The Munder Funds
Supplement Dated May 16, 1997
to Prospectus Dated October 28, 1996
Class A, B and C Shares of:
Munder Accelerating Growth Fund, Munder Balanced Fund, Munder
Equity Selection Fund, Munder Growth & Income Fund, Munder Index
500 Fund, Munder International Equity Fund, Munder Micro-Cap
Equity Fund, Munder Mid-Cap Growth Fund, Munder Multi-Season
Growth Fund, Munder Real Estate Equity Investment Fund, Munder
Small-Cap Value Fund, Munder Small Company Growth Fund, and Munder
Value Fund (the "Funds").
MINIMUM INITIAL INVESTMENT REDUCED
Effective as of May 16, 1997, the minimum initial investment for
the Funds has been reduced to $500 for Class A, B and C Shares of
each of the Funds.
SALES CHARGE WAIVERS--CLASS A SHARES
QUALIFIED EMPLOYER SPONSORED RETIREMENT PLANS
Effective as of May 16, 1997, (i) the "How to Purchase Shares--
Sales Charge Waivers--Class A Shares" section of the Prospectus is
hereby deleted in its entirety and supplemented as follows and
(ii) the first three paragraphs under "How to Purchase Shares--
Qualified Employer Sponsored Retirement Plans" in the Prospectus
are hereby deleted in their entirety and supplemented as follows:
Sales Charge Waivers--Class A Shares
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge will be waived on sales of Class A Shares
to the following types of purchasers: (1) individuals with an
investment account or relationship with Munder Capital Management
(the "Advisor"); (2) full-time employees and retired employees of
the Advisor, employees of the Funds' administrator, distributor
and custodian, and immediate family members of such persons; (3)
registered broker-dealers that have entered into selling
agreements with the Funds' distributor (the "Distributor"), for
their own accounts or for retirement plans for their employees or
sold to registered representatives for full-time employees (and
their families) that certify to the Distributor at the time of
purchase that such purchase is for their own account (or for the
benefit of their families); (4) certain qualified employee benefit
plans as defined below; (5) financial institutions, financial
planners or employee benefit plan consultants acting for the
accounts of their clients; and (6) employer sponsored retirement
plans which are administered by Universal Pensions, Inc. ("UPI
Plans").
Qualified Employer Sponsored Retirement Plans
Class A Shares (other than the Index 500 Fund)
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge will be waived on purchases by employer
sponsored retirement plans that are qualified under Section 401(a)
of the Code including: 401(k) plans, defined benefit pension
plans, profit-sharing pension plans, money-purchase pension plans,
and Section 457 deferred compensation plans and Section 403(b)
plans (each, a "Qualified Employee Benefit Plan") that (1) invest
$1,000,000 or more in Class A Shares of investment portfolios
offered by The Munder Funds Trust (the "Company") (other than the
Index 500 Fund), The Munder Funds, Inc. ("Munder") or The Munder
Framlington Funds Trust ("Munder Framlington") or (2) have at
least 75 eligible plan participants. In addition, the contingent
deferred sales charge ("CDSC") of 1% imposed on certain
redemptions within one year of purchase will be waived for
Qualified Employee Benefit Plan purchases that meet the above
criteria. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and
state law) who initiate and are responsible for Qualified Employee
Benefit Plan purchases that meet the above criteria. For purposes
of the foregoing sales charge waiver, Simplified Employee Pension
Plans ("SEPs"), Individual Retirement Accounts ("IRAs") and UPI
Plans are not considered to be Qualified Employee Benefit Plans.
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge on Class A Shares will be waived on
purchases by UPI Plans. In addition, the CDSC of 1% imposed on
certain redemptions within one year of purchase will be waived for
UPI Plans. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and
state law) who initiate and are responsible for UPI Plan
purchases.
Class A Shares of the Index 500 Fund
The initial sales charge will be waived for all investments by
Qualified Employee Benefit Plans and UPI Plans in Class A Shares
of the Index 500 Fund. In addition, the CDSC of up to .20% imposed
on certain redemptions within one year of purchase will be waived
for Qualified Employee Benefit Plan and UPI Plan purchases of
Class A Shares of the Index 500 Fund. The Distributor will pay the
following commissions to dealers and other entities (as permitted
by applicable Federal and state law) who initiate and are
responsible for Qualified Employee Benefit Plan and UPI Plan
purchases of Class A Shares of the Index 500 Fund:
Discount to Dealer or Entity
Amount of Purchase as a Percentage of Offering Price
Less than $500,000 0.25%
$500,000 but less than $1,000,000 0.20%
$1,000,000 but less than $3,000,000 0.15%
$3,000,000 or more 0.10%
Sales charges will be waived for individuals who purchase Class A
Shares with the proceeds of distributions from qualified
retirement plans for which the Advisor serves as investment
advisor. Sales charges also will be waived for individuals who
purchase Class A Shares with the proceeds of redemptions of Class
Y Shares of the Funds of the Company, Munder or Munder Framlington
if the proceeds are invested within 60 days of redemption. See
"Other Information--Description of Shares."
