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<br />securities (or "turns over" its portfolio).  A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account.  These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's<br />performance.  During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 46% of the average value of its portfolio.</tt>
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<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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />your costs would be:</tt>
<tt>The sub-advisor pursues capital appreciation in the Fund by investing, under<br />normal circumstances, at least 80% of the Fund's assets in equity securities<br />(i.e., common stocks, preferred stocks, convertible securities and rights and<br />warrants) of mid-capitalization companies. This investment strategy may not be<br />changed without 60 days' prior notice to shareholders. For purposes of this<br />investment strategy, assets of the Fund means net assets plus the amount of <br />any borrowings for investment purposes. Mid-capitalization companies means <br />those companies with market capitalizations within the range of companies <br />included in the Russell Midcap® Index ($251 million to $22.1 billion as of <br />September 28, 2012). The Fund may, however, also invest (i) in equity <br />securities of smaller or larger companies and (ii) up to 25% of its assets <br />in foreign securities.<br /> <br />When selecting securities to invest in, the sub-advisor seeks out companies <br />that appear to be undervalued according to certain financial measurements of <br />their intrinsic net worth or business prospects.  The sub-advisor chooses the <br />Fund's investments by employing a value-oriented approach that focuses on <br />securities that offer value with improving sentiment.  The sub-advisor finds <br />these value-oriented investments by, among other things: (i) rigorously analyzing <br />the company's financial characteristics and assessing the quality of the company's<br />management; (ii) considering comparative price-to-book, price-to-sales and<br />price-to-cash flow ratios; and (iii) analyzing cash flows to identify stocks<br />with the most attractive potential returns.<br /> <br />The sub-advisor regularly reviews the Fund's investments and will sell securities <br />when the sub-advisor believes the securities are no longer attractive because (i) <br />of price appreciation, (ii) of a significant change in the fundamental outlook of <br />the company or (iii) other investments available are considered to be more <br />attractive.<br />  <br />From time to time, the Fund may focus its investments in companies in one or<br />more economic sectors. Economic sectors include multiple different industries.<br />The Fund will not invest 25% or more of its assets in any one industry.<br />  <br />From time to time, the sub-advisor may use exchange-traded funds (ETFs) to<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br /> <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />sub-advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the mid-capitalization value<br />sector of the U.S. stock market.<br />  <br />Value Investing Risk<br /> <br />Value investing attempts to identify strong companies selling at a discount from<br />their perceived true worth. Advisors using this approach generally select stocks<br />at prices that, in their view, are temporarily low relative to the company's<br />earnings, assets, cash flow and dividends. Value investing is subject to the<br />risk that a stock's intrinsic value may never be fully recognized or realized by<br />the market, or its price may go down. In addition, there is the risk that a<br />stock judged to be undervalued may actually be appropriately priced.<br />  <br />Medium-Sized Company Stock Risk<br /> <br />Medium-sized (or mid-capitalization) companies often have more limited<br />managerial and financial resources than larger, more established companies and,<br />therefore, may be more susceptible to market downturns or changing economic<br />conditions. Prices of medium-sized companies tend to be more volatile than<br />those of larger companies and medium-sized issuers may be subject to greater<br />degrees of changes in their earnings and prospects. Since medium-sized company<br />stocks typically have narrower markets and are traded in lower volumes than<br />larger company stocks, they are often more difficult to sell.<br />  <br />Foreign Securities Risk<br /> <br />Foreign securities, particularly those from emerging market countries, tend <br />to be more volatile and less liquid than U.S. securities. Further, foreign<br />securities may be subject to additional risks not associated with investment <br />in U.S. securities due to differences in the economic and political environment,<br />the amount of available public information, the degree of market regulation, <br />and financial reporting, accounting and auditing standards, and, in the case <br />of foreign currency-denominated securities, fluctuations in currency exchange<br />rates. In addition, during periods of social, political or economic instability<br />in a country or region, the value of a foreign security could be affected by,<br />among other things, increasing price volatility, illiquidity or the closure <br />of the primary market on which the security is traded. In addition to foreign<br />securities, the Fund may be exposed to foreign markets as a result of the Fund's<br />investments in U.S. companies that have international exposure.