THIS SUPPLEMENT SUPERCEDES ALL PRIOR SUPPLEMENTS
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated October 26, 1999
Class K Shares of:
Munder Balanced Fund, Munder Equity Income Fund (formerly Munder Growth & Income
Fund), Munder Growth Opportunities Fund, Munder Index 500 Fund, Munder
International Equity Fund, Munder Micro-Cap Equity 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 Framlington
Emerging Markets Fund, Munder Framlington Healthcare Fund, Munder Framlington
International Growth Fund, Munder Bond Fund, Munder Intermediate Bond Fund,
Munder International Bond Fund, Munder U.S. Government Income Fund, Munder
Michigan Tax-Free Bond Fund, Munder Tax-Free Bond Fund, Munder Tax-Free
Short-Intermediate Bond Fund, Munder Cash Investment Fund, Munder Tax-Free Money
Market Fundand Munder U.S. Treasury Money Market Fund
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Funds by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
CLOSING OF VALUE FUND
Shares of the Value Fund are no longer available.
CHANGE OF NAME FOR GROWTH & INCOME FUND
The Board of Trustees of The Munder Funds Trust has changed the name of
the Growth & Income Fund to the Equity Income Fund.
PORTFOLIO MANAGEMENT OF REAL ESTATE EQUITY INVESTMENT FUND
Robert E. Crosby is manager of the Real Estate Equity Investment Fund. Mr.
Crosby has managed the Fund since March 1998 and was the Fund's primary analyst
from 1996-1998. Mr. Crosby has been with the Advisor since 1993, and also serves
as portfolio manager for separately managed institutional accounts.
PORTFOLIO MANAGEMENT OF BOND FUND, INTERMEDIATE BOND FUND AND
U.S. GOVERNMENT INCOME FUND
Anne K. Kennedy and Peter G. Root jointly manage the Bond Fund, the
Intermediate Bond Fund and U.S. Government Income Fund. Ms. Kennedy, Vice
President and Director of Portfolio Management of the Advisor or of Old MCM,
Inc. ("Old MCM"), the predecessor to the Advisor since 1991, has managed the
Bond Fund and the U.S. Government Income Fund since January 2000 and the
Intermediate Bond Fund since March 1995. Mr. Root, Vice President and Chief
Investment Officer of Fixed Income of the Advisor since March 1995, has managed
the Bond Fund and Intermediate Bond Fund since January 2000 and the U.S.
Government Income Fund since March 1995. Mr. Root joined Old MCM in 1991.
<PAGE>
PORTFOLIO MANAGEMENT OF INTERNATIONAL BOND FUND
Sharon E. Fayolle and Peter G. Root jointly manage the International Bond
Fund. Ms. Fayolle, Vice President and Director of Money Market Trading for the
Advisor or Old MCM, has managed the Fund since 1996. Prior to that she managed
an international portfolio for Ford Motor Company. Mr. Root, Vice President and
Chief Investment Officer of Fixed Income of the Advisor since March 1995, has
managed the Fund since January 2000. Mr. Root joined Old MCM in 1991.
CHANGE OF INVESTMENT OBJECTIVE FOR SMALL-CAP VALUE FUND
The Board of Directors of The Munder Funds, Inc. has changed the
investment objective of the Small-Cap Value Fund from long-term capital
appreciation, with income as a secondary objective to long-term capital
appreciation.
CHANGE OF INVESTMENT POLICY FOR SMALL COMPANY GROWTH FUND
The Board of Trustees of The Munder Funds Trust has changed the
investment policy of the Small Company Growth Fund to increase the market
capitalization of the issuers considered to be small-cap companies. Accordingly,
the first paragraph of the section entitled "Risk Return Summary-Principal
Investment Strategies" of the Small Company Growth Fund in the prospectus is
hereby deleted and replaced with the following:
The Fund pursues its goal by investing, under normal market conditions, at
least 65% of its assets in equity securities of small capitalization companies
with market capitalizations below $1.5 billion, which is less than the market
capitalization of S&P 500 companies.
PRINCIPAL INVESTMENT STRATEGIES OF BALANCED FUND AND
REAL ESTATE EQUITY INVESTMENT FUND
The section entitled "Risk Return Summary-Principal Investment
Strategies" of the Balanced Fund in the prospectus is hereby supplemented with
the following:
Stocks are chosen on the basis of above-average and
sustainable earnings growth, financial stability or attractive
valuation using the advisor's proprietary GARP (Growth at a Reasonable
Price) style, which focuses both growth prospects and valuation. Bond
strategy focuses on analysis of current versus historical interest rate
relationships and the relative value of the bond market sectors.
The section entitled "Risk Return Summary-Principal Investment
Strategies" of the Real Estate Equity Investment Fund in the prospectus is
hereby supplemented with the following:
The advisor selects companies exhibiting steady cash flows,
financial stability, quality management and reasonable valuations.
MANAGEMENT
The last two paragraphs in the section entitled "Management-Investment
Advisors And Sub-Advisor" in the prospectus are hereby deleted and replaced with
the following:
During the fiscal year ended June 30, 1999, each Fund paid an advisory
fee at an annual rate based on the average daily net assets of the Fund (after
waivers, if any) as follows:
Balanced Fund 0.65%
Growth & Income Fund 0.75%
Growth Opportunities Fund 0.75%
Index 500 Fund 0.07%
International Equity Fund 0.75%
Micro-Cap Equity Fund 1.00%
Multi-Season Growth Fund 0.75%
Real Estate Equity Investment Fund 0.74%
Small-Cap Value Fund 0.75%
Small Company Growth Fund 0.75%
Framlington Emerging Markets Fund 1.25%
Framlington Healthcare Fund 1.00%
Framlington International Growth Fund 1.00%
Bond Fund 0.50%
Intermediate Bond Fund 0.50%
International Bond Fund 0.50%
U.S. Government Income Fund 0.50%
Michigan Tax-Free Bond Fund 0.50%
Tax-Free Bond Fund 0.50%
Tax-Free Short-Intermediate Bond Fund 0.50%
Cash Investment Fund 0.35%
Tax-Free Money Market Fund 0.35%
U.S. Treasury Money Market Fund 0.35%
<PAGE>
During the fiscal year ended June 30, 1999, a portion of the advisory
fees for the Index 500 Fund and the Multi-Season Growth Fund were waived. As a
result, the payments shown above for those Funds were less than the contractual
advisory fees of .20% of the first $250 million of the Index 500 Fund's average
daily net assets; .12% of the next $250 million of the Fund's average daily net
assets and .07% of the Fund's average daily net assets over $500 million and
1.00% of the first $500 million of the Multi-Season Growth Fund's average daily
net assets and .75% of that Fund's average daily net assets over $500 million.
