation+ 213,000
7,700 SteriGenics International, Inc.+ 200,200
8,000 Theragenics Corporation+ 208,500
10,400 Trex Medical Corporation+ 171,600
7,000 Wesley Jessen VisionCare, Inc.+ 161,875
------------
3,697,112
------------
<CAPTION>
Medical Information Systems -- 6.0%
<S> <C> <C>
10,000 Daou Systems, Inc.+ 228,750
4,500 Envoy Corporation+ 213,187
8,000 HBO & Company 282,000
10,000 Medirisk, Inc.+ 202,500
5,000 National Data Corporation 218,750
5,000 Superior Consultant Holdings
Corporation+ 215,625
------------
1,360,812
------------
<CAPTION>
TOTAL COMMON STOCKS -- DOMESTIC
<S> <C>
(Cost $18,535,004) 18,769,072
------------
<CAPTION>
COMMON STOCKS -- FOREIGN -- 11.9%
Biotechnology -- 5.3%
<S> <C> <C>
700 Cambridge Antibody Technology
Group Plc 2,864
30,000 Celltech Group PLC+ 153,779
2,689 Cerep 148,111
3,700 Genset, ADR+ 108,688
8,650 Karo Bio AB+ 134,478
30,400 KS Biomedix Holdings+ 144,663
2,500 NeuroSearch A/S 193,609
10,200 Oxford Asymmetry
International Plc+ 76,299
22,500 Oxford GlycoSciences+ 81,147
40,000 Peptide Therapeutics Group+ 152,277
------------
1,195,915
------------
<CAPTION>
Drugs -- 2.1%
<S> <C> <C>
64,000 AMRAD Corporation Ltd. 77,470
6,000 BioChem Pharma, Inc 159,000
150 CliniChem Development, Inc.+ 862
3,000 Sankyo Company Ltd. 68,562
25,000 Shire Pharmaceuticals Group
PLC+ 176,153
------------
482,047
------------
<CAPTION>
Medical Devices -- 4.5%
<S> <C> <C>
15,000 Axis Biochemicals ASA 111,553
13,828 Biocompatibles International Plc 27,245
10,000 Biora AB 131,645
50,000 Chemunex SA+ 136,461
10,000 ContextVision AB 165,699
44,224 Gyrus Group PLC+ 118,145
5,000 Kawasumi Laboratories 87,510
6,000 Ortivus AB 94,032
2,400 QIAGEN N.V. ADR+ 151,200
------------
1,023,490
------------
<CAPTION>
TOTAL COMMON STOCKS -- FOREIGN
<S> <C>
(Cost $2,531,928) 2,701,452
------------
<CAPTION>
WARRANTS -- FOREIGN -- 0.0%#
Medical Devices -- 0.0%#
<S> <C> <C>
3,828 Biocompatibles International
Plc , expire 4/30/99+ $ 1,342
------------
<CAPTION>
TOTAL WARRANTS -- FOREIGN
<S> <C>
(Cost $2,653) 1,342
------------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 7.7%
(Cost $1,735,000)
<S> <C> <C>
$1,735,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $1,735,280
on 07/01/1998, collateralized
by $1,475,000 U.S. Treasury
Note, 7.500% maturing
11/15/2016 (value $1,775,071) 1,735,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $5,870,467) 25.9% 5,870,467
------------
TOTAL INVESTMENTS
(Cost $28,675,052*) 128.4% 29,077,333
OTHER ASSETS AND
LIABILITIES (Net) (28.4) (6,429,921)
---- ------------
NET ASSETS 100.0% $ 22,647,412
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $ 28,675,052.
** As of June 30, 1998, the market value of the securities on loan is
$5,612,825. Collateral received for securities loaned of $5,870,467 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.01% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 95.7%
Australia -- 1.2%
<S> <C> <C>
312,000 Goodman Fielder Ltd. $ 455,134
45,000 St. George Bank Ltd. 291,628
34,800 WMC Ltd. 104,986
------------
851,748
------------
<CAPTION>
Belgium -- 1.0%
<S> <C> <C>
2,600 Barco Industries 727,077
------------
<CAPTION>
Brazil -- 0.6%
<S> <C> <C>
11,600 Centrais Eletricas
Brasileiras SA, ADR 174,522
1,160 Centrais Geradoras do Sul
do Brasil SA, ADR+ 8,410
2,100 Telecomunicacoes
Brasileiras SA, ADR 229,294
------------
412,226
------------
<CAPTION>
China\Hong Kong -- 2.4%
<S> <C> <C>
240,000 Cheung Kong
Infrastructure Holdings 453,794
500,000 China Resources Beijing 161,332
80,000 Hutchison Whampoa Ltd. 422,302
1,902,000 RNA Holdings Ltd. 144,835
1,800,000 Yanzhou Coal Mining
Company Ltd.. 343,831
700,000 Zhehuang Expressway
Company, Ltd. 117,450
------------
1,643,544
------------
<CAPTION>
Denmark -- 0.9%
<S> <C> <C>
4,400 Novo Nordisk AS, Series B 607,206
------------
<CAPTION>
Finland -- 4.3%
<<S> <C> <C>
39,000 Cultor Oyj 626,157
12,000 Nokia Ab Oy 883,407
41,000 Raision Tehtaat Oy 740,552
15,400 Sampo Insurance Company Ltd. 730,517
------------
2,980,633
------------
<CAPTION>
France -- 9.0%
<S> <C> <C>
9,000 AXA Company 1,012,290
9,200 Banque Nationale Paris 751,741
4,200 Canal Plus 785,021
5,600 Elf Aquitaine SA 787,337
19,000 Lagardere Group 791,025
13,700 Rhone Poulenc 772,731
9,000 SGS-Thomson
Microelectronics NV+ 637,891
9,600 Societe BIC SA 682,799
------------
6,220,835
------------
<CAPTION>
Germany -- 5.1%
<S> <C> <C>
3,200 Adidas AG 558,042
600 Bayerische Motoren Werke (BMW) 607,170
180 Bayerische Motoren Werke (BMW) 177,659
10,400 Bayerische Vereinsbank AG 882,309
12,500 Mannesmann AG 1,285,730
------------
3,510,910
------------
<CAPTION>
Italy -- 4.9%
<S> <C> <C>
335,000 Bco Di Roma 697,622
155,000 Credito Italiano SpA 811,749
120,000 ENI 786,830
33,410 SAES Getters SpA 306,411
110,000 Telecom Italia Mobile SpA 810,103
------------
3,412,715
------------
<CAPTION>
Japan -- 18.3%
<S> <C> <C>
12,000 Andor Company Ltd. 37,318
20,000 ANRITSU Corporation 180,806
21,000 Arrk Corporation 288,566
20,000 Chodai Company Ltd. 66,536
15,000 Consec Corporation 45,021
27,800 Credit Saison Company Ltd. 552,904
100 DDI Corporation 349,316
27,000 FCC Company Ltd. 234,324
36,000 Fuji Bank 161,163
13,000 Fuji Machine MFG Company Ltd. 345,990
10,000 Futaba Corporation 400,665
36,000 Hankyu Department Store 187,980
7,000 Himiko Company, Ltd. 50,626
22,000 Kawasumi Laboratories 385,044
4,500 Keyence Corporation 491,430
27,900 Kitagawa Industries
Company Ltd. 225,993
20,000 Kokuyo Company 339,915
33,000 Laox Company 204,057
3,000 Lasertec Corporation 61,835
9,000 Meitec Corporation 312,432
48,000 Minebea Company Ltd. 479,410
76,000 Mitsubishi Heavy Industries 288,016
19,000 Namco 445,216
30 Net One Systems Company Ltd. 74,203
8,900 Nichiei Company Ltd. 607,623
54,000 Nikko Securities Company Ltd. 224,561
57,000 NTN Corporation 179,735
9,000 Promise Company Ltd. 371,664
12,000 Pulstec Industrial
Company, Ltd. 172,706
57,000 Ricoh Company Ltd. 602,278
6,400 Riso Kagaku 379,084
7,000 Rohm Company 721,415
17,000 Sankyo Company, Ltd. 388,515
28,000 Sanyo Denki 113,806
6,000 Secom 347,581
38,000 Sumitomo Bank Ltd. 371,013
32,000 Sumitomo Electric Industries 324,698
41,000 Sumitomo Trust & Banking 183,843
16,000 The Bank of
Tokyo-Mitsubishi, Ltd. 169,986
16,000 Tostem Corporation 208,057
43,000 Ube-Nitto Kasei Company Ltd. 129,059
19,000 World Company, Ltd. 452,086
71,000 Yamato Kogyo Company, Ltd. 523,758
------------
12,680,234
------------
<CAPTION>
Netherlands -- 4.9%
<S> <C> <C>
30,000 ABN AMRO Holdings 702,497
3,000 Akzo Nobel 667,372
14,000 ING Groep 917,378
13,000 Philips Electronics NV 1,093,592
------------
3,380,839
------------
<CAPTION>
New Zealand -- 0.3%
<S> <C> <C>
82,125 Telecom Corporation of
Netherlands 176,063
------------
<CAPTION>
Portugal -- 2.3%
<S> <C> <C>
27,548 Banco Comercial
Portugues, SA (BCP) 782,715
4,500 Telecel-Comunicacaoes
Pessoais, SA 799,567
------------
1,582,282
------------
<CAPTION>
Russia -- 0.1%
<S> <C> <C>
25,000 Trade House GUM, ADR 71,250
------------
<CAPTION>
Slovakia -- 0.1%
<S> <C> <C>
2,000 Slovnaft AS, GDR 39,278
------------
<CAPTION>
Spain -- 4.5%
<S> <C> <C>
33,000 Banco Santander SA 844,636
32,000 Corporacion Bancaria de
Espana SA 717,835
33,000 Cortefiel SA 720,900
18,218 Telefonica de Espana SA 842,293
------------
3,125,664
------------
<CAPTION>
Sweden -- 4.5%
<S> <C> <C>
4,000 Autoliv, Inc. 126,500
18,000 Autoliv, Inc., ADR 575,476
30,000 Ericsson (L.M.) Telephone
Company, Class B 876,379
105,000 Nordbanken Holding AB 770,123
41,000 Orvitus 642,553
24,000 Pricer AB 141,123
------------
3,132,154
------------
<CAPTION>
Switzerland -- 8.4%
<S> <C> <C>
1,751 Adecco SA 790,916
1,200 Clariant AG 791,653
210 Disetronic Holding AG 477,052
650 Novartis AG 1,083,405
100 Roche Holdings AG 983,623
2,500 UBS AG+ 931,123
1,250 Zurich
Versicherungs-Gesellschaft 799,049
------------
5,856,821
------------
<CAPTION>
United Kingdom -- 22.9%
<S> <C> <C>
148,000 BBA Group Plc 1,116,962
45,000 British Airways Plc 487,260
41,922 CGU Plc 782,568
120,000 Compass Group Plc 1,380,508
60,000 Granada Group Plc 1,104,006
53,000 Laporte Plc 632,733
105,000 Lloyds TSB Group Plc 1,470,045
58,900 Pearson Plc 1,079,832
160,000 Rentokil Initial 1,151,425
63,000 Royal & Sun Alliance
Insurance Group Plc 651,659
15,600 Scottish Radio Holdings Plc 142,609
80,000 Sema Group 941,711
80,000 Senior Engineering Group Plc 263,145
118,000 Shell Transporation &
Trading Plc 831,444
115,000 Smithkline Beecham 1,404,593
105,000 Vodafone Group Plc 1,333,297
95,000 Williams Plc 610,693
12,000 Zeneca Group Plc 515,336
------------
15,899,826
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $60,732,397) 66,311,305
------------
<CAPTION>
INVESTMENT COMPANY SECURITY -- 0.1%
(Cost $133,380)
Russia -- 0.1%
<S> <C> <C>
5,130 Fleming Russia Securities
Fund+ 42,707
------------
<CAPTION>
PREFERRED STOCKS -- 3.6%
Germany -- 3.6%
<S> <C> <C>
12,000 Fresenius Medical Care AG 555,602
300 Porsche AG 865,009
1,600 SAP AG 1,086,806
------------
2,507,417
------------
<CAPTION>
TOTAL PREFERRED STOCKS
<S> <C>
(Cost $1,540,106) 2,507,417
------------
<CAPTION>
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 0.1%
(Cost $106,000)
<S> <C> <C>
$106,000 Agreement with State
Street Bank and Trust
Company, 5.800% dated
06/30/1998, to be
repurchased at $106,017
on 07/01/1998,
collaterized by $90,000
U.S. Treasury Note, 7.50%
maturing 11/15/2016
(value $108,309) $ 106,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $6,520,234) 9.4% 6,520,234
------------
TOTAL INVESTMENTS
(Cost $69,032,117*) 108.9% 75,487,663
OTHER ASSETS AND
LIABILITIES (Net) (8.9) (6,185,548)
---- ------------
NET ASSETS 100.0% $ 69,302,115
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $ 69,138,053.
**As of June 30, 1998, the market value of the securities on loan is
$6,245,502. Collateral received for securities loaned includes $1,125,350
in U.S. government securities and the remaining $5,394,884 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- -----
<S> <C> <C>
COMMON STOCKS:
Banking & Financial
Services................. 18.4% $12,751,371
Telecommunications......... 9.1 6,299,719
Drugs & Health Care........ 7.3 5,071,215
Insurance.................. 5.7 3,976,083
Electric & Electrical
Equipment................ 5.1 3,531,473
Electronics................ 4.9 3,399,615
Food & Beverage............ 4.6 3,202,351
Chemicals.................. 4.3 2,993,548
Oil & Gas.................. 3.5 2,444,888
Machinery.................. 3.5 2,410,113
Apparel & Textiles......... 2.5 1,743,553
Automotive................. 2.5 1,721,130
Diversified Industrial..... 2.4 1,664,862
Entertainment.............. 2.2 1,549,221
Pharmeceuticals & Medical
Supplies................. 2.1 1,416,112
Household Appliances &
Home Furnishings......... 2.0 1,411,456
Industrial Machinery....... 1.9 1,285,730
Building & Building
Materials................ 1.8 1,269,474
Computers.................. 1.8 1,265,589
Business Services.......... 1.7 1,205,033
Printing & Publishing...... 1.6% $ 1,079,832
Retail..................... 1.4 980,130
Broadcasting & Advertising. 1.3 927,630
Transportation............. 0.9 604,710
Manufacturing.............. 0.7 514,558
Metals and Mining.......... 0.7 448,817
Conglomerates.............. 0.6 422,303
Forest Paper & Products.... 0.5 339,915
Utilities.................. 0.3 174,522
Miscellaneous.............. 0.4 206,352
---- ----------
TOTAL COMMON STOCKS........ 95.7 66,311,305
TOTAL PREFERRED
STOCKS .................. 3.6 2,507,417
REPURCHASE
AGREEMENT ............... 0.1 106,000
INVESTMENT COMPANY
SECURITY ................ 0.1 42,707
OTHER INVESTMENTS ......... 9.4 6,520,234
---- ----------
TOTAL INVESTMENTS ......... 108.9 75,487,663
OTHER ASSETS AND
LIABILITIES (Net) ....... (8.9) (6,185,548)
---- ----------
NET ASSETS ................ 100.0% $ 69,302,115
==== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Bond Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
ASSET BACKED SECURITIES -- 9.4%
<S> <C> <C>
$1,900,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A2,
7.050% due 05/25/2021 $ 1,930,039
2,500,000 Banc One Credit Card Master
Trust, Series 1994-C, Series A,
7.800% due 12/15/2000 2,520,550
Merrill Lynch Mortgage
Investors, Inc., Class A:
396,000 Series 87-C,
10.100% due 11/15/2007 403,053
17,697 Series 89-B,
10.800% due 04/15/2009 17,917
5,500,000 Residential Accredit Loans,
Inc., Series 1997 QS5 Class A 5,
7.250% due 06/25/2027 5,524,063
Standard Credit Card Master
Trust, Class A,
6,000,000 Series 1995-10,
5.900% due 02/07/2001 6,006,540
5,940,000 Series 1994-2,
7.250% due 04/07/2008 6,413,477
2,300,000 Union Acceptance Corporation,
Class A3, Series 1996-C, 6.630% due
10/08/2003+ 2,342,780
------------
TOTAL ASSET BACKED SECURITIES
(Cost $24,839,952) 25,158,419
------------
<CAPTION>
COLLATERALIZED MORTGAGE OBLIGATIONS
(CMO) -- 4.1%
<S> <C> <C>
754,457 CMO Trust, Class F, Series 60,
9.000% due 08/01/2016 757,234
5,000,000 Federal Home Mortgage
Corporation, Series #1541,
Class F,
6.250% due 05/15/2019 5,001,800
1,925,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 1,953,528
$3,066,000 Federal Home Mortgage
Corporation, Series 1752
Class K,
8.000% due 07/15/2007 $ 3,162,426
------------
<CAPTION>
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO)
<S> <C>
(Cost $10,795,962) 10,874,988
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 46.7%
Drugs -- 2.5%
<S> <C> <C>
6,000,000 Eli Lilly and Company,
8.375% due 02/07/2005 6,701,250
------------
<CAPTION>
Finance -- 17.3%
<S> <C> <C>
5,072,000 ACC Consumer Finance
Corporation,
10.250% due 12/01/2003 5,534,820
4,000,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 4,016,520
20,593 Bank of America National Trust,
9.000% due 03/01/2008 21,200
3,830,000 Block Financial Corporation,
6.750% due 11/01/2004 3,912,652
4,500,000 Countrywide Capital III,
Subordinated Capital Income,
Secs Series B,
8.050% due 06/15/2027++ 5,071,275
2,500,000 Ford Motor Credit Company,
6.500% due 02/28/2002 2,538,500
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005++ 5,341,474
5,500,000 GMAC, Senior Note,
6.375% due 12/01/2001 5,543,725
3,540,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005++ 3,885,433
4,520,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 5,314,390
4,850,000 Transamerica Capital III,
7.625% due 11/15/2037 5,179,606
------------
46,359,595
------------
<CAPTION>
Finance -- Foreign -- 7.4%
<S> <C> <C>
$5,250,000 Abbey National Plc,
6.700% due 06/29/2049 $ 5,286,120
4,800,000 Abbey National Treasury,
6.375% due 03/18/2002+ 4,850,400
4,500,000 Swedish Export Credit Corp.,
6.010% due 06/19/2000 4,511,250
5,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 5,190,500
------------
19,838,270
------------
<CAPTION>
Government Agency -- Foreign -- 2.2%
<S> <C> <C>
5,015,000 British Columbia Hydro Power
Corporation,
12.500% due 01/15/2014 5,381,898
401,000 Manitoba Province Canada,
9.500% due 09/15/1998 403,895
------------
5,785,793
------------
<CAPTION>
Industrial -- 7.7%
<S> <C> <C>
3,895,000 Anheuser Busch Companies,
9.000% due 12/01/2009 4,717,390
6,725,000 Harris Corporation Delaware,
6.350% due 02/01/2028 6,726,816
4,500,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001++ 4,483,845
4,400,000 Wal-Mart Stores,
8.625% due 04/01/2001 4,700,476
------------
20,628,527
------------
<CAPTION>
Industrial -- Foreign -- 1.7%
<S> <C> <C>
4,600,000 Investor A/B,
6.250% due 04/07/2003 4,602,875
------------
<CAPTION>
Supranational -- 1.5%
<S> <C> <C>
3,950,000 African Development Bank,
6.750% due 07/30/1999 3,987,090
------------
<CAPTION>
Transportation -- 0.4%
<S> <C> <S>
1,000,000 Consolidated Rail Corporation,
MTN,
7.000% due 07/01/1999 1,010,670
------------
<CAPTION>
Utility -- Electric -- 6.0%
<S> <C> <C>
$2,500,000 Montana Power Company,
Series A, MTN,
8.680% due 02/07/2022 $ 2,811,475
4,100,000 National Rural Utilities
Cooperative Finance, Note,
6.125% due 05/15/2005 4,122,386
8,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 9,010,155
------------
15,944,016
------------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
<S> <C>
(Cost $124,181,786) 124,858,086
------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 16.4%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.7%
FHLMC:
<S> <C> <C>
1,473,201 Pool #E62394, Gold,
7.500% due 09/01/2010 1,513,243
422,453 Pool #200021,
10.500% due 11/01/2000 444,340
------------
1,957,583
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 9.9%
FNMA:
<S> <C> <C>
6,150,000 Remic Trust 1993 183 Class H,
6.500% due 03/25/2022 6,239,667
2,510,000 Remic Trust 1997 G1 Class K,
6.750% due 02/18/2004 2,580,380
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,752,000
5,816,000 Remic Trust 1990-41 Class D,
9.500% due 04/25/2020 6,219,049
2,955,342 Pool #303105,
11.000% due 11/01/2020 3,256,817
2,983,105 Pool #100081,
11.500% due 08/01/2016 3,346,685
------------
26,394,598
------------
<CAPTION>
Government Agency -- Debentures -- 1.8%
<S> <C> <C>
$4,600,000 Tennessee Valley Authority:
6.375% due 06/15/2005 $ 4,772,224
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 4.0%
GNMA:
<S> <C> <C>
4,222,364 Pool #371438,
6.500% due 01/15/2024 4,215,145
1,887,403 Pool #780584,
7.000% due 06/15/2027 1,924,321
4,402,692 Pool #780799,
8.000% due 05/15/2028 4,562,289
------------
10,701,755
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
<S> <C>
(Cost $43,404,512) 43,826,160
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 20.6%
U.S. Treasury Bonds -- 10.7%
<S> <C> <C>
24,725,000 6.875% due 08/15/2025 28,618,198
------------
<CAPTION>
U.S. Treasury Notes -- 9.9%
<S> <C> <C>
5,000,000 5.500% due 02/28/2003 4,996,100
6,500,000 6.250% due 02/15/2007 6,803,875
1,450,000 7.500% due 11/15/2001 1,534,825
11,590,000 7.875% due 11/15/2004 13,011,282
------------
26,346,082
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $53,865,833) 54,964,280
------------
<CAPTION>
REPURCHASE AGREEMENT -- 1.3%
(Cost $3,389,000)
<S> <C> <C>
$3,389,000 Agreement with State Street Bank
and Trust Company, 5.800% dated
06/30/1998, to be repurchased at
$3,389,546 on 07/01/1998,
collateralized by $2,130,000
U.S. Treasury Note, 13.250%
maturing 05/15/2014
(value $3,458,722) $ 3,389,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $45,996,125) 17.2% 45,996,125
---- ------------
TOTAL INVESTMENTS
(Cost $306,473,170*) 115.7% 309,067,058
OTHER ASSETS AND
LIABILITIES (Net) (15.7) (42,081,470)
---- ------------
NET ASSETS 100.0% $266,985,588
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $306,649,861.
** As of June 30, 1998, the market value of the securities on loan is
$45,194,983. Collateral received for securities loaned includes $7,052,500
in U.S. government securities and the remaining $38,943,625 invested in
Navigator Securities Lending Trust-Prime Portfolio.
+ Floating rate note. The interest shown reflects the rate currently in effect.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
/TABLE
<PAGE>
Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
ASSET BACKED SECURITIES -- 15.8%
<S> <C> <C>
$ 5,000,000 American Express Credit Account
Master, Series 96 Class A,
6.800% due 12/15/2003 $ 5,121,500
6,147,000 Banc One Credit Card Master
Trust, Series 1994-C, Class A,
7.800% due 12/15/2000 6,197,528
7,924,966 California Infrastructure SCE-1,
Series 1997-1, Class A1,
5.980% due 12/26/2000 7,934,873
5,500,000 Charming Shoppes Master Trust,
Series 1194-1, Class A, 7.000%
due 04/15/1999 5,551,700
10,000,000 Chemical Master Credit Card,
Trust 1,
6.230% due 06/15/2003 10,105,800
5,405,000 Contimortgage Home Equity
Loan, 1997 2 Passthru
Certificate Class A 9,
7.090% due 04/15/2028 5,573,636
9,405,000 CWMBS, Mortgage Passthru
Series 1996 I Class A 6,
7.750% due 09/25/2026 9,501,871
5,000,000 Dayton Hudson Credit Card,
Series 1995-1A, 6.100% due
02/25/2002 5,005,550
10,000,000 Discover Card Trust, Series
1991-DA,
8.000% due 10/16/2000 10,034,800
10,000,000 Racers-Kellogg, Series 1998-1
144A,
5.750% due 02/02/2001 9,964,100
6,666,670 Sears Credit Company, Master
Trust, Series 1995-4A,
6.250% due 01/15/2003++ 6,680,270
11,320,000 Standard Credit Card and Trust,
Series 1990-6A, 7.850% due
02/07/2002 11,668,430
------------
<CAPTION>
TOTAL ASSET BACKED SECURITIES
<S> <C>
(Cost $93,779,886) 93,340,058
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 29.6%
Banking and Financial Services -- 14.6%
<S> <C> <C>
$ 5,000,000 Abbey National Plc,
6.700% due 06/29/2049 $ 5,034,400
10,000,000 America Express Bank, Ltd.,
5.725% due 02/10/2004+ 9,841,520
10,000,000 American General Finance
Corporation, MTN,
6.180% due 05/12/2003 9,978,100
Associates Corporation of
North America:
5,000,000 6.000% due 03/15/2000 5,005,800
2,570,000 MTN,
8.250% due 10/15/2004 2,837,845
11,500,000 AT&T Capital Corporation,
MTN, 6.180% due
12/03/1999 11,512,880
5,897,000 BankAmerica Corporation,
MTN, 5.741% due
08/15/2003+ 5,895,526
Ford Motor Credit Corporation:
9,425,000 6.250% due 11/08/2000 9,476,743
2,260,000 6.500% due 02/15/2006 2,297,516
2,750,000 International Lease Finance
Corporation,
5.500% due 01/15/1999 2,747,003
6,420,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005 7,046,464
6,433,000 Midland American Capital,
12.750% due 11/15/2003 6,580,959
3,505,232 Textron Financial Corporation
Receivables,
6.050% due 03/16/2009 3,508,807
4,000,000 U.S. Leasing International,
MTN, 9.880% due
03/06/2001 4,373,520
------------
86,137,083
------------
<CAPTION>
Foreign -- 5.7%
<S> <C> <C>
$10,000,000 Halifax Building Society,
6.000% due 02/26/2008 $ 9,925,000
10,140,000 Tyco International Group,
6.375% due 06/15/2005 10,156,325
3,270,000 Union Bank Switzerland,
7.250% due 07/15/2006 3,501,418
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 10,381,000
------------
33,963,743
------------
<CAPTION>
Industrial -- 6.7%
<S> <C> <C>
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 5,060,143
4,950,000 General Motors Corporation,
6.600% due 01/17/2001 5,015,142
10,000,000 Merck & Co,
5.760% due 05/03/2037 10,147,700
4,500,000 Montana Power Company,
MTN, 8.680% due
02/07/2022 5,060,655
4,000,000 Pitney Bowes Inc.,
5.950% due 02/01/2005 4,033,040
7,125,000 Thermolase Corporation,
4.375% due 08/05/2004 6,056,250
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 4,249,199
------------
39,622,129
------------
<CAPTION>
Utility -- Electric -- 1.0%
<S> <C> <C>
5,625,000 National Rural Utilities,
6.300% due 11/19/2001 5,653,181
------------
<CAPTION>
Utility -- Telephone -- 1.6%
<S> <C> <C>
9,500,000 Michigan Bell Telephone,
5.875% due 09/15/1999 9,514,630
------------
<CAPTION>
TOTAL CORPORATE BONDS AND NOTES
<S> <C>
(Cost $173,989,116) 174,890,766
------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 33.5%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 2.8%
FHLMC:
<S> <C> <C>
$3,839,944 8.000% due 03/01/2028 $ 3,971,923
4,612,952 Pool #A00813,
9.000% due 10/01/2020 4,858,823
1,172,877 Pool #E61740,
9.000% due 04/01/2010 1,223,381
3,303,989 Pool #F70013, Gold,
7.000% due 12/01/2011 3,365,509
3,145,744 Pool #G50249, REMIC,
8.500% due 03/01/2000 3,214,730
------------
16,634,366
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 9.6%
FNMA:
<S> <C> <C>
11,677,248 6.000% due 02/01/2013 11,549,499
12,108,268 6.000% due 05/01/2013 11,975,803
13,327,046 6.000% due 04/01/2018 13,085,427
9,609,203 6.000% due 03/01/2028 9,353,887
2,822,696 Pool #070225,
7.500% due 08/01/2018 2,890,441
7,885,645 Pool #250550,
6.500% due 05/01/2026 7,854,024
------------
56,709,081
------------
<CAPTION>
Government Agency Debentures -- 18.5%
<S> <C> <C>
50,000,000 AID-Israel,
0.000% due 02/15/2004 36,679,000
8,250,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,314,101
17,675,000 Federal Home Loan Bank,
5.285% due 02/21/2001 17,500,548
4,250,000 Federal Home Loan Mortgage
Corporation,
6.000% due 04/25/2000 4,266,448
10,020,000 Medium Term Note,
5.650% due 06/12/2000 10,023,106
11,000,000 Benchmark Note,
5.750% due 06/15/2005 10,988,010
10,950,000 SallieMae Student Loan Trust,
5.692% due 01/25/2010 10,860,210
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 10,374,400
------------
109,005,823
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 2.1%
GNMA:
<S> <C> <C>
9,487,628 8.000% due 05/15/2028 9,831,555
2,605,094 Pool #780077,
8.000% due 03/15/2025 2,705,338
------------
12,536,893
------------
<CAPTION>
Small Business Administration (SBA) --
0.5%
<S> <C> <C>
2,871,623 SBA, Pool #502796,
6.500% due 11/25/2019 2,914,698
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
<S> <C>
(Cost $194,533,592) 197,800,861
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 17.1%
U.S. Treasury Notes -- 17.1%
<S> <C> <C>
5,000,000 6.000% due 08/15/1999 5,026,450
14,500,000 7.750% due 01/31/2000 14,980,530
14,800,000 6.625% due 07/31/2001 15,240,004
47,975,000 7.500% due 11/15/2001 50,781,537
10,000,000 5.500% due 02/28/2003 9,992,200
4,800,000 6.875% due 05/15/2006 5,197,488
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $101,348,381) 101,218,209
------------
<CAPTION>
REPURCHASE AGREEMENT -- 3.1%
(Cost $18,285,000)
<S> <C> <C>
$18,285,000 Agreement with State Street
Bank and Trust Company, 5.800%
dated 06/30/1998, to be
repurchased at $18,287,946 on
07/01/1998, collateralized by
$18,380,000 U.S. Treasury
Note, 3.625% maturing
01/15/2008
(value $18,655,700) $ 18,285,000
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $81,818,275) 13.8% 81,818,275
---- ------------
TOTAL INVESTMENTS
(Cost $663,754,250*) 112.9% 667,353,169
OTHER ASSETS AND
LIABILITIES (Net) (12.9) (76,602,755)
---- ------------
NET ASSETS 100.0% $590,750,414
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $664,044,394.
** As of June 30, 1998, the market value of the securities on loan is
$80,249,154. Collateral received for securities loaned of $81,818,275 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Floating rate note. The interest rate shown reflects the rate currently
in effect.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Bond Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
FOREIGN BONDS AND NOTES -- 88.0%
Australia -- 2.6%
Government -- 2.6%
<S> <C> <C> <C>
AUD 2,000,000 Queensland Treasury Corporation, Government Bond, Series 5,
6.500% due 06/14/2005 $ 1,296,697
------------
<CAPTION>
Belgium -- 3.8%
Government -- 3.8%
<S> <C> <C> <C>
BEF 61,000,000 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 1,894,461
------------
<CAPTION>
Canada -- 4.5%
Government -- 4.5%
<S> <C> <C> <C>
CAD 3,000,000 Government of Canada,
7.500% due 12/01/2003 2,242,697
------------
<CAPTION>
Denmark -- 5.2%
Government -- 5.2%
<S> <C> <C> <C>
DKK 15,750,000 Kingdom of Denmark,
8.000% due 05/15/2003 2,622,211
------------
<CAPTION>
Finland -- 1.3%
Government -- 1.3%
<S> <C> <C> <C>
FIM 3,000,000 Republic of Finland,
9.500% due 03/15/2004 678,834
------------
<CAPTION>
France -- 17.5%
Finance -- 4.1%
<S> <C> <C> <C>
FRF 12,000,000 Caisse Refinance Hypo,
8.500% due 03/05/1999 2,045,024
<CAPTION>
Government -- 9.4% Government of France:
<S> <C> <C>
22,500,000 5.500% due 04/25/2007 3,916,668
3,600,000 8.500% due 12/26/2012 805,842
------------
4,722,510
------------
<CAPTION>
Supranational -- 4.0%
<S> <C> <C>
12,000,000 Eurofima,
5.625% due 11/25/1999 2,031,620
------------
8,799,154
------------
<CAPTION>
Germany -- 20.3%
Finance -- 4.8%
<S> <C> <C> <C>
DEM 2,600,000 Bayerische Vereinsbank New York, Global Bond,
4.500% due 06/24/2002 1,445,862
1,700,000 Sudwest LB Capital Markets,
5.000% due 02/08/1999 951,487
<CAPTION>
Government -- 13.5%
<S> <C> <C> <C>
DEM 7,500,000 Federal Republic of Germany,
5.625% due 01/04/2028 $ 4,316,726
4,000,000 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 2,463,944
<CAPTION>
Supranational -- 2.0%
<S> <C> <C> <C>
1,750,000 International Bank of Reconstruction & Development,
7.250% due 10/13/1999 1,008,498
------------
10,186,517
------------
<CAPTION>
Italy -- 3.3%
Government -- 3.3%
<S> <C> <C> <C>
ITL 2,500,000,000 Government of Italy,
8.500% due 04/01/2004 1,664,837
------------
<CAPTION>
Japan -- 16.7%
Government -- 9.1%
<S> <C> <C> <C>
JPY 580,000,000 Government of Japan,
2.600% due 09/20/2007 4,568,019
<CAPTION>
Supranational -- 7.6%
<S> <C> <C> <C>
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 1,954,752
220,000,000 Interamerican Development Bank,
6.000% due 10/30/2001 1,853,260
------------
8,376,031
------------
<CAPTION>
Netherlands -- 4.8%
Government -- 4.8%
<S> <C> <C> <C>
NLG 4,300,000 Government of Netherlands, Series 2,
8.250% due 06/15/2002 2,408,338
------------
<CAPTION>
Sweden -- 2.9%
Government -- 2.9%
<S> <C> <C> <C>
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,456,559
------------
<CAPTION>
United Kingdom -- 5.1%
Finance -- 2.5%
<S> <C> <C> <C>
GBP 750,000 General Electric Capital Corporation,
7.500% due 12/01/1998 1,248,065
<CAPTION>
Supranational -- 2.6%
<S> <C> <C> <C>
750,000 European Investment Bank,
8.500% due 11/06/2001 1,307,516
------------
2,555,581
------------
<CAPTION>
TOTAL FOREIGN BONDS AND NOTES
<S> <C>
(Cost $45,793,828) $ 44,181,917
<CAPTION>
GOVERNMENT AGENCY OBLIGATIONS -- 6.5%
<S> <C> <C> <C>
GBP 600,000 Federal National Mortgage Association, Global Bond,
6.875% due 06/07/2002 1,003,323
DEM 3,700,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 2,249,605
------------
<CAPTION>
TOTAL GOVERNMENT AGENCY OBLIGATIONS
<S> <C>
(Cost $3,314,071) 3,252,928
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.9%
(Cost $1,453,000)
<S> <C> <C> <C>
U.S. 1,453,000 Agreement with State Street Bank and Trust Company, 5.800% dated
6/30/98, to be repurchased at $1,453,234 on 7/1/1998,
collateralized by $1,070,000 U.S. Treasury Bond, 8.875%
maturing 8/15/2017
(value $1,486,601) 1,453,000
------------
<S> <C> <C>
OTHER INVESTMENTS** (Cost $846,000) 1.7% 846,000
----- ------------
TOTAL INVESTMENTS (Cost $51,406,899*) 99.1% 49,733,845
OTHER ASSETS AND LIABILITIES (Net) .9 476,309
----- ------------
NET ASSETS 100.0% $ 50,210,154
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $51,520,487.
** As of June 30, 1998, the market value of the securities on loan is
$829,825. Collateral received for securities loaned of $846,000 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
ABBREVIATIONS:
AUD -- Australian Dollar
BEF -- Belgian Francs
CAD -- Canadian Dollar
DEM -- German Deutsche Mark
DKK -- Danish Krone
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
ITL -- Italian Lira
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
ASSET BACKED SECURITY -- 1.7%
(Cost $4,954,336)
<S> <C> <C>
$ 5,000,000 Residential Accreditation Loans,
Inc., Class A4, Series 1997-QS3,
7.750% due 04/25/2027 $ 5,063,100
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 0.0% (DELTA)
(Cost $20,084)
Finance -- 0.0% (DELTA)
<S> <C> <C>
20,585 BankAmerica National Trust,
9.000% due 03/01/2008 21,192
------------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 83.7%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 42.5%
FHLMC:
<S> <C> <C>
7,000,000 6.500% due 04/15/2007 7,063,420
2,553,196 Pool #A01048, Gold,
8.500% due 02/01/2020 2,655,860
7,280,984 Pool #E00160, Gold,
7.000% due 11/01/2007 7,408,838
1,852,783 Pool #G00479, Gold,
9.000% due 04/01/2025 1,955,409
5,500,000 Series 1399, Class Q,
7.000% due 02/15/2021 5,714,830
1,000,000 Series 1452, Class PH,
6.500% due 06/15/2006 1,016,360
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 6,024,750
203,833 Series 1542, Class E,
5.650% due 01/15/2015 203,418
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 5,096,850
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 9,276,910
3,000,000 Series 16, Class PM,
6.500% due 04/25/2021 3,020,370
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 5,093,750
3,375,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,405,577
$ 4,300,000 Series 1617, Class C,
6.500% due 02/15/2023 $ 4,353,750
4,845,000 Series 1619, Class B,
6.400% due 01/15/2023 4,929,787
3,720,000 Series 1633, Class PL,
6.500% due 03/15/2023 3,804,853
2,000,000 Series 1650, Class H,
6.250% due 10/15/2022 2,018,740
3,000,000 Series 1671, Class F,
6.250% due 03/15/2022 2,998,500
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,808,854
460,103 Series 168, Class E,
8.000% due 12/15/2020 459,284
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,793,392
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,686,859
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 1,069,604
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 2,074,180
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 9,276,306
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 4,310,520
1,045,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,060,096
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,686,200
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,707,225
------------
124,974,492
------------
<CAPTION>
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 0.3%
<S> <C> <C>
985,720 FHA, Azalea Garden,
8.500% due 09/01/2030 1,037,470
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 35.9%
FNMA:
<S> <C> <C>
$ 173,818 Pool #040305,
11.500% due 02/01/2014 $ 193,006
52,261 Pool #058255,
11.500% due 11/01/2010 58,034
79,677 Pool #081585,
11.500% due 07/01/2012 88,482
1,824,014 Pool #100081,
11.500% due 08/01/2016 2,046,325
176,641 Pool #210448,
11.500% due 11/01/2015 196,232
2,784,065 Pool #250323,
7.000% due 07/01/2002 2,821,539
1,979,562 Pool #303105,
11.000% due 11/01/2020 2,181,497
164,814 Pool #336457,
10.500% due 11/01/2020 179,402
1,224,749 Series 1989-98, Class D,
9.200% due 04/25/2019 1,242,667
4,745,093 Series 1990-117, Class E,
8.950% due 10/25/2020 5,089,160
3,442,236 Series 1990-120, Class G,
9.000% due 11/25/2019 3,492,252
5,000,000 Series 1990-45, Class J,
9.500% due 05/25/2020 5,645,700
5,000,000 Series 1993-120, Class HA,
6.500% due 01/25/2021 5,065,600
6,000,000 Series 1993-139 Class H,
6.750% due 12/25/2021 6,116,100
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,616,175
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022 2,028,240
5,100,000 Series 1993-163, Class BJ,
7.000% due 07/25/2006 5,285,079
2,000,000 Series 1993-168, Class PG,
6.250% due 01/25/2020 1,997,520
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023 2,913,120
$10,319,600 Series 1993-226, Class PN,
9.000% due 05/25/2022 11,757,843
3,500,000 Series 1993-240, Class PD,
6.250% due 12/25/2013 3,524,045
2,000,000 Series 1993-83, Class VE,
6.600% due 12/25/2005 2,027,740
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,465,020
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,529,055
1,600,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,657,568
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,764,846
5,150,000 Series 1996-70, Class PJ,
6.500% due 02/25/2026 5,285,806
9,500,000 Series 1997-60, Class PD,
6.500% due 01/18/2024 9,569,445
6,705,000 Series G97-1, Class J,
6.750% due 02/18/2004 6,767,021
------------
105,604,519
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 4.8%
GNMA:
<S> <C> <C>
3,519,208 Pool #780799,
8.000% due 05/15/2028 3,646,780
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 10,448,854
------------
14,095,634
------------
<CAPTION>
Small Business Administration (SBA) -- 0.2%
<S> <C> <C>
509,027 SBA, Pool # 503548,
6.125% due 11/25/2021+++ 517,299
------------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
<S> <C>
(Cost $240,723,317) 246,229,414
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 11.3%
U.S. Treasury Bonds -- 9.4%
U.S. Treasury Bonds:
<S> <C> <C>
$ 1,800,000 8.750% due 11/15/2008 $ 2,054,142
4,000,000 8.125% due 08/15/2019 5,156,120
15,860,000 8.000% due 11/15/2021 20,429,107
------------
27,639,369
------------
<CAPTION>
U.S. Treasury Notes -- 1.9%
<S> <C> <C>
1,000,000 7.875% due 11/15/2004 1,122,630
4,250,000 6.875% due 05/15/2006 4,599,350
------------
5,721,980
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $30,944,023) 33,361,349
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.7%
(Cost $7,854,000)
<S> <C> <C>
$7,854,000 Agreement with State Street
Bank and Trust Company, 5.800%
dated 06/30/1988, to be
repurchased at $7,855,265 on
07/01/1998, collateralized by
$7,645,000 U.S. Treasury Note,
7.125% maturing 02/29/2000
(value $8,013,642) 7,854,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $284,495,760*) 99.4% $292,529,055
OTHER ASSETS AND
LIABILITIES (Net) 0.6 1,704,562
----- ------------
NET ASSETS 100.0% $294,233,617
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $284,543,815.