<br /><br />Sector Focus Risk<br /> <br />The Fund may invest a substantial portion of its assets within one or more<br />economic sectors or industries, but will not invest 25% or more of its assets in<br />any one industry. To the extent the Fund focuses in one or more sectors, market<br />or economic factors impacting those sectors could have a significant effect on<br />the value of the Fund's investments. Additionally, the Fund's performance may be<br />more volatile when the Fund's investments are focused in a particular sector or<br />industry. Since benchmark sector weights influence the Fund's sector exposure,<br />the Fund may tend to be more heavily weighted in companies in the financials<br />sector, particularly those within the real estate investment trust (REIT)<br />industry. The values of companies in the financials sector are particularly<br />vulnerable to economic downturns and changes in government regulation and<br />interest rates. Investing in REITs involves many of the risks of investing<br />directly in real estate such as declining real estate values, changing economic<br />conditions and increasing interest rates. Investments in securities of REITs<br />entails additional risks because REITs depend on specialized management skills,<br />may invest in a limited number of properties and may concentrate in a particular<br />region or property type.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 8 of the Fund's Prospectus and the section entitled "Additional<br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the<br />Statement of Additional Information.</tt>
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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.
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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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 58% <br />of the average value of its portfolio</tt>
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<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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />your costs would be:</tt>
<tt>The sub-advisor pursues capital appreciation in the Fund by investing, under<br />normal circumstances, at least 80% of the Fund's assets in equity securities<br />(i.e., common stocks, preferred stocks, convertible securities and rights and<br />warrants) of small- to mid-capitalization companies.  This investment strategy<br />may not be changed without 60 days' prior notice to shareholders. For purposes<br />of this investment strategy, assets of the Fund means net assets plus the amount<br />of any borrowings for investment purposes. Small- to mid-capitalization companies <br />means those companies with market capitalizations within the range of companies <br />included in the Russell 2500TM Index ($30 million to $8.4 billion as of September <br />28, 2012). The Fund may, however, also invest (i) in equity securities  of smaller <br />or larger companies and (ii) up to 25% of its assets in foreign securities.<br />  <br />When selecting securities to invest in, the sub-advisor seeks out companies that<br />appear to be undervalued according to certain financial measurements of their<br />intrinsic net worth or business prospects. The sub-advisor chooses the Fund's<br />investments by employing a value-oriented approach that focuses on securities<br />that offer value with improving sentiment. The sub-advisor finds these<br />value-oriented investments by, among other things: (i) rigorously analyzing the<br />company's financial characteristics and assessing the quality of the company's<br />management; (ii) considering comparative price-to-book, price-to-sales and<br />price-to-cash flow ratios; and (iii) analyzing cash flows to identify stocks<br />with the most attractive potential returns.<br />  <br />The sub-advisor regularly reviews the Fund's investments and will sell securities <br />when the sub-advisor believes the securities are no longer attractive because (i) <br />of price appreciation, (ii) of a significant change in the fundamental outlook of <br />the company or (iii) other investments available are considered to be more <br />attractive.<br />  <br />From time to time, the Fund may focus its investments in companies in one or<br />more economic sectors. Economic sectors include multiple different industries.<br />The Fund will not invest 25% or more of its assets in any one industry.<br />  <br />From time to time, the sub-advisor may use exchange-traded funds (ETFs) to<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br /> <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />sub-advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the small- to<br />mid-capitalization value sector of the U.S. stock market.<br />  <br />Value Investing Risk<br />  <br />Value investing attempts to identify strong companies selling at a discount from<br />their perceived true worth. Advisors using this approach generally select stocks<br />at prices that, in their view, are temporarily low relative to the company's<br />earnings, assets, cash flow and dividends. Value investing is subject to the<br />risk that a stock's intrinsic value may never be fully recognized or realized <br />by the market, or its price may go down. In addition, there is the risk that a<br />stock judged to be undervalued may actually be appropriately priced.<br />  <br />Smaller Company Stock Risk<br />  <br />Smaller or medium-sized companies often have more limited managerial and<br />financial resources than larger, more established companies and, therefore, may<br />be more susceptible to market downturns or changing economic conditions. Prices<br />of smaller or medium-sized companies tend to be more volatile than those of<br />larger companies and smaller or medium-sized issuers may be subject to greater<br />degrees of changes in their earnings and prospects. Since smaller company<br />stocks typically have narrower markets and are traded in lower volumes than<br />larger company stocks, they are often more difficult to sell.