<PAGE>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR SUPPLEMENTS
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated October 26, 1999
Class K Shares of:
Munder Focus Growth Fund (formerly Munder Equity Selection Fund) and
Munder Framlington Global Financial Services Fund
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Funds by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
CHANGE OF NAME AND PERFORMANCE BENCHMARK FOR EQUITY SELECTION FUND
The Board of Directors of The Munder Funds, Inc. has changed the name
of the Equity Selection Fund to the Focus Growth Fund, and approved the change
in performance benchmark for the Fund. Accordingly, the section entitled "Risk
Return Summary-Principal Investment Strategies" of the Fund in the prospectus is
hereby deleted and replaced with the following:
The Fund pursues its goal by investing at least 65% of its assets in
equity securities.
The Fund invests in equity securities which the advisor believes are
undervalued compared to stocks of other companies in the same industry.
The Fund generally invests in companies with market capitalizations of
at least $1 billion.
The Fund diversifies its assets by industry in approximately the same
weightings as those of the Russell 1000 Growth Index.
The Fund may also invest in foreign securities.
<PAGE>
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated October 26, 1999
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
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Funds by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
POLICIES FOR EXCHANGING SHARES
The third bullet point in the section entitled "Your Investment-Exchanging
Shares-Policies for Exchanging Shares" in the prospectus is hereby deleted and
replaced with the following:
o You may exchange Class C shares of the Money Market Fund for Class II
shares of other Munder Funds.
POLICIES FOR REDEEMING SHARES
The section entitled "Your Investment-Redeeming Shares-Policies for Redeeming
Shares" in the prospectus is hereby deleted and replaced with the following:
o For your protection, a medallion signature guarantee is required for the
following redemption requests: (a) redemption proceeds greater than
$50,000; (b) redemption proceeds not being payable to the recordowner of
the account; (c) redemption proceeds not being mailed to the address of
record on the account; (d) if the redemption proceeds are being transferred
to another Munder Fund account with a different registration; (e) change in
ownership or registration of the account or (f) changes to banking
information without a voided check being supplied. When a Fund requires a
signature guarantee, a medallion signature guarantee must be provided. A
medallion signature guarantee may be obtained from a domestic bank or trust
company, broker, dealer, clearing agency, savings association, or other
financial institution which is participating in a medallion program
recognized by the Securities Transfer Association. The three recognized
medallion programs are Securities Transfer Agents Medallion Program
(STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock
Exchange, Inc. Medallion Signature Program (NYSE MSP). Signature guarantees
from financial institutions which are not participating in one of these
programs will not be accepted.
CONTINGENT DEFERRED SALES CHARGE (CDSC)
The section entitled "Distribution Arrangements-CDSC" in the prospectus is
hereby deleted and replaced with the following:
You pay a CDSC when you redeem:
o Class A shares of the Money Market Fund within one year of buying them;
o Class A shares of the Money Market Fund acquired through the exchange of
Class A shares of another Munder Fund purchased before June 27, 1995 as
part of an investment of $500,000 or more;
<PAGE>
o Class B shares of the Money Market Fund within six years of buying them;
and
o Class C shares of the Money Market Fund within one year of buying them.
These time periods include the time you held the shares you exchanged
to acquire Money Market Fund shares.
You pay a 1% CDSC when you redeem Class A shares of the Money Market
Fund:
o that you acquired through the exchange of initial Class A shares of another
Munder Fund;
o if you acquired the initial Class A shares after June 27, 1995;and
o if the initial shares were purchased without a sales charge in connection
with an investment of $1,000,000 or more.
You pay a CDSC of 1% when you redeem Class C shares of the Money Market Fund
within one year of the date you purchased the initial Class C shares that you
exchanged to acquire Money Market Fund shares.
The CDSC schedule for Class B shares of the Money Market Fund purchased after
June 27, 1995 is set forth below. Consult the Statement of Additional
Information for the CDSC schedule for Class B shares purchased on or before June
27, 1995. The CDSC is based on the original NAV at the time of your investment
or the NAV at the time of redemption, whichever is lower. Shares purchased
through reinvestment of distributions are not subject to CDSC.
Money Market Fund Class B Shares
--------------------------------
Years Since Purchase CDSC
-------------------- ----
First................................ 5.00%
Second............................... 4.00%
Third................................ 3.00%
Fourth............................... 3.00%
Fifth................................ 2.00%
Sixth................................ 1.00%
Seventh and thereafter............... 0.00%
If you sell some but not all of your shares, certain shares not subject to CDSC
(i.e., shares purchased with reinvested dividends) will be redeemed first,
followed by shares subject to the lowest CDSC (typically shares held for the
longest time).
For example, assume an investor purchased 1,000 shares at $10 a share (for a
total cost of $10,000). Three years later, the shares have a net asset value of
$12 per share and during that time, the investor acquired 100 additional shares
through dividend reinvestment. If the investor then makes one redemption of 500
shares (resulting in proceeds of $6,000, 500 shares x $12 per share), the first
100 shares redeemed will not be subject to the CDSC because they were acquired
through reinvestment of dividends. With respect to the remaining 400 shares
redeemed, the CDSC is charged at $10 per share (because the original purchase
price of $10 per share is lower than the current net asset value of $12 per
share). Therefore, only $4,000 of the $6,000 such investor received from selling
his or her shares will be subject to the CDSC, at a rate of 3.00% (the
applicable rate in the third year after purchase).
CDSC Waivers
We will waive the CDSC payable upon redemption of Class B shares of the Money
Market Fund which you purchased after June 27, 1995 for:
o redemptions made within one year after the death of a shareholder or
registered joint owner;
o minimum required distributions made from an IRA or other retirement plan
account after you reach age 70 1/2;
o involuntary redemptions made by the Fund;
o redemptions limited to 10% per year of an account's net asset value if
taken by Systematic Withdrawal Plan ("SWP"). For example, if your balance
on December 31st is $10,000, you can redeem up to $1,000 that following
year free of charge through SWP.
