MUNDER FUNDS INC, 497, 2000-05-26

MUNDER FUNDS INC
497, 2000-05-26

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<PAGE>

Class II Shares

[Munder Logo]

Prospectus
May 22, 2000
Munder Focus Growth Fund
(formerly Munder Equity Selection Fund)

Munder Growth Opportunities Fund

Munder Framlington Global Financial Services Fund

As with all mutual funds, the Securities and
Exchange Commission has not approved or
disapproved these securities nor passed upon the
accuracy or adequacy of this prospectus. It is a
criminal offense to state otherwise.
<PAGE>

Table Of Contents

<TABLE>
<C> <S>
2 Risk/Return Summary
9 Who May Want To Invest
10 Fees And Expenses

11 More About The Funds
12 Other Investment Strategies And Risks

15 Your Investment
15 How To Reach The Funds
15 Purchasing Shares
15 Exchanging Shares
16 Redeeming Shares
17 Additional Policies For Purchases, Exchanges And Redemptions
18 Shareholder Privileges

19 Distribution Arrangements
19 Share Class Selection
19 Cdsc
19 12b-1 Fees
20 Other Information

21 Pricing Of Fund Shares

21 Distributions

22 Federal Tax Considerations
22 Taxes On Distributions
22 Taxes On Sales
22 Other Considerations

23 Management
23 Investment Advisor and Sub-advisor
23 Portfolio Managers

</TABLE>

Back Cover For Additional Information
<PAGE>

Risk/Return Summary
- --------------------------------------------------------------------------------

This Risk/Return Summary briefly describes the goals and principal investment
strategies of the Funds and the principal risks of investing in the Funds. For
further information on these and the Funds' other investment strategies and
risks, please read the section entitled "More About The Funds."

Focus Growth Fund
(formerly Equity Selection Fund)

Goal

The Fund's goal is to provide long-term capital appreciation.

Principal Investment Strategies

The Fund pursues its goal by investing at least 65% of its assets in equity
securities.

The Fund invests in equity securities which the advisor believes are
undervalued compared to stocks of other companies in the same industry.

The Fund generally invests in companies with market capitalizations of at least
$1 billion.

The Fund diversifies its assets by industry in approximately the same
weightings as those of the Russell 1000 Growth Index.

The Fund may also invest in foreign
securities.

Principal Risks

All investments carry some degree of risk which will affect the value of the
Fund's portfolio investments, its investment performance and the price of its
shares. As a result, you may lose money if you invest in the Fund.

An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency.

The Fund is subject to the following principal investment risks:

. Stock Market Risk. The value of the securities in which the Fund invests may
decline in response to general economic conditions. Price changes may be
temporary or last for extended periods. For example, stock prices have
historically risen and fallen in periodic cycles. In addition, the value of
the Fund's investments may decline if the particular companies the Fund
invests in do not perform well.

. Medium-Size Company Risk. The stocks of medium-size companies may be more
susceptible to market downturns, and their prices may be more volatile than
the stocks of larger companies.

. Foreign Securities Risk. Investments by the Fund in foreign securities
presents risks of loss in addition to those presented by investments in U.S.
securities. Foreign securities are generally more volatile and less liquid
than U.S. securities, in part because of greater political and economic risks
and because there is less public information available about foreign
companies. Issuers of foreign securities are generally not subject to the
same degree of regulation as are U.S. issuers. The reporting, accounting and
auditing standards of foreign countries may differ, in some cases
significantly, from U.S. standards.

2
<PAGE>

Performance

The bar chart and table below give some indication of the risk of an investment
in the Fund. The bar chart shows the Fund's performance for each calendar year
since inception. The table shows how the Fund's average annual total returns
for different calendar periods over the life of the Fund compare to those of a
broad based securities market index.

When you consider this information, please remember the Fund's performance in
past years is not necessarily an indication of how the Fund will perform in the
future. Because Class II shares do not have any performance history, the annual
returns in the bar chart, the best quarter and worst quarter returns and the
average annual total return chart are those of the Fund's Class Y Shares, which
are not offered in this prospectus. Class Y shares are not subject to a sales
charge (load). Class II shares are subject to a maximum sales charge (load) of
1% imposed on purchases and a contingent deferred sales charge of 1% imposed on
redemptions of Class II shares within 18 months of purchase. Please see the
section entitled "Fees and Expenses." Performance for Class II shares would
have substantially similar annual returns net of any sales charges (loads),
because the shares are invested in the same portfolio of securities and have
the same portfolio management. Because of different sales charges and fees and
expenses, performance of each class will differ.

Focus Growth Fund

Average Annual Total Return
Total Return (for the periods ended December 31,
(per calendar year) 1999)

<TABLE>
--------------------------------------
<S> <C> <C>
Since
Inception
1 Year (11/11/98)
--------------------------------------
Focus Growth Fund 16.74% 25.98%
S&P 500 Index* 21.03% 29.97%**
Russell 1000(R) Growth Index* 33.14% 46.57%**
</TABLE>
--------

*Standard & Poor's Composite 500
Index is an unmanaged index of
common stock prices. The Russell
1000(R) Growth Index is an index
which measures the performance of
those Russell 1000 companies with
higher price to book ratios and
higher forecasted growth values.
The Fund has changed its primary
market index from the S&P 500
Index to the Russell 1000(R)
Growth Index, which better
represents the markets in which
the Fund typically invests.

**Index returns from 10/31/98 for S&P
500 Index and Russell 1000(R)
Growth Index.

[BAR CHART]
1999
- ------
16.74%
- --------

Year-to-date through March 31, 2000: 13.79%

<TABLE>
<S> <C> <C>
Best Quarter: Q4 1999 13.18%
Worst Quarter: Q3 1999 (7.72%)
</TABLE>

3
<PAGE>

Growth Opportunities Fund

Goal

The Fund's goal is to provide long-term capital appreciation.

Principal Investment Strategies

The Fund pursues its goal by investing at least 65% of its assets in the equity
securities of companies with market capitalizations between $500 million and
$10 billion.

Its style, which focuses on both growth prospects and valuation, is known as
GARP (Growth at a Reasonable Price) and seeks to produce attractive returns
during various market environments.

The advisor chooses the Fund's investments by reviewing the earnings growth of
approximately 10,000 companies over the past three years and investing in
approximately 50 to 100 companies based on:

. superior earnings growth;

. financial stability;

. relative market value; and

. price changes compared to the S&P MidCap 400 Index.

Principal Risks

An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency.

The Fund is subject to the following principal investment risks:

. Stock Market Risk. The value of the securities in which the Fund invests may
decline in response to developments affecting individual companies and/or
general economic conditions. Price changes may be temporary or last for
extended periods. For example, stock prices have historically risen and
fallen in periodic cycles. In addition, the value of the Fund's investments
may decline if the particular companies the Fund invests in do not perform
well.

. Smaller Company Stock Risk. The stocks of small or medium-size companies may
be more susceptible to market downturns, and their prices may be more
volatile than those of larger companies. Small companies' stocks typically
are traded in a lower volume, and their issuers are subject to greater
degrees of changes in their earnings and prospects.

4
<PAGE>

Performance

Growth Opportunities Fund

Average Annual Total Return
Total Return (for the periods ended December 31,
(per calendar year) 1999)

<TABLE>
----------------------------------------
<CAPTION>
Since
Inception
1 Year (6/24/98)
----------------------------------------
<S> <C> <C>
Growth Opportunities Fund 31.62% 17.04%
S&P MidCap 400 Index* 14.71% 16.53%**
</TABLE>
--------
*Standard & Poor's MidCap 400 Index
is a capitalization-weighted index
of that measures the performance of
the mid-range sector of the U.S.
stock market where the median
market capitalization is
approximately $700 million.
**Index return from 6/30/98 for S&P
MidCap 400 Index.

[BAR CHART]
1999
- ------
31.62%
- --------
Year-to-date through March 31, 2000: 19.32%

<TABLE>
<S> <C> <C>
Best Quarter: Q4 1999 24.95%
Worst Quarter: Q1 1999 (7.77)%
</TABLE>

5
<PAGE>

Framlington Global Financial Services Fund

Goal

The Fund's goal is to provide long-term capital appreciation.

Principal Investment Strategies

The Fund pursues its goal by investing at least 65% of its assets in equity
securities of U.S. and foreign companies which are principally engaged in the
financial services industry and companies providing services primarily within
the financial services industry. The Fund focuses specifically on companies
which are likely to benefit from growth or consolidation in the financial
services industry.

Examples of companies in the financial services industry are:

. commercial, industrial and investment banks;

. savings and loan associations;

. brokerage companies;

. consumer and industrial finance companies;

. real estate and leasing companies;

. insurance companies; and

. holding companies for each of the above.

A company is "principally engaged" in the financial services industry if at
least 50% of its gross income, net sales or net profits comes from activities
in the financial services industry or if the company dedicates more than 50% of
its assets to the production of revenues from the financial services industry.

The companies are selected by the "bottom-up approach". This strategy is the
search for outstanding performance of individual companies before considering
the impact of economic trends. The sub-advisor evaluates companies, analyzing a
number of factors, including the growth prospects of a financial services
company relative to the price of its stock.

The sub-advisor allocates assets among countries based on:

. its analysis of the trends in the financial services industry in particular
regions;

. the relative valuation of financial services companies in different regions;
and

. its assessment of the prospects for a particular equity market and its
currency.

Under normal market conditions, the Fund invests at least 65% of its assets in
at least three different countries, including the United States. The Fund may
invest in companies located in countries with mature markets and in those with
emerging markets.

Principal Risks

An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency.

The Fund is subject to the following principal investment risks:

. Sector Risk. The Fund will invest primarily in companies which are
principally engaged in the financial services industry and companies
providing services primarily within the financial services industry. Adverse
economic, business or political developments affecting that industry sector
could have a major effect on the value of the Fund's investments.

6
<PAGE>

. Medium-Size Company Risk. The stocks of medium-size companies may be more
susceptible to market downturns, and their prices may be more volatile than
the stocks of larger companies.

. Derivatives Risk. The Fund may suffer a loss from the Fund's use of forward
currency exchange contracts and other forms of derivative instruments. The
primary risk with many derivatives is that they can amplify a gain or loss,
potentially earning or losing substantially more money than the actual cost
of the derivative instrument.

. Foreign Securities Risk. Investments by the Fund in foreign securities may
experience greater and more rapid change in value than investments in U.S.
securities. Foreign securities are generally more volatile and less liquid
than U.S. securities, in part because of greater political and economic risks
and because there is less public information available about foreign
companies. Issuers of foreign securities are generally not subject to the
same degree of regulation as are U.S. issuers. The reporting, accounting and
auditing standards of foreign countries may differ, in some cases
significantly, from U.S. standards.

. Currency Risk. A Fund that invests in foreign securities denominated in
foreign currencies may also be subject to currency risk. This is the risk of
loss because a decline in the value of foreign currencies relative to the
U.S. dollar will reduce the value of the Fund's portfolio securities
denominated in those currencies.

7
<PAGE>

Performance

Framlington Global Financial Average Annual Total Return
Services Fund (for the periods ended December 31,
1999)

Total Return <TABLE>
(per calendar year) --------------------------------------
<S> <C> <C>
Since
Inception
1 Year (6/24/98)
--------------------------------------
Framlington Global Financial Services
Fund 4.52% 3.42%
MSCI World Finance Index* 8.57% N/A**
</TABLE>

--------
*The Morgan Stanley (MSCI) World
Finance Index is an unmanaged index
which follows 22 developed nations,
containing four sub-sectors
(Insurance, Financial Services,
Real Estate and Banking).
**Index did not exist until January
1999.

[BAR CHART]
1999
- -----
4.52%
- -----
Year-to-date through March 31, 2000: 3.50%

<TABLE>
<S> <C> <C>
Best Quarter: Q4 1999 7.35 %
Worst Quarter: Q3 1999 (2.52)%
</TABLE>

8
<PAGE>

Who May Want To Invest

The Funds may be appropriate for investors:

. Looking to invest over the long term.

. Able to ride out market swings.

The Funds alone cannot provide a balanced investment program.

9
<PAGE>

Fees And Expenses

The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Funds. Please note that the following information does not
include fees that institutions may charge for services they provide to you.

