<PAGE>
The Munder Funds
Supplement Dated January 28, 2000
to Prospectus Dated October 26, 1999
Class A, B and C Shares of:
Munder Balanced Fund, Munder Equity Selection Fund, Munder Growth & Income
Fund, Munder Growth Opportunities 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 Global Financial Services Fund, Munder Framlington
Healthcare Fund and Munder Framlington International Growth Fund
PORTFOLIO MANAGEMENT OF MUNDER 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 serves as portfolio manager for separately
managed institutional accounts, and has been with the Advisor since 1993.
PORTFOLIO MANAGEMENT OF MUNDER VALUE FUND
John S. Adams, Brian Wall and Heather Williams jointly manage the Fund. Mr.
Wall, who has managed the Fund since January 1998, was formerly a primary
analyst for the Fund. Prior to joining the Advisor in 1995, he was a Senior
Equity Analyst with Woodbridge Capital Management, Inc. (1994-1995). Mr.
Adams, Senior Portfolio Manager of the Advisor, has managed the Fund since
August 1999. Mr. Adams has managed institutional equity and balanced
portfolios for the Advisor since 1987. Ms. Williams has managed the Fund since
January 2000. Ms. Williams has managed institutional value portfolios for the
Advisor since 1996. Ms. Williams served as Vice President and Quantitative
Analyst for Loomis, Sayles & Company, L.P. (1992-1996).
<PAGE>
The Munder Funds
Supplement Dated January 28, 2000
to Prospectus Dated October 26, 1999
Class K Shares of:
Munder Balanced Fund, 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 Fund and Munder U.S.
Treasury Money Market Fund
PORTFOLIO MANAGEMENT OF MUNDER 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 serves as portfolio manager for separately
managed institutional accounts, and has been with the Advisor since 1993.
PORTFOLIO MANAGEMENT OF MUNDER VALUE FUND
John S. Adams, Brian Wall and Heather Williams jointly manage the Fund. Mr.
Wall, who has managed the Fund since January 1998, was formerly a primary
analyst for the Fund. Prior to joining the Advisor in 1995, he was a Senior
Equity Analyst with Woodbridge Capital Management, Inc. (1994-1995). Mr.
Adams, Senior Portfolio Manager of the Advisor, has managed the Fund since
August 1999. Mr. Adams has managed institutional equity and balanced
portfolios for the Advisor since 1987. Ms. Williams has managed the Fund since
January 2000. Ms. Williams has managed institutional value portfolios for the
Advisor since 1996. Ms. Williams served as Vice President and Quantitative
Analyst for Loomis, Sayles & Company, L.P. (1992-1996).
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>
The Munder Funds
Supplement Dated January 28, 2000
to Prospectus Dated October 26, 1999
Class Y Shares of:
Munder Balanced Fund, Munder Equity Selection Fund, Munder Growth & Income
Fund, Munder Future Technology 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
Short-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
PORTFOLIO MANAGEMENT OF MUNDER 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 serves as portfolio manager for separately
managed institutional accounts, and has been with the Advisor since 1993.
PORTFOLIO MANAGEMENT OF MUNDER VALUE FUND
John S. Adams, Brian Wall and Heather Williams jointly manage the Fund. Mr.
Wall, who has managed the Fund since January 1998, was formerly a primary
analyst for the Fund. Prior to joining the Advisor in 1995, he was a Senior
Equity Analyst with Woodbridge Capital Management, Inc. (1994-1995). Mr Adams,
Senior Portfolio Manager of the Advisor, has managed the Fund since August
1999. Mr. Adams has managed institutional equity and balanced portfolios for
the Advisor since 1987. Ms. Williams has managed the Fund since January 2000.
Ms. Williams has managed institutional value portfolios for the Advisor since
1996. Ms. Williams served as Vice President and Quantitative Analyst for
Loomis, Sayles & Company, L.P. (1992-1996).
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.
ADDITION OF CO-MANAGER FOR MUNDER SHORT TERM TREASURY FUND
Tom O'Rourke has been appointed co-manager of the Short Term Treasury Fund.
Mr. O'Rourke has managed short term institutional portfolios for the Advisor
since 1998. Prior to joining the Advisor, Mr. O'Rourke was employed by Kmart
Corporation as a manager of corporate finance. Mr O'Rourke managed a fixed
income portfolio for the corporation's pension plan, as well as managing the
corporation's stable value portfolio for their 401(K) plan.
<PAGE>
The Munder Funds
Supplement Dated January 28, 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 Intermediate Bond Fund
PORTFOLIO MANAGEMENT OF MUNDER BOND FUND, MUNDER INTERMEDIATE BOND FUND AND
MUNDER U.S. GOVERNMENT 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.