We will waive the CDSC payable upon redemptions of shares which you purchased
after December 1, 1998 (or acquired through an exchange of shares of another
Munder Fund purchased after December 1, 1998) for:
o redemptions made from an IRA or other individual retirement plan account
established through Comerica Securities, Inc. after you reach age 59 1/2
and after the eighteen month anniversary of the purchase of Fund shares.
Consult the Statement of Additional Information for Class A and Class B CDSC
waivers which apply when you redeem shares of the Money Market Fund purchased on
or before June 27, 1995.
<PAGE>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR SUPPLEMENTS
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated October 26, 1999
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 Tax-Free Bond Fund,
Munder Tax-Free Bond Fund and Munder Tax-Free
Short-Intermediate Bond Fund
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Funds by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
POLICIES FOR EXCHANGING SHARES
The second bullet point in the section entitled "Your Investment-Exchanging
Shares-Policies for Exchanging Shares" in the prospectus is hereby deleted and
replaced with the following:
o You may exchange Class C shares of a Fund for Class II shares of other Munder
Funds.
POLICIES FOR REDEEMING SHARES
The section entitled "Your Investment-Redeeming Shares-Policies for Redeeming
Shares" in the prospectus is hereby deleted and replaced with the following:
o For your protection, a medallion signature guarantee is required for the
following redemption requests: (a) redemption proceeds greater than
$50,000; (b) redemption proceeds not being payable to the recordowner of
the account; (c) redemption proceeds not being mailed to the address of
record on the account; (d) if the redemption proceeds are being transferred
to another Munder Fund account with a different registration; (e) change in
ownership or registration of the account or (f) changes to banking
information without a voided check being supplied. When a Fund requires a
signature guarantee, a medallion signature guarantee must be provided. A
medallion signature guarantee may be obtained from a domestic bank or trust
company, broker, dealer, clearing agency, savings association, or other
financial institution which is participating in a medallion program
recognized by the Securities Transfer Association. The three recognized
medallion programs are Securities Transfer Agents Medallion Program
(STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock
Exchange, Inc. Medallion Signature Program (NYSE MSP). Signature guarantees
from financial institutions which are not participating in one of these
programs will not be accepted.
REINVESTMENT PRIVILEGE
The paragraph pertaining to the Reinvestment Privilege in the section entitled
"Your Investment-Shareholder Privileges" in the prospectus is hereby deleted and
replaced with the following:
<PAGE>
Reinvestment Privilege. For 60 days after you sell shares of a Fund,
you may reinvest your redemption proceeds in shares of the same class
of the SAME Fund at NAV. Any CDSC you paid on the amount you are
reinvesting will be credited to your account. You may use this
privilege once in any given twelve-month period with respect to your
shares of a Fund. You, your broker or your financial advisor must
notify the Funds' transfer agent in writing at the time of reinvestment
in order to eliminate the sales charge on your reinvestment.
SALES CHARGE WAIVERS
The first sentence of Sales Charge Waivers-General in the section entitled
"Distribution Arrangements-Applicable Sales Charge Class A Shares" in the
prospectus is hereby deleted and replaced with the following:
We will waive the initial sales charge on Class A shares for the
following types of purchasers (the word "advisor" in the following
refers to Munder Capital Management, the advisor to The Munder Funds).
RIGHT OF ACCUMULATION
The paragraph pertaining to the Right of Accumulation in the section entitled
"Distribution Arrangements-Applicable Sales Charge Class A Shares- Sales Charge
Reductions" in the prospectus is hereby deleted and replaced with the following:
o Right of Accumulation. You may add the value of any other Class A shares of
non-money market Munder Funds you already own to the amount of your next Class A
share investment for purposes of calculating the sales charge at the time of the
current purchase. You must notify your broker, your financial advisor or the
Funds' transfer agent to qualify.
CONTINGENT DEFERRED SALES CHARGE (CDSC)
The section entitled "Distribution Arrangements-CDSC" in the prospectus is
hereby deleted and replaced with the following:
You pay a CDSC when you redeem:
o Class A shares that were bought as part of an investment of at least
$1 million within one year of buying them;
o Class B shares within six years of buying them; and
o Class C shares within one year of buying them.
These time periods include the time you held Class B, Class C or Class II shares
of another Munder Fund which you may have exchanged for Class B, Class C or
Class II shares of the Fund you are redeeming.
The CDSC schedule for Class B shares purchased after June 27, 1995 is set forth
below. If you acquired Class B shares by exchanging shares of another Munder
Fund which you purchased on or before June 27, 1995, consult the Statement of
Additional Information for the applicable CDSC schedule. The CDSC is based on
the original NAV at the time of your investment or the NAV at the time of
redemption, whichever is lower. Shares purchased through reinvestment of
distributions are not subject to CDSC.
Years Since Purchase CDSC
-------------------- ----
First................................. 5.00%
Second................................ 4.00%
Third................................. 3.00%
Fourth................................ 3.00%
Fifth................................. 2.00%
Sixth................................. 1.00%
Seventh and thereafter................ 0.00%
<PAGE>
If you sell some but not all of your shares, certain shares not subject to CDSC
(i.e., shares purchased with reinvested dividends) will be redeemed first,
followed by shares subject to the lowest CDSC (typically shares held for the
longest time).
For example, assume an investor purchased 1,000 shares at $10 a share (for a
total cost of $10,000). Three years later, the shares have a net asset value of
$12 per share and during that time, the investor acquired 100 additional shares
through dividend reinvestment. If the investor then makes one redemption of 500
shares (resulting in proceeds of $6,000, 500 shares x $12 per share), the first
100 shares redeemed will not be subject to the CDSC because they were acquired
through reinvestment of dividends. With respect to the remaining 400 shares
redeemed, the CDSC is charged at $10 per share (because the original purchase
price of $10 per share is lower than the current net asset value of $12 per
share). Therefore, only $4,000 of the $6,000 such investor received from selling
his or her shares will be subject to the CDSC, at a rate of 3.00% (the
applicable rate in the third year after purchase).
