0001104659-12-076442.txt : 20121109 0001104659-12-076442.hdr.sgml : 20121109 20121109120911 ACCESSION NUMBER: 0001104659-12-076442 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121109 DATE AS OF CHANGE: 20121109 EFFECTIVENESS DATE: 20121109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUNDER SERIES TRUST CENTRAL INDEX KEY: 0001214511 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-102943 FILM NUMBER: 121192478 BUSINESS ADDRESS: STREET 1: 480 PIERCE STREET CITY: BIRMINGHAM STATE: MI ZIP: 48009 BUSINESS PHONE: 248-647-9200 MAIL ADDRESS: STREET 1: 480 PIERCE STREET CITY: BIRMINGHAM STATE: MI ZIP: 48009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUNDER SERIES TRUST CENTRAL INDEX KEY: 0001214511 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21294 FILM NUMBER: 121192479 BUSINESS ADDRESS: STREET 1: 480 PIERCE STREET CITY: BIRMINGHAM STATE: MI ZIP: 48009 BUSINESS PHONE: 248-647-9200 MAIL ADDRESS: STREET 1: 480 PIERCE STREET CITY: BIRMINGHAM STATE: MI ZIP: 48009

0001214511 S000002726 Munder Large-Cap Value Fund

C000007440 Class Y MUGYX

C000007441 Class K MUGKX

C000007442 Class A MUGAX

C000007443 Class B MUGBX

C000007444 Class C MUGCX

C000039053 Class R MUGRX

0001214511 S000002728 Munder Micro-Cap Equity Fund

C000007450 Class Y MMEYX

C000007451 Class K MMEKX

C000007452 Class A MMEAX

C000007453 Class B MMEBX

C000007454 Class C MMECX

C000007455 Class R MMERX

0001214511 S000002729 Munder Mid-Cap Core Growth Fund

C000007456 Class Y MGOYX

C000007457 Class K MGOKX

C000007458 Class A MGOAX

C000007459 Class B MGROX

C000007460 Class C MGOTX

C000007461 Class R MMSRX

C000115440 Class R6 MGOSX

0001214511 S000002735 Munder Veracity Small-Cap Value Fund

C000007482 Class Y VSVIX

C000007483 Class K MKVSX

C000007484 Class A VSCVX

C000007485 Class B MBVSX

C000007486 Class C MCVSX

C000007487 Class R MRVSX

C000115441 Class R6 MVSSX

0001214511 S000002736 Munder Bond Fund

C000007488 Class Y MUCYX

C000007489 Class K MUCKX

C000007490 Class A MUCAX

C000007491 Class B MUCBX

C000007492 Class C MUCCX

0001214511 S000002743 Munder Index 500 Fund

C000007514 Class Y MUXYX

C000007515 Class K MUXKX

C000007516 Class A MUXAX

C000007517 Class B MUXBX

C000007518 Class R MUXRX

0001214511 S000002746 Munder International Equity Fund

C000007529 Class Y MUIYX

C000007530 Class K MUIKX

C000007531 Class A MUIAX

C000007532 Class B MUIEX

C000007533 Class C MUICX

0001214511 S000002747 Munder Growth Opportunities Fund

C000007534 Class Y MNNYX

C000007536 Class A MNNAX

C000007537 Class B MNNBX

C000007538 Class C MNNCX

C000007539 Class R MNNRX

0001214511 S000018756 Munder International Fund - Core Equity

C000051905 Class A MAICX

C000051906 Class C MICCX

C000051907 Class Y MICYX

C000051908 Class I MICIX

0001214511 S000018757 Munder International Small-Cap Fund

C000051909 Class A MISAX

C000051910 Class C MCISX

C000051911 Class Y MYSIX

C000051912 Class I MISIX

C000115442 Class R6 MSSIX

0001214511 S000033183 Munder Integrity Small/Mid-Cap Value Fund

C000102132 Class A MAISX

C000102133 Class Y MYISX

0001214511 S000033184 Munder Integrity Mid-Cap Value Fund

C000102134 Class A MAIMX

C000102135 Class Y MYIMX

485BPOS 1 a12-24347_17485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

As filed with the Securities and Exchange Commission on November 9, 2012

1933 Act File No. 333-102943

1940 Act File No. 811-21294

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	x

Pre-effective Amendment No.	o

Post-effective Amendment No. 47	x

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	x

Amendment No. 48	x

Munder Series Trust

(Exact Name of Registrant as Specified in Charter)

480 Pierce Street, Birmingham, Michigan		48009
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, including Area Code: (800) 438-5789

Stephen J. Shenkenberg

c/o Munder Series Trust

480 Pierce Street
Birmingham, Michigan 48009

(Name and Address of Agent for Service)

Copies to:

Jane A. Kanter, Esquire

Dechert LLP

1775 I Street, N.W.

Washington, DC 20006

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement

It is proposed that this filing will become effective (check the appropriate box)

x immediately upon filing pursuant to paragraph (b) of Rule 485

o on pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on pursuant to paragraph (a)(2)

If appropriate, check the following box:

o this post-effective amendment designates a new effective date for previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 47 to the Registration Statement meets all the requirements for effectiveness of this registration statement pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 47 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Birmingham and The State of Michigan, on the 9th day of November 2012.

MUNDER SERIES TRUST

/s/ James V. FitzGerald
By:	James V. FitzGerald
	President

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities on the date(s) indicated.

Signatures	Title	Date
*/s/ Joseph E. Champagne	Trustee	November 9, 2012
Joseph E. Champagne

*/s/ Thomas D. Eckert	Trustee	November 9, 2012
Thomas D. Eckert

*/s/ John Engler	Trustee	November 9, 2012
John Engler

*/s/ Michael T. Monahan	Trustee	November 9, 2012
Michael T. Monahan

*/s/ Arthur T. Porter	Trustee	November 9, 2012
Arthur T. Porter

*/s/ John Rakolta, Jr.	Trustee	November 9, 2012
John Rakolta, Jr.

*/s/ Lisa A. Payne	Trustee	November 9, 2012
Lisa A. Payne

/s/James V. FitzGerald	President	November 9, 2012
James V. FitzGerald	(Principal Executive Officer)

/s/ Peter K. Hoglund	Vice President	November 9, 2012
Peter K. Hoglund	(Principal Financial Officer)

/s/ David W. Rumph	Treasurer	November 9, 2012
David W. Rumph	(Principal Accounting Officer)