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities, particularly those from emerging markets countries, tend <br />to be more volatile and less liquid than U.S. securities. Further, foreign<br />securities may be subject to additional risks not associated with investment <br />in U.S. securities due to differences in the economic and political environment,<br />the amount of available public information, the degree of market regulation, <br />and financial reporting, accounting and auditing standards, and, in the case <br />of foreign currency-denominated securities, fluctuations in currency exchange<br />rates. In addition, during periods of social, political or economic instability<br />in a country or region, the value of a foreign security could be affected by,<br />among other things, increasing price volatility, illiquidity or the closure of<br />the primary market on which the security is traded. In addition to foreign<br />securities, the Fund may be exposed to foreign markets as a result of the Fund's<br />investments in U.S. companies that have international exposure.<br /><br />The Fund may invest a substantial portion of its assets within one or more<br />economic sectors or industries, but will not invest 25% or more of its assets in<br />any one industry. To the extent the Fund focuses in one or more sectors, market<br />or economic factors impacting those sectors could have a significant effect on<br />the value of the Fund's investments. Additionally, the Fund's performance may be<br />more volatile when the Fund's investments are focused in a particular sector or<br />industry. Since benchmark sector weights influence the Fund's sector exposure,<br />the Fund may tend to be more heavily weighted in companies in the financials<br />sector, particularly those within the real estate investment trust (REIT)<br />industry. The values of companies in the financials sector are particularly<br />vulnerable to economic downturns and changes in government regulation and<br />interest rates. Investing in REITs involves many of the risks of investing<br />directly in real estate such as declining real estate values, changing economic<br />conditions and increasing interest rates. Investments in securities of REITs<br />entails additional risks because REITs depend on specialized management skills,<br />may invest in a limited number of properties and may concentrate in a particular<br />region or property type.<br /> <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 8 of the Fund's Prospectus and the section entitled "Additional<br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the<br />Statement of Additional Information.</tt>
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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.
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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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 67% <br />of the average value of its portfolio.</tt>
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<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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />primarily in equity securities (i.e., common stocks, depositary receipts,<br />preferred stocks, convertible securities, rights and warrants) of companies <br />in countries represented in the S&P® Developed ex-U.S. SmallCap Index, but <br />may also invest in companies from other countries, including emerging market <br />countries. The S&P® Developed ex-U.S. SmallCap Index consists of the bottom <br />15% (based on market capitalization) of companies from each country other than <br />the U.S. represented in the S&P® Developed Broad Market Index (BMI). The S&P® <br />Developed BMI includes all listed shares of companies from 26 developed countries <br />with float-adjusted market capitalizations of at least US$100 million and annual<br />dollar value traded of at least US$50 million.<br />  <br />Under normal circumstances, at least 80% of the Fund's assets will be invested<br />in securities of small-capitalization companies. This investment strategy may<br />not be changed without 60 days' prior notice to shareholders. For purposes of<br />this investment strategy, assets of the Fund means net assets plus the amount <br />of any borrowings for investment purposes. With respect to each country in <br />which the Fund invests, a small-capitalization company means any company with <br />a market capitalization that is within such country's smallest 15% based on <br />market capitalization. The Fund may, however, also invest in equity securities <br />of larger companies.<br />  <br />The advisor employs a bottom-up investment approach that emphasizes individual<br />stock selection. The advisor's investment process uses a combination of<br />quantitative and traditional qualitative, fundamental analysis to identify<br />attractive stocks with low relative price multiples and positive trends in<br />earnings forecasts. The stock selection process is designed to produce a<br />diversified portfolio that, relative to the S&P® Developed ex-U.S. SmallCap<br />Index, tends to have a below-average price-to-earnings ratio and an<br />above-average earnings growth trend.<br />  <br />Fund investment allocation to countries and sectors tends to closely approximate<br />the country and sector allocations of the S&P® Developed ex-U.S. SmallCap Index,<br />which concentrates its exposure in one or more countries, regions or sectors.<br />The Fund will, however, be invested in a minimum of ten countries.