At the time of purchase of Class B shares, the Funds' distributor pays sales
commissions of 4.00% of the purchase price to brokers that initiate and are
responsible for purchases of such Class B shares.
CDSC Waivers
We will waive the CDSC payable upon redemptions of shares which you purchased
after June 27,1995 (or acquired through an exchange of shares of another Munder
Fund purchased after June 27, 1995) for:
o redemptions made within one year after the death of a shareholder or
registered joint owner;
o minimum required distributions made from an IRA or
other retirement plan account after you reach age 70 1/2;
o involuntary redemptions made by the Fund;
o redemptions limited to 10% per year of an account's net asset value if taken
by Systematic Withdrawal Plan ("SWP"). For example, if your balance on
December 31st is $10,000 you can redeem up to $1,000 that following year
free of charge through SWP.
We will waive the CDSC payable upon redemptions of shares which you purchased
after December 1, 1998 (or acquired through an exchange of shares of another
Munder Fund purchased after December 1, 1998) for:
o redemptions made from an IRA or other individual retirement plan account
established through Comerica Securities, Inc. after you reach age 59 1/2
and after the eighteen month anniversary of the purchase of Fund shares.
Consult the Statement of Additional Information for Class B CDSC waivers which
apply when you redeem shares purchased on or before June 27, 1995 (or acquired
through an exchange of shares of another Munder Fund purchased on or before June
27, 1995).
We will waive the CDSC for Class B shares for all redemptions by Merrill Lynch
Plans if:
(i) the Plan is recordkept on a daily valuation basis by Merrill Lynch; or
(ii) the Plan is recordkept on a daily valuation basis by an independent
recordkeeper whose services are provided through a contract or alliance
arrangement with Merrill Lynch; or
(iii)the Plan has less than 500 eligible employees, as determined by the Merrill
Lynch plan conversion manager, on the date the plan sponsor signs the
Merrill Lynch Recordkeeping Service Agreement.
<PAGE>
PORTFOLIO MANAGEMENT OF MUNDER BOND FUND, MUNDER INTERMEDIATE BOND FUND
AND MUNDER U.S. GOVERNMENT INCOME FUND
Anne K. Kennedy and Peter G. Root jointly manage the Bond Fund, the Intermediate
Bond Fund and U.S. Government Income Fund. Ms. Kennedy, Vice President and
Director of Portfolio Management of the Advisor or of Old MCM, Inc. ("Old MCM"),
the predecessor to the Advisor since 1991, has managed the Bond Fund and the
U.S. Government Income Fund since January 2000 and the Intermediate Bond Fund
since March 1995. Mr. Root, Vice President and Chief Investment Officer of Fixed
Income of the Advisor since March 1995, has managed the Bond Fund and
Intermediate Bond Fund since January 2000 and the U.S. Government Income Fund
since March 1995. Mr. Root joined Old MCM in 1991.
PORTFOLIO MANAGEMENT OF MUNDER INTERNATIONAL BOND FUND
Sharon E. Fayolle and Peter G. Root jointly manage the International Bond Fund.
Ms. Fayolle, Vice President and Director of Money Market Trading for the Advisor
or Old MCM, has managed the Fund since 1996. Prior to that she managed an
international portfolio for Ford Motor Company. Mr. Root, Vice President and
Chief Investment Officer of Fixed Income of the Advisor since March 1995, has
managed the Fund since January 2000. Mr. Root joined Old MCM in 1991.
<PAGE>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR SUPPLEMENTS
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated October 26, 1999
Class A, B and II Shares of:
Munder Future Technology Fund
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Fund by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
PURCHASE PRICE OF SHARES
The Purchase Price of Shares in the section entitled "Your Investment-Purchasing
Shares" in the prospectus is hereby deleted and replaced with the following:
Class A and Class II shares of the Fund are sold at net asset value per
share (NAV) next determined plus any applicable sales charge. Please
see "Distribution Arrangements" below for information about sales
charges.
Class B shares of the Fund are sold at NAV next determined after a
purchase order is received in proper form.
Broker-dealers or financial advisors (other than the Fund's
distributor) may charge you additional fees for shares you purchase
through them.
METHODS FOR PURCHASING SHARES
The Methods for Purchasing Shares By Mail in the section entitled "Your
Investment-Purchasing Shares" in the prospectus is hereby supplemented with the
following: We do not accept third-party checks.
POLICIES FOR REDEEMING SHARES
The section entitled "Your Investment-Redeeming Shares-Policies for Redeeming
Shares" in the prospectus is hereby deleted and replaced with the following:
o For your protection, a medallion signature guarantee is required for the
following redemption requests: (a) redemption proceeds greater than
$50,000; (b) redemption proceeds not being payable to the recordowner of
the account; (c) redemption proceeds not being mailed to the address of
record on the account; (d) if the redemption proceeds are being transferred
to another Munder Fund account with a different registration; (e) change in
ownership or registration of the account or (f) changes to banking
information without a voided check being supplied. When the Fund requires a
signature guarantee, a medallion signature guarantee must be provided. A
medallion signature guarantee may be obtained from a domestic bank or trust
company, broker, dealer, clearing agency, savings association, or other
financial institution which is participating in a medallion program
recognized by the Securities Transfer Association. The three recognized
medallion programs are Securities Transfer Agents Medallion Program
(STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock
Exchange, Inc. Medallion Signature Program (NYSE MSP). Signature guarantees
from financial institutions which are not participating in one of these
programs will not be accepted.
<PAGE>
REINVESTMENT PRIVILEGE
The paragraph pertaining to the Reinvestment Privilege in the section entitled
"Your Investment-Shareholder Privileges" in the prospectus is hereby deleted and
replaced with the following:
Reinvestment Privilege. For 60 days after you sell shares of the Fund,
you may reinvest your redemption proceeds in shares of the same class
of the SAME Fund at NAV. Any CDSC you paid on the amount you are
reinvesting will be credited to your account. You may use this
privilege once in any given twelve-month period with respect to your
shares of the Fund. You, your broker or your financial advisor must
notify the Fund's transfer agent in writing at the time of reinvestment
in order to eliminate the sales charge on your reinvestment.