* By:	/s/ Stephen J. Shenkenberg
	Stephen J. Shenkenberg
	as Attorney-in-Fact

Exhibit Index

Exhibit No.
EX-101.INS		XBRL Instance Document
EX-101.SCH		XBRL Taxonomy Extension Schema Document
EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 ck0001214511-20120630.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-06-30 0001214511 2012-10-26 MUNDER SERIES TRUST false 2012-10-25 2012-10-26 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000033184Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The Fund's investment objective is to seek to achieve capital appreciation.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> <tt>The sub-advisor pursues capital appreciation in the Fund by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants) of mid-capitalization companies. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes. Mid-capitalization companies means those companies with market capitalizations within the range of companies included in the Russell Midcap® Index ($251 million to $22.1 billion as of September 28, 2012). The Fund may, however, also invest (i) in equity securities of smaller or larger companies and (ii) up to 25% of its assets in foreign securities. When selecting securities to invest in, the sub-advisor seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects.  The sub-advisor chooses the Fund's investments by employing a value-oriented approach that focuses on securities that offer value with improving sentiment.  The sub-advisor finds these value-oriented investments by, among other things: (i) rigorously analyzing the company's financial characteristics and assessing the quality of the company's management; (ii) considering comparative price-to-book, price-to-sales and price-to-cash flow ratios; and (iii) analyzing cash flows to identify stocks with the most attractive potential returns. The sub-advisor regularly reviews the Fund's investments and will sell securities when the sub-advisor believes the securities are no longer attractive because (i) of price appreciation, (ii) of a significant change in the fundamental outlook of the company or (iii) other investments available are considered to be more attractive.    From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry.    From time to time, the sub-advisor may use exchange-traded funds (ETFs) to manage cash.</tt> Munder Integrity Mid-Cap Value Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE The Fund commenced operations on July 1, 2011. Performance history will be available for the Fund after it has been in operation for a full calendar year. INVESTMENT OBJECTIVE You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) 0.46 PERFORMANCE 25000 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows: Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The sub-advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the mid-capitalization value sector of the U.S. stock market.    Value Investing Risk Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisors using this approach generally select stocks at prices that, in their view, are temporarily low relative to the company's earnings, assets, cash flow and dividends. Value investing is subject to the risk that a stock's intrinsic value may never be fully recognized or realized by the market, or its price may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced.    Medium-Sized Company Stock Risk Medium-sized (or mid-capitalization) companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. Prices of medium-sized companies tend to be more volatile than those of larger companies and medium-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since medium-sized company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Foreign Securities Risk Foreign securities, particularly those from emerging market countries, tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure. Sector Focus Risk The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, but will not invest 25% or more of its assets in any one industry. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a particular sector or industry. Since benchmark sector weights influence the Fund's sector exposure, the Fund may tend to be more heavily weighted in companies in the financials sector, particularly those within the real estate investment trust (REIT) industry. The values of companies in the financials sector are particularly vulnerable to economic downturns and changes in government regulation and interest rates. Investing in REITs involves many of the risks of investing directly in real estate such as declining real estate values, changing economic conditions and increasing interest rates. Investments in securities of REITs entails additional risks because REITs depend on specialized management skills, may invest in a limited number of properties and may concentrate in a particular region or property type.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The Fund commenced operations on July 1, 2011. Performance history will be available for the Fund after it has been in operation for a full calendar year.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 8 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000033184Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000033184Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000033184Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MYIMX 0.000 127 127 4731 -0.2723 10235 7426 0.2773 0.0075 2013-10-31 10235 4731 7426 0.0000 0.0126 0.2849 0.0001 0.00 MAIMX 0.055 694 694 10475 -1.1171 10475 10475 1.1221 0.0075 2013-10-31 10475 10475 10475 0.0025 0.0151 1.1322 0.0001 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 58% of the average value of its portfolio</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000033183Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The Fund's investment objective is to seek to achieve capital appreciation.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> <tt>The sub-advisor pursues capital appreciation in the Fund by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants) of small- to mid-capitalization companies.  This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes. Small- to mid-capitalization companies means those companies with market capitalizations within the range of companies included in the Russell 2500TM Index ($30 million to $8.4 billion as of September 28, 2012). The Fund may, however, also invest (i) in equity securities  of smaller or larger companies and (ii) up to 25% of its assets in foreign securities.    When selecting securities to invest in, the sub-advisor seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The sub-advisor chooses the Fund's investments by employing a value-oriented approach that focuses on securities that offer value with improving sentiment. The sub-advisor finds these value-oriented investments by, among other things: (i) rigorously analyzing the company's financial characteristics and assessing the quality of the company's management; (ii) considering comparative price-to-book, price-to-sales and price-to-cash flow ratios; and (iii) analyzing cash flows to identify stocks with the most attractive potential returns.    The sub-advisor regularly reviews the Fund's investments and will sell securities when the sub-advisor believes the securities are no longer attractive because (i) of price appreciation, (ii) of a significant change in the fundamental outlook of the company or (iii) other investments available are considered to be more attractive.    From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry.    From time to time, the sub-advisor may use exchange-traded funds (ETFs) to manage cash.</tt> Munder Integrity Small/Mid-Cap Value Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE The Fund commenced operations on July 1, 2011. Performance history will be available for the Fund after it has been in operation for a full calendar year. INVESTMENT OBJECTIVE You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) 0.58 PERFORMANCE 25000 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles. Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The sub-advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the small- to mid-capitalization value sector of the U.S. stock market.    Value Investing Risk    Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisors using this approach generally select stocks at prices that, in their view, are temporarily low relative to the company's earnings, assets, cash flow and dividends. Value investing is subject to the risk that a stock's intrinsic value may never be fully recognized or realized by the market, or its price may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced.    Smaller Company Stock Risk    Smaller or medium-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. Prices of smaller or medium-sized companies tend to be more volatile than those of larger companies and smaller or medium-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Foreign Securities Risk    Foreign securities, particularly those from emerging markets countries, tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure. The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, but will not invest 25% or more of its assets in any one industry. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a particular sector or industry. Since benchmark sector weights influence the Fund's sector exposure, the Fund may tend to be more heavily weighted in companies in the financials sector, particularly those within the real estate investment trust (REIT) industry. The values of companies in the financials sector are particularly vulnerable to economic downturns and changes in government regulation and interest rates. Investing in REITs involves many of the risks of investing directly in real estate such as declining real estate values, changing economic conditions and increasing interest rates. Investments in securities of REITs entails additional risks because REITs depend on specialized management skills, may invest in a limited number of properties and may concentrate in a particular region or property type. ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The Fund commenced operations on July 1, 2011. Performance history will be available for the Fund after it has been in operation for a full calendar year.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 8 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000033183Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000033183Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000033183Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MYISX 0.000 127 127 10502 -1.4126 10502 10502 1.4161 0.0090 2013-10-31 10502 10502 10502 0.0000 0.0125 1.4251 0.00 MAISX 0.055 694 694 10475 -1.3344 10475 10475 1.3379 0.0090 2013-10-31 10475 10475 10475 0.0025 0.0150 1.3494 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000018757Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000018757Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide long-term growth of capital.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The advisor pursues long-term growth of capital in the Fund by investing primarily in equity securities (i.e., common stocks, depositary receipts, preferred stocks, convertible securities, rights and warrants) of companies in countries represented in the S&P® Developed ex-U.S. SmallCap Index, but may also invest in companies from other countries, including emerging market countries. The S&P® Developed ex-U.S. SmallCap Index consists of the bottom 15% (based on market capitalization) of companies from each country other than the U.S. represented in the S&P® Developed Broad Market Index (BMI). The S&P® Developed BMI includes all listed shares of companies from 26 developed countries with float-adjusted market capitalizations of at least US$100 million and annual dollar value traded of at least US$50 million.    Under normal circumstances, at least 80% of the Fund's assets will be invested in securities of small-capitalization companies. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes. With respect to each country in which the Fund invests, a small-capitalization company means any company with a market capitalization that is within such country's smallest 15% based on market capitalization. The Fund may, however, also invest in equity securities of larger companies.    The advisor employs a bottom-up investment approach that emphasizes individual stock selection. The advisor's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples and positive trends in earnings forecasts. The stock selection process is designed to produce a diversified portfolio that, relative to the S&P® Developed ex-U.S. SmallCap Index, tends to have a below-average price-to-earnings ratio and an above-average earnings growth trend.    Fund investment allocation to countries and sectors tends to closely approximate the country and sector allocations of the S&P® Developed ex-U.S. SmallCap Index, which concentrates its exposure in one or more countries, regions or sectors. The Fund will, however, be invested in a minimum of ten countries.    From time to time, the advisor may use futures contracts and/or exchange-traded funds (ETFs) to manage cash.</tt> Munder International Small-Cap Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Other Expenses and Total Annual Fund Operating Expenses for Class R6 shares are based on estimated expenses for the current year. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.67 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will differ. PERFORMANCE 25000 <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Class Y shares. The after-tax returns of the Class A, C, R6 and I shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. No performance information is provided for Class R6 shares as that class had not commenced operation as of December 31, 2011.