<br />  <br />From time to time, the advisor may use futures contracts and/or exchange-traded<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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 <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. If there is a capital loss at <br />the end of the period, the return after taxes on the distributions and sale <br />of Fund shares may exceed the return before taxes due to the tax benefit of <br />realizing a capital loss upon the sale of Fund shares, which is factored into <br />the result. After-tax returns shown are not relevant to investors who hold their <br />Fund shares through tax-deferred arrangements such as 401(k) plans or individual <br />retirement accounts. After-tax returns are shown only for the Class Y shares. <br />The after-tax returns of the Class A, C, R6 and I shares will vary from those <br />shown for the Class Y shares because, as noted above, each class of shares has <br />different sales charges, distribution fees and/or service fees, and expenses. <br />No performance information is provided for Class R6 shares as that class had <br />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%                          <br />Best Quarter:      27.25%   (quarter ended 6/30/09)<br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br /> <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the small-capitalization <br />sector of developed country equity markets outside of the U.S.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities, particularly those from emerging market countries, tend <br />to be more volatile and less liquid than U.S. securities. Further, foreign<br />securities may be subject to additional risks not associated with investment <br />in U.S. securities due to differences in the economic and political environment,<br />the amount of available public information, the degree of market regulation, <br />and financial reporting, accounting and auditing standards, and, in the case <br />of foreign currency-denominated securities, fluctuations in currency exchange<br />rates. In addition, during periods of social, political or economic instability<br />in a country or region, the value of a foreign security could be affected by,<br />among other things, increasing price volatility, illiquidity or the closure of<br />the primary market on which the security is traded.<br />  <br />Growth Investing Risk<br />  <br />The prices of growth stocks may be more sensitive to changes in current or<br />expected earnings than the prices of other stocks. The prices of growth stocks<br />also may fall or fail to appreciate as anticipated by the advisor, regardless of<br />movements in the securities markets.<br /> <br />Small Company Stock Risk<br />  <br />Small companies often have more limited managerial and financial resources than<br />larger, more established companies and, therefore, may be more susceptible to<br />market downturns or changing economic conditions. Prices of small companies<br />tend to be more volatile than those of larger companies and small issuers may <br />be subject to greater degrees of changes in their earnings and prospects. Since<br />small company stocks typically have narrower markets and are traded in lower<br />volumes than larger company stocks, they are often more difficult to sell.<br />  <br />Geographic Focus Risk<br />  <br />The Fund may invest a substantial portion of its assets within one or more<br />countries or geographic regions. When the Fund focuses its investments in a<br />country or countries, it is particularly susceptible to the impact of market,<br />economic, political, regulatory and other factors affecting those countries. <br />Additionally, the Fund's performance may be more volatile when the Fund's<br />investments are focused in a country or countries.<br /><br />Derivatives Risk<br />  <br />Derivatives, such as futures contracts, are subject to the risk that small price<br />movements can result in substantial gains or losses. Derivatives also entail<br />exposure to the credit risk of the derivative's counterparty, the risk of<br />mispricing or improper valuation, and the risk that changes in value of the<br />derivative may not correlate perfectly with the relevant securities, assets,<br />rates or indices. The Fund "covers" its exposure to certain derivative contracts<br />by segregating or designating liquid assets on its records sufficient to satisfy<br />current payment obligations, which may expose the Fund to the market through<br />both the underlying assets subject to the contract and the assets used as cover.<br />The use of derivatives may cause the Fund to incur losses greater than those<br />that would have occurred had derivatives not been used.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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 <br />in the Fund by showing the Fund's performance from year to year and by showing the <br />Fund's average annual total returns for different calendar periods over the life <br />of the Fund compared to those of a broad-based securities market index. When you <br />consider this information, please remember the Fund's performance in past years <br />(before and after taxes) is not necessarily an indication of how the Fund will <br />perform in the future. You can obtain updated performance information on our <br />website, www.munder.com, or by calling (800) 468-6337.<br />  <br />The annual return in the bar chart is for the Fund's Class Y shares, its least<br />expensive class offered to a broad array of investors. Due to differing sales<br />charges and expenses, the performance of classes not shown in the bar chart will<br />differ.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional <br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the <br />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.