SALES CHARGE WAIVERS
The section entitled "Distribution Arrangements-Applicable Sales Charge Class A
Shares- Sales Charge Waivers-General" in the prospectus is hereby deleted and
replaced with the following:
We will waive the initial sales charge on Class A shares for the following types
of purchasers (the word "advisor" in the following refers to Munder Capital
Management, the advisor to The Munder Funds).
1. individuals with an investment account or relationship with the advisor;
2. full-time employees and retired employees of the advisor or its affiliates,
employees of the Fund's service providers and immediate family members of
such persons;
3. registered broker-dealers or financial advisors 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
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 described below;
5. individuals who reinvest a distribution from a qualified retirement plan
for which the advisor serves as investment advisor;
6. individuals who reinvest the proceeds of redemptions from Class Y Shares of
the Munder Funds within 60 days of redemption;
7. banks and other financial institutions that have entered into agreements
with the Munder Funds to provide shareholder services for customers
(including customers of such banks and other financial institutions, and
the immediate family members of such customers);
8. fee-based financial planners or employee benefit plan consultants acting
for the accounts of their clients;
9. employer sponsored retirement plans which are administered by Universal
Pensions, Inc. (UPI Plans); and
10. employer sponsored 401(k) plans that are administered by Merrill Lynch
Group Employee Services (Merrill Lynch Plans) which meet the criteria
described below under "Sales Charge Waivers - Qualified Employer Sponsored
Retirement Plans."
<PAGE>
RIGHT OF ACCUMULATION
The paragraph pertaining to the Right of Accumulation in the section entitled
"Distribution Arrangements-Applicable Sales Charge Class A Shares- Sales Charge
Reductions" in the prospectus is hereby deleted and replaced with the following:
o Right of Accumulation. You may add the value of any other Class A shares of
non-money market Munder Funds you already own to the amount of your next Class A
share investment for purposes of calculating the sales charge at the time of the
current purchase. You must notify your broker, your financial advisor or the
Fund's transfer agent to qualify.
APPLICABLE SALES CHARGE - CLASS II SHARES
The section entitled "Distribution Arrangements" in the prospectus is hereby
supplemented with the following:
Applicable Sales Charge - Class II Shares
You can purchase Class II shares at the NAV plus an initial sales charge. The
current sales charge rates and commissions paid to selected dealers are as
follows:
Sales Charge Dealer Reallowance
as a Percentage of as a Percentage
Your Net Asset of the
Investment Value Offering Price
1.00% 1.10% 1.10%
CONTINGENT DEFERRED SALES CHARGE (CDSC)
The section entitled "Distribution Arrangements-CDSC" in the prospectus is
hereby deleted and replaced with the following:
You pay a CDSC when you redeem:
o Class A shares that were bought as part of an investment of at least $1
million within one year of buying them;
o Class B shares within six years of buying them; and
o Class II shares within eighteen months of buying them.
These time periods include the time you held Class B, Class C or Class II
shares of another Munder Fund which you may have exchanged for Class B,
Class C or Class II shares of the Fund.
The CDSC schedule for Class B shares is set forth below. If you acquired
Class B shares by exchanging shares of another Munder Fund which you
purchased on or before June 27, 1995, consult the Statement of Additional
Information for the applicable CDSC schedule. The CDSC is based on the
original NAV at the time of your investment or the NAV at the time of
redemption, whichever is lower. Shares purchased through reinvestment of
distributions are not subject to CDSC.
Years Since Purchase CDSC
-------------------- ----
First................................ 5.00%
Second............................... 4.00%
Third................................ 3.00%
Fourth............................... 3.00%
Fifth................................ 2.00%
Sixth................................ 1.00%
Seventh and thereafter............... 0.00%
If you sell some but not all of your shares, certain shares not subject to CDSC
(i.e., shares purchased with reinvested dividends) will be redeemed first,
followed by shares subject to the lowest CDSC (typically shares held for the
longest time).
<PAGE>
For example, assume an investor purchased 1,000 shares at $10 a share (for a
total cost of $10,000). Three years later, the shares have a net asset value
of $12 per share and during that time, the investor acquired 100 additional
shares through dividend reinvestment. If the investor then makes one redemption
of 500 shares (resulting in proceeds of $6,000, 500 shares x $12 per share), the
first 100 shares redeemed will not be subject to the CDSC because they were
acquired through reinvestment of dividends. With respect to the remaining 400
shares redeemed, the CDSC is charged at $10 per share (because the original
purchase price of $10 per share is lower than the current net asset value of $12
per share). Therefore, only $4,000 of the $6,000 such investor received from
selling his or her shares will be subject to the CDSC, at a rate of 3.00% (the
applicable rate in the third year after purchase).
At the time of purchase of Class B shares and Class II shares, the Fund's
distributor pays sales commissions of 4.00% and 1.00%, respectively, of the
purchase price to brokers that initiate and are responsible for purchases of
such Class B shares and Class II shares of the Fund.
CDSC Waivers
We will waive the CDSC payable upon redemption of shares of the Fund (which you
purchased or acquired through an exchange of shares of another Munder Fund
purchased after June 27, 1995) for:
o redemptions made within one year after the death of a shareholder or
registered joint owner; o minimum required distributions made from an IRA
or other retirement plan account after you reach age 70 1/2;
o involuntary redemptions made by the Fund;
o redemptions limited to 10% per year of an account's net asset value if
taken by Systematic Withdrawal Plan ("SWP"). For example, if your balance
on December 31st is $10,000 you can redeem up to $1,000 that following year
free of charge through SWP.
o redemptions made from an IRA or other individual retirement plan account
established through Comerica Securities, Inc. after you reach age 59 1/2
and after the eighteen month anniversary of the purchase of Fund shares.
Consult the Statement of Additional Information for CDSC waivers which apply
when you redeem shares acquired through an exchange of shares of another Munder
Fund purchased on or before June 27, 1995.
We will waive the CDSC for Class B shares for all redemptions by Merrill
Lynch Plans if:
(i) the Plan is recordkept on a daily valuation basis by Merrill Lynch; or
(ii) the Plan is recordkept on a daily valuation basis by an independent
recordkeeper whose services are provided through a contract or alliance
arrangement with Merrill Lynch; or
(iii)the Plan has less than 500 eligible employees, as determined by the
Merrill Lynch plan conversion manager, on the date the plan sponsor signs
the Merrill Lynch Recordkeeping Service Agreement.