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the Fund's performance from year to year and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12:  17.36%                           Best Quarter:      27.25%   (quarter ended 6/30/09) Worst Quarter:    -27.05%   (quarter ended 9/30/08)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the small-capitalization sector of developed country equity markets outside of the U.S.    Foreign Securities Risk    Foreign securities, particularly those from emerging market countries, tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded.    Growth Investing Risk    The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. The prices of growth stocks also may fall or fail to appreciate as anticipated by the advisor, regardless of movements in the securities markets. Small Company Stock Risk    Small companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. Prices of small companies tend to be more volatile than those of larger companies and small issuers may be subject to greater degrees of changes in their earnings and prospects. Since small company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Geographic Focus Risk    The Fund may invest a substantial portion of its assets within one or more countries or geographic regions. When the Fund focuses its investments in a country or countries, it is particularly susceptible to the impact of market, economic, political, regulatory and other factors affecting those countries. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a country or countries. Derivatives Risk    Derivatives, such as futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to the credit risk of the derivative's counterparty, the risk of mispricing or improper valuation, and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, rates or indices. The Fund "covers" its exposure to certain derivative contracts by segregating or designating liquid assets on its records sufficient to satisfy current payment obligations, which may expose the Fund to the market through both the underlying assets subject to the contract and the assets used as cover. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After-tax returns are shown only for the Class Y shares. The after-tax returns of the Class A, C, R6 and I shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the Fund's performance from year to year and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    The annual return in the bar chart is for the Fund's Class Y shares, its least expensive class offered to a broad array of investors. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will differ.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000018757Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000018757Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000018757Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000018757Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P® Developed ex-U.S. SmallCap Index (reflects no deductions for fees, expenses or taxes) -0.1449 -0.0392 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares -0.0721 -0.0611 2007-08-17 CLASS Y Return After Taxes on Distributions -0.1184 -0.0753 2007-08-17 MSSIX 0.000 127 127 397 0.0000 1511 686 0.0030 0.0095 2013-10-31 1511 397 686 0.0000 0.0125 0.0125 0.00 MISIX 0.000 CLASS I Return Before Taxes 122 122 396 -0.0007 1528 690 -0.1155 0.0032 0.0095 2013-10-31 1528 396 690 0.0000 0.0120 0.0127 -0.0724 2007-08-17 0.00 MYSIX Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 149 2009-06-30 149 498 -0.2705 -0.0017 0.2526 1919 871 0.2725 -0.1181 0.0068 -0.5356 0.0095 2013-10-31 2008-09-30 1919 0.3708 498 871 YTD through -0.1181 0.0000 0.0146 0.0163 -0.0751 2007-08-17 0.1736 0.00 MCISX 0.000 CLASS C Return Before Taxes 349 249 812 -0.0022 2996 1400 -0.1347 0.0073 0.0095 2013-10-31 2996 812 1400 0.0100 0.0246 0.0268 -0.0841 2007-08-17 0.01 MISAX 0.055 CLASS A Return Before Taxes 714 714 1091 -0.0016 2608 1491 -0.1685 0.0067 0.0095 2013-10-31 2608 1091 1491 0.0025 0.0171 0.0187 -0.0887 2007-08-17 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 84% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000018756Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000018756Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide long-term growth of capital.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The advisor pursues long-term growth of capital in the Fund by investing primarily in securities of companies in countries represented in the MSCI ACWI ex USA Index, but may also invest in companies from other countries.    Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants). This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes.    The advisor employs a bottom-up investment approach that emphasizes individual stock selection.  The advisor's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples and positive trends in earnings forecasts.  The stock selection process is designed to produce a diversified portfolio that, relative to the MSCI ACWI ex USA Index, tends to have a below-average price-to-earnings ratio and an above-average earnings growth trend. Fund investment allocation to countries and sectors tends to closely approximate the country and sector allocations of the MSCI ACWI ex USA Index, which concentrates its exposure in one or more countries, regions or sectors. The Fund will, however, be invested in a minimum of ten countries.    There is no limit on the market capitalization in which the Fund may invest; therefore, the Fund's investments may include small-, mid- and large-capitalization companies.    From time to time, the advisor may use futures contracts and/or exchange-traded funds (ETFs) to manage cash.</tt> Munder International Fund-Core Equity You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.84 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will differ. PERFORMANCE 25000 <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, C and I shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the Fund's performance from year to year and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12: 13.48%                          Best Quarter:      21.92%  (quarter ended 6/30/09) Worst Quarter:    -23.95% (quarter ended 9/30/08)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the equity markets of foreign developed and emerging markets countries.    Foreign Securities Risk    Foreign securities, particularly those from emerging market countries, tend to be more volatile and less liquid than U.S. securities.  Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.  In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded.    Emerging Markets Investing Risk    There are greater risks involved in investing in emerging market countries than those associated with investment in developed foreign markets. Generally, structures in emerging market countries are less diverse and mature than those of developed countries and their political systems are less stable; therefore, the risks of investing in foreign securities in general tend to be amplified for investment in emerging markets. Further, due to the small securities markets and low trading volumes in emerging market countries, investments may be more illiquid and volatile than investments in developed countries and therefore subject to abrupt and severe price declines. Growth Investing Risk    The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. The prices of growth stocks also may fall or fail to appreciate as anticipated by the advisor, regardless of movements in the securities markets.    Value Investing Risk    Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisors using this approach generally select stocks at prices, in their view, that are temporarily low relative to the company's earnings, assets, cash flow and dividends. Value investing is subject to the risk that a stock's intrinsic value may never be fully recognized or realized by the market, or its price may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced.    Geographic Focus Risk    The Fund may invest a substantial portion of its assets within one or more countries or geographic regions. When the Fund focuses its investments in a country or countries, it is particularly susceptible to the impact of market, economic, political, regulatory and other factors affecting those countries. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a country or countries. Derivatives Risk    Derivatives, such as futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to the credit risk of the derivative's counterparty, the risk of mispricing or improper valuation, and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, rates or indices. The Fund "covers" its exposure to certain derivative contracts by segregating or designating liquid assets on its records sufficient to satisfy current payment obligations, which may expose the Fund to the market through both the underlying assets subject to the contract and the assets used as cover. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.    Smaller Company Stock Risk    Smaller or medium-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions.  Prices of small or medium-sized companies tend to be more volatile than those of larger companies and small or medium-sized issuers may be subject to greater degrees of changes in their earnings and prospects.  Since smaller company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, C and I shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the Fund's performance from year to year and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337. The annual return in the bar chart is for the Fund's Class Y shares, its least expensive class offered to a broad array of investors. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will differ.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000018756Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000018756Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000018756Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000018756Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI ACWI ex USA Index (Net Dividends) (reflects no deductions for fees, expenses or taxes) -0.1371 -0.0396 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares -0.0907 -0.0814 2007-08-16 CLASS Y Return After Taxes on Distributions -0.1636 -0.1042 2007-08-16 MICIX 0.000 CLASS I Return Before Taxes 99 99 879 -0.0273 3773 1679 -0.1561 0.0289 0.0080 2013-10-31 3773 879 1679 0.0000 0.0097 0.0370 -0.0998 2007-08-16 0.0001 0.00 MICYX Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 125 2009-06-30 125 1269 -0.2395 -0.0431 0.0958 5175 2400 0.2192 -0.1567 0.0473 -0.4788 0.0080 2013-10-31 2008-09-30 5175 0.2197 1269 2400 YTD through -0.1567 0.0000 0.0123 0.0554 -0.1018 2007-08-16 0.1348 0.0001 0.00 MICCX 0.000 CLASS C Return Before Taxes 326 226 1557 -0.0435 5896 2847 -0.1734 0.0477 0.0080 2013-10-31 5896 1557 2847 0.0100 0.0223 0.0658 -0.1111 2007-08-16 0.0001 0.01 MAICX 0.055 CLASS A Return Before Taxes 692 692 1816 -0.0431 5612 2922 -0.2045 0.0473 0.0080 2013-10-31 5612 1816 2922 0.0025 0.0148 0.0579 -0.1152 2007-08-16 0.0001 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 82% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002747Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002747Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide long-term capital appreciation.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The advisor pursues long-term capital appreciation in the Fund by identifying secular growth trends and investing in equity securities (i.e., common stocks, preferred stocks, depositary receipts, convertible securities and rights and warrants) of companies the advisor believes will benefit from these trends.    In selecting individual securities for the Fund, the advisor employs a bottom-up analysis, which involves a thorough review of a company's products and services, competitive positioning, balance sheet and financial stability. In addition, in selecting securities for the Fund, the advisor attempts to identify and evaluate underlying growth drivers for each company and to arrive at a projected fair value for the company's equity securities.    The Fund is subject to a fundamental policy, which cannot be changed without shareholder approval, to concentrate (i.e., invest at least 25% of its total assets) in securities of companies engaged in the research, design, development, manufacturing or distribution of products, processes or services for use with Internet-related businesses. As a result of the foregoing policy, the Fund is expected to have a significant portion of its assets invested in companies in the information technology sector.    In addition, as a result of the Fund's focus on secular growth trends, a significant portion of the Fund's assets may be invested in other sectors, industries and types of companies that the advisor believes have significant growth opportunities and exhibit attractive long-term growth characteristics.    Although the Fund will be invested primarily in domestic securities, up to 25% of the Fund's assets may be invested in foreign securities, including emerging market country securities. There is no limit on the market capitalization in which the Fund may invest; therefore, the Fund's investments may include small-, mid- and large-capitalization companies.    From time to time, the advisor may use exchange-traded funds (ETFs) to manage cash.