<TABLE>
<CAPTION>
Class II
Shares
Shareholder Fees (fees paid directly from your investment) --------
<S> <C>
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering
price)............................................................... 1%
Maximum Deferred Sales Charge (Load) (as a % of the lesser of original
purchase price or
redemption proceeds................................................... 1%(a)
Sales Charge (Load) Imposed on Reinvested Dividends................... None
Redemption Fees....................................................... None
Exchange Fees......................................................... None
</TABLE>

Annual Fund Operating Expenses (expenses that are paid from Fund assets) And
Examples

The examples are intended to help you compare the cost of investing in each
Fund to the cost of investing in other mutual funds. The examples assume that
you invest $10,000 in the Fund for the time periods indicated. The examples
also assume that your investment has a 5% return each year, that the Fund's
operating expenses remain the same as shown in the table and that all dividends
and distributions are reinvested. Your actual costs may be higher or lower.

<TABLE>
<CAPTION>
Annual Fund Operating Expenses
as a % of net assets Examples
- ----------------------------------------------------- -------------------------
Class
Class II II Class II
Shares Shares* Shares**
Focus Growth Fund -------- ------- --------
<S> <C> <C> <C> <C>
Management Fees............................. .75% 1 Year $ 416 $ 314
Distribution and/or Service (12b-1) Fees.... 1.00% 3 Years $ 759 $ 759
Other Expenses.............................. .37% 5 Years $1,231 $1,231
----
Total Annual Fund Operating Expenses........ 2.12% 10 Years $2,536 $2,536
====

<CAPTION>
Class
Class II II Class II
Shares Shares* Shares**
Growth Opportunities Fund -------- ------- --------
<S> <C> <C> <C> <C>
Management Fees............................. .75% 1 Year $ 469 $ 368
Distribution and/or Service (12b-1) Fees.... 1.00% 3 Years $ 921 $ 921
Other Expenses(1)........................... .91% 5 Years $1,501 $1,501
----
Total Annual Fund Operating Expenses(1)..... 2.66% 10 Years $3,074 $3,074
====

<CAPTION>
Class
Class II II Class II
Shares Shares* Shares**
Framlington Global Financial Services Fund -------- ------- --------
<S> <C> <C> <C> <C>
Management Fees............................. .75% 1 Year $ 547 $ 446
Distribution and/or Service (12b-1) Fees.... 1.00% 3 Years $1,153 $1,153
Other Expenses(1)........................... 1.70% 5 Years $1,883 $1,883
----
Total Annual Fund Operating Expenses(1)..... 3.45% 10 Years $3,806 $3,806
====
</TABLE>
- --------
(a) The contingent deferred sales charge (CDSC) is a one-time fee charged at
the time of redemption. The CDSC applies to redemptions of Class II shares
within eighteen months of purchase.
(1) The advisor has voluntarily agreed to reimburse the Growth Opportunities
Fund and Framlington Global Financial Services Fund for certain operating
expenses. As a result of the expense reimbursement, actual other operating
expenses and total annual fund operating expenses for the current fiscal
year, which have been restated to reflect an increase in general operating
expenses of the Funds, are expected to be .43% and 2.18%, respectively for
the Growth Opportunities Fund and .50% and 2.25%, respectively for the
Framlington Global Financial Services Fund. The advisor may eliminate all
or part of the expense reimbursement at any time.
* Assumes you sold your shares at the end of the time period.
** Assumes you stayed in the Fund.

10
<PAGE>

More About The Funds
- --------------------------------------------------------------------------------

This section further describes the Funds' principal investment strategies and
risks that are summarized above in the Risk/Return Summary. The Funds may also
invest in other securities and are subject to further restrictions and risks
which are described in the Statement of Additional Information.

Equity Securities. The Funds invest in equity securities which include common
stocks, preferred stocks, securities convertible into common stocks, and rights
and warrants to subscribe for the purchase of common stocks. Equity securities
may be listed on a stock exchange or NASDAQ National Market System or unlisted.
Warrants are rights to purchase securities at a specified time at a specified
price.

Foreign Securities. Foreign securities include direct investments in non-U.S.
dollar-denominated securities traded outside of the United States and dollar-
denominated securities of foreign issuers traded in the United States. Foreign
securities also include indirect investments such as American Depository
Receipts ("ADRs"), European Depository Receipts ("EDRs") and Global Depository
Receipts ("GDRs"). ADRs are U.S. dollar-denominated receipts representing
shares of foreign-based corporations. ADRs are issued by U.S. banks or trust
companies, and entitle the holder to all dividends and capital gains that are
paid out on the underlying foreign shares. EDRs and GDRs are receipts issued by
non-U.S. financial institutions that often trade on foreign exchanges. They
represent ownership in an underlying foreign or U.S. security and are generally
denominated in a foreign currency.

Investment Strategy. Framlington Global Financial Services Fund will invest
all or a substantial portion of its total assets in foreign securities.
Focus Growth Fund and Growth Opportunities Fund may invest up to 25% of its
total assets in foreign securities.

Special Risks. Foreign securities involve special risks and costs.
Investment in the securities of foreign governments involves the risk that
foreign governments may default on their obligations or may otherwise not
respect the integrity of their debt.

Investment in foreign securities may involve higher costs than investment
in U.S. securities, including higher transaction and custody costs as well
as the imposition of additional taxes by foreign governments. Foreign
investments may also involve risks associated with the level of currency
exchange rates, less complete financial information about the issuers, less
market liquidity, more market volatility and political instability. Future
political and economic developments, the possible imposition of withholding
taxes on dividend income, the possible seizure or nationalization of
foreign holdings, the possible establishment of exchange controls or
freezes on the convertibility of currency, or the adoption of other
governmental restrictions might adversely affect an investment in foreign
securities. Additionally, foreign issuers may be subject to less stringent
regulation, and to different accounting, auditing and recordkeeping
requirements.

Currency exchange rates may fluctuate significantly over short periods of
time causing a Fund's net asset value to fluctuate as well. A decline in
the value of a foreign currency relative to the U.S. dollar will reduce the
value of a foreign currency-denominated security. To the extent that a Fund
is invested in foreign securities while also maintaining currency
positions, it may be exposed to greater combined risk. The Funds'
respective net currency positions may expose them to risks independent of
their securities positions.

Additional risks are involved when investing in countries with emerging
economies or securities markets. In general, the securities markets of
these countries are less liquid, are subject to greater price volatility,
have smaller market capitalizations and may have problems with securities
registration and custody. In addition, because the securities settlement
procedures are less developed in these countries, a Fund may be required to
deliver securities before receiving payment and may also be unable to
complete transactions during market disruptions. As a result of these and
other risks, investments in these countries generally present a greater
risk of loss to the Fund.

11
<PAGE>

A further risk of investing in foreign securities is the risk that a Fund
may be adversely affected by the conversion of certain European currencies
into the Euro. This conversion, which is under way, is scheduled to be
completed in the year 2002. However, problems with the conversion process
and delays could increase volatility in world markets and affect European
markets in particular.

Investments in Financial Services Companies by
Framlington Global Financial Services Fund. Financial services companies are
subject to extensive governmental regulation which may limit the financial
commitments they can make, and the interest rates and fees they can charge.
Insurance companies may be subject to severe price competition. The Fund may be
riskier than a fund investing in a broader range of industries.

Short-Term Trading. The Funds may engage in short-term trading, including,
initial public offerings.

Special Risks. A high rate of portfolio turnover (100% or more) could
produce higher trading costs and taxable distributions, which could detract
from a Fund's performance.

Defensive Investing. Each Fund may invest all or any portion of its assets in
short-term obligations as a temporary defensive measure in response to adverse
market or economic conditions.

Special Risks. A Fund may not achieve its investment objective when its
assets are invested in short-term obligations.

Other Investment Strategies And Risks

Asset-Backed Securities. Asset-backed securities are debt securities backed by
mortgages, installment sales contract and credit card receivables. The
securities are sponsored by entities such as government agencies, banks,
financial companies and commercial or industrial companies. In effect, these
securities "pass through" the monthly payments that individual borrowers make
on their mortgage or other assets net of any fees paid to the issuers. Examples
of these include guaranteed mortgage pass-through certificates, collateralized
mortgage obligations ("CMOs") and real estate mortgage investment conduits
("REMICs").

Investment Strategy. Framlington Global Financial Services Fund may invest
a portion of its assets in Asset-Backed Securities.

Special Risks. In addition to credit and market risk, asset-backed
securities involve repayment risk because the underlying assets (loans) may
be prepaid at any time. The value of these securities may also change
because of actual or perceived changes in the creditworthiness of the
originator, the servicing agent, the financial institution providing the
credit support, or the counterparty. Like other fixed income securities,
when interest rates rise the value of an asset-backed security generally
will decline. However, when interest rates decline, the value of an asset-
backed security with prepayment features may not increase as much as that
of other fixed income securities. In addition, non-mortgage asset-backed
securities involve certain risks not presented by mortgage-backed
securities. Primarily, these securities do not have the benefit of the same
security interest in the underlying collateral.

Borrowing and Reverse Repurchase Agreements. The Funds can borrow money from
banks and enter into reverse repurchase agreements with banks and other
financial institutions. Reverse repurchase agreements involve the sale of
securities held by a Fund subject to the Fund's agreement to repurchase them at
a mutually agreed upon date and price (including interest).

Investment Strategy. Each Fund may borrow money in an amount up to 5% of
its assets for temporary emergency purposes and in an amount up to 33 1/3%
of its assets to meet redemptions. This is a fundamental policy which can
be changed only by shareholders.

Special Risks. Borrowings and reverse repurchase agreements by a Fund may
involve leveraging. If the securities held by the Fund decline in value
while these transactions are outstanding, the Fund's net asset value will
decline in value by proportionately more than the decline in value of the
securities. In addition, reverse repurchase agreements involve the risks
that the interest income earned by the

12
<PAGE>

Fund (from the investment of the proceeds) will be less than the interest
expense of the transaction, that the market value of the securities sold by
the Fund will decline below the price the Fund is obligated to pay to
repurchase the securities, and that the securities may not be returned to
the Fund.

Derivatives. Derivatives are financial contracts whose value is based on an
underlying security, a currency exchange rate, an interest rate or a market
index. Many types of instruments representing a wide range of potential risks
and rewards are derivatives, including futures contracts, options on futures
contracts, options, swaps, forward currency contracts and structured debt
obligations (including collateralized mortgage obligations and other types of
asset-backed securities, "stripped" securities and various floating rate
instruments).

Investment Strategy. The Funds may use derivative instruments. Derivatives
can be used for hedging (attempting to reduce risk by offsetting one
investment position with another) or speculation (taking a position in the
hope of increasing return). The Funds may, but are not required to, use
derivatives for hedging purposes or for the purpose of remaining fully
invested or maintaining liquidity. The Funds will not use derivatives for
speculative purposes.

Special Risks. The use of derivative instruments exposes a Fund to
additional risks and transaction costs. Risks of derivative instruments
include: (1) the risk that interest rates, securities prices and currency
markets will not move in the direction that a portfolio manager
anticipates; (2) imperfect correlation between the price of derivative
instruments and movements in the prices of the securities, interest rates
or currencies being hedged; (3) the fact that skills needed to use these
strategies are different than those needed to select portfolio securities;
(4) the possible absence of a liquid secondary market for any particular
instrument and possible exchange imposed price fluctuation limits, either
of which may make it difficult or impossible to close out a position when
desired; (5) the risk that adverse price movements in an instrument can
result in a loss substantially greater than the Fund's initial investment
in that instrument (in some cases, the potential loss is unlimited); (6)
particularly in the case of privately-negotiated instruments, the risk that
the counterparty will not perform its obligations, which could leave the
Fund worse off than if it had not entered into the position; and (7) the
inability to close out certain hedged positions to avoid adverse tax
consequences.

Forward Currency Exchange Contracts. A forward currency exchange contract is an
obligation to exchange one currency for another on a future date at a specified
exchange rate.

Investment Strategy. Forward currency exchange contracts may be used for
hedging purposes and to help reduce the risks and volatility caused by
changes in foreign currency exchange rates. Foreign currency exchange
contracts will be used at the discretion of the advisor or sub-advisor, and
no Fund is required to hedge its foreign currency positions.