+++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
(DELTA) Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investment, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES -- 97.8%
Michigan -- 97.8%
<S> <C> <C> <C> <C>
$ 750,000 Allegen, Michigan, Public School District,
5.000% due 05/01/2022 AAA Aaa $732,660
1,000,000 Bay City, Michigan, Electric Utility Revenue
Refunding, (AMBAC Insured),
5.300% due 01/01/2010 AAA Aaa 1,049,220
Birmingham, Michigan, City School District:
1,000,000 5.000% due 11/01/2018 AA+ Aa2 983,620
1,000,000 7.000% due 11/01/2008 AA+ Aa2 1,185,580
1,500,000 Cedar Springs, Michigan, Public School District,
5.000% due 05/01/2024 AAA Aaa 1,459,800
1,000,000 Central Michigan University Revenue,
(FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,030,610
1,250,000 Chippewa Valley, Michigan, Schools Refunding,
4.750% due 05/01/2023 AAA Aaa 1,177,075
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 609,978
1,055,000 De Witt, Michigan, Public Schools, GO,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2011 AAA Aaa 1,110,852
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 699,475
1,000,000 Detroit, Michigan, Sewer Disposal Revenue,
Series A, (MBIA Insured),
5.000% due 07/01/2027 AAA Aaa 968,960
1,055,000 Detroit, Michigan, Water Supply System,
(MBIA Insured), Series B,
5.400% due 07/01/2011 AAA Aaa 1,120,621
500,000 Detroit, Michigan, Water Supply Systems, Revenue,
Series A,
5.000% due 07/01/2027 AAA Aaa 484,480
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 1,008,640
1,000,000 Eastern Michigan University Revenue, GO,
(FGIC Insured),
5.500% due 06/01/2017 AAA Aaa 1,046,980
1,000,000 Ferris State University, Michigan, Revenue
General,
5.000% due 10/01/2023 AAA Aaa 981,770
1,000,000 Ferris State University, Michigan, Revenue
Refunding, (MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 1,022,830
Grand Rapids, Michigan:
$ 750,000 Building Authority, Refunding, and Improvement
Revenue,
5.500% due 04/01/2013 A+ A1 775,852
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2016 AAA Aaa 1,022,810
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 1,015,840
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 677,634
500,000 Holland, Michigan, Water Supply Systems,
5.375% due 07/01/2017 A+ A1 513,245
Hudsonville Public Schools, Michigan:
1,000,000 Refunding,
5.150% due 05/01/2027 AAA Aaa 994,200
950,000 Series B, GO, (FGIC Insured), Pre-refunded,
6.000% due 05/01/2004 AAA Aaa 1,052,324
1,000,000 Kalamazoo, Michigan, City School District, GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,056,300
1,500,000 Kalamazoo, Michigan, Hospital Finance Authority
Revenue, Series A,
6.250% due 06/01/2014 AAA Aaa 1,710,945
500,000 Kenowa Hills, Michigan, Public Schools, GO,
(MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 529,645
1,000,000 Livonia Public School District, Michigan, GO,
(FGIC Insured),
5.125% due 05/01/2022 AAA Aaa 989,840
Michigan Municipal Bond Authority Revenue:
550,000 Local Government Loan
(AMBAC Insured),
4.550% due 05/01/2008 AAA NR 550,572
1,250,000 State Revolving Fund,
5.125% due 10/01/2020 AA+ Aa1 1,245,862
1,100,000 Michigan Public Power Agency Revenue,
(Belle River Project), Series A,
5.250% due 01/01/2018 AA- A1 1,099,208
$ 1,000,000 Michigan State Building Authority Revenue,
Facilities Project, Series II,
5.000% due 10/15/2014 AA Aa3 1,002,090
Michigan State Comprehensive Transportation
Revenue Series A, (MBIA Insured):
1,000,000 5.250% due 08/01/2012 AAA Aaa 1,027,070
500,000 5.250% due 08/01/2014 AAA Aaa 509,545
500,000 Michigan State Environmental Protection Program,
5.000% due 11/01/2011 AA+ Aa1 510,670
Michigan State Hospital Finance Authority Revenue:
500,000 (Hackley Hospital), Series A,
4.800% due 05/01/2005 NR A3 501,070
1,000,000 (Henry Ford Continuing Care), Series A,
5.250% due 11/15/2025 AA Aa2 1,000,200
1,000,000 (Mercy Health Services), Series S,
5.500% due 08/15/2020 AA- Aa3 1,028,010
1,000,000 (Mercy Health Services), Series W,
5.250% due 08/15/2027 AAA Aaa 997,210
1,500,000 Hospital, Henry Ford Health, Series A,
5.250% due 11/15/2020 AA Aa2 1,500,300
Michigan State Housing Development Authority,
Series A:
(AMBAC Insured):
500,000 6.050% due 12/01/2027 AAA Aaa 529,895
1,000,000 6.450% due 12/01/2014 AA+ NR 1,072,400
1,000,000 Michigan State Trunk Line Highway Revenue,
Series A,
(FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,045,250
1,500,000 Michigan State University Revenues, General
Series A,
5.125% due 02/15/2016 AAA Aaa 1,504,245
1,500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 1,717,860
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 502,750
1,000,000 Oakland County Michigan, Novi Wastewater Control
Systems,
5.000% due 05/01/2007 AA+ Aa3 1,040,670
1,500,000 Redford, Michigan Union School District, Refunding,
5.000% due 05/01/2022 AAA Aaa 1,487,685
$ 1,000,000 Redford, Michigan, Unified School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,102,520
1,750,000 Rochester Community School District, Michigan, GO,
5.000% due 05/01/2019 AAA Aaa 1,738,713
750,000 Rockford Michigan Public Schools,
6.500% due 05/01/2009 AAA Aaa 873,570
600,000 Royal Oak, Michigan, Hospital Finance Authority,
Hospital Revenue, (William Beaumont Hospital),
Series G,
5.500% due 11/15/2013 AA Aa3 617,484
1,000,000 Saint Johns, Michigan, Public Schools District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,088,100
1,000,000 South Lake, Michigan, Public Schools System,
5.125% due 05/01/2014 AAA Aaa 1,025,460
1,500,000 South Lyon, Michigan, Community Schools,
4.750% due 05/01/2023 AAA Aaa 1,412,490
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,045,900
750,000 Three Rivers, Michigan, Community Schools,
5.600% due 05/01/2010 AAA Aaa 819,488
600,000 University of Michigan, Hospital Revenue, Series A,
5.500% due 12/01/2021 AA Aa2 609,240
1,000,000 West Bloomfield School District, Michigan, GO,
(MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 1,007,320
1,000,000 Williamston, Michigan, Community School District,
5.500% due 05/01/2025 AAA Aaa 1,061,330
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 495,840
------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S> <C>
(Cost $57,792,288) 59,781,803
------------
<CAPTION>
SHORT-TERM INVESTMENT -- 1.1%
(Cost $673,079)
<S> <C> <C>
673,079 Valiant Fund Tax Exempt Money Market $ 673,079
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $58,465,367*) 98.9% 60,454,882
OTHER ASSETS AND LIABILITIES (Net) 1.1 691,664
----- ------------
NET ASSETS 100.0% $ 61,146,546
===== ============
<FN>
- ---------
*Aggregate cost for Federal tax purposes is $58,472,809.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 1998
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES -- 97.8%
Arizona -- 0.9%
<S> <C> <C> <C> <C>
$ 1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,870,640
------------
<CAPTION>
California -- 2.1%
<S> <C> <C> <C> <C>
2,905,000 Perris, California Community Facilities Revenue,
ETM,
8.750% due 10/01/2021 AAA Aaa 4,313,838
------------
<CAPTION>
Delaware -- 0.9%
<S> <C> <C> <C> <C>
1,555,000 Delaware State Economic Development Authority,
Osteopathic Hospital Associates Delaware,
Series A,
6.500% due 01/01/2008 NR Aaa 1,766,433
------------
<CAPTION>
District of Columbia 2.4%
<S> <C> <C> <C> <C>
5,000,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 4,850,700
------------
<CAPTION>
Florida -- 12.1%
<S> <C> <C> <C> <C>
2,000,000 Florida State, Board of Education, Administrative
Capital Revenue,
8.400% due 06/01/2007 AA+ Aa2 2,560,960
3,000,000 Gainesville, Florida, Utility Systems Revenue,
Series A,
6.500% due 10/01/2012 AA Aa3 3,511,020
5,000,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 6,045,700
Palm Beach County, Florida:
2,285,000 Criminal Justice,
5.750% due 06/01/2013 AAA Aaa 2,524,194
3,050,000 GO,
6.750% due 07/01/2011 AA Aa2 3,665,307
5,000,000 Port Everglades, Florida, Port Authority Revenue,
ETM,
7.125% due 11/01/2016 AAA Aaa 6,059,850
------------
24,367,031
------------
<CAPTION>
Georgia -- 6.8% Georgia State, GO:
<S> <C> <C> <C> <C>
4,500,000 7.400% due 08/01/2007 AAA Aaa 5,490,990
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,296,680
5,100,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 5,865,153
------------
13,652,823
------------
<CAPTION>
Hawaii -- 1.2%
<S> <C> <C> <C> <C>
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA Aa2 2,437,500
------------
<CAPTION>
Illinois -- 9.8%
<S> <C> <C> <C> <C>
1,000,000 Addison, Illinois, Single-family Mortgage Revenue,
ETM,
7.500% due 04/01/2011 AAA NR 1,191,240
2,500,000 Chicago, Illinois, Wastewater Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,643,000
2,000,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,169,780
5,000,000 Illinois Educational Facilities Authority Revenue,
Northwestern University, Mandatory Put 11/01/2015,
5.250% due 11/01/2032 AA+ Aa1 5,107,900
Illinois State, Sales Tax Revenue:
5,000,000 Series P,
6.500% due 06/15/2022 AAA Aa2 5,978,450
2,500,000 Series Y,
5.250% due 06/15/2009 NR Aa2 2,644,100
------------
19,734,470
------------
<CAPTION>
Indiana -- 2.8%
<S> <C> <C> <C> <C>
3,000,000 Indiana State Office Building Capital Revenue,
7.400% due 07/01/2015 AAA Aaa 3,829,920
1,525,000 Indiana Transportation Finance Airport Lease,
Refunding Series A,
6.000% due 11/01/2010 AAA Aaa 1,708,305
------------
5,538,225
------------
<CAPTION>
Maryland -- 3.6%
<S> <C> <C> <C> <C>
3,000,000 Baltimore, Maryland, (Water Projects), Series A,
(FGIC Insured),
5.000% due 07/01/2024 AAA Aaa 2,996,220
3,725,000 Baltimore, Maryland, Series A, (FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 4,166,338
------------
7,162,558
------------
<CAPTION>
Massachusetts -- 5.4%
<S> <C> <C> <C> <C>
3,500,000 Massachusetts Bay Transport Authority, General
Transportation Systems, Series A,
5.500% due 03/01/2011 AAA Aaa 3,767,085
1,000,000 Massachusetts State Port Authority Revenue,
Refunding Series A,
5.750% due 07/01/2012 AA- Aa3 1,089,370
3,000,000 Massachusetts State, Grant Anticipation Notes,
Series A,
5.250% due 12/15/2012 AAA Aa3 3,126,060
3,000,000 Massachusetts State, Turnpike Authority Revenue,
Department of Transportation, Senior Series A,
5.125% due 01/01/2023 AAA Aaa 2,981,700
------------
10,964,215
------------
<CAPTION>
Michigan -- 20.3%
<S> <C> <C> <C> <C>
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,475,430
3,000,000 Detroit, Michigan, Sewer Disposal Revenue, Series A,
(MBIA Insured),
5.000% due 07/01/2027 AAA Aaa 2,906,880
2,000,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 2,134,280
3,000,000 Michigan State, Building Authority Revenue, Series I,
6.500% due 10/01/2004 AA Aa3 3,372,840
3,000,000 Michigan State, Comprehensive Transportation,
Series A,
(MBIA Insured),
5.250% due 08/01/2014 AAA Aaa 3,057,270
7,000,000 Michigan State, Enviromental Protection Program,
GO,
6.250% due 11/01/2012 AA+ Aa1 8,104,250
2,000,000 Michigan State, Environmental Protection Program,
5.000% due 11/01/2011 AA+ Aa1 2,042,680
Michigan State, Hospital Finance Authority
Revenue:
$ 2,250,000 (Henry Ford Health System), (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,522,137
1,000,000 (McLaren Health Care Corporation) Series A,
5.250% due 06/01/2009 NR A1 1,035,690
3,000,000 (Mercy Health Services), Series S,
5.250% due 08/15/2027 AAA Aaa 2,991,630
2,500,000 Michigan State, Trunk Line, Series A,
(FGIC Insured),
5.625% due 11/01/2020 AAA Aaa 2,616,775
4,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 4,470,975
2,500,000 Rockford, Michigan, Public School System,
5.250% due 05/01/2022 AAA Aaa 2,512,450
1,500,000 South Lake, Michigan, Public Schools System,
5.125% due 05/01/2014 AAA Aaa 1,538,190
------------
40,781,477
------------
<CAPTION>
Minnesota -- 5.1%
<S> <C> <C> <C> <C>
2,865,000 St. Paul Minnesota, Tax Increment Block 39
Project, Series A,
4.750% due 02/01/2016 AA+ Aa2 2,758,737
7,000,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa3 7,476,140
------------
10,234,877
------------
<CAPTION>
Nevada -- 2.9%
<S> <C> <C> <C> <C>
2,500,000 Nevada State, Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,800,025
3,000,000 Nevada State, Colorado River Community, GO,
5.250% due 07/01/2020 AA Aa 3,014,040
------------
5,814,065
------------
<CAPTION>
New Mexico -- 0.5%
<S> <C> <C> <C> <C>
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 1,101,130
------------
<CAPTION>
New York -- 0.7%
<S> <C> <C> <C> <C>
1,500,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer System Revenue, Series A,
5.125% due 06/15/2021 NR A2 1,473,225
------------
<CAPTION>
North Carolina -- 1.3%
<S> <C> <C> <C> <C>
2,500,000 North Carolina, Municipal Power Agency, Catawba
Electric Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,683,450
------------
<CAPTION>
Ohio -- 3.5%
<S> <C> <C> <C> <C>
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,509,350
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,380,880
University Cincinnati, Ohio, General Receipts:
585,000 Series AA,
5.500% due 06/01/2012 A-1 Aa 616,140
1,450,000 Series T,
5.500% due 06/01/2013 A-1 Aa 1,539,363
------------
7,045,733
------------
<CAPTION>
Oklahoma -- 0.6%
<S> <C> <C> <C> <C>
1,000,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue, (Blackwell Regional
Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,248,270
------------
<CAPTION>
Pennsylvania -- 1.0%
<S> <C> <C> <C> <C>
2,000,000 Pennsylvania State, GO,
5.000% due 10/15/2015 AA- Aa3 1,988,180
------------
<CAPTION>
South Carolina -- 1.2%
<S> <C> <C> <C> <C>
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,334,987
------------
<CAPTION>
Texas -- 7.0%
<S> <C> <C> <C> <C>
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,357,560
2,435,000 San Antonio, Texas, Electric & Gas Revenue,
Series A,
5.000% due 02/01/2012 AA Aa1 2,492,247
2,000,000 Spring, Texas, Independent School District
Authority, GO,
(PSFG),
6.875% due 08/15/2009 AAA Aaa 2,356,560
2,000,000 Texas State, Refunding Water Financial Assistance,
Series C,
5.000% due 08/01/2018 AAA Aaa 1,965,080
2,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 1,929,840
------------
14,101,287
------------
<CAPTION>
Virginia -- 3.2%
<S> <C> <C> <C> <C>
4,000,000 Fairfax County, Virginia, Water Authority Revenue,
Refunding,
5.000% due 04/01/2021 AA Aa2 3,994,680
2,500,000 Richmond, Virginia, Series B,
5.000% due 01/15/2021 AAA Aaa 2,450,450
------------
6,445,130
------------
<CAPTION>
Washington -- 2.5%
<S> <C> <C> <C> <C>
1,815,000 Douglas County, Washington, Public Utility
District No.1, GO, (Wells Hydroelectric Project),
Pre-refunded,
8.750% due 09/01/2006 A A 2,434,732
2,500,000 Seattle, Washington, Drain & Wastewater Utility
Revenue, (MBIA Insured),
5.250% due 12/01/2025 AAA Aaa 2,511,475
------------
4,946,207
------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S> <C>
(Cost $186,274,013) 196,856,451
------------
<CAPTION>
Shares
- ---------
SHORT-TERM INVESTMENT -- 0.6%
(Cost $1,105,449)
<S> <C> <C>
1,105,449 Valiant Fund Tax Exempt Money Market 1,105,449
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $187,379,462*) 98.4% 197,961,900
OTHER ASSETS AND LIABILITIES (Net) 1.6 3,278,953
----- ------------
NET ASSETS 100.0% $201,240,853
===== ============
<FN>
- ---------
*Aggregate cost for Federal tax purposes is $187,379,462.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, June 30,1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES -- 98.2%
Alabama -- 1.2%
<S> <C> <C> <C> <C>
$ 3,500,000 Alabama State Public School and College Authority
Revenue, Series A,
5.750% due 08/01/2003 AA- Aa $ 3,749,130
------------
<CAPTION>
California -- 3.4%
<S> <C> <C> <C> <C>
3,000,000 Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue,
Series B, (AMBAC Insured),
8.000% due 07/01/2003 AAA Aaa 3,496,920
6,070,000 Sacramento County, California, Sanitation District
Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa 7,230,159
------------
10,727,079
------------
<CAPTION>
Colorado -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Arapahoe County, Colorado, School District, Cherry
Creek Referendum, 5.500% due 12/15/2006 AA Aa2 5,385,200
------------
<CAPTION>
Delaware -- 0.8%
<S> <C> <C> <C> <C>
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,598,525
------------
<CAPTION>
Florida -- 7.8%
<S> <C> <C> <C> <C>
4,000,000 Dade County, Florida, School District,
(MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,403,880
6,500,000 Florida State, Board of Education, Capital Outlay,
Series D,
6.000% due 06/01/2005 AA+ Aa2 7,137,325
Jacksonville, Florida, Electric Authority Revenue:
5,000,000 Bulk Power Supply System Sherer, Series 4-1-A,
Pre-refunded,
6.750% due 10/01/2000 AAA Aaa 5,365,100
3,650,000 St. John's River Power Park System, Series 10,
6.500% due 10/01/2003 AA Aa2 4,042,776
3,000,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue, Series A, Pre-refunded,
6.500% due 10/01/2001 AA- Aa2 3,278,070
------------
24,227,151
------------
<CAPTION>
Hawaii -- 2.3%
<S> <C> <C> <C> <C>
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 3,229,980
3,650,000 Honolulu, Hawaii, City and County, GO, Series A,
ETM,
10.000% due 08/01/2000 AA Aaa 4,088,329
------------
7,318,309
------------
<CAPTION>
Illinois -- 7.1%
<S> <C> <C> <C> <C>
4,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa 4,948,020
6,000,000 Illinois Educational Facilities Authority
Revenues, Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 6,150,540
2,000,000 Illinois Health Facilities Authority Revenue,
Pre-refunded,
5.500% due 05/15/2003 AAA Aaa 2,150,340
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 NR Aa2 4,231,840
4,525,000 Lake County, Illinois, Adalai E. Stevenson School
District, No. 125,
5.500% due 01/01/2003 NR Aa1 4,768,898
------------
22,249,638
------------
<CAPTION>
Maryland -- 6.5%
<S> <C> <C> <C> <C>
1,750,000 Baltimore Maryland Convention Center Revenue,
Refunding, 4.150% due 09/01/2001 AAA Aaa 1,755,040
Maryland State:
2,000,000 4.850% due 10/15/2002 AAA Aaa 2,061,980
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,186,180
5,000,000 State & Local Facilities Series 2, GO,
5.000% due 08/01/2004 AAA Aaa 5,205,900
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,377,807
5,000,000 Prince George's County, Maryland, Consolidated
Public Improvement, GO,
(MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,558,400
------------
20,145,307
------------
<CAPTION>
Massachusetts -- 0.7%
<S> <C> <C> <C> <C>
2,000,000 Massachusetts Water Resource Authority Revenue,
Series A, Pre-refunded,
6.750% due 07/15/2002 AAA Aaa 2,231,120
------------
<CAPTION>
Michigan -- 25.1%
<S> <C> <C> <C> <C>
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,683,539
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2002 AAA Aaa 2,773,075
4,200,000 Chippewa Valley, Michigan, Schools, GO,
(FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 4,519,494
1,000,000 Detroit, Michigan, Sewage Disposal Revenue,
Series A,
4.600% due 07/01/2004 AAA Aaa 1,012,840
2,000,000 Detroit, Michigan, Water Supply Systems Revenue,
Senior Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,099,920
2,350,000 Gaylord, Michigan, Community Schools, GO,
Pre-refunded,
6.600% due 05/01/2002 AA Aa2 2,594,071
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded, 6.300% due 05/01/2002 AAA Aaa 2,190,440
Michigan State, Building Authority Revenue,
Series I:
5,000,000 6.500% due 10/01/2004
(AMBAC Insured): AA Aa3 5,621,400
5,600,000 6.000% due 10/01/2006 AAA Aaa 6,193,712
2,500,000 6.250% due 10/01/2003 AAA Aaa 2,739,000
Michigan State, Hospital Finance Authority
Revenue:
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 1,041,040
3,370,000 Oakwood Hospital Obligated Group, Pre-refunded,
7.100% due 07/01/2000 AAA Aaa 3,636,567
Michigan State, Hospital Finance Authority Revenue,
Pre-refunded:
5,250,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001 NR Aaa 5,887,507
2,900,000 Oakwood Hospital Obligated Group, (FGIC Insured),
7.000% due 07/01/2000 AAA Aaa 3,123,909
1,450,000 Michigan State, Housing Development Authority,
Series A, Rental Housing Revenue,
5.000% due 10/01/2003 AAA Aaa 1,494,791
1,095,000 Michigan State, Housing Single Family Mortgage,
Series A,
5.300% due 12/01/2006 AAA Aaa 1,145,129
3,160,000 Michigan State, Trunk Line Highway Revenue, Series A,
5.625% due 10/01/2003 AA- A1 3,371,625
3,500,000 Michigan State, Underground Storage Tank Financial
Assurance Authority,
Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,855,180
4,000,000 Plymouth-Canton, Michigan, Community School
District, Series B, (Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2001 AA+ Aa2 4,325,720
2,000,000 Redford, Michigan, Union School District,
Pre-refunded,
5.950% due 05/01/2006 AAA Aaa 2,231,360
Rochester Community School District, Michigan, GO:
3,350,000 6.000% due 05/01/2002 AA Aa2 3,567,783
2,000,000 Pre-refunded,
6.500% due 05/01/2002 AA NR 2,166,480
3,000,000 University of Michigan, Hospital Revenue, Series A,
7.500% due 12/01/2001 AA Aa2 3,310,680
5,000,000 Western Michigan University Revenue, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2001 AAA Aaa 5,441,450
2,000,000 Western Michigan University Revenues,
6.125% due 11/15/2022 AAA Aaa 2,191,840
------------
78,218,552
------------
<CAPTION>
Minnesota -- 1.7%
<S> <C> <C> <C> <C>
1,500,000 Minnesota State,
5.000% due 05/01/2002 AAA Aaa 1,548,255
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002 AAA Aaa 3,783,360
------------
5,331,615
------------
<CAPTION>
Missouri -- 1.3%
<S> <C> <C> <C> <C>
3,500,000 Missouri State Regional Convention and Sport,
Series A, Pre-refunded,
6.900% due 08/15/2003 AAA Aaa 3,938,760
------------
<CAPTION>
New Jersey -- 1.3%
<S> <C> <C> <C> <C>
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,962,700
------------
<CAPTION>
New Mexico -- 1.3%
<S> <C> <C> <C> <C>
4,000,000 New Mexico State,
4.625% due 09/01/2006 AA+ Aa1 4,039,200
------------
<CAPTION>
New York -- 6.9%
Municipal Assistance Corporation, City of New York:
<S> <C> <C> <C> <C>
3,600,000 Series G,
5.000% due 07/01/2003 AA Aa2 3,728,736
5,000,000 Series J,
5.500% due 07/01/2002 AA Aa2 5,243,700
2,000,000 New York City Transport Finance Authority,
5.500% due 08/15/2007 NR Aa3 2,153,360
5,000,000 New York State Thruway Authority Highway & Bridges,
Series A,
5.250% due 04/01/2001 AAA Aaa 5,157,500
5,000,000 Triborough, New York, Bridge & Tunnel Authority,
General Purpose Series A,
5.000% due 01/01/2001 A+ Aa3 5,102,900
------------
21,386,196
------------
<CAPTION>
Ohio -- 1.8%
<S> <C> <C> <C> <C>
2,420,000 Columbus Ohio, Series 1,
6.100% due 09/15/2007 NR Aaa 2,563,240
2,500,000 Warren Ohio Hospital Revenue, Warren General
Hospital Project, Series B, Pre-refunded,
7.300% due 11/15/2003 AAA NR 2,914,800
------------
5,478,040
------------
<CAPTION>
Oklahoma -- 1.2%
<S> <C> <C> <C> <C>
3,250,000 Tulsa Oklahoma Industrial Authority Hospital
Revenue, Tulsa Regional Medical Center,
Pre-refunded,
7.200% due 06/01/2003 AAA NR 3,738,605
------------
<CAPTION>
Oregon -- 0.7%
<S> <C> <C> <C> <C>
2,000,000 Washington County Or Unified Sewer Agency,
Agency Sewer Revenue, Pre-refunded,
6.125% due 10/01/2004 AAA Aaa 2,214,920
------------
<CAPTION>
Pennsylvania -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA- Aa3 5,431,250
------------
<CAPTION>
Rhode Island -- 1.8%
<S> <C> <C> <C> <C>
5,100,000 Rhode Island Depositors Economic Protection
Corporation, Special Obligation, Series A,
Pre-refunded, 6.950% due 08/01/2002 AAA Aaa 5,721,843
------------
<CAPTION>
South Carolina -- 3.0%
South Carolina State Public Service Authority
Revenue, Pre-refunded:
<S> <C> <C> <C> <C>
2,455,000 Santee Cooper, Series D, (AMBAC Insured),
6.500% due 07/01/2002 AAA Aaa 2,714,248
2,940,000 Santee Cooper, Series D, (AMBAC Insured),
6.625% due 07/01/2002 AAA Aaa 3,263,870
3,000,000 York County, South Carolina, Public Facilities
Corporation, COP, Pre-refunded,
7.500% due 06/01/2001 NR Aaa 3,338,370
------------
9,316,488
------------
<CAPTION>
Tennessee -- 1.0%
<S> <C> <C> <C> <C>
3,000,000 Tennessee State, Series B, GO, Pre-refunded,
6.850% due 06/01/2001 AAA Aaa 3,272,070
------------
<CAPTION>
Texas -- 12.5%
<S> <C> <C> <C> <C>
3,500,000 Austin, Texas, Independent School District,
(PSFG),
7.000% due 08/01/2006 AAA Aaa 4,089,820
2,480,000 Austin, Texas, Utility System Revenue, Series A,
5.000% due 05/15/2001 A A2 2,532,105
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 3,024,477
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,407,314
5,070,000 Dallas, Texas, Waterworks and Sewer Authority
Revenue, 7.750% due 04/01/2003 AA Aa2 5,828,878
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002 AAA Aaa 4,517,847
2,175,000 Plano, Texas, Independent School District, GO,
(PSFG), 8.500% due 02/15/2003 AAA Aaa 2,551,318
3,500,000 Tarrant County, Texas, Water Control Revenue,
Pre-refunded,
6.000% due 03/01/2001 AAA Aaa 3,669,785
Texas State, GO:
4,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 4,767,570
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa2 2,076,640
3,250,000 University of Texas, Permanent University Funding,
(PSFG),
5.000% due 07/01/2004 AAA Aaa 3,383,997
------------
38,849,751
------------
<CAPTION>
Virginia -- 2.4%
<S> <C> <C> <C> <C>
4,870,000 Hampton, Virginia, Public Improvement Revenue,
Series C,
6.000% due 08/01/2003 AA- Aa3 5,264,860
2,190,000 Virginia State, Transportation Board Contract
Revenue, Series B, (U.S. Route 58 Corridor),
5.200% due 05/15/2002 AA Aa2 2,273,461
------------
7,538,321
------------
<CAPTION>
Wisconsin -- 3.0%
Wisconsin State:
<S> <C> <C> <C> <C>
2,000,000 6.000% due 05/01/2003 AA Aa2 2,152,040
4,000,000 Series C, Pre-refunded, 6.250% due 05/01/2003 AA Aaa 4,354,080
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,786,626
------------
9,292,746
------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S> <C>
(Cost $297,961,376) 306,362,516
------------
<CAPTION>
SHORT-TERM INVESTMENTS -- 0.2%
(Cost $686,833)
<S> <C> <C>
686,833 Valiant Fund Tax Exempt Money Market $ 686,833
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $298,648,209*) 98.4% 307,049,349
OTHER ASSETS AND LIABILITIES (Net) 1.6 4,989,116
----- ------------
NET ASSETS 100.0% $312,038,465
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $298,648,209.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF-- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Short Term Treasury Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
U.S. TREASURY OBLIGATIONS -- 95.5%
U.S. Treasury Notes -- 95.5%
<S> <C> <C>
$1,000,000 5.750% due 12/31/1998 $ 1,002,090
5,000,000 6.250% due 05/31/1999 5,031,900
5,000,000 5.875% due 07/31/1999 5,017,600
4,000,000 5.875% due 11/15/1999 4,018,200
3,000,000 7.875% due 11/15/1999 3,091,830
3,000,000 5.625% due 11/30/1999 3,004,050
1,000,000 5.625% due 12/31/1999 1,001,490
4,000,000 6.875% due 03/31/2000 4,088,760
3,000,000 5.875% due 06/30/2000 3,021,000
3,000,000 6.250% due 08/31/2000 3,044,070
4,000,000 5.750% due 11/15/2000 4,018,120
1,000,000 5.625% due 05/15/2001 1,003,590
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $37,256,918) 37,342,700
------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.9%
(Cost $1,131,528)
<S> <C> <C>
1,131,528 Agreement with Lehman Brothers Holdings Inc., 5.750%
dated 06/30/1998, to be repurchased at $1,131,709 on
07/01/1998, collateralized by $3,350,000 U.S. Treasury
Strip principal due 02/15/2017 (value $1,154,845) 1,131,528
------------
<S> <C> <C>
OTHER INVESTMENTS** (Cost $9,998,555) 25.6% 9,998,555
---- ------------
TOTAL INVESTMENTS (Cost $48,387,001*) 124.0% 48,472,783
OTHER ASSETS AND LIABILITIES (Net) (24.0) (9,358,971)
---- ------------
NET ASSETS 100.0% $ 39,113,812
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $48,390,269.
** As of June 30, 1998, the market value of the securities on loan is
$9,814,489. Collateral received for securities loaned includes $957,484 in
U.S. government securities and the remaining $9,041,071 invested in
Navigator Securities Lending Trust-Prime Portfolio.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Cash Investment Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
CERTIFICATES OF DEPOSIT -- 14.5%
<S> <C> <C> <C> <C>
$50,000,000 Bank of Nova Scotia,
5.570% due 09/02/1998 A1+/AA- P1/Aa3 $ 50,000,000
50,000,000 Canadian Imperial Bank of Commerce, NY,
5.570% due 09/23/1998 A1+/AA- P1/Aa3 50,000,000
20,000,000 National Westminster Bank,
5.790% due 07/30/1998 A1+/AA P1/Aa2 20,000,000
44,000,000 Rabobank Nederland N. V.,
5.580% due 10/20/1998+ A1+/AAA P1/Aaa 44,000,000
-------------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
<S> <C>
(Cost $164,000,000) 164,000,000
-------------
COMMERCIAL PAPER -- 60.6%
<S> <C> <C> <C> <C>
50,000,000 B.A.T. Capital Corporation,
5.620% due 07/08/1998+,+++ A2/A- P1/A2 49,945,361
50,000,000 Banc One Funding Corporation,
5.510% due 08/26/1998+ A1/NR P1/NR 49,571,445
50,000,000 Corporate Asset Funding,
5.510% due 08/06/1998+ A1+/NR P1/NR 49,724,500
50,000,000 CXC, Inc.,
5.480% due 07/07/1998+ A1+/NR P1/NR 49,954,333
30,000,000 Finova Capital Corporation,
5.530% due 07/13/1998+,+++ A2/A- P2/Baa 29,944,700
50,000,000 First Chicago Financial Corporation,
5.530% due 10/01/1998+ A1/NR P1/NR 49,293,389
50,000,000 Golden Managers Acceptance Corporation,
5.540% due 07/16/1998+,+++ A1+/NR NR/NR 49,884,583
25,000,000 Greenwich Asset Funding, Inc.,
5.530% due 08/26/1998+ A1+/NR P1/NR 24,784,945
42,000,000 National Bank of Canada New York,
5.450% due 11/30/1998+ A1/A P1/A1 41,033,533
50,000,000 New Center Asset Trust,
6.500% due 07/01/1998+ A1/NR P1/NR 50,000,000
50,000,000 Preferred Receivables Funding Corporation,
6.250% due 07/01/1998+ A1/NR P1/NR 50,000,000
25,000,000 Sanwa Business Credit Company,
5.700% due 07/20/1998+,+++ A2/A- P1/Aa3 24,924,792
30,000,000 Sheffield Receivables Corporation,
5.510% due 08/28/1998+ A1+/NR P1/NR 29,733,683
50,000,000 Societe Generale North America, Inc.,
5.480% due 07/07/1998+ A1/AA- P1/Aa3 49,954,333
50,000,000 Swedish Expt Cr Corporation,
5.380% due 10/05/1998+ A1+/AA+ P1/Aa3 49,282,667
40,000,000 Tribune Company,
5.510% due 08/12/1998+ A1/A P1/A2 39,742,867
-------------
<CAPTION>
TOTAL COMMERCIAL PAPER
<S> <C>
(Cost $687,775,131) 687,775,131
-------------
<CAPTION>
CORPORATE NOTES -- 6.6%
<S> <C> <C> <C> <C>
25,000,000 Allstate Funding Agreement,
5.741% due 05/17/1999+ NR/AA+ AA2 25,000,000
25,000,000 Jackson National Life Insurance,
5.760% due 09/22/1998++ NR/AA NR/Aa3 25,000,000
25,000,000 Transamerica Life Annuity,
5.721% due 02/17/1999++ A1/AA P1/Aa3 25,000,000
-------------
<CAPTION>
TOTAL CORPORATE NOTES
<S> <C>
(Cost $75,000,000) 75,000,000
-------------
<CAPTION>
REPURCHASE AGREEMENTS -- 13.2%
<S> <C> <C>
49,239,788 Agreement with Lehman Brothers Holdings Inc.,
5.750% dated 06/30/1998, to be repurchased at
$49,247,653 on 07/01/1998, collaterized by
$122,004,000 U.S. Treasury Strips, 5.500-5.750%
having maturities ranging from 02/15/2003 through
08/15/2025 (value $50,226,275) 49,239,788
50,000,000 Agreement with Sanwa BGK Securities Company L.P.,
5.800% dated 06/30/1998, to be repurchased at
$50,008,056 on 07/01/1998, collaterized by
$33,422,000 U.S. Treasury Bonds, 12.000% maturing
08/15/2013 (value $51,000,635) 50,000,000
50,000,000 Agreement with State Street Bank and Trust
Company, 5.800% dated 06/30/1998, to be
repurchased at $50,008,056 on 07/01/1998,
collaterized by $42,440,000 U.S. Treasury Bonds,
7.125% maturing 02/15/2023 (value $51,001,294) 50,000,000
-------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C>
(Cost $149,239,788) 149,239,788
-------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $1,076,014,919*) 94.9% 1,076,014,919
OTHER ASSETS AND LIABILITIES (Net) 5.1 57,907,518
---- -------------
NET ASSETS 100.0% $1,133,922,437
===== =============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ B.A.T. Capital Corporation, rated F-1 by Fitch, Finova Capital
Corporation, rated F-1 by Fitch and D-1 by Duff and Phelps, Golden
Managers Acceptance Corporation rated D-1+ by Duff and Phelps and Sanwa
Business Credit Company rated D-1 by Duff and Phelps, are defined as
being eligible securities under Rule 2a7.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Money Market Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
CERTIFICATE OF DEPOSIT -- 14.3%
<S> <C> <C> <C> <C>
$3,000,000 Canadian Imperial Bank of Commerce, NY,
5.570% due 09/23/1998 A1+/AA- P1/Aa3 $ 3,000,000
5,000,000 National Westminster Bank,
5.790% due 07/30/1998 A1+/AA P1/Aa2 5,000,000
4,000,000 Rabobank Nederland N. V.,
5.580% due 10/20/1998 A1+/AAA P1/Aaa 4,000,000
------------
<CAPTION>
TOTAL CERTIFICATE OF DEPOSIT
(Cost $12,000,000) 12,000,000
------------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 54.3%
<S> <C> <C> <C> <C>
5,000,000 B.A.T. Capital Corporation,
5.630% due 07/28/1998+,+++ A2/A- P1/A2 4,978,887
4,000,000 Banc One Funding Corporation,
5.550% due 08/17/1998+ A1/NR P1/NR 3,971,017
4,000,000 Bank of Nova Scotia,
5.570% due 09/02/1998+ A1+/AA- P1/Aa3 4,000,000
5,000,000 CXC Inc.,
5.530% due 07/23/1998+ A1+/NR P1/NR 4,983,103
4,000,000 General Electric Capital Corporation,
5.520% due 09/18/1998+ A1+/AAA P1/Aaa 3,951,547
4,000,000 Golden Managers Acceptance Corporation,
5.540% due 07/16/1998+,+++ A1+/NR NR/NR 3,990,767
5,000,000 National Bank of Canada New York,
5.450% due 11/30/1998+ A1/A P1/A1 4,884,944
3,000,000 National Rural Utilities Cooperative Finance,
5.500% due 09/28/1998+ A1+/AA P1/A1 2,959,208
4,000,000 Preferred Receivables Funding Corporation,
5.600% due 08/05/1998+ A1/NR P1/NR 3,978,222
4,000,000 Sanwa Business Credit Corporation,
5.700% due 07/24/1998+,+++ A2/BBB+ P1/A1 3,985,433
4,000,000 Toyota Motor Credit Company,
5.500% due 09/02/1998+ A1+/AAA P1/Aaa 3,961,500
------------
<CAPTION>
TOTAL COMMERCIAL PAPER -- DISCOUNT
<S> <C>
(Cost $45,644,628) 45,644,628
------------
<CAPTION>
CORPORATE NOTES -- 4.1% (Cost $3,481,000)
<S> <C> <C> <C> <C>
3,481,000 Capital One Funding Corporation,
5.630% due 04/01/2009++ A1+/AA- P1/NR 3,481,000
------------
<CAPTION>
REPURCHASE AGREEMENT -- 22.0%
(Cost $18,487,060)
<S> <C> <C>
$18,487,060 Agreement with Lehman Brothers Holdings Inc.,
5.750% dated 06/30/1998, to be repurchased at
$18,490,013 on 07/01/1998, collateralized by
$22,014,000 U.S. Treasury Strip Principal due
02/15/2007 (value $13,635,693) and $13,320,000
U.S. Treasury Strip, principal due 11/15/2014
(value $5,222,772). $ 18,487,060
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $79,612,688*) 94.7% 79,612,688
OTHER ASSETS AND LIABILITIES (Net) 5.3 4,484,151
----- ------------
NET ASSETS 100.0% $ 84,096,839
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ B.A.T. Capital Corporation, rated F-1 by Fitch, and Golden Managers
Acceptance Corporation and Sanwa Business Credit Corporation, rated D1+
by Duff and Phelps, are defined as being eligible securities under Rule
2a7.
