<PAGE>
THE MUNDER FUNDS
SUPPLEMENT DATED SEPTEMBER 15, 1998
TO PROSPECTUS DATED OCTOBER 29, 1997
CLASS A, B AND C SHARES OF:
MUNDER ACCELERATING GROWTH FUND, MUNDER BALANCED FUND, MUNDER GROWTH &
INCOME 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 FRAMLINGTON EMERGING MARKETS
FUND, MUNDER FRAMLINGTON HEALTHCARE FUND AND
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
CLOSING OF MUNDER MID-CAP GROWTH FUND
The Mid-Cap Growth Fund is no longer available.
<PAGE>
THE MUNDER FUNDS
SUPPLEMENT DATED SEPTEMBER 15, 1998
TO PROSPECTUS DATED OCTOBER 29, 1997
CLASS K SHARES OF:
MUNDER ACCELERATING GROWTH FUND, MUNDER BALANCED 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
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 TRIPLE 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 TAX-FREE MONEY MARKET FUND AND
MUNDER U.S. TREASURY MONEY MARKET FUND
CLOSING OF MUNDER MID-CAP GROWTH FUND
The Mid-Cap Growth Fund is no longer available.
<PAGE>
THE MUNDER FUNDS
SUPPLEMENT DATED SEPTEMBER 15, 1998
TO PROSPECTUS DATED OCTOBER 29, 1997
CLASS Y SHARES OF:
MUNDER ACCELERATING GROWTH FUND, MUNDER BALANCED FUND, MUNDER GROWTH &
INCOME 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 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 TRIPLE
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
CLOSING OF MUNDER MID-CAP GROWTH FUND
The Mid-Cap Growth Fund is no longer available.