Special Risks. Forward currency contracts are privately negotiated
transactions, and can have substantial price volatility. When used for
hedging purposes, they tend to limit any potential gain that may be
realized if the value of a Fund's foreign holdings increases because of
currency fluctuations.

Futures Contracts and Related Options. A futures contract is a type of
derivative instrument that obligates the holder to buy or sell an asset in the
future at an agreed upon price. When a Fund purchases an option on a futures
contract, it has the right to assume a position as a purchaser or seller of a
futures contract at a specified exercise price during the option period. When a
Fund sells an option on a futures contract, it becomes obligated to purchase or
sell a futures contract if the option is exercised.

Investment Strategy. The Funds may invest in futures contracts and options
on futures contracts on domestic or foreign exchanges or boards of trade.
These instruments may be used for hedging purposes, to maintain liquidity
to meet potential shareholder redemptions, to invest cash balances or
dividends, or to minimize trading costs.

A Fund will not purchase or sell a futures contract unless, after the
transaction, the sum of the aggregate amount of margin deposits on its

13
<PAGE>

existing futures positions and the amount of premiums paid for related
options used for non-hedging purposes is 5% or less of the Fund's total
assets.

Special Risks. Futures contracts and related options present the following
risks: imperfect correlation between the change in market value of a Fund's
securities and the price of futures contracts and options; the possible
inability to close a futures contract when desired; losses due to
unanticipated market movements, which are potentially unlimited; and the
possible inability of the advisor or sub-advisor to correctly predict the
direction of securities prices, interest rates, currency exchange rates and
other economic factors.

Illiquid Securities. Illiquid securities include private placements or other
securities that are subject to legal or contractual restrictions on resale or
for which there is no readily available market.

Investment Strategy. Each Fund may invest up to 15% of its net assets in
securities that are illiquid.

Special Risks. To the extent that a Fund invests in illiquid securities,
the Fund risks not being able to sell the securities at the time and the
price that it would like. The Fund may have to lower the price, sell
substitute securities or forego an investment opportunity, each of which
may cause a loss to the Fund.

Options. An option is a type of derivative instrument that gives the holder the
right (but not the obligation) to buy (a "call") or sell (a "put") an asset in
the future at an agreed upon price prior to the expiration date of the option.

Investment Strategy. The Funds, may write (sell) covered call options, buy
put options, buy call options and write secured put options for hedging
purposes. Options may relate to particular securities, foreign or domestic
securities indices, financial instruments or foreign currencies.

Special Risks. The value of options can be highly volatile, and their use
can result in loss if the advisor or sub-advisor is incorrect in its
expectation of price fluctuations. The successful use of options for
hedging purposes also depends in part on the ability of the advisor or sub-
advisor to predict future price fluctuations and the degree of correlation
between the options and securities markets.

Securities Lending. In order to generate additional income, each Fund may lend
securities on a short-term basis to qualified institutions. By reinvesting any
cash collateral it receives in these transactions, the Fund could realize
additional income gains or losses.

Investment Strategy. Securities lending may represent no more than 25% of
the value of a Fund's total assets (including the loan collateral).

Special Risks. The main risk when lending Fund securities is that if the
borrower fails to return the securities or the invested collateral has
declined in value, the Fund could lose money.

Temporary Investments. Short-term obligations refer to U.S. Government
securities, high-quality money market instruments and repurchase agreements
with maturities of 13 months or less. Generally, these obligations are
purchased to provide stability and liquidity to a Fund.

Investment Strategy. Each Fund may invest a portion of its assets in short-
term obligations pending investment or to meet anticipated redemption
requests.

Special Risks. A Fund may not achieve its investment objective when its
asset are invested in short-term obligations.

14
<PAGE>

Your Investment
- --------------------------------------------------------------------------------

This section describes how to do business with the Fund.

How To Reach The Funds

By telephone: 1-800-438-5789
Call for shareholder services.

By mail: The Munder Funds

c/o PFPC Global Fund Services

P.O. Box 60428

King of Prussia, PA 19406-0428

Purchasing Shares

Purchase Price of Shares
Class II shares of the Funds are sold at the net asset value per share (NAV)
next determined after a purchase order is received in proper form plus any
applicable sales charge. Please see "Distribution Arrangements" below for
information about sales charges.

Broker-dealers (other than the Funds' distributor) may charge you additional
fees for shares you purchase through them.

Policies for Purchasing Shares

Investment minimums
<TABLE>
<C> <S>
. Initial: $250
. Subsequent: $50
. Automatic Investment Plan: $50
</TABLE>

Timing of orders
Purchase orders must be received by the Funds' distributor, transfer agent or
authorized dealer before the close of regular trading on the New York Stock
Exchange (normally, 4:00 p.m. Eastern time). Purchase orders received after
that time will be accepted as of the next business day.

Methods for Purchasing Shares
Investors may purchase shares:

. By Broker. Any broker authorized by the distributor can sell you shares of
the Funds. Please note that brokers may charge you fees for their services.

. By Mail. You may open an account by completing, signing and mailing the
attached account application form and a check or other negotiable bank draft
(payable to The Munder Funds) for $250 or more to: The Munder Funds, c/o PFPC
Global Fund Services, P.O. Box 60428, King of Prussia, Pennsylvania 19406-
0428. Be sure to specify on your account application form the class of shares
being purchased. For additional investments, send a letter stating the Fund
and share class you wish to purchase, your name and your account number with
a check for $50 or more to the address listed above.

. By Wire. To open a new account, you should call the Funds at (800) 438-5789
to obtain an account number and complete wire instructions prior to wiring
any funds. Within seven days of purchase, you must send a completed account
application form containing your certified taxpayer identification number to
the transfer agent at The Munder Funds, c/o PFPC Global Fund Services, P.O.
Box 60428, King of Prussia, Pennsylvania 19406-0428. Wire instructions must
state the Fund name, share class, your registered name and your account
number. Your bank wire should be sent through the Federal Reserve Bank Wire
System to:

Boston Safe Deposit and Trust Company
Boston, MA
ABA# 011001234
DDA# 16-798-3
Account No.:

You may make additional investments at any time using the wire procedures
described above. Note that banks may charge fees for transmitting wires.

. You may purchase shares through the Automatic Investment Plan.

. You may purchase shares through the Reinvestment Privilege.

Exchanging Shares

Policies for Exchanging Shares
. You may exchange Fund shares for shares of the same class of other Munder
Funds based on their relative net asset values.

15
<PAGE>

. You may exchange Class II shares for Class C shares of other Munder Funds
based on their relative net asset values.

. Class II shares will continue to age from the date of the original purchase
and will retain the same CDSC rate as they had before the exchange.

. You must meet the minimum purchase requirements for the Munder Fund that you
purchase by exchange.

. If you are exchanging into shares of a Munder Fund with a higher sales
charge, you must pay the difference at the time of the exchange.

. A share exchange is a taxable event and, accordingly, you may realize a
taxable gain or loss.

. Before making an exchange request, read the prospectus of the Munder Fund you
wish to purchase by exchange. You can obtain a prospectus for any Munder Fund
by contacting your broker or calling the Munder Funds at (800) 438-5789.

. Brokers may charge a fee for handling exchanges.

. We may change, suspend or terminate the exchange privilege at any time. You
will be given notice of any material modifications except where notice is not
required.

Methods for Exchanging Shares
. Exchanges By Telephone. You may give exchange instructions by telephone to
the Funds at (800) 438-5789. You may not exchange shares by telephone if you
hold share certificates. We reserve the right to reject any telephone
exchange request and to place restrictions on telephone exchanges.

. Exchanges By Mail. You may send exchange orders to your broker or to the
Funds' transfer agent at The Munder Funds, c/o PFPC Global Fund Services,
P.O. Box 60428, King of Prussia, Pennsylvania 19406-0428.

Redeeming Shares

Redemption Price
We will redeem shares at the NAV next determined after we receive the
redemption request in proper form. We will reduce the amount you receive by the
amount of any applicable contingent deferred sales charge (CDSC).

Please see "Distribution Arrangements" below for information about CDSCs.

Policies for Redeeming Shares

. For your protection, a signature guarantee is required for the following
redemption requests: (a) redemption proceeds greater than $50,000; (b)
redemption proceeds not being made payable to the recordowner of the account;
(c) redemption proceeds not being mailed to the address of record on the
account or (d) if the redemption proceeds are being transferred to another
Munder Fund account with a different registration. You can obtain a signature
guarantee from a financial institution such as a commercial bank, trust
company, savings association or from a securities firm having membership on a
recognized securities exchange.

Methods for Redeeming Shares
You may redeem shares of the Funds in several ways:

. By Mail. You may mail your redemption request to: The Munder Funds, c/o PFPC
Global Fund Services, P.O. Box 60428, King of Prussia, Pennsylvania 19406-
0428. The redemption request should state the name of the Fund, share class,
account number, amount of redemption, account name and where to send the
proceeds. All account owners must sign.

. By Telephone. You can redeem your shares by contacting your broker or calling
the Funds at (800) 438-5789. There is no minimum requirement for telephone
redemptions paid by check.

If you are redeeming at least $1,000 of shares and you have authorized
expedited redemption on your account application form, simply call the Fund
prior to 4:00 p.m. (Eastern time), and request the redemption proceeds be
mailed to the commercial bank or registered broker-dealer you designated on
your account application form. We will send your redemption amount to you on
the next business day. We reserve the right at any time to change or impose
fees for this expedited redemption procedure.

16
<PAGE>

During periods of unusual economic or market activity, you may experience
difficulties or delays in effecting telephone redemptions. In such cases you
should consider placing your redemption request by mail.

. You may redeem shares through the Automatic Withdrawal Plan.

Additional Policies For Purchases, Exchanges And Redemptions

. We consider orders to be in "proper form" when all required documents are
properly completed, signed and received.

. The Funds reserve the right to reject any purchase order.

. At any time, the Funds may change any of their purchase or redemption
procedures, and may suspend the sale of its shares.

. The Funds may delay sending redemption proceeds for up to seven days, or
longer if permitted by the Securities and Exchange Commission.

. We will typically send redemption amounts to you within seven business days
after you redeem shares. We may hold redemption amounts from the sale of
shares you purchased by check until the purchase check has cleared, which may
be as long as 15 days.

. To limit the Funds' expenses, we do not currently issue share certificates.

. A Fund may temporarily stop redeeming shares if:

. the New York Stock Exchange is closed;

. trading on the New York Stock Exchange is restricted;

. an emergency exists and the Fund cannot sell its assets or accurately
determine the value of its assets; or

. the Securities and Exchange Commission orders the Fund to suspend
redemptions.

. If accepted by a Fund, investors may purchase shares of that Fund with
securities which the Fund may hold. The advisor will determine if the
securities are consistent with the Fund's objectives and policies. If
accepted, the securities will be valued the same way the Fund values
portfolio securities it already owns. Call the Funds at (800) 438-5789 for
more information.

. The Funds reserve the right to make payment for redeemed shares wholly or in
part by giving the redeeming shareholder portfolio securities. The
shareholder will pay transaction costs to dispose of these securities.

. We record all telephone calls for your protection and take measures to
identify the caller. As long as the Funds' transfer agent takes reasonable
measures to authenticate telephone requests on an investor's account, neither
the Funds, the Funds' distributor nor the transfer agent will be held
responsible for any losses resulting from unauthorized transactions.

. We may redeem your account if its value falls below $250 as a result of
redemptions (but not as a result of a decline in NAV). You will be notified
in writing and allowed 60 days to increase the value of your account to the
minimum investment level.

. If you purchased shares directly from a Fund, the Funds' transfer agent will
send you confirmations of the opening of an account and of all subsequent
purchases, exchanges or redemptions in the account. If your account has been
set up by a broker or other investment professional, account activity will be
detailed in their statements to you.

. The exchange privilege is not intended as a vehicle for short-term trading.
Excessive exchange activity may interfere with portfolio management and have
an adverse effect on all shareholders. A Fund and its distributor reserve the
right to refuse any purchase or exchange request that could adversely affect
a Fund or its operations, including those from any individual or group who,
in the Fund's view, is likely to engage in excessive trading or any order
considered market-timing activity. If a Fund refuses a purchase or exchange
request and the shareholder deems it necessary to redeem their account, any
CDSC as permitted by the prospectus will be applicable.

