<PAGE>
THIS SUPPLEMENT SUPERCEDES THE SUPPLEMENT DATED NOVEMBER 17, 1998
THE MUNDER FUNDS
SUPPLEMENT DATED JANUARY 13, 1999
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
CHANGE OF ADDRESS
Please send your Account Application, exchange order or redemption request by
mail to: THE MUNDER FUNDS, C/O FIRST DATA INVESTOR SERVICES GROUP, P.O. BOX
60428, KING OF PRUSSIA, PENNSYLVANIA 19406-0428.
FUND HIGHLIGHTS
The "FUND HIGHLIGHTS--What Are the Key Facts Regarding the Funds? --WHAT ARE
THE OPTIONS FOR INVESTMENT IN THE FUNDS?" section in the Prospectus is hereby
deleted in its entirety and replaced with the following:
Q: WHAT ARE THE OPTIONS FOR INVESTMENT IN THE FUNDS?
A: Each Fund, other than the NetNet Fund, offers five different investment
options, or classes: Class A, B, C, K and Y. The NetNet Fund offers four
different investment options, or classes: Class A, B, C and Y. Class K and Y
shares, which are only offered to institutional and other qualified investors,
are offered in other prospectuses.
<TABLE>
<CAPTION>
MAXIMUM FRONT MAXIMUM
CLASS RULE 12b-1 FEES* END SALES LOAD** CDSC***
----- ---------------- ---------------- -------
<S> <C> <C> <C>
Class A 0.25% 5.5% None+
Class B 1% None 5%
Class C 1% None 1%, if redeemed within 1
year of purchase
</TABLE>
- -------------------------------------
* An annual fee for distributing shares and servicing shareholder accounts based
on the Fund's average daily net assets.
** A one-time fee charged at the time of purchase of shares. The fee declines
based on the amount you invest.
*** A contingent deferred sales charge ("CDSC") is a one-time fee charged at the
time of redemption. The fee declines based on the length of time you hold the
shares.
+ A CDSC of 1% is imposed on certain redemptions of Class A Shares if redeemed
within one year of purchase.
(i) If you invest over $250,000, you must buy Class A or Class C Shares.
(ii) Class B Shares convert automatically to Class A Shares after six years.
Due to the level of Rule 12b-1 fees and the CDSC on Class B Shares versus Class
A or Class C Shares, both (i) and (ii) are to your economic benefit.
FUND OPERATING EXPENSES
The "FUND OPERATING EXPENSES" section in the Prospectus with respect to the
Munder NetNet Fund is hereby deleted and replaced with the following:
<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. In the absence of such expense reimbursements, the total fund
operating expenses would be 2.12%--Class A Shares, 2.60%--Class B Shares and
2.60%--Class C Shares.
<PAGE>
The "EXAMPLE" section in the Prospectus is hereby deleted in its entirety and
replaced with the following:
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>
BALANCED FUND GROWTH & INCOME FUND GROWTH OPPORTUNITIES FUND
---------------------------- ---------------------------- -----------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES
------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 YEAR
- Redemption.......... $66 $71 $30 $67 $71 $30 $69 $73 $32
- No Redemption....... $66 $20 $20 $67 $20 $20 $69 $22 $22
3 YEARS
- Redemption.......... $90 $93 $60 $91 $94 $61 $97 $100 $67
- No Redemption....... $90 $60 $60 $91 $61 $61 $97 $67 $67
5 YEARS
- Redemption.......... $116 $127 $104 $117 $128 $105 --- --- ---
- No Redemption....... $116 $104 $104 $117 $105 $105 --- --- ---
10 YEARS*
- Redemption.......... $190 $188 $225 $192 $190 $227 --- --- ---
- No Redemption....... $190 $188 $225 $192 $190 $227 --- --- ---
<CAPTION>
INTERNATIONAL EQUITY FUND MICRO-CAP EQUITY FUND MULTI-SEASON GROWTH FUND
----------------------------- ---------------------------- -----------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES
------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 YEAR
- Redemption.......... $67 $72 $30 $70 $75 $33 $67 $71 $30
- No Redemption....... $67 $20 $20 $70 $23 $23 $67 $20 $20
3 YEARS
- Redemption.......... $93 $96 $63 $101 $104 $71 $91 $95 $62
- No Redemption....... $93 $63 $63 $101 $71 $71 $91 $62 $62
5 YEARS
- Redemption.......... $120 $131 $108 $134 $145 $122 $118 $129 $106
- No Redemption....... $120 $108 $108 $134 $122 $122 $118 $106 $106
10 YEARS*
- Redemption.......... $198 $196 $234 $228 $226 $262 $194 $192 $229
- No Redemption....... $198 $196 $234 $228 $226 $262 $194 $192 $229
<CAPTION>
REAL ESTATE EQUITY
NETNET FUND INVESTMENT FUND SMALL-CAP VALUE FUND
----------------------------- ---------------------------- -----------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES
------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 YEAR
