<PAGE>
THE MUNDER FUNDS
SUPPLEMENT DATED NOVEMBER 17, 1998
TO PROSPECTUS DATED OCTOBER 27, 1998
CLASS A, B AND C SHARES OF:
MUNDER BALANCED FUND, MUNDER GROWTH & INCOME FUND, MUNDER GROWTH
OPPORTUNITIES FUND, MUNDER INTERNATIONAL EQUITY FUND, MUNDER MICRO-CAP
EQUITY FUND, MUNDER MULTI-SEASON GROWTH FUND, MUNDER NETNET 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 GLOBAL FINANCIAL SERVICES FUND, MUNDER
FRAMLINGTON HEALTHCARE FUND AND MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
The "FUND OPERATING EXPENSES" section in the Prospectus with respect to the
Munder NetNet Fund is hereby deleted and supplemented as follows:
<TABLE>
<CAPTION>
NETNET FUND
--------------------------------
ANNUAL FUND OPERATING EXPENSES CLASS A CLASS B CLASS C
(AS A % OF AVERAGE NET ASSETS) SHARES SHARES SHARES
- ------------------------------- ------- ------- -------
<S> <C> <C> <C>
Advisory Fees..................... 1.00% 1.00% 1.00%
12b-1 Fees........................ .25% 1.00% 1.00%
Other Expenses.................... .31%** .31%** .31%**
------- ------- -------
Total Fund Operating Expenses..... 1.56%** 2.31%** 2.31%**
------- ------- -------
------- ------- -------
</TABLE>
_________
**The Advisor has voluntarily reimbursed the Fund for certain operating
expenses. Without the reimbursements, total fund operating expenses would be
2.12%--Class A Shares, 2.60%--Class B Shares and 2.60%--Class C Shares.
The "EXAMPLE" section in the Prospectus with respect to the Munder NetNet Fund
is hereby deleted and supplemented as follows:
EXAMPLE
This example shows the amount of expenses you would pay (directly or
indirectly) on a $1,000 investment in the Fund assuming (1) a 5% annual
return, (2) redemption at the end of the time periods (including the
deduction of the deferred sales charge, if any) and (3) no redemption at the
end of the time periods. THIS EXAMPLE IS NOT A REPRESENTATION OF PAST OR
FUTURE PERFORMANCE OR OPERATING EXPENSES; ACTUAL PERFORMANCE OR OPERATING
EXPENSES MAY BE LARGER OR SMALLER THAN THOSE SHOWN.
<TABLE>
<CAPTION>
NETNET FUND
--------------------------------------------
CLASS A CLASS B CLASS C
SHARES SHARES SHARES
------- ------- -------
<S> <C> <C> <C>
1 YEAR
- - Redemption............ $71 $75 $34
- - No Redemption......... $71 $24 $24
3 YEARS
- - Redemption............ $102 $105 $72
- - No Redemption......... $102 $72 $72
5 YEARS
- - Redemption............ $136 $147 $124
- - No Redemption......... $136 $124 $124
10 YEARS
- - Redemption............ $232 $266 $266
- - No Redemption......... $232 $266 $266
</TABLE>
<PAGE>
CDSC WAIVERS
Effective December 1, 1998, the "REDEMPTIONS OF SHARES--What Price Do I Receive
for Redeemed Shares?--CDSC Waivers" section in the Prospectus is deleted in its
entirety and supplemented as follows:
CDSC WAIVERS. We will waive the CDSC payable upon redemptions of shares
which you purchased after June 27, 1995 for:
- redemptions made within one year after the death of a shareholder or
registered joint owner
- minimum required distributions made from an IRA or other individual
retirement plan account after you reach age 70 1/2
- involuntary redemptions made by the Fund
- redemptions limited to 10% per year of the account's NAV. For
example, if you maintain an annual balance of $10,000 you can redeem
up to $1,000 annually free of charge.
We will waive the CDSC payable upon redemptions of shares which you
purchased after December 1, 1998 for:
- 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.
