<PAGE>
The Munder Funds
Supplement Dated August 25, 1999
to Prospectus Dated October 27, 1998
Class A and B Shares of:
Munder All-Season Conservative Fund, Munder All-Season Moderate Fund and
Munder All-Season Aggressive Fund
The "FUND OPERATING EXPENSES" section in the Prospectus with respect to expenses
incurred by the Underlying Funds is hereby supplemented as follows:
The expenses for the Munder Future Technology Fund are estimated for the current
fiscal year.
<TABLE>
<CAPTION>
Class Y Shares
--------------
<S> <C>
Future Technology Fund................................ 1.35%*
- ----------------------
</TABLE>
*In the absence of the expense reimbursement, it is estimated that the Expense
Ratio will be 1.50%.
The "EXAMPLE" section in the Prospectus with respect to the Expense Ratio is
hereby deleted and replaced with the following:
Based on the expenses for the Funds and the Underlying Funds shown above,
and assuming the neutral asset allocation for each Fund set forth below, the
average weighted expense ratio for each Fund, expressed as a percentage of each
Fund's average daily net assets, is estimated to be as follows:
<TABLE>
<CAPTION>
Expense Ratio
-------------
Class A Shares Class B Shares
-------------- --------------
<S> <C> <C>
Conservative Fund................................ 1.45% 2.15%
Moderate Fund.................................... 1.56% 2.26%
Aggressive Fund.................................. 1.70% 2.40%
</TABLE>
The "FUND CHOICES--What are the Funds' Investments and Investment Practices?"
section in the Prospectus is hereby supplemented as follows:
<TABLE>
<CAPTION>
Conservative Fund Moderate Fund Aggressive Fund
----------------- ------------- ---------------
Minimum Maximum Minimum Maximum Minimum Maximum
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Equity Funds
Future Technology Fund............ 0% 5% 0% 10% 0% 15%
</TABLE>
The "FUND CHOICES--What are the Underlying Funds' Investments and Investment
Practices?" section in the Prospectus is hereby supplemented as follows:
FUTURE TECHNOLOGY FUND
GOAL AND PRINCIPAL INVESTMENTS. The Fund's goal is to provide capital
appreciation. The Fund pursues its goal by investing at least 65% of its assets
in common stocks of technology-related companies. Technology-related companies
are companies that develop, manufacture, or distribute technology,
communications and Internet-related products and services. The Fund may also
invest in the stocks of companies that should benefit commercially from
technological advances. The Fund invests in both established companies and in
new or unseasoned companies, including companies making initial public
offerings.
The products and services provided by technology-related companies may include:
computer hardware and software, communications hardware and software,
semiconductors, business services, media and information services, and Internet-
related services.
In selecting stocks, the advisor will first identify attractive sectors within
the technology industry. The advisor will then focus on companies that it
believes are current industry leaders or leading companies in developing
sectors. Using fundamental analysis, the advisor will look for companies with:
. strong market share within their sector; and/or
. technologically superior products or services; and
. stable or improving revenue growth, earnings growth or order trends.
<PAGE>
The Fund is "non-diversified" under the Investment Company Act of 1940, as
amended and may invest more of its assets in fewer issuers than a "diversified"
investment company.
PORTFOLIO MANAGEMENT. A committee of professional portfolio managers employed
by the advisor makes investment decisions for the Fund.