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES 99.9%
Alabama -- 2.0%
<S> <C> <C> <C> <C>
$ 5,900,000 Birmingham Alabama, Series A,
3.500% due 10/01/2015+ A-1+ VMIG1 $ 5,900,000
------------
<CAPTION>
Arizona -- 6.4%
<S> <C> <C> <C> <C>
3,200,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue (Tucson
Electric Power), (Barclays Bank, LOC),
3.600% due 12/01/2020+ A-1+ VMIG1 3,200,000
3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue,
(Tucson Electric - 83C), (Bankers Trust
Corporation, NY, LOC),
3.650% due 12/15/2018+ A-1+ VMIG1 3,400,000
3,000,000 Maricopa County Arizona Pollution Control,
3.550% due 12/01/2014+ NR Aa2 3,000,000
6,400,000 Maricopa County, Arizona, Pollution Control, El
Paso A, Pre-refunded,
3.550% due 08/01/2015+ NR VMIG1 6,400,000
3,000,000 Pima County Arizona Industrial Development
Authority, (Tucson Electric),
3.550% due 12/01/2022+ AA VMIG1 3,000,000
------------
19,000,000
------------
<CAPTION>
Arkansas -- 1.3%
<S> <C> <C> <C> <C>
4,000,000 Fayetteville Arkansas Public Facilities Board,
Butterfield Trail Village,
4.000% due 09/01/2027+ NR VMIG1 4,000,000
------------
<CAPTION>
California -- 3.4%
<S> <C> <C> <C> <C>
10,000,000 California School Cash Reserve, Pool Series A,
4.500% due 07/02/1999 SP-1+ MIG1 10,073,200
------------
<CAPTION>
Colorado -- 3.5%
<S> <C> <C> <C> <C>
4,000,000 Colorado Health Facilities Authority Revenue,
Variable Catholic Health Series B,
3.400% due 12/01/2025+ A-1+ VMIG1 4,000,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
3.600% due 10/01/2035+ A-1+ NR 6,500,000
------------
10,500,000
------------
<CAPTION>
Delaware -- 0.8%
<S> <C> <C> <C> <C>
2,510,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire,
3.550% due 08/15/2020+ A-1+ NR 2,510,000
------------
<CAPTION>
Florida -- 4.9%
<S> <C> <C> <C> <C>
2,500,000 Broward County, Florida, Mulit-family Housing,
Southern Pointe Project,
3.550% due 05/15/2027+ A-1+ NR 2,500,000
1,900,000 Dade County, Florida, Aviation Revenue, Series C,
5.000% due 10/01/1998 AAA Aaa 1,907,267
4,000,000 Palm Beach County Florida Revenue, Jewish
Community Campus Corporation,
3.450% due 03/01/2027+ A-1+ NR 4,000,000
6,300,000 University of North Florida, Foundation, Inc.,
Capital Improvement Revenue, Series 1994, (First
Union National Bank of North Carolina, LOC),
3.550% due 11/01/2024+ NR VMIG1 6,300,000
------------
14,707,267
------------
<CAPTION>
Georgia -- 8.0%
<S> <C> <C> <C> <C>
1,500,000 Clayton County, Georgia, Housing Authority,
Floating Rate Rivers Edge Development,
3.600% due 08/01/2006+ NR VMIG1 1,500,000
5,700,000 DeKalb County, Georgia, Private Hospital, Hospital
Authority, Revenue Anticipation Certificates,
(Egleston Children's Health) Series A, (Suntrust
Bank, Atlanta, GA, LOC),
3.450% due 12/01/2017+ A-1+ VMIG1 5,700,000
2,800,000 Fulco Georgia Hospital Authority Anticipation
Certificates, Shepherd Center Incorporated
Project,
3.500% due 09/01/2017+ A-1+ NR 2,800,000
3,200,000 Fulton County Georgia Residntial Care, Lenbrook
Square Foundation,
4.000% due 01/01/2018+ A-1+ NR 3,200,000
2,400,000 Glynn - Brunswick, Georgia, Memorial Hospital
Authority, Revenue Anticipation Certificates,
(Southeast Georgia Project), (MBIA Insured),
(Suntrust Bank, Atlanta, GA, LOC),
3.400% due 08/01/2016+ AAA Aaa 2,400,000
Metro Atlanta Rapid Transit Georgia Tax:
1,000,000 Series J, Pre-refunded,
7.600% due 07/01/1998 AAA Aaa 1,020,000
2,500,000 Series J, Pre-refunded,
8.000% due 07/01/1998 AAA Aaa 2,550,000
4,600,000 Municipal Electric Authority Georgia, Variable
Project One B,
3.350% due 01/01/2016+ NR A3 4,600,000
------------
23,770,000
------------
<CAPTION>
Hawaii -- 0.3%
<S> <C> <C> <C> <C>
1,000,000 Honolulu Hawaii City & County, Series D,
6.300% due 12/01/1998 AA Aaa 1,010,398
------------
<CAPTION>
Illinois -- 12.9%
Chicago Illinois Multifamily Housing Revenue:
<S> <C> <C> <C> <C>
2,700,000 Waveland Associates,
3.550% due 11/01/2010+ NR Aaa 2,700,000
2,000,000 Waveland Association,
3.550% due 11/01/2010+ NR Aaa 2,000,000
Illinois Development Finance Authority Revenue:
2,000,000 Chicago Symphony,
3.450% due 06/01/2031+ A-1+ VMIG1 2,000,000
4,000,000 Loyola Academy, Series A,
3.500% due 10/01/2027+ A-1+ NR 4,000,000
Illinois Educational Facilities Authority
Revenues:
2,200,000 Art Institute of Chicago,
3.550% due 03/01/2027+ A-1+ VMIG1 2,200,000
3,850,000 Pooled Financing Program,
3.500% due 12/01/2005+ AAA Aaa 3,850,000
1,000,000 The Adler Planetarium,
3.500% due 04/01/2031+ A-1+ NR 1,000,000
Illinois Health Facilities Authority:
11,500,000 (Advocate Health Care) Series B,
3.550% due 08/15/2022+ A-1 VMIG1 11,500,000
3,000,000 (Gottlieb Health Resources Inc.),
3.500% due 11/15/2024+ NR VMIG1 3,000,000
4,000,000 Illinois State Development Finance Authority,
Industrial Development Authority Revenue,
(Lake Forest Academy Project),
(Northern Trust Company, LOC),
3.550% due 12/01/2024+ A-1+ NR 4,000,000
2,000,000 Springfield, Illinois, Water Revenue,
6.500% due 03/01/2015+ AA Aa2 2,078,157
------------
38,328,157
------------
<CAPTION>
Indiana -- 0.9%
<S> <C> <C> <C> <C>
1,100,000 Indiana State Development Finance Authority
Revenue, (Educational Facility -- Indiana
Historical Society),
(NBD Bank, Detroit, LOC),
3.500% due 08/01/2031+ A-1+ NR 1,100,000
1,500,000 Indianapolis Public Improvement Bond Bank,
Series B,
5.000% due 02/01/1999 AAA Aaa 1,511,434
------------
2,611,434
------------
<CAPTION>
Iowa -- 1.3%
<S> <C> <C> <C> <C>
4,000,000 Woodbury County Iowa Educational Facility Revenue,
Siouxland Med Education Foundation,
3.600% due 11/01/2016+ A NR 4,000,000
------------
<CAPTION>
Louisiana -- 0.9%
<S> <C> <C> <C> <C>
2,600,000 Louisiana State Offshore Term, Deepwater Port
Revenue,
3.700% due 09/01/2008+ A-1+ VMIG1 2,600,000
------------
<CAPTION>
Maryland -- 2.1%
<S> <C> <C> <C> <C>
3,200,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
3.600% due 07/01/2022+ NR VMIG1 3,200,000
1,000,000 Charles County, Maryland,
5.000% due 02/01/1999 AA- Aa3 1,008,600
Maryland State:
1,000,000 First Series,
6.500% due 03/01/1999 AAA Aaa 1,019,535
1,000,000 First Series,
6.700% due 03/01/1999 AAA Aaa 1,020,853
------------
6,248,988
------------
<CAPTION>
Michigan -- 1.4%
1,250,000 Michigan Municipal Bond Authority Revenue,
Series B,
4.500% due 07/02/1998 SP-1+ NR 1,250,026
2,000,000 Michigan State, GO,
4.500% due 09/30/1998 SP-1+ MIG1 2,003,782
1,000,000 Saline, Michigan, Economic Development,
Obligation
Brecon Village Project,
3.500% due 11/01/2025+ A-1+ NR 1,000,000
------------
4,253,808
------------
<CAPTION>
Minnesota -- 4.7%
<S> <C> <C> <C> <C>
7,000,000 Minneapolis Minnesota, Variable Series B,
3.400% due 12/01/2016+ A-1+ Aaa 7,000,000
1,000,000 Minnesota School Districts, Tax & Aid Anticipation
Certificates Indebteness, Series B,
3.850% due 09/03/1998 NR MIG1 1,000,000
4,000,000 Rochester, Minnesota, Health Care Facilities,
Facilities Revenue,
3.650% due 11/15/2017+ AA+ NR 4,000,000
1,000,000 Southern Minnesota Municipal Power Agency Supply,
Pre-refunded,
7.000% due 01/01/1999 AAA Aaa 1,036,666
1,000,000 Washington County, Minnesota, Housing,
6.300% due 02/01/1999 AAA Aaa 1,015,772
------------
14,052,438
------------
<CAPTION>
Missouri -- 2.9%
<S> <C> <C> <C> <C>
1,000,000 Branson Missouri Reorganized School District,
Improvement & Refunding, Pre-refunded,
6.200% due 03/01/1999 AAA Aaa 1,015,527
2,000,000 Columbia, Missouri, Special Obligation Reserve,
Series A,
(Toronto Dominion Bank, LOC),
3.500% due 06/01/2008+ AA VMIG1 2,000,000
2,500,000 Missouri State Environment Improvement Energy,
3.750% due 06/01/2014+ A-1+ P1 2,500,000
3,000,000 Missouri State Health & Educational Facilities,
Authority,
3.500% due 06/01/2019+ A-1+ VMIG1 3,000,000
------------
8,515,527
------------
<CAPTION>
Nebraska -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Nebraska Educational Facilities Authority Revenue,
Educational Equipment & Improvement,
(FGIC Insured),
(SBPA -- Mitsubishi Bank of New York,
exp. 04/15/1998),
3.800% due 12/01/2000+ AAA Aaa 5,000,000
------------
<CAPTION>
Nevada -- 2.3%
<S> <C> <C> <C> <C>
6,822,000 Clark County, Nevada, Airport Improvement Revenue,
Series A-1, (MBIA Insured), (SBPA -- National
Westminster Bank, exp. 02/19/1999),
3.400% due 07/01/2012+ AAA Aaa 6,822,000
------------
<CAPTION>
New Mexico -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Farmington, New Mexico, Pollution Control Revenue,
(El Paso Electric Co.), Series A,
3.550% due 11/01/2013+ NR Aa3 5,000,000
------------
<CAPTION>
North Carolina -- 5.5%
<S> <C> <C> <C> <C>
3,800,000 Mecklenburg County Industrial Facilities, Edgcomb
Metals Company Project,
3.500% due 12/01/2009+ NR Aa3 3,800,000
3,000,000 North Carolina Educational Finance Facilities,
3.450% due 09/01/2027+ NR NR 3,000,000
3,000,000 North Carolina Medical Care Commission, Hospital
Revenue, Series B,
3.400% due 06/01/2022+ A-1+ VMIG1 3,000,000
North Carolina State, (Union Bank of
Switzerland/Morgan Guaranty, LOC):
4,500,000 3.450% due 08/10/1998 A1+ NR 4,500,000
2,000,000 3.600% due 07/23/1998 A1+ P1 2,000,000
------------
16,300,000
------------
<CAPTION>
Ohio -- 3.3%
<S> <C> <C> <C> <C>
1,980,000 Franklin County, Ohio, Hospital Revenue, Us Health
Corporation, Series A,
3.550% due 12/01/2021 NR VMIG1 1,980,000
3,000,000 Ohio State Public Facilities Commission, Higher
Education, Series Ii B,
5.000% due 11/01/1998 AA- Aa3 3,013,479
2,500,000 Ohio State Special Obligation, Elementary &
Secondary Education Capital Facilities B,
4.500% due 12/01/1998 AA- Aa3 2,507,104
2,215,000 Summit County, Ohio, Bond Anticipation Notes,
4.875% due 11/19/1998 NR MIG1 2,223,856
------------
9,724,439
------------
<CAPTION>
Pennsylvania -- 4.4%
<S> <C> <C> <C> <C>
1,500,000 Allegheny County, Pennsylvania, Hospital
Development Revenue, Children Hospital
Pittsburgh B,
3.450% due 12/01/2015+ AAA Aaa 1,500,000
2,000,000 Delaware Valley, Pennsylvania, Registered
Finance,
Series A,
3.450% due 12/01/2017+ A-1+ VMIG1 2,000,000
5,000,000 Philadelphia, Pennsylvania, Water & Wastewater,
Variable Series B,
3.820% due 08/01/2027+ A-1+ VMIG1 4,999,786
4,765,000 York County, Pennsylvania, Industrial Development
Authority,
Industrial Development Revenue,
(New Edgecomb Corporation Project),
(Banque Nationale Paris, LOC),
3.500% due 07/01/2009+ NR Aa3 4,765,000
------------
13,264,786
------------
<CAPTION>
South Carolina -- 1.5%
<S> <C> <C> <C> <C>
2,000,000 South Carolina Educational Facilities Authority,
(Variable Furman University Project), Series B,
3.350% due 10/01/2026+ AAA Aaa 2,000,000
1,475,000 South Carolina State, State Highway Series A,
6.100% due 02/01/1999 AAA Aaa 1,496,994
1,015,000 Sumter County, South Carolina, School District
Number, Series B,
5.500% due 03/01/1999 AA Aa1 1,028,215
------------
4,525,209
------------
<CAPTION>
Tennessee -- 4.4%
<S> <C> <C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial Development
Authority Revenue, (Market Street Ltd. Project),
(ABN -- Amro, LOC),
3.600% due 12/15/2012+ A-1+ NR 6,700,000
2,400,000 Clarksville, Tennessee, Public Building Authority,
(NationsBank, TN, LOC),
3.600% due 06/01/2024+ A-1+ NR 2,400,000
2,000,000 Metropolitan Government Nashville and Davidson
County, Tennessee, Industrial Development Board
Revenue, Multi-family Housing, (Arbor Crest
Apartments), Series B,
3.550% due 12/01/2007+ NR VMIG1 2,000,000
2,000,000 Metropolitan Government Nashville and Davidson
County, Tennessee, Health and Facilities Board,
(West Mead Place Project), (NationsBank, GA, LOC),
3.600% due 10/01/2015+ A-1+ NR 2,000,000
------------
13,100,000
------------
<CAPTION>
Texas -- 9.5%
<S> <C> <C> <C> <C>
5,625,000 Bexar County, Texas, Health Facilities Development
Company, Retirement Community, Air Force,
Series B,
3.500% due 03/01/2012+ A-1+ NR 5,625,000
2,100,000 Dallas County, Texas, Utility & Reclaim,
7.000% due 02/15/1999 AAA Aaa 2,144,920
2,000,000 Joshua, Texas, Independent School District,
Series B,
Pre-refunded,
6.125% due 02/15/2006+ NR Aaa 2,032,072
7,000,000 Lower Colorado River Authority Texas Revenue,
Refunding Junior Lien, 3rd Supplement Series,
(MBIA Insured), (SBPA-Baverische Vereinbank),
3.400% due 01/01/2013+ A-1+ VMIG1 7,000,000
1,000,000 North East Independent School District Texas,
6.500% due 02/01/1999 AAA Aaa 1,017,206
1,000,000 Texas A & M University Revenues, Comb Fee
Refunding & Improvement Series B, Pre-refunded,
7.500% due 08/15/1998 AA Aa2 1,004,884
2,000,000 Texas State, Refunding Bonds, Veterans Housing
Assistance Fund I,
3.400% due 12/01/2016+ A-1+ VMIG1 2,000,000
7,500,000 Texas State, Tax & Revenue Anticipation Notes,
4.750% due 08/31/1998 SP-1+ MIG1 7,513,003
------------
28,337,085
------------
<CAPTION>
Utah -- 3.5%
<S> <C> <C> <C> <C>
4,900,000 Salt Lake County Utah Housing Authority, Revenue,
3.500% due 01/01/2009+ NR Aa1 4,900,000
1,000,000 State Of Utah, General Obligation Highway, Series A,
3.750% due 09/30/1998 A-1 P-1 1,000,000
4,400,000 Utah State Board Regents Student Loan, Loan
Revenue Series B,
3.400% due 11/01/2000+ AAA Aaa 4,400,000
------------
10,300,000
------------
<CAPTION>
Virginia -- 1.0%
<S> <C> <C> <C> <C>
1,700,000 Richmond, Virginia, Redevelopment & Housing
Authority, Stony Point Project,
3.550% due 04/01/2029+ A-1 NR 1,700,000
1,445,000 Rockingham County, Virginia, Industrial
Development, Higher Education Facilities,
3.550% due 01/03/2017+ A-1 NR 1,445,000
------------
3,145,000
------------
<CAPTION>
Wisconsin -- 3.4%
<S> <C> <C> <C> <C>
3,200,000 Milwaukee Wisconsin Revenue, School Order
Notes, Series B,
4.250% due 08/27/1998 SP-1+ MIG1 3,202,181
5,000,000 Wisconsin State, Series G,
6.750% due 05/01/2011+ AA Aaa 5,170,880
1,650,000 Wisconsin State Health & Educational Facilities,
Authority Revenue,
5.000% due 08/15/1998 AA- NR 1,652,320
------------
10,025,381
------------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $297,625,117) 297,625,117
------------
<CAPTION>
SHORT-TERM INVESTMENTS -- 1.1%
<S> <C> <C>
1,999,705 Dreyfus Tax-Exempt Cash Management $ 1,999,705
1,493,269 Valiant Fund Tax Exempt Money Market 1,493,269
------------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS (Cost $3,492,974) 3,492,974
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $301,118,091*) 101.0% 301,118,091
OTHER ASSETS AND LIABILITIES (Net) (1.0) (3,113,854)
----- ------------
NET ASSETS 100.0% $298,004,237
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Variable rate security. The interest rate shown reflects the rate currently
in effect.
ABBREVIATIONS:
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand by Purchase Agreement
See Notes to Financial Statements.
/TABLE
<PAGE>
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- ------ -----
U.S. TREASURY OBLIGATIONS -- 51.5%
U.S. Treasury Bills -- 28.6%
<S> <C>
$25,000,000 due 07/09/1998 $ 24,974,667
------------
<CAPTION>
U.S. Treasury Notes -- 22.9%
<S> <C>
20,000,000 5.125% due 12/31/1998 19,975,894
------------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
<S> <C>
(Cost $44,950,561) 44,950,561
------------
<CAPTION>
REPURCHASE AGREEMENTS -- 48.2%
<S> <C> <C>
20,119,796 Agreement with Lehman Brothers Holdings Inc., 5.750%
dated 06/30/1998 to be repurchased at $20,123,011 on
07/01/1998, collateralized by $10,095,000 U.S. Treasury
Note, 6.000% maturing 08/15/1999 (value $10,365,100),
$5,322,000 U.S. Treasury Note, 5.875% maturing
11/15/1999 (value $5,382,690) and $6,974,000
U.S. Treasury Bonds, 12.000% maturing 05/15/2005
(value $4,770,634) 20,119,796
4,000,000 Agreement with Merrill Lynch and Company, Inc., 5.700%
dated 06/30/1998, to be repurchased at $4,000,633 on
07/01/1998, collateralized by $4,060,000 U.S. Treasury
Note, 5.625% maturing 11/30/1999 (value $4,080,300) 4,000,000
4,000,000 Agreement with Morgan (J.P.) and Company, 5.500% dated
06/30/1998, to be repurchased at $4,000,611 on
07/01/1998, collateralized by $3,060,000 U.S. Treasury
Bonds, 11.625% maturing 11/15/2004 (value $4,081,275) 4,000,000
4,000,000 Agreement with Sanwa BGK Securities Company L.P.,
5.800% dated 06/30/1998, to be repurchased at $4,000,644 on
07/01/1998, collaterized by $2,674,000 U.S. Treasury Bonds,
12.000% maturing 08/15/2013 (value
$4,080,417) 4,000,000
10,000,000 Agreement with State Street Bank and Trust Company,
5.800% dated 06/30/1998, to be repurchased at $10,001,611 on
07/01/1998, collaterized by $7,770,000 U.S. Treasury Note,
8.125% maturing 08/15/2019 (value
$10,206,532) 10,000,000
------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C>
(Cost $42,119,796) 42,119,796
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $87,070,357*) 99.7% 87,070,357
OTHER ASSETS AND LIABILITIES (Net) 0.3 259,100
---- ------------
NET ASSETS 100.0% $ 87,329,457
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying
schedules:
Securities ............ $137,452,530 $ 94,380,925 $294,881,140 $807,864,622 $268,010,590 $54,228,983 $37,835,818
Repurchase Agreements . 22,891,000 6,707,000 11,454,000 23,921,000 4,482,000 1,193,000 1,509,000
------------ ------------ ------------ ------------ ------------ ----------- -----------
Total Investments ......... 160,343,530 101,087,925 306,335,140 831,785,622 272,492,590 55,421,983 39,344,818
Cash ...................... 351 473 27 956 46,683 833 321
Interest receivable ....... 3,688 466,749 47,274 3,854 722 192 243
Dividends receivable ...... 78,614 23,838 490,071 801,636 931,838 3,518 12,249
Receivable for investment
securities sold ......... 2,697,244 360,952 -- 619,382 40,876 35,624 158,047
Receivable for Fund shares
sold .................... 920,703 283,518 2,119,780 3,443,678 238,335 574,749 3,192
Receivable from investment
advisor ................. -- -- -- -- -- 10,758 --
Unamortized organization
costs ................... -- -- 1,217 -- -- -- 26,684
Prepaid expenses and other
assets .................. 16,710 9,805 16,888 27,256 14,639 8,845 6,541
------------ ------------ ------------ ------------ ------------ ----------- -----------
Total Assets ........ 164,060,840 102,233,260 309,010,397 836,682,384 273,765,683 56,056,502 39,552,095
------------ ------------ ------------ ------------ ------------ ----------- -----------
LIABILITIES:
Unrealized depreciation of
forward foreign exchange
contracts ............... -- -- -- -- 366 -- --
Variation margin .......... 36,125 -- -- 196,165 -- -- --
Payable for Fund shares
redeemed ................ 8,212,602 976,709 2,456,616 5,576,452 203,114 104,246 53,667
Payable for investment
securities purchased .... -- -- -- 2,697,479 20,555 503,897 311,313
Payable upon return of
securities loaned ....... -- 20,597,198 42,018,892 -- 56,005,468 2,747,600 7,700,823
Investment advisory fee
payable ................. 96,746 42,780 161,782 46,380 132,110 41,754 19,298
Administration fee payable 14,078 7,162 23,460 71,671 19,169 4,533 2,852
Shareholder servicing fees
payable ................. 6,918 6,127 44,641 34,128 21,927 558 274
Distribution fees payable . 16,920 781 3,902 96,234 3,593 20,616 546
Transfer agent fee payable 6,805 1,955 5,763 10,273 5,162 -- 1,031
Custodian fees payable .... 3,634 8,826 12,703 25,614 23,036 8,167 3,845
Accrued
Trustees'/Directors' fees
and expenses ............ 1,115 615 1,838 5,887 1,635 466 241
Accrued expenses and other
payables ................ 37,384 23,113 38,168 83,967 36,853 9,526 5,006
------------ ------------ ------------ ------------ ------------ ----------- -----------
Total Liabilities ... 8,432,327 21,665,266 44,767,765 8,844,250 56,472,988 3,441,363 8,098,896
------------ ------------ ------------ ------------ ------------ ----------- -----------
NET ASSETS ................ $155,628,513 $ 80,567,994 $264,242,632 $827,838,134 $217,292,695 $52,615,139 $31,453,199
============ ============ ============ ============ ============ =========== ===========
Investments, at cost ...... $118,569,285 $ 85,635,776 $252,485,104 $576,270,180 $226,348,160 $55,739,845 $37,129,765
============ ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
110
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
- ------------ ----------- ------------ ------------ ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$773,633,168 $92,337,903 $169,573,555 $439,710,334 $222,468,822 $49,416,826 $27,342,333 $75,381,663
50,334,000 2,265,000 12,940,000 35,566,000 8,556,000 6,657,000 1,735,000 106,000
- ------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
823,967,168 94,602,903 182,513,555 475,276,334 231,024,822 56,073,826 29,077,333 75,487,663
126 901 1,823 137 15,431 572,727 1,855 87,528
8,109 365 2,085 5,730 1,378 1,073 280 17
409,287 722,426 187,317 18,950 177,776 332,449 1,324 147,264
-- 2,477,262 624,703 5,858,282 -- 569,325 -- 62,002
3,899,403 96,012 398,223 733,265 241,105 333,282 108,175 161,910
-- -- -- -- -- 11,607 14,343 3,060
-- 18,384 -- -- 26,144 4,928 4,220 20,971
34,477 17,591 9,919 20,431 9,303 8,938 8,964 9,431
- ------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
828,318,570 97,935,844 183,737,625 481,913,129 231,495,959 57,908,155 29,216,494 75,979,846
- ------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- -- -- -- -- 4 408
-- -- -- -- -- -- -- --
5,733,144 50,339 2,222,943 9,169,166 4,087,560 56,315 36,723 38,005
-- 445,374 1,884,300 2,576,569 -- 485,863 621,963 30,497
64,669,752 -- 11,832,150 59,556,546 37,965,617 9,878,515 5,870,467 6,520,234
456,078 57,953 103,131 251,942 115,355 50,884 17,955 57,062
66,474 8,585 15,042 36,546 17,029 2,080 917 2,723
55,609 422 17,022 32,010 3,005 6,404 35 446
99,636 7,679 5,421 20,302 4,390 639 10,197 812
12,356 1,397 1,425 8,563 771 1,780 1,102 1,804
41,717 6,622 10,731 25,991 11,131 10,644 6,546 12,264
6,303 795 1,393 3,464 1,547 400 170 542
220,655 31,871 51,658 73,345 48,943 16,322 3,003 12,934
- ------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
71,361,724 611,037 16,145,216 71,754,444 42,255,348 10,509,846 6,569,082 6,677,731
- ------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
$756,956,846 $97,324,807 $167,592,409 $410,158,685 $189,240,611 $47,398,309 $22,647,412 $69,302,115
============ =========== ============ ============ ============ =========== =========== ===========
$577,834,218 $87,075,105 $161,142,293 $448,798,822 $205,924,176 $67,982,742 $28,675,052 $69,032,117
============ =========== ============ ============ ============ =========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
111
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ........................ $305,678,058 $649,068,169 $48,280,845 $284,675,055 $60,454,882
Repurchase Agreements ............. 3,389,000 18,285,000 1,453,000 7,854,000 --
------------ ------------ ----------- ------------ -----------
Total Investments ..................... 309,067,058 667,353,169 49,733,845 292,529,055 60,454,882
Cash .................................. 13,394 981 610 886 --
Interest receivable ................... 3,975,628 6,760,802 1,312,282 1,860,211 752,180
Receivable for investment securities
sold ................................ 34,990 10,332 -- 22,561 --
Receivable for Fund shares sold ....... 541,252 642,329 -- 378,696 44,020
Unamortized organization costs ........ -- -- 21,777 2,330 3,007
Prepaid expenses and other assets ..... 12,898 25,504 20,308 17,172 5,742
Receivable from advisor ............... -- -- -- -- --
------------ ------------ ----------- ------------ -----------
Total Assets ...................... 313,645,220 674,793,117 51,088,822 294,810,911 61,259,831
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Payable for Fund shares redeemed ...... 339,952 1,730,552 10 319,126 41,000
Payable for investment securities
purchased ........................... 109,825 -- -- -- --
Payable upon return of securities
loaned .............................. 45,996,125 81,818,275 846,000 -- --
Dividends payable ..................... -- -- -- -- --
Investment advisory fee payable ....... 109,105 241,804 21,084 120,344 24,982
Administration fee payable ............ 23,693 52,453 4,597 26,170 5,427
Shareholder servicing fees payable .... 8,820 18,731 41 44,878 11,674
Distribution fees payable ............. 1,007 75,167 120 1,615 957
Transfer agent fee payable ............ 2,548 13,614 1,325 6,940 --
Custodian fees payable ................ 13,976 12,872 -- 16,552 5,896
Accrued Trustees'/Directors' fees and
expenses ............................ 2,408 4,567 374 2,214 453
Accrued expenses and other payables ... 52,173 74,668 5,117 39,455 22,896
------------ ------------ ----------- ------------ -----------
Total Liabilities ................. 46,659,632 84,042,703 878,668 577,294 113,285
------------ ------------ ----------- ------------ -----------
NET ASSETS ............................ $266,985,588 $590,750,414 $50,210,154 $294,233,617 $61,146,546
============ ============ =========== ============ ===========
Investments, at cost .................. $306,473,170 $663,754,250 $51,406,899 $284,495,760 $58,465,367
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
112
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------------- ------------------------------------------------------------
Munder
Munder Munder Munder Munder Munder Munder U.S.
Tax-Free Tax-Free Short Term Cash Money Tax-Free Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ------------ ------------ ----------- -------------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
$197,961,900 $307,049,349 $47,341,255 $ 926,775,131 $61,125,628 $301,118,091 $44,950,561
-- -- 1,131,528 149,239,788 18,487,060 -- 42,119,796
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
197,961,900 307,049,349 48,472,783 1,076,014,919 79,612,688 301,118,091 87,070,357
-- -- 5,541 -- -- 3,145 1
3,433,890 5,158,395 392,803 2,526,801 337,852 2,509,783 9,499
-- -- -- -- -- 3,995,312 --
110,510 210,262 222,000 60,172,070 14,485,160 2,802,494 2,142,922
5,485 -- 30,496 -- 6,168 -- --
14,020 17,743 9,655 42,976 13,148 14,394 12,686
-- -- 4,398 -- -- -- --
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
201,525,805 312,435,749 49,137,676 1,138,756,766 94,455,016 310,443,219 89,235,465
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
97,499 94,166 -- 34,513 10,210,330 1,618,818 1,569,356
-- -- -- -- -- 10,073,200 --
-- -- 9,998,555 -- -- -- --
-- -- -- 4,052,852 60,781 522,866 269,362
82,882 128,449 8,539 321,662 29,518 87,237 23,728
18,039 27,947 3,742 99,943 7,818 27,125 7,437
39,909 60,763 174 83,441 -- 24,527 5,008
954 1,747 304 25,600 7,002 15,786 1,986
5,899 10,804 1,652 26,376 4,137 8,174 6,736
13,115 19,117 5,886 59,668 11,460 19,294 11,216
1,527 2,376 388 8,869 763 2,533 292
25,128 51,915 4,624 121,405 26,368 39,422 10,887
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
284,952 397,284 10,023,864 4,834,329 10,358,177 12,438,982 1,906,008
- ------------ ------------ ----------- -------------- ----------- ------------ -----------
$201,240,853 $312,038,465 $39,113,812 $1,133,922,437 $84,096,839 $298,004,237 $87,329,457
============ ============ =========== ============== =========== ============ ===========
$187,379,462 $298,648,209 $48,387,001 $1,076,014,919 $79,612,688 $301,118,091 $87,070,357
============ ============ =========== ============== =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
113
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net
investment income/(loss) $ -- $ -- $ 136,706 $ -- $ 41,238 $ -- $ --
Accumulated net realized
gain/(loss) on investments
sold, forward foreign
exchange contracts,
futures contracts and
currency transactions ... 6,047,205 1,558,866 28,427,157 4,770,399 822,932 862,849 (3,158,058)
Net unrealized
appreciation/
(depreciation) of
investments, futures
contracts, foreign
currency and net other
assets .................. 41,742,198 15,452,149 53,850,036 256,194,954 46,141,644 (317,862) 2,215,053
Par value ................. 12,783 5,976 16,899 33,839 14,426 31,059 29,158
Paid-in capital in excess
of par value ............ 107,826,327 63,551,003 181,811,834 566,838,942 170,272,455 52,039,093 32,367,046
------------ ----------- ------------ ------------ ------------ ----------- -----------
$155,628,513 $80,567,994 $264,242,632 $827,838,134 $217,292,695 $52,615,139 $31,453,199
============ =========== ============ ============ ============ =========== ===========
NET ASSETS:
Class A Shares ............ $ 14,110,355 $ 843,512 $ 9,544,868 $205,659,774 $ 6,263,843 $10,820,818 $ 170,065
============ =========== ============ ============ ============ =========== ===========
Class B Shares ............ $ 1,197,417 $ 646,508 $ 1,694,223 $132,783,105 $ 1,121,306 $15,965,092 $ 499,133
============ =========== ============ ============ ============ =========== ===========
Class C Shares ............ $ 110,123 $ 114,822 $ 1,776,203 $ -- $ 1,910,945 $ 7,441,289 $ 98,178
============ =========== ============ ============ ============ =========== ===========
Class K Shares ............ $ 67,694,743 $31,747,823 $216,387,090 $168,638,809 $105,915,743 $ 3,050,443 $ 1,296,577
============ =========== ============ ============ ============ =========== ===========
Class Y Shares ............ $ 72,515,875 $47,215,329 $ 34,840,248 $320,756,446 $102,080,858 $15,337,497 $29,389,246
============ =========== ============ ============ ============ =========== ===========
SHARES OUTSTANDING:
Class A Shares ............ 1,154,776 62,585 611,082 8,410,268 416,735 636,575 15,849
============ =========== ============ ============ ============ =========== ===========
Class B Shares ............ 103,424 48,121 108,831 5,424,254 75,586 948,462 47,449
============ =========== ============ ============ ============ =========== ===========
Class C Shares ............ 9,379 8,536 114,243 -- 127,809 441,795 9,350
============ =========== ============ ============ ============ =========== ===========
Class K Shares ............ 5,603,077 2,353,212 13,837,396 6,899,774 7,047,124 179,475 121,015
============ =========== ============ ============ ============ =========== ===========
Class Y Shares ............ 5,912,736 3,503,834 2,227,712 13,104,753 6,758,850 899,571 2,722,139
============ =========== ============ ============ ============ =========== ===========
CLASS A SHARES:
Net asset value and
redemption price per
share ................... $ 12.22 $ 13.48 $ 15.62 $ 24.45 $ 15.03 $ 17.00 $ 10.73
============ =========== ============ ============ ============ =========== ===========
Maximum sales charge ...... 5.50% 5.50% 5.50% 2.50% 5.50% 5.50% 5.50%
Maximum offering price per
share ................... $ 12.93 $ 14.26 $ 16.53 $ 25.08 $ 15.90 $ 17.99 $ 11.35
============ =========== ============ ============ ============ =========== ===========
CLASS B SHARES:
Net asset value and
offering price per share* $ 11.58 $ 13.44 $ 15.57 $ 24.48 $ 14.83 $ 16.83 $ 10.52
============ =========== ============ ============ ============ =========== ===========
CLASS C SHARES:
Net asset value and
offering price per share* $ 11.74 $ 13.45 $ 15.55 N/A $ 14.95 $ 16.84 $ 10.50
============ =========== ============ ============ ============ =========== ===========
CLASS K SHARES:
Net asset value, offering
price and redemption
price per share ......... $ 12.08 $ 13.49 $ 15.64 $ 24.44 $ 15.03 $ 17.00 $ 10.71
============ =========== ============ ============ ============ =========== ===========
CLASS Y SHARES:
Net asset value, offering
price and redemption
price per share ......... $ 12.26 $ 13.48 $ 15.64 $ 24.48 $ 15.10 $ 17.05 $ 10.80
============ =========== ============ ============ ============ =========== ===========
<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>
114
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
- ------------ ----------- ------------ ------------ ------------ ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ 138,196 $ 126,140 $ -- $ 14,983 $ (127,776) $ (2,990) $ (45,004)
39,939,734 2,733,362 2,996,573 23,483,406 12,134,803 (6,321,583) 152,648 (363,987)
246,132,950 7,527,798 21,371,262 26,477,512 25,100,638 (11,912,664) 402,291 6,455,891
353,532 65,096 117,608 20,434 116,612 52,719 19,263 58,032
470,530,630 86,860,355 142,980,826 360,177,333 151,873,575 65,707,613 22,076,200 63,197,183
- ------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
$756,956,846 $97,324,807 $167,592,409 $410,158,685 $189,240,611 $ 47,398,309 $22,647,412 $69,302,115
============ =========== ============ ============ ============ ============ =========== ===========
$ 32,311,247 $ 4,098,947 $ 6,473,525 $ 20,909,016 $ 5,763,302 $ 632,396 $ 4,984,406 $ 1,600,972
============ =========== ============ ============ ============ ============ =========== ===========
$102,699,777 $ 6,956,180 $ 3,237,102 $ 14,013,004 $ 2,308,743 $ 511,306 $ 8,664,011 $ 590,815
============ =========== ============ ============ ============ ============ =========== ===========
$ 14,411,244 $ 1,513,474 $ 1,931,696 $ 6,319,174 $ 1,179,335 $ 131,920 $ 3,377,936 $ 196,279
============ =========== ============ ============ ============ ============ =========== ===========
$275,378,271 $ 2,144,771 $ 84,699,115 $159,836,647 $ 14,754,252 $ 31,790,335 $ 163,179 $ 2,270,983
============ =========== ============ ============ ============ ============ =========== ===========
$332,156,307 $82,611,435 $ 71,250,971 $209,080,844 $165,234,979 $ 14,332,352 $ 5,457,880 $64,643,066
============ =========== ============ ============ ============ ============ =========== ===========
1,505,545 274,411 454,645 1,047,347 356,067 70,348 421,715 134,290
============ =========== ============ ============ ============ ============ =========== ===========
4,962,318 465,864 228,123 731,439 143,289 57,126 740,897 49,938
============ =========== ============ ============ ============ ============ =========== ===========
695,330 101,061 136,214 324,735 73,287 14,729 288,849 16,554
============ =========== ============ ============ ============ ============ =========== ===========
12,857,426 143,541 5,943,364 8,008,767 910,418 3,536,889 13,823 190,487
============ =========== ============ ============ ============ ============ =========== ===========
15,332,572 5,524,754 4,998,460 10,322,143 10,178,167 1,592,849 461,022 5,411,914
============ =========== ============ ============ ============ ============ =========== ===========
$ 21.46 $ 14.94 $ 14.24 $ 19.96 $ 16.19 $ 8.99 $ 11.82 $ 11.92
============ =========== ============ ============ ============ ============ =========== ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$ 22.71 $ 15.81 $ 15.07 $ 21.12 $ 17.13 $ 9.51 $ 12.51 $ 12.61
============ =========== ============ ============ ============ ============ =========== ===========
$ 20.70 $ 14.93 $ 14.19 $ 19.16 $ 16.11 $ 8.95 $ 11.69 $ 11.83
============ =========== ============ ============ ============ ============ =========== ===========
$ 20.73 $ 14.98 $ 14.18 $ 19.46 $ 16.09 $ 8.96 $ 11.69 $ 11.86
============ =========== ============ ============ ============ ============ =========== ===========
$ 21.42 $ 14.94 $ 14.25 $ 19.96 $ 16.21 $ 8.99 $ 11.80 $ 11.92
============ =========== ============ ============ ============ ============ =========== ===========
$ 21.66 $ 14.95 $ 14.25 $ 20.26 $ 16.23 $ 9.00 $ 11.84 $ 11.94
============ =========== ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
115
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed (distributed in excess
of) net investment income ........... $ 43,986 $ 669,522 $ -- $ (231,084) $ 48,865
Accumulated net realized gain/(loss) on
investments sold .................... (945,129) (20,088,601) 626,771 330,239 738,982
Net unrealized
appreciation/(depreciation) of
investments and foreign currency
transactions ........................ 2,593,888 3,598,919 (1,686,664) 8,033,295 1,989,515
Par value ............................. 26,719 62,190 51,852 28,341 6,080
Paid-in capital in excess of par value 265,266,124 606,508,384 51,218,195 286,072,826 58,363,104
============ ============ =========== ============ ===========
$266,985,588 $590,750,414 $50,210,154 $294,233,617 $61,146,546
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares ........................ $ 1,529,337 $ 7,386,786 $ 160,057 $ 2,597,621 $ 1,855,033
============ ============ =========== ============ ===========
Class B Shares ........................ $ 684,589 $ 598,412 $ 106,897 $ 969,764 $ 629,096
============ ============ =========== ============ ===========
Class C Shares ........................ $ 63,447 $ 69,582 $ 31,467 $ 100,736 $ 77,689
============ ============ =========== ============ ===========
Class K Shares ........................ $ 43,280,884 $355,839,841 $ 77,402 $219,723,572 $57,574,006
============ ============ =========== ============ ===========
Class Y Shares ........................ $221,427,331 $226,855,793 $49,834,331 $ 70,841,924 $ 1,010,722
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares ........................ 153,091 776,851 16,563 250,317 184,476
============ ============ =========== ============ ===========
Class B Shares ........................ 68,560 63,062 11,067 93,434 62,547
============ ============ =========== ============ ===========
Class C Shares ........................ 6,326 7,325 3,235 9,710 7,732
============ ============ =========== ============ ===========
Class K Shares ........................ 4,332,244 37,464,099 8,003 21,162,675 5,724,749
============ ============ =========== ============ ===========
Class Y Shares ........................ 22,159,244 23,878,728 5,146,333 6,824,386 100,435
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption price
per share ........................... $ 9.99 $ 9.51 $ 9.66 $ 10.38 $ 10.06
============ ============ =========== ============ ===========
Maximum sales charge .................. 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share ...... $ 10.41 $ 9.91 $ 10.06 $ 10.81 $ 10.48
============ ============ =========== ============ ===========
CLASS B SHARES:
Net asset value and offering price per
share* .............................. $ 9.99 $ 9.49 $ 9.66 $ 10.38 $ 10.06
============ ============ =========== ============ ===========
CLASS C SHARES:
Net asset value and offering price per
share* .............................. $ 10.03 $ 9.50 $ 9.73 $ 10.37 $ 10.05
============ ============ =========== ============ ===========
CLASS K SHARES:
Net asset value, offering price and
redemption price per share .......... $ 9.99 $ 9.50 $ 9.67 $ 10.38 $ 10.06
============ ============ =========== ============ ===========
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share .......... $ 9.99 $ 9.50 $ 9.68 $ 10.38 $ 10.06
============ ============ =========== ============ ===========
<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>
116
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- --------------------------------------------- ----------------------------------------------------------------
Munder Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash Money Tax-Free U.S. Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ------------ ------------ ----------- -------------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
$ 167,194 $ 226,528 $ 53,493 $ -- $ -- $ -- $ --
$ 4,296,663 1,249,900 151,822 (4,951) 303 (135,332) 41,582
10,582,438 8,401,140 85,782 -- -- -- --
18,735 29,822 38,923 1,133,925 840,975 298,096 87,288
186,175,823 302,131,075 38,783,792 1,132,793,463 83,255,561 297,841,473 87,200,587
============ ============ =========== ============== =========== ============ ===========
$201,240,853 $312,038,465 $39,113,812 $1,133,922,437 $84,096,839 $298,004,237 $87,329,457
============ ============ =========== ============== =========== ============ ===========
$ 2,510,495 $ 6,554,210 -- $ 133,662,953 $14,749,493 $ 72,007,055 $ 8,645,520
============ ============ =========== ============== =========== ============ ===========
$ 489,511 $ 464,813 -- -- $ 657,773 -- --
============ ============ =========== ============== =========== ============ ===========
$ 41,320 -- -- -- $ 854 -- --
============ ============ =========== ============== =========== ============ ===========
$194,076,570 $295,600,697 $ 647,937 $ 672,841,992 -- $205,599,869 $41,247,001
============ ============ =========== ============== =========== ============ ===========
$ 4,122,957 $ 9,418,745 $38,465,875 $ 327,417,492 $68,688,719 $ 20,397,313 $37,436,936
============ ============ =========== ============== =========== ============ ===========
234,030 626,441 -- 133,658,920 14,748,826 71,992,417 8,643,842
============ ============ =========== ============== =========== ============ ===========
45,580 44,481 -- -- 657,783 -- --
============ ============ =========== ============== =========== ============ ===========
3,850 -- -- -- 853 -- --
============ ============ =========== ============== =========== ============ ===========
18,067,230 28,251,666 64,506 672,846,039 -- 205,694,954 41,230,416
============ ============ =========== ============== =========== ============ ===========
384,081 899,798 3,827,776 327,419,991 68,690,026 20,408,608 37,413,617
============ ============ =========== ============== =========== ============ ===========
$ 10.73 $ 10.46 N/A $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== ============== =========== ============ ===========
4.00% 4.00% -- -- -- -- --
$ 11.18 $ 10.90 N/A $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== ============== =========== ============ ===========
$ 10.74 $ 10.45 N/A N/A $ 1.00 N/A N/A
============ ============ =========== ============== =========== ============ ===========
$ 10.73 N/A N/A N/A $ 1.00 N/A N/A
============ ============ =========== ============== =========== ============ ===========
$ 10.74 $ 10.46 $ 10.04 $ 1.00 N/A $ 1.00 $ 1.00
============ ============ =========== ============== =========== ============ ===========
$ 10.73 $ 10.47 $ 10.05 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== ============== =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
117
<PAGE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ----------- ------------ ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .................. $ 1,651,833 $ 2,560,806 $ 1,033,585 $ 1,735,786 $ 174,708 $ 111,478 $ 122,840
Dividends (a) ............. 1,043,310 331,025 6,505,691 9,892,517 4,748,590 58,776 160,724
------------ ----------- ----------- ------------ ----------- ---------- -----------
Total investment
income ............ 2,695,143 2,891,831 7,539,276 11,628,303 4,923,298 170,254 283,564
------------ ----------- ----------- ------------ ----------- ---------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares .......... 28,721 1,274 14,520 140,154 15,618 14,218 304
Class B Shares .......... 6,266 3,890 10,447 421,479 11,221 81,387 4,143
Class C Shares .......... 1,715 880 7,781 -- 23,594 42,988 1,018
Shareholder servicing fees:
Class K Shares .......... 191,096 60,426 536,623 294,622 274,391 4,515 3,180
Investment advisory fee ... 1,451,332 524,133 1,900,685 884,003 1,628,425 304,989 280,117
Administration fee ........ 211,021 87,730 275,781 717,314 236,457 32,971 41,204
Transfer agent fee ........ 46,425 20,332 59,606 143,780 53,237 5,853 8,996
Custodian fees ............ 42,667 35,795 54,753 175,385 190,761 29,740 18,071
Legal and audit fees ...... 16,397 6,675 19,993 49,492 16,850 2,700 3,685
Trustees'/Directors' fees
and expenses ............ 7,798 3,120 9,620 24,731 8,556 1,021 1,436
Amortization of
organization costs ...... -- 3,472 1,821 -- -- -- 12,748
Registration and filing
fees .................... 40,806 33,447 734 71,449 24,004 74,182 36,942
Other ..................... 18,388 29,194 69,990 243,825 -- 14,458 7,167
------------ ----------- ----------- ------------ ----------- ---------- -----------
Total Expenses ...... 2,062,632 810,368 2,962,354 3,166,234 2,483,114 609,022 419,011
Fees waived and/or expenses
reimbursed by investment
advisor ................. -- -- -- (421,846) -- (75,264) --
------------ ----------- ----------- ------------ ----------- ---------- -----------
Net Expenses ........ 2,062,632 810,368 2,962,354 2,744,388 2,483,114 533,758 419,011
------------ ----------- ----------- ------------ ----------- ---------- -----------
NET INVESTMENT
INCOME/(LOSS) ........... 632,511 2,081,463 4,576,922 8,883,915 2,440,184 (363,504) (135,447)
------------ ----------- ----------- ------------ ----------- ---------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss)
from:
Security transactions ... 40,912,735 5,703,535 47,077,678 27,085,998 12,322,142 2,381,269 (1,798,495)
Forward foreign exchange
contracts ............. -- -- -- -- 57,170 -- --
Futures contracts ....... 768,121 -- -- 6,247,609 -- -- --
Foreign currency
transactions .......... -- -- -- -- (24,248) -- --
Net change in unrealized
appreciation/
(depreciation) of:
Securities .............. (11,619,358) 4,433,170 306,124 128,755,189 (6,537,712) (836,028) 2,273,336
Forward foreign exchange
contracts ............. -- -- -- -- (366) -- --
Futures contracts ....... (32,047) -- -- 975,202 -- -- --
Foreign currency and net
other assets .......... -- -- -- -- (36,758) -- --
------------ ----------- ----------- ------------ ----------- ---------- -----------
Net realized and unrealized
gain/(loss) on
investments ............. 30,029,451 10,136,705 47,383,802 163,063,998 5,780,228 1,545,241 474,841
------------ ----------- ----------- ------------ ----------- ---------- -----------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS .............. $ 30,661,962 $12,218,168 $51,960,724 $171,947,913 $ 8,220,412 $1,181,737 $ 339,394
============ =========== =========== ============ =========== ========== ===========
<FN>
- ----------------
(a) Net of foreign withholding taxes of $4,878, $170, $17,771, $40,506,
$524,286, $547, $8,373, $59,769, $303, $102,442 for Munder Accelerating
Growth Fund, Munder Balanced Fund, Munder Growth & Income Fund, Munder
Index 500 Fund, Munder International Equity Fund, Munder Mid-Cap Growth
Fund, Munder Value Fund, Munder Framlington Emerging Markets Fund, Munder
Framlington Healthcare Fund and Munder Framlington International Growth
Fund, respectively.
See Notes to Financial Statements.
</TABLE>
118
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
- ------------ ----------- ----------- ------------ ----------- ------------ --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 2,239,887 $ 240,705 $ 682,023 $ 1,944,850 $ 567,273 $ 380,207 $ 49,485 $ 159,797
5,749,193 4,259,723 1,825,490 600,695 2,093,032 872,177 10,294 785,443
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
7,989,080 4,500,428 2,507,513 2,545,545 2,660,305 1,252,384 59,779 945,240
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
55,691 6,769 10,714 59,251 10,919 1,804 7,066 3,287
942,437 63,758 15,054 107,506 15,819 4,169 42,842 2,170
112,333 10,810 9,109 51,322 8,593 448 20,953 1,303
653,866 4,803 185,810 408,472 28,712 72,455 354 4,898
6,169,411 612,857 1,028,013 3,045,349 1,066,142 554,427 143,897 516,840
718,057 90,009 148,876 441,430 156,491 23,218 12,564 26,065
112,434 18,399 29,217 90,718 29,402 41,703 39,008 42,783
128,255 22,998 38,395 95,006 37,729 118,440 29,417 120,297
52,618 7,195 11,366 32,467 12,006 4,398 1,010 7,288
24,872 3,066 4,960 15,386 5,249 1,568 495 1,852
49,319 14,634 -- -- 12,490 1,403 1,202 5,967
57,419 41,469 82,420 59,600 56,968 83,303 72,252 79,089
213,913 46,071 55,054 82,218 47,279 9,810 9,881 14,204
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
9,290,625 942,838 1,618,988 4,488,725 1,487,799 917,146 380,941 826,043
(1,214,795) -- -- -- -- (110,473) (112,541) (105,456)
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
8,075,830 942,838 1,618,988 4,488,725 1,487,799 806,673 268,400 720,587
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
(86,750) 3,557,590 888,525 (1,943,180) 1,172,506 445,711 (208,621) 224,653
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
57,519,549 3,087,322 8,250,295 85,835,208 16,249,019 (5,353,851) 265,847 (130,226)
-- -- -- -- -- (256,636) (4,811) (206,619)
-- -- -- 437,814 -- -- -- --
-- -- -- -- -- (180,697) (462) (120,453)
88,892,683 (1,828,364) 14,588,947 (38,336,774) 13,817,760 (12,921,833) 100,039 3,758,640
-- -- -- -- -- (6,325) (4) 920
-- -- -- -- -- -- -- --
-- -- -- -- (8) (68) 17 (1,071)
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
146,412,232 1,258,958 22,839,242 47,936,248 30,066,771 (18,719,410) 360,626 3,301,191
- ------------ ----------- ----------- ------------ ----------- ------------ --------- ----------
$146,325,482 $ 4,816,548 $23,727,767 $ 45,993,068 $31,239,277 $(18,273,699) $ 152,005 $3,525,844
============ =========== =========== ============ =========== ============ ========= ==========
<FN>
See Notes to Financial Statements.