This Supplement supersedes the Supplement dated March 1, 1997 with
respect to the following information:
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER SMALL-CAP VALUE FUND
AND MUNDER SMALL COMPANY GROWTH FUND
Edward Eberle, Value Portfolio Manager of the Advisor, has
been co-manager of the Value Fund since October, 1996. Mr. Eberle
has been appointed co-manager of the Small-Cap Value Fund. Prior
to being appointed co-manager, Mr. Eberle acted as the primary
analyst for the Funds, assisting the manager with portfolio
decisions. He is also a member of the Advisor's asset allocation
team. Prior to joining the Advisor in 1995, Mr. Eberle served as
Executive Vice President and Portfolio Manager for Westpointe
Financial Corporation and as a member of the Board of Directors
for Westpointe Capital Management and Dart Investors Bermuda
Limited. Mr. Eberle received a B.A. in Finance from Michigan
State University.
Michael P. Gura, CFA, Senior Portfolio Manager of the
Advisor, has been appointed co-manager of the Small Company Growth
Fund. Prior to joining the Advisor in 1995, Mr. Gura was a Vice
President, Senior Equity Analyst for Woodbridge Capital
Management, Inc. From 1989-1994, Mr. Gura was an investment
officer at Manufacturers National Bank Trust Investment Department
where he was responsible for equity research covering the
retailing, apparel, specialty chemical and environmental
industries. From 1986-1989, Mr. Gura served as a Financial/Tax
Planning analyst for Manufacturers National Bank. Mr. Gura
received an M.S. in Finance with Distinction and a B.B.A. from
Walsh College. He is a member of the Financial Analyst Society of
Detroit and is a Certified Financial Planner.
The Munder Funds
Supplement Dated May 16, 1997
to Prospectus Dated October 28, 1996
Class A, B and C Shares of:
Munder Bond Fund, Munder Intermediate Bond Fund, Munder
International
Bond Fund, Munder U.S. Government Income Fund, Munder Michigan
Triple
Tax-Free Bond Fund, Munder Tax-Free Bond Fund, and Munder Tax-Free
Intermediate Bond Fund (the "Funds").
THIS SUPPLEMENT SUPERSEDES ALL PREVIOUS SUPPLEMENTS
TO SAID PROSPECTUS
MINIMUM INITIAL INVESTMENT REDUCED
Effective as of May 16, 1997, the minimum initial investment for
the Funds has been reduced to $500 for Class A, B and C Shares of
each of the Funds.
SALES CHARGE WAIVERS--CLASS A SHARES
QUALIFIED EMPLOYER SPONSORED RETIREMENT PLANS
Effective as of May 16, 1997, (i) the "How to Purchase Shares--
Sales Charge Waivers--Class A Shares" section of the Prospectus is
hereby deleted in its entirety and supplemented as follows and
(ii) the first two paragraphs under "How to Purchase Shares--
Qualified Employer Sponsored Retirement Plans" in the Prospectus
are hereby deleted in their entirety and supplemented as follows:
Sales Charge Waivers--Class A Shares
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge will be waived on sales of Class A Shares
to the following types of purchasers: (1) individuals with an
investment account or relationship with Munder Capital Management
(the "Advisor"); (2) full-time employees and retired employees of
the Advisor, employees of the Funds' administrator, distributor
and custodian, and immediate family members of such persons; (3)
registered broker-dealers that have entered into selling
agreements with the Funds' distributor (the "Distributor"), for
their own accounts or for retirement plans for their employees or
sold to registered representatives for full-time employees (and
their families) that certify to the Distributor at the time of
purchase that such purchase is for their own account (or for the
benefit of their families); (4) certain qualified employee benefit
plans as defined below; (5) financial institutions, financial
planners or employee benefit plan consultants acting for the
accounts of their clients; and (6) employer sponsored retirement
plans which are administered by Universal Pensions, Inc. ("UPI
Plans").