</tt> Munder Growth Opportunities Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.82 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower. PERFORMANCE 25000 <tt>The index returns from inception for Class Y, A, B, C and R shares are as of 6/1/98, 9/1/96, 6/1/98, 11/1/98 and 8/1/04, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of two broad-based securities market indices. <tt>YTD through 9/30/12:  17.55%                           Best Quarter:      37.04% (quarter ended 6/30/03)   Worst Quarter:    -31.58% (quarter ended 6/30/02)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the large-capitalization growth sector of the U.S. stock market.    Growth Investing Risk    The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. The prices of growth stocks also may fall or fail to appreciate as anticipated by the advisor, regardless of movements in the securities markets.    Sector/Industry Concentration Risk    A significant amount of the Fund's assets is likely to be invested in the information technology sector. When the Fund focuses its investments in a sector or industry, it is particularly susceptible to the impact of market, economic, political, regulatory and other factors affecting that sector or industry. Additionally, the Fund's performance may be more volatile when the Fund's investments are concentrated in a particular sector or industry.    Information Technology Sector Investing Risk    Information technology companies tend to significantly rely on technological events or advances in their product development, production or operations. The value of these companies, therefore, is particularly vulnerable to rapid changes in technological product cycles, government regulation and competition. Further, information technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.    Internet-Related Investing Risk    Internet-related companies are primarily companies within the information technology sector and, therefore, are subject to the risks associated with investing in that sector.  The value of Internet-related companies in other economic sectors (e.g., the Internet & catalog retail industry) is also susceptible to changes in factors affecting competition, such as the overall health of the economy, consumer confidence and spending, changes in demographics and consumer tastes, and interest rates.    Smaller Company Stock Risk    Small or medium-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. Prices of small or medium-sized companies tend to be more volatile than those of larger companies and small or medium-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Foreign Securities Risk    Foreign securities, particularly those from emerging market countries, tend to be more volatile and less liquid than U.S. securities.  Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of two broad-based securities market indices. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    The annual returns in the bar chart are for the Fund's least expensive class of shares, Class Y shares. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002747Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002747Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002747Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002747Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000® Growth Index (reflects no deductions for fees, expenses or taxes) 0.0264 0.0250 0.0260 0.0194 0.0524 0.0489 0.0168 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.0211 -0.0025 0.0292 0.0287 0.0626 0.0392 0.0286 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares -0.0223 0.0454 0.0365 0.0324 1998-06-01 CLASS Y Return After Taxes on Distributions -0.0554 0.0511 0.0412 0.0361 1998-06-01 MNNRX 0.000 CLASS R Return Before Taxes 195 195 603 2243 1037 -0.0530 0.0067 0.0075 2243 0.0472 603 1037 0.0050 0.0192 0.0694 2004-07-29 0.00 MNNCX 0.000 CLASS C Return Before Taxes 346 246 758 2766 1296 -0.0669 0.0068 0.0075 2766 0.0421 758 1296 0.0100 0.0317 0.0243 0.0192 1998-11-03 0.01 MNNBX 0.000 CLASS B Return Before Taxes 746 246 1058 2581 1496 -0.1025 0.0068 0.0075 2581 0.0387 758 1296 0.0100 0.0332 0.0243 0.0299 1998-06-01 0.05 MNNAX 0.055 CLASS A Return Before Taxes 711 711 1050 2428 1412 -0.1031 0.0068 0.0075 2428 0.0381 1050 1412 0.0025 0.0335 0.0168 0.0750 1996-08-19 0.00 MNNYX -0.4442 Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 145 2003-06-30 145 449 -0.3158 0.1433 0.1963 1702 776 0.1658 0.3704 -0.0483 0.0067 -0.4562 0.0075 2002-06-30 1702 0.795 0.0526 0.0837 449 776 YTD through -0.0483 0.6845 0.0000 0.0420 0.0142 0.0062 0.0372 1998-06-01 0.1755 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002746Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002746Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide long-term capital appreciation.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The advisor pursues long-term capital appreciation in the Fund by investing primarily in foreign securities, i.e., non-U.S. dollar-denominated securities traded out of the U.S. and U.S. dollar-denominated securities of foreign issuers traded in the U.S.    Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants, including depositary receipts for such securities). This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes.    The advisor employs a highly quantitative approach to investing.  Stocks are selected based on fundamental factors that the advisor believes are effective predictors of stock performance. In an effort to manage the volatility of the Fund's performance, country and sector weightings are targeted to remain within specific ranges as compared to the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index.  Accordingly, the Fund may concentrate its investments within one or more countries or geographic regions; however, the Fund will be invested in a minimum of ten countries. Utilizing a variety of quantitative analyses, the advisor seeks to identify foreign stocks that offer favorable risk-adjusted returns over time. Securities in which the Fund invests will primarily be from countries represented in the MSCI EAFE Index universe, but may also include larger-capitalization companies in other countries. Although Fund tends to invest mostly in larger-capitalization companies, there is no limit on the market capitalization in which the Fund may invest; therefore, the Fund's investments may include small-, mid- and large-capitalization companies.    From time to time, the advisor may use futures contracts and/or exchange-traded funds (ETFs) to manage cash.</tt> Munder International Equity Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.23 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower. PERFORMANCE 25000 <tt>The index returns from inception for Class Y, A, B, C and K shares are as of 12/1/91, 12/1/92, 3/1/94, 10/1/95 and 12/1/92, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C and K shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12:   7.71%                         Best Quarter:     32.66% (quarter ended 6/30/09) Worst Quarter:   -19.59% (quarter ended 9/30/02)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the equity markets of developed foreign countries.    Growth Investing Risk    The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. The prices of growth stocks also may fall or fail to appreciate as anticipated by the advisor, regardless of movements in the securities markets.    Foreign Securities Risk    Foreign securities tend to be more volatile and less liquid than U.S. securities.   Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded.    Geographic Focus Risk    The Fund may invest a substantial portion of its assets within one or more countries or geographic regions. When the Fund focuses its investments in a country or countries, it is particularly susceptible to the impact of market, economic, political, regulatory and other factors affecting those countries. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a country or countries.    Smaller Company Stock Risk    Small or medium-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. Prices of small or medium-sized companies tend to be more volatile than those of larger companies and small or medium-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Derivatives Risk    Derivatives, such as futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to the credit risk of the derivative's counterparty, the risk of mispricing or improper valuation, and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, rates or indices. The Fund "covers" its exposure to certain derivative contracts by segregating or designating liquid assets on its records sufficient to satisfy current payment obligations, which may expose the Fund to the market through both the underlying assets subject to the contract and the assets used as cover. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C and K shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    The annual returns in the bar chart are for the Fund's least expensive class of shares, Class Y shares. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002746Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002746Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002746Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002746Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI EAFE Index (Net Dividends) (reflects no deductions for fees, expenses or taxes) -0.1214 -0.0472 0.0467 0.0480 0.0553 0.0375 0.0404 0.0552 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares -0.0856 -0.0413 0.0398 0.0434 1991-12-01 CLASS Y Return After Taxes on Distributions -0.1456 -0.0581 0.0391 0.0429 1991-12-01 MUICX 0.000 CLASS C Return Before Taxes 381 281 862 3109 1469 -0.1616 0.0101 0.0075 3109 -0.0621 862 1469 0.0100 0.0326 0.0278 0.0292 1995-09-29 0.0002 0.01 MUIEX 0.000 CLASS B Return Before Taxes 781 281 1162 2930 1669 -0.1952 0.0101 0.0075 2930 -0.0652 862 1469 0.0100 0.0340 0.0278 0.0336 1994-03-09 0.0002 0.05 MUIAX 0.055 CLASS A Return Before Taxes 745 745 1152 2779 1583 -0.1941 0.0101 0.0075 2779 -0.0658 1152 1583 0.0025 0.0344 0.0203 0.0449 1992-11-30 0.0002 0.00 MUIKX 0.000 CLASS K Return Before Taxes 202 202 624 2317 1073 -0.1479 0.0122 0.0075 2317 -0.0552 624 1073 0.0000 0.0403 0.0199 0.0487 1992-11-23 0.0002 0.00 MUIYX -0.1742 Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 181 2009-06-30 181 560 -0.1959 0.1714 0.0651 2095 964 0.0671 0.3266 -0.1451 0.0101 -0.3975 0.0075 2002-09-30 2095 0.3023 -0.0528 0.1461 560 964 YTD through -0.1451 0.4054 0.0000 0.0429 0.0178 0.2813 0.0511 1991-12-01 0.0771 0.0002 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002743Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002743Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide performance and income that is comparable to the S&P 500® Index.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The sub-advisor invests, under normal circumstances, at least 80% of the Fund's assets in equity securities of companies in the S&P 500® Index. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes. In practice, the Fund typically holds all 500 of the stocks in the S&P 500® Index, which is a capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market.    The Fund is managed through the use of a "quantitative" or "indexing" investment approach, which tries to replicate the composition and performance of the S&P 500® Index through statistical procedures. The sub-advisor invests in stocks that are included in the S&P 500® Index in approximately the same proportions as they are represented in the index. As a result, the sub-advisor does not use traditional methods of stock selection, i.e., it does not select stocks on the basis of economic, financial and market analysis.    The Fund seeks to achieve a correlation between the performance of its portfolio and the S&P 500® Index of at least 0.95. A correlation of 1.0 would mean that the changes in the Fund's price mirror exactly the changes in the S&P 500® Index.    The sub-advisor uses futures contracts to manage cash, accrued dividends and other non-performing assets in an effort to minimize performance disparity between the Fund and the S&P 500® Index. From time to time, the sub-advisor may use exchange-traded funds (ETFs) to manage cash.</tt> Munder Index 500 Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.03 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower. PERFORMANCE 25000 <tt>The index returns from inception for Class Y, A, B, K and R shares are as of 12/1/91, 12/1/92, 11/1/95, 12/1/92 and 8/1/04, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for the Class Y shares.  The after-tax returns of the Class A, B, K and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12:    15.98%                            Best Quarter:     15.83% (quarter ended 6/30/09)    Worst Quarter:   -22.12% (quarter ended 12/31/08)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Tracking Risk    The Fund's ability to track the return of the S&P 500® Index is impacted by the fact that the Fund pays fees and transaction costs, while the Index does not; therefore, the Fund's returns are likely to be lower than those of the Index. Tracking variance may also result from the impact of share purchases, redemptions and other factors not affecting the Index.    Index Strategy Risk    The Fund will invest in the securities included in the S&P 500® Index regardless of market trends. As a result, the Fund does not modify its investment strategy to respond to changes in the economy, which means it may be particularly susceptible to a general decline in the large-capitalization sector of the U.S. stock market.    Derivatives Risk    Derivatives, such as futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail the risk of mispricing or improper valuation and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets or indices. The Fund "covers" its exposure to certain derivative contracts by segregating or designating liquid assets on its records sufficient to satisfy current payment obligations, which may expose the Fund to the market through both the underlying assets subject to the contract and the assets used as cover. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used. There can be no assurance that the Fund will use derivatives to hedge any particular position or risk, nor can there be any assurance that a derivative hedge, if employed, will be successful.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, K and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    The annual returns in the bar chart are for the Fund's least expensive class of shares, Class Y shares. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds.  More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002743Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002743Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002743Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002743Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.0211 -0.0025 0.0292 0.0836 0.0785 0.0392 0.0681 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares 0.0343 -0.0067 0.0205 0.0669 1991-12-01 CLASS Y Return After Taxes on Distributions -0.0093 -0.0213 0.0160 0.0679 1991-12-01 MUXRX 0.000 CLASS R Return Before Taxes 118 118 368 1409 638 0.0104 0.0046 0.0020 1409 -0.0114 368 638 0.0050 0.0116 0.0301 2004-07-29 0.00 MUXBX 0.000 CLASS B Return Before Taxes 468 168 720 1754 997 -0.0159 0.0045 0.0020 1754 -0.0126 520 897 0.0100 0.0207 0.0165 0.0603 1995-10-31 0.03 MUXAX 0.025 CLASS A Return Before Taxes 340 340 530 1330 736 -0.0114 0.0045 0.0020 1330 -0.0132 530 736 0.0025 0.0204 0.0090 0.0707 1992-12-09 0.00 MUXKX 0.000 CLASS K Return Before Taxes 92 92 287 1108 498 0.0124 0.0070 0.0020 1108 -0.0089 288 498 0.0000 0.0225 0.0090 0.0715 1992-12-07 0.00 MUXYX -0.225 Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 66 2009-06-30 66 208 -0.2212 0.1043 0.1448 810 362 0.0508 0.1583 0.0154 0.0045 -0.3731 0.0020 2008-12-31 810 0.2643 -0.0064 0.0451 208 362 YTD through 0.0154 0.2820 0.0000 0.0251 0.0065 0.1537 0.0794 1991-12-01 0.1598 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 362% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002736Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002736Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's primary investment objective is to provide a high level of current income.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The advisor pursues the Fund's investment objectives by investing, under normal circumstances, at least 80% of the Fund's assets in a broad range of bonds. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes. The advisor selects securities based on an analysis of current versus historical interest rate relationships and the relative value of the bond market sectors.    Bonds, also known as fixed income securities, in which the Fund may invest include without limitation: U.S. government securities, including securities issued by agencies or instrumentalities of the U.S. government; long- and short-term corporate debt obligations; mortgage-backed securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities ("CMBS"); asset-backed securities, including collateralized debt obligations ("CDOs"); and U.S. dollar-denominated obligations of foreign governments, corporations and banks (i.e., yankee bonds).    The bonds in which the Fund will invest will generally be rated investment grade or better, or if unrated, of comparable quality. However, the Fund may invest up to 20% of its total assets in debt securities that are rated below investment grade or in comparable unrated securities.    The Fund may purchase or sell securities on a when-issued, to-be-announced (TBA), delayed delivery or forward commitment basis and may engage in short-term trading of portfolio securities. The Fund may also utilize dollar roll transactions, which are series of purchase and sale transactions, to obtain market exposure to certain types of securities, particularly mortgage-backed securities. The advisor may enter into futures and/or credit default swap contracts and the advisor may use exchange-traded funds (ETFs) to manage cash.    Although the Fund will primarily be invested in domestic securities, up to 25% of the Fund's assets may be invested in foreign securities.</tt> Munder Bond Fund <tt>Its secondary objective is capital appreciation.</tt> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) 3.62 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower. PERFORMANCE 25000 <tt>The index returns from inception for Class Y, A, B, C and K shares are as of 12/1/91, 12/1/92, 3/1/96, 4/1/96 and 12/1/92, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C and K shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12:  6.77%                           Best Quarter:      6.22% (quarter ended 9/30/09)   Worst Quarter:    -3.05% (quarter ended 6/30/04)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows: Credit (or Default) Risk    The Fund may lose money if an issuer of a fixed income security is unable or unwilling to make timely principal and/or interest payments or to otherwise honor its payment obligations.  Further, when an issuer suffers adverse changes in its financial condition or credit rating, the price of its debt obligations may decline and/or experience greater volatility.  A change in financial condition or credit rating of a fixed income security can also affect its liquidity and make it more difficult for the Fund to sell.    Interest Rate Risk    The value of a bond may decline due to an increase in the absolute level of interest rates, or changes in the spread between two rates, the shape of the yield curve or any other interest rate relationship.  Longer-term bonds are generally more sensitive to interest rate changes than shorter-term bonds. Generally, the longer the average maturity of the bonds held by the Fund, the more the Fund's share price will fluctuate in response to interest rate changes.    Prepayment Risk A substantial portion of the Fund may be invested in asset-backed and mortgage-backed securities.  Accordingly, the Fund may be subject to higher prepayment risk than a Fund with a higher concentration in other types of fixed income securities. The Fund may experience losses when an issuer exercises its right to pay principal on an obligation held by the Fund earlier than expected. This may happen during a period of declining interest rates. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will suffer from having to reinvest in lower yielding securities. The loss of higher yielding securities and the reinvestment at lower interest rates can reduce the Fund's income, total return and share price. Rates of prepayment, faster or slower than expected, could reduce the Fund's yield, increase the volatility of the Fund and/or cause a decline in net asset value.    When-Issued Securities, To-Be-Announced, Delayed Delivery and Forward Commitment Risk    A purchase of "when-issued" securities refers to a transaction made conditionally because the securities, although authorized, have not yet been issued. In a to-be-announced (TBA) transaction, a seller agrees to deliver a security at a future date; however, the seller does not specify the particular securities to be delivered. Instead, the purchaser agrees to accept any security that meets specified terms. A delayed delivery or forward commitment transaction involves a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. Purchasing or selling securities on a when-issued, TBA, delayed delivery or forward commitment basis involves the risk that the value of the securities may change by the time they are actually issued or delivered. Purchasing securities in a TBA transaction also involves the risk that the security that the Fund is required to buy in the transaction may be worth less than an identical security. Each of these transactions also involves the risk that the counterparty may fail to deliver the security or cash on the settlement date. In some cases, the Fund may sell a security on a delayed delivery basis that it does not own, which may subject the Fund to additional risks generally associated with short sales. Among other things, the market price of the security may increase after the Fund enters into the delayed delivery transaction, and the Fund will suffer a loss when it purchases the security at a higher price in order to make delivery. In addition, the Fund may not always be able to purchase the security it is obligated to deliver at a particular time or at an acceptable price.    Dollar Roll Transaction Risk    A dollar roll involves potential risks of loss that are different from those related to securities underlying the transactions. The Fund may be required to purchase securities at a higher price than may otherwise be available on the open market. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to the Fund, the security that the Fund is required to buy under the dollar roll may be worth less than an identical security. There is no assurance that the Fund's use of cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.    Below Investment Grade Securities Risk    Below investment grade fixed income securities, also known as "junk bonds," may be subject to greater risks than other fixed income securities, including greater levels of interest rate risk, credit risk (including a greater risk of default) and liquidity risk. The ability of the issuer to make principal and interest payments is predominantly speculative for below investment grade fixed income securities.    Short-Term Trading Risk    The Fund may buy and sell the same security within a short period of time. The frequency of trading within the Fund impacts portfolio turnover rates. A high rate of portfolio turnover (100% or more) could produce higher trading costs and taxable distributions, which would detract from the Fund's performance.    Foreign Securities Risk    Foreign securities tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure.    Derivatives Risk    Derivatives, such as futures or credit default swap contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to the credit risk of the derivative's counterparty, the risk of mispricing or improper valuation, and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, rates or indices. The Fund "covers" its exposure to certain derivative contracts by segregating or designating liquid assets on its records sufficient to satisfy current payment obligations, which may expose the Fund to the market through both the underlying assets subject to the contract and the assets used as cover. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used. There can be no assurance that the Fund will use derivatives to hedge any particular position or risk, nor can there be any assurance that a derivative hedge, if employed, will be successful. ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C and K shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    The annual returns in the bar chart are for the Fund's least expensive class of shares, Class Y shares. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds.  More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002736Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002736Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002736Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002736Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes) 0.0784 0.0650 0.0578 0.0663 0.0651 0.0638 0.0629 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares 0.0423 0.0381 0.0336 0.0348 1991-12-01 CLASS Y Return After Taxes on Distributions 0.0512 0.0394 0.0341 0.0348 1991-12-01 MUCCX 0.00 CLASS C Return Before Taxes 265 165 582 -0.0034 2258 1026 0.0458 0.0054 0.0040 2013-1-31 2258 0.0462 582 1026 0.0100 0.0412 0.0162 0.0196 0.0447 1996-03-25 0.0002 0.01 MUCBX 0.00 CLASS B Return Before Taxes 665 165 882 -0.0034 2063 1226 0.0061 0.0054 0.0040 2013-1-31 2063 0.0429 582 1026 0.0100 0.0428 0.0162 0.0196 0.0488 1996-03-13 0.0002 0.05 MUCAX 0.04 CLASS A Return Before Taxes 485 485 736 -0.0034 1778 1007 0.0211 0.0054 0.0040 2013-1-31 1778 0.0455 736 1007 0.0025 0.0447 0.0087 0.0121 0.0527 1992-12-09 0.0002 0.00 MUCKX 0.00 CLASS K Return Before Taxes 89 89 346 -0.0032 1415 624 0.0640 0.0077 0.0040 2013-1-31 1415 0.0540 346 624 0.0000 0.0490 0.0087 0.0119 0.0549 1992-11-23 0.0002 0.00 MUCYX 0.0737 Worst Quarter: Best Quarter: 0.00 2012-09-30 CLASS Y Return Before Taxes 63 2009-09-30 63 272 -0.0305 0.0394 -0.0034 0.0753 1147 498 0.0463 0.0622 0.0655 0.0054 0.0064 0.0040 2013-1-31 2004-06-30 1147 0.0916 0.0566 0.0185 272 498 YTD through 0.0655 0.0556 0.0000 0.0516 0.0062 0.0096 0.0463 0.0566 1991-12-01 0.0677 0.0002 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 51% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002735Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002735Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to seek to achieve long-term capital growth.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The sub-advisor pursues long-term capital growth in the Fund by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants) of small-capitalization companies. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes. Small-capitalization companies means those companies with market capitalizations within the range of companies included in the Russell 2000® Index ($30 million to $4.5 billion as of September 28, 2012). The Fund may, however, also invest (i) in equity securities of larger companies and (ii) up to 25% of its assets in foreign securities.    