Investment Charts
<TABLE>
<CAPTION>
EQUITY FUNDS
- -----------------------------------------------------------------------------------------------------------------------------------
Investments and Future Technology
Investment Practices Fund
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Foreign Securities. Includes securities issued by non-U.S. companies. Present more risks than U.S. securities. 25%
- -----------------------------------------------------------------------------------------------------------------------------------
Lower-Rated Debt Securities. Fixed Income Securities which are rated below investment grade by Standard & Poor's
Ratings Service, Moody's Investors Service, Inc. or other nationally recognized rating agency. Considered riskier
than investment grade securities. N
- -----------------------------------------------------------------------------------------------------------------------------------
Investment-Grade Asset Backed Securities. Includes debt securities backed by mortgages, installment sales
contracts and credit card receivables. N
- -----------------------------------------------------------------------------------------------------------------------------------
Stripped Securities. Includes participations in trusts that hold U.S. Treasury and agency securities which represent
either the interest payments or principal payments on the securities or combination of both. N
- -----------------------------------------------------------------------------------------------------------------------------------
Forward Foreign Currency Exchange Contracts. Obligations of a Fund to purchase or sell a specific currency at a
future date at a set price. May decrease a Fund's loss due to a change in a currency value, but also limits gains
from currency changes. Y
- -----------------------------------------------------------------------------------------------------------------------------------
When-Issued Purchases and Forward Commitments. Agreement by a Fund to purchase securities at a set price, with
delivery and payment in the future. The value of securities may change between the time the price is set and
payment. Not to be used for speculation. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Futures and Options on Futures. (1) Contracts in which a Fund agrees, at maturity, to make delivery of or receive
securities, the cash value of an index or foreign currency. Used for hedging purposes or to maintain liquidity. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Options. A Fund may buy options giving it the right to require a buyer to buy a security held by the Fund (put
options), buy options giving it the right to require a seller to sell securities to the Fund (call options), sell
(write) options giving a buyer the right to require the Fund to buy securities from the buyer or write options
giving a buyer the right to require the Fund to sell securities to the buyer during a set time at a set price.
Options may relate to stock indices, individual securities, foreign currencies or futures contracts. See the SAI
for more details and additional limitations. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Reverse Repurchase Agreements. A Fund sells securities and agrees to buy them back later at an agreed upon time and
price. A method to borrow money for temporary purposes. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts. Companies, usually traded publicly, that manage a portfolio of real estate. Risks
involved in such investments include vulnerability to decline in real estate prices and new construction rates. N
- -----------------------------------------------------------------------------------------------------------------------------------
Short Sales. A transaction in which the Fund sells a security it does not own in anticipation that the market price
of that security will decline. It must borrow the security sold short and deliver it to the broker-dealer through
which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale.
May also sell securities that it owns or has the right to acquire as no additional cost but does not intend to
deliver to the buyer, a practice known as selling short "against the box." N
- -----------------------------------------------------------------------------------------------------------------------------------
Illiquid Securities. Typically there is no ready market for these securities, which inhibits the ability to sell
them and to obtain their full market value, or there are legal restrictions on their resale by the Fund. 15%(2)
- -----------------------------------------------------------------------------------------------------------------------------------
Lending Securities. A Fund may lend securities to financial institutions which pay for the use of the securities.
May increase return. Slight risk of borrower failing financially. 25%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Key:
Y = investment allowed without restriction
N = investment not allowed
(1) The limitation on margins and premiums for futures is 5% of a Fund's assets
(2) Based on net assets
The "FUND CHOICES--What are the Risks of Investing in the Funds?" section in the
prospectus is hereby supplemented as follows:
Future Technology Fund, Growth Opportunities Fund, Micro-Cap Equity Fund, NetNet
Fund, Small-Cap Value Fund and Small Company Growth Fund
The Advisor believes that smaller companies can provide greater growth
potential and potentially higher returns than larger firms. Investing in
smaller companies, however, is riskier than investing in larger companies. The
stock of smaller companies may trade infrequently and in lower volume, making it
more difficult for a Fund to sell the stocks of smaller companies when it
chooses. Smaller companies may have limited product lines, markets, financial
resources and distribution channels, which makes them more sensitive to changing
economic conditions. Stocks of smaller companies historically have had larger
fluctuations in price than stocks of larger companies included in the S&P 500.
Future Technology Fund
The Fund will concentrate its investments in the technology industry.
Market or economic factors impacting that industry could have a major effect on
the value of the Fund's investments. The value of stocks of technology
companies is particularly vulnerable to rapid changes in technology product
cycles, government regulation and competition. Technology stocks, especially
those of smaller, less-seasoned companies, tend to be more volatile than the
overall market.
Future Technology Fund and International Bond Fund
These Funds are non-diversified and hold securities of a limited number of
issuers. The Funds may, therefore, pose a greater risk to investors than an
investment in a diversified fund.
<PAGE>
The Munder Funds
Supplement Dated August 25, 1999
to Prospectus Dated October 27, 1998
Class Y Shares of:
Munder All-Season Conservative Fund, Munder All-Season Moderate Fund and
Munder All-Season Aggressive Fund
The "FUND OPERATING EXPENSES" section in the Prospectus with respect to expenses
incurred by the Underlying Funds is hereby supplemented as follows:
The expenses for the Munder Future Technology Fund are estimated for the current
fiscal year.
