The Munder Funds
Supplement Dated February 29, 1996
to Prospectus Dated October 28, 1995
Class A, B and C 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 and Munder Balanced Fund
The following supplements the Prospectus dated October 28,
1995 relating to Class A, B and C 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 and Munder Balanced Fund (the "Prospectus"):
EXPENSE TABLE
Effective as of February 29, 1996, the following expense
table sets forth certain information concerning shareholder
transaction expenses for Class A Shares of the Munder Index 500
Fund (the "Index 500 Fund") for the current fiscal year. The
expense information in the table has been restated with respect to
the Index 500 Fund to reflect anticipated fees and waivers.
<TABLE> Class A Shares
<CAPTION> Index 500 Fund
<S> <C>
Shareholder transaction expenses:
Maximum sales load on purchases* 2.50%
Maximum sales load on reinvested dividends None
Maximum contingent deferred sales charge** None
Redemption fees None
Exchange fees None
Annual operating expenses:
(as a percentage of average net assets)
Advisory fees after waivers .07%
12b-1 fees after waivers .10%
Other expenses .18%
Total fund operating expenses after waivers .35%
<FN>
* Maximum sales load applicable to Class A Shares. Reduction and waivers of
sales loads are described under "How to Purchase Shares."
** A deferred sales charge of up to 0.20% is assessed on certain redemptions
of Class A Shares of the Index 500 Fund that are purchased with no initial sales
charge as part of an investment of $500,000 or more. See "How to Redeem
Shares."</FN>
</TABLE>
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.
Financial information is not provided for Class B Shares for the
Munder Mid-Cap Growth Fund or Class C Shares for the Munder Value
Fund as no Shares were sold with respect to those Classes during
the period ended December 31, 1995.
<TABLE>
<CAPTION> Munder Mid-Cap Growth Fund (a)
Class
Class
A Shares
C Shares
Period
Period
Ended
Ended
12/31/95(b)
12/31/95(b)
(Unaudited)
Unaudited
<S>
<C> <C>
Net asset value, beginning of period $ 10.55 $ 10.40
Income from investment operations:
Net investment income/(loss) 0.00(c) (0.01)
Net realized and unrealized gain on investments 0.20 0.35
Total from investment operations 0.20 0.34
Less distributions:
Dividends from net investment income ------- -------
Total distributions ------- -------
Net asset value, end of period $ 10.75 $ 10.74
Total return(d) 1.90% 3.27%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 35 $ 15
Ratio of operating expenses to average net assets 1.19%(e) 1.94%(e)
Ratio of net investment loss to average net assets (0.26)%(e) (1.01)%(e)
Portfolio turnover rate 86% 86%
Ratio of operating expenses to average net assets
without reimbursements 1.44%(e) 2.19%(e)
Net investment income/(loss) per share without reimbursements $ 0.00(c)
$ (0.01)
<FN>
(a) The Munder Mid-Cap Growth Fund is authorized to issue Class B Shares. As
of December 31, 1995, the Fund had not commenced selling Class B Shares.
(b) The Munder Mid-Cap Growth Fund Class A Shares and Class C Shares commenced
operations on December 22, 1995 and November 9, 1995, respectively.
(c) Amount represents less than $0.01 per share.
(d) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(e) Annualized. </FN>
</TABLE>
<TABLE>
<CAPTION>
Munder Value Fund (a)
Class
A Shares
Period
Ended
12/31/95(b)
(Unaudited) Class
B Shares
Period
Ended
12/31/95(b)
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $ 10.38 $ 10.41
Income from investment operations:
Net investment income 0.01 0.00(e)
Net realized and unrealized gain on investments 0.34 0.30
Total from investment operations 0.35 0.30
Less distributions:
Dividends from net investment income (0.02) -------
Total distributions (0.02) -------
Net asset value, end of period $ 10.71 $ 10.71
Total return(c) 3.33% 2.88%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 195 $ 61
Ratio of operating expenses to average net assets 1.20%(d) 1.95%(d)
Ratio of net investment income/(loss) to average net assets 0.59%(d)
(0.16)%(d)
Portfolio turnover rate 97% 97%
Ratio of operating expenses to average net assets
without reimbursements 1.35%(d) 2.10%(d)
Net investment income/(loss) per share without reimbursements $ 0.01
$ (0.01)
<FN>
(a) The Munder Value Fund is authorized to issue Class C Shares. As of
December 31, 1995, the Fund had not commenced selling Class C Shares.
(b) The Munder Value Fund Class A Shares and Class B Shares commenced
operations on September 14, 1995 and September 19, 1995, respectively.
(c) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(d) Annualized.
(e) Amount represents less than $0.01 per share. </FN>
</TABLE>
REDUCTION OF INDEX 500 FUND CLASS A SHARES
CONTINGENT DEFERRED SALES CHARGE
Effective February 29, 1996, whenever mentioned in the
Prospectus, the contingent deferred sales charge ("CDSC")
applicable to Class A Shares of the Index 500 Fund sold pursuant
to a complete waiver of the initial sales charge applicable to
large purchases made after February 29, 1996 is reduced to the
amounts set forth below for redemptions within one year of the
date of purchase. See "How to Purchase Shares -- Initial Sales
Charge -- Class A Shares."