17
<PAGE>

Additionally, in no event will the Funds permit more than six exchanges into
or out of a Fund in any one-year period per account, tax identification
number, social security number or related investment group. The Munder Money
Market Funds are exempt from this policy.

Shareholder Privileges

Automatic Investment Plan (AIP). Under the AIP you may arrange for periodic
investments in a Fund through automatic deductions from a checking or savings
account. To enroll in the AIP you should complete the AIP application form or
call the Funds at (800) 438-5789. The minimum pre-authorized investment amount
is $50. You may discontinue the AIP at any time. We may discontinue the AIP on
30 days' written notice to you.

Reinvestment Privilege. For 60 days after you sell shares of a Fund, you may
reinvest your redemption proceeds in shares of the same class of the Fund at
NAV. Any CDSC you paid on the amount you are reinvesting will be credited to
your account. You may use this privilege once in any given twelve-month period
with respect to your shares of the Funds. You or your broker must notify the
transfer agent in writing at the time of reinvestment in order to eliminate the
sales charge on your reinvestment.

Automatic Withdrawal Plan (AWP). If you have an account value of $2,500 or more
in a Fund, you may redeem shares on a monthly, quarterly, semi-annual or annual
basis. The minimum withdrawal is $50. We usually process withdrawals on the
20th day of the month and promptly send you your redemption amount. You may
enroll in the AWP by completing the AWP application form available through the
transfer agent. To participate in the AWP you must have your dividends
automatically reinvested and may not hold share certificates. You may change or
cancel the AWP at any time upon notice to the transfer agent.

18
<PAGE>

Distribution Arrangements
- --------------------------------------------------------------------------------

Share Class Selection

Each Fund offers Class II shares. You should consider both ongoing annual
expenses and initial sales charge or CDSC in estimating the costs of investing
in a particular class of shares.

Class II shares

. Front end sales charge.

. No CDSC, except for a CDSC for redemptions made within eighteen months after
investing.

. Shares do not convert to another class.

Each Fund also issues other classes of shares, which have different sales
charges, expense levels and performance. The other classes of shares are
available to limited type of investors. Call (800) 438-5789 to obtain more
information about those classes.

Cdsc

You pay a CDSC when you redeem:

. Class II shares within eighteen months of buying them.

At the time of purchase of Class II shares, the distributor pays sales
commissions of 2.00% of the purchase price to brokers that initiate and are
responsible for purchases of such Class II shares of the Funds.

You will not pay a CDSC to the extent that the value of the redeemed shares
represents:

. reinvestment of dividends or capital gains distributions; or

. capital appreciation of shares redeemed.

When you redeem shares, we will assume that you are redeeming first shares
representing reinvestment of dividends and capital gains distributions, then
any appreciation on shares redeemed, and then remaining shares held by you for
the longest period of time.

CDSC Waivers

We will waive the CDSC payable upon redemption of shares of a Fund 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 retirement plan
account after you reach age 70 1/2 ;

. involuntary redemptions made by the Fund;

. redemptions limited to 10% per year of an 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;

. 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 Statement of Additional Information for CDSC waivers which apply
when you redeem shares acquired in an exchange of shares of another Munder Fund
purchased on or before June 27, 1995.

Rule 12b-1 Fees

The Funds have adopted Rule 12b-1 plans with respect to its Class II shares
that allow each Fund to pay distribution and other fees for the sale of its
shares and for services provided to shareholders. Under the plans, each Fund
may pay up to .25% of the daily net assets of Class II shares to pay for
certain shareholder services provided by institutions that have agreements with
the Funds' distributor to provide such services. Each Fund may also pay up to
.75% of the daily net assets of the Class II shares to finance activities
relating to the distribution of its shares.

Because the fees are paid out of a Fund's assets on an on-going basis, over
time these fees will increase the cost of an investment in the Funds and may
cost a shareholder more than paying other types of sales charges.

19
<PAGE>

Other Information

The advisor may, from time to time, make payments to banks, broker-dealers or
other financial institutions for certain services to the Funds and/or their
shareholders, including sub-administration, sub-transfer agency and shareholder
servicing. The advisor may make such payments out of its own resources and
there are no additional costs to the Funds or its shareholders.

Please note that Comerica Bank, an affiliate of the advisor, receives a fee
from the Funds for providing shareholder services to its customers who own
shares of the Funds.

20
<PAGE>

Pricing Of Fund Shares
- --------------------------------------------------------------------------------
Each Fund's NAV is calculated on each day the New York Stock Exchange is open.
NAV for Class II shares is calculated by (1) taking the current value of a
Fund's total assets allocated to that class of shares, (2) subtracting the
liabilities and expenses charged to that class (3) dividing that amount by the
total number of shares of that class outstanding.

The Funds calculate NAV as of the close of regular trading on the New York
Stock Exchange, normally 4:00 p.m. (Eastern time)

If the New York Stock Exchange closes early, the Funds will accelerate their
calculation of NAV and transaction deadlines to that time.

The NAV of each Fund is generally based on the market value of the securities
held in the Fund. If market values are not available, the fair value of
securities is determined in good faith by, or using procedures approved by, the
Boards of Directors/Trustees of the Funds.

Trading in foreign securities may be completed at times that vary from the
closing of the New York Stock Exchange. A Fund values foreign securities at the
latest closing price on the exchange on which they are traded immediately prior
to the closing of the New York Stock Exchange. Certain foreign currency
exchange rates may also be determined at the latest rate prior to the closing
of the New York Stock Exchange. Foreign securities quoted in foreign currencies
are translated into U.S. dollars at current rates. Occasionally, events that
affect these values and exchange rates may occur between the times at which
they are determined and the closing of the New York Stock Exchange. If the
advisor believes that such events materially affect the value of portfolio
securities, these securities may be valued at their fair market value as
determined in good faith by, or using procedures approved by, the Funds' Boards
of Directors/Trustees.

Foreign securities may trade in their primary markets on weekends or other days
when a Fund does not price its shares. Therefore, the value of a Fund's
portfolio may change on days when shareholders will not be able to buy or sell
their shares.

Distributions
- --------------------------------------------------------------------------------
As a shareholder, you are entitled to your share of a Fund's net income and
gains on its investments. The Funds pass substantially all of its earnings
along to its shareholders as distributions. When the Funds earn dividends from
stocks and interest from debt securities and distributes these earnings to
shareholders, it is called a dividend distribution. A Fund realizes capital
gains when it sells securities for a higher price than it paid. When these
gains are distributed to shareholders, it is called a capital gain
distribution.

The Funds pay dividends, if any, at least annually.

The Funds distribute their net realized capital gains, if any, at least
annually.

It is possible that a Fund may make a distribution in excess of the Fund's
earnings and profits. You will treat such a distribution as a return of capital
which is applied against and reduces your basis in your shares. You will treat
the excess of any such distribution over your basis in your shares as gain from
a sale or exchange of the shares.

Each Fund will pay distributions in additional shares of that Fund. If you wish
to receive distributions in cash, either indicate this request on your account
application form or notify the Funds by calling (800) 438-5789.

21
<PAGE>

Federal Tax Considerations
- --------------------------------------------------------------------------------
Investments in a Fund may have tax consequences that you should consider. This
section briefly describes some of the more common federal tax consequences. A
more detailed discussion about the tax treatment of distributions from the
Funds and about other potential tax liabilities, including backup withholding
for certain taxpayers and about tax aspects of dispositions of shares of the
Funds, is contained in the Statement of Additional Information. You should
consult your tax adviser about your own particular tax situation.

Taxes On Distributions

You will generally have to pay federal income tax on all Fund distributions.
Distributions will be taxed in the same manner whether you receive the
distributions in cash or in additional shares of the Fund. Shareholders not
subject to tax on their income, generally will not be required to pay any tax
on distributions.

Distributions that are derived from net long-term capital gains generally will
be taxed as long-term capital gains. Dividend distributions and short-term
capital gains generally will be taxed as ordinary income. The tax you pay on a
given capital gains distribution generally depends on how long the Fund held
the portfolio securities it sold. It does not depend on how long you held your
Fund shares.

Distributions are generally taxable to you in the tax year in which they are
paid, with one exception: distributions declared in October, November or
December, but not paid until January of the following year, are taxed as though
they were paid on December 31 in the year in which they were declared.

Shareholders generally are required to report all Fund distributions on their
federal income tax returns. Each year the Funds will send you information
detailing the amount of ordinary income and capital gains paid to you for the
previous year.

Taxes On Sales

If you sell shares of a Fund, you generally will be subject to tax on any
taxable gain. Your taxable gain is computed by subtracting your tax basis in
the shares from the redemption proceeds. Because your tax basis depends on the
original purchase price and on the price at which any dividends may have been
reinvested, you should be sure to keep account statements so that you or your
tax preparer will be able to determine whether a sale will result in a taxable
gain.

Other Considerations

If you buy shares of a Fund just before the Fund makes any distribution, you
will pay the full price for the shares and then receive back a portion of the
money you have just invested in the form of a taxable distribution.

If you have not provided complete, correct taxpayer information by law, the
Funds must withhold a portion of your distributions and redemption proceeds to
pay federal income taxes.

22
<PAGE>

Management
- --------------------------------------------------------------------------------
Investment Advisor And Sub-Advisor

Munder Capital Management ("MCM"), 480 Pierce Street, Birmingham, Michigan
48009 is the investment advisor of each Fund. As of March 31, 2000, the advisor
and its affiliates had approximately $62 billion in assets under management, of
which $39 billion were invested in equity securities, $7 billion were invested
in money market or other short-term instruments, $6 billion were invested in
other fixed income securities, and $7 billion in non-discretionary assets.

Framlington Overseas Investment Management Limited ("Framlington"), an
affiliate of MCM, is the sub-advisor of the Framlington Global Financial
Services Fund.

The advisor provides overall investment management and provides all research
and credit analysis and is responsible for all purchases and sales of portfolio
securities for the Focus Growth Fund and Growth Opportunities Fund.

Framlington provides research and credit analysis for the Framlington Global
Financial Services Fund. MCM and Framlington each manage a portion of the
assets of the Framlington Global Financial Services Fund. MCM is responsible
for all purchases and sales of domestic securities held by the Framlington
Global Financial Services Fund. Framlington is responsible for the allocation
of the Fund's assets among countries and for making all purchases and sales of
foreign securities held by the Fund.

During the fiscal year ended June 30, 1999, the advisor was paid an advisory
fee at an annual rate of 0.75% of the average daily net assets of each Fund.

Portfolio Managers

Focus Growth Fund And Growth Opportunities Fund

A committee of professional portfolio managers employed by MCM makes investment
decisions for the Fund.

Framlington Global Financial Services Fund

A committee of professional portfolio managers employed by MCM or Framlington
makes decisions for the Fund.

23
<PAGE>

More information about the Funds is available free upon request, including the
following:

Annual/Semi-Annual Reports

You will receive unaudited semi-annual reports and audited annual reports on a
regular basis from the Funds. In the Funds' annual report, you will find a
discussion of the market conditions and investment strategies that significantly
affected the Funds' performance during its last fiscal year. In addition, you
will also receive updated prospectuses or supplements to this prospectus. In
order to eliminate duplicate mailings, the Funds will only send one copy of the
above communications to (1) accounts with the same primary record owner, (2)
joint tenant accounts, (3) tenant in common accounts and (4) accounts which have
the same address.

Statement Of Additional Information

Provides more details about the Funds and their policies. A current Statement of
Additional Information is on file with the Securities and Exchange Commission
and is incorporated by reference (is legally considered part of this
prospectus).

To Obtain Information:

- --------------------------------------------------------------------------------

By telephone
Call 1-800-438-5789

By mail

Write to:

The Munder Funds
c/o PFPC Global Fund Services
P.O. Box 60428
King of Prussia, PA 19406-0428

On the Internet
Text-only versions of fund documents can be viewed online or downloaded from:

Securities and Exchange Commission
http://www.sec.gov

You can also obtain copies by visiting the Securities and Exchange Commission's
Public Reference Room in Washington, D.C. (phone 1-202-942-8090) or by sending
your request and a duplicating fee to the Securities and Exchange Commission's
Public Reference Section, Washington, D.C. 20549-0102. You may also obtain
information, after paying a duplicating fee, by electronic request at:
[email protected].