When selecting securities to invest in, the sub-advisor seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The sub-advisor chooses the Fund's investments by employing a value-oriented approach that focuses on securities that offer value with improving sentiment. The sub-advisor finds these value-oriented investments by, among other things: (i) rigorously analyzing the company's financial characteristics and assessing the quality of the company's management; (ii) considering comparative price-to-book, price-to-sales and price-to-cash flow ratios; and (iii) analyzing cash flows to identify stocks with the most attractive potential returns.    The sub-advisor regularly reviews the Fund's investments and will sell securities when the sub-advisor believes the securities are no longer attractive because (i) of price appreciation, (ii) of a significant change in the fundamental outlook of the company or (iii) other investments available are considered to be more attractive.    From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry.    From time to time, the advisor may use exchange-traded funds (ETFs) to manage cash.</tt> Munder Veracity Small-Cap Value Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Other Expenses and Total Annual Fund Operating Expenses for Class R6 Shares are based on estimated expenses for the current year. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.51 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be different. PERFORMANCE 25000 <tt>The index returns from inception for Class A, B, C, K, R and Y shares are as of 4/1/04, 7/1/05, 7/1/05, 7/1/05, 7/1/05 and 7/1/05, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Class A shares. The after-tax returns of the Class B, C, K, R, R6 and Y shares will vary from those shown for the Class A shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. No performance information is provided for Class R6 shares as that class had not commenced operation as of December 31, 2011.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12:   8.85%                          Best Quarter:    23.78% (quarter ended 6/30/09) Worst Quarter:  -20.78% (quarter ended 12/31/08)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges in existence during the periods indicated) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The sub-advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the small-capitalization value sector of the U.S. stock market. Value Investing Risk    Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisors using this approach generally select stocks at prices that are, in their view, temporarily low relative to the company's earnings, assets, cash flow and dividends. Value investing is subject to the risk that a stock's intrinsic value may never be fully recognized or realized by the market, or its price may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced.    Small Company Stock Risk    Small companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. Prices of small companies tend to be more volatile than those of larger companies and small issuers may be subject to greater degrees of changes in their earnings and prospects. Since small company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Foreign Securities Risk    Foreign securities tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure.    Sector/Industry Focus Risk    The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, but will not invest 25% or more of its assets in any one industry. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a particular sector or industry. Since benchmark sector weights influence the Fund's sector exposure, the Fund may tend to be more heavily weighted in companies in the financials sector, particularly those within the real estate investment trust (REIT) industry. The values of companies in the financials sector are particularly vulnerable to economic downturns and changes in government regulation and interest rates. Investing in REITs involves many of the risks of investing directly in real estate such as declining real estate values, changing economic conditions and increasing interest rates. Investments in securities of REITs entails additional risks because REITs depend on specialized management skills, may invest in a limited number of properties and may concentrate in a particular region or property type.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After-tax returns are shown only for the Class A shares. The after-tax returns of the Class B, C, K, R, R6 and Y shares will vary from those shown for the Class A shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    On May 13, 2011, the Fund acquired the assets and liabilities of the Veracity Small Cap Value Fund ("Veracity Fund") ("Reorganization"). The Veracity Fund was the accounting survivor of the Reorganization and the Veracity Fund's performance and financial history have been adopted by the Fund. As a result, the performance information and financial history in this Prospectus for the periods prior to May 14, 2011 are that of the Veracity Fund. The Veracity Fund offered Class R and Class I shares, which were similar to the Fund's Class A and Class Y shares, respectively. Therefore, the total returns for Class A shares, the class of shares with the longest performance history, in the bar chart below for the periods prior to May 14, 2011 are those of the Veracity Fund's Class R shares, which have not been restated to reflect any difference in expenses and do not reflect the impact of sales charges (loads). If they did, the returns would be lower than those shown. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be different.    The performance for Class A shares in the table below for the periods prior to May 14, 2011 is the performance and inception date of the Veracity Fund's Class R shares. The performance for Class Y shares in the table below for the periods prior to May 14, 2011 is the performance and inception date of the Veracity Fund's Class I shares. The performance for Class B, Class C, Class K and Class R shares in the table below for the periods prior to May 14, 2011 is the performance and inception date of the Veracity Fund's Class I shares adjusted for differences in the applicable sales loads and Rule 12b-1 fees of each respective class.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002735Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002735Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002735Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002735Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes) -0.0550 -0.0187 0.0389 0.0239 CLASS A Return After Taxes on Distributions and Sale of Fund Shares -0.0189 0.0114 0.0517 2004-03-30 CLASS A Return After Taxes on Distributions -0.0291 0.0111 0.0564 2004-03-30 MVSSX 0.000 112 112 350 0.0000 1340 606 0.0020 0.0090 2013-10-31 1340 350 606 0.0000 0.0110 0.0110 0.00 MRVSX 0.000 CLASS R Return Before Taxes 178 178 580 -0.0014 2200 1008 -0.0309 0.0049 0.0090 2013-10-31 2200 0.0117 580 1008 0.0050 0.0175 0.0189 0.0442 2005-07-07 0.00 MCVSX 0.000 CLASS C Return Before Taxes 328 228 732 -0.0014 2716 1263 -0.0455 0.0049 0.0090 2013-10-31 2716 0.0066 732 1263 0.0100 0.0225 0.0239 0.0391 2005-07-07 0.01 MBVSX 0.000 CLASS B Return Before Taxes 728 228 1030 -0.0013 2520 1459 -0.0841 0.0048 0.0090 2013-10-31 2520 0.0027 730 1259 0.0100 0.0225 0.0238 0.0376 2005-07-07 0.05 VSCVX Worst Quarter Best Quarter 0.055 2012-09-30 CLASS A Return Before Taxes 694 2009-06-30 694 1024 -0.2078 -0.0013 0.2945 2366 1376 -0.0711 0.2378 -0.0291 0.0048 -0.3126 0.0090 2013-10-31 2008-12-31 2366 0.3358 0.0140 0.0831 1024 1376 YTD through -0.0291 0.0025 0.0150 0.0163 0.180 0.0601 2004-03-30 0.0885 0.00 MKVSX 0.000 CLASS K Return Before Taxes 153 153 502 -0.0013 1922 874 -0.0285 0.0073 0.0090 2013-10-31 1922 0.0142 502 874 0.0000 0.0150 0.0163 0.0467 2005-07-07 0.00 VSVIX 0.000 CLASS Y Return Before Taxes 127 127 426 -0.0014 1656 747 -0.0260 0.0049 0.0090 2013-10-31 1656 0.0167 426 747 0.0000 0.0125 0.0139 0.0493 2005-07-07 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002729Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002729Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide long-term capital appreciation.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The advisor pursues long-term capital appreciation in the Fund by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants) of mid-capitalization companies. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes.  Mid-capitalization companies means those companies with market capitalizations within the range of companies included in the S&P MidCap 400® Index ($237 million to $14.7 billion as of September 28, 2012) or within the range of companies included in the Russell Midcap® Index ($251 million to $22.1 billion as of September 28, 2012).    The Fund's investment style, which focuses on both growth prospects and valuation, is known as GARP (Growth at a Reasonable Price). This blended process seeks to perform better than either a pure growth or pure value approach over a complete market cycle.    The advisor chooses the Fund's investments by reviewing the earnings growth of all publicly traded mid-capitalization companies over the past three years and selecting from those companies primarily based on: above-average, consistent earnings growth; financial stability; relative valuation; strength of industry position and management team; and price changes compared to the Russell Midcap® Index.    Although the Fund will primarily be invested in domestic securities, up to 25% of the Fund's assets may be invested in foreign securities. From time to time, the advisor may use exchange-traded funds (ETFs) and/or futures to manage cash.</tt> Munder Mid-Cap Core Growth Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Other Expenses and Total Annual Fund Operating Expenses for Class R6 Shares are based on estimated expenses for the current year. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.48 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower. PERFORMANCE 25000 <tt>Average annual returns for Class C shares for periods prior to 10/31/03 are for Class II shares and reflect the fees and expenses of the Class II shares prior to that date. The index returns from inception for Class Y, A, B, C, K and R shares are as of 7/1/98, 7/1/00, 7/1/00, 7/1/00, 1/1/03 and 8/1/04, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C, K, R and R6 shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. No performance information is provided for Class R6 shares as that class had not commenced operation as December 31, 2011.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of two broad-based securities market indices. <tt>YTD through 9/30/12:    13.46%                            Best Quarter:      16.48% (quarter ended 9/30/09)    Worst Quarter:    -25.26% (quarter ended 12/31/08)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows:    Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the mid-capitalization sector of the U.S. stock market.    Growth Investing Risk    The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. The prices of growth stocks also may fall or fail to appreciate as anticipated by the advisor, regardless of movements in the securities markets.    Smaller Company Stock Risk    Smaller or medium-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. Prices of small or medium-sized companies tend to be more volatile than those of larger companies and small or medium-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Foreign Securities Risk    Foreign securities tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.    Derivatives Risk    Derivatives, such as futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to the credit risk of the derivative's counterparty, the risk of mispricing or improper valuation, and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, rates or indices. The Fund "covers" its exposure to certain derivative contracts by segregating or designating liquid assets on its records sufficient to satisfy current payment obligations, which may expose the Fund to the market through both the underlying assets subject to the contract and the assets used as cover. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.</tt> FEES & EXPENSES OF THE FUND After-tax returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C, K, R and R6 shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of two broad-based securities market indices. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    The annual returns in the bar chart are for the Fund's least expensive class of shares, Class Y shares. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002729Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002729Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002729Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002729Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell Midcap® Growth Index (reflects no deductions for fees, expenses or taxes) -0.0165 0.0244 0.0529 0.0479 0.0044 0.0684 0.0973 Russell Midcap® Index (reflects no deductions for fees, expenses or taxes) -0.0155 0.0141 0.0699 0.0669 0.0579 0.0691 0.0994 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares -0.0050 0.0213 0.0650 0.0801 1998-06-24 CLASS Y Return After Taxes on Distributions -0.0077 0.0243 0.0730 0.0880 1998-06-24 MGOSX 0.000 87 87 271 1049 471 0.0009 0.0075 1049 271 471 0.0000 0.0085 0.0001 0.00 MMSRX 0.000 CLASS R Return Before Taxes 160 160 496 1867 855 -0.0127 0.0031 0.0075 1867 0.0198 496 855 0.0050 0.0157 0.0654 2004-07-29 0.0001 0.00 MGOTX 0.000 CLASS C Return Before Taxes 311 211 652 2410 1119 -0.0275 0.0032 0.0075 2410 0.0147 652 1119 0.0100 0.0618 0.0208 0.0494 2000-07-14 0.0001 0.01 MGROX 0.000 CLASS B Return Before Taxes 711 211 952 2219 1319 -0.0668 0.0032 0.0075 2219 0.0109 652 1119 0.0100 0.0645 0.0208 0.0579 2000-07-05 0.0001 0.05 MGOAX 0.055 CLASS A Return Before Taxes 678 678 948 2063 1239 -0.0647 0.0032 0.0075 2063 0.0109 948 1239 0.0025 0.0649 0.0133 0.0579 2000-07-03 0.0001 0.00 MGOKX 0.000 CLASS K Return Before Taxes 135 135 421 1601 729 -0.0104 0.0057 0.0075 1601 0.0223 421 729 0.0000 0.0133 0.0956 2002-12-17 0.0001 0.00 MGOYX -0.1522 Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 109 2009-09-30 109 340 -0.2526 0.223 0.2548 1306 590 0.2097 0.1648 -0.0077 0.0031 -0.4345 0.0075 2008-12-31 1306 0.3280 0.0249 0.1311 340 590 YTD through -0.0077 0.3707 0.0000 0.0735 0.0107 0.1182 0.0922 1998-06-24 0.1346 0.0001 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002728Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002728Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide capital appreciation.