<TABLE>
<CAPTION> Applicable
Amount of Purchase CDSC
<S> <C>
$500,000 but less than $1,000,000 0.20%
$1,000,000 but less than $3,000,000 0.15%
$3,000,000 or more 0.10%
</TABLE>
Initial Sales Charge - Class A Shares
The public offering price for Class A Shares of the Index
500 Fund is the next determined net asset value, plus any
applicable sales charge, which will vary with the size of purchase
as shown in the following table:
<TABLE>
<CAPTION>
Initial Sales Charge Schedule - Class A Shares of the Index 500 Fund
Sales Charge as a Percentage of
Discount to Selected Dealers as a
Offering Net Amount Invested Percentage of
Amount of Purchase Price (Net Asset Value) Offering Price
<S> <C> <C> <C>
Less than $100,000 2.50% 2.56% 2.25%
$100,000 but less than $250,000 2.00% 2.04% 1.75%
$250,000 but less than $500,000 1.50% 1.52% 1.25%
$500,000 but less than $1,000,000 None* None* 0.20%
$1,000,000 but less than $3,000,000 None* None* 0.15%
$3,000,000 or more None* None* 0.10%
<FN>
____________
* There is no initial sales charge on purchases of $500,000 or more of Class
A Shares of the Index 500 Fund; however, a CDSC in the amount of the Discount to
Selected Dealers shown above will be imposed on the lower of original purchase
price or the net asset value of the shares at the time of redemption if such
shares are redeemed within one year after the date of purchase. </FN>
</TABLE>
Sales Charge Waivers - Class A Shares
Upon notice to the Transfer Agent at the time of purchase,
the initial sales charge will be waived on sales of Class A Shares
to the following types of purchasers: (1) individuals with an
investment account or relationship with the Advisor; (2) full-time
employees and retired employees of the Advisor, employees of the
Fund's Administrator, Distributor and Custodian, and immediate
family members of such persons; (3) registered broker-dealers that
have entered into selling agreements with the Distributor, for
their own accounts or for retirement plans for their employees or
sold to registered representatives or full-time employees (and
their families) that certify to the Distributor at the time of
purchase that such purchase is for their own account (or for the
benefit of their families); (4) certain qualified employee benefit
plans as defined below; and (5) financial institutions, financial
planners or employee benefit plan consultants acting for the
accounts of their clients.
Sales charges will be waived for individuals who purchase
Class A Shares with the proceeds of distributions from qualified
retirement plans for which Munder Capital Management serves as
investment advisor.
Qualified Employer Sponsored Retirement Plans
Class A Shares (other than the Index 500 Fund)
Upon notice to the Transfer Agent at time of purchase, the
initial sales charge will be waived on purchases by employer
sponsored retirement plans which are qualified under Section
401(a) of the Internal Revenue Code of 1986, as amended,
including: 401(k) plans, defined benefit pension plans, profit-
sharing pension plans, money-purchase pension plans; and Section
457 deferred compensation plans and Section 403(b) plans (each, a
"Qualified Employee Benefit Plan") that (1) invest $1,000,000 or
more in Class A Shares of investment portfolios offered by the
Munder Funds or the MFI Funds (other than the Index 500 Fund) or
(2) have at least 75 eligible plan participants. In addition, the
CDSC of 1% imposed on certain redemptions within one year of
purchase will be waived for Qualified Employee Benefit Plan
purchases that meet the above criteria. A 1% commission will be
paid by the Distributor to dealers who initiate and are
responsible for Qualified Employee Benefit Plan purchases that
meet the above criteria. For purposes of the foregoing sales
charge waiver, Simplified Employee Pension Plans ("SEPs") and
Individual Retirement Accounts ("IRAs") are not considered to be
Qualified Employee Benefit Plans.
Class A Shares of the Index 500 Fund
The initial sales charge will be waived for all investments
by Qualified Employee Benefit Plans in Class A Shares of the Index
500 Fund. In addition, the CDSC of up to .20% imposed on certain
redemptions within one year of purchase will be waived for
Qualified Employee Benefit Plan purchases of $500,000 or more of
Class A Shares of the Index 500 Fund. The Distributor will pay
the following commissions to dealers who initiate and are
responsible for Qualified Employee Benefit Plan purchases of Class
A Shares of the Index 500 Fund:
<TABLE>
<CAPTION>
Discount to Selected Dealer
Amount of Purchase as a Percentage of
Offering Price
<S> <C>
Less than $500,000 0.25%
$500,000 but less than $1,000,000 0.20%
$1,000,000 but less than $3,000,000 0.15%
$3,000,000 or more 0.10%
</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/edgsuppe.doc