You may also find more information about the Funds on the Internet at:
http://www.munderfunds.com

- --------------------------------------------------------------------------------

The Munder Funds, Inc.
SEC file number: 811-7346

The Munder Framlington Funds Trust
SEC file number: 811-7897
<PAGE>

MUTUAL FUND
Application [LOGO OF THE MUNDER FUNDS]

PLEASE MAIL YOUR COMPLETE APPLICATION (printed or typed)
ALONG WITH YOUR CHECK TO: The Munder Funds
c/o PFPC Global Fund Services
P.O. Box 60428
King of Prussia, PA 19406-0428

If you have questions regarding this application, please telephone the Transfer
Agent at 1.800.438.5789

[_] New Account [_] Change to an Existing Account _________________________

1. ACCOUNT REGISTRATION

- --------------------------------------------------------------------------------
Name Social Security Number

- --------------------------------------------------------------------------------
Joint Owner (if any) (If Joint Tenancy, use Social Security
Number of first joint owner)
OR

Uniform Transfer to Minor:

for:
- --------------------------------------------------------------------------------
Custodian Name (one custodian only) Minor's Name (one minor only)

- --------------------------------------------------------------------------------
State (Custodian's State of Residence) Minor's Social Security Number

OR
[_] Trust [_] Corporation [_] Other (please specify) ____________________

- --------------------------------------------------------------------------------
Trust/Corporation Name

- --------------------------------------------------------------------------------
Trust Date Tax Identification Number

- --------------------------------------------------------------------------------

2. MAILING ADDRESS
(address for reports, dividends, statements and redemption proceeds)

- --------------------------------------------------------------------------------
Street Apt.

- --------------------------------------------------------------------------------
City State Zip Code Telephone Number

- --------------------------------------------------------------------------------
Non-Resident Alien: [_] Yes [_] No If Yes, Country of Residence_____________

<PAGE>

3. INITIAL INVESTMENT

With as little as $250* you can invest in any Munder Fund. Please be sure to
read the prospectus carefully before investing or sending money. You may
request an additional prospectus by calling 1.800.438.5789.

<TABLE>
<CAPTION>
Class C/
NAME OF MUNDER FUND Fund Code Class A Class B Class II Investment Amount
200 300 400/700
--- --- -------
<S> <C> <C> <C> <C> <C>
[ ] Munder All-Season Aggressive Fund 52 [ ] [ ] N/A $___________________
[ ] Munder Balanced Fund 14 [ ] [ ] [ ] $___________________
[ ] Munder Focus Growth Fund 28 [ ] [ ] [ ] $___________________
[ ] Munder Equity Income Fund 18 [ ] [ ] [ ] $___________________
[ ] Munder Future Technology Fund 33 [ ] [ ] [ ] $___________________
[ ] Munder Growth Opportunities Fund 32 [ ] [ ] [ ] $___________________
[ ] Munder Index 500 Fund 06 [ ] [ ] N/A $___________________
[ ] Munder International Equity Fund 07 [ ] [ ] [ ] $___________________
[ ] Munder International NetNet Fund -- -- [ ] [ ] $___________________
[ ] Munder Micro-Cap Equity Fund 29 [ ] [ ] [ ] $___________________
[ ] Munder Multi-Season Growth Fund 20 [ ] [ ] [ ] $___________________
[ ] Munder Real Estate Equity Investment Fund 21 [ ] [ ] [ ] $___________________
[ ] Munder Small-Cap Value Fund 30 [ ] [ ] [ ] $___________________
[ ] Munder Small Company Growth Fund 05 [ ] [ ] [ ] $___________________
[ ] Munder Framlington Emerging Mrkts. Fund 81 [ ] [ ] [ ] $___________________
[ ] Munder Framlington Global Fin'l Srvcs Fund 83 [ ] [ ] [ ] $___________________
[ ] Munder Framlington Healthcare Fund 82 [ ] [ ] [ ] $___________________
[ ] Munder Framlington Int'l. Growth Fund 80 [ ] [ ] [ ] $___________________
[ ] Munder Bond Fund 09 [ ] [ ] [ ] $___________________
[ ] Munder Intermediate Bond Fund 08 [ ] [ ] [ ] $___________________
[ ] Munder International Bond Fund 25 [ ] [ ] [ ] $___________________
[ ] Munder Michigan Tax-Free Bond Fund 16 [ ] [ ] [ ] $___________________
[ ] Munder Tax-Free Bond Fund 17 [ ] [ ] [ ] $___________________
[ ] Munder Tax-Free Short-Intrmd. Bond Fund 12 [ ] [ ] [ ] $___________________
[ ] Munder U.S. Government Income Fund 19 [ ] [ ] [ ] $___________________
[ ] Munder Cash Investment Fund 01 [ ] N/A N/A $___________________
[ ] Money Market Fund+ 22 N/A N/A N/A $___________________
[ ] Munder Tax-Free Money Market Fund 02 [ ] N/A N/A $___________________
[ ] Munder U.S. Treasury Money Market Fund 03 [ ] N/A N/A $___________________
[ ] Other Munder Fund _________________________________ [ ] [ ] [ ] $___________________
Total Amount Invested $___________________

</TABLE>
[ ] By Check (Payable to The Munder Funds)
[ ] By Wire. Account Number: ____________ (Account number assigned by Bank from
which assets were wired.)
* $50 per Fund if the Automatic Investment Plan Option is being established at
this time (please complete section 6).
+ Available through exchange from other Munder Funds only
<PAGE>

4. DEALER INFORMATION

FOR DEALER USE ONLY

We hereby authorize PFPC Global Fund Services to act as our agent in connection
with transactions authorized by this Application and agree to notify PFPC Global
Fund Services of any purchase made under a Letter of Intent or Right of
Accumulation.

- --------------------------------------------------------------------------------
Dealer's Name Main Office Address

- --------------------------------------------------------------------------------
Representative's Name Branch # Rep #

- --------------------------------------------------------------------------------
Branch Address Telephone #

- --------------------------------------------------------------------------------
Authorized Signature of Dealer Title

5. DISTRIBUTION OPTION

DIVIDENDS CAPITAL GAINS

[_] A. Reinvest in additional shares. [_] A. Reinvest in additional shares.

[_] B. Pay in Cash by Check [_] B. Pay in Cash by Check

[_] C. Pay in Cash by Electronic Funds [_] C. Pay in Cash by Electronic Funds
Transfer to my Bank Transfer to my Bank

Fill out banking information in Fill out banking information in
Section 9 Section 9

6. AUTOMATIC INVESTMENT PLAN (OPTIONAL)

[_] YES, I(We) wish to participate in the Automatic Investment Plan (AIP), and
authorize PFPC Global Fund Services, The Munder Funds' transfer agent to perform
the following:

Amount to invest $_________ ($50 minimum) [_] Monthly or [_] Quarterly
[_] 5th or the [_] 20th of the month

- --------------------------------------------------------------------------------
Name of Fund Percentage (equal if not indicated)

Fill out banking information in Section 9

7. AUTOMATIC WITHDRAWAL PLAN

[_] YES, I(We) authorize the redemption of shares from my Munder Fund account to
meet withdrawal payments on the 20th of each [_] Monthly or [_] Quarter.

- --------------------------------------------------------------------------------
Name of Fund to Redeem Shares From

- --------------------------------------------------------------------------------
Amount of Each Withdrawal ($50 minimum)

Payments will be made to (Choose one): [_] Owner's Address of Record

[_] Owner's Checking/Savings Account

[_] Fill out banking information in
Section 9

[_] Other listed below:

- --------------------------------------------------------------------------------
Name and Address

<PAGE>

8. TELEPHONE REDEMPTION & EXCHANGE AGREEMENT

Please check the box if you want this option.
[ ] I(We) authorize PFPC Global Fund Services to act upon instructions received
by telephone from me(us) to redeem or to exchange shares of The Munder
Funds.
1. I(We) relieve the Funds or PFPC Global Fund Services of any liability
for the loss, cost or expense for acting upon such instructions
reasonably believed to be from me(us).
2. I(We) assume responsibility for notifying the Funds within seven (7)
business days if a confirmation for the transaction is not received or
is incorrect.
3. If an exchange involves an initial investment into a Fund, the account
registration will carry the same registration as set forth above.
4. An exchange deemed to be the initial purchase of a Fund must meet the
minimum initial investment requirement of $250 per Fund unless the
shareholder is establishing an Automatic Investment Plan.
5. Redemption proceeds will be sent only to my account address of record or
banking wire instructions as established in Section 9.
_______________________________________________________________________________
Name Name
Fill out banking information in Section 9

9. BANKING INFORMATION
_______________________________________________________________________________
Bank Name Address [ ] Checking [ ] Savings Account

_______________________________________________________________________________
ABA Number (Bank Routing Number) Account Number

_______________________________________________________________________________
Bank Account Registration

[ ] Check if Section 5 (Distribution Option), "Choice C" was completed. I(We)
authorize The Munder Funds to deposit distributions into the account indicated
above.

[ ] Check if Section 6 (Automatic Investment Plan), was completed. Please note
that your bank will clear and process each bank draft and will include it with
your regular statements. However, acceptance of this authorization in
conditional upon approval of your authorization by your bank, which will allow
PFPC Global Fund Services, the transfer agent of The Munder Funds, to act as
your agent with regard to the Automatic Investment Plan (AIP). The AIP will
automatically terminate without notice if any bank draft in not paid upon
presentation by PFPC Global Fund Services, to your bank. The AIP may be modified
or terminated at any time, upon thirty (30)-days written notice.

[ ] Check if Section 7 (Automatic Withdrawal Plan), was completed. Please note
that your bank will clear and process each bank deposit and will include it with
your regular statements. However, acceptance of this authorization in
conditional upon approval of your authorization by your bank, which will allow
PFPC Global Fund Services, the transfer agent of The Munder Funds, to act as
your agent with regard to the Automatic Withdrawal Plan (AWP). The AWP may be
modified or terminated at any time, upon 30-days written notice.

[ ] Check if Section 8 (Telephone Redemption), was completed. I(We) authorize
The Munder Funds to send by Fed wire redemption proceeds to the account
indicated above.

For the purposes of verifying my account number, I have enclosed a blank check
or deposit slip marked "VOID" and have signed the authorization below.
_______________________________________________________________________________
Signature of Depositor Date Signature of Joint Depositor (if any) Date

Please Staple Void Check or Deposit Slip Here

[SAMPLE OF DEPOSIT SLIP GOES HERE]
<PAGE>

10. DOLLAR COST AVERAGING PLAN

[__] YES, I(We) authorize The Munder Funds to exchange from my ____________
(Fund/Account) on a [__] Monthly or [__] Quarterly basis (please choose either
the 5th or the 20th of the month):

$_____________ ($50 minimum) into _________________________________ (Fund Name)

11. CHECKWRITING PRIVILEGES

If you are opening an account for any of The Munder Income and/or Money Market
Funds (Class A Shares only), you are entitled to the checkwriting option.
Redemption checks may be written for amounts of $500 or more. To obtain checks,
please complete the signature card below. All persons named in the Account
Registration in Section 1 must sign the signature card. For Corporate, Trust or
Partnership accounts, only authorized signers must sign. By signing this
signature card, you agree to be subject to the customary rules and regulations
governing checking accounts, as well as instructions and rules of the Fund now
in effect, and as amended from time to time, that pertain to the use of
redemption checks.

Please fill out the following Signature Card to be eligible for Checkwriting and
indicate the Fund(s) for which you are requesting th is service:

_______________________________________________________________________________
Fund(s)

Authorized Signatures (exactly as it appears in Part 1 of the Application):

_______________________________________________________________________________
Print Name Signature

Check here if more than one signature is required per check: [__] 2 [__] 3
Other:______________

12. REDUCED SALES CHARGE

[__] Rights Of Accumulation: Investors may qualify for reduced sales charges
by aggregating the total purchases of all Munder Class A S hares, excluding
Money Market Funds, to determine the applicable sales charge for current
purchases. To determine the aggregated amou nt of all non-money market funds,
you will need to total the current purchases as well as shares that are already
beneficially owned by the investor for which a sales charge has already been
paid. Please see the prospectus for additional information regarding Rights of
Accumulation.

I apply for the Rights of Accumulation reduced sales charges based on the
following accounts in The Munder Funds.