</TABLE>
119
<PAGE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
----------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding
taxes of $4,051 for the Munder
International Bond Fund) ............ $15,400,968 $37,139,149 $ 2,352,045 $19,247,109 $2,758,750
----------- ----------- ----------- ----------- ----------
Total investment income ...... 15,400,968 37,139,149 2,352,045 19,247,109 2,758,750
----------- ----------- ----------- ----------- ----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ..................... 2,735 17,654 400 6,581 2,067
Class B Shares ..................... 6,329 5,683 401 12,408 4,234
Class C Shares ..................... 1,545 1,584 2 268 747
Shareholder servicing fees:
Class K Shares ..................... 100,081 872,005 213 529,016 125,750
Investment advisory fee ............... 1,116,093 2,770,357 253,258 1,386,132 261,589
Administration fee .................... 242,096 602,338 55,142 301,528 56,871
Transfer agent fee .................... 49,285 126,482 11,595 63,022 14,123
Custodian fees ........................ 57,308 115,672 32,676 63,432 22,431
Legal and audit fees .................. 18,828 46,313 4,363 22,503 4,561
Trustees'/Directors' fees and expenses 8,266 21,139 1,963 10,605 1,977
Amortization of organization costs .... -- -- 6,506 2,323 4,480
Registration and filing fees .......... 51,810 53,024 35,335 41,218 3,221
Other ................................. 52,466 59,458 36,305 18,540 11,835
----------- ----------- ----------- ----------- ----------
Total Expenses ............... 1,706,842 4,691,709 438,159 2,457,576 513,886
Expenses reimbursed by investment
advisor ............................. -- -- -- -- --
----------- ----------- ----------- ----------- ----------
Net Expenses ................. 1,706,842 4,691,709 438,159 2,457,576 513,886
----------- ----------- ----------- ----------- ----------
NET INVESTMENT INCOME ................. 13,694,126 32,447,440 1,913,886 16,789,533 2,244,864
----------- ----------- ----------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions .............. 4,728,659 3,685,329 392,077 1,108,248 863,725
Forward foreign exchange contracts . -- -- (412,479) -- --
Foreign currency transactions ...... -- -- (105,031) -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities ......................... 3,308,753 5,213,246 (1,177,137) 7,657,342 1,255,741
Foreign currency and net other
assets .......................... -- -- (10,006) -- --
----------- ----------- ----------- ----------- ----------
Net realized and unrealized gain/(loss)
on investments ...................... 8,037,412 8,898,575 (1,312,576) 8,765,590 2,119,466
----------- ----------- ----------- ----------- ----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ..................... $21,731,538 $41,346,015 $ 601,310 $25,555,123 $4,364,330
=========== =========== =========== =========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
120
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------------- ------------------------------------------------------------
Munder
Munder Munder Munder Munder Munder Munder U.S.
Tax-Free Tax-Free Short Term Cash Money Tax-Free Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
$11,245,567 $15,453,185 $3,126,237 $60,933,702 $6,447,256 $11,109,505 $7,363,710
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
11,245,567 15,453,185 3,126,237 60,933,702 6,447,256 11,109,505 7,363,710
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
7,966 17,556 11 269,773 31,560 154,996 18,269
3,552 3,575 1,848 -- 7,386 -- --
396 -- 159 -- 13,170 -- --
489,719 732,249 822 986,832 -- 322,637 71,106
1,017,292 1,542,255 135,827 3,750,786 454,600 1,075,987 470,094
221,395 335,604 59,153 1,165,241 124,307 334,308 147,118
48,341 70,842 13,219 202,712 26,733 69,924 34,685
49,737 71,364 16,613 175,061 31,744 61,253 48,135
16,982 26,034 3,517 90,485 8,635 26,085 11,842
7,869 11,906 2,129 41,029 4,613 11,750 5,874
5,474 -- 8,295 -- 35,832 -- --
18,651 38,749 67,298 42,570 24,007 32,482 25,245
-- 22,515 37,565 37,202 20,728 38,750 16,233
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
1,887,374 2,872,649 346,456 6,761,691 783,315 2,128,172 848,601
-- -- (62,711) -- -- -- --
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
1,887,374 2,872,649 283,745 6,761,691 783,315 2,128,172 848,601
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
9,358,193 12,580,536 2,842,492 54,172,011 5,663,941 8,981,333 6,515,109
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
5,702,590 1,939,378 201,568 -- -- 20,202 350
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1,457,881 1,683,215 38,061 -- -- -- --
-- -- -- -- -- -- --
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
7,160,471 3,622,593 239,629 -- -- 20,202 350
- ----------- ----------- ---------- ----------- ---------- ----------- ----------
$16,518,664 $16,203,129 $3,082,121 $54,172,011 $5,663,941 $ 9,001,535 $6,515,459
=========== =========== ========== =========== ========== =========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
121
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment
income/(loss) ........... $ 632,511 $ 2,081,463 $ 4,576,922 $ 8,883,915 $ 2,440,184 $ (363,504) $ (135,447)
Net realized gain/(loss) on
investments sold ........ 41,680,856 5,703,535 47,077,678 33,333,607 12,355,064 2,381,269 (1,798,495)
Net change in unrealized
appreciation/(depreciation)
of investments .......... (11,651,405) 4,433,170 306,124 129,730,391 (6,574,836) (836,028) 2,273,336
------------ ------------ ------------ ------------ ------------ ----------- -----------
Net increase/(decrease) in
net assets resulting from
operations .............. 30,661,962 12,218,168 51,960,724 171,947,913 8,220,412 1,181,737 339,394
Dividends to shareholders
from net investment
income:
Class A Shares ........ (37,839) (12,304) (105,754) (1,934,743) (81,341) -- --
Class B Shares ........ -- (7,042) (10,894) (841,512) (7,796) -- --
Class C Shares ........ -- (1,440) (8,114) -- (14,540) -- --
Class K Shares ........ (174,388) (640,005) (3,798,603) (1,499,498) (1,386,400) -- --
Class Y Shares ........ (400,939) (1,397,675) (639,004) (4,498,789) (1,473,592) -- (2,147)
Distributions to shareholders
from net realized gains:
Class A Shares ........ (1,509,306) (34,027) (709,636) (10,783,436) (421,143) (200,426) (363)
Class B Shares ........ (102,109) (27,885) (130,526) (7,428,003) (73,900) (284,509) (1,977)
Class C Shares ........ (53,814) (7,200) (71,978) -- (146,699) (166,726) (358)
Class K Shares ........ (23,723,055) (2,572,553) (33,747,169) (10,764,825) (7,243,743) (55,740) (5,084)
Class Y Shares ........ (28,991,871) (4,287,718) (4,561,542) (24,608,492) (6,435,614) (388,128) (159,389)
Distributions to
shareholders in excess of
realized gains:
Class A Shares ........ -- -- -- -- -- -- (1,739)
Class B Shares ........ -- -- -- -- -- -- (9,457)
Class C Shares ........ -- -- -- -- -- -- (1,712)
Class K Shares ........ -- -- -- -- -- -- (24,324)
Class Y Shares ........ -- -- -- -- -- -- (762,616)
Net increase/(decrease) in
net assets from Fund
share transactions:
Class A Shares ........ 5,501,397 440,063 5,491,229 93,474,978 (176,367) 10,885,938 102,936
Class B Shares ........ 577,084 432,175 1,022,079 55,275,429 21,870 15,922,896 425,792
Class C Shares ........ (142,089) 39,185 1,002,578 -- (393,285) 7,605,168 (20,022)
Class K Shares ........ (5,346,188) 25,358,644 (2,599,559) 88,663,914 (24,045,346) 2,744,686 146,421
Class Y Shares ........ (69,450,336) (26,488,592) 3,990,672 (69,550,686) (2,594,187) 12,155,073 6,576,194
------------ ------------ ------------ ------------ ------------ ----------- -----------
Net increase/(decrease) in
net assets .............. (93,191,491) 3,011,794 17,084,503 277,452,250 (36,251,671) 49,399,969 6,601,549
NET ASSETS:
Beginning of period ....... 248,820,004 77,556,200 247,158,129 550,385,884 253,544,366 3,215,170 24,851,650
------------ ------------ ------------ ------------ ------------ ----------- -----------
End of period ............. $155,628,513 $ 80,567,994 $264,242,632 $827,838,134 $217,292,695 $52,615,139 $31,453,199
============ ============ ============ ============ ============ =========== ===========
Undistributed net
investment income/(loss) $ -- $ -- $ 136,706 $ -- $ 41,238 $ -- $ --
============ ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
122
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
- ------------ ----------- ------------ ------------ ------------ ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ (86,750) $ 3,557,590 $ 888,525 $ (1,943,180) $ 1,172,506 $ 445,711 $ (208,621) $ 224,653
57,519,549 3,087,322 8,250,295 86,273,022 16,249,019 (5,791,184) 260,574 (457,298)
88,892,683 (1,828,364) 14,588,947 (38,336,774) 13,817,752 (12,928,226) 100,052 3,758,489
- ------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
146,325,482 4,816,548 23,727,767 45,993,068 31,239,277 (18,273,699) 152,005 3,525,844
(12,065) (108,959) (26,178) -- (36,542) (2,697) -- (2,066)
-- (212,532) -- -- (743) (61) -- --
-- (36,424) -- -- (382) (4) -- --
(162,310) (76,887) (330,560) -- (64,557) (133,371) -- (2,557)
(367,945) (2,999,226) (414,148) -- (1,079,848) (92,010) -- (122,744)
(911,264) (20,080) (98,858) (2,406,705) (155,490) (2,952) -- (2,543)
(4,381,717) (57,106) (46,471) (1,802,093) (102,547) (1,902) -- (423)
(510,812) (9,143) (31,704) (739,949) (52,647) (125) -- (155)
(12,258,369) (17,626) (3,173,416) (29,901,527) (709,652) (141,436) -- (3,147)
(13,781,279) (626,049) (2,414,775) (37,145,834) (8,345,671) (69,616) -- (100,609)
-- -- -- -- -- (11,999) -- (1,338)
-- -- -- -- -- (7,730) -- (222)
-- -- -- -- -- (510) -- (81)
-- -- -- -- -- (574,853) -- (1,657)
-- -- -- -- -- (282,947) -- (52,964)
11,650,530 2,724,813 4,300,790 1,838,033 2,771,389 330,315 4,350,716 420,739
2,131,348 2,284,249 2,782,374 9,490,901 1,157,493 584,974 7,733,693 442,098
3,287,255 1,003,579 1,717,806 4,338,208 543,586 133,643 3,228,224 83,236
(7,678,546) 617,619 23,335,289 19,006,863 5,094,370 40,278,768 37,061 936,727
109,458,384 33,785,992 47,491,052 76,298,503 67,989,812 15,732,843 3,049,654 37,971,159
- ------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
232,788,692 41,068,768 96,818,968 84,969,468 98,247,848 37,464,631 18,551,353 43,089,297
524,168,154 56,256,039 70,773,441 325,189,217 90,992,763 9,933,678 4,096,059 26,212,818
- ------------ ----------- ------------ ------------ ------------ ------------ ----------- -----------
$756,956,846 $97,324,807 $167,592,409 $410,158,685 $189,240,611 $ 47,398,309 $22,647,412 $69,302,115
============ =========== ============ ============ ============ ============ =========== ===========
$ -- $ 138,196 $ 126,140 $ -- $ 14,983 $ (127,776) $ (2,990) $ (45,004)
============ =========== ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
123
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Net investment income ............ $ 13,694,126 $ 32,447,440 $ 1,913,886 $ 16,789,533 $ 2,244,864
Net realized gain/(loss) on
investments sold ............... 4,728,659 3,685,329 (125,433) 1,108,248 863,725
Net change in unrealized
appreciation/(depreciation) of
investments .................... 3,308,753 5,213,246 (1,187,143) 7,657,342 1,255,741
------------ ------------ ----------- ------------ -----------
Net increase in net assets
resulting from operations ...... 21,731,538 41,346,015 601,310 25,555,123 4,364,330
Dividends to shareholders from
net investment income:
Class A Shares ................. (64,993) (392,003) (3,591) (153,757) (36,612)
Class B Shares ................. (32,649) (27,600) (460) (63,433) (14,966)
Class C Shares ................. (9,081) (7,222) (25) (1,531) (2,693)
Class K Shares ................. (2,309,105) (19,688,059) (1,948) (12,468,287) (2,120,313)
Class Y Shares ................. (10,967,327) (11,705,695) (1,217,193) (3,797,610) (30,979)
Distributions to shareholders from
net realized gains:
Class A Shares ................. -- -- (260) (18,534) (923)
Class B Shares ................. -- -- (36) (6,556) (661)
Class C Shares ................. -- -- -- (120) (164)
Class K Shares ................. -- -- (147) (1,148,408) (87,429)
Class Y Shares ................. -- -- (82,339) (329,997) (1,099)
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares ................. 674,212 1,201,962 (5,296) 1,322,725 1,288,395
Class B Shares ................. 100,737 125,196 86,442 (667,713) 301,399
Class C Shares ................. 15,087 (872) 31,759 90,138 (16,409)
Class K Shares ................. 6,660,251 24,345,882 (23,235) 19,461,225 12,267,002
Class Y Shares ................. 101,272,269 61,989,285 (1,144,971) 14,050,826 332,242
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net
assets ......................... 117,070,939 97,186,889 (1,759,990) 41,824,091 16,241,120
NET ASSETS:
Beginning of period .............. 149,914,649 493,563,525 51,970,144 252,409,526 44,905,426
------------ ------------ ----------- ------------ -----------
End of period .................... $266,985,588 $590,750,414 $50,210,154 $294,233,617 $61,146,546
============ ============ =========== ============ ===========
Undistributed (distribution in
excess of) net investment income $ 43,986 $ 669,522 $ -- $ (231,084) $ 48,865
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
124
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- -------------------------------------------- -------------------------------------------------------------
Munder
Munder Munder Munder Munder Munder Munder U.S.
Tax-Free Tax-Free Short Term Cash Money Tax-Free Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund Fund
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
$ 9,358,193 $ 12,580,536 $ 2,842,492 $ 54,172,011 $ 5,663,941 $ 8,981,333 $ 6,515,109
5,702,590 1,939,378 201,568 -- -- 20,202 350
1,457,881 1,683,215 38,061 -- -- -- --
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
16,518,664 16,203,129 3,082,121 54,172,011 5,663,941 9,001,535 6,515,459
(144,258) (281,249) (257) (5,145,981) (451,160) (1,749,355) (338,938)
(13,876) (11,775) (8,373) -- (27,058) -- --
(1,537) -- (644) -- (52,154) -- --
(8,900,093) (11,750,608) (16,037) (33,090,514) -- (6,299,298) (2,253,812)
(190,299) (343,586) (2,785,706) (15,935,516) (5,133,569) (932,680) (3,922,359)
(62,615) (62,353) -- -- -- -- --
(5,007) (3,013) (44) -- -- -- --
(599) -- (4) -- -- -- --
(2,947,365) (2,377,413) -- -- -- -- --
(59,887) (61,867) (16,152) -- -- -- --
(51,267) 309,819 58 37,467,530 11,093,345 66,785,667 3,325,188
245,213 191,703 (33,215) -- 206,444 -- --
40,861 -- (95) -- (1,754,337) -- --
(202,350) 10,713,073 (780,314) 72,985,200 -- (21,186,744) (640,511)
96,749 1,874,706 (10,842,113) 47,992,725 (55,930,785) (2,552,382) (196,101,274)
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
4,322,334 14,400,566 (11,400,775) 158,445,455 (46,385,333) 43,066,743 (193,416,247)
196,918,519 297,637,899 50,514,587 975,476,982 130,482,172 254,937,494 280,745,704
- ------------ ------------ ------------ -------------- ------------ ------------ -------------
$201,240,853 $312,038,465 $ 39,113,812 $1,133,922,437 $ 84,096,839 $298,004,237 $ 87,329,457
============ ============ ============ ============== ============ ============ =============
$ 167,194 $ 226,528 $ 53,493 $ -- $ -- $ -- $ --
============ ============ ============ ============== ============ ============ =============
<FN>
See Notes to Financial Statements.
</TABLE>
125
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund(a) Fund
------------ ----------- ----------- ------------ ----------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment
income/(loss) ........... $ (444,787) $ 1,731,687 $ 5,067,420 $ 6,941,562 $ 2,471,250 $ (4,883) $ (92,185)
Net realized gain/(loss) on
investments sold ........ 25,529,024 4,253,299 27,808,188 29,167,456 6,149,347 (59,387) (224,362)
Net change in unrealized
appreciation/
(depreciation) of
investments ............. (15,381,711) 3,076,915 22,254,173 77,919,597 31,230,328 518,166 372,632
------------ ----------- ----------- ------------ ----------- -------- ---------
Net increase in net assets
resulting from operations 9,702,526 9,061,901 55,129,781 114,028,615 39,850,925 453,896 56,085
Dividends to shareholders
from net investment
income:
Class A Shares .......... -- (8,318) (52,808) (954,317) (78,899) -- --
Class B Shares .......... -- (2,044) (6,488) (554,409) (4,180) -- --
Class C Shares .......... -- (697) (4,089) -- (9,762) -- --
Class K Shares .......... -- (101,038) (4,357,460) (624,025) (1,698,687) -- --
Class Y Shares .......... -- (1,551,696) (605,671) (4,739,789) (1,711,723) -- --
Distributions to shareholders
in excess of net
investment income:
Class A Shares .......... -- -- -- -- -- -- --
Class B Shares .......... -- -- -- -- -- -- --
Class C Shares .......... -- -- -- -- -- -- --
Class K Shares .......... -- -- -- -- -- -- --
Class Y Shares .......... -- -- -- -- -- -- --
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund, Munder Framlington
Healthcare Fund and Munder Framlington International Growth Fund
commenced operations on December 31, 1996.
See Notes to Financial Statements.
</TABLE>
126
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Market Healthcare Growth
Fund Fund Fund(a) Fund Fund Fund(b) Fund(b) Fund(b)
- ------------ ----------- ---------- ----------- ----------- ---------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 802,123 $ 1,386,760 $ 254,012 $(1,286,136) $ 497,561 $ 26,325 $ (9,612) $ 89,292
31,693,197 524,593 502,604 46,948,801 5,806,480 207,419 (66,987) 15,908
75,394,082 7,273,750 6,782,315 6,246,976 10.966,351 1,015,562 302,239 2,697,402
- ------------ ----------- ---------- ----------- ----------- ---------- -------- ----------
107,899,402 9,185,103 7,538,931 51,909,641 17,270,392 1,249,306 225,640 2,802,602
-- (26,568) (3,816) -- (6,002) (1,011) -- --
-- (89,023) (712) -- -- (240) -- --
-- (6,949) (478) -- -- (9) -- --
(154,709) (15,055) (165,622) -- (24,802) (6,926) -- --
(342,031) (1,309,637) (65,985) -- (494,602) (11,088) -- --
-- (267) -- -- -- -- -- --
-- (1,176) -- -- -- -- -- --
-- (78) -- -- -- -- -- --
-- (148) -- -- -- -- -- --
-- (13,330) -- -- -- -- -- --
<FN>
See Notes to Financial Statements.
</TABLE>
127
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund(a) Fund
------------ ----------- ------------ ------------ ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Distributions to
shareholders from
net realized gains:
Class A Shares .... $ (522,917) $ (20,784) $ (134,569) $ (588,465) $ (546,957) $ -- $ (24,793)
Class B Shares .... (31,285) (5,581) (18,909) (427,819) (107,481) -- (6,562)
Class C Shares .... (20,795) (1,603) (5,330) -- (185,029) -- (10,643)
Class K Shares .... (9,185,520) (239,099) (12,866,517) (449,588) (12,841,026) -- (59,979)
Class Y Shares .... (16,254,335) (3,044,683) (1,632,776) (3,239,164) (10,403,715) -- (2,549,785)
Distributions to
shareholders from
capital:
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 .... 103,837 (15,751) 2,249,127 52,558,091 1,586,450 162,834 (123,545)
Class B Shares .... 247,942 113,805 350,066 36,795,987 128,920 393,839 56,661
Class C Shares .... 178,689 68,515 609,503 -- 537,498 104,830 67,620
Class K Shares .... (16,295,182) 4,613,702 (11,139,950) 34,015,120 13,005,712 163,478 731,577
Class Y Shares .... (24,267,204) 8,881,206 5,304,744 96,194,166 13,224,781 1,936,293 4,537,791
------------ ----------- ------------ ------------ ------------ ---------- -----------
Net increase/
(decrease) in net
assets ............ (56,344,244) 17,747,835 32,818,654 322,014,403 40,746,827 3,215,170 2,674,427
NET ASSETS:
Beginning of period . 305,164,248 59,808,365 214,339,475 228,371,481 212,797,539 -- 22,177,223
------------ ----------- ------------ ------------ ------------ ---------- -----------
End of period ....... $248,820,004 $77,556,200 $247,158,129 $550,385,884 $253,544,366 $3,215,170 $24,851,650
============ =========== ============ ============ ============ ========== ===========
Undistributed net
investment income . $ -- $ 14,675 $ 131,333 $ 79,935 $ 565,929 $ -- $ --
============ =========== ============ ============ ============ ========== ===========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and Munder Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund, Munder Framlington
Healthcare Fund and Munder Framlington International Growth Fund
commenced on December 31, 1996.
See Notes to Financial Statements.
</TABLE>
128
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Market Healthcare Growth
Fund Fund Fund(a) Fund Fund Fund(b) Fund(b) Fund(b)
- ------------ ----------- ----------- ------------ ----------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ (546,542) $ -- $ -- $ (851,894) $ (79,699) $ -- $ -- $ --
(3,444,755) -- -- (148,603) (12,823) -- -- --
(336,270) -- -- (76,100) (40,972) -- -- --
(8,634,692) -- -- (16,790,412) (105,852) -- -- --
(6,586,379) -- -- (16,925,786) (4,083,005) -- -- --
-- (1,392) -- -- -- -- -- --
-- (6,126) -- -- -- -- -- --
-- (408) -- -- -- -- -- --
-- (772) -- -- -- -- -- --
-- (69,426) -- -- -- -- -- --
4,430,458 1,049,132 1,040,188 5,574,247 908,590 463,104 642,857 978,276
3,919,132 2,331,806 341,448 4,212,334 754,012 126,009 1,020,404 118,950
2,174,706 507,369 181,247 1,705,453 91,401 20,318 162,935 58,068
57,472,777 1,405,136 45,442,173 33,713,592 6,095,828 4,031,349 105,000 1,000,059
15,585,646 22,213,807 16,466,067 37,806,434 33,396,573 4,062,866 1,939,223 21,254,863
- ------------ ----------- ----------- ------------ ----------- ---------- ---------- -----------
171,426,743 35,151,998 70,773,441 100,128,906 53,669,039 9,933,678 4,096,059 26,212,818
352,741,411 21,104,041 -- 225,060,311 37,323,724 -- -- --
- ------------ ----------- ----------- ------------ ----------- ---------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441 $325,189,217 $90,992,763 $9,933,678 $4,096,059 $26,212,818
============ =========== =========== ============ =========== ========== ========== ===========
$ 410,980 $ -- $ 17,399 $ -- $ 40,728 $ 623 $ -- $ 7,821
============ =========== =========== ============ =========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
129
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund(a) Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Net investment income ................. $ 9,817,973 $ 30,588,226 $ 1,106,189 $ 15,419,474 $ 1,682,905
Net realized gain/(loss) on investments
sold ................................ (1,273,300) (2,962,876) (725,777) 92,451 23,364
Net change in unrealized
appreciation/(depreciation) of
investments ......................... 1,614,599 4,183,462 (499,521) 1,487,143 1,067,899
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets
resulting from operations ........... 10,159,272 31,808,812 (119,109) 16,999,068 2,774,168
Dividends to shareholders from net
investment income:
Class A Shares ...................... (54,483) (329,669) (111) (31,453) (21,787)
Class B Shares ...................... (29,919) (13,634) -- (75,633) (10,562)
Class C Shares ...................... (3,606) (5,423) -- (485) (2,210)
Class K Shares ...................... (2,194,881) (20,149,211) -- (11,212,087) (1,624,310)
Class Y Shares ...................... (7,136,218) (10,089,041) (237,229) (3,165,621) (22,751)
Distributions to shareholders
from net realized gains:
Class A Shares ...................... -- -- -- (160) (54)
Class B Shares ...................... -- -- -- (722) (32)
Class C Shares ...................... -- -- -- (3) (10)
Class K Shares ...................... -- -- -- (72,543) (4,034)
Class Y Shares ...................... -- -- -- (19,022) (55)
Distributions in excess of net
realized capital gains:
Class A Shares ...................... -- -- -- (30) --
Class B Shares ...................... -- -- -- (81) --
Class C Shares ...................... -- -- -- (1) --
Class K Shares ...................... -- -- -- (11,014) --
Class Y Shares ...................... -- -- -- (2,999) --
Net increase/(decrease) in net
assets from Fund share transactions:
Class A Shares ...................... (79,168) 744,889 168,043 960,997 73,547
Class B Shares ...................... 260,017 360,152 20,740 1,099,256 52,035
Class C Shares ...................... (6,847) (2,000) -- 9,738 89,022
Class K Shares ...................... 2,646,572 (45,876,064) 99,343 33,672,565 12,789,812
Class Y Shares ...................... (117,790) (21,825,653) 52,038,467 7,860,468 435,535
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets . 3,442,949 (65,376,842) 51,970,144 46,010,238 14,528,314
NET ASSETS:
Beginning of period ................... 146,471,700 558,940,367 -- 206,399,288 30,377,112
------------ ------------ ----------- ------------ -----------
End of period ......................... $149,914,649 $493,563,525 $51,970,144 $252,409,526 $44,905,426
============ ============ =========== ============ ===========
Undistributed net investment income ... $ -- $ 19,585 $ 100,354 $ 27,555 $ 9,564
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) The Munder International Bond Fund commenced operations on October 2,
1996.
(b) The Munder Short Term Treasury Fund commenced operations on January 29,
1997.
See Notes to Financial Statements.
</TABLE>
130
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------------- ------------------------------------------------------------
Munder
Munder Munder Munder Munder Munder Munder U.S.
Tax-Free Tax-Free Short Term Cash Money Tax-Free Treasury
Bond Intermediate Treasury Investment Market Money Market Money Market
Fund Bond Fund Fund(b) Fund Fund Fund Fund
- ------------ ------------ ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
$ 9,107,338 $ 12,573,026 $ 1,090,404 $ 47,793,512 $ 7,265,513 $ 7,227,770 $ 15,008,675
1,883,192 1,919,657 (33,546) 260 (10) 17,604 19,327
2,794,934 1,306,532 47,721 -- -- -- --
- ------------ ------------ ----------- ------------ ------------ ------------ ------------
13,785,464 15,799,215 1,104,579 47,793,772 7,265,503 7,245,374 15,028,002
(90,026) (234,435) -- (3,996,094) (15,771) (184,129) (126,065)
(2,157) (6,230) (534) -- (6,198) -- --
-- -- -- -- (14,812) -- --
(8,895,270) (12,106,823) (18,093) (28,603,926) -- (6,145,280) (1,992,551)
(108,734) (232,532) (1,061,825) (15,193,492) (7,228,732) (898,361) (12,890,059)
(11,640) (13,709) -- -- -- -- --
(361) (447) -- -- -- -- --
-- -- -- -- -- -- --
(1,496,506) (798,558) -- -- -- -- --
(15,776) (14,053) -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1,312,356 1,165,835 -- (20,429,813) 3,631,506 (5,381,208) 3,698,908
235,233 221,595 33,542 -- 326,972 -- --
-- -- -- -- 1,755,190 -- --
(9,483,602) (52,431,479) 1,419,541 52,334,583 -- 34,181,594 (20,258,836)
1,969,365 2,175,949 49,037,377 (38,398,886) (98,775,028) (2,647,522) (76,339,867)
- ------------ ------------ ----------- ------------ ------------ ------------ ------------
(2,801,654) (46,475,672) 50,514,587 (6,493,856) (93,061,370) 26,170,468 (92,880,468)
199,720,173 344,113,571 -- 981,970,838 223,543,542 228,767,026 373,626,172
- ------------ ------------ ----------- ------------ ------------ ------------ ------------
$196,918,519 $297,637,899 $50,514,587 $975,476,982 $130,482,172 $254,937,494 $280,745,704
============ ============ =========== ============ ============ ============ ============
$ 54,477 $ 33,210 $ 13,723 $ -- $ -- $ -- $ --
============ ============ =========== ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
131
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund Fund
------------- ------------ ------------ ------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ................ $ 539,419,231 $ 465,440 $ 52,339,094 $ 174,197,902 $ 15,657,100 $13,663,946 $ 168,580
Issued as
reinvestment of
dividends ......... 1,402,134 42,874 550,030 4,221,414 197,002 137,190 1,922
Redeemed ............ (535,319,968) (68,251) (47,397,895) (84,944,338) (16,030,469) (2,915,198) (67,566)
------------- ------------ ------------ ------------- ------------ ----------- ------------
Net increase/
(decrease) ........ $ 5,501,397 $ 440,063 $ 5,491,229 $ 93,474,978 $ (176,367) $10,885,938 $ 102,936
============= ============ ============ ============= ============ =========== ============
Class B Shares:
Sold ................ $ 14,119,271 $ 509,380 $ 1,136,459 $ 60,486,745 $ 305,470 $16,787,807 $ 574,011
Issued as
reinvestment of
dividends ......... 47,704 4,555 52,424 2,819,935 20,842 127,415 574
Redeemed ............ (13,589,891) (81,760) (166,804) (8,031,251) (304,442) (992,326) (148,793)
------------- ------------ ------------ ------------- ------------ ----------- ------------
Net increase ........ $ 577,084 $ 432,175 $ 1,022,079 $ 55,275,429 $ 21,870 $15,922,896 $ 425,792
============= ============ ============ ============= ============ =========== ============
Class C Shares:
Sold ................ $ 131,853 $ 67,088 $ 9,979,727 $ -- $ 26,112,696 $10,789,550 $ 81,236
Issued as
reinvestment of
dividends ......... 6,791 2,435 13,871 -- 1,467 76,181 497
Redeemed ............ (280,733) (30,338) (8,991,020) -- (26,507,448) (3,260,563) (101,755)
------------- ------------ ------------ ------------- ------------ ----------- ------------
Net increase/
(decrease) ........ $ (142,089) $ 39,185 $ 1,002,578 $ -- $ (393,285) $ 7,605,168 $ (20,022)
============= ============ ============ ============= ============ =========== ============
Class K Shares:
Sold ................ $ 244,084,125 $ 36,238,336 $ 37,934,509 $ 123,539,189 $ 19,678,745 $ 3,286,508 $ 1,072,484
Issued as
reinvestment of
dividends ......... 28,455 -- 791 26,046 4,812 1,933 --
Redeemed ............ (249,458,768) (10,879,692) (40,534,859) (34,901,321) (43,728,903) (543,755) (926,063)
------------- ------------ ------------ ------------- ------------ ----------- ------------
Net increase/
(decrease) ........ $ (5,346,188) $ 25,358,644 $ (2,599,559) $ 88,663,914 $(24,045,346) $ 2,744,686 $ 146,421
============= ============ ============ ============= ============ =========== ============
Class Y Shares:
Sold ................ $ 144,252,479 $ 17,891,800 $ 41,828,650 $ 88,239,520 $ 37,273,610 $13,665,453 $ 18,459,230
Issued as
reinvestment of
dividends ......... 301,458 20,638 93,667 705,826 234,936 246,160 152,033
Redeemed ............ (214,004,273) (44,401,030) (37,931,645) (158,496,032) (40,102,733) (1,756,540) (12,035,069)
------------- ------------ ------------ ------------- ------------ ----------- ------------
Net increase/
(decrease) ........ $ (69,450,336) $(26,488,592) $ 3,990,672 $ (69,550,686) $ (2,594,187) $12,155,073 $ 6,576,194
============= ============ ============ ============= ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
132
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
- ------------- ----------- ------------- ------------- ------------- ----------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 125,767,920 $ 3,008,839 $ 141,413,374 $ 851,622,256 $ 182,928,935 $ 725,997 $4,670,335 $ 551,489
658,823 79,679 94,875 1,616,927 148,415 15,685 -- 5,750
(114,776,213) (363,705) (137,207,459) (851,401,150) (180,305,961) (411,367) (319,619) (136,500)
- ------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 11,650,530 $ 2,724,813 $ 4,300,790 $ 1,838,033 $ 2,771,389 $ 330,315 $4,350,716 $ 420,739
============= =========== ============= ============= ============= =========== ========== ===========
$ 12,159,704 $ 3,140,780 $ 2,934,233 $ 12,987,682 $ 1,975,392 $ 731,828 $8,010,359 $ 446,549
1,685,590 74,933 21,465 384,944 19,472 3,531 -- 185
(11,713,946) (931,464) (173,324) (3,881,725) (837,371) (150,385) (276,666) (4,636)
- ------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 2,131,348 $ 2,284,249 $ 2,782,374 $ 9,490,901 $ 1,157,493 $ 584,974 $7,733,693 $ 442,098
============= =========== ============= ============= ============= =========== ========== ===========
$ 5,465,341 $ 1,122,807 $ 2,449,191 $ 19,422,073 $ 3,033,439 $ 357,347 $3,413,905 $ 3,196,011
27,187 13,557 17,092 217,318 17,693 498 -- 20
(2,205,273) (132,785) (748,477) (15,301,183) (2,507,546) (224,202) (185,681) (3,112,795)
- ------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 3,287,255 $ 1,003,579 $ 1,717,806 $ 4,338,208 $ 543,586 $ 133,643 $3,228,224 $ 83,236
============= =========== ============= ============= ============= =========== ========== ===========
$ 50,186,632 $ 699,056 $ 42,055,711 $ 258,655,493 $ 7,292,813 $48,204,012 $ 37,061 $ 2,491,379
89,260 -- 610 385,586 364 15 -- --
(57,954,438) (81,437) (18,721,032) (240,034,216) (2,198,807) (7,925,259) -- (1,554,652)
- ------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ (7,678,546) $ 617,619 $ 23,335,289 $ 19,006,863 $ 5,094,370 $40,278,768 $ 37,061 $ 936,727
============= =========== ============= ============= ============= =========== ========== ===========
$ 192,274,534 $40,212,699 $ 95,281,559 $ 182,007,606 $ 102,254,412 $19,650,219 $3,416,348 $42,572,415
1,713,798 541,776 925,440 5,087,805 1,469,009 117,261 -- 96,952
(84,529,948) (6,968,483) (48,715,947) (110,796,908) (35,733,609) (4,034,637) (366,694) (4,698,208)
- ------------- ----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 109,458,384 $33,785,992 $ 47,491,052 $ 76,298,503 $ 67,989,812 $15,732,843 $3,049,654 $37,971,159
============= =========== ============= ============= ============= =========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
133
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
----------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ---------- ---------- ---------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 41,735,220 35,128 3,300,696 7,712,233 1,068,198 783,470 15,620
Issued as reinvestment of
dividends ................. 126,701 3,375 37,128 199,979 14,938 8,580 187
Redeemed .................... (41,137,844) (5,256) (2,967,466) (3,750,716) (1,092,860) (169,871) (5,962)
----------- ---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... 724,077 33,247 370,358 4,161,496 (9,724) 622,179 9,845
=========== ========== ========== ========== ========== ======== ==========
Class B Shares:
Sold ........................ 1,124,972 38,372 73,692 2,696,194 20,825 963,594 50,722
Issued as reinvestment of
dividends ................. 4,496 356 3,590 134,247 1,610 8,014 57
Redeemed .................... (1,063,976) (5,942) (10,728) (354,470) (20,761) (57,721) (13,529)
----------- ---------- ---------- ---------- ---------- -------- ----------
Net increase ................ 65,492 32,786 66,554 2,475,971 1,674 913,887 37,250
=========== ========== ========== ========== ========== ======== ==========
Class C Shares:
Sold ........................ 10,781 5,032 645,741 -- 1,737,363 618,833 7,517
Issued as reinvestment of
dividends ................. 631 193 935 -- 110 4,788 49
Redeemed .................... (21,679) (2,315) (582,962) -- (1,753,702) (190,515) (8,985)
----------- ---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... (10,267) 2,910 63,714 -- (16,229) 433,106 (1,419)
=========== ========== ========== ========== ========== ======== ==========
Class K Shares:
Sold ........................ 16,772,490 2,660,260 2,399,900 5,527,348 1,372,285 194,137 101,810
Issued as reinvestment of
dividends ................. 2,571 -- 53 1,239 369 121 --
Redeemed .................... (17,194,048) (812,753) (2,511,129) (1,553,772) (2,942,441) (30,301) (85,882)
----------- ---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... (418,987) 1,847,507 (111,176) 3,974,815 (1,569,787) 163,957 15,928
=========== ========== ========== ========== ========== ======== ==========
Class Y Shares:
Sold ........................ 9,171,627 1,351,069 2,641,745 3,994,223 2,573,626 810,899 1,591,682
Issued as reinvestment of
dividends ................. 26,777 1,626 6,391 33,540 17,653 15,366 14,689
Redeemed .................... (13,755,141) (3,253,921) (2,368,783) (7,060,235) (2,658,666) (104,360) (1,116,605)
----------- ---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... (4,556,737) (1,901,226) 279,353 (3,032,472) (67,387) 721,905 489,766
=========== ========== ========== ========== ========== ======== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
134
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
- ---------- --------- ---------- ----------- ----------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
6,081,224 193,510 9,885,606 38,939,088 11,436,014 65,933 389,454 48,119
35,825 5,166 7,030 85,371 10,894 1,497 -- 576
(5,537,783) (23,295) (9,534,652) (38,516,138) (11,204,399) (38,259) (28,756) (11,602)
- ---------- --------- ---------- ----------- ----------- --------- ------- ---------
579,266 175,381 357,984 508,321 242,509 29,171 360,698 37,093
========== ========= ========== =========== =========== ========= ======= =========
634,260 201,381 207,462 634,390 127,593 59,988 665,972 38,978
94,589 4,841 1,630 21,081 1,425 333 -- 19
(604,396) (60,244) (11,995) (196,447) (52,811) (13,539) (22,987) (400)
- ---------- --------- ---------- ----------- ----------- --------- ------- ---------
124,453 145,978 197,097 459,024 76,207 46,782 642,985 38,597
========== ========= ========== =========== =========== ========= ======= =========
278,253 71,494 170,434 864,580 189,854 32,857 289,644 309,736
1,524 875 1,284 11,715 1,232 47 -- 2
(111,422) (8,477) (51,868) (658,060) (155,615) (20,000) (15,939) (298,660)
- ---------- --------- ---------- ----------- ----------- --------- ------- ---------
168,355 63,892 119,850 218,235 35,471 12,904 273,705 11,078
========== ========= ========== =========== =========== ========= ======= =========
2,532,388 45,991 2,985,358 11,225,265 484,866 3,932,077 2,916 230,623
4,859 -- 47 20,358 25 1 -- --
(2,862,299) (5,293) (1,258,817) (10,302,528) (142,618) (737,301) -- (136,071)
- ---------- --------- ---------- ----------- ----------- --------- ------- ---------
(325,052) 40,698 1,726,588 943,095 342,273 3,194,777 2,916 94,552
========== ========= ========== =========== =========== ========= ======= =========
9,751,713 2,604,804 6,789,601 8,089,789 6,579,214 1,600,701 300,623 3,728,279
92,338 35,106 68,847 264,990 99,537 11,233 -- 9,641
(4,201,175) (461,761) (3,377,343) (5,027,722) (2,215,981) (392,540) (31,075) (425,626)
- ---------- --------- ---------- ----------- ----------- --------- ------- ---------
5,642,876 2,178,149 3,481,105 3,327,057 4,462,770 1,219,394 269,548 3,312,294
========== ========= ========== =========== =========== ========= ======= =========
<FN>
See Notes to Financial Statements.
</TABLE>
135
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .................................. $ 954,099 $ 35,518,363 $ 20,223 $ 4,536,840 $ 1,586,012
Issued as reinvestment of dividends ... 44,875 306,750 3,852 101,920 17,093
Redeemed .............................. (324,762) (34,623,151) (29,371) (3,316,035) (314,710)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ 674,212 $ 1,201,962 $ (5,296) $ 1,322,725 $ 1,288,395
============ ============ =========== ============ ===========
Class B Shares:
Sold .................................. $ 929,598 $ 635,955 $ 91,959 $ 3,178,214 $ 292,659
Issued as reinvestment of dividends ... 2,530 8,823 111 1,375 11,786
Redeemed .............................. (831,391) (519,582) (5,628) (3,847,302) (3,046)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ 100,737 $ 125,196 $ 86,442 $ (667,713) $ 301,399
============ ============ =========== ============ ===========
Class C Shares:
Sold .................................. $ 646,994 $ 2,201,476 $ 31,759 $ 197,028 $ 24,993
Issued as reinvestment of dividends ... 218 4,450 -- 964 --
Redeemed .............................. (632,125) (2,206,798) -- (107,854) (41,402)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ 15,087 $ (872) $ 31,759 $ 90,138 $ (16,409)
============ ============ =========== ============ ===========
Class K Shares:
Sold .................................. $ 14,348,224 $ 80,068,663 $ 43,020 $ 47,245,732 $16,968,229
Issued as reinvestment of dividends ... -- 24,387 -- 2,615 --
Redeemed .............................. (7,687,973) (55,747,168) (66,255) (27,787,122) (4,701,227)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ 6,660,251 $ 24,345,882 $ (23,235) $ 19,461,225 $12,267,002
============ ============ =========== ============ ===========
Class Y Shares:
Sold .................................. $135,969,213 $100,224,429 $ 4,116,120 $ 16,769,629 $ 576,221
Issued as reinvestment of dividends ... 81,944 146,626 491,207 46,332 9,477
Redeemed .............................. (34,778,888) (38,381,770) (5,752,298) (2,765,135) (253,456)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $101,272,269 $ 61,989,285 $(1,144,971) $ 14,050,826 $ 332,242
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class C Shares commenced operations on July
7, 1997.
(b) The Munder Short Term Treasury Fund Class A Shares and Class C Shares
commenced operations on February 12, 1998 and July 2, 1997, respectively.
See Notes to Financial Statements.
</TABLE>
136
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund(a) Bond Fund Fund(b)
- ------------ ------------ ------------
<S> <C> <C>
$ 3,614,014 $ 4,811,740 $ 32,905
46,628 166,779 92
(3,711,909) (4,668,700) (32,939)
- ------------ ------------ ------------
$ (51,267) $ 309,819 $ 58
============ ============ ============
$ 246,154 $ 191,439 $ 443,632
59 264 137
(1,000) -- (476,984)
- ------------ ------------ ------------
$ 245,213 $ 191,703 $ (33,215)
============ ============ ============
$ 40,861 -- $ 59,968
-- -- 23
-- -- (60,086)
- ------------ ------------ ------------
$ 40,861 -- $ (95)
============ ============ ============
$ 23,208,945 $ 45,773,724 $ 1,700,010
821 11,065 --
(23,412,116) (35,071,716) (2,480,324)
- ------------ ------------ ------------
$ (202,350) $ 10,713,073 $ (780,314)
============ ============ ============
$ 837,177 $ 3,988,232 $ 36,472,976
3,985 1,632 2,439,897
(744,413) (2,115,158) (49,754,986)
- ------------ ------------ ------------
$ 96,749 $ 1,874,706 $(10,842,113)
============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
137
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
---------- ------------ ------------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .................................. 96,300 3,750,114 2,097 440,195 159,016
Issued as reinvestment of dividends ... 4,562 32,465 401 9,916 1,718
Redeemed .............................. (33,162) (3,659,805) (3,049) (321,399) (31,820)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ............... 67,700 122,774 (551) 128,712 128,914
========== ========== ======== ========== =========
Class B Shares:
Sold .................................. 93,817 67,247 9,526 308,147 29,315
Issued as reinvestment of dividends ... 257 935 12 134 1,185
Redeemed .............................. (83,938) (54,915) (579) (373,051) (307)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ............... 10,136 13,267 8,959 (64,770) 30,193
========== ========== ======== ========== =========
Class C Shares:
Sold .................................. 65,083 233,511 3,235 19,096 2,500
Issued as reinvestment of dividends ... 22 470 -- 94 --
Redeemed .............................. (63,450) (232,883) -- (10,463) (4,067)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ............... 1,655 1,098 3,235 8,727 (1,567)
========== ========== ======== ========== =========
Class K Shares:
Sold .................................. 1,456,896 8,464,953 4,445 4,581,485 1,705,070
Issued as reinvestment of dividends ... -- 2,585 -- 254 --
Redeemed .............................. (779,936) (5,887,836) (6,880) (2,691,211) (473,464)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ............... 676,960 2,579,702 (2,435) 1,890,528 1,231,606
========== ========== ======== ========== =========
Class Y Shares
Sold .................................. 13,821,217 10,591,114 423,302 1,627,028 57,300
Issued as reinvestment of dividends ... 8,318 15,507 50,974 4,506 952
Redeemed .............................. (3,523,204) (4,056,301) (584,840) (268,382) (25,401)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ............... 10,306,331 6,550,320 (110,564) 1,363,152 32,851
========== ========== ======== ========== =========
<FN>
- ----------------
(a) The Munder Tax Free Bond Fund Class C Shares commenced operations on July
7, 1997.
(b) The Munder Short Term Treasury Fund Class A Shares and Class C Shares
commenced operations on February 12, 1998 and July 2, 1997. respectively.
See Notes to Financial Statements.