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<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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 84% <br />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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />primarily in securities of companies in countries represented in the MSCI <br />ACWI ex USA Index, but may also invest in companies from other countries.<br />  <br />Under normal circumstances, at least 80% of the Fund's assets will be invested<br />in equity securities (i.e., common stocks, preferred stocks, convertible<br />securities and rights and warrants). This investment strategy may not be changed<br />without 60 days' prior notice to shareholders. For purposes of this investment<br />strategy, assets of the Fund means net assets plus the amount of any borrowings<br />for investment purposes.<br />  <br />The advisor employs a bottom-up investment approach that emphasizes individual<br />stock selection.  The advisor's investment process uses a combination of<br />quantitative and traditional qualitative, fundamental analysis to identify<br />attractive stocks with low relative price multiples and positive trends in<br />earnings forecasts.  The stock selection process is designed to produce a<br />diversified portfolio that, relative to the MSCI ACWI ex USA Index, tends to<br />have a below-average price-to-earnings ratio and an above-average earnings<br />growth trend.<br /> <br />Fund investment allocation to countries and sectors tends to closely approximate<br />the country and sector allocations of the MSCI ACWI ex USA Index, which concentrates <br />its exposure in one or more countries, regions or sectors. The Fund will, however, <br />be invested in a minimum of ten countries.<br />  <br />There is no limit on the market capitalization in which the Fund may invest;<br />therefore, the Fund's investments may include small-, mid- and<br />large-capitalization companies.<br />  <br />From time to time, the advisor may use futures contracts and/or exchange-traded<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. If there is a capital loss at the end of the period,<br />the return after taxes on the distributions and sale of Fund shares may exceed<br />the return before taxes due to the tax benefit of realizing a capital loss upon<br />the sale of Fund shares, which is factored into the result. After-tax returns<br />shown are not relevant to investors who hold their Fund shares through<br />tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <br />After tax-returns are shown only for the Class Y shares. The after-tax returns <br />of the Class A, C and I shares will vary from those shown for the Class Y shares <br />because, as noted above, each class of shares has different sales charges, <br />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%                         <br />Best Quarter:      21.92%  (quarter ended 6/30/09)<br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the equity markets of foreign<br />developed and emerging markets countries.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities, particularly those from emerging market countries, tend <br />to be more volatile and less liquid than U.S. securities.  Further, foreign<br />securities may be subject to additional risks not associated with investment <br />in U.S. securities due to differences in the economic and political environment,<br />the amount of available public information, the degree of market regulation, <br />and financial reporting, accounting and auditing standards, and, in the case <br />of foreign currency-denominated securities, fluctuations in currency exchange<br />rates.  In addition, during periods of social, political or economic instability<br />in a country or region, the value of a foreign security could be affected by,<br />among other things, increasing price volatility, illiquidity or the closure of<br />the primary market on which the security is traded.<br />  <br />Emerging Markets Investing Risk<br />  <br />There are greater risks involved in investing in emerging market countries <br />than those associated with investment in developed foreign markets. Generally,<br />structures in emerging market countries are less diverse and mature than those<br />of developed countries and their political systems are less stable; therefore,<br />the risks of investing in foreign securities in general tend to be amplified for<br />investment in emerging markets. Further, due to the small securities markets and<br />low trading volumes in emerging market countries, investments may be more<br />illiquid and volatile than investments in developed countries and therefore<br />subject to abrupt and severe price declines.<br /> <br />Growth Investing Risk<br />  <br />The prices of growth stocks may be more sensitive to changes in current or<br />expected earnings than the prices of other stocks. The prices of growth stocks<br />also may fall or fail to appreciate as anticipated by the advisor, regardless of<br />movements in the securities markets.