_______________________________________________________________________________
Name of Fund Account Number

[__] Letters Of Intent: You may qualify for reduced sales charges if you plan
to make additional investments in The Munder Funds within a 13 month period. By
indicating a level of anticipated investment and by signing this application,
you agree to the terms of the L etter of Intent as set forth in the Prospectus,
and as follows: "Although I am not obligated to do so, I intend to invest over
a 13 month period an aggregate amount of at least" (check one):

[__] $25,000 [__] $50,000 [__] $100,000 [__] $250,000 [__] $500,000
[__] $1,000,000
<PAGE>

13. AUTHORIZATIONS, CERTIFICATIONS AND SIGNATURES

By signing the application, I(we) hereby certify under the penalty of perjury
that the information on this application is true, complete and correct and that:

I(We) understand that this order is subject to acceptance by The Munder Funds.

I(We) agree that The Munder Funds, Funds Distributor, Inc., PFPC Global Fund
Services, Munder Capital Management or any of its affiliates, officers,
directors or employees will not be liable for any loss, expense or cost for
acting upon instructions or inquiries reasonably believed to be genuine. Shares
of the Funds are not insured or guaranteed by the Federal Deposit Insurance
Corporation, the Federal Reserve Board, or any other agency. An investment in
the Funds involves investment risks, including the possible loss of principal.

I(We) represent that I am (we are) of legal age and capacity and have read
the Prospectus(es) for The Munder Funds selected, and agree to its (their)
terms. PFPC Global Fund Services is hereby appointed agent to receive dividends
and distributions for automatic reinvestment unless otherwise directed in
Section 5.

I(We) understand and acknowledge that a sales charge may be levied against the
dollars that I(We) invest in The Munder Funds. (See the Prospectus(es) for
reduced sales charge information.)

_______________________________________________________________________________
Taxpayer Identification Number Name of Taxpayer Whose Number Appears Above

Taxpayer Identification:

I (the Investor) certify under penalties of perjury that:

(1) The Social Security Number or taxpayer identification number shown above is
correct and may be used for any custodial or trust account opened for me
by The Munder Funds, and

(2) I (the Investor) am not subject to backup withholding because:

(a) I am exempt from Backup Withholding

(b) I have not been notified by the Internal Revenue Service ("IRS") that
I am, as a result of failure to report all interest or dividends, or

The certification in this paragraph is required from all non-exempt persons to
prevent backup withholding of 31% of all taxable distributions and gross
redemption proceeds under the Federal income tax law.

[_] Check here if you are subject to backup withholding or have not received a
notice from the IRS advising you that backup withholding has been
terminated.

_______________________________________________________________________________
Authorization:

_______________________________________________________________________________
Signature of Owner Date Name

_______________________________________________________________________________

Shares of The Munder Funds are not deposits or obligations of, or guaranteed
or endorsed by any bank, and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain investment risks, including the possible
loss of principal.
_______________________________________________________________________________

Distributor: Funds Distributor, Inc. APPABC00

<PAGE>

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<PAGE>

[THE MUNDER FUNDS LOGO HERE]

This page was intentionally left blank
<PAGE>

[LOGO]
Investments for all seasons

CLASS K SHARES

Prospectus

MAY 22, 2000

THE MUNDER FUTURE TECHNOLOGY FUND

As with all mutual funds, the Securities and Exchange Commission has
not approved or disapproved these securities nor passed upon
the accuracy or adequacy of this prospectus. It is a criminal offense
to state otherwise.
<PAGE>

Table Of Contents

<TABLE>
<C> <S>
2 Risk/Return Summary

2 Goal
2 Principal Investment Strategies
2 Principal Risks
3 Who May Want To Invest
3 Performance
4 Fees and Expenses
5 More About The Fund
5 Other Investment Strategies And Risks
7 Your Investment
7 How To Reach The Fund
7 Purchasing Shares
7 Redeeming Shares
7 Additional Policies For Purchases And Redemptions
8 Service Agents

9 Pricing of Fund Shares

9 Distributions

10 Federal Tax Considerations
10 Taxes On Distributions
10 Taxes On Sales
10 Other Considerations

11 Management
11 Investment Advisor
11 Portfolio Managers
</TABLE>

Back Cover For Additional Information
<PAGE>

Risk/Return Summary
- --------------------------------------------------------------------------------

This Risk/Return Summary briefly describes the goal and principal investment
strategies of the Munder Future Technology Fund and the principal risks of
investing in the Fund. For further information on these and the Fund's other
investment strategies and risks, please read the section entitled More About
The Fund.

An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency.

Goal

The Fund's goal is to provide capital appreciation.

Principal Investment Strategies

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.

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.

Principal Risks

The Fund is subject to the following principal investment risks:

. Sector Risk. 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.

. Non-Diversified Risk. The Fund may invest more of its assets in fewer issuers
than many other funds do, may be more susceptible to adverse developments
affecting any single issuer, and may be more susceptible to greater losses
because of these developments.

2
<PAGE>

. Smaller Company Stock Risk. The stocks of small or medium size companies may
be more susceptible to market downturns, and their prices may be more
volatile than those of larger companies. Small company stocks typically are
traded in lower volume, and their issuers are subject to greater degrees of
changes in their earnings and prospects. Investments in initial public
offerings may result in increased transaction costs and expenses and the
realization of short-term capital gains and distributions.

Who May Want To Invest

The Fund may be appropriate for investors:

. Looking to invest over the long term.

. Able to tolerate market swings.

. Looking to invest in a stock portfolio focused on a particular stock market
segment.

The Fund alone cannot provide a balanced investment program.

Performance

As of the date of this prospectus, the Fund has not completed a full calendar
year of operations. For this reason, a bar chart and performance table showing
performance information and information on the Fund's best and worst calendar
quarters is not provided in this prospectus.

3
<PAGE>

Fees and Expenses

The tables below describe the fees and expenses that you may pay if you buy and
hold Class K shares of the Fund. Please note that the following information
does not include fees that institutions may charge for services they provide to
you.

<TABLE>
<CAPTION>
Shareholder Fees (fees paid directly from your investment)
<S> <C>
Maximum Sales Charge (Load) Imposed on Purchases........................... None
Maximum Deferred Sales Charge (Load)....................................... None
Sales Charge (Load) Imposed on Reinvested Dividends........................ None
Redemption Fees............................................................ None
Exchange Fees.............................................................. None
</TABLE>

<TABLE>
<CAPTION>
Annual Fund Operating Expenses (expenses that are paid from Fund assets) Class K
as a % of net assets Shares
- ------------------------------------------------------------------------ -------
<S> <C>
Management Fees......................................................... 1.00%
Other Expenses
Shareholder Servicing Fees............................................ .25%
Other Operating Expenses(1)........................................... .50%
-----
Total Other Expenses.................................................. .75%
-----
Total Annual Fund Operating Expenses(1)................................. 1.75%
=====
</TABLE>
- --------
(1) Other operating expenses are based on estimated amounts for the current
fiscal year. The advisor has voluntarily agreed to reimburse certain
operating expenses to keep the Fund's other expenses at a specified level.
As a result, it is estimated that the Fund's other expenses and total
annual fund operating expenses are expected to be .35% and 1.60%,
respectively. The advisor may eliminate all or part of the expense
reimbursement at any time.

Example

The example is intended to help you compare the cost of investing in the Fund
to the cost of investing in other mutual funds. The example assumes that you
invest $10,000 in the Fund for the time periods indicated. The example also
assumes that your investment has a 5% return each year, that the Fund's
operating expenses remain the same as shown in the table above and that all
dividends and distributions are reinvested. Although your actual cost may be
higher or lower, based on these assumptions your costs would be:

<TABLE>
<CAPTION>
1 Year 3 Years
------ -------
<S> <C>
$179 $556
</TABLE>

4
<PAGE>

More About The Fund
- --------------------------------------------------------------------------------

This section further describes the Fund's principal investment strategies and
risks that are summarized in the Risk/Return Summary. The Fund may invest in
other securities and is subject to further restrictions and risks which are
described in the Statement of Additional Information.

Equity Securities. The Fund invests in equity securities which include common
stocks, preferred stocks and securities convertible into common stocks.
Securities considered for purchase by the Fund may be listed or unlisted. There
is no limit on the market capitalization of the companies in which the Fund may
invest, or in the length of operating history for the companies. The Fund may
invest without limit in initial public offerings.

Short-Term Trading. The Fund may engage in short-term trading, including
initial public offerings. A high rate of portfolio turnover (100% or more)
could produce higher trading costs and taxable distributions, which could
detract from the Fund's performance.

Other Investment Strategies and Risks

Foreign Securities. Foreign securities include investments in non-U.S. dollar-
denominated securities traded outside of the United States and dollar-
denominated securities of foreign issuers traded in the United States. Foreign
securities also include American Depository Receipts ("ADRs") which are U.S.
dollar-denominated receipts representing shares of foreign corporations. ADRs
are issued by U.S. banks or trust companies, and entitle the holder to all
dividends and capital gains that are paid out on the underlying foreign shares.

Investment Strategy. The Fund may invest up to 25% of its total assets in
foreign securities.

Special Risks. Foreign securities involve special risks and costs.
Investment in foreign securities may involve higher costs than investment
in U.S. securities, including higher transaction and custody costs as well
as the imposition of taxes by foreign governments. Foreign investments may
also involve risks associated with changing currency exchange rates, less
complete financial information about the issuers, less market liquidity,
more market volatility and political instability. Future political and
economic developments, the possible imposition of withholding taxes on
dividend income, the possible seizure or nationalization of foreign
holdings, the possible establishment of exchange controls or freezes on the
convertibility of currency, or the adoption of other governmental
restrictions might adversely affect an investment in foreign securities.
Additionally, foreign issuers may be subject to less stringent regulation,
and to different accounting, auditing and recordkeeping requirements.

Currency exchange rates may fluctuate significantly over short periods of
time causing the Fund's net asset value to fluctuate as well. A decline in
the value of a foreign currency relative to the U.S. dollar will reduce the
value of a foreign currency-denominated security. To the extent that the
Fund is invested in foreign securities while also maintaining currency
positions, it may be exposed to greater combined risk. The Fund's foreign
currency positions may expose it to risks independent of its securities
positions.

A further risk of investing in foreign securities is the risk that the Fund
may be adversely affected by the conversion of certain European currencies
into the Euro. This conversion, which is under way, is scheduled to be
completed in the year 2002. However, problems with the conversion process
and delays could increase volatility in world markets and affect European
markets in particular.

Futures Contracts and Related Options. The Fund may enter into futures
contracts and options on future contracts, which are forms of derivatives.
Derivatives are financial contracts whose value is based on an underlying
security, a currency exchange rate, an interest rate or a market index. A
futures contract is a type of derivative instrument that obligates the holder
to buy or sell an asset in the future at an agreed upon price. When the Fund
purchases an option on a futures contract, it has the right to assume a
position as a purchaser or seller of
5
<PAGE>

a futures contract at a specified exercise price during the option period. When
the Fund sells an option on a futures contract, it becomes obligated to
purchase or sell a futures contract if the option is exercised.

Investment Strategy. The Fund may, but is not required to, use futures and
options on futures for hedging purposes, for the purpose of remaining fully
invested or maintaining liquidity to meet potential shareholder
redemptions, to invest cash balances or dividends, or to minimize trading
costs. The Fund will not use futures and options on futures for speculative
purposes.

The Fund will not purchase or sell a futures contract unless, after the
transaction, the sum of the aggregate amount of margin deposits on its
existing futures positions and the amount of premiums paid for related
options used for non-hedging purposes is 5% or less of the Fund's total
assets.

Special Risks. Futures contracts and related options present the following
risks: imperfect correlation between the change in market value of a Fund's
securities and the price of futures contracts and options; the possible
inability to close a futures contract when desired; losses due to
unanticipated market movements, which are potentially unlimited; and the
possible inability of the advisor to correctly predict the direction of
securities prices, interest rates, currency exchange rates and other
economic factors.

Securities Lending. In order to generate additional income, the Fund may lend
portfolio securities on a short-term basis to qualified institutions. By
reinvesting any cash collateral it receives in these transactions, the Fund
could realize additional gains or losses.

Investment Strategy. Securities lending may represent no more than 25% of
the value of the Fund's total assets (including the loan collateral).