<TABLE>
<CAPTION>
Class Y Shares
---------------------------
<S> <C>
Future Technology Fund........................................... 1.35%*
- -----------------------
</TABLE>
*In the absence of the expense reimbursement, it is estimated that the Expense
Ratio will be 1.50%.
The "EXAMPLE" section in the Prospectus with respect to the Expense Ratio is
hereby deleted and replaced with the following:
Based on the expenses for the Funds and the Underlying Funds shown above,
and assuming the neutral asset allocation for each Fund set forth below, the
average weighted expense ratio for each Fund, expressed as a percentage of each
Fund's average daily net assets, is estimated to be as follows:
<TABLE>
<CAPTION>
Expense Ratio
----------------------
<S> <C>
Conservative Fund............................................................ 1.15%
Moderate Fund................................................................ 1.26%
Aggressive Fund.............................................................. 1.40%
</TABLE>
The "FUND CHOICES--What are the Funds' Investments and Investment Practices?"
section in the Prospectus is hereby supplemented as follows:
<TABLE>
<CAPTION>
Conservative Fund Moderate Fund Aggressive Fund
-------------------- ------------------ ------------------
Minimum Maximum Minimum Maximum Minimum Maximum
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Equity Funds
Index 500 Fund....................... 0% 5% 0% 10% 0% 15%
</TABLE>
The "FUND CHOICES--What are the Underlying Funds' Investments and Investment
Practices?" section in the Prospectus is hereby supplemented as follows:
FUTURE TECHNOLOGY FUND
GOAL AND PRINCIPAL INVESTMENTS. The Fund's goal is to provide capital
appreciation. The Fund pursues its goal by investing at least 65% of its assets
in common stocks of technology-related companies. Technology-related companies
are companies that develop, manufacture, or distribute technology,
communications and Internet-related products and services. The Fund may also
invest in the stocks of companies that should benefit commercially from
technological advances. The Fund invests in both established companies and in
new or unseasoned companies, including companies making initial public
offerings.
The products and services provided by technology-related companies may include:
computer hardware and software, communications hardware and software,
semiconductors, business services, media and information services, and Internet-
related services.
In selecting stocks, the advisor will first identify attractive sectors within
the technology industry. The advisor will then focus on companies that it
believes are current industry leaders or leading companies in developing
sectors. Using fundamental analysis, the advisor will look for companies with:
. strong market share within their sector; and/or
. technologically superior products or services; and
. stable or improving revenue growth, earnings growth or order trends.
<PAGE>
The Fund is "non-diversified" under the Investment Company Act of 1940, as
amended and may invest more of its assets in fewer issuers than a "diversified"
investment company.
PORTFOLIO MANAGEMENT. A committee of professional portfolio managers employed
by the advisor makes investment decisions for the Fund.
Investment Charts
<TABLE>
<CAPTION>
EQUITY FUNDS
- -----------------------------------------------------------------------------------------------------------------------------------
Investments and Future
Investment Practices Technology Fund
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Foreign Securities. Includes securities issued by non-U.S. companies. Present more risks than U.S. securities. 25%
- -----------------------------------------------------------------------------------------------------------------------------------
Lower-Rated Debt Securities. Fixed Income Securities which are rated below investment grade by Standard & Poor's
Ratings Service, Moody's Investors Service, Inc. or other nationally recognized rating agency. Considered riskier
than investment grade securities. N
- -----------------------------------------------------------------------------------------------------------------------------------
Investment-Grade Asset Backed Securities. Includes debt securities backed by mortgages, installment sales
contracts and credit card receivables. N
- -----------------------------------------------------------------------------------------------------------------------------------
Stripped Securities. Includes participations in trusts that hold U.S. Treasury and agency securities which
represent either the interest payments or principal payments on the securities or combination of both. N
- -----------------------------------------------------------------------------------------------------------------------------------
Forward Foreign Currency Exchange Contracts. Obligations of a Fund to purchase or sell a specific currency at a
future date at a set price. May decrease a Fund's loss due to a change in a currency value, but also limits gains
from currency changes. Y
----------------------------------------------------------------------------------------------------------------------------------
When-Issued Purchases and Forward Commitments. Agreement by a Fund to purchase securities at a set price, with
delivery and payment in the future. The value of securities may change between the time the price is set and
payment. Not to be used for speculation. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Futures and Options on Futures. (1) Contracts in which a Fund agrees, at maturity, to make delivery of or receive
securities, the cash value of an index or foreign currency. Used for hedging purposes or to maintain liquidity. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Options. A Fund may buy options giving it the right to require a buyer to buy a security held by the Fund (put
options), buy options giving it the right to require a seller to sell securities to the Fund (call options), sell
(write) options giving a buyer the right to require the Fund to buy securities from the buyer or write options
giving a buyer the right to require the Fund to sell securities to the buyer during a set time at a set price.