</TABLE>
138
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund(a) Bond Fund Fund(b)
- ---------- ------------ ----------
<S> <C> <C>
336,093 457,922 3,251
4,348 15,922 9
(343,395) (443,962) (3,260)
- ---------- ---------- ----------
(2,954) 29,882 --
========== ========== ==========
22,812 18,270 44,062
5 25 14
(93) -- (47,456)
- ---------- ---------- ----------
22,724 18,295 (3,380)
========== ========== ==========
3,850 -- 5,947
-- -- 2
-- -- (5,949)
- ---------- ---------- ----------
3,850 -- --
========== ========== ==========
2,156,931 4,356,995 169,058
76 1,056 --
(2,177,117) (3,340,840) (247,078)
- ---------- ---------- ----------
(20,110) 1,017,211 (78,020)
========== ========== ==========
78,211 380,413 3,629,044
372 156 243,183
(69,922) (201,750) (4,947,479)
- ---------- ---------- ----------
8,661 178,819 (1,075,252)
========== ========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
139
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
Since the Funds have sold, redeemed and reinvested shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, redemptions and reinvestments are the same as the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
--------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold .................................. $ 1,529,521,817 $ 632,100,591 $ 177,864,977 $ 38,374,572
Issued as reinvestment of dividends ... 4,882,857 321,576 1,747,092 329,790
Redeemed .............................. (1,496,937,144) (621,328,822) (112,826,402) (35,379,174)
--------------- ------------- ------------- -------------
Net increase .......................... $ 37,467,530 $ 11,093,345 $ 66,785,667 $ 3,325,188
=============== ============= ============= =============
Class B Shares:
Sold .................................. $ 16,765,810
Issued as reinvestment of dividends ... 16,857
Redeemed .............................. (16,576,223)
-------------
Net increase .......................... $ 206,444
=============
Class C Shares:
Sold .................................. $ 54,403,515
Issued as reinvestment of dividends ... 46,154
Redeemed .............................. (56,204,006)
-------------
Net increase .......................... $ (1,754,337)
=============
Class K Shares:
Sold .................................. $ 1,296,422,618 $ 398,274,187 $ 157,006,524
Issued as reinvestment of dividends ... 165,621 6,260 3,336
Redeemed .............................. (1,223,603,039) (419,467,191) (157,650,371)
--------------- ------------- -------------
Net increase/(decrease) ............... $ 72,985,200 $ (21,186,744) $ (640,511)
=============== ============= =============
Class Y Shares:
Sold .................................. $ 659,461,802 $ 481,224,890 $ 119,848,786 $ 112,737,894
Issued as reinvestment of dividends ... 131,983 4,772,056 4,192 15,454
Redeemed .............................. (611,601,060) (541,927,731) (122,405,360) (308,854,622)
--------------- ------------- ------------- -------------
Net increase/(decrease) ............... $ 47,992,725 $ (55,930,785) $ (2,552,382) $(196,101,274)
=============== ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
140
<PAGE>
[ This Page Intentionally Left Blank ]
141
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund(a) Fund
------------- ------------ ------------ ------------ ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ............... $ 101,714,828 $ 102,364 $ 3,240,200 $ 70,936,027 $ 7,573,689 $ 176,161 $ 94,969
Issued as
reinvestment of
dividends ........ 433,223 24,900 103,491 508,677 179,150 -- 4,730
Redeemed ........... (102,044,214) (143,015) (1,094,564) (18,886,613) (6,166,389) (13,327) (223,244)
------------- ------------ ------------ ------------ ------------ ---------- -----------
Net increase/
(decrease) ....... $ 103,837 $ (15,751) $ 2,249,127 $ 52,558,091 $ 1,586,450 $ 162,834 $ (123,545)
============= ============ ============ ============ ============ ========== ===========
Class B Shares:
Sold ............... $ 3,390,164 $ 115,688 $ 419,009 $ 39,980,269 $ 380,267 $ 393,839 $ 57,198
Issued as
reinvestment of
dividends ........ 16,206 2,384 12,899 213,891 21,349 -- 4,952
Redeemed ........... (3,158,428) (4,267) (81,842) (3,398,173) (272,696) -- (5,489)
------------- ------------ ------------ ------------ ------------ ---------- -----------
Net increase ....... $ 247,942 $ 113,805 $ 350,066 $ 36,795,987 $ 128,920 $ 393,839 $ 56,661
============= ============ ============ ============ ============ ========== ===========
Class C Shares:
Sold ............... $ 1,851,264 $ 68,415 $ 3,204,162 $ -- $ 2,511,095 $ 104,830 $ 85,141
Issued as
reinvestment of
dividends ........ 52 122 2,457 -- 35 -- 896
Redeemed ........... (1,672,627) (22) (2,597,116) -- (1,973,632) -- (18,417)
------------- ------------ ------------ ------------ ------------ ---------- -----------
Net increase ....... $ 178,689 $ 68,515 $ 609,503 $ -- $ 537,498 $ 104,830 $ 67,620
============= ============ ============ ============ ============ ========== ===========
Class K Shares:
Sold ............... $ 214,830,413 $ 6,581,712 $ 39,725,691 $ 38,905,085 $ 40,942,377 $ 209,128 $ 859,841
Issued as
reinvestment of
dividends ........ 6,756 -- 496 2,006 11,878 -- --
Redeemed ........... (231,132,351) (1,968,010) (50,866,137) (4,891,971) (27,948,543) (45,650) (128,264)
------------- ------------ ------------ ------------ ------------ ---------- -----------
Net increase/
(decrease) ....... $ (16,295,182) $ 4,613,702 $(11,139,950) $ 34,015,120 $ 13,005,712 $ 163,478 $ 731,577
============= ============ ============ ============ ============ ========== ===========
Class Y Shares:
Sold ............... $ 34,636,181 $ 27,428,925 $ 11,770,423 $144,007,404 $ 34,855,719 $1,979,362 $ 7,321,781
Issued as
reinvestment of
dividends ........ 398,011 2,289 14,438 136,376 845,365 -- 299,113
Redeemed ........... (59,301,396) (18,550,008) (6,480,117) (47,949,614) (22,476,303) (43,069) (3,083,103)
------------- ------------ ------------ ------------ ------------ ---------- -----------
Net increase/
(decrease) ....... $ (24,267,204) $ 8,881,206 $ 5,304,744 $ 96,194,166 $ 13,224,781 $1,936,293 $ 4,537,791
============= ============ ============ ============ ============ ========== ===========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares, Class C
Shares, Class K and Class Y Shares commenced operations on December 26,
1996, February 24, 1997, March 31, 1997, December 31, 1996 and December
26, 1996 respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares, Class B Shares, Class C
shares, Class K Shares and Class Y shares commenced operations on January
10, 1997, February 11 1997, January 13, 1997, December 31, 1996 and
December 26, 1996, respectively.
(d) The Munder Framlington Emerging Markets Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on January 14, 1997, February 25, 1997, March 3, 1997, January
10, 1997 and December 31, 1996 respectively.
(e) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares,
Class C Shares, Class K and Class Y Shares commenced operations on
February 14, 1997, January 31, 1997, January 13, 1997, April 1, 1997 and
December 31, 1996, respectively.
(f) The Munder Framlington International Growth Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on February 20, 1997, March 19, 1997, February 13, 1997,
January 10, 1997 and December 31, 1996, respectively.
See Notes to Financial Statements.
</TABLE>
142
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund Fund Fund(d) Fund(e) Fund(f)
- ------------ ----------- ----------- ------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 7,599,306 $ 1,175,987 $ 1,099,006 $ 80,987,644 $ 1,753,575 $ 469,149 $ 668,481 $ 1,003,276
294,024 17,340 3,512 600,615 6,328 955 -- --
(3,462,872) (144,195) (62,330) (76,014,012) (851,313) (7,000) (25,624) (25,000)
- ------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 4,430,458 $ 1,049,132 $ 1,040,188 $ 5,574,247 $ 908,590 $ 463,104 $ 642,857 $ 978,276
============ =========== =========== ============= =========== ========== ========== ===========
$ 11,008,276 $ 2,467,417 $ 337,176 $ 5,020,913 $ 801,674 $ 135,920 $1,020,479 $ 220,489
1,223,154 15,845 4,280 17,864 3,810 179 -- --
(8,312,298) (151,456) (8) (826,443) (51,472) (10,090) (75) (101,539)
- ------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 3,919,132 $ 2,331,806 $ 341,448 $ 4,212,334 $ 754,012 $ 126,009 $1,020,404 $ 118,950
============ =========== =========== ============= =========== ========== ========== ===========
$ 11,554,085 $ 535,009 $ 180,840 $ 23,728,049 $ 136,163 $ 21,795 $ 162,935 $ 58,068
13,790 1,967 407 5,764 2,223 40 -- --
(9,393,169) (29,607) -- (22,028,360) (46,985) (1,481) -- --
- ------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 2,174,706 $ 507,369 $ 181,247 $ 1,705,453 $ 91,401 $ 20,318 $ 162,935 $ 58,068
============ =========== =========== ============= =========== ========== ========== ===========
$ 86,220,708 $ 1,415,046 $46,367,097 $ 177,871,885 $ 6,662,501 $4,031,349 $ 105,000 $ 1,108,648
77,782 -- -- 17,337 351 -- -- --
(28,825,713) (9,910) (924,924) (144,175,630) (567,024) -- -- (108,589)
- ------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 57,472,777 $ 1,405,136 $45,442,173 $ 33,713,592 $ 6,095,828 $4,031,349 $ 105,000 $ 1,000,059
============ =========== =========== ============= =========== ========== ========== ===========
$ 51,479,805 $23,238,587 $16,984,508 $ 57,984,178 $34,487,168 $4,285,017 $1,941,112 $21,627,250
886,972 100,318 22,034 822,966 331,479 1,133 -- --
(36,781,131) (1,125,098) (540,475) (21,000,710) (1,422,074) (223,284) (1,889) (372,387)
- ------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 15,585,646 $22,213,807 $16,466,067 $ 37,806,434 $33,396,573 $4,062,866 $1,939,223 $21,254,863
============ =========== =========== ============= =========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
143
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund(a) Fund
------------ ---------- ---------- ---------- ------------- --------- --------
<S> <S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ................ 7,376,349 8,188 234,161 3,909,821 501,239 15,641 8,528
Issued as
reinvestment of
dividends ......... 33,248 2,066 7,787 28,123 13,029 -- 450
Redeemed ............ (7,376,019) (11,276) (79,802) (1,037,817) (403,802) (1,245) (20,417)
----------- ---------- ---------- ---------- ---------- ------- -------
Net increase/
(decrease) ........ 33,578 (1,022) 162,146 2,900,127 110,466 14,396 (11,439)
=========== ========== ========== ========== ========== ======= =======
Class B Shares:
Sold ................ 253,156 9,389 29,848 2,204,357 26,727 34,575 5,698
Issued as
reinvestment of
dividends ......... 1,273 198 980 11,719 1,578 -- 475
Redeemed ............ (235,452) (331) (6,076) (184,249) (18,613) -- (542)
----------- ---------- ---------- ---------- ---------- ------- -------
Net increase ........ 18,977 9,256 24,752 2,031,827 9,692 34,575 5,631
=========== ========== ========== ========== ========== ======= =======
Class C Shares:
Sold ................ 133,496 5,410 234,022 -- 165,385 8,689 7,869
Issued as
reinvestment of
dividends ......... 4 9 161 -- 2 -- 86
Redeemed ............ (121,579) (2) (185,999) -- (126,816) -- (1,815)
----------- ---------- ---------- ---------- ---------- ------- -------
Net increase ........ 11,921 5,417 48,184 -- 38,571 8,689 6,140
=========== ========== ========== ========== ========== ======= =======
Class K Shares:
Sold ................ 15,187,815 525,081 2,900,852 2,143,298 2,865,640 20,097 81,024
Issued as
reinvestment of
dividends ......... 518 -- 35 110 869 -- --
Redeemed ............ (16,346,825) (158,306) (3,708,480) (274,797) (1,945,295) (4,579) (12,315)
----------- ---------- ---------- ---------- ---------- ------- -------
Net increase/
(decrease) ........ (1,158,492) 366,775 (807,593) 1,868,611 921,214 15,518 68,709
=========== ========== ========== ========== ========== ======= =======
Class Y Shares:
Sold ................ 2,517,095 2,239,730 847,658 7,982,383 2,420,567 181,860 645,678
Issued as
reinvestment of
dividends ......... 30,267 184 1,088 7,662 61,722 -- 28,379
Redeemed ............ (4,259,374) (1,501,310) (468,153) (2,653,658) (1,561,205) (4,194) (294,692)
----------- ---------- ---------- ---------- ---------- ------- -------
Net increase/
(decrease) ........ (1,712,012) 738,604 380,593 5,336,387 921,084 177,666 379,365
=========== ========== ========== ========== ========== ======= =======
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares, Class C
Shares, Class K and Class Y Shares commenced operations on December 26,
1996, February 24, 1997, March 31, 1997, December 31, 1996 and December
26, 1996 respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares, Class B Shares, Class C
shares, Class K Shares and Class Y shares commenced operations on January
10, 1997, February 11 1997, January 13, 1997, December 31, 1996 and
December 26, 1996, respectively.
(d) The Munder Framlington Emerging Markets Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on January 14, 1997, February 25, 1997, March 3, 1997, January
10, 1997 and December 31, 1996 respectively.
(e) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares,
Class C Shares, Class K and Class Y Shares commenced operations on
February 14, 1997, January 31, 1997, January 13, 1997, April 1, 1997 and
December 31, 1996, respectively.
(f) The Munder Framlington International Growth Fund Class A Shares, Class B
Shares, Class C Shares, Class K Shares and Class Y Shares commenced
operations on February 20, 1997, March 19, 1997, February 13, 1997,
January 10, 1997 and December 31, 1996, respectively.
See Notes to Financial Statements.
</TABLE>
144
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund Fund Fund(d) Fund(e) Fund(f)
- ------------ ------------ --------- ---------- --------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
483,816 84,585 102,051 4,073,044 141,937 41,734 63,699 99,737
19,537 1,277 298 32,016 515 74 -- --
(220,758) (10,673) (5,688) (3,795,299) (65,495) (631) (2,682) (2,540)
- ---------- --------- --------- ---------- --------- ------- ------- ---------
282,595 75,189 96,661 309,761 76,957 41,177 61,017 97,197
========== ========= ========= ========== ========= ======= ======= =========
714,134 177,899 30,619 266,694 62,109 11,246 97,919 20,407
83,151 1,184 408 974 328 14 -- --
(536,526) (11,359) (1) (43,006) (4,251) (916) (7) (9,066)
- ---------- --------- --------- ---------- --------- ------- ------- ---------
260,759 167,724 31,026 224,662 58,186 10,344 97,912 11,341
========== ========= ========= ========== ========= ======= ======= =========
745,285 38,801 16,329 1,198,463 11,143 1,953 15,144 5,476
937 145 35 310 192 -- -- --
(603,919) (2,165) -- (1,095,914) (3,665) (128) -- --
- ---------- --------- --------- ---------- --------- ------- ------- ---------
142,303 36,781 16,364 102,859 7,670 1,825 15,144 5,476
========== ========= ========= ========== ========= ======= ======= =========
5,480,651 103,574 4,300,140 9,094,522 525,427 342,112 10,907 106,183
5,174 -- -- 924 30 -- -- --
(1,802,231) (731) (83,364) (7,327,720) (45,251) -- -- (10,248)
- ---------- --------- --------- ---------- --------- ------- ------- ---------
3,683,594 102,843 4,216,776 1,767,726 480,206 342,112 10,907 95,935
========== ========= ========= ========== ========= ======= ======= =========
3,198,676 1,714,854 1,565,794 2,938,830 2,741,436 393,313 191,665 2,135,815
58,502 7,437 1,870 43,474 28,172 88 -- --
(2,276,376) (80,307) (50,309) (1,054,932) (111,678) (19,946) (191) (36,195)
- ---------- --------- --------- ---------- --------- ------- ------- ---------
980,802 1,641,984 1,517,355 1,927,372 2,657,930 373,455 191,474 2,099,620
========== ========= ========= ========== ========= ======= ======= =========
<FN>
See Notes to Financial Statements.
</TABLE>
145
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund(a) Fund(b) Bond Fund(c)
------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .................................. $ 722,605 $ 3,845,090 $ 172,931 $ 1,484,727 $ 253,986
Issued as reinvestment of dividends ... 32,466 247,408 112 20,649 13,052
Redeemed .............................. (834,239) (3,347,609) (5,000) (544,379) (193,491)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ (79,168) $ 744,889 $ 168,043 $ 960,997 $ 73,547
============ ============ =========== ============ ===========
Class B Shares:
Sold .................................. $ 505,619 $ 356,872 $ 20,740 $ 1,934,087 $ 70,290
Issued as reinvestment of dividends ... 5,598 5,729 -- 7,163 6,877
Redeemed .............................. (251,200) (2,449) -- (841,994) (25,132)
------------ ------------ ----------- ------------ -----------
Net increase .......................... $ 260,017 $ 360,152 $ 20,740 $ 1,099,256 $ 52,035
============ ============ =========== ============ ===========
Class C Shares:
Sold .................................. $ 650,966 $ 2,475,363 -- $ 16,574 $ 89,041
Issued as reinvestment of dividends ... 437 3,113 -- 20 --
Redeemed .............................. (658,250) (2,480,476) -- (6,856) (19)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ (6,847) $ (2,000) -- $ 9,738 $ 89,022
============ ============ =========== ============ ===========
Class K Shares:
Sold .................................. $ 13,725,771 $ 41,376,179 $ 115,302 $ 61,223,031 $20,579,426
Issued as reinvestment of dividends ... -- 38,309 -- 3,554 301
Redeemed .............................. (11,079,199) (87,290,552) (15,959) (27,554,020) (7,789,915)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ 2,646,572 $(45,876,064) $ 99,343 $ 33,672,565 $12,789,812
============ ============ =========== ============ ===========
Class Y Shares:
Sold .................................. $ 20,310,569 $ 32,107,963 $52,163,268 $ 8,849,219 $ 471,521
Issued as reinvestment of dividends ... 33,206 41,666 5,749 18,056 6,295
Redeemed .............................. (20,461,565) (53,975,282) (130,550) (1,006,807) (42,281)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ (117,790) $(21,825,653) $52,038,467 $ 7,860,468 $ 435,535
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) The Munder International Bond Fund Class A Shares, Class B Shares, Class
K Shares, and Class Y Shares commenced operations on October 17, 1996,
June 9, 1997, March 24, 1997, and October 2, 1996, respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
(d) The Munder Short Term Treasury Fund Class B Shares, Class K Shares and
Class Y Shares commenced operations on April 4, 1997, April 2, 1997 and
January 29, 1997, respectively.
See Notes to Financial Statements.
</TABLE>
146
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
- ------------ ------------ -----------
<S> <C> <C>
$ 2,651,583 $ 4,542,574 --
30,725 114,181 --
(1,369,952) (3,490,920) --
- ------------ ------------ -----------
$ 1,312,356 $ 1,165,835 --
============ ============ ===========
$ 485,874 $ 221,204 $ 68,495
300 391 --
(250,941) -- (34,953)
- ------------ ------------ -----------
$ 235,233 $ 221,595 $ 33,542
============ ============ ===========
-- -- --
-- -- --
-- -- --
- ------------ ------------ -----------
-- -- --
============ ============ ===========
$ 26,287,176 $ 21,354,645 $ 1,425,010
976 10,316 22
(35,771,754) (73,796,440) (5,491)
- ------------ ------------ -----------
$ (9,483,602) $(52,431,479) $ 1,419,541
============ ============ ===========
$ 2,323,433 $ 3,244,759 $52,806,009
799 574 812,987
(354,867) (1,069,384) (4,581,619)
- ------------ ------------ -----------
$ 1,969,365 $ 2,175,949 $49,037,377
============ ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
147
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund(a) Fund(b) Bond Fund(c)
---------- ------------ ------------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .................................. 74,757 411,150 17,619 147,994 26,624
Issued as reinvestment of dividends ... 3,396 26,780 11 2,054 1,371
Redeemed .............................. (86,692) (359,206) (516) (54,343) (20,187)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) ............... (8,539) 78,724 17,114 95,705 7,808
========== ========== ========= ========== =========
Class B Shares:
Sold .................................. 53,020 38,333 2,108 191,518 7,428
Issued as reinvestment of dividends ... 580 683 -- 701 726
Redeemed .............................. (26,060) (276) -- (83,881) (2,621)
---------- ---------- --------- ---------- ---------
Net increase .......................... 27,540 38,740 2,108 108,338 5,533
========== ========== ========= ========== =========
Class C Shares:
Sold .................................. 67,270 264,896 -- 1,648 9,301
Issued as reinvestment of dividends ... 45 357 -- 2 --
Redeemed .............................. (68,024) (264,567) -- (667) (2)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) ............... (709) 686 -- 983 9,299
========== ========== ========= ========== =========
Class K Shares:
Sold .................................. 1,434,648 4,430,395 12,057 6,094,852 2,153,255
Issued as reinvestment of dividends ... -- 4,108 -- 353 32
Redeemed .............................. (1,159,269) (9,358,156) (1,619) (2,742,562) (814,695)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) ............... 275,379 (4,923,653) 10,438 3,352,643 1,338,592
========== ========== ========= ========== =========
Class Y Shares:
Sold .................................. 2,124,698 3,444,548 5,269,912 881,230 49,599
Issued as reinvestment of dividends ... 3,471 4,471 569 1,794 660
Redeemed .............................. (2,135,075) (5,777,546) (13,584) (100,133) (4,466)
---------- ---------- --------- ---------- ---------
Net increase/(decrease) ............... (6,906) (2,328,527) 5,256,897 782,891 45,793
========== ========== ========= ========== =========
<FN>
- ----------------
(a) The Munder International Bond Fund Class A Shares, Class B Shares, Class
K Shares, and Class Y Shares commenced operations on October 17, 1996,
June 9, 1997, March 24, 1997, and October 2, 1996, respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
(d) The Munder Short Term Treasury Fund Class B Shares, Class K Shares and
Class Y Shares commenced operations on April 4, 1997, April 2, 1997 and
January 29, 1997, respectively.
See Notes to Financial Statements.
</TABLE>
148
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
- ---------- ------------ -----------
<S> <C> <C>
254,403 435,557 --
2,955 10,985 --
(130,788) (334,666) --
- ---------- ---------- ---------
126,570 111,876 --
========== ========== =========
46,477 21,323 6,865
27 36 --
(24,129) -- (3,485)
- ---------- ---------- ---------
22,375 21,359 3,380
========== ========== =========
-- -- --
-- -- --
-- -- --
- ---------- ---------- ---------
-- -- --
========== ========== =========
2,514,364 2,052,808 143,073
94 993 2
(3,433,740) (7,097,180) (549)
- ---------- ---------- ---------
(919,282) (5,043,379) 142,526
========== ========== =========
222,652 313,064 5,280,326
77 55 81,447
(33,925) (103,099) (458,745)
- ---------- ---------- ---------
188,804 210,020 4,903,028
========== ========== =========
<FN>
See Notes to Financial Statements.
</TABLE>
149
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
(Continued)
- -----------------------------------------------------------------------------
Since the Funds have sold, redeemed and reinvested shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, redemptions and reinvestments are the same as the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
----------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund (a) Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold .................................. $ 265,542,230 $ 28,917,566 $ 11,521,703 $ 23,806,876
Issued as reinvestment of dividends ... 3,974,343 10,575 182,115 126,067
Redeemed .............................. (289,946,386) (25,296,635) (17,085,026) (20,234,035)
------------- ------------- ------------- -------------
Net increase/(decrease) ............... $ (20,429,813) $ 3,631,506 $ (5,381,208) $ 3,698,908
============= ============= ============= =============
Class B Shares:
Sold .................................. $ 3,601,653
Issued as reinvestment of dividends ... 5,117
Redeemed .............................. (3,279,798)
-------------
Net increase .......................... $ 326,972
=============
Class C Shares:
Sold .................................. $ 36,045,428
Issued as reinvestment of dividends ... 12,362
Redeemed .............................. (34,302,600)
-------------
Net increase .......................... $ 1,755,190
=============
Class K Shares:
Sold .................................. $ 977,051,641 $ 319,774,325 $ 119,384,579
Issued as reinvestment of dividends ... 102,409 7,415 77
Redeemed .............................. (924,819,467) (285,600,146) (139,643,492)
------------- ------------- -------------
Net increase/(decrease) ............... $ 52,334,583 $ 34,181,594 $ (20,258,836)
============= ============= =============
Class Y Shares:
Sold .................................. $ 455,034,404 $ 301,972,601 $ 147,408,752 $ 675,428,907
Issued as reinvestment of dividends ... 5,498 7,034,959 2,621 10
Redeemed .............................. (493,438,788) (407,782,588) (150,058,895) (751,768,784)
------------- ------------- ------------- -------------
Net decrease .......................... $ (38,398,886) $ (98,775,028) $ (2,647,522) $ (76,339,867)
============= ============= ============= =============
<FN>
- ----------------
(a) The Munder Money Market Fund Class C Shares commenced operations on
October 17, 1996.
See Notes to Financial Statements.
</TABLE>
150
<PAGE>
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(g) 6/30/97(g) 6/30/96 6/30/95(d) 2/28/95(e)
---------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 14.56 $ 15.36 $ 14.82 $ 12.73 $ 13.98
------- ------- -------- ------- -------
Income from investment operations:
Net investment income/(loss) .......... 0.03 (0.05) (0.05) (0.01) (0.03)
Net realized and unrealized gain/(loss)
on investments ...................... 1.50 0.63 2.92 2.10 (0.88)
------- ------- -------- ------- -------
Total from investment operations ...... 1.53 0.58 2.87 2.09 (0.91)
------- ------- -------- ------- -------
Less distributions:
Dividends from net investment income .. (0.03) -- -- -- --
Distributions from net realized gains . (3.98) (1.38) (2.33) -- (0.34)
------- ------- -------- ------- -------
Total distributions ................... (4.01) (1.38) (2.33) -- (0.34)
------- ------- -------- ------- -------
Net asset value, end of period ........ $ 12.08 $ 14.56 $ 15.36 $ 14.82 $ 12.73
======= ======= ======== ======= =======
Total return (b) ...................... 13.16% 4.83% 22.03% 16.42% (6.45)%
======= ======= ======== ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $67,695 $87,693 $110,273 $85,685 $71,406
Ratio of operating expenses to average
net assets .......................... 1.20% 1.20% 1.20% 1.21%(c) 1.18%
Ratio of net investment income/(loss)
to average net assets ............... 0.19% (0.32)% (0.42)% (0.21)%(c) (0.25)%
Portfolio turnover rate ............... 76% 88% 112% 31% 90%
Ratio of operating expenses to average
net assets without waivers .......... 1.20% 1.20% 1.27% 1.44%(c) 1.41%
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
151
<PAGE>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 13.03 $12.37 $10.78 $ 9.97 $10.35
------- ------ ------ ------ ------
Income from investment operations:
Net investment income ................. 0.31 0.29 0.27 0.07 0.21
Net realized and unrealized gain/(loss)
on investments ...................... 1.64 1.30 1.57 0.86 (0.42)
------- ------ ------ ------ ------
Total from investment operations ...... 1.95 1.59 1.84 0.93 (0.21)
------- ------ ------ ------ ------
Less distributions:
Dividends from net investment income .. (0.32) (0.27) (0.25) (0.12) (0.17)
Distributions from net realized gains . (1.17) (0.66) -- -- --
------- ------ ------ ------ ------
Total distributions ................... (1.49) (0.93) (0.25) (0.12) (0.17)
------- ------ ------ ------ ------
Net asset value, end of period ........ $ 13.49 $13.03 $12.37 $10.78 $ 9.97
======= ====== ====== ====== ======
Total return (b) ...................... 15.86% 13.64% 17.17% 9.33% (1.95)%
======= ====== ====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $31,748 $6,588 $1,718 $ 168 $ 151
Ratio of operating expenses to average
net assets .......................... 1.17% 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to
average net assets .................. 2.41% 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate ............... 79% 125% 197% 52% 116%
Ratio of operating expenses to average
net assets without waivers .......... 1.17% 1.22% 1.26% 1.51%(c) 1.57%
<FN>
- ----------------
(a) The Munder Balanced Fund Class K Shares commenced operations on April 16,
1993.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
152
<PAGE>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
-------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 15.23 $ 13.05 $ 11.14 $ 10.43 $ 10.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.28 0.32 0.32 0.11 0.22
Net realized and unrealized gain on
investments ......................... 2.97 3.14 1.99 0.78 0.36
-------- -------- -------- -------- --------
Total from investment operations ...... 3.25 3.46 2.31 0.89 0.58
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.28) (0.32) (0.31) (0.18) (0.15)
Distributions from net realized gains . (2.56) (0.96) (0.09) -- (0.00)(g)
-------- -------- -------- -------- --------
Total distributions ................... (2.84) (1.28) (0.40) (0.18) (0.15)
-------- -------- -------- -------- --------
Net asset value, end of period ........ $ 15.64 $ 15.23 $ 13.05 $ 11.14 $ 10.43
======== ======== ======== ======== ========
Total return (b) ...................... 23.00% 28.12% 20.97% 8.57% 5.94%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $216,387 $212,415 $192,592 $132,583 $105,629
Ratio of operating expenses to average
net assets .......................... 1.19% 1.20% 1.21% 1.09% (c) 0.53%(c)
Ratio of net investment income to
average net assets .................. 1.78% 2.28% 2.56% 3.33% (c) 4.72%(c)
Portfolio turnover rate ............... 73% 62% 37% 13% 12%
Ratio of operating expenses to average
net assets without waivers .......... 1.19% 1.20% 1.28% 15.51% (c) 1.53%(c)
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class K Shares commenced operations on
July 5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
153
<PAGE>
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
-------- ------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 20.94 $ 16.16 $ 13.80 $12.40 $12.06
-------- ------- ------- ------ ------
Income from investment operations:
Net investment income ................. 0.28 0.31 0.33 0.10 0.30
Net realized and unrealized gain on
investments ......................... 5.48 5.04 3.07 1.44 0.50
-------- ------- ------- ------ ------
Total from investment operations ...... 5.76 5.35 3.40 1.54 0.80
-------- ------- ------- ------ ------
Less distributions:
Dividends from net investment income .. (0.27) (0.30) (0.32) (0.14) (0.29)
Distributions from net realized gains . (1.99) (0.27) (0.72) -- (0.17)
-------- ------- ------- ------ ------
Total distributions ................... (2.26) (0.57) (1.04) (0.14) (0.46)
-------- ------- ------- ------ ------
Net asset value, end of period ........ $ 24.44 $ 20.94 $ 16.16 $13.80 $12.40
======== ======= ======= ====== ======
Total return (b) ...................... 29.42% 33.79% 25.37% 12.49% 6.90%
======== ======= ======= ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $168,639 $61,254 $17,068 $2,778 $1,746
Ratio of operating expenses to average
net assets .......................... 0.53% 0.54% 0.51% 0.50%(c) 0.50%
Ratio of net investment income to
average net assets .................. 1.23% 1.76% 2.13% 2.41%(c) 2.49%
Portfolio turnover rate ............... 8% 11% 8% 6% 7%
Ratio of operating expenses to average
net assets without waivers .......... 0.60% 0.64% 0.69% 0.63%(c) 0.64%
<FN>
- ----------------
(a) The Munder Index 500 Fund Class K Shares commenced operations on December
7, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
See Notes to Financial Statements.
</TABLE>
154
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(d) 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
-------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 15.74 $ 15.08 $ 13.42 $ 12.28 $ 13.68
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income ................. 0.16 0.14 0.15 0.11 0.17
Net realized and unrealized gain/(loss)
on investments ...................... 0.32 2.31 1.63 1.03 (1.48)
-------- -------- -------- ------- -------
Total from investment operations ...... 0.48 2.45 1.78 1.14 (1.31)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income .. (0.19) (0.20) (0.12) -- (0.03)
Distributions from net realized gains . (1.00) (1.59) -- -- --
Distributions from capital ............ -- -- -- -- (0.06)
-------- -------- -------- ------- -------
Total distributions ................... (1.19) (1.79) (0.12) -- (0.09)
-------- -------- -------- ------- -------
Net asset value, end of period ........ $ 15.03 $ 15.74 $ 15.08 $ 13.42 $ 12.28
======== ======== ======== ======= =======
Total return (b) ...................... 4.24% 18.09% 13.29% 9.28% (9.68)%
======== ======== ======== ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $105,916 $135,593 $116,053 $73,168 $63,159
Ratio of operating expenses to average
net assets .......................... 1.25% 1.26% 1.26% 1.21%(c) 1.18%
Ratio of net investment income to
average net assets .................. 1.03% 0.98% 1.07% 2.57%(c) 1.31%
Portfolio turnover rate ............... 41% 46% 75% 14% 20%
Ratio of operating expenses to average
net assets without waivers .......... 1.25% 1.26% 1.33% 1.46%(c) 1.43%
<FN>
- ----------------
(a) The Munder International Equity Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
155
<PAGE>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97(d)
---------- ----------
<S> <C> <C>
Net asset value, beginning of period ............ $12.82 $10.12
------ ------
Income from investment operations:
Net investment loss ............................. (0.17) (0.05)
Net realized and unrealized gain on investments . 4.99 2.75
------ ------
Total from investment operations ................ 4.82 2.70
------ ------
Less distributions:
Distributions from net realized gains ........... (0.64) --
------ ------
Total distributions ............................. (0.64) --
------ ------
Net asset value, end of period .................. $17.00 $12.82
====== ======
Total return (b) ................................ 37.90% 26.68%
====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............ $3,050 $ 199
Ratio of operating expenses to average net assets 1.53% 1.50%(c)
Ratio of net investment loss to average net
assets ........................................ (0.98)% (0.88)%(c)
Portfolio turnover rate ......................... 172% 68%
Ratio of operating expenses to average net assets
without expenses reimbursed ................... 1.78% 7.90%(c)
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Class K Shares commened operations on
December 31, 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.
See Notes to Financial Statements.
</TABLE>
156
<PAGE>
Munder Mid-Cap Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
------------------------------------------
Year Year Period
Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period .. $10.47 $11.56 $10.53
------ ------ ------
Income from investment operations:
Net investment loss ................... (0.06) (0.07) (0.04)
Net realized and unrealized gain on
investments ......................... 0.56 0.18 1.07
------ ------ ------
Total from investment operations ...... 0.50 0.11 1.03
------ ------ ------
Less distributions:
Distributions from net realized gains . (0.05) (1.20) --
Distributions in excess of realized
gains ............................... (0.21) -- --
------ ------ ------
Total distributions ................... (0.26) (1.20) --
====== ====== ======
Net asset value, end of period ........ $10.71 $10.47 $11.56
====== ====== ======
Total return (b) ...................... 4.85% 0.90% 9.78%
====== ====== ======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $1,297 $1,100 $ 421
Ratio of operating expenses to average
net assets .......................... 1.34% 1.24% 1.20%(c)
Ratio of net investment loss to average
net assets .......................... (0.59)% (0.61)% (0.53)%(c)
Portfolio turnover rate ............... 137% 162% 247%
Ratio of operating expenses to average
net assets without waivers and/or
expenses reimbursed ................. 1.34% 1.46% 1.38%(c)
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund Class K Shares commenced operations on
October 2, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
157
<PAGE>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
------------------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/98(e) 6/30/97(e) 6/30/96(e) 6/30/95(d,f)
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 18.00 $ 14.83 $ 12.02 $ 12.20
-------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.00(g) 0.04 0.06 0.00(g)
Net realized and unrealized gain/(loss)
on investments ...................... 4.35 3.89 3.20 (0.18)
-------- -------- -------- --------
Total from investment operations ...... 4.35 3.93 3.26 (0.18)
-------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.01) (0.01) (0.05) --
Distributions from net realized gains . (0.92) (0.75) (0.40) --
-------- -------- -------- --------
Total distributions ................... (0.93) (0.76) (0.45) --
-------- -------- -------- --------
Net asset value, end of period ........ $ 21.42 $ 18.00 $ 14.83 $ 12.02
======== ======== ======== ========
Total return (b) ...................... 25.05% 27.55% 27.56% (1.48)%
======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $275,378 $237,330 $140,833 $104,767
Ratio of operating expenses to average
net assets .......................... 1.21% 1.25% 1.26% 1.20%(c)
Ratio of net investment income to
average net assets .................. 0.00% 0.25% 0.44% 0.28%(c)
Portfolio turnover rate ............... 34% 33% 54% 27%
Ratio of operating expenses to average
net assets without waivers .......... 1.39% 1.50% 1.51% 1.58%(c)
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class K Shares commenced operations
on June 23, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
(f) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
(g) Amount represents less than 0.01 per share.
See Notes to Financial Statements.
</TABLE>
158
<PAGE>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
-----------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97
---------- -------
<S> <C> <C>
Net asset value, beginning of period ............ $14.40 $12.07
------ ------
Income from investment operations:
Net investment income ........................... 0.69 0.40
Net realized and unrealized gain on investments . 0.61 2.38
------ ------
Total from investment operations ................ 1.30 2.78
------ ------
Less distributions:
Dividends from net investment income ............ (0.62) (0.41)
Distributions in excess of net investment income -- (0.01)
Distributions from net realized gains ........... (0.14) --
Distributions from paid-in capital .............. -- (0.03)
------ ------
Total distributions ............................. (0.76) (0.45)
------ ------
Net asset value, end of period .................. $14.94 $14.40
====== ======
Total return (b) ................................ 8.92% 23.11%
====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............ $2,145 $1,481
Ratio of operating expenses to average net assets 1.28% 1.35%(c)
Ratio of net investment income to average net
assets ........................................ 4.15% 3.80%(c)
Portfolio turnover rate ......................... 15% 15%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed .... 1.28% 1.38%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
See Notes to Financial Statements.
</TABLE>
159
<PAGE>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97(d)
---------- ----------
<S> <C> <C>
Net asset value, beginning of period ............ $ 12.04 $ 10.08
------- -------
Income from investment operations:
Net investment income ........................... 0.08 0.09
Net realized and unrealized gain on investments . 2.83 1.91
------- -------
Total from investment operations ................ 2.91 2.00
------- -------
Less distributions:
Dividends from net investment income ............ (0.06) (0.04)
Distributions from net realized capital gains ... (0.64) --
------- -------
Total distributions ............................. (0.70) (0.04)
------- -------
Net asset value, end of period .................. $ 14.25 $ 12.04
======= =======
Total return (b) ................................ 24.53% 19.85%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............ $84,699 $50,769
Ratio of operating expenses to average net assets 1.27% 1.38%(c)
Ratio of net investment income to average net
assets ........................................ 0.56% 1.93%(c)
Portfolio turnover rate ......................... 53% 73%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed .... 1.27% 1.51%(c)
<FN>
- ----------------
(a) The Munder Small-Cap Value Fund Class K Shares commenced operations on
December 31, 1996.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
160
<PAGE>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 21.62 $ 21.08 $ 15.28 $ 13.89 $ 14.37
-------- -------- -------- ------- -------
Income from investment operations:
Net investment loss ................... (0.13) (0.12) (0.12) (0.02) (0.04)
Net realized and unrealized gain/(loss)
on investments ...................... 2.58 3.65 7.16 1.41 (0.42)
-------- -------- -------- ------- -------
Total from investment operations ...... 2.45 3.53 7.04 1.39 (0.46)
-------- -------- -------- ------- -------
Less distributions:
Distributions from net realized gains . (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- ------- -------
Total distributions ................... (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- ------- -------
Net asset value, end of period ........ $ 19.96 $ 21.62 $ 21.08 $ 15.28 $ 13.89
======== ======== ======== ======= =======
Total return (b) ...................... 12.36% 18.93% 48.28% 10.01% (3.21)%
======== ======== ======== ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $159,837 $152,766 $111,669 $52,077 $45,080
Ratio of operating expenses to average
net assets .......................... 1.20% 1.22% 1.21% 1.21% (c) 1.23%
Ratio of net investment loss to average
net assets .......................... (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ............... 123% 98% 98% 39% 45%
Ratio of operating expenses to average
net assets without waivers .......... 1.20% 1.22% 1.28% 1.46% (c) 1.48%
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
161
<PAGE>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
------------------------------------------
Year Year Period
Ended Ended Ended
6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ............ $ 13.98 $11.57 $10.83
------- ------ ------
Income from investment operations:
Net investment income ........................... 0.09 0.08 0.05
Net realized and unrealized gain on investments . 3.38 3.64 0.74
------- ------ ------
Total from investment operations ................ 3.47 3.72 0.79
------- ------ ------
Less distributions:
Dividends from net investment income ............ (0.09) (0.09) (0.05)
Distributions from net realized gains ........... (1.15) (1.22) 0.00
------- ------ ------
Total distributions ............................. (1.24) (1.31) (0.05)
------- ------ ------
Net asset value, end of period .................. $ 16.21 $13.98 $11.57
======= ====== ======
Total return (b) ................................ 25.84% 34.37% 7.33%
======= ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............ $14,754 $7,940 $1,018
Ratio of operating expenses to average net assets 1.24% 1.27% 1.20%(c)
Ratio of net investment income/(loss) to average
net assets .................................... 0.61% 0.70% 0.64%(c)
Portfolio turnover rate ......................... 92% 139% 223%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed .... 1.24% 1.31% 1.30%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class K Shares commenced operations on November 30,
1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
162
<PAGE>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
-----------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97
---------- -------
<S> <C> <C>
Net asset value, beginning of period ............ $10.89 $ 9.45
------ --------
Income from investment operations:
Net investment loss ............................. (0.14) (0.02)
Net realized and unrealized gain on investments . 1.05 1.46
------ --------
Total from investment operations ................ 0.91 1.44
------ --------
Less distributions:
Dividends from net investment income ............ -- --
Distributions from net realized gains ........... -- --
------ --------
Total distributions ............................. -- --
------ --------
Net asset value, end of period .................. $11.80 $ 10.89
====== ========
Total return (b) ................................ 8.45% 15.24%
====== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............ $ 163 $ 119
Ratio of operating expenses to average net assets 1.62% 1.55%(c)
Ratio of net investment loss to average net
assets ........................................ (1.21)% (0.95)% (c)
Portfolio turnover rate ......................... 47% 14%
Ratio of operating expenses to average net assets
without expenses reimbursed ................... 2.40% 7.33% (c)
<FN>
- ----------------
(a) The Munder Framlington Healthcare Fund Class K Shares commenced
operations on April 1, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
163
<PAGE>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97(d)
---------- ----------
<S> <C> <C>
Net asset value, beginning of period ............ $ 12.92 $10.06
------- ------
Income from investment operations:
Net investment income ........................... 0.10 0.05
Net realized and unrealized gain/(loss) on
investments ................................... (3.72) 2.84
------- ------
Total from investment operations ................ (3.62) 2.89
------- ------
Less distributions:
Dividends from net investment income ............ (0.04) (0.03)
Distributions from net realized gains ........... (0.05) --
Distributions in excess of net realized gains ... (0.22) --
------- ------
Total distributions ............................. (0.31) (0.03)
------- ------
Net asset value, end of period .................. $ 8.99 $12.92
======= ======
Total return (b) ................................ (28.34)% 28.69%
======= ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............ $31,790 $4,419
Ratio of operating expenses to average net assets 1.89% 1.79%(c)
Ratio of net investment income to average net
assets ........................................ 0.93% 1.14%(c)
Portfolio turnover rate ......................... 94% 46%
Ratio of operating expenses to average net assets
without expenses reimbursed ................... 2.14% 5.43%(c)
<FN>
- ----------------
(a) The Munder Framlington Emerging Markets Fund Class K Shares commenced
operations on January 10, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
164
<PAGE>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97(d)
---------- ----------
<S> <C> <C>
Net asset value, beginning of period ................. $11.35 $ 9.87
------ ------
Income from investment operations:
Net investment income ................................ 0.02 0.05
Net realized and unrealized gain on investments ...... 0.61 1.43
------ ------
Total from investment operations ..................... 0.63 1.48
------ ------
Less distributions:
Dividends from net investment income ................. (0.02) --
Distributions from net realized gains ................ (0.03) --
Distributions in excess of net realized gains ........ (0.01) --
------ ------
Total distributions .................................. (0.06) --
------ ------
Net asset value, end of period ....................... $11.92 $11.35
====== ======
Total return (b) ..................................... 5.60% 14.99%
====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................. $2,271 $1,089
Ratio of operating expenses to average net assets .... 1.62% 1.55%(c)
Ratio of net investment income to average net assets . 0.21% 1.01%(c)
Portfolio turnover rate .............................. 38% 15%
Ratio of operating expenses to average net assets
without expenses reimbursed ........................ 1.82% 2.56%(c)
<FN>
- ----------------
(a) The Munder Framlington International Growth Class K Shares commened
operations on January 10, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
165
<PAGE>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(d) 6/30/97 6/30/96 6/30/95(e) 2/28/95(d,f)
---------- ------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 9.57 $ 9.53 $ 9.69 $ 9.31 $ 9.91
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ................. 0.59 0.61 0.61 0.21 0.62
Net realized and unrealized gain/(loss)
on investments ...................... 0.40 0.01 (0.19) 0.37 (0.64)
------- ------- ------- ------- -------
Total from investment operations ...... 0.99 0.62 0.42 0.58 (0.02)
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income .. (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------- ------- ------- -------
Total distributions ................... (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------- ------- ------- -------
Net asset value, end of period ........ $ 9.99 $ 9.57 $ 9.53 $ 9.69 $ 9.31
======= ======= ======= ======= =======
Total return (b) ...................... 10.57% 6.72% 4.35% 6.28% 0.44%
======= ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $43,281 $34,999 $32,211 $36,718 $33,842
Ratio of operating expenses to average
net assets .......................... 0.96% 0.96% 0.95% 0.95%(c) 0.92%
Ratio of net investment income to
average net assets .................. 5.93% 6.34% 6.26% 6.47%(c) 6.57%
Portfolio turnover rate ............... 222% 279% 507% 99% 165%
Ratio of operating expenses to average
net assets without waivers .......... 0.96% 0.96% 1.04% 1.19%(c) 1.16%
<FN>
- ----------------
(a) The Munder Bond Fund Class K Shares commenced operations on November 23,
1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
166
<PAGE>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98(f) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 9.33 $ 9.31 $ 9.51 $ 9.27 $ 9.91
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.55 0.55 0.58 0.22 0.56
Net realized and unrealized gain/(loss)
on investments ...................... 0.15 0.02 (0.20) 0.24 (0.57)
-------- -------- -------- -------- --------
Total from investment operations ...... 0.70 0.57 0.38 0.46 (0.01)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.53) (0.55) (0.58) (0.22) (0.62)
Distributions from net realized gains . -- -- -- -- (0.01)
-------- -------- -------- -------- --------
Total distributions ................... (0.53) (0.55) (0.58) (0.22) (0.63)
-------- -------- -------- -------- --------
Net asset value, end of period ........ $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27
======== ======== ======== ======== ========
Total return (b) ...................... 7.73% 6.34% 4.04% 5.04% 0.54%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $355,840 $325,331 $370,493 $300,596 $285,493
Ratio of operating expenses to average
net assets .......................... 0.93% 0.93% 0.94% 0.95%(c) 0.93%
Ratio of net investment income to
average net assets .................. 5.77% 5.91% 6.08% 7.12%(c) 6.71%
Portfolio turnover rate ............... 194% 325% 494% 84% 80%
Ratio of operating expenses to average
net assets without waivers .......... 0.93% 0.93% 1.02% 1.19%(c) 1.18%
<FN>
- ----------------
(a) The Munder Intermediate Bond Fund Class K Shares commenced operations on
November 20, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
167
<PAGE>
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
-----------------------
Year Period
Ended Ended
6/30/98 6/30/97
------- -------
<S> <C> <C>
Net asset value, beginning of period ................. $ 9.83 $9.54
------ -----
Income from investment operations:
Net investment income ................................ 0.19 0.09
Net realized and unrealized gain/(loss) on investments (0.11) 0.20
------ -----
Total from investment operations ..................... 0.08 0.29
------ -----
Less distributions:
Dividends from net investment income ................. (0.22) --
Distributions from net realized gains ................ (0.02) --
------ -----
Total distributions .................................. (0.24) 0.00
------ -----
Net asset value, end of period ....................... $ 9.67 $9.83
====== =====
Total return (b) ..................................... 0.80% 3.04%
====== =====
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................. $ 77 $ 103
Ratio of operating expenses to average net assets .... 1.11% 1.14%(c)
Ratio of net investment income to average net assets . 3.53% 3.61%(c)
Portfolio turnover rate .............................. 81% 75%
Ratio of operating expenses to average net assets
without waivers .................................... 1.11% 1.18%(c)
<FN>
- ----------------
(a) The Munder International Bond Fund Class K Shares commenced operations on
March 25, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
See Notes to Financial Statements.