Special Risks. The main risk when lending Fund securities is that if the
borrower fails to return the securities or the invested collateral has
declined in value, the Fund could lose money.

Borrowing and Reverse Repurchase Agreements. The Fund can borrow money from
banks and enter into reverse repurchase agreements with banks and other
financial institutions. Reverse repurchase agreements involve the sale of
securities held by the Fund subject to the Fund's agreement to repurchase them
at a mutually agreed upon date and price (including interest).

Investment Strategy. The Fund may borrow money in an amount up to 5% of its
assets for temporary emergency purposes and in an amount up to 33 1/3% of
its assets to meet redemptions. This is a fundamental policy which can be
changed only by shareholders.

Special Risks. Borrowings and reverse repurchase agreements by the Fund may
involve leveraging. If the securities held by the Fund decline in value
while these transactions are outstanding, the Fund's net asset value will
decline in value by proportionately more than the decline in value of the
securities. In addition, reverse repurchase agreements involve the risks
that the interest income earned by the Fund (from the investment of the
proceeds) will be less than the interest expense of the transaction, that
the market value of the securities sold by the Fund will decline below the
price the Fund is obligated to pay to repurchase the securities, and that
the securities may not be returned to the Fund.

Investment Strategy. The Fund may invest up to 15% of its net assets in
securities that are illiquid.

Special Risks. To the extent that the Fund invests in illiquid securities,
the Fund risks not being able to sell the securities at the time and the
price that it would like. The Fund may have to lower the price, sell
substitute securities or forego an investment opportunity, each of which
may cause a loss to the Fund.

6
<PAGE>

Your Investment
- --------------------------------------------------------------------------------

This section describes how to do business with the Fund.

How To Reach The Fund

By telephone:
1-800-438-5789
Call for shareholder services.

By mail: The Munder Funds

c/o PFPC Global Fund Services

P.O. Box 60428

King of Prussia, PA 19406-0428

Purchasing Shares

Who May Purchase Shares
Customers (and their immediate family members) of banks and other institutions
that have entered into agreements with us to provide shareholder services for
customers may purchase Class K Shares. Customers may include individuals,
trusts, partnerships and corporations. The Fund also issues other classes of
shares, which have different sales charges, expense levels and performance.
Call (800) 438-5789 to obtain more information concerning the Fund's other
classes of shares.

Purchase Price of Shares
Class K shares of the Fund are sold at the net asset value per share (NAV) next
determined after a purchase order is received in proper form.

Method for Purchasing Shares
You may purchase shares through selected banks or other institutions.

Policies for Purchasing Shares
. All share purchases are effected through a customer's account at an
institution and confirmations of share purchases will be sent to the
institution involved.

. Institutions (or their nominees) will normally be the holders of record of
Fund shares acting on behalf of their customers, and will reflect their
customers' beneficial ownership of shares in the account statements provided
by them to their customers.

. Purchase orders must be received by the Fund's distributor, transfer agent or
authorized dealer before the close of regular trading on the New York Stock
Exchange (normally, 4:00 p.m. Eastern time).

Redeeming Shares

Redemption Price
We will redeem shares at the NAV next determined after we receive the
redemption request in proper form.

Methods for Redeeming Shares
. You may redeem shares of the Fund through your bank or other financial
institution.

Policies for Redeeming Shares
. Shares held by an institution on behalf of its customers must be redeemed in
accordance with instructions and limitations pertaining to the account at
that institution.

. If we receive a redemption order for the Fund before 4:00 p.m. (Eastern
time), we will normally wire payment to the redeeming institution on the next
business day.

Additional Policies For Purchases And Redemptions

. We consider requests to be in "proper form" when all required documents are
properly completed, signed and received.

. The Fund reserves the right to reject any purchase order.

. At any time, the Fund may change any of their purchase or redemption
procedures, and may suspend the sale of their shares.

. The Fund may delay sending redemption proceeds for up to seven days, or
longer if permitted by the Securities and Exchange Commission.

7
<PAGE>

. To limit the Fund's expenses, we no longer issue share certificates.

.A Fund may temporarily stop redeeming shares if:

. the New York Stock Exchange is closed;

. trading on the New York Stock Exchange is restricted;

. an emergency exists and the Fund cannot sell its assets or accurately
determine the value of its assets;

. the Securities and Exchange Commission orders the Fund to suspend
redemptions.

. If accepted by the Fund, investors may purchase shares of the Fund with
securities that the Fund may hold. The advisor will determine if the
securities are consistent with the Fund's objectives and policies. If
accepted, the securities will be valued the same way the Fund values
portfolio securities it already owns. Call the Fund at (800) 438-5789 for
more information.

. The Fund reserves the right to make payment for redeemed shares wholly or in
part by giving the redeeming shareholder portfolio securities. The
shareholder may pay transaction costs to dispose of these securities.

. We record all telephone calls for your protection and take measures to
identify the caller. As long as the Fund's transfer agent takes reasonable
measures to authenticate telephone requests on an investor's account, neither
the Fund, the Fund's distributor nor the transfer agent will be held
responsible for any losses resulting from unauthorized transactions.

. Financial institutions are responsible for transmitting orders and payments
for their customers on a timely basis.

Service Agents

Class K shares of the Fund are sold through institutions that have entered into
shareholder servicing agreements with the Fund. These agreements are permitted
under the Fund's Shareholder Servicing Plan. Under the agreements, the
institutions provide shareholder services to their customers who are record or
beneficial owners of Class K shares. In return for providing these services,
the institutions are entitled to receive a fee from the Fund at an annual rate
of up to 0.25% of the average daily net asset value of the Class K shares owned
by their customers. Class K shares bear all fees paid to institutions under the
Shareholder Servicing Plan. Payments are not tied exclusively to the
shareholder expenses actually incurred by the institutions and may exceed
service expenses actually incurred.

Please note that Comerica Bank, an affiliate of the advisor, receives a fee
from the Fund for providing shareholder services to its customers who own
shares of the Fund.

In addition, the advisor may, from time to time, make payments to banks,
broker-dealers or other financial institutions for certain services to the Fund
and/or its shareholders, including sub-administration, sub-transfer agency and
shareholder servicing. The advisor may make such payments out of its own
resources and there are no additional costs to the Fund or its shareholders.

8
<PAGE>

Pricing Of Fund Shares
- --------------------------------------------------------------------------------

The Fund's NAV is calculated on each day the New York Stock Exchange is open.
NAV for Class K shares is calculated by (1) taking the current value of the
Fund's total assets allocated to that class of shares, (2) subtracting the
liabilities and expenses charged to that class (3) dividing that amount by the
total number of shares of that class outstanding.

The Fund calculates NAV as of the close of regular trading on the New York
Stock Exchange, normally 4:00 p.m. (Eastern time)

If the New York Stock Exchange closes early, the Fund will accelerate their
calculation of NAV and transaction deadlines to that time.

The NAV of the Fund is generally based on the market value of the securities
held in the Fund. If market values are not available, the fair value of
securities is determined in good faith by, or using procedures approved by, the
Board of Directors of the Fund.

Trading in foreign securities may be completed at times that vary from the
closing of the New York Stock Exchange. The Fund values foreign securities at
the latest closing price on the exchange on which they are traded immediately
prior to the closing of the New York Stock Exchange. Certain foreign currency
exchange rates may also be determined at the latest rate prior to the closing
of the New York Stock Exchange. Foreign securities quoted in foreign currencies
are translated into U.S. dollars at current rates. Occasionally, events that
affect these values and exchange rates may occur between the times at which
they are determined and the closing of the New York Stock Exchange. If the
advisor believes that such events materially affect the value of portfolio
securities, these securities may be valued at their fair market value as
determined in good faith by, or using procedures approved by, the Fund's Board
of Directors.

Foreign securities may trade in their primary markets on weekends or other days
when the Fund does not price its shares. Therefore, the value of the Fund's
portfolio may change on days when shareholders will not be able to buy or sell
their shares.

Distributions
- --------------------------------------------------------------------------------

As a shareholder, you are entitled to your share of the Fund's net income and
gains on its investments. The Fund passes substantially all of its earnings
along to its shareholders as distributions. When the Fund earns dividends from
stocks and interest from debt securities and distributes these earnings to
shareholders, it is called a dividend distribution. The Fund realizes capital
gains when it sells securities for a higher price than it paid. When these
gains are distributed to shareholders, it is called a capital gain
distribution.

The Fund pays dividends, if any, at least annually.

The Fund distributes its net realized capital gains, if any, at least annually.

The Fund will pay distributions in additional shares of that Fund. If you wish
to receive distributions in cash, either indicate this request on your account
application form or notify the Fund by calling (800) 438-5789.

9
<PAGE>

Federal Tax Considerations
- --------------------------------------------------------------------------------

Investments in a Fund may have tax consequences that you should consider. This
section briefly describes some of the more common federal tax consequences. A
more detailed discussion about the tax treatment of distributions from the Fund
and about other potential tax liabilities, including backup withholding for
certain taxpayers and about tax aspects of dispositions of shares of the Fund,
is contained in the Statement of Additional Information. You should consult
your tax adviser about your own particular tax situation.

Taxes On Distributions

Shareholders generally are required to report all Fund distributions on their
federal income tax returns. Each year the Fund will send you information
detailing the amount of ordinary income and capital gains paid to you for the
previous year.

Taxes On Sales

Other Considerations

If you have not provided complete, correct taxpayer information by law, the
Fund must withhold a portion of your distributions and redemption proceeds to
pay federal income taxes.

10
<PAGE>

Management
- --------------------------------------------------------------------------------

Investment Advisor

Munder Capital Management, 480 Pierce Street, Birmingham, Michigan 48009 is the
investment advisor of each Fund. As of March 31, 2000, the advisor and its
affiliates had approximately $62 billion in assets under management, of which
$39 billion were invested in equity securities, $7 billion were invested in
money market or other short-term instruments, $6 billion were invested in other
fixed income securities, and $7 billion in non-discretionary assets.

The advisor provides overall investment management for the Fund, provides
research and credit analysis and is responsible for all purchases and sales of
portfolio securities.

The advisor is entitled to receive a fee equal to 1.00% annually of the average
daily net assets of the Fund.

Portfolio Managers

A team of professional portfolio managers employed by the advisor makes
investment decisions for the Fund.

11
<PAGE>

For More Information

More information about the Fund is available free upon request, including the
following:

Annual/Semi-Annual Reports

You will receive unaudited semi-annual reports and audited annual reports on a
regular basis from the Fund. In the Fund's annual report, you will find a
discussion of the market conditions and investment strategies that significantly
affected the Fund's performance during its last fiscal year. In addition, you
will also receive updated prospectuses or supplements to this prospectus. In
order to eliminate duplicate mailings, the Fund will only send one copy of the
above communications to (1) accounts with the same primary record owner, (2)
joint tenant accounts, (3) tenant in common accounts and (4) accounts which have
the same address.

Statement Of Additional Information

Provides more details about the Fund and its policies. A current Statement of
Additional Information is on file with the Securities and Exchange Commission
and is incorporated by reference (is legally considered part of this
prospectus).

To Obtain Information:

- --------------------------------------------------------------------------------

By telephone
Call 1-800-438-5789

By mail
Write to:
The Munder Funds
c/o PFPC Global Fund Services
P.O. Box 60428
King of Prussia, PA 19406-0428

On the Internet
Text-only versions of fund documents can be viewed online or downloaded from:
Securities and Exchange Commission
http://www.sec.gov

You may also find more information about the Funds on the Internet at
http://www.munderfunds.com

- --------------------------------------------------------------------------------

The Munder Funds, Inc.
SEC file number: 811-7346
PROTECHK 500
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.