PORTFOLIO MANAGEMENT
The section entitled "Management-Portfolio Managers" in the prospectus is hereby
deleted and replaced with the following: A team of professional portfolio
managers employed by the advisor makes investment decisions for the Fund.
HOUSEHOLDING POLICY
Annual and semiannual reports to shareholders contain additional information
about the Fund's investments. The Fund's annual report also discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.
With your consent, The Munder Funds may send a single prospectus and shareholder
report to your residence for you and any other member of your household who has
an account with the Funds. If you wish to revoke your consent to this practice,
you may do so by notifying The Munder Funds, by phone or in writing (see "How to
Reach the Fund"). We will begin mailing separate prospectuses and shareholder
reports to you within 30 days after receiving your notice.
<PAGE>
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated April 3, 2000
Class A, B and II Shares of:
Munder International NetNet Fund
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Fund by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
PURCHASE PRICE OF SHARES
The Purchase Price of Shares in the section entitled "Your Investment-Purchasing
Shares" in the prospectus is hereby deleted and replaced with the following:
Class A and Class II shares of the Fund are sold at net asset value per
share (NAV) next determined plus any applicable sales charge. Please
see "Distribution Arrangements" below for information about sales
charges.
Class B shares of the Fund are sold at NAV next determined after a
purchase order is received in proper form.
Broker-dealers or financial advisors (other than the Fund's
distributor) may charge you additional fees for shares you purchase
through them.
POLICIES FOR REDEEMING SHARES
The section entitled "Your Investment-Redeeming Shares-Policies for Redeeming
Shares" in the prospectus is hereby deleted and replaced with the following:
o For your protection, a medallion signature guarantee is required for the
following redemption requests: (a) redemption proceeds greater than
$50,000; (b) redemption proceeds not being payable to the recordowner of
the account; (c) redemption proceeds not being mailed to the address of
record on the account; (d) if the redemption proceeds are being transferred
to another Munder Fund account with a different registration; (e) change in
ownership or registration of the account or (f) changes to banking
information without a voided check being supplied. When the Fund requires a
signature guarantee, a medallion signature guarantee must be provided. A
medallion signature guarantee may be obtained from a domestic bank or trust
company, broker, dealer, clearing agency, savings association, or other
financial institution which is participating in a medallion program
recognized by the Securities Transfer Association. The three recognized
medallion programs are Securities Transfer Agents Medallion Program
(STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock
Exchange, Inc. Medallion Signature Program (NYSE MSP). Signature guarantees
from financial institutions which are not participating in one of these
programs will not be accepted.
<PAGE>
REINVESTMENT PRIVILEGE
The paragraph pertaining to the Reinvestment Privilege in the section entitled
"Your Investment-Shareholder Privileges" in the prospectus is hereby deleted and
replaced with the following:
Reinvestment Privilege. For 60 days after you sell shares of the Fund,
you may reinvest your redemption proceeds in shares of the same class
of the SAME Fund at NAV. Any CDSC you paid on the amount you are
reinvesting will be credited to your account. You may use this
privilege once in any given twelve-month period with respect to your
shares of the Fund. You, your broker or your financial advisor must
notify the Fund's transfer agent in writing at the time of reinvestment
in order to eliminate the sales charge on your reinvestment.
SALES CHARGE WAIVERS
The first sentence of Sales Charge Waivers-General in the section entitled
"Distribution Arrangements-Applicable Sales Charge Class A Shares" in the
prospectus is hereby deleted and replaced with the following:
We will waive the initial sales charge on Class A shares for the
following types of purchasers (the word "advisor" in the following
refers to Munder Capital Management, the advisor to The Munder Funds).
RIGHT OF ACCUMULATION
The paragraph pertaining to the Right of Accumulation in the section entitled
"Distribution Arrangements-Applicable Sales Charge Class A Shares- Sales Charge
Reductions" in the prospectus is hereby deleted and replaced with the following:
o Right of Accumulation. You may add the value of any other Class A
shares of non-money market Munder Funds you already own to the
amount of your next Class A share investment for purposes of
calculating the sales charge at the time of the current purchase.
You must notify your broker, your financial advisor or the Fund's
transfer agent to qualify.
APPLICABLE SALES CHARGE - CLASS II SHARES
The section entitled "Distribution Arrangements" in the prospectus is hereby
supplemented with the following:
Applicable Sales Charge - Class II Shares
You can purchase Class II shares at the NAV plus an initial sales charge. The
current sales charge rates and commissions paid to selected dealers are as
follows:
Sales Charge Dealer Reallowance
as a Percentage of as a Percentage
Your Net Asset of the
Investment Value Offering Price
1.00% 1.10% 1.10%
CONTINGENT DEFERRED SALES CHARGE (CDSC)
The section entitled "Distribution Arrangements-CDSC" in the prospectus is
hereby deleted and replaced with the following:
You pay a CDSC when you redeem:
o Class A shares that were bought as part of an investment of at least $1
million within one year of buying them;
o Class B shares within six years of buying them; and
o Class II shares within eighteen months of buying them.
These time periods include the time you held Class B, Class C or Class II shares
of another Munder Fund which you may have exchanged for Class B, Class C or
Class II shares of the Fund.
<PAGE>
The CDSC schedule for Class B shares is set forth below. If you acquired Class B
shares by exchanging shares of another Munder Fund which you purchased on or
before June 27, 1995, consult the Statement of Additional Information for the
applicable CDSC schedule. The CDSC is based on the original NAV at the time of
your investment or the NAV at the time of redemption, whichever is lower. Shares
purchased through reinvestment of distributions are not subject to CDSC.
Years Since Purchase CDSC
-------------------- ----
First................................ 5.00%
Second............................... 4.00%
Third................................ 3.00%
Fourth............................... 3.00%
Fifth................................ 2.00%
Sixth................................ 1.00%
Seventh and thereafter............... 0.00%
If you sell some but not all of your shares, certain shares not subject to CDSC
(i.e., shares purchased with reinvested dividends) will be redeemed first,
followed by shares subject to the lowest CDSC (typically shares held for the
longest time).