<br />  <br />Value Investing Risk<br />  <br />Value investing attempts to identify strong companies selling at a discount from<br />their perceived true worth. Advisors using this approach generally select stocks<br />at prices, in their view, that are temporarily low relative to the company's<br />earnings, assets, cash flow and dividends. Value investing is subject to the<br />risk that a stock's intrinsic value may never be fully recognized or realized by<br />the market, or its price may go down. In addition, there is the risk that a<br />stock judged to be undervalued may actually be appropriately priced.<br />  <br />Geographic Focus Risk<br />  <br />The Fund may invest a substantial portion of its assets within one or more<br />countries or geographic regions. When the Fund focuses its investments in a<br />country or countries, it is particularly susceptible to the impact of market,<br />economic, political, regulatory and other factors affecting those countries. <br />Additionally, the Fund's performance may be more volatile when the Fund's<br />investments are focused in a country or countries.<br /><br />Derivatives Risk<br />  <br />Derivatives, such as futures contracts, are subject to the risk that small price<br />movements can result in substantial gains or losses. Derivatives also entail<br />exposure to the credit risk of the derivative's counterparty, the risk of<br />mispricing or improper valuation, and the risk that changes in value of the<br />derivative may not correlate perfectly with the relevant securities, assets,<br />rates or indices. The Fund "covers" its exposure to certain derivative contracts<br />by segregating or designating liquid assets on its records sufficient to satisfy<br />current payment obligations, which may expose the Fund to the market through<br />both the underlying assets subject to the contract and the assets used as cover.<br />The use of derivatives may cause the Fund to incur losses greater than those<br />that would have occurred had derivatives not been used.<br />  <br />Smaller Company Stock Risk<br />  <br />Smaller or medium-sized companies often have more limited managerial and<br />financial resources than larger, more established companies and, therefore, may<br />be more susceptible to market downturns or changing economic conditions.  Prices<br />of small or medium-sized companies tend to be more volatile than those of larger<br />companies and small or medium-sized issuers may be subject to greater degrees of<br />changes in their earnings and prospects.  Since smaller company stocks typically<br />have narrower markets and are traded in lower volumes than larger company<br />stocks, they are often more difficult to sell.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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 <br />in the Fund by showing the Fund's performance from year to year and by showing the <br />Fund's average annual total returns for different calendar periods over the life <br />of the Fund compared to those of a broad-based securities market index. When you <br />consider this information, please remember the Fund's performance in past years <br />(before and after taxes) is not necessarily an indication of how the Fund will <br />perform in the future. You can obtain updated performance information on our <br />website, www.munder.com, or by calling (800) 468-6337.<br /> <br />The annual return in the bar chart is for the Fund's Class Y shares, its least<br />expensive class offered to a broad array of investors. Due to differing sales<br />charges and expenses, the performance of classes not shown in the bar chart will<br />differ.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional<br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the<br />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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 82% <br />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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />secular growth trends and investing in equity securities (i.e., common stocks,<br />preferred stocks, depositary receipts, convertible securities and rights and<br />warrants) of companies the advisor believes will benefit from these trends.<br />  <br />In selecting individual securities for the Fund, the advisor employs a bottom-up<br />analysis, which involves a thorough review of a company's products and services,<br />competitive positioning, balance sheet and financial stability. In addition, in<br />selecting securities for the Fund, the advisor attempts to identify and evaluate<br />underlying growth drivers for each company and to arrive at a projected fair<br />value for the company's equity securities.