Qualified Employer Sponsored Retirement Plans
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge will be waived on purchases by employer
sponsored retirement plans that are qualified under Section 401(a)
of the Code including: 401(k) plans, defined benefit pension
plans, profit-sharing pension plans, money-purchase pension plans,
and Section 457 deferred compensation plans and Section 403(b)
plans (each, a "Qualified Employee Benefit Plan") that (1) invest
$1,000,000 or more in Class A Shares of investment portfolios
offered by The Munder Funds Trust (the "Company") (other than the
Index 500 Fund), The Munder Funds, Inc. ("Munder") or The Munder
Framlington Funds Trust ("Munder Framlington") or (2) have at
least 75 eligible plan participants. In addition, the contingent
deferred sales charge ("CDSC") of 1% imposed on certain
redemptions within one year of purchase will be waived for
Qualified Employee Benefit Plan purchases that meet the above
criteria. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and
state law) who initiate and are responsible for Qualified Employee
Benefit Plan purchases that meet the above criteria. For purposes
of the foregoing sales charge waiver, Simplified Employee Pension
Plans ("SEPs"), Individual Retirement Accounts ("IRAs") and UPI
Plans are not considered to be Qualified Employee Benefit Plans.
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge on Class A Shares will be waived on
purchases by UPI Plans. In addition, the CDSC of 1% imposed on
certain redemptions within one year of purchase will be waived for
UPI Plans. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and
state law) who initiate and are responsible for UPI Plan
purchases.
Sales charges will be waived for individuals who purchase Class A
Shares with the proceeds of distributions from qualified
retirement plans for which the Advisor serves as investment
advisor. Sales charges also will be waived for individuals who
purchase Class A Shares with the proceeds of redemptions of Class
Y Shares of the Funds of the Company, Munder or Munder Framlington
if the proceeds are invested within 60 days of redemption. See
"Other Information--Description of Shares."
CHANGE IN PORTFOLIO MANAGER FOR THE MUNDER MICHIGAN TRIPLE TAX-
FREE BOND FUND, MUNDER TAX-FREE BOND FUND, AND MUNDER TAX-FREE
INTERMEDIATE BOND FUND
Talmadge D. Gunn, Vice President and Director of Tax-Exempt
Trading of the Advisor since 1993, currently manages the Michigan
Triple Tax-Free Bond Fund, Tax-Free Bond Fund and Tax-Free
Intermediate Bond Fund. Mr. Gunn is responsible for managing
fixed income portfolios and overseeing the trading of tax-exempt
fixed income securities for the Advisor. Prior to joining MCM, he
was employed by Comerica Bank as Assistant Vice President and
Securities Trader (1985-1993) and Senior Investment Analyst for
the Fixed Income Division (1984-1985).
FINANCIAL HIGHLIGHTS
The following table of "Financial Highlights" relating to
Class A Shares of the Munder International Bond Fund (the
"International Bond Fund") supplements information contained in
the Prospectus dated October 28, 1996 and is derived from the
Fund's unaudited Financial Statements dated December 31, 1996.
For the period shown, Class B and Class C Shares had not commenced
operations.
Munder International Bond Fund
Class A Shares
Period
Ended
12/31/96(a,d)
(Unaudited)
Net asset value, beginning of period $ 9.98
Income from investment operations:
Net investment income 0.08
Net realized and unrealized gain on investments 0.18
Total from investment operations 0.26
Less distributions:
Dividends from net investment income (0.08)
Total distributions (0.08)
Net asset value, end of period $ 10.16
Total return(b) 2.59%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 15
Ratio of operating expenses to average net assets
1.10% (c)
Ratio of net investment income to average net assets
3.68% (c)
Portfolio turnover rate 31%
Ratio of operating expenses to average net assets without waivers
1.10% (c)
Net investment income per share without waivers $ 0.08
- ---------------------------------
(a) The Munder International Bond Fund Class A Shares commenced
operations on October 17, 1996. The International Bond Fund is
authorized to issue Class B Shares and Class C Shares. As of
December 31, 1996, the International Bond Fund had not commenced
selling Class B and Class C Shares.
(b) Total return represents aggregate total return for the
period indicated and does not reflect any applicable sales
charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average
shares method, which more appropriately presents the per share
data for the period since the use of the undistributed net
investment income method did not accord with the results of
operations.
PORTFOLIO INSTRUMENTS AND PRACTICES
AND ASSOCIATED RISK FACTORS
The Munder Bond Fund, Munder International Bond Fund, Munder U.S.