</TABLE>
168
<PAGE>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 10.09 $ 9.98 $ 10.30 $ 9.89 $ 10.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income/(loss) .......... 0.60 0.65 0.71 0.23 0.47
Net realized and unrealized gain/(loss)
on investments ...................... 0.36 0.07 (0.27) 0.41 (0.12)
-------- -------- -------- -------- --------
Total from investment operations ...... 0.96 0.72 0.44 0.64 0.35
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.61) (0.61) (0.68) (0.23) (0.46)
Distributions from net realized gains . (0.06) (0.00)(g) (0.08) -- --
-------- -------- -------- -------- --------
Total distributions ................... (0.67) (0.61) (0.76) (0.23) (0.46)
-------- -------- -------- -------- --------
Net asset value, end of period ........ $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89
======== ======== ======== ======== ========
Total return (b) ...................... 9.70% 7.49% 4.32% 6.55% 3.68%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $219,724 $197,479 $158,948 $174,674 $165,298
Ratio of operating expenses to average
net assets .......................... 0.94% 0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income/(loss)
to average net assets ............... 6.00% 6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ............... 85% 130% 133% 42% 143%
Ratio of operating expenses to average
net assets without waivers .......... 0.94% 0.96% 1.04% 1.21%(c) 1.19%(c)
<FN>
- ----------------
(a) The Munder U.S. Government Income Fund Class K Shares commenced
operations on July 5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
169
<PAGE>
Munder Michigan Triple Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(d) 6/30/96(d) 6/30/95(d,e) 2/28/95(d,f)
------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 9.64 $ 9.34 $ 9.34 $ 9.24 $ 9.73
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ................. 0.42 0.43 0.48 0.16 0.44
Net realized and unrealized gain/(loss)
on investments ...................... 0.44 0.30 (0.00)(g) 0.10 (0.50)
------- ------- ------- ------- -------
Total from investment operations ...... 0.86 0.73 0.48 0.26 (0.06)
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income .. (0.42) (0.43) (0.48) (0.16) (0.43)
Distributions from net realized gains . (0.02) (0.00)(g) -- -- --
------- ------- ------- ------- -------
Total distributions ................... (0.44) (0.43) (0.48) (0.16) (0.43)
------- ------- ------- ------- -------
Net asset value, end of period ........ $ 10.06 $ 9.64 $ 9.34 $ 9.34 $ 9.24
======= ======= ======= ======= =======
Total return (b) ...................... 9.02% 8.00% 5.14% 2.84% (0.16)%
======= ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $57,574 $43,316 $29,476 $25,549 $27,731
Ratio of operating expenses to average
net assets ............................ 0.98% 0.88% 0.51% 0.52%(c) 0.56%
Ratio of net investment income to
average net assets .................. 4.29% 4.57% 5.01% 5.06%(c) 4.81%
Portfolio turnover rate ............... 34% 19% 31% 8% 53%
Ratio of operating expenses to average
net assets without waivers .......... 0.98% 1.02% 1.09% 1.26%(c) 1.30%
<FN>
- ----------------
(a) The Munder Michigan Triple Tax-Free Bond Fund Class K Shares commenced
operations on January 3 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
170
<PAGE>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Period
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d,f) 2/28/95(e)
------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 10.52 $ 10.35 $ 10.30 $ 10.14 $ 10.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.49 0.47 0.46 0.15 0.31
Net realized and unrealized gain on
investments ......................... 0.38 0.25 0.07 0.16 0.14
-------- -------- -------- -------- --------
Total from investment operations ...... 0.87 0.72 0.53 0.31 0.45
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.49) (0.47) (0.47) (0.15) (0.31)
Distributions from net realized gains . (0.16) (0.08) (0.01) -- --
-------- -------- -------- -------- --------
Total distributions ................... (0.65) (0.55) (0.48) (0.15) (0.31)
-------- -------- -------- -------- --------
Net asset value, end of period ........ $ 10.74 $ 10.52 $ 10.35 $ 10.30 $ 10.14
======== ======== ======== ======== ========
Total return (b) ...................... 8.43% 7.13% 5.12% 3.09% 4.64%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $194,077 $190,243 $196,645 $232,040 $251,636
Ratio of operating expenses to average
net assets .......................... 0.93% 0.95% 0.98% 1.02%(c) 0.93%(c)
Ratio of net investment income to
average net assets .................. 4.60% 4.52% 4.42% 4.38%(c) 4.69%(c)
Portfolio turnover rate ............... 61% 45% 15% 12% 50%
Ratio of operating expenses to average
net assets without waivers .......... 0.93% 0.95% 1.06% 1.26%(c) 1.17%(c)
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class K Shares commenced operations on July
5, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
171
<PAGE>
Munder Tax-Free Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 10.41 $ 10.34 $ 10.37 $ 10.17 $ 10.44
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.43 0.41 0.41 0.14 0.38
Net realized and unrealized gain/(loss)
on investments ...................... 0.13 0.10 (0.03) 0.20 (0.21)
-------- -------- -------- -------- --------
Total from investment operations ...... 0.56 0.51 0.38 0.34 0.17
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.42) (0.41) (0.41) (0.14) (0.42)
Distributions from net realized gains . (0.09) (0.03) -- -- (0.02)
-------- -------- -------- -------- --------
Total distributions ................... (0.51) (0.44) (0.41) (0.14) (0.44)
-------- -------- -------- -------- --------
Net asset value, end of period ........ $ 10.46 $ 10.41 $ 10.34 $ 10.37 $ 10.17
======== ======== ======== ======== ========
Total return (b) ...................... 5.44% 5.04% 3.69% 3.35% 2.05%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $295,601 $283,641 $333,768 $333,067 $345,658
Ratio of operating expenses to average
net assets .......................... 0.94% 0.93% 0.96% 0.98%(c) 0.95%
Ratio of net investment income to
average net assets .................. 4.07% 3.96% 3.91% 4.01%(c) 4.19%
Portfolio turnover rate ............... 27% 31% 20% 5% 52%
Ratio of operating expenses to average
net assets without waivers .......... 0.94% 0.93% 1.04% 1.22%(c) 1.19%
<FN>
- ----------------
(a) The Munder Tax-Free Intermediate Bond Fund Class K Shares commenced
operations on February 9, 1987.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
172
<PAGE>
Munder Short Term Treasury Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
-------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97(d)
---------- ----------
<S> <C> <C>
Net asset value, beginning of period ................. $10.01 $ 9.96
------ ------
Income from investment operations:
Net investment income ................................ 0.50 0.12
Net realized and unrealized gain on investments ...... 0.03 0.06
------ ------
Total from investment operations ..................... 0.53 0.18
------ ------
Less distributions:
Dividends from net investment income ................. (0.50) (0.13)
------ ------
Total distributions .................................. (0.50) (0.13)
------ ------
Net asset value, end of period ....................... $10.04 $10.01
====== ======
Total return (b) ..................................... 5.47% 1.78%
====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................. $ 648 $1,426
Ratio of operating expenses to average net assets .... 0.77% 0.77%(c)
Ratio of net investment income to average net assets . 4.99% 5.01%(c)
Portfolio turnover rate .............................. 104% 40%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor .. 0.89% 0.80%(c)
<FN>
- ----------------
(a) The Munder Short Term Treasury Fund Class K Shares commenced operations
on April 2, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
173
<PAGE>
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- --------
Total from investment operations ...... 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.050) (0.048) (0.050) (0.018) (0.040)
-------- -------- -------- -------- --------
Total distributions ................... (0.050) (0.048) (0.050) (0.018) (0.040)
-------- -------- -------- -------- --------
Net asset value, end of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return (b) ...................... 5.14% 4.90% 5.10% 1.81% 4.08%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $672,842 $599,858 $547,523 $558,628 $559,212
Ratio of operating expenses to average
net assets .......................... 0.66% 0.70% 0.68% 0.67%(c) 0.70%
Ratio of net investment income to
average net assets .................. 5.02% 4.81% 4.98% 5.49%(c) 4.12%
Ratio of operating expenses to average
net assets without waivers .......... 0.66% 0.70% 0.68% 0.69%(c) 0.73%
<FN>
- ----------------
(a) The Munder Cash Investment Fund Class K Shares commenced on November 23,
1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
174
<PAGE>
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- --------
Total from investment operations ...... 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.029) (0.028) (0.030) (0.011) (0.024)
-------- -------- -------- -------- --------
Total distributions ................... (0.029) (0.028) (0.030) (0.011) (0.024)
-------- -------- -------- -------- --------
Net asset value, end of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return (b) ...................... 2.98% 2.90% 3.00% 1.12% 2.44%
======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $205,600 $226,782 $192,591 $195,730 $195,926
Ratio of operating expenses to average
net assets .......................... 0.69% 0.68% 0.68% 0.69%(c) 0.70%
Ratio of net investment income to
average net assets .................. 2.93% 2.86% 2.99% 3.36%(c) 2.39%
Ratio of operating expenses to average
net assets without waivers .......... 0.69% 0.68% 0.70% 0.74%(c) 0.75%
<FN>
- ----------------
(a) The Munder Tax-Free Money Market Fund Class K Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
175
<PAGE>
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------
Year Year Year Period Year
Ended Ended Ended Ended Ended
6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ................. 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- -------
Total from investment operations ...... 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income .. (0.048) (0.047) (0.048) (0.017) (0.037)
------- ------- ------- ------- -------
Total distributions ................... (0.048) (0.047) (0.048) (0.017) (0.037)
------- ------- ------- ------- -------
Net asset value, end of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total return (b) ...................... 4.87% 4.73% 4.89% 1.76% 3.83%
======= ======= ======= ======= =======
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $41,247 $41,877 $62,133 $74,210 $75,197
Ratio of operating expenses to average
net assets .......................... 0.72% 0.69% 0.69% 0.70% (c) 0.70%
Ratio of net investment income to
average net assets .................. 4.77% 4.64% 4.74% 5.23% (c) 3.73%
Ratio of operating expenses to average
net assets without waivers .......... 0.72% 0.69% 0.71% 0.75% (c) 0.75%
<FN>
- ----------------
(a) The Munder U. S. Treasury Money Market Fund Class K Shares commenced
operations on November 25, 1992.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
176
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1998
- -----------------------------------------------------------------------------
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, and 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, and was organized as a Massachusetts business
trust on August 30, 1989. The Munder Framlington Funds Trust ("Framlington")
is registered under the 1940 Act as an open-end investment company, and was
organized as a Massachusetts business trust on October 30, 1996. MFI, MFT and
Framlington consist of 33 portfolios currently in operation. Information
presented in these financial statements pertains to the following funds only
(each a "Fund" collectively, the "Munder Funds") as follows:
MFI:
Equity Funds
Munder Micro-Cap Equity Fund
Munder Mid-Cap Growth Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
Income Funds
Munder International Bond Fund
Munder Short Term Treasury Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
Munder Accelerating Growth Fund
Munder Balanced Fund
Munder Growth & Income Fund
Munder Index 500 Fund
Munder International Equity Fund
Munder Small Company Growth Fund
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Triple Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Cash Investment Fund
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
Framlington:
Equity Funds
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
177
<PAGE>
The Equity Funds (with the exception of the Munder Index 500 Fund) and
the Income Funds (with the exception of the Munder Short Term Treasury and
the Munder Tax-Free Intermediate Bond Fund) offer five classes of shares --
Class A, Class B, Class C, Class K and Class Y Shares. The Munder Index 500
Fund and the Munder Tax-Free Intermediate Bond Fund offer four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Munder Short Term
Treasury Fund offers two classes of shares -- 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. Munder Money Market Fund offers four classes of shares --
Class A, Class B, Class C and Class Y Shares. The Financial Highlights of
Class A, Class B, Class C and Class Y Shares are presented in separate annual
reports. Each Fund is classified as a diversified management investment
company under the 1940 Act, other than the Munder Tax-Free Intermediate Bond
Fund, Munder Michigan Triple Tax-Free Bond Fund and Munder International Bond
Fund which are each classified as non-diversified.
On February 24, 1998, the Board of Trustees of the Munder Funds Trust
approved a proposal for the reorganization of the Munder Accelerating Growth
Fund (the "Fund"). If the reorganization is approved by the shareholders of
the Fund, the Fund's assets will be acquired by the Munder Multi-Season
Growth Fund, shareholders of the Fund will become shareholders of the Munder
Multi-Season Growth Fund and the Fund will be terminated. A shareholder
meeting to consider the reorganization has been scheduled in the Fall of
1998, and if approved the reorganization will be completed in the Fall of
1998.
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 Munder Funds in the
preparation of their financial statements:
Security Valuation: With respect to the Equity and Income Funds,
securities (including financial futures, if any) traded on a recognized stock
exchange or on the NASDAQ National Market System ("NASDAQ") are valued at the
last sale price on the securities exchange on which such securities are
primarily traded or at the last sale price on the national securities market
as of the close of business on the date of the valuation. Securities traded
on a national securities exchange or on NASDAQ for which there were no sales
on the date of valuation and securities traded on over-the-counter markets,
including listed securities for which the primary market is believed to be
over-the-counter, are valued at the mean between the most recently quoted bid
and asked prices. Restricted securities, and securities and assets for which
market quotations are not readily available, are valued at fair value by the
advisor, under the supervision of the Boards of Trustees and Directors.
Portfolio securities primarily traded on the London Stock Exchange are
generally valued at the mid-price between the current bid and asked prices.
Portfolio securities that are primarily traded on foreign securities
exchanges, other than the London Stock Exchange, are generally valued at the
preceding closing values of such securities on their respective exchanges,
except when an occurrence subsequent to the time a value was so established
is likely to have changed such value. In such an event, the fair value of
those securities will be determined through the consideration of other
factors by or under the direction of the Boards of Trustees and Directors.
Debt securities with remaining maturities of 60 days or less at the time of
purchase are valued on an amortized cost basis, unless the Boards of Trustees
and Directors determine that such valuation does not constitute fair value at
that time. Debt securities held by the Money Market Funds are also valued on
an amortized cost basis, which approximates current market value. Under this
method, securities are valued initially at cost when purchased (or on the
61st day before maturity). Thereafter, a constant proportionate amortization
of any discount or premium is recorded until maturity of the security.
Regular review and monitoring of the valuation of securities held by the
Money Market Funds is performed pursuant to procedures established by the
Boards of Trustees and Directors. Each Money Market Fund seeks to maintain a
net asset value per share of $1.00.
178
<PAGE>
Forward Foreign Currency Contracts: Each Equity Fund and the Munder
Bond Fund, Munder Intermediate Bond Fund, Munder International Bond Fund and
Munder U.S. Government Income 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. These funds may use forward foreign currency
contracts to facilitate transactions in foreign securities and to manage a
Fund's currency exposure. Forward foreign currency contracts are valued at
the exchange rate and are marked-to-market daily. The change in market value
is recorded by the Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the Fund
could be exposed to risks if the counterparties to the contracts are unable
to meet the terms of their contracts.
Foreign Currency: The books and records of Munder International Equity
Fund, Munder International Bond Fund, Munder Framlington Emerging Markets
Fund, Munder Framlington International Growth Fund and Munder Framlington
Healthcare Fund are maintained in United States ("U.S.") dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense
are translated on the respective dates of such transactions. Unrealized gains
and losses, not relating to securities, which result from changes in foreign
currency exchange rates have been included in the unrealized
appreciation/(depreciation) of foreign currency and net other assets. Net
realized foreign currency gains and losses resulting from changes in exchange
rates include foreign currency gains and losses between trade date and
settlement date on investment security transactions, foreign currency
transactions and the difference between the amounts of interest and dividends
recorded on the books of the Fund and the amounts actually received. The
portion of foreign currency gains and losses related to fluctuation in
exchange rates between the initial purchase trade date and subsequent sale
trade date is included in realized gains and losses on investment securities
sold.
Futures Contracts: Each Equity Fund and the Munder Bond Fund, Munder
Intermediate Bond Fund, Munder International Bond Fund and Munder U.S.
Government Income Fund may enter into futures contracts for the purpose of
hedging against changes in the value of the portfolio securities held and in
the value of the securities it intends to purchase, or in order to maintain
liquidity. Upon entering into a futures contract, a Fund is required to
deposit with the broker an amount of cash or cash equivalents equal to a
certain percentage of the contract amount. This is known as the "initial
margin." Subsequent payments ("variation margin") are made or received by the
Fund each day, depending on the daily fluctuation of the value of the
contract. The daily changes in the contract are recorded as unrealized gains
or losses. The Fund recognizes a realized gain or loss when the contract is
closed.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
Options: Each Equity Fund and the Munder Bond Fund, Munder Intermediate
Bond Fund, Munder International Bond Fund and Munder U.S. Government Income
Fund may write put or call options on securities they own or have the right
to acquire, and may purchase call or put options written by others. Options
may relate to individual securities, stock indices, foreign currencies or
futures contracts. The purchase of any of these instruments can result in the
loss on the investment in that particular instrument or, in the case of
writing covered options, can
179
<PAGE>
limit the opportunity to earn a profit on the underlying security. The risk
associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised. Additionally, the Fund bears the risk of loss
of premium and change in market value should the counterparty not perform
under the contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it, the Fund will recognize a gain
if the premium received by the Fund on the closing transaction exceeds the
premium paid to purchase the option. When an option written by the Fund
expires on its stipulated expiration date, the Fund realizes a gain equal to
the net premium received for the option. When the Fund enters into a closing
purchase transaction on an option written by it, the Fund realizes a gain or
loss equal to the difference between the cost of a closing purchase
transaction and the premium received when the call was written. If a written
call option is exercised, the premium is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a
gain or loss. If a written put option is exercised, the premium reduces the
cost basis of the security purchased by the Fund.
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
during which 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.
Loans of Portfolio Securities: Each of the Munder Funds may lend
portfolio securities, up to 25% (33-1/3% for Munder Money Market Fund) of the
value of a Fund's total assets. Each loan is secured by collateral adjusted
daily to have a market value at least equal to the current market value of
the securities loaned. These loans are terminable at any time and the Funds
will receive any interest or dividends paid on the loaned securities. A Fund
may share with the borrower some of the income received on the collateral for
the loan or the Fund will be paid a premium for the loan. If the borrower
defaults and the value of the portfolio securities increases in excess of the
collateral received, or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities
loaned may be delayed or limited.
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.
180
<PAGE>
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the
amount of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid at least annually by the Equity Funds
(excluding the Munder Accelerating Growth Fund, Munder Balanced Fund, Munder
Growth & Income Fund, Munder Index 500 Fund and Munder Small Company Growth
Fund for which dividends are declared and paid quarterly and the Munder Real
Estate Equity Investment Fund for which dividends are declared and paid
monthly); declared and paid monthly by the Income Funds (excluding the Munder
International Bond Fund for which dividends are declared and paid quarterly);
and declared daily and paid monthly by the Money Market Funds. Each Fund's
net realized capital gains (including net short-term capital gains), if any,
are declared and distributed at least annually. Distributions to shareholders
are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by a Fund, timing differences and differing characterization of
distributions made by a Fund as a whole. The Munder Multi-Season Growth Fund,
Munder Index 500 Fund and Munder Small Company Growth Fund also utilize
earnings and profits distributed to shareholders on redemption of shares as a
part of the dividends paid deduction for income tax purposes.
As determined at June 30, 1998, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified 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 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.
181
<PAGE>
2. Investment Advisor, Sub-Advisor, Custodian and Other Related
Party Transactions
Munder Capital Management (the "Advisor") 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:
<TABLE>
<CAPTION>
Fees on Assets
Fees on Assets Between Fees on Assets
up to $250 and Exceeding
$250 Million $500 Million $500 Million
-------------- -------------- --------------
<S> <C> <C> <C>
Munder Index 500 Fund ............................. 0.20% 0.12% 0.07%
<CAPTION>
Fees on Assets Fees on Assets
up to $500 Million Exceeding $500 Million
------------------ ----------------------
<S> <C> <C>
Munder Multi-Season Growth Fund ..................... 1.00% 0.75%
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Million Exceeding $250 Million
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund ............. 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
Munder Micro-Cap Equity ............................. 1.00%
Munder Accelerating Growth Fund, Munder Growth &
Income Fund, Munder International Equity Fund,
Munder Small-Cap Value Fund, and Munder Small
Company Growth Fund ............................... 0.75%
Munder Mid-Cap Growth Fund, Munder Real Estate Equity
Investment Fund and Munder Value Fund ............. 0.74%
Munder Balanced Fund ................................ 0.65%
The Income Funds (excluding Munder Short Term
Treasury Fund) .................................... 0.50%
Munder Short Term Treasury Fund ..................... 0.25%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.35%
Munder Money Market Fund ............................ 0.40%
Munder Framlington Emerging Markets Fund ............ 1.25%
</TABLE>
182
<PAGE>
The Advisor voluntarily waived fees and reimbursed expenses for the
year ended June 30, 1998 for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Index 500 Fund ............................... $ 421,846 --
Munder Micro-Cap Equity Fund ........................ -- $ 75,264
Munder Multi-Season Growth Fund ..................... 1,214,795 --
Munder Framlington Emerging Markets Fund ............ -- 110,473
Munder Framlington Healthcare Fund .................. -- 112,541
Munder Framlington International Growth Fund ........ -- 105,456
Munder Short Term Treasury Fund ..................... -- 62,711
</TABLE>
Pursuant to a sub-advisory agreement with the Advisor, Framlington
Overseas Investment Management Limited (the "Sub-Advisor") provides
sub-advisory services to the Munder Framlington Funds and is responsible for
the management of each Fund's portfolio, including all decisions regarding
purchases and sales of portfolio securities. For its services with regard to
the Munder Framlington International Growth Fund and the Munder Framlington
Healthcare Fund, the Advisor pays the Sub-Advisor a monthly fee equal on an
annual basis of up to 0.50% of each Fund's average daily net assets up to
$250 million, reduced to 0.375% of each Fund's average daily net assets in
excess of $250 million. For its services with regard to the Framlington
Emerging Markets Fund, the Advisor pays the Sub-Advisor a monthly fee equal
on an annual basis of up to 0.625% of the Fund's average daily net assets.
The Advisor indirectly owns a 49% interest in the Sub-Advisor.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88% of
the Advisor. The Funds have received an order from the Securities and
Exchange Commission allowing the Funds to escrow advisory fees payable to the
Advisor until a shareholder vote for the consideration of new advisory
contracts can be taken. This vote is expected to occur in November 1998.
Comerica provides certain shareholder services to the Funds. As
compensation for the shareholder services provided to the Funds, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the
Funds beneficially owned by Comerica and its customers. Prior to November 1,
1997, Comerica provided custodian services and received fees as compensation
for its services, based on the aggregate average daily net assets of the Fund
and certain other investment portfolios advised by the Advisor for which
Comerica provided services. These fees were 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 received certain transaction
based fees. After November 1, 1997, no compensation was paid to Comerica for
its services as custodian to the Fund. Comerica earned $713,909 for its
custodian and shareholder services to the Munder Funds for the year ended
June 30, 1998.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee consisting of a $30,000 annual retainer per year for services
in such capacity plus $2,500 for each meeting attended per year, plus
out-of-pocket expenses incurred as a Board member for services provided as a
Board member of MFT, MFI, Framlington and St. Clair Funds, Inc. 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, Sub-Advisor or Comerica received any compensation
from MFI, MFT or Framlington.
183
<PAGE>
3. Shareholder Distribution and Service Plans
The Munder Funds have 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 Munder Funds. The Class B and Class C Plans also permit payments to
be made by the Munder 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
Munder Funds). The Munder Funds have also adopted Shareholder Servicing Plans
(the "Class K Plans") for the Class K Shares of the Munder Funds. Under the
Class K Plans, the Munder Funds are permitted to enter into agreements with
institutions that provide shareholder services to their customers. For the
year ended June 30, 1998, the effective rates, as a percentage of average
daily net assets, under the Plans and Class K Plans are as follows:
<TABLE>
<CAPTION>
Class A Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
The Equity Funds (excluding the Munder Index 500
Fund) ............................................. 0.25% 1.00% 1.00% 0.25%
Munder Index 500 Fund ............................... 0.10% 0.45% N/A 0.25%
The Income Funds .................................... 0.25% 1.00% 1.00% 0.25%
The Money Market Funds (excluding Munder Money
Market Fund) ...................................... 0.25% N/A N/A 0.15%
Munder Money Market Fund ............................ 0.25% 1.00% 1.00% N/A
</TABLE>
184
<PAGE>
4. Securities Transactions
For the year ended June 30, 1998, purchases and sales of securities
other than short-term investments and U.S. Government securities were as
follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Accelerating Growth Fund ..................... $131,132,420 $258,348,206
Munder Balanced Fund ................................ 37,497,127 40,500,824
Munder Growth & Income Fund ......................... 176,361,019 205,261,443
Munder Index 500 Fund ............................... 180,603,510 49,798,858
Munder International Equity Fund .................... 88,825,899 133,847,376
Munder Micro-Cap Equity Fund ........................ 95,616,767 49,131,212
Munder Mid-Cap Growth Fund .......................... 54,115,469 47,763,344
Munder Multi-Season Growth Fund ..................... 291,571,646 208,714,369
Munder Real Estate Equity Investment Fund ........... 51,237,050 11,674,540
Munder Small-Cap Value Fund ......................... 136,427,074 66,104,671
Munder Small Company Growth Fund .................... 482,806,852 457,660,934
Munder Value Fund ................................... 190,356,084 124,611,279
Munder Framlington Emerging Markets Fund ............ 84,062,402 34,161,099
Munder Framlington Healthcare Fund .................. 23,933,631 6,307,746
Munder Framlington International Growth Fund. ....... 59,952,311 18,990,349
Munder Bond Fund .................................... 276,319,788 192,833,454
Munder Intermediate Bond Fund ....................... 546,932,776 388,771,650
Munder International Bond Fund ...................... 40,217,175 38,453,893
Munder U.S. Government Income Fund .................. 4,500,000 21,588,069
Munder Michigan Triple Tax-Free Bond Fund ........... 30,570,617 17,505,859
Munder Tax-Free Bond Fund ........................... 121,967,928 125,370,285
Munder Tax-Free Intermediate Bond Fund .............. 95,408,657 81,980,836
</TABLE>
For the year ended June 30, 1998, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Accelerating Growth Fund ..................... $ 3,131,765 --
Munder Balanced Fund ................................ 19,754,842 $ 25,064,768
Munder Bond Fund .................................... 304,447,310 277,523,009
Munder Intermediate Bond Fund ....................... 597,386,476 650,980,628
Munder U.S. Government Income Fund .................. 269,409,602 205,062,119
Munder Short Term Treasury Fund ..................... 52,540,390 64,325,899
</TABLE>
185
<PAGE>
At June 30, 1998, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Accelerating Growth Fund ..................... $ 42,005,020 $ 238,794
Munder Balanced Fund ................................ 15,877,073 432,204
Munder Growth & Income Fund ......................... 55,938,516 2,058,912
Munder Index 500 Fund ............................... 262,939,091 8,061,030
Munder International Equity Fund .................... 64,835,399 19,568,402
Munder Micro-Cap Equity Fund ........................ 3,706,938 4,073,646
Munder Mid-Cap Growth Fund .......................... 4,285,872 2,073,008
Munder Multi-Season Growth Fund ..................... 248,679,074 2,546,124
Munder Real Estate Equity Investment Fund ........... 8,942,301 1,414,503
Munder Small-Cap Value Fund ......................... 29,053,803 7,654,815
Munder Small Company Growth Fund .................... 48,878,064 23,557,156
Munder Value Fund ................................... 26,706,225 1,658,699
Munder Framlington Emerging Markets Fund ............ 3,103,034 15,011,950
Munder Framlington Healthcare Fund .................. 2,673,803 2,271,526
Munder Framlington International Growth Fund ........ 12,868,507 6,518,897
Munder Bond Fund .................................... 2,417,197 --
Munder Intermediate Bond Fund ....................... 5,115,906 1,807,131
Munder International Bond Fund ...................... 295,901 2,082,543
Munder U.S. Government Income Fund .................. 8,396,271 411,031
Munder Michigan Triple Tax-Free Bond Fund ........... 2,037,603 55,530
Munder Tax-Free Bond Fund ........................... 10,820,313 237,875
Munder Tax-Free Intermediate Bond Fund .............. 8,416,258 15,118
Munder Short Term Treasury .......................... 98,656 16,142
</TABLE>
5. Geographic and Industry Concentration
The Munder Tax-Free Intermediate Bond Fund and Munder Michigan Triple
Tax-Free Bond Fund primarily invest in debt obligations issued by the State
of Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various
public purposes. The two Funds are more susceptible to factors adversely
affecting issuers of Michigan municipal securities than a municipal bond fund
that is not concentrated in these issuers to the same extent. Economic
changes affecting the state and certain of its public bodies and
municipalities may affect the ability of issuers within the state to pay
interest on or repay principal of municipal obligations held by these Funds.
The Munder International Equity Fund and the Munder International Bond
Fund primarily invest in foreign securities and the Munder Framlington
International Growth Fund and Munder Framlington Emerging Markets Fund each
intend to invest as least 65% of their total net assets in foreign
securities. Investing in securities of foreign companies and/or foreign
governments involves special risks and considerations not typically
associated with investing in U.S. companies and/or 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.
186
<PAGE>
The Munder Real Estate Equity Investment Fund primarily invests in
equity securities of United States companies which are principally engaged in
the real estate industry or which own significant real estate assets, and
accordingly, is more susceptible to factors adversely affecting the U.S. real
estate industry.
The Munder Framlington Healthcare Fund primarily invests in securities
of companies in healthcare industries. These industries are characterized by
rapidly changing technology and extensive government regulation.
6. Organizational Costs
Expenses incurred in connection with the organization of the Munder
Funds, including the fees and expenses of registering and qualifying the
Funds' 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, 1998, the following Munder Funds had
available for Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring
Fund 1999 2000 2001 2002 2003 2005
---- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Munder Bond Fund ......................... -- -- -- -- -- $ 768,438
Munder Intermediate Bond Fund ............ -- -- -- -- $8,558,139 11,240,318
Munder Cash Investment Fund .............. $ 3,301 $ 1,650 -- -- -- --
Munder Tax-Free Money Market Fund ........ 11,012 57,257 $39,684 $15,088 12,291 --
</TABLE>
8. Subsequent Event
The Board of Directors of the Munder Funds, Inc. voted on August 4, 1998,
to close and liquidate the Munder Mid-Cap Growth Fund effective September 15,
1998.
187
<PAGE>
[ This Page Intentionally Left Blank ]
188
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
The Munder Framlington Funds Trust
We have audited the accompanying statements of assets and liabilities of the
Munder Accelerating Growth Fund, Munder Balanced Fund, Munder Growth & Income
Fund, Munder Index 500 Fund, Munder International Equity Fund, Munder Small
Company Growth Fund, Munder Bond Fund, Munder Intermediate Bond Fund, Munder
U.S. Government Income Fund, Munder Michigan Triple Tax-Free Bond Fund,
Munder Tax-Free Bond Fund, Munder Tax-Free Intermediate Bond Fund, Munder
Cash Investment Fund, Munder Tax-Free Money Market Fund and Munder U.S.
Treasury Money Market Fund (fifteen of the portfolios constituting The Munder
Funds Trust), the Munder Micro-Cap Equity Fund, Munder Mid-Cap Growth Fund,
Munder Multi-Season Growth Fund, Munder Real Estate Equity Investment Fund,
Munder Small-Cap Value Fund, Munder Value Fund, Munder International Bond
Fund, Munder Short Term Treasury Fund and Munder Money Market Fund (nine of
the portfolios constituting The Munder Funds, Inc.), and the Munder
Framlington Emerging Markets Fund, Munder Framlington Healthcare Fund and
Munder Framlington International Growth Fund (three of the portfolios
constituting The Munder Framlington Funds Trust) (collectively, the "Funds"),
including the portfolios of investments, as of June 30, 1998, and the related
statements of operations for the year then ended, the statement of changes in
net assets and financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1998 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the respective portfolios referred to above constituting The Munder
Funds Trust, The Munder Funds, Inc., and The Munder Framlington Funds Trust
at June 30, 1998, the results of their operations for the year then ended and
changes in their net assets and their financial highlights for each of the
indicated periods, in conformity with generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 14, 1998
189
<PAGE>
The Munder Funds
Tax Information, June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
The percentages of total net assets invested in U.S. Government and U.S.
Government Agency obligations at June 30, 1998, were as follows:
<TABLE>
<S> <C>
Munder Balanced Fund
Federal Home Loan Mortgage Corporation ............ 0.5%
Federal National Mortgage Association ............. 3.1%
Government National Mortgage Association .......... 0.3%
U.S. Treasury Bonds ............................... 5.1%
U.S. Treasury Notes ............................... 9.1%
Munder Bond Fund
Federal Home Loan Mortgage Corporation ............ 0.7%
Federal National Mortgage Association ............. 9.9%
Government Agency Debentures ...................... 1.8%
Government National Mortgage Association .......... 4.0%
U.S. Treasury Bond ................................ 10.7%
U.S. Treasury Notes ............................... 9.9%
Munder Intermediate Bond Fund
Federal Home Loan Mortgage Corporation ............ 2.8%
Federal National Mortgage Association ............. 9.6%
Government Agency Debentures ...................... 18.5%
Government National Mortgage Association .......... 2.1%
Small Business Administration ..................... 0.5%
U.S. Treasury Notes ............................... 17.1%
Munder U.S. Government Income Fund
Federal Home Loan Mortgage Corporation ............ 42.5%
Federal Housing Authority/Veterans Administration . 0.3%
Federal National Mortgage Association ............. 35.9%
Government National Mortgage Association .......... 4.8%
Small Business Administration ..................... 0.2%
U.S. Treasury Bonds ............................... 9.4%
U.S. Treasury Notes ............................... 1.9%
Munder Short Term Treasury Fund
U.S. Treasury Notes ............................... 95.5%
Munder U.S. Treasury Money Market Fund
U.S. Treasury Bills ............................... 28.6%
U.S. Treasury Notes ............................... 22.9%
</TABLE>
190
<PAGE>
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for
the dividend received deduction available to corporate shareholders:
<TABLE>
<S> <C>
Munder Accelerating Growth Fund ..................... 15.9%
Munder Balanced Fund ................................ 11.1%
Munder Growth & Income Fund ......................... 31.0%
Munder Index 500 Fund ............................... 77.2%
Munder International Equity Fund .................... 3.2%
Munder Micro-Cap Equity Fund ........................ 2.9%
Munder Mid-Cap Growth Fund .......................... 13.5%
Munder Small-Cap Value Fund ......................... 9.9%
Munder Small Company Growth Fund .................... 1.9%
Munder Value Fund ................................... 10.9%
Munder Framlington Emerging Markets Fund ............ 0.3%
Munder Framlington International Growth Fund ........ 0.9%
</TABLE>
Of the distributions made from investment income, the following percentages
are tax exempt for regular Federal income tax purposes:
<TABLE>
<S> <C>
Munder Michigan Triple Tax-Free Bond Fund ........... 98.8%
Munder Tax-Free Bond Fund ........................... 99.3%
Munder Tax-Free Intermediate Bond Fund .............. 100.0%
Munder Tax-Free Money Market Fund ................... 100.0%
</TABLE>
The following amounts have been designated as capital gain dividends for the
purpose of the dividends paid deduction:
<TABLE>
<S> <C>
Munder Accelerating Growth Fund ..................... $ 3,701,350
Munder Balanced Fund ................................ 573,112
Munder Index 500 Fund ............................... 1,732,847
Munder Multi-Season Growth Fund ..................... 9,188,419
Munder Small Company Growth Fund .................... 19,158,171
</TABLE>
191
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNK98
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
Annual
Report
[LOGO]
Investments JUNE 30,1998
for all seasons THE NETNET FUND
<PAGE>
(INSIDE FRONT COVER)
"We are extremely
pleased to report that
Lipper Analytical Ser-
vices, Inc. ranked the
Fund as the best per-
forming mutual fund in
the country..."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
It is with great pleasure that I write to update you on the Munder
NetNet Fund. Over the past year, the Fund has continued to grow in size from
roughly $1 million in assets to over $28 million in asset at June 30, 1998.
We are pleased to present the second annual report for the Munder
NetNet Fund. In this report, you will find information detailing the Fund's
portfolio holdings and performance. We are extremely pleased to report that
Lipper Analytical Services, Inc. ranked the Fund as the best performing
mutual fund in the country (out of 10,499 funds) for the one year period
ended June 30, 1998.
The Munder NetNet Fund provides a unique way to take advantage of the
explosive growth of the internet. The Fund invests in more than just
technology companies. The Fund seeks to invest in companies that use the
internet as a strategic tool or use it to their competitive advantage. In
addition, the Fund seeks to diversify its holdings within such internet and
intranet related companies. As of June 30, 1998, the Fund held investments in
50 companies.
Following our focus on Internet related companies and technology, we
anticipate offering shareholders the ability to access their accounts through
the Internet for a variety of inquiry and transaction processes. More
detailed information will be mailed once complete testing has been performed.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
your financial advisor. You may also contact us through our website at
http://netnet.munder.com. Thank you very much for your confidence in Munder
Capital Management and the Munder NetNet Fund.
Very truly yours,
/s/ Lee Munder
--------------
Lee Munder President
<PAGE>
Table of
Contents
<TABLE>
<CAPTION>
<S> <C>
FUND OVERVIEW
iii NetNet Fund
v Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
1 NetNet Fund
4 Financial Statements
7 Financial Highlights
8 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
</TABLE>
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
<PAGE>
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
The pattern of solid economic growth and low inflation that has been
characteristic of the past several years continued during the Funds' fiscal
year which ended June 30, 1998. Growth, however, appears to have slowed
during the second quarter of 1998. The National Association of Purchasing
Managers' Survey, an indicator of the pace of industrial activity, fell
during the quarter. For the first time in several months, the Index, at 49.6
for June, was below a level of 50. Any reading less than 50 implies a
contraction in the manufacturing sector.
While some of the slowing in industrial activity may be due to the
strike at General Motors, the primary reason for a reduction in the pace of
economic growth appears to be the fall off in foreign demand stemming from
the weakness in Southeast Asia. Surprisingly, first quarter economic growth
was over 5% considering there were significant declines in U.S. exports to
Korea (-82% at an annual rate) and Japan (-27% at an annual rate.) There will
undoubtedly be additional reductions in exports to the troubled Southeast
Asian countries as well as some acceleration in imports from that region.
However, we believe that it is unlikely that the fallout from Southeast Asia
will be powerful enough to derail the U.S. expansion.
The reason for optimism is that domestic demand is likely to continue
to be more than robust enough to offset the declines in foreign demand. The
U.S. consumer is still benefiting from rising wages, low inflation and
relatively low interest rates. Consumer spending accounts for close to 67% of
U.S. economic activity. This compares to exports, which account for a much
smaller 13% of economic activity.
Even with solid economic growth during the first half of 1998,
inflation remained subdued. As of June 1998, the Consumer Price Index was up
only 1.68% from year-ago levels. This continued moderation in inflation,
along with the weakness in Southeast Asian economies and financial markets,
reduces the probability that the Federal Reserve will feel the need to hike
interest rates in the near term, despite significant public discussion of
this topic by various Federal Reserve Governors.
The Stock Market
The stock market, as measured by the S&P 500 Index, was up by 30.16%
for the year ended June 30, 1998. From the first quarter of 1995 through June
30, 1998, the S&P 500 Index has registered fourteen consecutive positive
quarters. Measuring from 1928, this surpasses the record of eleven sequential
positive quarters that occurred from the third quarter of 1962 through the
first quarter of 1965.
The strength in the S&P 500 Index, however, conceals many of the
cross-currents that were present in the stock market during the second
quarter of 1998. The commonly reported S&P 500 Index is calculated on a
capitalization-weighted basis. This means that the largest of the 500
companies in the Index have the greatest influence on its return. In fact,
the largest 100 companies in the S&P 500 universe, with capitalizations of
$21 billion or more, had a 66.6% weighting in the calculation of the Index's
return for the second quarter of 1998. The smallest 100 companies in the S&P
500 universe, ranging in size from $500 million to $3.3 billion, had a 2.4%
weight. In fact, in reviewing the companies that had the largest impact on
the return of the S&P 500 Index, the largest 20 companies accounted for 68%
of the total return of the S&P 500 Index during the second quarter of 1998.
The narrowness of the returns in the stock market are even more
apparent when one looks at some of the other indices. For example, the S&P
500 Index gained 3.30% for the quarter ended June 30, 1998, the S&P 400
Mid-Cap Index returned -2.14% for the quarter, and the S&P 600 Small-Cap
Index generated an even weaker -4.45%.
A large part of the explanation for the positive performance of
equities is the continuation of large and positive money flows into equity
mutual funds. These flows include foreign money that is being directed toward
the U.S. equity market. This money flows first toward stocks that are
believed to be most liquid and that has helped to boost the performance of
the largest capitalization stocks. It is interesting to note that, at the end
of the second quarter of 1998, flows into equity mutual funds in general were
27% higher than year-ago levels while flows into small company and aggressive
stock funds were 20% behind the year-ago pace.
In addition to money flows, the overall investment environment has
other favorable characteristics: relatively positive corporate earnings,
continuing economic growth and low inflation. As valuations climb, however,
the impact of negative news on stock prices will be amplified. Volatility
will undoubtedly be a key characteristic of the stock market during the
remainder of the year.
The following paragraphs detail the performance of The Munder NetNet
Fund. This Fund offers its shares to investors in several classes. These
classes have different sales charges and expenses, which affect performance.
Performance figures in the following narrative discussion represent the
performance of Class A shares, net of Fund expenses.
MUNDER NETNET FUND
Fund Manager: The NetNet Fund Committee
The Fund earned a return of 87.23% without load and 76.99% with the
maximum 5.5% front-end load for the year ended June 30, 1998. As compared to
the 60.75% average one-year return for the Interactive Week Internet Index
and the 22.70% average return for the Lipper universe of science and
technology funds for the same time period. The Fund has earned above- average
returns for the one-month, three-month, six-month, nine-month and one-year
time periods ended June 30, 1998.
The Fund benefited from a strong run-up in Internet portal companies,
such as Yahoo and Lycos. America on Line (AOL) continues to successfully
leverage their client base in their efforts to be a primary portal. Companies
who transact business through the Internet are also doing well. As one
example, Amazon continues to execute their strategy of becoming a branded
Internet bookseller and have recently introduced compact discs to their
offering. This will allow the firm an opportunity to cross-sell music to
those buying books through its Internet site. Security and financial
transactions are two Internet-related sectors that we are currently looking
to for good value.
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Hypotheticals and Total Returns
- ------------------------------------------------------------------------------
The following graph represents the performance of the Fund since inception.
The chart following the line graph sets forth performance information and the
growth of a hypothetical $10,000 investment for the class shown in the line
graph as well as certain other classes of shares offered by the Fund. These
classes have different sales charges and expenses than the class shown in the
line graph, which affect performance.