<br />  <br />The Fund is subject to a fundamental policy, which cannot be changed without<br />shareholder approval, to concentrate (i.e., invest at least 25% of its total<br />assets) in securities of companies engaged in the research, design, development,<br />manufacturing or distribution of products, processes or services for use with<br />Internet-related businesses. As a result of the foregoing policy, the Fund is<br />expected to have a significant portion of its assets invested in companies in<br />the information technology sector.<br />  <br />In addition, as a result of the Fund's focus on secular growth trends, a<br />significant portion of the Fund's assets may be invested in other sectors,<br />industries and types of companies that the advisor believes have significant<br />growth opportunities and exhibit attractive long-term growth characteristics.<br />  <br />Although the Fund will be invested primarily in domestic securities, up to 25%<br />of the Fund's assets may be invested in foreign securities, including emerging<br />market country securities. There is no limit on the market capitalization in<br />which the Fund may invest; therefore, the Fund's investments may include small-,<br />mid- and large-capitalization companies.<br />  <br />From time to time, the advisor may use exchange-traded funds (ETFs) to manage<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />6/1/98, 9/1/96, 6/1/98, 11/1/98 and 8/1/04, respectively. After-tax returns are<br />calculated using the historical highest individual federal marginal income tax<br />rates and do not reflect the impact of state and local taxes. Actual after-tax<br />returns depend on an investor's tax situation and may differ from those shown.<br />If there is a capital loss at the end of the period, the return after taxes on<br />the distributions and sale of Fund shares may exceed the return before taxes due<br />to the tax benefit of realizing a capital loss upon the sale of Fund shares,<br />which is factored into the result. After-tax returns shown are not relevant to<br />investors who hold their Fund shares through tax-deferred arrangements such as<br />401(k) plans or individual retirement accounts. After tax-returns are shown only<br />for the Class Y shares. The after-tax returns of the Class A, B, C and R shares<br />will vary from those shown for the Class Y shares because, as noted above, each<br />class of shares has different sales charges, distribution fees and/or service<br />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%                          <br />Best Quarter:      37.04% (quarter ended 6/30/03)  <br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the large-capitalization growth<br />sector of the U.S. stock market.<br />  <br />Growth Investing Risk<br />  <br />The prices of growth stocks may be more sensitive to changes in current or<br />expected earnings than the prices of other stocks. The prices of growth stocks<br />also may fall or fail to appreciate as anticipated by the advisor, regardless of<br />movements in the securities markets.<br />  <br />Sector/Industry Concentration Risk<br />  <br />A significant amount of the Fund's assets is likely to be invested in the<br />information technology sector. When the Fund focuses its investments in a sector<br />or industry, it is particularly susceptible to the impact of market, economic,<br />political, regulatory and other factors affecting that sector or industry. <br />Additionally, the Fund's performance may be more volatile when the Fund's<br />investments are concentrated in a particular sector or industry.<br />  <br />Information Technology Sector Investing Risk<br />  <br />Information technology companies tend to significantly rely on technological<br />events or advances in their product development, production or operations. The<br />value of these companies, therefore, is particularly vulnerable to rapid changes<br />in technological product cycles, government regulation and competition. Further,<br />information technology stocks, especially those of smaller, less-seasoned<br />companies, tend to be more volatile than the overall market.<br />  <br />Internet-Related Investing Risk<br />  <br />Internet-related companies are primarily companies within the information<br />technology sector and, therefore, are subject to the risks associated with<br />investing in that sector.  The value of Internet-related companies in other<br />economic sectors (e.g., the Internet & catalog retail industry) is also<br />susceptible to changes in factors affecting competition, such as the overall<br />health of the economy, consumer confidence and spending, changes in demographics<br />and consumer tastes, and interest rates.<br />  <br />Smaller Company Stock Risk<br />  <br />Small or medium-sized companies often have more limited managerial and financial<br />resources than larger, more established companies and, therefore, may be more<br />susceptible to market downturns or changing economic conditions. Prices of<br />small or medium-sized companies tend to be more volatile than those of larger<br />companies and small or medium-sized issuers may be subject to greater degrees of<br />changes in their earnings and prospects. Since smaller company stocks typically<br />have narrower markets and are traded in lower volumes than larger company<br />stocks, they are often more difficult to sell.