Government Income Fund, Munder Michigan Triple Tax-Free Bond Fund,
Munder Tax-Free Bond Fund, and Munder Tax-Free Intermediate Bond
Fund (each a "Fixed Income Fund") may invest in preferred stock.
Preferred stock ranks senior to common stock in the capital
structure of an issuer and in the payment of dividends.
Consequently, preferred stock may entail less risk than common
stock. Some preferred stock in which the Fixed Income Funds
invest is convertible into common stock. Convertible preferred
stock may be converted either at a stated price or rate within a
specified period of time into a specified number of shares of
common stock. By investing in convertible preferred stock, a
Fixed Income Fund seeks the opportunity, through the conversion
feature, to participate in the capital appreciation of the common
stock into which the securities are convertible, while earning
higher current income than is available from the common stock.
Convertible preferred stocks entitle the holder to receive the
dividend paid on preferred stock until the convertible preferred
stocks mature or are redeemed, converted or exchanged. Prior to
conversion, convertible preferred stocks have characteristics
similar to ordinary debt securities in that they normally provide
a stable stream of income with generally higher yields than those
of common stock of the same or similar issuers. In evaluating a
convertible preferred stock, to the extent consistent with a Fixed
Income Fund's investment objective, the Advisor places emphasis on
the attractiveness of the underlying common stock and the
potential for capital appreciation through conversion.
The Munder Funds
Supplement Dated May 16, 1997
to Prospectus Dated October 28, 1996
Class A, B and C Shares of:
Munder Cash Investment Fund, Munder Money Market Fund, Munder
Tax-Free Money Market Fund, and Munder U.S. Treasury
Money Market Fund (the "Funds").
MINIMUM INITIAL INVESTMENT REDUCED
Effective as of May 16, 1997, the minimum initial investment for
the Funds has been reduced to $500 for Class A Shares of each of
the Funds. Class A, Class B and Class C Shares of Munder Money
Market Fund may be acquired only through an exchange of shares of
the corresponding classes of another fund of The Munder Funds,
Inc., The Munder Funds Trust or The Munder Framlington Funds
Trust.
This Supplement supersedes the Supplement dated January 2, 1997
with respect to the following information:
CHANGE IN DIVIDEND DETERMINATION TIME WITH RESPECT TO MUNDER CASH
INVESTMENT FUND, MUNDER MONEY MARKET FUND AND MUNDER U.S. TREASURY
MONEY MARKET FUND
Shares will be credited to a shareholder's account at the net
asset value next computed after both (i) an order is received by
the Funds' distributor, Funds Distributor, Inc., or a dealer and
(ii) payment has been received by the Funds' transfer agent, First
Data Investor Services Group, Inc.
Effective January 2, 1997, shareholders of the Munder Cash
Investment Fund, Munder Money Market Fund and Munder U.S. Treasury
Money Market Fund whose purchase orders and payment are received
by 2:45 p.m. (Eastern Time) on any day on which the New York Stock
Exchange is open for business (a "Business Day") receive dividends
for that day. Shareholders whose redemption orders have been
received by 2:45 p.m. (Eastern Time) on a Business Day will not
receive dividends for that day, while shareholders whose
redemption orders are received after 2:45 p.m. (Eastern Time) on a
Business Day will receive that day's dividends.
The above-stated dividend determination time with respect to
redemptions is also applicable with respect to expedited
redemption orders received by telephone. Please refer to the
section entitled "Expedited Redemption" on page 18 of the
Prospectus for additional information relating to the expedited
method of redemption.
The Munder Funds
Supplement Dated May 16, 1997
to Prospectus Dated December 14, 1996
Class A, B and C Shares of the
Munder Short Term Treasury Fund (the "Fund")
MINIMUM INITIAL INVESTMENT REDUCED
Effective as of May 16, 1997, the minimum initial investment for
the Fund has been reduced to $500 for Class A, B and C Shares of
the Fund.