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The sub-advisor pursues capital appreciation in the Fund by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants) of micro-capitalization companies. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes. Micro-capitalization companies means those companies with market capitalizations lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000® Index (consisting of companies with market capitalizations below $1.8 billion as of September 28, 2012). The Fund may, however, also invest in equity securities of larger companies. The Fund focuses on undiscovered, small-sized companies in its attempt to provide investors with potentially higher returns than a fund that invests primarily in larger, more established companies. Since micro-capitalization companies are generally not as well known to investors and have less of an investor following than larger companies, they may provide higher returns due to inefficiencies in the marketplace. The sub-advisor seeks to invest in companies that have strong potential for consistent earnings growth due to:      o a high level of profitability;   o solid management;   o a strong, competitive market position; or   o management interests that are aligned with shareholder interests. Although the Fund will primarily be invested in domestic securities, up to 25% of the Fund's assets may be invested in foreign securities. From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry.    From time to time, the sub-advisor may use exchange-traded funds (ETFs) to manage cash.</tt> Munder Micro-Cap Equity Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 0.56 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower. PERFORMANCE 25000 <tt>The index returns from inception for Class Y, A, B, C, K and R shares are as of 1/1/97, 1/1/97, 3/1/97, 4/1/97, 1/1/97 and 8/1/04, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C, K and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12:    20.59%                            Best Quarter:    29.30% (quarter ended 6/30/09)    Worst Quarter:  -26.53% (quarter ended 12/31/08)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows: Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles.    Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The sub-advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the micro-capitalization sector of the U.S. stock market.    Growth Investing Risk    The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. The prices of growth stocks also may fall or fail to appreciate as anticipated by the sub-advisor, regardless of movements in the securities markets.    Value Investing Risk    Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisors using this approach generally select stocks at prices, in their view, that are temporarily low relative to the company's earnings, assets, cash flow and dividends. Value investing is subject to the risk that a stock's intrinsic value may never be fully recognized or realized by the market, or its price may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced.    Micro-Cap Stock Risk    Small companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions.  Prices of small companies tend to be more volatile than those of larger companies and small issuers may be subject to greater degrees of changes in their earnings and prospects. Since small company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they are often more difficult to sell.    Foreign Securities Risk    Foreign securities tend to be more volatile and less liquid than U.S. securities.  Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure.    Sector Focus Risk    The Fund may invest a substantial portion of its assets within one or more economic sectors. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a particular sector. Since benchmark sector weights influence the Fund's sector exposure, the Fund may tend to be more heavily weighted in companies in the financials sector. The values of companies in the financials sector are particularly vulnerable to economic downturns and changes in government regulation and interest rates.    ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C, K and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337.    The annual returns in the bar chart are for the Fund's least expensive class of shares, Class Y shares. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds.  More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002728Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002728Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002728Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002728Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell Microcap® Index (Wilshire US Micro-Cap Index for periods prior to 7/1/00) (reflects no deductions for fees, expenses or taxes) -0.0927 -0.0375 0.0463 0.0720 0.0710 0.0218 0.0748 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares -0.0076 -0.0259 0.0429 0.0967 1996-12-26 CLASS Y Return After Taxes on Distributions -0.0117 -0.0381 0.0438 0.1018 1996-12-26 MMERX 0.000 CLASS R Return Before Taxes 253 253 779 2836 1331 -0.0166 0.0080 0.0100 2836 -0.0348 779 1331 0.0050 0.0250 0.0244 2004-07-29 0.0020 0.00 MMECX 0.000 CLASS C Return Before Taxes 402 302 924 3308 1572 -0.0313 0.0079 0.0100 3308 -0.0396 924 1572 0.0100 0.0391 0.0299 0.0983 1997-03-31 0.0020 0.01 MMEBX 0.000 CLASS B Return Before Taxes 803 303 1227 3140 1777 -0.0704 0.0080 0.0100 3140 -0.0424 927 1577 0.0100 0.0407 0.0300 0.0954 1997-02-24 0.0020 0.05 MMEAX 0.055 CLASS A Return Before Taxes 765 765 1212 2983 1684 -0.0682 0.0079 0.0100 2983 -0.0433 1212 1684 0.0025 0.0410 0.0224 0.1015 1996-12-26 0.0020 0.00 MMEKX 0.000 CLASS K Return Before Taxes 226 226 697 2565 1195 -0.0141 0.0103 0.0100 2565 -0.0323 697 1195 0.0000 0.0470 0.0223 0.1049 1996-12-31 0.0020 0.00 MMEYX -0.2173 Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 202 2009-06-30 202 624 -0.2653 0.2281 0.285 2317 1073 -0.1089 0.2930 -0.0117 0.0079 -0.4446 0.0100 2008-12-31 2317 0.3668 -0.0299 0.117 624 1073 YTD through -0.0117 0.6471 0.0000 0.0495 0.0199 0.0672 0.1083 1996-12-26 0.2059 0.0020 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.   During the most recent fiscal year, the Fund's portfolio turnover rate was 120% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.munder.com/role/ExpenseExample_S000002726Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/BarChartData_S000002726Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to provide long-term capital appreciation.</tt> <tt>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 and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deductions for fees, expenses or taxes <tt>The sub-advisor pursues long-term capital appreciation in the Fund by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities (i.e., common stocks, preferred stocks, convertible securities and rights and warrants) of large-capitalization companies. This investment strategy may not be changed without 60 days' prior notice to shareholders. For purposes of this investment strategy, assets of the Fund means net assets plus the amount of any borrowings for investment purposes.  Large-capitalization companies means those companies with market capitalizations within the range of companies included in the Russell 1000® Index ($251 million to $625.3 billion as of September 28, 2012).  The Fund may, however, also invest in equity securities of smaller companies.    The sub-advisor seeks to invest in companies whose equity securities are trading at an attractive valuation relative to the marketplace, their peers and historical levels and possess a catalyst for favorable or improved security values. In addition to valuation, the sub-advisor may also consider one or more of the following factors in choosing companies:      o financial strength, strong fundamentals and low price-to-earnings     ratios;   o improving earnings estimates and stock price trends;   o quality of management, profitability and industry leadership     position;   o current dividend; and/or   o unrecognized assets. Although the Fund will primarily be invested in domestic securities, up to 25% of the Fund's assets may be invested in foreign securities.    From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry. From time to time, the sub-advisor will use exchange-traded funds (ETFs) to manage cash.</tt> Munder Large-Cap Value Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds. EXPENSE EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money if you invest in the Fund. PRINCIPAL INVESTMENT RISKS <tt>The example does not reflect sales charges (loads) on reinvested dividends and other distributions because sales charges (loads) are not imposed by the Fund on reinvested dividends and other distributions.</tt> SHAREHOLDER FEES (fees paid directly from your investment) If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. 1.20 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. TOTAL RETURN (%) per calendar year Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower. PERFORMANCE 25000 <tt>The index returns from inception for Class Y, A, B, C, K and R shares are as of 7/1/94, 8/1/94, 8/1/94, 12/1/95, 7/1/94 and 11/1/06, respectively. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. If there is a capital loss at the end of the period, the return after taxes on the distributions and sale of Fund shares may exceed the return before taxes due to the tax benefit of realizing a capital loss upon the sale of Fund shares, which is factored into the result. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C, K and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses.</tt> The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. <tt>YTD through 9/30/12:  14.64%                              Best Quarter:   16.79%   (quarter ended 6/30/03)    Worst Quarter: -18.59%   (quarter ended 12/31/08)</tt> (800) 468-6337 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2011 (including maximum sales charges) PORTFOLIO TURNOVER <tt>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 government agency. The principal risks associated with investment in the Fund are as follows: Stock Market Risk    The value of the equity 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 fluctuated in periodic cycles. Stock Selection Risk    In addition to, or in spite of, the impact of movements in the overall stock market, the value of the Fund's investments may decline if the particular companies in which the Fund invests do not perform well in the market. The sub-advisor's investment strategy seeks to control risk by adhering to portfolio constraints relative to the Fund's benchmark. As a result, the Fund may be particularly susceptible to a general decline in the large-capitalization value sector of the U.S. stock market. Value Investing Risk    Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisors using this approach generally select stocks at prices that, in their view, are temporarily low relative to the company's earnings, assets, cash flow and dividends. Value investing is subject to the risk that a stock's intrinsic value may never be fully recognized or realized by the market, or its price may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced.    Foreign Securities Risk    Foreign securities tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates. In addition, during periods of social, political or economic instability in a country or region, the value of a foreign security could be affected by, among other things, increasing price volatility, illiquidity or the closure of the primary market on which the security is traded. In addition to foreign securities, the Fund may be exposed to foreign markets as a result of the Fund's investments in U.S. companies that have international exposure.    Sector Focus Risk    The Fund may invest a substantial portion of its assets within one or more economic sectors. To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a particular sector. Since benchmark sector weights influence the Fund's sector exposure, the Fund may tend to be more heavily weighted in companies in the financials sector. The values of companies in the financials sector are particularly vulnerable to economic downturns and changes in government regulation and interest rates. ETF Risk    ETFs are investment companies that are bought and sold on a securities exchange. The risks of owning an ETF are generally comparable to the risks of owning the underlying securities held by the ETF. However, when the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses. In addition, because of these expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.