Options may relate to stock indices, individual securities, foreign currencies or futures contracts. See the SAI
for more details and additional limitations. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Reverse Repurchase Agreements. A Fund sells securities and agrees to buy them back later at an agreed upon time and
price. A method to borrow money for temporary purposes. Y
- -----------------------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts. Companies, usually traded publicly, that manage a portfolio of real estate.
Risks involved in such investments include vulnerability to decline in real estate prices and new construction rates. N
- -----------------------------------------------------------------------------------------------------------------------------------
Short Sales. A transaction in which the Fund sells a security it does not own in anticipation that the market
price of that security will decline. It must borrow the security sold short and deliver it to the broker-dealer
through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of
the sale. May also sell securities that it owns or has the right to acquire at no additional cost but does not
intend to deliver to the buyer, a practice known as selling short "against the box." N
- -----------------------------------------------------------------------------------------------------------------------------------
Illiquid Securities. Typically there is no ready market for these securities, which inhibits the ability to sell
them and to obtain their full market value, or there are legal restrictions on their resale by the Fund. 15%(2)
- -----------------------------------------------------------------------------------------------------------------------------------
Lending Securities. A Fund may lend securities to financial institutions which pay for the use of the securities.
May increase return. Slight risk of borrower failing financially. 25%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Key:
Y = investment allowed without restriction
N = investment not allowed
(1) The limitation on margins and premiums for futures is 5% of a Fund's assets
(2) Based on net assets
The "FUND CHOICES--What are the Risks of Investing in the Funds?" section in the
prospectus is hereby supplemented as follows:
Future Technology Fund, Growth Opportunities Fund, Micro-Cap Equity Fund, NetNet
Fund, Small-Cap Value Fund and Small Company Growth Fund
The Advisor believes that smaller companies can provide greater growth
potential and potentially higher returns than larger firms. Investing in
smaller companies, however, is riskier than investing in larger companies. The
stock of smaller companies may trade infrequently and in lower volume, making it
more difficult for a Fund to sell the stocks of smaller companies when it
chooses. Smaller companies may have limited product lines, markets, financial
resources and distribution channels, which makes them more sensitive to changing
economic conditions. Stocks of smaller companies historically have had larger
fluctuations in price than stocks of larger companies included in the S&P 500.
Future Technology Fund
The Fund will concentrate its investments in the technology industry.
Market or economic factors impacting that industry could have a major effect on
the value of the Fund's investments. The value of stocks of technology
companies is particularly vulnerable to rapid changes in technology product
cycles, government regulation and competition. Technology stocks, especially
those of smaller, less-seasoned companies, tend to be more volatile than the
overall market.
Future Technology Fund and International Bond Fund
These Funds are non-diversified and hold securities of a limited number of
issuers. The Funds may, therefore, pose a greater risk to investors than an
investment in a diversified fund.
<PAGE>
The Munder Funds
Supplement Dated August 25, 1999
to Prospectus Dated August 25, 1999
Class Y Shares of:
The Munder Future Technology Fund
The Class Y Shares of the Munder Future Technology Fund are not currently
available for purchase in the State of Nebraska and the State of New Hampshire.
<PAGE>
The Munder Funds
Supplement Dated August 25, 1999
to Prospectus Dated August 25, 1999
Class A, B and II Shares of:
The Munder Future Technology Fund
INITIAL SALES CHARGE WAIVER FOR CLASS II SHARES
We will waive the initial sales charge on purchases of Class II shares of the
Munder Future Technology Fund through December 31, 1999.
SUPTECHABII899
