The Munder Funds
Supplement Dated February 29, 1996
to Prospectus Dated October 28, 1995
Class Y Shares of:
Munder Multi-Season Growth Fund, Munder Real Estate Equity
Investment Fund, Munder Accelerating Growth Fund, Munder Small
Company Growth Fund, Munder Mid-Cap Growth Fund, Munder
International Equity Fund, Munder Index 500 Fund, Munder Growth &
Income Fund, Munder Value Fund, Munder Balanced 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 Money Market Fund, Munder Tax-Free Money Market Fund,
Munder U.S. Treasury Money Market Fund and Munder Cash Investment
Fund
The following supplements the Prospectus dated October 28,
1995 relating to Class Y Shares of the Munder Multi-Season Growth
Fund, Munder Real Estate Equity Investment Fund, Munder
Accelerating Growth Fund, Munder Small Company Growth Fund,
Munder Mid-Cap Growth Fund, Munder International Equity Fund,
Munder Index 500 Fund, Munder Growth & Income Fund, Munder Value
Fund, Munder Balanced 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 Money Market Fund, Munder
Tax-Free Money Market Fund, Munder U.S. Treasury Money Market
Fund and Munder Cash Investment Fund (the "Prospectus"):
FINANCIAL HIGHLIGHTS
The following tables of "Financial Highlights" relating to
the Munder Mid-Cap Growth Fund and Munder Value Fund supplement
information contained in the Prospectus and are derived from each
Fund's unaudited Financial Statements dated December 31, 1995.
<TABLE>
<CAPTION>
Munder Mid-Cap Growth Fund
Class
Y Shares
Period
Ended
12/31/95(a)
(Unaudited)
<S> <C>
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.00(d)
Net realized and unrealized gain on investments 0.75
Total from investment operations 0.75
Less distributions:
Dividends from net investment income -------
Total distributions -------
Net asset value, end of period $10.75
Total return(c) 7.50%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $18,819
Ratio of operating expenses to average net assets 0.94%(b)
Ratio of net investment income to average net assets 0.01%(b)
Portfolio turnover rate 86%
Ratio of operating expenses to average net assets without reimbursements
1.19%(b)
Net investment loss per share without reimbursements $(0.01)
<FN>
(a) The Munder Mid-Cap Growth Fund Class Y Shares commenced operations on
August 14, 1995.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated and does not reflect any applicable sales charges.
(d) Amount represents less than $0.01 per share. </FN> </TABLE>
<TABLE>
<CAPTION>
Munder Value Fund
Class
Y Shares
Period
Ended
12/31/95(a)
(Unaudited)
<S> <C>
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.03
Net realized and unrealized gain on investments 0.71
Total from investment operations 0.74
Less distributions:
Dividends from net investment income (0.02)
Total distributions (0.02)
Net asset value, end of period $10.72
Total return(b) 7.41%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $29,225
Ratio of operating expenses to average net assets 0.95%(c)
Ratio of net investment income to average net assets 0.84%(c)
Portfolio turnover rate 97%
Ratio of operating expenses to average net assets without reimbursements
1.10%(c)
Net investment income per share without reimbursements $ 0.02
<FN>
(a) The Munder Value Fund Class Y Shares commenced operations on August 18,
1995.
(b) Total return represents aggregate total return for the period
indicated and does not reflect any applicable sales charges.
(c) Annualized. </FN>
</TABLE>
CHANGE IN PORTFOLIO MANAGER FOR THE
INTERNATIONAL EQUITY FUND
Todd B. Johnson, Director of Equity Management of the
Advisor is currently the Portfolio Manager of the International
Equity Fund. Mr. Johnson previously served as a portfolio
manager at Woodbridge Capital Management and Manufacturers Bank.
Mr. Johnson received a B.A. in Finance from Michigan State
University and an M.B.A. from Wayne State University.
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shared/bankgrp/munder/parta/edgsuppy