</tt> FEES & EXPENSES OF THE FUND After tax-returns are shown only for the Class Y shares. The after-tax returns of the Class A, B, C, K and R shares will vary from those shown for the Class Y shares because, as noted above, each class of shares has different sales charges, distribution fees and/or service fees, and expenses. PRINCIPAL INVESTMENT STRATEGIES www.munder.com <tt>The bar chart and table below provide some indication of the risk of an investment in the Fund by showing the changes in the Fund's performance from year to year over the past ten years and by showing the Fund's average annual total returns for different calendar periods over the life of the Fund compared to those of a broad-based securities market index. When you consider this information, please remember the Fund's performance in past years (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information on our website, www.munder.com, or by calling (800) 468-6337. The annual returns in the bar chart are for the Fund's least expensive class of shares, Class Y shares. Due to differing sales charges and expenses, the performance of classes not shown in the bar chart will be lower.</tt> <tt>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Munder Funds.  More information about these and other discounts is available from your financial professional and in the section entitled "Applicable Sales Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional Purchase, Redemption, Exchange and Conversion Information" on page 58 of the Statement of Additional Information.</tt> <div style="display:none">~ http://www.munder.com/role/OperatingExpensesData_S000002726Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.munder.com/role/PerformanceTableData_S000002726Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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 government agency. <div style="display:none">~ http://www.munder.com/role/ExpenseExampleNoRedemption_S000002726Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.munder.com/role/ShareholderFeesData_S000002726Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000® Value Index (reflects no deductions for fees, expenses or taxes) 0.0039 -0.0264 0.0389 0.0857 0.0843 -0.0170 0.0728 CLASS Y Return After Taxes on Distributions and Sale of Fund Shares -0.0115 -0.0184 0.0283 0.0543 1994-07-05 CLASS Y Return After Taxes on Distributions -0.0207 -0.0268 0.0278 0.0546 1994-07-05 MUGRX 0.000 CLASS R Return Before Taxes 183 183 722 -0.0075 2829 1288 -0.0231 0.0125 0.0075 2013-10-31 2829 -0.0263 722 1288 0.0050 0.0180 0.0255 -0.0162 2006-11-01 0.0005 0.00 MUGCX 0.000 CLASS C Return Before Taxes 333 233 872 -0.0075 3312 1536 -0.0373 0.0125 0.0075 2013-10-31 3312 -0.0310 872 1536 0.0100 0.0229 0.0230 0.0305 0.0449 1995-12-05 0.0005 0.01 MUGBX 0.000 CLASS B Return Before Taxes 733 233 1168 -0.0073 3123 1728 -0.0762 0.0123 0.0075 2013-10-31 3123 -0.0345 868 1528 0.0100 0.0245 0.0230 0.0303 0.0609 1994-08-09 0.0005 0.05 MUGAX 0.055 CLASS A Return Before Taxes 699 699 1161 -0.0075 2986 1648 -0.0738 0.0125 0.0075 2013-10-31 2986 -0.0346 1161 1648 0.0025 0.0248 0.0155 0.0230 0.0611 1994-08-08 0.0005 0.00 MUGKX 0.000 CLASS K Return Before Taxes 158 158 619 -0.0062 2455 1108 -0.0196 0.0137 0.0075 2013-10-31 2455 -0.0236 619 1108 0.0000 0.0307 0.0155 0.0217 0.0648 1994-07-05 0.0005 0.00 MUGYX -0.1924 Worst Quarter: Best Quarter: 0.000 2012-09-30 CLASS Y Return Before Taxes 132 2003-06-30 132 520 -0.1859 0.1412 -0.0051 0.1187 2085 932 0.0474 0.1679 -0.0177 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A 1.00% deferred sales charge, also known as a contingent deferred sales charge (CDSC), applies to redemptions of Class A shares within one year of purchase if purchased with no initial sales charge as part of an investment of $1 million or more and if your broker or financial intermediary received a sales commission on the purchase. A deferred sales charge, also known as a contingent deferred sales charge (CDSC), applies to redemptions of Class B shares within six years of purchase and declines over time. A deferred sales charge, also known as a contingent deferred sales charge (CDSC), applies to redemptions of Class C shares within one year of purchase. Under the Fund's Distribution Agreement, Rule 12b-1 fees are limited to 0.50% of the average daily net assets of the Fund attributable to its Class R shares. Total Annual Fund Operating Expenses above differ from the amounts shown in the Fund's Financial Highlights for its most recent fiscal year, which reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses (i.e., fees and expenses of other funds in which the Fund invested). Pursuant to an Expense Limitation Agreement, MCM (as defined below) has agreed contractually through at least October 31, 2013 to waive or limit fees or to assume other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses (other than taxes, interest, litigation, dividends and interest expense on securities sold short, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and Acquired Fund Fees and Expenses (as interpreted by the Securities and Exchange Commission from time to time)) do not exceed 1.50% for Class A and Class K shares, 2.25% for Class B and Class C shares, 1.75% for Class R shares and 1.25% for Class Y shares. There is no guarantee that the Expense Limitation Agreement will be extended after its expiration or at the currently specified level. In addition, the Fund and MCM have entered into a Reimbursement Agreement pursuant to which the Fund (at a later date) may reimburse MCM for the fees it waived or limited and other expenses assumed and paid by MCM pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to MCM does not cause Total Net Annual Operating Expenses (other than those excluded for purposes of the Expense Limitation Agreement) of the Fund to exceed the limits stated above for each class of shares and the Board of Trustees has approved in advance such reimbursement to MCM. Other Expenses and Total Annual Fund Operating Expenses for Class R6 Shares are based on estimated expenses for the current year. For Class R6 shares, fees paid to intermediaries for shareholder servicing, record keeping and sub-transfer agency represent 0.00% of Other Expenses. Pursuant to an Expense Limitation Agreement, MCM (as defined below) has agreed contractually through at least October 31, 2013 to waive or limit fees or to assume other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses (other than taxes, interest, litigation, dividends and interest expense on securities sold short, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and Acquired Fund Fees and Expenses (as interpreted by the Securities and Exchange Commission from time to time)) do not exceed 1.50% for Class A and Class K shares, 2.25% for Class B and Class C shares, 1.75% for Class R shares and 1.25% for Class R6 and Class Y shares. There is no guarantee that the Expense Limitation Agreement will be extended after its expiration or at the currently specified level. In addition, the Fund and MCM have entered into a Reimbursement Agreement pursuant to which the Fund (at a later date) may reimburse MCM for the fees it waived or limited and other expenses assumed and paid by MCM pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to MCM does not cause Total Net Annual Operating Expenses (other than those excluded for purposes of the Expense Limitation Agreement) of the Fund to exceed the limits stated above for each class of shares and the Board of MST has approved in advance such reimbursement to MCM. Pursuant to an Expense Limitation Agreement, MCM (as defined below) has agreed contractually effective November 1, 2012 through at least October 31, 2013 to waive or limit fees or to assume other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses (other than taxes, interest, litigation, dividends and interest expense on securities sold short, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and Acquired Fund Fees and Expenses (as interpreted by the Securities and Exchange Commission from time to time)) do not exceed 0.85% for Class A and K shares, 1.60% for Class B and C shares, and 0.60% for Class Y shares. Prior to November 1, 2012, MCM waived or limited fees or assumed other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses did not exceed 0.65% for Class A and K shares, 1.40% for Class B and C shares, and 0.40% for Class Y shares. There is no guarantee that the Expense Limitation Agreement will be extended after its expiration or at the currently specified level. The distributor has voluntarily agreed to waive a portion of its Rule 12b-1 fees with respect to Class A and Class B shares for the current fiscal year. The distributor may discontinue the fee waiver at any time in its sole discretion. As a result of the fee waivers, the Fund's 12b-1 Fees and Total Annual Fund Operating Expenses would be 0.15% and 0.80%, respectively, for Class A shares, and 0.50% and 1.15%, respectively, for Class B shares. Pursuant to an Expense Limitation Agreement, MCM has agreed contractually through at least October 31, 2013 to waive or limit fees or to assume other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses (other than taxes, interest, litigation, dividends and interest expense on securities sold short, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and Acquired Fund Fees and Expenses (as interpreted by the Securities and Exchange Commission from time to time)) do not exceed 1.47% for Class A shares, 2.22% for Class C shares, 1.22% for Class Y shares and 0.96% for Class I shares. There is no guarantee that the Expense Limitation Agreement will be extended after its expiration or at the currently specified level. In addition, the Fund and MCM have entered into a Reimbursement Agreement pursuant to which the Fund (at a later date) may reimburse MCM for the fees it waived or limited and other expenses assumed and paid by MCM pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to MCM does not cause Total Net Annual Operating Expenses (other than those excluded for purposes of the Expense Limitation Agreement) of the Fund to exceed the limits stated above and the Board of Trustees has approved in advance such reimbursement to MCM. Pursuant to an Expense Limitation Agreement, MCM has agreed contractually through at least October 31, 2013 to waive or limit fees or to assume other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses (other than taxes, interest, litigation, dividends and interest expense on securities sold short, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and Acquired Fund Fees and Expenses (as interpreted by the Securities and Exchange Commission from time to time)) do not exceed 1.71% for Class A shares, 2.46% for Class C shares, 1.46% for Class R6 shares, 1.46% for Class Y shares and 1.20% for Class I shares. There is no guarantee that the Expense Limitation Agreement will be extended after its expiration or at the currently specified level. In addition, the Fund and MCM have entered into a Reimbursement Agreement pursuant to which the Fund (at a later date) may reimburse MCM for the fees it waived or limited and other expenses assumed and paid by MCM pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to MCM does not cause Total Net Annual Operating Expenses (other than those excluded for purposes of the Expense Limitation Agreement) of the Fund to exceed the limits stated above and the Board of Trustees has approved in advance such reimbursement to MCM. Pursuant to an Expense Limitation Agreement, MCM (as defined below) has agreed contractually through at least October 31, 2013 to waive or limit fees or to assume other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses (other than taxes, interest, litigation, dividends and interest expense on securities sold short, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and Acquired Fund Fees and Expenses (as interpreted by the Securities and Exchange Commission from time to time)) do not exceed 1.50% for Class A shares and 1.25% for Class Y shares. There is no guarantee that the Expense Limitation Agreement will be extended after its expiration or at the currently specified level. In addition, the Fund and MCM have entered into a Reimbursement Agreement pursuant to which the Fund (at a later date) may reimburse MCM for the fees it waived or limited and other expenses assumed and paid by MCM pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to MCM does not cause Total Net Annual Operating Expenses (other than those excluded for purposes of the Expense Limitation Agreement) of the Fund to exceed the limits stated above and the Board of Trustees has approved in advance such reimbursement to MCM. Based on the Fund's current asset level and the expiration of the current written Expense Limitation Agreement on October 31, 2013, the amount of the Fund's expenses would exceed the value of the initial $10,000 investment in the second year. Pursuant to an Expense Limitation Agreement, MCM (as defined below) has agreed contractually through at least October 31, 2013 to waive or limit fees or to assume other expenses of the Fund so that, on an annualized basis, the Total Net Annual Operating Expenses (other than taxes, interest, litigation, dividends and interest expense on securities sold short, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and Acquired Fund Fees and Expenses (as interpreted by the Securities and Exchange Commission from time to time)) do not exceed 1.50% for Class A shares and 1.25% for Class Y shares. There is no guarantee that the Expense Limitation Agreement will be extended after its expiration or at the currently specified level. In addition, the Fund and MCM have entered into a Reimbursement Agreement pursuant to which the Fund (at a later date) may reimburse MCM for the fees it waived or limited and other expenses assumed and paid by MCM pursuant to the Expense Limitation Agreement during any of the prior three fiscal years, provided that, among other things, reimbursement to be made to MCM does not cause Total Net Annual Operating Expenses (other than those excluded for purposes of the Expense Limitation Agreement) of the Fund to exceed the limits stated above and the Board of Trustees has approved in advance such reimbursement to MCM. 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