SALES CHARGE WAIVERS--CLASS A SHARES
QUALIFIED EMPLOYER SPONSORED RETIREMENT PLANS
Effective as of May 16, 1997, (i) the "How to Purchase Shares--
Sales Charge Waivers--Class A Shares" section of the Prospectus is
hereby deleted in its entirety and supplemented as follows and
(ii) the first paragraph under "How to Purchase Shares--Qualified
Employer Sponsored Retirement Plans" in the Prospectus is hereby
deleted in its entirety and supplemented as follows:
Sales Charge Waivers - Class A Shares
Upon notice to the Fund's transfer agent at the time of purchase,
the initial sales charge will be waived on sales of Class A Shares
to the following types of purchasers: (1) individuals with an
investment account or relationship with Munder Capital Management
(the "Advisor"); (2) full-time employees and retired employees of
the Advisor, employees of the Fund's administrator, distributor
and custodian, and immediate family members of such persons; (3)
registered broker-dealers that have entered into selling
agreements with the Fund's distributor (the "Distributor"), for
their own accounts or for retirement plans for their employees or
sold to registered representatives for full-time employees (and
their families) that certify to the Distributor at the time of
purchase that such purchase is for their own account (or for the
benefit of their families); (4) certain qualified employee benefit
plans as defined below; (5) financial institutions, financial
planners or employee benefit plan consultants acting for the
accounts of their clients; and (6) employer sponsored retirement
plans which are administered by Universal Pensions, Inc. ("UPI
Plans").
Qualified Employer Sponsored Retirement Plans
Upon notice to the Fund's transfer agent at the time of purchase,
the initial sales charge will be waived on purchases by employer
sponsored retirement plans that are qualified under Section 401(a)
of the Code including: 401(k) plans, defined benefit pension
plans, profit-sharing pension plans, money-purchase pension plans,
and Section 457 deferred compensation plans and Section 403(b)
plans (each, a "Qualified Employee Benefit Plan") that (1) invest
$1,000,000 or more in Class A Shares of investment portfolios
offered by The Munder Funds, Inc. (the "Company"), The Munder
Funds Trust ("Munder") (other than the Index 500 Fund) or The
Munder Framlington Funds Trust ("Munder Framlington") or (2) have
at least 75 eligible plan participants. In addition, the
contingent deferred sales charge ("CDSC") of 1% imposed on certain
redemptions within one year of purchase will be waived for
Qualified Employee Benefit Plan purchases that meet the above
criteria. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and
state law) who initiate and are responsible for Qualified Employee
Benefit Plan purchases that meet the above criteria. For purposes
of the foregoing sales charge waiver, Simplified Employee Pension
Plans ("SEPs"), Individual Retirement Accounts ("IRAs") and UPI
Plans are not considered to be Qualified Employee Benefit Plans.
Upon notice to the Fund's transfer agent at the time of purchase,
the initial sales charge on Class A Shares will be waived on
purchases by UPI Plans. In addition, the CDSC of 1% imposed on
certain redemptions within one year of purchase will be waived for
UPI Plans. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and
state law) who initiate and are responsible for UPI Plan
purchases.
This Supplement supersedes the Supplement dated April 28, 1997
with respect to the following information:
CHANGE IN DIVIDEND AND DISTRIBUTION POLICY
Effective April 28, 1997, the following paragraph modifies the
first paragraph of the section entitled "Dividends and
Distributions" on page 18 of the Prospectus:
The Fund expects to pay dividends and distributions from the net
income and net realized capital gains, if any, earned on
investments held by the Fund. Dividends from net income are
declared and paid monthly by the Fund. Generally, dividends are
paid within six business days after month-end.
The Munder Funds
Supplement Dated May 16, 1997
to Prospectus Dated March 12, 1997
Class A and B Shares of:
Munder All-Season Maintenance Fund, Munder All-Season Development
Fund and Munder All-Season Accumulation Fund (the "Funds").
MINIMUM INITIAL INVESTMENT REDUCED
Effective as of May 16, 1997, the minimum initial investment for
the Funds has been reduced to $500 for Class A and B Shares of
each of the Funds.
SALES CHARGE WAIVERS--CLASS A SHARES
QUALIFIED EMPLOYER SPONSORED RETIREMENT PLANS
Effective as of May 16, 1997, (i) the "How to Purchase Shares--
Sales Charge Waivers--Class A Shares" section of the Prospectus is
hereby deleted in its entirety and supplemented as follows and
(ii) the first paragraph under "How to Purchase Shares--Qualified
Employer Sponsored Retirement Plans" in the Prospectus is hereby
deleted in its entirety and supplemented as follows:
Sales Charge Waivers - Class A Shares
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge will be waived on sales of Class A Shares
to the following types of purchasers: (1) individuals with an
investment account or relationship with Munder Capital Management
(the "Advisor"); (2) full-time employees and retired employees of
the Advisor, employees of the Funds' administrator, distributor
and custodian, and immediate family members of such persons; (3)
registered broker-dealers that have entered into selling
agreements with the Funds' distributor (the "Distributor"), for
their own accounts or for retirement plans for their employees or
sold to registered representatives for full-time employees (and
their families) that certify to the Distributor at the time of
purchase that such purchase is for their own account (or for the
benefit of their families); (4) certain qualified employee benefit
plans as defined below; (5) banks and other financial institutions
that have entered into agreements with the Company to provide
shareholder services for customers ("Customers") (including
Customers of such banks and other financial institutions and the
immediate family members of such Customers); (6) financial
planners or employee benefit plan consultants acting for the
accounts of their clients and the immediate family members of such
clients; (7) persons acquiring Class A shares by exchanging Class
K shares of another fund of The Munder Funds, Inc. (the
"Company"), The Munder Framlington Funds Trust ("Munder
Framlington") or The Munder Funds Trust ("Munder"); and (8)
employer sponsored retirement plans which are administered by
Universal Pensions, Inc. ("UPI Plans").