- Redemption.......... $70 $75 $34 $67 $72 $31 $67 $72 $31
- No Redemption....... $70 $24 $24 $67 $21 $21 $67 $21 $21
3 YEARS
- Redemption.......... $102 $105 $72 $93 $97 $64 $93 $96 $63
- No Redemption....... $102 $72 $72 $93 $64 $64 $93 $63 $63
5 YEARS
- Redemption.......... $136 $147 $124 $122 $133 $110 $121 $132 $109
- No Redemption....... $136 $124 $124 $122 $110 $110 $121 $109 $109
10 YEARS*
- Redemption.......... $231 $229 $266 $202 $200 $237 $201 $198 $236
- No Redemption....... $231 $229 $266 $202 $200 $237 $201 $198 $236
<CAPTION>
FRAMLINGTON EMERGING MARKETS
SMALL COMPANY GROWTH FUND VALUE FUND FUND
----------------------------- ---------------------------- -----------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES
------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 YEAR
- Redemption.......... $67 $71 $30 $67 $72 $31 $73 $77 $36
- No Redemption....... $67 $20 $20 $67 $21 $21 $73 $26 $26
3 YEARS
- Redemption.......... $91 $94 $61 $92 $95 $63 $109 $112 $80
- No Redemption....... $91 $61 $61 $92 $63 $63 $109 $80 $80
5 YEARS
- Redemption.......... $118 $129 $105 $120 $129 $107 $148 $160 $137
- No Redemption....... $118 $105 $105 $120 $107 $107 $148 $137 $137
10 YEARS*
- Redemption.......... $193 $191 $228 $197 $195 $232 $258 $256 $292
- No Redemption....... $193 $191 $228 $197 $195 $232 $258 $256 $292
<PAGE>
<CAPTION>
FRAMLINGTON GLOBAL FINANCIAL FRAMLINGTON FRAMLINGTON INTERNATIONAL GROWTH
SERVICES FUND HEALTHCARE FUND FUND
----------------------------- ---------------------------- -----------------------------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C
SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES
------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 YEAR
- Redemption.......... $69 $73 $32 $70 $75 $34 $70 $75 $34
- No Redemption....... $69 $22 $22 $70 $24 $24 $70 $24 $24
3 YEARS
- Redemption.......... $98 $101 $68 $102 $105 $73 $102 $105 $73
- No Redemption....... $98 $68 $68 $102 $73 $73 $102 $73 $73
5 YEARS
- Redemption.......... --- --- --- $137 $148 $125 $137 $148 $125
- No Redemption....... --- --- --- $137 $125 $125 $137 $125 $125
10 YEARS*
- Redemption.......... --- --- --- $233 $231 $268 $233 $231 $268
- No Redemption....... --- --- --- $233 $231 $268 $233 $231 $268
</TABLE>
* Reflects conversion of Class B Shares to Class A Shares (which pay lower
ongoing expenses) six years after purchase. Class B Shares of the Munder Funds
purchased on or before June 27, 1995 are subject to a different CDSC schedule.
See "REDEMPTIONS OF SHARES- What Price Do I Receive for Redeemed Shares?"
CDSC WAIVERS
The "REDEMPTIONS OF SHARES--What Price Do I Receive for Redeemed Shares?--CDSC
Waivers" section in the Prospectus is deleted in its entirety and replaced
with the following:
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.
Consult the SAI for Class B Share CDSC waivers which apply when you redeem
shares acquired in an exchange of shares of another Fund of the Company or the
Trust that were 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>
THE MUNDER FUNDS
SUPPLEMENT DATED JANUARY 13, 1999
TO PROSPECTUS DATED OCTOBER 27, 1998
CLASS Y 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, 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
INTERMEDIATE BOND FUND, MUNDER SHORT TERM TREASURY FUND, 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
Please send your Account Application by mail to: THE MUNDER FUNDS, C/O FIRST
DATA INVESTOR SERVICES GROUP, P.O. BOX 60428, KING OF PRUSSIA, PENNSYLVANIA
19406-0428.
<PAGE>
THE MUNDER FUNDS
SUPPLEMENT DATED JANUARY 13, 1999
TO STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 27, 1998
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 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 FUNANCIAL SERVICES 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 INTERMEDIATE BOND FUND,
MUNDER SHORT TERM TREASURY FUND, MUNDER CASH INVESTMENT FUND, MUNDER MONEY
MARKET FUND, MUNDER TAX-FREE MONEY MARKET FUND AND MUNDER U.S. TREASURY MONEY
MARKET FUND
INVESTMENT ADVISORY AGREEMENT
The second paragraph of the "INVESTMENT ADVISORY AND OTHER SERVICE
ARRANGEMENTS" section in the Statement of Additional Information is deleted
in its entirety and replaced with the following:
The Funds have entered into Investment Advisory Agreements (the "Advisory
Agreements") with the Advisor on behalf of each Fund of the Company, the
Trust and Framlington. The Advisory Agreements have been approved by the
Boards of Directors/Trustees and by the shareholders of each Fund.