NetNet Fund
CLASS A SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
<TABLE>
<CAPTION>
Interactive
Class A-5.5% Week Internet
Class A Front-end Load Russell 2000 Index 100
- ------- -------------- ------------ ---------
<S> <C> <C> <C>
8/19/96 $10,000.00 $10,000.00 $10,000.00
8/30/96 $10,280.00 $10,000.00 $10,086.00
9/30/96 $12,480.00 $10,391.00 $11,546.00
10/31/96 $12,900.00 $10,231.00 $10,992.00
11/30/96 $13,040.00 $10,652.00 $12,055.00
12/31/96 $12,961.00 $10,931.00 $11,083.00
1/31/97 $12,776.00 $11,150.00 $11,799.00
2/28/97 $11,863.00 $10,879.00 $9,728.00
3/31/97 $10,479.00 $10,366.00 $8,908.00
4/30/97 $10,889.00 $10,395.00 $8,957.00
5/31/97 $13,114.00 $11,552.00 $11,217.00
6/30/97 $13,114.00 $12,047.00 $10,824.00
7/31/97 $15,019.46 $12,607.19 $12,667.33
8/30/97 $15,102.07 $12,895.89 $12,292.37
9/30/97 $17,285.83 $13,839.87 $12,943.87
10/31/97 $17,531.29 $13,232.30 $12,085.69
11/30/97 $17,091.25 $13,146.29 $11,847.60
12/31/97 $16,903.25 $13,376.35 $11,662.78
1/31/98 $17,795.74 $13,165.00 $12,357.88
2/28/98 $19,603.79 $14,137.90 $13,634.45
3/31/98 $21,387.73 $14,720.38 $13,943.95
4/30/98 $22,410.07 $14,801.34 $14,598.62
5/31/98 $20,827.92 $14,003.55 $14,226.65
6/30/98 $24,551.95 $14,032.96 $17,177.26
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
- -------------------------------------------------------------
Class and With Without
Inception Date Load Load Russell 2000
- -------------- ---- --------- -----------
<S> <C> <C> <C>
Class A--8/19/96 $23,208.19* $24,554.26 $14,032.96
Class B--6/1/98 $11,591.29* $12,091.39 $10,021.00
Class Y--6/1/98 N/A $12,097.25 $10,021.00
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- -----------------------------------------------------------
Interactive One One Since Since
Week Internet Year Year Inception Inception
Index 500 w/load w/out load w/load w/out load
- -------------- -------- ---------- --------- ----------
<C> <C> <C> <C> <C>
$17,177.26 76.99%* 87.23% 57.03%* 61.84%
$12,074.00 N/A N/A 15.91%* 20.91%+
$12,074.00 N/A N/A N/A 20.97%+
<FN>
- --------
* Reflects the deduction of the maximum sales charge of 5.5% for Class A
Shares and 5% for Class B Shares.
+ Returns represent aggregate total returns since these classes have not
been in existence for a full year.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment
will fluctuate so that, an investor's shares, upon redemption, may be
worth more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends. Aggregate total returns are derived by
dividing the initial investment into the value of shares held at the end
of a period and subtracting one from the result.
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 Interactive Week
Internet Index 1000 is a capitalization-weighted index of companies
involved with providing digital interactive services, developing and
marketing digital interactive software, and manufacturing digital
interactive hardware.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
NetNet Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
COMMON STOCKS -- 81.6%
Commercial Services -- 4.7%
<S> <C> <C>
16,700 Concentric Network Corporation+ $ 506,219
16,650 Harbinger Corporation+ 402,722
7,600 Icon CMT Corporation+ 140,600
4,200 Transaction Systems Architects, Inc.+ 161,700
5,500 Verio, Inc.+ 136,812
----------
1,348,053
<CAPTION>
Computer/Networking Hardware -- 5.9%
<S> <C> <C>
8,900 Cisco Systems, Inc.+ 819,356
11,300 Network Appliance, Inc.+ 439,994
10,100 Sun Microsystems, Inc.+ 438,719
----------
1,698,069
<CAPTION>
Computer Software -- 9.7%
<S> <C> <C>
82,700 Inprise Corporation+ 609,913
12,000 Micromuse, Inc.+ 489,750
7,700 Microsoft Corporation+ 834,487
25,000 NetGravity, Inc.+ 328,125
22,450 Oracle Corporation+ 551,428
----------
2,813,703
<CAPTION>
Consulting Services -- 6.6%
<S> <C> <C>
16,300 Diamond Technology Partners, Inc.+ 493,075
10,700 Forrester Research, Inc.+ 425,325
14,300 Gartner Group, Inc.+ 500,500
21,700 META Group, Inc.+ 480,112
----------
1,899,012
<CAPTION>
Consumer Services -- 4.7%
<S> <C> <C>
21,900 Cendant Corporation+ 457,163
11,500 Checkfree Corporation+ 338,531
9,200 Intuit+ 563,500
----------
1,359,194
<CAPTION>
Financial Services -- 5.7%
<S> <C> <C>
22,900 AmeriTrade Holding Corporation+ 618,300
15,000 Charles Schwab Corporation 487,500
14,600 Data Broadcasting Corporation+ 93,075
19,600 E*TRADE Group, Inc.+ 449,575
----------
1,648,450
<CAPTION>
Internet Content -- 11.2%
<S> <C> <C>
6,700 America Online, Inc. 710,200
5,000 C/NET, Inc.+ 341,250
11,100 DoubleClick, Inc.+ 551,531
6,400 Lycos, Inc.+ 482,400
18,200 SportsLine USA, Inc.+ 665,438
3,000 Yahoo, Inc.+ 472,500
----------
3,223,319
<CAPTION>
Internet Security -- 7.9%
<S> <C> <C>
19,100 AXENT Technologies, Inc.+ 584,938
16,400 Check Point Software Technologies Ltd.+ 537,100
44,500 Information Resources Engineering, Inc.+ 336,531
12,000 ISS Group, Inc.+ 451,500
9,800 VeriSign, Inc.+ 366,275
----------
2,276,344
<CAPTION>
Retail-On-Line -- 7.7%
<S> <C> <C>
7,000 Amazon.com, Inc.+ 698,250
23,200 N2K, Inc.+ 455,300
11,200 Racing Champions Corporation+ 131,450
155,300 Shop At Home, Inc.+ 553,256
20,000 Software Net Corporation+ 382,500
----------
2,220,756
----------
<CAPTION>
Semiconductors -- 4.0%
<S> <C> <C>
23,500 Applied Micro Circuits Corporation+ 608,062
16,900 MMC Networks, Inc.+ 538,688
----------
1,146,750
----------
<CAPTION>
Telecommunications Equipment -- 7.4%
<S> <C> <C>
10,000 Com21, Inc.+ 212,500
54,500 Comdial Corporation+ 660,812
20,900 Gilat Satellite Network Ltd., ADR+ 698,844
34,800 Inter-Tel, Inc. 556,800
----------
2,128,956
----------
<CAPTION>
Telecommunications Services -- 6.1%
<S> <C> <C>
13,800 Intermedia Communications, Inc.+ 578,738
9,400 MCI Communications Corporation 546,375
8,900 WinStar Communications, Inc.+ 382,144
5,500 WorldCom, Inc. 266,406
---------
1,773,663
----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $21,041,918) 23,536,269
----------
<CAPTION>
Principal
Amount Value
-------- -----
REPURCHASE AGREEMENTS -- 16.6%
<S> <C> <C>
$1,000,000 Agreement with Lehman Brothers, 5.750%
dated 06/30/1998, to be repurchased at
$1,000,160 on 07/01/1998, collateralized
by $2,960,000 U.S. Treasury Strip,
8.875% maturing 2/15/2017
(value $1,020,401) $1,000,000
3,780,000 Agreement with State Street Bank and
Trust Company, 5.800% dated 06/30/1998,
to be repurchased at $3,780,609
on 07/01/1998, collateralized by
$3,045,000 U.S. Treasury
Bond, 8.000% maturing 11/15/2021
(value $3,861,538) 3,780,000
---------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C>
Cost $4,780,000) 4,780,000
---------------
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS (Cost $25,821,918*) 98.2% 28,316,269
OTHER ASSETS AND LIABILITIES (Net) 1.8 514,300
------ ---------------
NET ASSETS 100.0% $ 28,830,569
====== ===============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $25,873,320.
+ Non-Income producing security.
</TABLE>
See Notes to Financial Statements.
<PAGE>
NetNet Fund
Statement of Assets and Liabilities, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments, at value (Cost $25,821,918) See accompanying schedules:
Securities .................................................. $23,536,269
Repurchase agreement ........................................ 4,780,000
-----------
Total investments .................................................. 28,316,269
Cash ............................................................... 776
Interest receivable ................................................ 769
Receivable for investment securities sold .......................... 766,562
Receivable for Fund shares sold .................................... 3,220,797
Unamortized organization costs ..................................... 17,722
Prepaid and other expenses ......................................... 7,603
Receivable from advisor ............................................ 4,720
-----------
Total Assets ................................................... 32,335,218
-----------
LIABILITIES:
Payable for investments purchased .................................. 3,445,394
Investment advisory fee payable .................................... 14,747
Custodian fees payable ............................................. 3,188
Payable for Fund shares redeemed ................................... 28,133
Administration fee payable ......................................... 1,586
Distribution fees payable .......................................... 3,761
Accrued Directors' fees and expenses ............................... 69
Accrued expenses and other payables ................................ 7,771
-----------
Total Liabilities .............................................. 3,504,649
-----------
NET ASSETS ......................................................... $28,830,569
===========
NET ASSETS consist of:
Accumulated net realized gain on investments sold .................. $ 1,571,510
Net unrealized appreciation of investments ......................... 2,494,351
Par value .......................................................... 13,941
Paid-in capital in excess of par value ............................. 24,750,767
-----------
Total Net Assets ............................................... $28,830,569
===========
NET ASSETS:
Class A Shares ..................................................... $17,147,388
===========
Class B Shares ..................................................... $ 6,443,063
===========
Class Y Shares ..................................................... $ 5,240,118
===========
SHARES OUTSTANDING:
Class A Shares ..................................................... 829,146
===========
Class B Shares ..................................................... 311,599
===========
Class Y Shares ..................................................... 253,324
===========
CLASS A SHARES:
Net asset value and redemption price per share ..................... $ 20.68
===========
Maximum sales charge ............................................... 5.50%
Maximum offering price per share ................................... $ 21.88
===========
CLASS B SHARES:
Net asset value and offering price per share* ...................... $ 20.68
===========
CLASS Y SHARES:
Net asset value, offering price and redemption price per share ..... $ 20.69
===========
<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>
<PAGE>
NetNet Fund
Statement of Operations, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Interest .................................................... $ 45,701
Dividends ................................................... 2,350
-----------
Total investment income ................................. 48,051
-----------
EXPENSES:
Registration and filing fees ................................ 15,485
Investment advisory fee ..................................... 62,684
Amortization of organization costs .......................... 5,573
Legal and audit fees ........................................ 1,044
Custodian fees .............................................. 11,502
Distribution and shareholder servicing fees:
Class A Shares .......................................... 14,387
Class B Shares .......................................... 1,359
Administration fee .......................................... 6,780
Transfer agent fee .......................................... 1,719
Directors' fees and expenses ................................ 189
Other ....................................................... 11,085
-----------
Total Expenses .......................................... 131,807
-----------
Fees waived by the distributor and expenses reimbursed by the
investment advisor ...................................... (45,875)
-----------
Net Expenses ............................................ 85,932
-----------
NET INVESTMENT LOSS ......................................... (37,881)
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions ................ 2,087,831
Net change in unrealized appreciation of securities ......... 2,485,337
-----------
Net realized and unrealized gain on investments ............. 4,573,168
-----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .................................................. $ 4,535,287
===========
See Notes to Financial Statements.
</TABLE>
<PAGE>
NetNet Fund
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Period
Ended Ended
June 30, 1998 June 30, 1997 (a)
------------- -----------------
<S> <C> <C>
Net investment loss..................................................... $ (37,881) $ (4,766)
Net realized gain on investments sold ................................... 2,087,831 172,090
Net change in unrealized appreciation of investments .................... 2,485,337 9,014
----------- -----------
Net increase in net assets resulting from operations .................... 4,535,287 176,338
Distributions to shareholders from net realized gains:
Class A Shares .................................................. (625,956) (30,383)
Net increase in net assets from Fund share transactions:
Class A Shares .................................................. 13,099,887 1,313,321
Class B Shares .................................................. 6,073,645 --
Class Y Shares .................................................. 4,288,430 --
----------- -----------
Net increase in net assets .............................................. 27,371,293 1,459,276
NET ASSETS:
Beginning of year ....................................................... 1,459,276 --
----------- -----------
End of year............................................................. $ 28,830,569 $ 1,459,276
=========== ===========
Undistributed net investment income..................................... $ -- $ 235
=========== ===========
<FN>
- ---------
(a) NetNet Fund commenced operations on August 19, 1996.
See Notes to Financial Statements.
<PAGE>
NetNet Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A Shares B Shares Y Shares
------------------------------ -------- --------
Year Period Period Period
Ended Ended Ended Ended
6/30/98 6/30/97 6/30/98 6/30/98
<S> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 12.79 $ 10.00 $ 17.07 $ 17.07
--------- -------- -------- ---------
Income from investment operations:
Net investment loss................................ (0.04) (0.04) (0.01) (0.01)
Net realized and unrealized gain on investments.... 10.13 3.15 3.62 3.63
--------- --------- --------- ---------
Total from investment operations................... 10.09 3.11 3.61 3.62
--------- --------- --------- ---------
Less distributions:
Distributions from net realized gains.............. (2.20) (0.32) -- --
--------- --------- --------- ---------
Total distributions................................ (2.20) (0.32) -- --
--------- --------- --------- ---------
Net asset value, end of period..................... $ 20.68 $ 12.79 $ 20.68 $ 20.69
========= ========= ========= =========
Total return (b)................................... 87.23% 31.14% 20.91% 20.97%
========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............... $ 17,147 $ 1,459 $ 6,443 $ 5,240
Ratio of operating expenses to average net assets.. 1.35% 1.48% (c) 2.29% (c) 1.30% (c)
Ratio of net investment loss to average net assets. (0.60)% (0.48)% (c) (1.27)% (c) (0.38)% (c)
Portfolio turnover rate........................... 165% 195% 165% 165%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed......... 2.12% 4.57% (c) 2.60% (c) 1.62% (c)
<FN>
- -----------
(a) NetNet Fund Class A Shares, Class B Shares and Class Y Shares commenced
operations on August 19, 1996, June 1, 1998 and June 1, 1998,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
See Notes to Financial Statements.
</TABLE>
<PAGE>
NetNet Fund
Notes To Financial Statements, June 30, 1998
- -----------------------------------------------------------------------------
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. MFI consists of 14 portfolios currently in operation. Information
presented in this financial statement pertains to the NetNet Fund (the
"Fund") which commenced operations on August 19, 1996. The financial
statements for the other remaining funds of MFI are presented in separate
reports.
The Fund offers three classes of shares -- Class A, Class B, and Class
Y Shares. The Fund commenced sale of Class B Shares and Class Y Shares on
June 1, 1998. On this date, the original class of shares was renamed the
Class A Shares.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases
and decreases in net assets from operations during the reporting period.
Actual results could differ from those estimates. The following is a
summary of significant accounting policies followed by the Fund in the
preparation of its financial statements:
Security Valuation: 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 Munder
Capital Management (the "Advisor"), under the supervision of the Board of
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
Board of Directors determines that such valuation does not constitute fair
value at that time. Under this method, such securities are valued
initially at cost on the date of purchase (or on the 61st day before
maturity). Thereafter, a constant proportionate amortization of any
discount or premium is recorded until maturity of the security.
Repurchase Agreements: The Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation
of the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the
Fund's holding period. This arrangement results in a fixed rate of return
that is not subject to market fluctuations during the Fund's holding
period. The value of the collateral is at least equal, at all times, to
the total amount of the repurchase obligations, including interest. In the
event of counterparty default, the Fund has the right to use the
collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to the Fund in the event the Fund is delayed
or prevented from exercising its right to dispose of the collateral
securities, including the risk of a possible decline in the value of the
collateral securities during the period while the Fund seeks to assert its
rights. The 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.
Loans of Portfolio Securities: The Fund may lend portfolio securities
up to 25% of the value of the Fund's total assets. Each loan is secured by
collateral adjusted daily to have a market value at least equal to the
current market value of the securities loaned. These loans are terminable
at any time and the Fund will receive any interest or dividends paid on
the loaned securities. The Fund may share with the borrower some of the
income received on the collateral for the loan or the Fund will be paid a
premium for the loan. If the borrower defaults and the value of the
portfolio securities increases in excess of the collateral received or if
bankruptcy proceedings commence with respect to the borrower of the
security, realization of the value of the securities loaned may be delayed
or limited.
Futures Contracts: The Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio
securities held and in the value of the securities it intends to purchase,
or in order to maintain liquidity. Upon entering into a futures contract,
the Fund is required to deposit with the broker an amount of cash or cash
equivalents equal to a certain percentage of the contract amount. This is
known as the "initial margin." Subsequent payments ("variation margin")
are made or received by the Fund each day, depending on the daily
fluctuation of the value of the contract. The daily changes in the
contract are recorded as unrealized gains or losses. The Fund recognizes a
realized gain or loss when the contract is closed. The unrealized
appreciation/ (depreciation, if any, is shown in the financial statement.
<PAGE>
NetNet Fund
Notes To Financial Statements, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
There are several risks in connection with the use of futures
contracts as a hedging device. The change in value of futures contracts
primarily corresponds with the value of their underlying instruments,
which may not correlate with the change in value of the hedged
investments. In addition, there is the risk that the Fund may not be able
to enter into a closing transaction because of an illiquid secondary
market.
Options: The Fund may write put or call options on securities they own
or have the right to acquire, and may purchase call or put options written
by others. Options may relate to individual securities, stock indices,
foreign currencies or futures contracts. The purchase of any of these
instruments can result in the loss on the investment in that particular
instrument or, in the case of writing covered options, can limit the
opportunity to earn a profit on the underlying security. The risk
associated with purchasing an option is that the Fund pays a premium
whether or not the option is exercised. Additionally, the Fund bears the
risk of loss of premium and change in market value should the counterparty
not perform under the contract.
When the Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When the Fund writes an option, an amount equal to
the premium received is recorded as a liability. The amount of this asset
or liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a
closing sale transaction on an option purchased by it, the Fund will
recognize a gain if the premium received by the Fund on the closing
transaction exceeds the premium paid to purchase the option. When an
option written by the Fund expires on its stipulated expiration date, the
Fund realizes a gain equal to the net premium received for the option.
When the Fund enters into a closing purchase transaction on an option
written by it, the Fund realizes a gain or loss equal to the difference
between the cost of a closing purchase transaction and the premium
received when the call was written. If a written call option is exercised,
the premium is added to the proceeds from the sale of the underlying
security in determining whether the Fund has realized a gain or loss. If a
written put option is exercised, the premium reduces the cost basis of the
security purchased by the Fund.
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.
Dividends and Distributions to Shareholders: Dividends from net
investment income, if any, are declared and paid at least annually. The
Fund's net realized capital gains (including net short-term capital
gains), if any, are declared and distributed at least annually.
Distributions to shareholders are recorded on the ex-dividend date
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by the Fund, timing differences and differing characterization of
distributions made by the Fund as a whole.
Federal Income Taxes: The Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code 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, Custodian and Other Related Party Transactions
Munder Capital Management (the "Advisor") serves as the Fund's
investment advisor. For its advisory services, the Advisor is entitled to
receive a fee, computed daily and payable monthly, at an annual rate of
1.00% of the value of its average daily net assets. The Advisor reimbursed
$33,890 of expenses, payable by the Fund, for the year ending June 30,
1998, as reflected in the Statement of Operations.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88%
of the Advisor. The Fund has received an order from the Securities and
Exchange Commission allowing the Fund to escrow advisory fees payable to
the Advisor until a shareholder vote for the consideration of new advisory
contracts can be taken. This vote is expected to occur in November 1998.
Comerica provides certain shareholder services to the Fund. As
compensation for the shareholder services provided to the Fund, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the
Funds beneficially owned by Comerica and its customers. Prior to November
1, 1997, Comerica provided custodian services and received fees as
compensation for its
<PAGE>
NetNet Fund
Notes To Financial Statements, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
services, based on the aggregate average daily net assets of the Fund and
certain other investment portfolios advised by the Advisor for which
Comerica provided services. These fees were 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 received certain
transaction based fees. After November 1, 1997, no compensation was paid
to Comerica for its services as custodian to the Fund. Comerica earned
$1,332 for its custodian and shareholder services to the Fund for the year
ended June 30, 1998.
Each Director of MFI is paid an aggregate fee consisting of a $30,000
annual retainer for services in such capacity plus $2,500 for each meeting
attended per year, plus out-of-pocket expenses incurred as a Board member
for services provided as a Board member of MFI, The 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, or Comerica received any compensation from MFI.
3. Distribution and Service Plan
The Fund has adopted a Distribution and Service Plan (the "Plan")
pursuant to Rule 12b-1 adopted by the Securities and Exchange Commission
under the 1940 Act, with respect to the Class A and Class B Shares. Under
the Plan, 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 Fund. The Class B Plan also permits payments
to be made by the Fund to the Distributor for expenditures incurred by the
Distributor in connection with the distribution of Fund shares to
investors and 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 Fund). For the year ended June 30, 1998, the Distributor waived
$11,985 in distribution and service fees.
For the year ended June 30, 1998, the contractual rates, as a
percentage of average daily net assets, under the Plans are as follows:
<TABLE>
<CAPTION>
Class A Class B
Shares Shares
12b-1 Fees 12b- 1 Fees
---------- -----------
<S> <C> <C>
The Fund.............................................0.25% 1.00%
</TABLE>
4. Securities Transactions
Cost of purchases and proceeds from sales of securities other than
short-term investments and U.S. Government securities, were $27,721,989
and $9,939,356 for the year ended June 30, 1998.
At June 30, 1998, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost was
$2,896,495 and aggregate gross unrealized depreciation for all securities
for which there was an excess of tax cost over value was $453,546.
<PAGE>
NetNet Fund
Notes To Financial Statements, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
5. Common Stock
At June 30, 1998, fifty million (50,000,000) shares of $ .01 par value
common stock were authorized for the Fund. Changes in common stock for the
Fund were as follows:
<TABLE>
<CAPTION>
Year Ended Period Ended
6/30/98 6/30/97
---------------------- ----------------------
Class A Shares: Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 1,527,554 $27,042,237 119,364 $1,368,783
Issued as reinvestment 44,816 614,875 2,413 29,969
Redeemed (857,331) (14,557,225) (7,670) (85,431)
-------- ----------- ------- ----------
Net increase 715,039 $13,099,887 114,107 $1,313,321
======= =========== ======= ==========
<CAPTION>
Period Ended
6/30/98
--------------------
Class B Shares: Shares Amount
------ ------
<S> <C> <C>
Sold 312,468 $6,089,147
Issued as reinvestment -- --
Redeemed (869) (15,502)
-------- -------
Net increase 311,599 $6,073,645
======= ==========
<CAPTION>
Period Ended
6/30/98
-------------------
Class Y Shares : Shares Amount
------ ------
<S> <C> <C>
Sold 266,683 $4,560,162
Issued as reinvestment - -
Redeemed (13,359) (271,732)
------- --------
Net increase 253,324 $4,288,430
======= ==========
</TABLE>
6. Industry Concentration
The Fund primarily invests in equity securities of foreign and
domestic companies engaged in Internet and Intranet related businesses.
The value of Fund shares will be especially susceptible to factors
affecting companies engaged in Internet and Intranet related activities.
These industries may be subject to greater governmental regulation than
many other industries and changes in governmental policies and the need
for regulatory approvals may have a material effect on the products and
services of these industries.
7. Organizational Costs
Expenses incurred in connection with the organization of the Fund,
including the fees and expenses of registering and qualifying its shares
for distribution under Federal securities regulations, have been
capitalized and are being amortized on a straight-line basis over a period
of 5 years from commencement of operations.
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of
The Munder Funds, Inc.
NetNet Fund
We have audited the accompanying statement of assets and liabilities of the
NetNet Fund (the "Fund"), one of the portfolios constituting The Munder
Funds, Inc., including the portfolio of investments, as of June 30, 1998, and
the related statements of operations for the year then ended, and the
statement of changes in net assets and financial highlights for each of the
periods indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1998 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
NetNet Fund portfolio of The Munder Funds, Inc. at June 30, 1998, the results
of its operations for the year then ended, and the changes in its net assets
and its financial highlights for each of the indicated periods, in conformity
with generally accepted accounting principles.
/s/ Ernst & Young
Boston, Massachusetts
August 14, 1998
<PAGE>
NetNet Fund
Tax Information, June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
Of the distributions made by the Fund, 0.11% will qualify for the
dividend received deduction available to corporate shareholders.
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNNETABY98
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
CLASS A, B & Y SHARES
Annual
Report
The Munder Funds
Investments JUNE 30, 1998
for all seasons THE MUNDER LIFESTYLE FUNDS
All-Season Conservative
All-Season Moderate
All-Season Aggressive
<PAGE>
"The Lifestyle
Funds...were designed
to provide investors
with a diversified
portfolio with a tar-
geted level of risk."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
I am pleased to present the 1998 annual report for the Munder Lifestyle
Funds. The Lifestyle Funds, consisting of the Munder All-Season Aggressive
Fund, the Munder All-Season Moderate Fund and the Munder All-Season
Conservative Fund were designed to provide investors with a diversified
portfolio with a targeted level of risk.
Each Fund holds shares of other Funds in the Munder Family of Funds. The
Lifestyle Funds are designed to offer exposure to many different areas of the
financial markets as well as different investment styles. We actively rotate
among underlying Munder Funds to reflect the cyclical patterns that develop
between investment styles and capitalization segments of the stock market.
The mix of stocks, bonds and cash equivalents are set within ranges based
upon each Fund's primary objective and defined goals. At June 30, 1998, the
allocations were:
<TABLE>
<CAPTION>
Equities Fixed Income Cash Equivalents
-------- ------------ ----------------
<S> <C> <C> <C>
All-Season Aggressive Fund 97.10% 0.00% 2.90%
All-Season Moderate Fund 68.60% 26.50% 4.90%
All-Season Conservative Fund 35.70% 59.30% 5.00%
</TABLE>
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
http://www.munder.com. Thank you very much for your confidence in Munder
Capital Management and the Munder Family of Funds.
Very truly yours,
/s/ Lee Munder
Lee Munder, President
<PAGE>
Table of
Contents
- -----------------------------------------------------------------------------
FUNDS OVERVIEW
iv Munder All-Season Conservative Fund
iv Munder All-Season Moderate Fund
iv Munder All-Season Aggressive Fund
v Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
1 Munder All-Season Conservative Fund
2 Munder All-Season Moderate Fund
3 Munder All-Season Aggressive Fund
4 Financial Statements
10 Financial Highlights
16 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
<PAGE>
Management's Discussion and
Analysis of Fund Operations
- -----------------------------------------------------------------------------
The Investment Environment
The pattern of solid economic growth and low inflation that has been
characteristic of the past several years continued during the Funds' fiscal
year that ended June 30, 1998. Growth, however, appears to have slowed during
the second quarter of 1998. The National Association of Purchasing Managers'
Survey, an indicator of the pace of industrial activity, fell during the
quarter. For the first time in several months, the Index, at 49.6 for June,
was below a level of 50. Any reading less than 50 implies a contraction in
the manufacturing sector.
While some of the slowing in industrial activity may be due to the
strike at General Motors, the primary reason for a reduction in pace of
economic growth appears to be the fall off in foreign demand stemming from
the weakness in Southeast Asia. Surprisingly, first quarter economic growth
was over 5% considering there were significant declines in U.S. exports to
Korea (-82% at an annual rate) and Japan (-27% at an annual rate.) There will
undoubtedly be additional reductions in exports to the troubled Southeast
Asian countries, as well as some acceleration in imports from that region.
However, we believe that it is unlikely that the fallout from Southeast Asia
will be powerful enough to derail the U.S. expansion.
The reason for optimism is that domestic demand is likely to continue
being more than robust enough to offset the declines in foreign demand. The
U.S. consumer is still benefiting from rising wages, low inflation and
relatively low interest rates. Consumer spending accounts for close to 67% of
U.S. economic activity. This compares to exports, which account for a much
smaller 13% of economic activity.
Even with solid economic growth during the first half of 1998,
inflation remained subdued. As of June, the Consumer Price Index was up only
1.68% from year-ago levels. This continued moderation in inflation, along
with the weakness in Southeast Asian economies and financial markets, reduces
the probability that the Federal Reserve will feel the need to hike interest
rates in the near term, despite significant public discussion of this topic
by various Fed Governors.
The Stock Market
The stock market, as measured by the Standard & Poors Composite 500
Index ("S&P 500 Index"), was up by 30.16% for the year ending June 30. From
the first quarter of 1995 through June 30, the S&P 500 Index has registered
fourteen consecutive positive quarters. Measuring from 1928, this surpasses
the record of eleven sequential positive quarters that occurred from the
third quarter of 1962 through the first quarter of 1965.
The strength in the S&P 500 Index, however, conceals many of the
cross-currents that were present in the stock market during the period. The
commonly reported S&P 500 Index is calculated on a capitalization-weighted
basis. This means that the largest of the 500 companies in the Index have the
greatest influence on its return. In fact, the largest 100 companies in the
S&P 500 universe, with capitalizations of $21 billion or more, had a 66.6%
weighting in the calculation of the Index's return for the second quarter.
The smallest 100 companies in the S&P 500 universe, ranging in size from $500
million to $3.3 billion, had a 2.4% weight. In fact, in reviewing the
companies that had the largest impact on the return of the S&P 500 Index, the
largest 20 companies accounted for 68% of the total return of the S&P 500
Index during the period.
ii
<PAGE>
The narrowness of the returns in the stock market are even more
apparent when one looks at some of the other indices. For example, the S&P
500 index gained 3.30% for the quarter ending June 30, 1998, the S&P 400
Mid-Cap Index returned -2.14% for the quarter, and the S&P 600 Small-Cap
Index generated an even weaker -4.45%.
A large part of the explanation for the positive performance of
equities is the continuation of large and positive money flows into equity
mutual funds. These flows include foreign money that is being directed toward
the U.S. equity market. This money flows first toward stocks that are
believed to be most liquid and that has helped to boost the performance of
the largest capitalization stocks. It is interesting to note that, at the end
of the second quarter, flows into equity mutual funds in general were 27%
higher than year-ago levels, while flows into small company and aggressive
stock funds were 20% behind the year-ago pace.
In addition to money flows, the overall investment environment has
other favorable characteristics: relatively positive corporate earnings,
continuing economic growth and low inflation. As valuations climb, however,
the impact of negative news on stock prices will be amplified. Volatility
will undoubtedly be a key characteristic of the stock market during the
remainder of the year.
The following paragraphs detail the performance of The Munder Lifestyle
Funds. Each Fund offers its shares to investors in several classes. These
classes have different sales charges and expenses, which affect performance.
Performance figures in the following narrative discussion represent the
performance of Class Y shares, net of Fund expenses.
MUNDER LIFESTYLE FUNDS
MUNDER ALL-SEASON AGGRESSIVE FUND
MUNDER ALL-SEASON MODERATE FUND
MUNDER ALL-SEASON CONSERVATIVE FUND
Fund Manager: Gerald L. Seizert, CFA
The Munder Lifestyle Funds began operation on April 3, 1997. These
Funds are designed for investors who seek a diversified portfolio with a
targeted level of risk. Each Fund is made up of shares of other Munder Funds.
The asset mix is carefully chosen on the basis of Munder Capital Management's
proprietary asset allocation process. The degree of exposure to each market
sector and investment style is carefully set to reflect the appropriate risk
and return level targeted for each Fund.
The Munder All-Season Aggressive Fund is the most aggressive of the
Munder Lifestyle Funds. As of June 30, 1998, it had an allocation of 97.1%
equities, 0.0% fixed income and 2.9% cash equivalents. For the year ended
June 30, 1998, the Fund generated a return of 15.04%, compared to the 18.16%
average one year return for the Lipper universe of flexible portfolio funds.
The equity portion of the Fund is designed to cover a variety of market
styles and segments. During the second quarter of 1998, the overall
performance of the Fund was held back by its representation of the smaller
cap segment of the stock market as well as by a small exposure to the
emerging markets. While the second quarter of 1998 favored the largest cap
stocks, the relative valuation of smaller cap stocks has become increasingly
compelling. The Fund continues its strategy of maintaining a mix of equity
styles designed to achieve long-term growth.
iii
<PAGE>
The Munder All-Season Moderate Fund is a moderate risk Lifestyle Fund.
As of June 30, 1998, the Fund had an asset allocation of 68.6% equities,
26.5% fixed income and 4.9% cash equivalents. The Fund generated a return of
15.39% for the year ended June 30, 1998, relative to the 18.16% average one
year return for the Lipper universe of flexible portfolio funds. During the
second quarter of 1998, the decline in interest rates led to strong bond
market performance. As a result, the 26.5% exposure to Munder fixed income
funds provided the strongest returns for the second quarter. The exposure to
the smaller cap segment of the stock market was a negative for performance
during a second quarter of 1998 in which the largest company stocks turned in
the best performance. The Fund continues to pursue its strategy of providing
investors with exposure to a variety of asset classes, equity styles and
market segments.
The Munder All-Season Conservative Fund is the most conservative or
defensive of the Munder Lifestyle Funds. As of June 30, 1998 the Fund had an
asset allocation of 35.7% equities, 59.3% fixed income and 5.0% cash
equivalents. The Fund earned a total return of 10.73% for the year ended June
30, 1998, relative to the 13.95% average one year return for the Lipper
universe of income funds. This Fund is designed to offer downside protection
to investors, and will typically experience the strongest relative
performance when the stock market is weak. While the stock market, as
measured by the S&P 500, turned in a positive performance for the second
quarter of 1998, +3.30%, it was primarily the largest companies in the S&P
500 that generated that strong performance. On an equal-weighted basis
(removing the effects of company size from the calculation of returns) the
S&P 500 generated a return of -1.1%. In this environment, the Fund's exposure
to the smaller cap segment of the stock market was a negative for
performance. The fixed income portion of the Fund benefited from the decline
in interest rates and made the largest positive contribution to performance
during the second quarter of 1998.
iv
<PAGE>
Hypotheticals and Total Returns
- ----------------------------------------------------------------
The following graphs represent the performance of the Funds since inception.
The chart following each line graph sets forth performance information and
the growth of a hypothetical $10,000 investment for the classes of each Fund
shown in the line graph as well as certain other classes of shares offered by
the Fund. These classes have different sales charges and expenses than the
class shown in the line graph, which affect performance. The Lipper mutual
fund averages were derived from a universe of only those mutual funds that
were in existence as of the inception date of the Funds and are comprised of
mutual funds which are categorized under the Funds' respective objectives by
Lipper Analytical Services, Inc.
All-Season Aggressive Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Graph]
<TABLE>
<CAPTION>
Lipper Flexible
Portfolio
Class Y Wilshire 5000 Funds Average
------- ------------- ---------------
<S> <C> <C> <C>
4/3/97 $ 10,000.00 $ 10,000.00 $ 10,000.00
4/30/97 $ 10,060.00 $ 10,436.00 $ 10,000.00
5/31/97 $ 10,759.97 $ 11,175.91 $ 10,448.00
6/30/97 $ 11,349.94 $ 11,688.89 $ 10,769.80
7/31/97 $ 12,029.92 $ 12,587.76 $ 11,356.75
8/30/97 $ 12,050.37 $ 12,114.46 $ 11,045.58
9/30/97 $ 12,960.17 $ 12,829.22 $ 11,495.13
10/31/97 $ 12,360.12 $ 12,402.00 $ 11,246.84
11/30/97 $ 12,299.55 $ 12,807.55 $ 11,411.04
12/31/97 $ 12,427.47 $ 13,044.49 $ 11,554.82
1/31/98 $ 12,231.11 $ 13,114.93 $ 11,625.30
2/28/98 $ 12,967.43 $ 14,069.69 $ 11,938.03
3/31/98 $ 13,452.41 $ 14,773.18 $ 12,323.62
4/30/98 $ 13,483.35 $ 14,948.98 $ 12,422.21
5/31/98 $ 12,984.47 $ 14,551.34 $ 12,263.21
6/30/98 $ 13,055.88 $ 15,062.09 $ 12,474.14
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------- ---------------------------------------------
Lipper Flexible One One Since Since
Class and With Without Wilshire Portfolio Year Year Inception Inception
Inception Date Load Load 5000 Funds Average w/load w/out load w/load w/out load
- -------------- ----------- ---------- ---------- --------------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--10/8/97 $9,335.33* $9,880.30 $11,740.46 $11,064.00 N/A N/A (6.65)%*+ (1.20)%+
Class B--1/9/98 $10,500.00* $11,000.00 $11,546.71 $11,013.00 N/A N/A 5.00 %*+ 10.00 %+
Class Y--4/3/97 N/A $13,056.58 $15,062.09 $12,474.14 N/A 15.04% N/A 23.91 %
<FN>
- -----------------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.5% for Class A
Shares and 5% for Class B Shares.
+ Returns represent aggregate total returns since these classes have not
been in existence for a full year.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment
will fluctuate so that, an investor's shares, upon redemption, may be
worth more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends. Aggregate total returns are derived by
dividing the initial investment into the value of shares held at the end
of a period and subtracting one from the result.
The Wilshire 5000 Equity Index measures the performance of all U.S.
headquartered equity securities with readily available price data. Over
7,000 capitalization weighted security returns are used to adjust the
index.
</TABLE>
<PAGE>
All-Season Conservative Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Graph]
<TABLE>
<CAPTION>
Lehman Intermediate Lipper Income
Class Y Gov't/Corp Index Funds Average
------- -------------------- -------------
<S> <C> <C> <C>
4/3/97 $ 10,000.00 $ 10,000.00 $ 10,000.00
4/30/97 $ 10,110.00 $ 10,117.00 $ 10,000.00
5/31/97 $ 10,340.00 $ 10,200.97 $ 10,362.00
6/30/97 $ 10,550.01 $ 10,293.80 $ 10,624.16
7/31/97 $ 10,869.67 $ 10,502.76 $ 11,065.06
8/30/97 $ 10,800.11 $ 10,450.25 $ 10,885.81
9/30/97 $ 11,159.75 $ 10,571.47 $ 11,258.10
10/31/97 $ 11,069.36 $ 10,688.82 $ 11,128.63
11/30/97 $ 11,099.24 $ 10,712.33 $ 11,277.76
12/31/97 $ 11,257.96 $ 10,798.03 $ 11,457.07
1/31/98 $ 11,257.96 $ 10,939.48 $ 11,501.76
2/28/98 $ 11,487.63 $ 10,930.73 $ 11,811.15
3/31/98 $ 11,679.47 $ 10,965.71 $ 12,074.54
4/30/98 $ 11,700.49 $ 11,020.54 $ 12,104.73
5/31/98 $ 11,616.25 $ 11,100.99 $ 12,026.05
6/30/98 $ 11,681.30 $ 11,172.04 $ 12,112.64
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- --------------------------------------------
Lehman Lipper One One Since Since
Class and With Without Brothers Int. Income Funds Year Year Inception Inception
Inception Date Load Load Gov't/Corp. Average w/load w/out load w/load w/out load
- -------------- ---------- ---------- ------------- ------------ ------ ------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--3/13/98 $9,532.78* $10,091.01 $10,188.00 $10,040.00 N/A N/A (4.67)%*+ 0.91%+
Class B--1/14/98 $9,891.18* $10,391.18 $10,347.00 $10,585.00 N/A N/A (1.09)%*+ 3.91%+
Class Y--4/3/97 N/A $11,682.01 $11,172.04 $12,112.64 N/A 10.73% N/A 13.31%
</TABLE>
All-Season Moderate Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
[Performance Graph]
<TABLE>
<CAPTION>
60% S&P 500/ Lipper Flexible
40% Lehman Portfolio
Class Y Russell 3000 Gov't/Corp. Funds Average
------- ------------ ----------- --------------
<S> <C> <C> <C> <C>
4/3/97 $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 10,000.00
4/30/97 $ 10,090.00 $ 10,493.00 $ 10,416.60 $ 10,000.00
5/31/97 $ 10,610.04 $ 11,209.67 $ 10,835.97 $ 10,448.00
6/30/97 $ 11,020.01 $ 11,675.99 $ 11,179.26 $ 10,769.80
7/31/97 $ 11,610.02 $ 12,591.39 $ 11,850.01 $ 11,356.75
8/30/97 $ 11,529.91 $ 12,080.18 $ 11,398.76 $ 11,045.58
9/30/97 $ 12,189.42 $ 12,765.13 $ 11,845.14 $ 11,495.13
10/31/97 $ 11,879.81 $ 12,336.22 $ 11,683.57 $ 11,246.84
11/30/97 $ 11,879.81 $ 12,808.70 $ 12,032.91 $ 11,411.04
12/31/97 $ 12,093.65 $ 13,064.87 $ 12,207.63 $ 11,554.82
1/31/98 $ 11,998.11 $ 13,132.81 $ 12,357.78 $ 11,625.30
2/28/98 $ 12,508.03 $ 14,071.80 $ 12,882.49 $ 11,938.03
3/31/98 $ 12,870.76 $ 14,769.77 $ 13,294.22 $ 12,323.62
4/30/98 $ 12,913.24 $ 14,914.51 $ 13,401.37 $ 12,422.21
5/31/98 $ 12,583.95 $ 14,546.12 $ 13,320.42 $ 12,263.21
6/30/98 $ 12,717.34 $ 15,037.78 $ 13,699.26 $ 12,474.14
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------------------- ----------------------------------------
60% S&P 500/ Lipper Flexible One One Since Since
Class and With Without Russell 40% Lehman Portfolio Funds Year Year Inception Inception
Inception Date Load Load 3000 Gov't/Corp Average w/load w/out load w/load w/out load
- ---------------- ----------- ---------- ---------- ------------ --------------- ------ ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--4/4/97 $11,988.63* $12,683.97 $15,037.78 $13,699.26 $12,474.14 8.78%* 15.10% 15.74%* 21.11%
Class B--1/14/98 $10,195.86* $10,695.86 $11,510.09 $11,221.88 $11,013.00 N/A N/A 1.96%*+ 6.96%+
Class Y--4/3/97 N/A $12,716.13 $15,037.78 $13,699.26 $12,474.14 N/A 15.39% N/A 21.31%
<FN>
- -----------------------------------------------------------------------------
* Reflects the deduction of the maximum sales charge of 5.5% for Class A
Shares and 5% for Class B Shares.
+ Returns represent aggregate total returns since these classes have not been
in existence for a full year.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that, an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends. Aggregate total returns are derived by
dividing the initial investment into the value of shares held at the end of
a period and subtracting one from the result.
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
Russell 3000(R) Index measures the performance of the 3,000 largest U.S.
companies based on total market capitalization, which represents
approximately 98% of the investable U.S. equity market. Figures for the
Standard & Poor's Composite 500 Index ("S&P 500"), an unmanaged index of
common stock prices, include 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.
</TABLE>
<PAGE>
Munder All-Season Conservative Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
<S> <C>
INVESTMENT COMPANY SECURITIES -- 99.4%
11,905 Framlington International Growth Fund, Class Y $ 142,143
82,551 Munder Bond Fund, Class Y 824,683
230,022 Munder Cash Investment Fund, Class Y 230,022
202,268 Munder Intermediate Bond Fund, Class Y 1,921,551
30,340 Munder Multi-Season Growth Fund, Class Y 657,163
19,021 Munder Real Estate Equity Investment Fund, Class Y 284,366
6,960 Munder Small Company Growth Fund, Class Y 140,946
9,837 Munder Small-Cap Value Fund, Class Y 140,175
17,326 Munder Value Fund, Class Y 281,201
----------
<CAPTION>
TOTAL INVESTMENT COMPANY SECURITIES
<S> <C>
(Cost $4,564,930) 4,622,250
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $4,564,930*) 99.4% 4,622,250
OTHER ASSETS AND LIABILITIES (Net) 0.6 27,956
------ ------------
NET ASSETS 100.0% $ 4,650,206
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $4,567,675.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder All-Season Moderate Fund
Portfolio of Investments, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C>
INVESTMENT COMPANY SECURITIES -- 98.7%
6,438 Framlington Emerging Markets Fund, Class Y $ 57,941
5,851 Framlington Global Financial Services Fund, Class Y # 59,625
5,003 Framlington Healthcare Fund, Class Y 59,238
12,090 Framlington International Growth Fund, Class Y 144,357
37,520 Munder Bond Fund, Class Y 374,826
117,494 Munder Cash Investment Fund, Class Y 117,494
5,852 Munder Growth Opportunities Fund, Class Y # 58,639
27,087 Munder Intermediate Bond Fund, Class Y 257,326
4,953 Munder Micro-Cap Equity Fund, Class Y 84,450
27,888 Munder Multi-Season Growth Fund, Class Y 604,054
8,101 Munder Real Estate Equity Investment Fund, Class Y 121,113
4,769 Munder Small Company Growth Fund, Class Y 96,558
10,127 Munder Small-Cap Value Fund, Class Y 144,304
8,871 Munder Value Fund, Class Y 143,974
3,105 NetNet Fund, Class Y 64,118
------------
<CAPTION>
TOTAL INVESTMENT COMPANY SECURITIES
<S> <C>
(Cost $2,347,078) 2,388,017
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $2,347,078*) 98.7% 2,388,017
OTHER ASSETS AND LIABILITIES (Net) 1.3 30,475
-------- ------------
NET ASSETS 100.0% $ 2,418,492
======== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $2,349,752.