For example, assume an investor purchased 1,000 shares at $10 a share (for a
total cost of $10,000). Three years later, the shares have a net asset value
of $12 per share and during that time, the investor acquired 100 additional
shares through dividend reinvestment. If the investor then makes one redemption
of 500 shares (resulting in proceeds of $6,000, 500 shares x $12 per share), the
first 100 shares redeemed will not be subject to the CDSC because they were
acquired through reinvestment of dividends. With respect to the remaining 400
shares redeemed, the CDSC is charged at $10 per share (because the original
purchase price of $10 per share is lower than the current net asset value of $12
per share). Therefore, only $4,000 of the $6,000 such investor received from
selling his or her shares will be subject to the CDSC, at a rate of 3.00% (the
applicable rate in the third year after purchase).
At the time of purchase of Class B shares and Class II shares, the Fund's
distributor pays sales commissions of 4.00% and 1.00%, respectively, of the
purchase price to brokers that initiate and are responsible for purchases of
such Class B shares and Class II shares of the Fund.
CDSC Waivers
We will waive the CDSC payable upon redemption of shares of the Fund (which you
purchased or acquired through an exchange of shares of another Munder Fund
purchased after June 27, 1995) for:
o redemptions made within one year after the death of a shareholder or
registered joint owner; o minimum required distributions made from an IRA
or other retirement plan account after you reach age 70 1/2;
o involuntary redemptions made by the Fund;
o redemptions limited to 10% per year of an account's net asset value if
taken by Systematic Withdrawal Plan ("SWP"). For example, if your balance
on December 31st is $10,000 you can redeem up to $1,000 that following year
free of charge through SWP.
o redemptions made from an IRA or other individual retirement plan account
established through Comerica Securities, Inc. after you reach age 59 1/2
and after the eighteen month anniversary of the purchase of Fund shares.
Consult the Statement of Additional Information for Class B CDSC waivers which
apply when you redeem shares purchased on or before June 27, 1995 (or
acquired through an exchange of shares of another Munder Fund purchased on or
before June 27, 1995).
We will waive the CDSC for Class B shares for all redemptions by Merrill
Lynch Plans if:
(i) the Plan is recordkept on a daily valuation basis by Merrill Lynch; or
(ii) the Plan is recordkept on a daily valuation basis by an
independent recordkeeper whose services are provided through a
contract or alliance arrangement with Merrill Lynch; or
(iii) the Plan has less than 500 eligible employees, as determined by
the Merrill Lynch plan conversion manager, on the date the plan
sponsor signs the Merrill Lynch Recordkeeping Service Agreement.
<PAGE>
HOUSEHOLDING POLICY
Annual and semiannual reports to shareholders contain additional information
about the Fund's investments. The Fund's annual report also discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.
With your consent, The Munder Funds may send a single prospectus and shareholder
report to your residence for you and any other member of your household who has
an account with the Funds. If you wish to revoke your consent to this practice,
you may do so by notifying The Munder Funds, by phone or in writing (see "How to
Reach the Fund"). We will begin mailing separate prospectuses and shareholder
reports to you within 30 days after receiving your notice.
<PAGE>
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated April 3, 2000
Class K Shares of:
Munder International NetNet Fund
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Fund by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
HOUSEHOLDING POLICY
Annual and semiannual reports to shareholders contain additional information
about the Fund's investments. The Fund's annual report also discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.
With your consent, The Munder Funds may send a single prospectus and shareholder
report to your residence for you and any other member of your household who has
an account with the Funds. If you wish to revoke your consent to this practice,
you may do so by notifying The Munder Funds, by phone or in writing (see "How to
Reach the Fund"). We will begin mailing separate prospectuses and shareholder
reports to you within 30 days after receiving your notice.
<PAGE>
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated April 3, 2000
Class Y Shares of:
Munder International NetNet Fund
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Fund by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
HOUSEHOLDING POLICY
Annual and semiannual reports to shareholders contain additional information
about the Fund's investments. The Fund's annual report also discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.
With your consent, The Munder Funds may send a single prospectus and shareholder
report to your residence for you and any other member of your household who has
an account with the Funds. If you wish to revoke your consent to this practice,
you may do so by notifying The Munder Funds, by phone or in writing (see "How to
Reach the Fund"). We will begin mailing separate prospectuses and shareholder
reports to you within 30 days after receiving your notice.
<PAGE>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR SUPPLEMENTS
The Munder Funds
Supplement Dated June 27, 2000
to Prospectus Dated October 26, 1999
Class A, B and C Shares of:
The Munder NetNet Fund
CLOSING OF NETNET FUND
The Board of Directors of the NetNet Fund has determined that it is in
the best interest of shareholders to close the Fund to new accounts.
Accordingly, as of April 17, 2000, the NetNet Fund will only accept orders for
the additional purchase of Fund shares by shareholders into accounts with
existing NetNet Fund positions.
CHANGE OF ADDRESS
The section entitled "Your Investment-How to Reach the Fund by mail" in the
prospectus is hereby deleted and replaced with the following: The Munder Funds,
c/o PFPC Global Fund Services, P.O. Box 60428, King of Prussia, PA 19406-0428.
CHANGE OF NAME FOR FIRST DATA INVESTOR SERVICES GROUP
The name of First Data Investor Services Group has changed to PFPC Global Fund
Services.
POLICIES FOR EXCHANGING SHARES
The second bullet point in the section entitled "Your Investment-Exchanging
Shares-Policies for Exchanging Shares" in the prospectus is hereby deleted and
replaced with the following:
o You may exchange Class C shares of the Fund for Class II shares of other
Munder Funds.
POLICIES FOR REDEEMING SHARES
The section entitled "Your Investment-Redeeming Shares-Policies for Redeeming
Shares" in the prospectus is hereby deleted and replaced with the following:
o For your protection, a medallion signature guarantee is required for the
following redemption requests: (a) redemption proceeds greater than $50,000; (b)
redemption proceeds not being payable to the recordowner of the account; (c)
redemption proceeds not being mailed to the address of record on the account;
(d) if the redemption proceeds are being transferred to another Munder Fund
account with a different registration; (e) change in ownership or registration
of the account or (f) changes to banking information without a voided check
being supplied. When the Fund requires a signature guarantee, a medallion
signature guarantee must be provided. A medallion signature guarantee may be
obtained from a domestic bank or trust company, broker, dealer, clearing agency,
savings association, or other financial institution which is participating in a
medallion program recognized by the Securities Transfer Association. The three
recognized medallion programs are Securities Transfer Agents Medallion Program
(STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange,
Inc. Medallion Signature Program (NYSE MSP). Signature guarantees from financial
institutions which are not participating in one of these programs will not be
accepted.