Qualified Employer Sponsored Retirement Plans
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge will be waived on purchases by employer
sponsored retirement plans that are qualified under Section 401(a)
of the Code including: 401(k) plans, defined benefit pension
plans, profit-sharing pension plans, money-purchase pension plans,
and Section 457 deferred compensation plans and Section 403(b)
plans (each, a "Qualified Employee Benefit Plan") that (1) invest
$1,000,000 or more in Class A Shares of investment portfolios
offered by the Company, Munder (other than the Index 500 Fund) or
Munder Framlington or (2) have at least 75 eligible plan
participants. In addition, the contingent deferred sales charge
("CDSC") of 1% imposed on certain redemptions within one year of
purchase will be waived for Qualified Employee Benefit Plan
purchases that meet the above criteria. A 1% commission will be
paid by the Distributor to dealers and other entities (as
permitted by applicable Federal and state law) who initiate and
are responsible for Qualified Employee Benefit Plan purchases that
meet the above criteria. For purposes of the foregoing sales
charge waiver, Simplified Employee Pension Plans ("SEPs"),
Individual Retirement Accounts ("IRAs") and UPI Plans are not
considered to be Qualified Employee Benefit Plans.
Upon notice to the Funds' transfer agent at the time of purchase,
the initial sales charge on Class A Shares will be waived on
purchases by UPI Plans. In addition, the CDSC of 1% imposed on
certain redemptions within one year of purchase will be waived for
UPI Plans. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and
state law) who initiate and are responsible for UPI Plan
purchases.
The Munder Funds
Supplement Dated May 16, 1997
to Statement of Additional Information dated October
28, 1996
Munder Accelerating Growth Fund, Munder Balanced Fund,
Munder Equity Selection Fund, Munder Growth & Income
Fund, Munder Index 500 Fund, Munder International
Equity Fund, Munder Micro-Cap Equity Fund, Munder Mid-
Cap Growth Fund, Munder Multi-Season Growth Fund,
Munder Real Estate Equity Investment Fund, Munder
Small-Cap Value Fund, Munder Small Company Growth Fund,
Munder Value Fund, Munder Bond Fund, Munder
Intermediate Bond Fund, Munder International Bond Fund,
Munder U.S. Government Income Fund, Munder Michigan
Triple Tax-Free Bond Fund, Munder Tax-Free Bond Fund,
Munder Tax-Free Intermediate Bond Fund, Munder Cash
Investment Fund, Munder Money Market Fund, Munder Tax-
Free Money Market Fund and Munder U.S. Treasury Money
Market Fund
Effective as of the date set forth above, the first
sentence of the section entitled "Fund Investments--
Foreign Securities" is hereby deleted in its entirety
and supplemented as follows:
The Equity Selection Fund, Micro-Cap Equity Fund, Mid-
Cap Growth Fund, Multi-Season Growth Fund, Small-Cap
Value Fund and Value Fund each may invest up to 20% and
each other Equity Fund (except the Real Estate Equity
Investment Fund and the International Equity Fund),
each Bond Fund, the Balanced Fund, the Cash Investment
Fund and each Tax-Free Bond Fund may invest up to 10%
of its assets in foreign securities. Under normal
market conditions, the International Equity Fund and
the International Bond Fund will each invest at least
65% of its assets in equity securities and bonds,
respectively, of issuers located in at least three
countries other than the United States. Notwithstanding
these limitations, the Equity Funds, the Balanced Fund,
the Bond Funds, the Cash Investment Fund, the Money
Market Fund and the International Bond Fund may each
invest up to 25% of its total assets in the obligations
of foreign banks and foreign branches of domestic
banks.
bankgrp/munder/sai/597stkr