# Non-income producing security
See Notes in Financial Statements.
</TABLE>
<PAGE>
Munder All-Season Aggressive Fund
Portfolio of Investments, June 30, 1998
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C>
INVESTMENT COMPANY SECURITIES -- 100.0%
286,156 Framlington Emerging Markets Fund, Class Y $ 2,575,408
172,668 Framlington Global Financial Services Fund, Class Y # 1,759,489
148,048 Framlington Healthcare Fund, Class Y 1,752,886
496,383 Framlington International Growth Fund, Class Y 5,926,815
1,748,886 Munder Cash Investment Fund, Class Y 1,748,886
143,896 Munder Growth Opportunities Fund, Class Y # 1,441,838
226,158 Munder Micro-Cap Equity Fund, Class Y 3,855,987
820,972 Munder Multi-Season Growth Fund, Class Y 17,782,267
339,232 Munder Real Estate Equity Investment Fund, Class Y 5,071,512
132,085 Munder Small Company Growth Fund, Class Y 2,674,728
249,404 Munder Small-Cap Value Fund, Class Y 3,554,002
545,241 Munder Value Fund, Class Y 8,849,264
107,172 NetNet Fund, Class Y 2,213,095
------------
<CAPTION>
TOTAL INVESTMENT COMPANY SECURITIES
<S> <C>
(Cost $56,865,297) 59,206,177
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $56,865,297*) 100.0% 59,206,177
OTHER ASSETS AND LIABILITIES (Net) 0.0+ (12,604)
-------- ------------
NET ASSETS 100.0% $ 59,193,573
======== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $57,485,054.
# Non-income producing security
+ Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Lifestyle Funds
Statements of Assets and Liabilities, June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------ ---------- ----------
<S> <C> <C> <C>
ASSETS:
Investments, at value
(See accompanying schedules) ...... $ 4,622,250 $ 2,388,017 $59,206,177
Cash .............................. -- 5,285 135,306
Interest receivable ............... 1,314 386 9,577
Receivable for Fund shares sold ... 259 814 2,397
Receivable from investment advisor 2,404 2,647 6,989
Unamortized organization costs .... 22,924 25,192 2,198
Prepaid expenses .................. 7,841 7,856 10,065
----------- ----------- -----------
Total Assets ................... 4,656,992 2,430,197 59,372,709
----------- ----------- -----------
LIABILITIES:
Payable for investments purchased . 1,347 5,671 144,973
Investment advisory fee payable ... 725 594 16,516
Administration fee payable ........ 2,219 2,219 2,219
Distribution fees payable ......... 170 217 227
Transfer agent fee payable ........ 1,011 985 2,255
Custodian fees payable ............ 154 262 3,151
Accrued Directors fees and expenses 5 20 424
Accrued expenses and other payables 1,155 1,737 9,371
----------- ----------- -----------
Total Liabilities .............. 6,786 11,705 179,136
----------- ----------- -----------
NET ASSETS ........................ $ 4,650,206 $ 2,418,492 $59,193,573
=========== =========== ===========
Investments at cost ............... $ 4,564,930 $ 2,347,078 $56,865,297
=========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Lifestyle Funds
Statements of Assets and Liabilities, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------ ---------- ----------
<S> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income ................ $ 5,619 $ 6,734 $ --
Accumulated net realized gain (loss) from
investments sold ............................... 8,661 46,881 (190,064)
Net unrealized appreciation of investments ......... 57,320 40,939 2,340,880
Par value .......................................... 4,190 2,031 47,086
Paid-in capital in excess of par value ............. 4,574,416 2,321,907 56,995,671
------------ ------------ ------------
NET ASSETS ......................................... $ 4,650,206 $ 2,418,492 $ 59,193,573
============ ============ ============
NET ASSETS:
Class A Shares ..................................... $ 1,332 $ 341,760 $ 153,856
============ ============ ============
Class B Shares ..................................... $ 207,867 $ 192,623 $ 259,768
============ ============ ============
Class Y Shares ..................................... $ 4,441,007 $ 1,884,109 $ 58,779,949
============ ============ ============
SHARES OUTSTANDING:
Class A Shares ..................................... 120 28,664 12,235
============ ============ ============
Class B Shares ..................................... 18,724 16,182 20,715
============ ============ ============
Class Y Shares ..................................... 400,117 158,238 4,675,687
============ ============ ============
CLASS A SHARES:
Net asset value and redemption price per share ..... $ 11.10 $ 11.92 $ 12.58
============ ============ ============
Maximum sales charge ............................... 5.50% 5.50% 5.50%
Maximum offering price per share ................... $ 11.75 $ 12.61 $ 13.31
============ ============ ============
CLASS B SHARES:
Net asset value and offering price per share* ...... $ 11.10 $ 11.90 $ 12.54
============ ============ ============
CLASS Y SHARES:
Net asset value, offering price and redemption price
per share ...................................... $ 11.10 $ 11.91 $ 12.57
============ ============ ============
<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>
<PAGE>
The Munder Lifestyle Funds
Statements of Operations, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund Fund Fund
------------ ---------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends ............................................ $ 23,338 $ 22,521 $ 367,822
Interest ............................................. 2,117 3,448 123,375
----------- ----------- -----------
Total investment income ........................ 25,455 25,969 491,197
----------- ----------- -----------
EXPENSES:
Registration and filing fees ......................... 38,960 44,200 74,676
Investment advisory fee .............................. 2,026 4,169 177,410
Amortization of organization costs ................... 5,970 6,729 740
Custodian fees ....................................... 2,062 4,054 13,360
Distribution and shareholder servicing fees
Class A Shares .................................... 1 763 227
Class B Shares .................................... 945 595 673
Administration fee ................................... 28,011 28,011 28,011
Transfer agent fee ................................... 34,405 35,767 38,289
Directors' fees and expenses ......................... 10 38 1,757
Other ................................................ 525 753 49,811
----------- ----------- -----------
Total Expenses ................................. 112,915 125,079 384,954
Expenses reimbursed by investment advisor ............ (108,993) (117,059) (90,291)
----------- ----------- -----------
Net Expenses ................................... 3,922 8,020 294,663
----------- ----------- -----------
NET INVESTMENT INCOME ................................ 21,533 17,949 196,534
----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) INVESTMENTS:
Net realized gain (loss) from security transactions .. 7,522 45,519 (1,200,237)
Net realized gain from underlying funds' distributions 2,712 27,198 2,815,949
Net change in unrealized appreciation of securities .. 53,595 19,339 2,248,880
----------- ----------- -----------
Net realized and unrealized gain on investments ...... 63,829 92,056 3,864,592
----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................... $ 85,362 $ 110,005 $ 4,061,126
=========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Lifestyle Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund (a) Fund (b) Fund (c)
------------ ----------- ----------
<S> <C> <C> <C>
Net investment income .................................... $ 21,533 $ 17,949 $ 196,534
Net realized gain (loss) ................................. 10,234 72,717 1,615,712
Net change in unrealized appreciation of
investments during the period .......................... 53,595 19,339 2,248,880
------------ ------------ ------------
Net increase in net assets resulting
from operations ......................................... 85,362 110,005 4,061,126
Dividends to shareholders from net investment income:
Class A Shares ........................................ (6) (3,999) (107)
Class B Shares ........................................ (1,121) (244) --
Class Y Shares ........................................ (21,819) (15,340) (202,429)
Distributions to shareholders from net realized gains:
Class A Shares ........................................ -- (10,175) (2,047)
Class Y Shares ........................................ (2,267) (16,463) (1,613,979)
Distributions to shareholders in excess of realized gains:
Class A Shares ........................................ -- -- (235)
Class Y Shares ........................................ -- -- (185,704)
Net increase in net assets from Fund share transactions
Class A Shares ........................................ 1,316 109,889 152,358
Class B Shares ........................................ 201,148 185,026 256,745
Class Y Shares ........................................ 4,282,096 1,733,191 55,245,066
------------ ------------ ------------
Net increase in net assets ............................... 4,544,709 2,091,890 57,710,794
NET ASSETS:
Beginning of year ........................................ 105,497 326,602 1,482,779
------------ ------------ ------------
End of year .............................................. $ 4,650,206 $ 2,418,492 $ 59,193,573
============ ============ ============
Undistributed net investment income ...................... $ 5,619 $ 6,734 $ --
============ ============ ============
<FN>
- ---------
(a) The Munder All-Season Conservative Fund Class A Shares and Class B Shares
commenced operations on March 13, 1998 and January 14, 1998,
respectively.
(b) The Munder All-Season Moderate Fund Class B Shares commenced operations
on January 14, 1998.
(c) The Munder All-Season Aggressive Fund Class A Shares and Class B Shares
commenced operations on October 7, 1997 and January 9, 1998,
respectively.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Lifestyle Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund (a) Fund (b) Fund (c)
-------- -------- --------
<S> <C> <C> <C>
Amount
Class A Shares:
Sold .............................. $ 1,310 $ 173,583 $ 149,969
Issued as reinvestment of dividends 6 14,174 2,389
Redeemed .......................... -- (77,868) --
------------ ------------ ------------
Net increase ...................... $ 1,316 $ 109,889 $ 152,358
============ ============ ============
Class B Shares:
Sold .............................. $ 205,000 $ 185,588 $ 256,745
Issued as reinvestment of dividends 1,121 161 --
Redeemed .......................... (4,973) (723) --
------------ ------------ ------------
Net Increase ...................... $ 201,148 $ 185,026 $ 256,745
============ ============ ============
Class Y Shares:
Sold .............................. $ 4,308,010 $ 1,851,189 $ 55,935,663
Issued as reinvestment of dividends 24,086 11,217 139,979
Redeemed .......................... (50,000) (129,215) (830,576)
------------ ------------ ------------
Net increase ...................... $ 4,282,096 $ 1,733,191 $ 55,245,066
============ ============ ============
Shares
Class A Shares:
Sold .............................. 118 14,527 12,028
Issued as reinvestment of dividends 1 1,273 206
Redeemed .......................... -- (6,527) --
------------ ------------ ------------
Net increase ...................... 119 9,273 12,234
============ ============ ============
Class B Shares:
Sold .............................. 19,070 16,226 20,714
Issued as reinvestment of dividends 101 14 --
Redeemed .......................... (448) (59) --
------------ ------------ ------------
Net Increase ...................... 18,723 16,181 20,714
============ ============ ============
Class Y Shares:
Sold .............................. 392,448 157,834 4,603,311
Issued as reinvestment of dividends 2,197 1,004 12,069
Redeemed .......................... (4,529) (10,848) (70,378)
------------ ------------ ------------
Net increase ...................... 390,116 147,990 4,545,002
============ ============ ============
<FN>
- ---------
(a) The Munder All-Season Conservative Fund Class A Shares and Class B Shares
commenced operations on March 13, 1998 and January 14, 1998,
respectively.
(b) The Munder All-Season Moderate Fund Class B Shares commenced operations
on January 14, 1998.
(c) The Munder All-Season Aggressive Fund Class A Shares and Class B Shares
commenced operations on October 7, 1997 and January 9, 1998,
respectively.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Lifestyle Funds
Statements of Changes in Net Assets, Period Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund (a) Fund (b) Fund (c)
----------- ---------- --------
<S> <C> <C> <C>
Net investment income ................................. $ 1,048 $ 1,356 $ 1,839
Net realized gain on investments sold ................. 694 803 313
Net change in unrealized appreciation of investments .. 3,725 21,600 92,000
Net increase in net assets resulting from operations .. 5,467 23,759 94,152
Net increase in net assets from Fund share transactions
Class A Shares ..................................... -- 200,279 --
Class Y Shares ..................................... 100,030 102,564 1,388,627
---------- ---------- ----------
Net increase in net assets ............................ 105,497 326,602 1,482,779
NET ASSETS:
End of period ......................................... $ 105,497 $ 326,602 $1,482,779
========== ========== ==========
Undistributed net investment income ................... $ 1,048 $ 1,356 $ 1,878
========== ========== ==========
</TABLE>
Statements of Changes - Capital Stock Activity, Period Ended June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Munder Munder
All-Season All-Season All-Season
Conservative Moderate Aggressive
Fund (a) Fund (b) Fund (c)
------------ ---------- ----------
<S> <C> <C> <C>
Amount
Class A Shares:
Sold........................................... $ -- $ 200,279 $ --
------------ ------------ ------------
Net increase................................... $ -- $ 200,279 $ --
============ ============ ============
Class Y Shares:
Sold........................................... $ 100,030 $ 102,564 $ 1,388,627
------------ ------------ ------------
Net increase................................... $ 100,030 $ 102,564 $ 1,388,627
============ ============ ============
Shares
Class A Shares:
Sold........................................... -- 19,392 --
------------ ------------ ------------
Net increase................................... -- 19,392 --
============ ============ ============
Class Y Shares:
Sold........................................... 10,003 10,248 130,687
------------ ------------ ------------
Net increase................................... 10,003 10,248 130,687
============ ============ ============
<FN>
- ---------
(a) The Munder All-Season Conservative Fund Class Y Shares commenced
operations on April 3, 1997.
(b) The Munder All-Season Moderate Fund Class A Shares and Class Y shares
commenced operations on April 4, 1997 and April 3, 1997, respectively.
(c) The Munder All-Season Aggressive Fund Class Y Shares commenced operations
on April 3, 1997.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder All-Season Conservative Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
-------- --------
Period Period
Ended Ended
6/30/98 (d) 6/30/98 (d)
----------- ------------
<S> <C> <C>
Net asset value, beginning of period.......... $ 11.10 $ 10.74
------- -------
Income from investment operations:
Net investment income......................... 0.14 0.19
Net realized and unrealized gain/(loss) on investments (0.04) 0.23
------- -------
Total from investment operations.............. 0.10 0.42
------ -------
Less distributions:
Dividends from net investment income.......... (0.10) (0.06)
Distributions from net realized capital gains. -- --
------- -------
Total distributions........................... (0.10) (0.06)
------- -------
Net asset value, end of period................ $ 11.10 $11.10
======= =======
Total return (c).............................. 0.91% 3.91%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).......... $ 1 $ 208
Ratio of operating expenses to average net assets 0.93%(b) 1.63% (b)
Ratio of net investment income to average net assets. 4.46%(b) 3.76% (b)
Portfolio turnover rate....................... 31% 31%
Ratio of operating expenses to average net assets
without expenses reimbursed................ 23.99%(b) 24.69% (b)
<FN>
- ---------
(a) The Munder All-Season Conservative Fund Class A Shares, Class B Shares
and Class Y Shares commenced operations on March 13, 1998, January 14,
1998, and April 3, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder All-Season Conservative Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
---------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97
---------- -------
<S> <C> <C>
Net asset value, beginning of period.......... $ 10.55 $ 10.00
------- -------
Income from investment operations:
Net investment income......................... 0.52 0.10
Net realized and unrealized gain on investments 0.59 0.45
------- -------
Total from investment operations.............. 1.11 0.55
------- -------
Less distributions:
Dividends from net investment income.......... (0.37) --
Distributions from net realized capital gains. (0.19) --
------- -------
Total distributions........................... (0.56) --
------- -------
Net asset value, end of period................ $ 11.10 $10.55
======= =======
Total return (c).............................. 10.73% 5.50%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).......... $ 4,441 $ 105
Ratio of operating expenses to average net assets 0.63% 0.55%(b)
Ratio of net investment income to average net assets. 4.76% 4.24%(b)
Portfolio turnover rate....................... 31% 18%
Ratio of operating expenses to average net assets
without expenses reimbursed................ 23.69% 97.07%(b)
<FN>
- ---------
(a) The Munder All-Season Conservative Fund Class A Shares, Class B Shares
and Class Y Shares commenced operations on March 13, 1998, January 14,
1998, and April 3, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated. (d) Per share numbers have been calculated using the average
shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder All-Season Moderate Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
Year Period Period
Ended Ended Ended
6/30/98 (d) 6/30/97 6/30/98 (d)
<S> <C> <C> <C>
Net asset value, beginning of period.......... $ 11.02 $ 10.00 $ 11.14
------- -------- ---------
Income from investment operations:
Net investment income......................... 0.16 0.04 0.04
Net realized and unrealized gain on investments 1.44 0.98 0.74
------- -------- ---------
Total from investment operations.............. 1.60 1.02 0.78
------- -------- ---------
Less distributions:
Dividends from net investment income.......... (0.18) -- (0.02)
Distributions from net realized capital gains. (0.52) -- --
------- -------- ---------
Total distributions........................... (0.70) -- (0.02)
------- -------- ---------
Net asset value, end of period................ $ 11.92 $ 11.02 $ 11.90
======= ======== =========
Total return (c).............................. 15.10% 10.20% 6.96%
======= ======== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........ $ 342 $ 214 $ 193
Ratio of operating expenses to average net assets 0.88% 0.85%(b) 1.58%(b)
Ratio of net investment income to average net assets. 1.38% 2.22%(b) 0.68%(b)
Portfolio turnover rate....................... 54% 5% 54%
Ratio of operating expenses to average net assets
without expenses reimbursed................ 11.07% 41.36%(b) 11.77%(b)
<FN>
- ---------
(a) The Munder All-Season Moderate Fund Class A Shares, Class B Shares and
Class Y Shares commenced operations on April 4, 1997, January 14, 1998,
and April 3, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder All-Season Moderate Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97
---------- -------
<S> <C> <C>
Net asset value, beginning of period.......... $ 11.02 $ 10.00
------- -------
Income from investment operations:
Net investment income......................... 0.20 0.06
Net realized and unrealized gain on investments 1.43 0.96
------- -------
Total from investment operations.............. 1.63 1.02
------- -------
Less distributions:
Dividends from net investment income.......... (0.22) --
Distributions from net realized capital gains. (0.52) --
------- -------
Total distributions........................... (0.74) --
------- -------
Net asset value, end of period................ $ 11.91 $ 11.02
======= =======
Total return (c).............................. 15.39% 10.20%
======= ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).......... $ 1,884 $ 113
Ratio of operating expenses to average net assets 0.58% 0.55%(b)
Ratio of net investment income to average net assets. 1.68% 2.52%(b)
Portfolio turnover rate....................... 54% 5%
Ratio of operating expenses to average net assets
without expenses reimbursed................ 10.77% 41.06%(b)
<FN>
- ---------
(a) The Munder All-Season Moderate Fund Class A Shares, Class B Shares and
Class Y Shares commenced operations on April 4, 1997, January 14, 1998,
and April 3, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated. (d) Per share numbers have been calculated using the average
shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder All-Season Aggressive Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
-------- --------
Period Period
Ended Ended
6/30/98 (d) 6/30/98 (d)
----------- -----------
<S> <C> <C>
Net asset value, beginning of period............ $ 13.23 $ 11.40
-------- --------
Income from investment operations:
Net investment income/(loss).................... 0.01 (0.04)
Net realized and unrealized gain/(loss) on investments (0.25) 1.18
-------- --------
Total from investment operations................ (0.24) 1.14
-------- --------
Less distributions:
Dividends from net investment income............ (0.01) --
Distributions from net realized capital gains... (0.36) --
Distributions in excess of net realized capital gains (0.04) --
-------- --------
Total distributions............................. (0.41) (0.00)
-------- --------
Net asset value, end of period.................. $ 12.58 $ 12.54
======== ========
Total return (c)................................ (1.20)% 10.00%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............ $ 154 $ 260
Ratio of operating expenses to average net assets 0.88%(b) 1.58%(b)
Ratio of net investment income/(loss) to average
net assets..................................... 0.09%(b) (0.61)%(b)
Portfolio turnover rate......................... 55% 55%
Ratio of operating expenses to average net assets
without expenses reimbursed.................. 1.06%(b) 1.76%(b)
<FN>
- ---------
(a) The Munder All-Season Aggressive Fund Class A Shares, Class B Shares
and Class Y Shares commenced operations on October 7, 1997, January 9,
1998, and April 3, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder All-Season Aggressive Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------------------
Year Period
Ended Ended
6/30/98(d) 6/30/97
---------- -------
<S> <C> <C>
Net asset value, beginning of period............ $ 11.35 $ 10.00
-------- --------
Income from investment operations:
Net investment income........................... 0.05 0.01
Net realized and unrealized gain on investments. 1.61 1.34
-------- --------
Total from investment operations................ 1.66 1.35
-------- --------
Less distributions:
Dividends from net investment income............ (0.04) --
Distributions from net realized capital gains... (0.36) --
Distributions in excess of net realized capital gains (0.04) --
-------- --------
Total distributions............................. (0.44) --
-------- --------
Net asset value, end of period.................. $ 12.57 $ 11.35
======== ========
Total return (c)................................ 15.04% 13.50%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............ $ 58,780 $ 1,483
Ratio of operating expenses to average net assets 0.58% 0.55%(b)
Ratio of net investment income to average net assets. 0.39% 1.08%(b)
Portfolio turnover rate......................... 55% 3%
Ratio of operating expenses to average net assets
without expenses reimbursed.................. 0.76% 14.30%(b)
<FN>
- ---------
(a) The Munder All-Season Aggressive Fund Class A Shares, Class B Shares
and Class Y Shares commenced operations on October 7, 1997, January 9,
1998, and April 3, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated. (d) Per share numbers have been calculated using the average
shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Lifestyle Funds
Notes To Financial Statements, June 30, 1998
- -----------------------------------------------------------------------------
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. The Munder Framlington Funds Trust ("Framlington")
is registered under the 1940 Act, as an open-end investment company which was
organized as a Massachusetts business trust on October 30, 1996. MFI, MFT and
Framlington consist of 33 portfolios currently in operation. Information
presented in these financial statements only pertains to the Munder Lifestyle
Funds which consists of Munder All-Season Conservative Fund (the
"Conservative Fund") previously the All-Season Maintenance Fund, Munder
All-Season Moderate Fund (the "Moderate Fund") previously the All-Season
Development Fund and Munder All-Season Aggressive Fund (the "Aggressive
Fund") previously the All-Season Accumulation Fund, (each a "Fund" and
collectively, the "Funds"), all of which commenced operations on April 3,
1997 and are Funds of MFI. Each Fund seeks its investment objective by
investing in a variety of funds (the "Underlying Funds") offered by MFI, MFT
and Framlington. In addition to shares of the Underlying Funds, each Fund may
invest cash balances in repurchase agreements and other money market
investments to maintain liquidity in an amount to meet expenses or for
day-to-day operating purposes.
The Funds offer three classes of shares -- Class A, Class B and Class Y
Shares. 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: The Underlying Funds are valued according to their
stated net asset value ("NAV"). The Underlying Funds value their portfolio
securities as follows: Securities traded on a national securities exchange or
on the NASDAQ National Market System ("NASDAQ") are valued at the last sale
price on such exchange or market as of the close of business on the date of
valuation. Securities traded on a national securities exchange or on the
NASDAQ for which there were no sales on the date of valuation and securities
traded on other 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 Munder Capital Management (the
"Advisor") under the supervision of the Board of Directors/Trustees. Debt
securities with remaining maturities of 60 days or less are valued at
amortized cost, unless the Board of Directors/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 the
61st day before maturity). Thereafter, a constant proportionate amortization
of any discount or premium is recorded until maturity of the security.
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 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.
<PAGE>
The Munder Lifestyle Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
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. 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, if any, 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 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, Custodian, and Other Related Party Transactions
Munder Capital Management (the "Advisor") 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, at an
annual rate of 0.35%, based on the average daily net assets of the respective
Fund. The Advisor has reimbursed certain expenses, payable by the Funds, for
the year ending June 30, 1998, as reflected in the Statement of Operations.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an additional
interest in the Advisor whereby it now owns approximately 88% of the Advisor.
The Funds have received an order from the Securities and Exchange Commission
allowing the Funds to escrow advisory fees payable to the Advisor until a
shareholder vote for the consideration of new advisory contracts can be
taken. This vote is expected to occur in November 1998.
Comerica provides certain shareholder services to the Funds. As
compensation for the shareholder services provided to the Funds, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the
Funds beneficially owned by Comerica and its customers. Prior to November 1,
1997, Comerica provided custodian services and received fees as compensation
for its services, based on the aggregate average daily net assets of the Fund
and certain other investment portfolios advised by the Advisor for which
Comerica provided services. These fees were 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 received certain transaction
based fees. After November 1, 1997, no compensation was paid to Comerica for
its services as custodian to the Fund. Comerica earned $5,053 for its
custodian and shareholder services to the Funds for the year ended June 30,
1998.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee consisting of a $30,000 annual retainer per year for services
in such capacity plus $2,500 for each meeting attended per year, plus
out-of-pocket expenses incurred as a Board member for services provided as a
Board member of MFT, MFI, Framlington and St. Clair Funds, Inc. 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, or Comerica received any compensation from MFI,
MFT or Framlington.
<PAGE>
The Munder Lifestyle Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
3. Distribution and Service Plans
The Funds have 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 and
Class B 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
Plan also permits payments to be made by the Funds to the Distributor for
expenditures incurred by the Distributor in connection with the distribution
of Fund shares to investors and provision of certain shareholder services
(which include but are not limited to the payment of compensation, including
compensation to Service Organizations to obtain various distribution related
services for the Funds). For the year ended June 30, 1998, the contractual
rates, as a percentage of average daily net assets, under the Plans are as
follows:
<TABLE>
<CAPTION>
Class A Class B
Shares Shares
12b-1 Fees 12b-1 Fees
---------- ----------
<S> <C> <C>
The Funds............................ 0.30% 1.00%
</TABLE>
4. Securities Transactions
For the year ended June 30, 1998, purchases and sales of securities, other
than short-term investments and U.S. Government securities, were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Conservative Fund $ 8,552,135 $ 4,081,752
Moderate Fund 3,428,465 1,430,423
Aggressive Fund 139,464,330 82,787,521
</TABLE>
At June 30, 1998, 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>
Conservative Fund $ 63,776 $ 9,201
Moderate Fund 61,231 22,966
Aggressive Fund 3,639,965 1,918,842
</TABLE>
5. Risk Factors of the Funds
Investing in the Underlying Funds through the Funds involves certain
additional expenses and tax results that would not be incurred in a direct
investment in the Underlying Funds.
Certain of the Underlying Funds may invest in securities of foreign
issuers, including issuers in emerging market countries (that involve risks
not typically associated with U.S. issuers), and certain options and futures
strategies. Certain of the Underlying Funds may invest in the securities of
emerging growth companies, which may involve greater price volatility and
risk than those incurred by funds that do not invest in such securities.
The Trustees/Directors of MFI, MFT and Framlington also serve as
Trustees/Directors of the Underlying Funds. In addition, conflicts may arise
as these Trustees/Directors seek to fulfill their fiduciary responsibilities
to both the Funds and the Underlying Funds.
From time to time, one or more of the Underlying Funds used for investment
by a Fund may experience relatively large subscription or redemption requests
from a Fund due to reallocations or rebalancings by the Funds as recommended
by the Advisor. These transactions will affect the Underlying Funds, since
the Underlying Funds that
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of
The Munder Funds, Inc.
We have audited the accompanying statements of assets and liabilities of the
Munder All-Season Conservative Fund, Munder All-Season Moderate Fund, and
Munder All-Season Aggressive Fund, (the "Funds"), three of the portfolios
constituting The Munder Funds, Inc., including the portfolios of investments,
as of June 30, 1998, and the related statements of operations for the year
then ended, the statements of changes in net assets and financial highlights
for each of the periods indicated therein. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1998 by correspondence with
the custodian. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
the, Munder All-Season Conservative Fund, Munder All-Season Moderate Fund and
Munder All-Season Aggressive Fund portfolios of The Munder Funds, Inc. at
June 30, 1998, the results of their operations for the year then ended, and
changes in their net assets and their financial highlights for each of the
indicated periods, in conformity with generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 14, 1998
<PAGE>
The Munder Lifestyle Funds
Notes To Financial Statements, June 30, 1998
(Continued)
- -----------------------------------------------------------------------------
experience redemptions as a result of the reallocations or rebalancings may
have to sell portfolio securities, and Underlying Funds that receive cash
will have to invest such cash. While it is impossible to predict the overall
impact of these transactions over time, there could be adverse effects on
portfolio management to the extent that the Underlying Funds may be required
to sell securities or invest cash at times when they would not otherwise do
so. These transactions could also have tax consequences on the Underlying
Funds if sales of securities resulted in gains and could also increase
transactions costs. The Advisor, representing the interests of the Underlying
Funds, is committed to minimizing the impact of Fund transactions on the
Underlying Funds to the extent it is consistent with pursuing the investment
objectives of the Funds. The Advisor may, nevertheless, face conflicts in
fulfilling its responsibilities to both the Funds and Underlying Funds.
6. Organization Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying the Funds'
shares for distribution under Federal securities regulations, have been
capitalized and are being amortized on a straight-line basis over a period of
5 years from commencement of operations.
<PAGE>
The Munder Lifestyle Funds
Tax Information, June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
Of the distributions made by the Funds, the corresponding percentage
represents the amount of each distribution which will qualify for the
dividend received deduction available to corporate shareholders:
<TABLE>
<S> <C>
Conservative Fund ................ 0.6%
Moderate Fund ................ 1.4%
Aggressive Fund ................ 5.9%
</TABLE>
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNLIFEABY98
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
CLASS Y SHARES
Annual
Report
The Munder Funds
Investments JUNE 30, 1998
for all seasons THE MUNDER GROWTH OPPORTUNITIES FUND
<PAGE>
"Welcome to the
first annual report for
the Munder Growth
Opportunities Fund."
The Munder Funds
Letter to shareholders
Dear Fellow Shareholders:
Welcome to the first annual report for the Munder Gorwth Opportunities Fund.
The Fund is designed to bring our Growth at a Reasonable Price, or GARP,
discipline to mid-cap investing.
The Growth Opportunities Fund commenced operations on June 24, 1998. The Fund
has earned a return of 0.20% from inception through June 30, 1998, pending
investment primarily in equity securities.
We look forward to continued success with the Munder Growth Opportunities
Fund. If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
http://www.munder.com. Thank you very much for your confidence in Munder
Capital Management and the Munder Family of Funds.
Very truly yours.
/s/ Lee Munder
- --------------
Lee Munder, President
<PAGE>
Munder Growth Opportunities Fund
Portfolio of Investments, June 30, 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 84.8%
Advertising -- 2.4%
<S> <C> <C>
1,200 HA-LO Industries, Inc.+ $ 37,350
----------
<CAPTION>
Automobile Parts & Equipment -- 2.5%
<S> <C> <C>
900 Tower Automotive, Inc.+ 38,588
----------
<CAPTION>
Banking and Financial Services -- 7.2%
<S> <C> <C>
1,150 Charter One Financial, Inc. 38,741
1,100 Mercantile Bankshares Corporation 38,294
2,250 Sovereign Bancorp, Inc. 36,773
----------
113,808
----------
<CAPTION>
Basic Industries -- 2.3%
<S> <C> <C>
600 Waters Corporation+ 35,363
----------
<CAPTION>
Broadcasting -- 2.5%
<S> <C> <C>
850 Meredith Corporation 39,897
----------
<CAPTION>
Chemicals -- 2.4%
<S> <C> <C>
750 Minerals Technologies Inc. 38,156
----------
<CAPTION>
Commercial Services -- 9.9%
<S> <C> <C>
1,650 ABR Information Services, Inc.+ 39,187
1,200 AccuStaff, Inc.+ 37,500
1,200 Metamor Worldwide, Inc.+ 42,225
1,400 Stewart Enterprises Inc. 37,275
----------
156,187
----------
<CAPTION>
Communication Equipment -- 2.5%
<S> <C> <C>
1,450 Aspect Telecommunications Corporation+ 39,694
----------
<CAPTION>
Computer Hardware, Software or Services -- 12.7%
<S> <C> <C>
1,050 Affiliated Computer Services, Inc.+ 40,425
1,850 BA Merchants Services, Inc.+ 37,347
1,150 Cadence Design Systems, Inc.+ 35,937
850 Fiserv, Inc.+ 36,098
500 Network Appliance, Inc.+ 19,469
1,100 Parametric Technology Corporation+ 29,838
----------
199,114
----------
<CAPTION>
Diversified -- 2.3%
<S> <C> <C>
850 Carlisle Companies, Inc. 36,603
----------
<CAPTION>
Electronics - Semiconductors -- 2.3%
<S> <C> <C>
1,150 Maxim Integrated Products, Inc.+ 36,441
----------
<CAPTION>
Financial Services -- 2.3%
<S> <C> <C>
650 Finova Group, Inc. 36,806
----------
<CAPTION>
Health Care Products -- 5.0%
<S> <C> <C>
600 Elan Corporation Plc, ADR+ 38,588
1,100 Patterson Dental Company+ 40,287
----------
78,875
----------
<CAPTION>
Insurance -- 2.8%
<S> <C> <C>
850 Nationwide Financial Services, Inc. 43,350
----------
<CAPTION>
Lodging -- 2.3%
<S> <C> <C>
950 Promus Hotel Corporation New+ 36,575
----------
<CAPTION>
Machinery - Tools -- 2.5%
1,150 Applied Power, Inc. 39,531
----------
<CAPTION>
Medical Instruments & Supplies -- 5.0%
<S> <C> <C>
1,200 Biomet, Inc. 39,675
600 STERIS Corporation+ 38,156
----------
77,831
----------
<CAPTION>
Medical Services -- 2.3%
<S> <C> <C>
1,050 Total Renal Care Holdings, Inc.+ 36,225
----------
<CAPTION>
Oil Equipment & Services -- 6.5%
<S> <C> <C>
650 Cooper Cameron Corporation+ 33,150
850 Diamond Offshore Drilling, Inc. 34,000
800 Transocean Offshore Inc. 35,600
----------
102,750
----------
<CAPTION>
Publishing -- 2.2%
<S> <C> <C>
750 Applied Graphics Technologies+ 34,313
----------
<CAPTION>
Retail -- 2.6%
<S> <C> <C>
1,700 Pier 1 Imports, Inc. 40,587
----------
<CAPTION>
Telecommunications -- 2.3%
<S> <C> <C>
800 Century Telephone Enterprises Inc. 36,700
----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C> <C>
(Cost $1,332,130) 1,334,744
----------
<PAGE>
<CAPTION>
Principal
Amount Value
--------- -----
<S> <C> <C>
REPURCHASE AGREEMENT -- 16.1% (Cost $253,000)
$253,000 Agreement with State Street Bank and
Trust Company, 5.800% dated
06/30/1998, to be repurchased at
$253,041 on 07/01/1998,
collateralized by $160,000 U.S.
Treasury Bond, 13.250% maturing
05/15/2014 (value $259,810) $ 253,000
----------
TOTAL INVESTMENTS (Cost $1,585,130*) 100.9% 1,587,744
OTHER ASSETS AND LIABILITIES (Net) (0.9) (14,926)
----- ----------
NET ASSETS 100.0% $1,572,818
===== ==========
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
</TABLE>
<PAGE>
Munder Growth Opportunities Fund
<TABLE>
<CAPTION>
Statement of Assets and Liabilities, June 30, 1998
- ------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments, at value (Cost $1,585,130)
See accompanying schedules:
Securities ........................................... $1,334,744
Repurchase agreement ................................. 253,000
----------
Total investments ............................................ 1,587,744
Cash ......................................................... 48
Interest receivable .......................................... 41
Dividends receivable ......................................... 68
Receivable for Fund shares sold .............................. 3,525
Unamortized organization costs ............................... 15,000
----------
Total Assets ............................................. 1,606,426
----------
LIABILITIES:
Payable for investment securities purchased .................. 18,313
Investment advisory fee payable .............................. 191
Accrued expenses and other payables .......................... 15,104
----------
Total Liabilities ........................................ 33,608
----------
NET ASSETS ................................................... $1,572,818
==========
NET ASSETS consist of:
Undistributed net investment income .......................... $ 815
Net unrealized appreciation of investments ................... 2,614
Par value .................................................... 1,569
Paid-in capital in excess of par value ....................... 1,567,820
----------
Total Net Assets ......................................... $1,572,818
==========
NET ASSET VALUE, offering and redemption price
per shar ($1,572,818 / 156,939 shares Class Y of
common stock outstanding) ................................ $ 10.02
==========
See Notes to Financial Statements.
</TABLE>
1
<PAGE>
Munder Growth Opportunities Fund
<TABLE>
<CAPTION>
Statement of Operations, Period Ended June 30, 1998 (a)
- ------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest ..................................................... $ 1,042
Dividends .................................................... 68
-------
Total investment income .................................. 1,110
-------
EXPENSES:
Investment advisory fee ...................................... 193
Other ........................................................ 104
-------
Total Expenses ........................................... 297
-------
Expenses reimbursed by the investment advisor ................ (2)
-------
Net Expenses ............................................. 295
-------
NET INVESTMENT INCOME ........................................ 815
-------
NET UNREALIZED GAIN ON INVESTMENTS:
Net change in unrealized appreciation of securities .......... 2,614
-------
Net unrealized gain on investments ........................... 2,614
-------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ................................................... $ 3,429
=======
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets, Period Ended June 30, 1998 (a)
- ------------------------------------------------------------------------------
<S> <C>
Net investment income ........................................ $ 815
Net change in unrealized appreciation of investments ......... 2,614
----------
Net increase in net assets resulting from operations ......... 3,429
Net increase in net assets from Fund share transactions ...... 1,569,389
----------
Net increase in net assets ................................... 1,572,818
NET ASSETS:
Beginning of period .......................................... --
----------
End of period ................................................ $1,572,818
==========
Undistributed net investment income .......................... $ 815
==========
<FN>
- ------
(a) Munder Growth Opportunities Fund commenced operations on June 24, 1998.
</TABLE>
See Notes to Financial Statements.
<PAGE>
Munder Growth Opportunities Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
--------
Period
Ended
6/30/98
-------
<S> <C>
Net asset value, beginning of period ......................... $ 10.00
---------
Income from investment operations:
Net investment income ........................................ 0.01
Net unrealized gain on investments ........................... 0.01
---------
Total from investment operations ............................. 0.02
---------
Net asset value, end of period ............................... $ 10.02
=========
Total return (b) ............................................. 0.20%
=========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 1,573
Ratio of operating expenses to average net assets ............ 1.15%(c)
Ratio of net investment income to average net assets ......... 3.18%(c)
Portfolio turnover rate ...................................... 0%
Ratio of operating expenses to average net assets
without expenses reimbursed ............................. 1.16%(c)
<FN>
- ------
(a) The Munder Growth Opportunities Fund commenced operations on June 24,
1998.
(b) Total return represents aggregate total return for the period
indicated.
(c) Annualized.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Growth Opportunities Fund
Notes To Financial Statements, June 30, 1998
- ------------------------------------------------------------------------------
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.
MFI consists of 14 portfolios currently in operation. Information presented
in this financial statement pertains to the Munder Growth Opportunities Fund
(the "Fund") which commenced operations on June 24, 1998. The financial
statements for the other remaining funds of MFI are presented in separate
reports.
The Fund offers five classes of shares - Class A, Class B, Class C,
Class K and Class Y Shares. At June 30, 1998, Class A, Class B, Class C and
Class K had not yet commenced operations.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund in the preparation of
its financial statements:
Security Valuation: 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 Munder Capital Management (the
"Advisor"), under the supervision of the Board of 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 Board of Directors determines
that such valuation does not constitute fair value at that time. Under this
method, such securities are valued initially at cost on the date of purchase
(or on the 61st day before maturity). Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security.
Repurchase Agreements: The Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
while the Fund seeks to assert its rights. The 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.
Loans of Portfolio Securities: The Fund may lend portfolio securities up to
25% of the value of the Fund's total assets. Each loan is secured by
collateral adjusted daily to have a market value at least equal to the
current market value of the securities loaned. These loans are terminable at
any time and the Fund will receive any interest or dividends paid on the
loaned securities. The Fund may share with the borrower some of the income
received on the collateral for the loan or the Fund will be paid a premium
for the loan. If the borrower defaults and the value of the portfolio
securities increases in excess of the collateral received or if bankruptcy
proceedings commence with respect to the borrower of the security,
realization of the value of the securities loaned may be delayed or limited.
See Notes to Financial Statements.
<PAGE>
Munder Growth Opportunities Fund
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
Futures Contracts: The Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order
to maintain liquidity. Upon entering into a futures contract, the Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin." Subsequent payments ("variation margin") are made or
received by the Fund each day, depending on the daily fluctuation of the
value of the contract. The daily changes in the contract are recorded as
unrealized gains or losses. The Fund recognizes a realized gain or loss when
the contract is closed. The net unrealized appreciation/ (depreciation), if
any, is shown in the financial statements.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
Options: The Fund may write put or call options on securities they own
or have the right to acquire, and may purchase call or put options written by
others. Options may relate to individual securities, stock indices, foreign
currencies or futures contracts. The purchase of any of these instruments can
result in the loss on the investment in that particular instrument or, in the
case of writing covered options, can limit the opportunity to earn a profit
on the underlying security. The risk associated with purchasing an option is
that the Fund pays a premium whether or not the option is exercised.
Additionally, the Fund bears the risk of loss of premium and change in market
value should the counterparty not perform under the contract.
When the Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When the Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it, the Fund will recognize a gain
if the premium received by the Fund on the closing transaction exceeds the
premium paid to purchase the option. When an option written by the Fund
expires on its stipulated expiration date, the Fund realizes a gain equal to
the net premium received for the option. When the Fund enters into a closing
purchase transaction on an option written by it, the Fund realizes a gain or
loss equal to the difference between the cost of a closing purchase
transaction and the premium received when the call was written. If a written
call option is exercised, the premium is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a
gain or loss. If a written put option is exercised, the premium reduces the
cost basis of the security purchased by the Fund.
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.
Dividends and Distributions to Shareholders: Dividends from net
investment income, if any, are declared and paid at least annually. The
Fund's net realized capital gains (including net short-term capital gains),
if any, are declared and distributed at least annually.
Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by the Fund, timing differences and differing characterization of
distributions made by the Fund as a whole.
Federal Income Taxes: The Fund intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code 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.
See Notes to Financial Statements.
<PAGE>
Munder Growth Opportunities Fund
Notes To Financial Statements, June 30, 1998
(Continued)
- ------------------------------------------------------------------------------
2. Investment Advisor, Administrator, Custodian and Other Related
Party Transactions
Munder Capital Management (the "Advisor") serves as the Fund's
investment advisor. For its advisory services, the Advisor is entitled to
receive a fee, computed daily and payable monthly, at an annual rate of 0.75%
of the value of its average daily net assets.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88% of
the Advisor. The Fund has received an order from the Securities and Exchange
Commission allowing the Fund to escrow advisory fees payable to the Advisor
until a shareholder vote for the consideration of new advisory contracts can
be taken. This vote is expected to occur in November 1998.
The Advisor has reimbursed certain expenses, payable by the Fund, for
the period ending June 30, 1998, as reflected in the Statement of Operations.
Comerica provides certain shareholder services to the Fund. As
compensation for the shareholder services provided to the Fund, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the Fund
beneficially owned by Comerica and its customers. Comerica earned no fees for
its services to the Fund for the period ended June 30, 1998.
Each Director of MFI is paid an aggregate fee consisting of a $30,000
annual retainer for services in such capacity plus $2,500 for each meeting
attended per year, plus out-of-pocket expenses incurred as a Board member for
services provided as a Board member of MFI, The 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, or Comerica
received any compensation from MFI.
3. Securities Transactions
Cost of purchases of securities, other than short-term investments and
U.S. Government securities, was $1,332,130 for the period ended June 30,
1998.
At June 30, 1998, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost was $30,838
and aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over value was $28,224.
4. Common Stock
At June 30, 1998, 50,000,000 shares of $ .01 par value common stock
were authorized for the Fund. Changes in common stock for the Fund were as
follows:
<TABLE>
<CAPTION>
Period Ended
6/30/98
------------------
Shares Amount
------ ------
<S> <C> <C>
Sold 157,042 $1,570,420
Issued as reinvestment -- --
Redeemed (103) (1,031)
------- ----------
Net increase 156,939 $1,569,389
======= ==========
</TABLE>
At June 30, 1998, the Munder Lifestyle Funds was record owner of
approximately 95% of the total outstanding shares of the fund.
5. Organizational Costs
Expenses incurred in connection with the organization of the Fund,
including the fees and expenses of registering and qualifying its shares for
distribution under Federal securities regulations, have been capitalized and
are being amortized on a straight-line basis over a period of 5 years from
commencement of operations.
See Notes to Financial Statements.
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of
Munder Funds, Inc.
Munder Growth Opportunities Fund
We have audited the accompanying statement of asset and liabilities of the
Munder Growth Opportunities Fund (the "Fund"), one of the portfolios
constituting The Munder Funds, Inc., including the portfolio of investments,
as of June 30, 1998, and the related statement of operations, statement of
changes in net assets and the financial highlights for the period from June
24, 1998 (commencement of operations) to June 30, 1998. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1998 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Munder Growth Opportunities Fund portfolio of The Munder Funds, Inc. at
June 30, 1998, the results of its operations, the changes in its net asset
and the financial highlights for the period from June 24, 1998 (commencemen
of operations) to June 30, 1998, in conformity with generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 14, 1998
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNGROPY98
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