REINVESTMENT PRIVILEGE
The paragraph pertaining to the Reinvestment Privilege in the section entitled
"Your Investment-Shareholder Privileges" in the prospectus is hereby deleted and
replaced with the following:
<PAGE>
Reinvestment Privilege. For 60 days after you sell shares of the Fund, you
may reinvest your redemption proceeds in shares of the same class of the SAME
Fund at NAV. Any CDSC you paid on the amount you are reinvesting will be
credited to your account. You may use this privilege once in any given
twelve-month period with respect to your shares of the Fund. You, your broker or
your financial advisor must notify the Funds' transfer agent in writing at the
time of reinvestment in order to eliminate the sales charge on your
reinvestment.
SALES CHARGE WAIVERS
The first sentence of Sales Charge Waivers-General in the section entitled
"Distribution Arrangements-Applicable Sales Charge Class A Shares" in the
prospectus is hereby deleted and replaced with the following:
We will waive the initial sales charge on Class A shares for the following
types of purchasers (the word "advisor" in the following refers to Munder
Capital Management, the advisor to The Munder Funds).
RIGHT OF ACCUMULATION
The paragraph pertaining to the Right of Accumulation in the section entitled
"Distribution Arrangements-Applicable Sales Charge Class A Shares- Sales Charge
Reductions" in the prospectus is hereby deleted and replaced with the following:
o Right of Accumulation. You may add the value of any other Class A
shares of non-money market Munder Funds you already own to the
amount of your next Class A share investment for purposes of
calculating the sales charge at the time of the current purchase.
You must notify your broker, your financial advisor or the Fund's
transfer agent to qualify.
CONTINGENT DEFERRED SALES CHARGE (CDSC)
The section entitled "Distribution Arrangements-CDSC" in the prospectus is
hereby deleted and replaced with the following:
You pay a CDSC when you redeem:
o Class A shares that were bought as part of an investment of at
least $1 million within one year of buying them;
o Class B shares within six years of buying them; and
o Class C shares within one year of buying them.
These time periods include the time you held Class B, Class C or Class II
shares of another Munder Fund which you may have exchanged for Class B, Class C
or Class II shares of the Fund you are redeeming.
The CDSC schedule for Class B shares purchased after June 27, 1995 is set
forth below. If you acquired Class B shares by exchanging shares of another
Munder Fund which you purchased on or before June 27, 1995, consult the
Statement of Additional Information for the applicable CDSC schedule. The CDSC
is based on the original NAV at the time of your investment or the NAV at the
time of redemption, whichever is lower. Shares purchased through reinvestment of
distributions are not subject to CDSC.
Years Since Purchase CDSC
-------------------- ----
First................................ 5.00%
Second............................... 4.00%
Third................................ 3.00%
Fourth............................... 3.00%
Fifth................................ 2.00%
Sixth................................ 1.00%
Seventh and thereafter............... 0.00%
<PAGE>
If you sell some but not all of your shares, certain shares not subject to
CDSC (i.e., shares purchased with reinvested dividends) will be redeemed first,
followed by shares subject to the lowest CDSC (typically shares held for the
longest time).
For example, assume an investor purchased 1,000 shares at $10 a share (for
a total cost of $10,000). Three years later, the shares have a net asset value
of $12 per share and during that time, the investor acquired 100 additional
shares through dividend reinvestment. If the investor then makes one redemption
of 500 shares (resulting in proceeds of $6,000, 500 shares x $12 per share), the
first 100 shares redeemed will not be subject to the CDSC because they were
acquired through reinvestment of dividends. With respect to the remaining 400
shares redeemed, the CDSC is charged at $10 per share (because the original
purchase price of $10 per share is lower than the current net asset value of $12
per share). Therefore, only $4,000 of the $6,000 such investor received from
selling his or her shares will be subject to the CDSC, at a rate of 3.00% (the
applicable rate in the third year after purchase).
At the time of purchase of Class B shares, the Fund's distributor pays
sales commissions of 4.00% of the purchase price to brokers that initiate and
are responsible for purchases of such Class B shares.
CDSC Waivers
We will waive the CDSC payable upon redemptions of shares which you
purchased after June 27,1995 (or acquired through an exchange of shares of
another Munder Fund purchased after June 27, 1995) for:
o redemptions made within one year after the death of a shareholder or
registered joint owner; o minimum required distributions made from an IRA or
other retirement plan account after you reach age 70 1/2;
o involuntary redemptions made by the Fund;
o redemptions limited to 10% per year of an account's net asset value if taken
by Systematic Withdrawal Plan ("SWP"). For example, if your balance on
December 31st is $10,000 you can redeem up to $1,000 tha following year
free of charge through SWP.
We will waive the CDSC payable upon redemptions of shares which you purchased
after December 1, 1998 (or acquired through an exchange of shares of another
Munder Fund purchased after December 1, 1998) for:
o redemptions made from an IRA or other individual retirement plan
account established through Comerica Securities, Inc. after you
reach age 59 1/2 and after the eighteen month anniversary of the
purchase of Fund shares.
Consult the Statement of Additional Information for Class B CDSC waivers which
apply when you redeem shares purchased on or before June 27, 1995 (or
acquired through an exchange of shares of another Munder Fund purchased on or
before June 27, 1995).
We will waive the CDSC for Class B shares for all redemptions by Merrill
Lynch Plans if:
(i) the Plan is recordkept on a daily valuation basis by Merrill Lynch; or
(ii)the Plan is recordkept on a daily valuation basis by an independent
recordkeeper whose services are provided through a contract or alliance
arrangement with Merrill Lynch; or
(iii)the Plan has less than 500 eligible employees, as determined by the Merrill
Lynch plan conversion manager, on the date the plan sponsor signs the
Merrill Lynch Recordkeeping Service Agreement.
<PAGE>