<PAGE>

Application
for new accounts [LOGO]

Class Y &
K shares

PLEASE MAIL YOUR COMPLETE
APPLICATION (printed or typed)
ALONG WITH YOUR CHECK TO:

The Munder Funds
c/o PFPC Global Fund Services
P.O. Box 60428
King of Prussia, PA 19406-0428

If you have questions regarding this application, please telephone the Transfer
Agent at 1.800.438.5789

[ ] New Account [ ] Change to an Existing Account ______________________

1. ACCOUNT REGISTRATION

- -------------------------------------------------------------------------------
Name Social Security Number

- -------------------------------------------------------------------------------
Joint Owner (if any) (If Joint Tenancy, use Social Security Number
of first joint owner)
OR

Uniform Transfer to Minor:
for:
- -------------------------------------------------------------------------------
Custodian Name (one custodian only) Minor's Name (one minor only)

- -------------------------------------------------------------------------------
State (Custodian's State of Residence) Minor's Social Security Number

[ ] Trust [ ] Corporation [ ] Other (please specify)
------------------

- -------------------------------------------------------------------------------
Trust/Corporation Name

- -------------------------------------------------------------------------------
Trust Date Trust Identification Number

2. MAILING ADDRESS
(address for reports, dividends, statements and redemption proceeds)

- -------------------------------------------------------------------------------
Street Apt.

- -------------------------------------------------------------------------------
City State Zip Code Telephone Number

Non-Resident Alien: [ ] Yes [ ] No If Yes, Country of Residence
<PAGE>

3. INITIAL INVESTMENT

Minimum investment for Class Y of $500,000. Please be sure to read the
prospectus carefully before investing or sending money. You may request an
additional prospectus by calling 1.800.438.5789.

NAME OF MUNDER FUND Fund Code Class Y Class K Investment Amount
000 100
--- ---
<S> <C> <C> <C> <C>
[ ] Munder All-Season Aggressive Fund 52 [ ] [ ] $
-----------------
[ ] Munder Balanced Fund 14 [ ] [ ] $
-----------------
[ ] Munder Focus Growth Fund 28 [ ] [ ] $
-----------------
[ ] Munder Future Technology Fund 33 [ ] N/A $
-----------------
[ ] Munder Equity Income Fund 18 [ ] [ ] $
-----------------
[ ] Munder Growth Opportunities Fund 32 [ ] [ ] $
-----------------
[ ] Munder Index 500 Fund 06 [ ] [ ] $
-----------------
[ ] Munder International Equity Fund 07 [ ] [ ] $
-----------------
[ ] Munder International NetNet Fund [ ] [ ] $
-----------------
[ ] Munder Micro-Cap Equity Fund 29 [ ] [ ] $
-----------------
[ ] Munder Multi-Season Growth Fund 20 [ ] [ ] $
-----------------
[ ] Munder Real Estate Equity Investment Fund 21 [ ] [ ] $
($250,000 minimum investment for Class Y) -----------------
[ ] Munder Small-Cap Value Fund 30 [ ] [ ] $
-----------------
[ ] Munder Small Company Growth Fund 05 [ ] [ ] $
-----------------
[ ] Munder Framlington Emerging Mrkts. Fund 81 [ ] [ ] $
-----------------
[ ] Munder Framlington Global Fin'l Srvcs Fund 83 [ ] [ ] $
-----------------
[ ] Munder Framlington Healthcare Fund 82 [ ] [ ] $
-----------------
[ ] Munder Framlington Int'l. Growth Fund 80 [ ] [ ] $
-----------------
[ ] Munder Bond Fund 09 [ ] [ ] $
-----------------
[ ] Munder Intermediate Bond Fund 08 [ ] [ ] $
-----------------
[ ] Munder International Bond Fund 25 [ ] [ ] $
-----------------
[ ] Munder Michigan Tax-Free Bond Fund 16 [ ] [ ] $
-----------------
[ ] Munder Tax-Free Bond Fund 17 [ ] [ ] $
-----------------
[ ] Munder Tax-Free Short-Intrmd. Bond Fund 12 [ ] [ ] $
-----------------
[ ] Munder U.S. Government Income Fund 19 [ ] [ ] $
-----------------
[ ] Munder Cash Investment Fund 01 [ ] [ ] $
-----------------
[ ] Money Market Fund 22 [ ] N/A $
-----------------
[ ] Munder Tax-Free Money Market Fund 02 [ ] [ ] $
-----------------
[ ] Munder U.S. Treasury Money Market Fund 03 [ ] [ ] $
-----------------
[ ] Other Munder Fund
-------------------------- [ ] [ ] $
-----------------
Total Amount Invested $
-----------------
[ ] By Check (Payable to The Munder Funds)
[ ] By Wire. Account Number: _____________________________ (Account number assigned by Bank from which assets were wired.)
</TABLE>

<PAGE>

4. DEALER INFORMATION

FOR DEALER USE ONLY
We hereby authorize PFPC Global Fund Services to act as our agent in connection
with transactions authorized by this Application and agree to notify PFPC Global
Fund Services of any purchase made under a Letter of Intent or Right of
Accumulation.

- -------------------------------------------------------------------------------
Dealer's Name Main Office Address

- -------------------------------------------------------------------------------
Representative's Name Branch # Rep #

- -------------------------------------------------------------------------------
Branch Address Telephone #

- -------------------------------------------------------------------------------
Authorized Signature of Dealer Title

5. DISTRIBUTION OPTION

DIVIDENDS CAPITAL GAINS
[ ] A. Reinvest in additional shares. [ ] A. Reinvest in additional shares.
[ ] B. Pay in Cash by Check [ ] B. Pay in Cash by Check
[ ] C. Pay in Cash by Electronic Funds [ ] C. Pay in Cash by Electronic Funds

Transfer to my Bank Transfer to my Bank
Fill out banking information in Section 8 Fill out banking information in
Section 8

6. AUTOMATIC INVESTMENT PLAN (Optional)

[ ] YES, I(We) wish to participate in the Automatic Investment Plan (AIP), and
authorize PFPC Global Fund Services, The Munder Funds' transfer agent to perform
the following:

Amount to invest $_________($50 minimum) [ ] Monthly or [ ] Quarterly
[ ] 5th or the [ ] 20th of the month

- -------------------------------------------------------------------------------
Name of Fund Percentage (equal if not indicated)

Fill out banking information in Section 8

7. TELEPHONE REDEMPTION & EXCHANGE AGREEMENT

Please check the box if you want this option.
[ ] I(We) authorize PFPC Global Fund Services to act upon instructions received
by telephone from me(us) to redeem or to exchange shares of The Munder
Funds.
1. I(We) relieve the Funds or PFPC Global Fund Services of any liability
for the loss, cost or expense for acting upon such instructions
reasonably believed to be from me(us).
2. I(We) assume responsibility for notifying the Funds within seven (7)
business days if a confirmation for the transaction is not received or
is incorrect.
3. If an exchange involves an initial investment into a Fund, the account
registration will carry the same registration as set forth above.
4. An exchange deemed to be the initial purchase of a Fund must meet the
minimum initial investment requirement of $500,000 for Class Y shares
($250,000 for Real Estate Equity Fund Class Y shares) unless the
shareholder is establishing an Automatic Investment Plan.
5. Redemption proceeds will be sent only to my account address of record
or banking wire instructions as established in Section 8.

- -------------------------------------------------------------------------------
Name Name
Fill out banking information in Section 8
<PAGE>

8. BANKING INFORMATION

- -------------------------------------------------------------------------------
Bank Name Address [ ] Checking [ ] Savings Account

- -------------------------------------------------------------------------------
ABA Number (Bank Routing Number) Account Number

- -------------------------------------------------------------------------------
Bank Account Registration

[ ] Check if Section 5 (Distribution Option), "Choice C" was completed.
I (We) authorize The Munder Funds to deposit distributions into the account
indicated above.

[ ] Check if Section 6 (Automatic Investment Plan), was completed. Please note
that your bank will clear and process each bank draft and will include it with
your regular statements. However, acceptance of this authorization is
conditional upon approval of your authorization by your bank, which will allow
PFPC Global Fund Services, the transfer agent of The Munder Funds, to act as
your agent with regard to the Automatic Investment Plan (AIP). The AIP will
automatically terminate without notice if any bank draft is not paid upon
presentation by PFPC Global Fund Services, to your bank. The AIP may be modified
or terminated at any time, upon thirty (30) days written notice.

[ ] Check if Section 7 (Telephone Redemption), was completed.
I (We) authorize The Munder Funds to send by Fed wire redemption proceeds to the
account indicated above.

For the purposes of verifying my account number, I have enclosed a blank check
or deposit slip marked "VOID" and have signed the authorization below.

- -------------------------------------------------------------------------------
Signature of Depositor Date Signature of Joint Depositor (if any) Date

Please Staple Void Check or Deposit Slip Here

[ART WORK GOES HERE]
<PAGE>

9. CHECKWRITING PRIVILEGES (Optional)

If you are opening an account for any of The Munder Income and/or Money Market
Funds, you are entitled to the checkwriting option. Redemption checks may be
written for amounts of $500 or more. To obtain checks, please complete the
signature card below. All persons named in the Account Registration in Section
1 must sign the signature card. For Corporate, Trust or Partnership accounts,
only authorized signers must sign. By signing this signature card, you agree to
be subject to the customary rules and regulations governing checking accounts,
as well as instructions and rules of the Fund now in effect, and as amended from
time to time, that pertain to the use of redemption checks.

Please fill out the following Signature Card to be eligible for Checkwriting and
indicate the Fund(s) for which you are requesting this service:

- -------------------------------------------------------------------------------
Fund(s)

- -------------------------------------------------------------------------------
Fund(s)
Authorized Signatures (exactly as it appears in Part 1 of the Application):

- -------------------------------------------------------------------------------
Print Name Signature

Check here if more than one signature is required per check:
[ ] 2 [ ] 3 [ ] Other:

10. AUTHORIZATIONS, CERTIFICATIONS AND SIGNATURES

By signing the application, I(we) hereby certify under the penalty of perjury
that the information on this application is true, complete and correct and that:

I(We) understand that this order is subject to acceptance by The Munder Funds.

I(We) represent that I am (we are) of legal age and capacity and have read the
Prospectus(es) for The Munder Funds selected, and agree to its (their) terms.
PFPC Global Fund Services is hereby appointed agent to receive dividends and
distributions for automatic reinvestment unless otherwise directed in Section 5.

- -------------------------------------------------------------------------------
Taxpayer Identification Number Name of Taxpayer Whose Number Appears Above

Taxpayer Identification:

I (the Investor) certify under penalties of perjury that:

(1) The Social Security Number or taxpayer identification number shown above is
correct and may be used for and custodial or trust account opened for me by
The Munder Funds, and

(2) I (the Investor) am not subject to backup withholding because:

(a) I am exempt from Backup Withholding

(b) I have not been notified by the Internal Revenue Service ("IRS") that
I am, as a result of failure to report all interest or dividends, or

[ ] Check here if you are subject to backup withholding or have not received a
notice from the IRS advising you that backup withholding has been
terminated.
<PAGE>

Authorization:

- -------------------------------------------------------------------------------
Signature of Owner Date Name

I am eligible for class y or class k shares because i certify that i am a/an
(must be filled out):

[ ] Investment Advisory client of Munder Capital Management
--------------------
Portfolio Manager

[ ] Current director, trustee, officer or employee of Munder Capital Management,
the Fund or the Distributor; or

[ ] A family member of the above
----------------------------------------------
Name of Munder Contact Relationship

[ ] "Institutional investor" as defined in the prospectus

[ ] Customer of a financial institution that has entered into a shareholder
service agreement with the Munder Funds

- -------------------------------------------------------------------------------
Institution Advisor's Name

[ ] Other - please explain
----------------------------------------------------

- -------------------------------------------------------------------------------

I also certify that this purchase is for personal investment purposes and the
shares acquired hereunder shall not be resold except through redemption by the
Fund.

This purchase is being made for myself as outlined in the Fund's prospectus. I
agree to notify you in writing of any change in the forgoing and agree not to
purchase additional fund shares at net asset value unless I am entitled to do so
under the Fund's prospectus. I understand that the privilege to purchase fund
shares at a net asset value may be modified or terminated at any time.

I (we) understand that this order is subject to acceptance by The Munder Funds.

Please sign below exactly as the account is to be registered. Corporation, etc.
indicate titles:

- -------------------------------------------------------------------------------
Signature of Owner Date Name

- -------------------------------------------------------------------------------
Munder Funds Approval (required) Date

- -------------------------------------------------------------------------------
Shares of The Munder Funds are not deposits or obligations of, or guaranteed or
endorsed by any bank, and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain investment risks, including the possible loss
of principal.
- -------------------------------------------------------------------------------

Distributor: Funds Distributor, Inc. APPYK00