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities, particularly those from emerging market countries, tend <br />to be more volatile and less liquid than U.S. securities.  Further, foreign<br />securities may be subject to additional risks not associated with investment <br />in U.S. securities due to differences in the economic and political environment,<br />the amount of available public information, the degree of market regulation, <br />and financial reporting, accounting and auditing standards, and, in the case of<br />foreign currency-denominated securities, fluctuations in currency exchange<br />rates. In addition, during periods of social, political or economic instability <br />in a country or region, the value of a foreign security could be affected by, <br />among other things, increasing price volatility, illiquidity or the closure <br />of the primary market on which the security is traded. In addition to foreign <br />securities, the Fund may be exposed to foreign markets as a result of the Fund's <br />investments in U.S. companies that have international exposure.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />investment in the Fund by showing the changes in the Fund's performance from<br />year to year over the past ten years and by showing the Fund's average annual<br />total returns for different calendar periods over the life of the Fund compared<br />to those of two broad-based securities market indices. When you consider this<br />information, please remember the Fund's performance in past years (before and<br />after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. You can obtain updated performance information on our website,<br />www.munder.com, or by calling (800) 468-6337.<br />  <br />The annual returns in the bar chart are for the Fund's least expensive class <br />of shares, Class Y shares. Due to differing sales charges and expenses, the<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional<br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the<br />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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 23% <br />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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />primarily in foreign securities, i.e., non-U.S. dollar-denominated securities<br />traded out of the U.S. and U.S. dollar-denominated securities of foreign issuers<br />traded in the U.S.<br />  <br />Under normal circumstances, at least 80% of the Fund's assets will be invested<br />in equity securities (i.e., common stocks, preferred stocks, convertible<br />securities and rights and warrants, including depositary receipts for such<br />securities). This investment strategy may not be changed without 60 days' prior<br />notice to shareholders. For purposes of this investment strategy, assets of the<br />Fund means net assets plus the amount of any borrowings for investment purposes.<br />  <br />The advisor employs a highly quantitative approach to investing.  Stocks are<br />selected based on fundamental factors that the advisor believes are effective<br />predictors of stock performance. In an effort to manage the volatility of the<br />Fund's performance, country and sector weightings are targeted to remain within<br />specific ranges as compared to the Morgan Stanley Capital International Europe,<br />Australasia, Far East (MSCI EAFE) Index.  Accordingly, the Fund may concentrate<br />its investments within one or more countries or geographic regions; however, the<br />Fund will be invested in a minimum of ten countries.<br /> <br />Utilizing a variety of quantitative analyses, the advisor seeks to identify<br />foreign stocks that offer favorable risk-adjusted returns over time. Securities<br />in which the Fund invests will primarily be from countries represented in the<br />MSCI EAFE Index universe, but may also include larger-capitalization companies<br />in other countries. Although Fund tends to invest mostly in larger-capitalization <br />companies, there is no limit on the market capitalization in which the Fund may <br />invest; therefore, the Fund's investments may include small-, mid- and <br />large-capitalization companies.<br />  <br />From time to time, the advisor may use futures contracts and/or exchange-traded<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />12/1/91, 12/1/92, 3/1/94, 10/1/95 and 12/1/92, respectively. After-tax returns<br />are calculated using the historical highest individual federal marginal income<br />tax rates and do not reflect the impact of state and local taxes. Actual<br />after-tax returns depend on an investor's tax situation and may differ from<br />those shown. If there is a capital loss at the end of the period, the return<br />after taxes on the distributions and sale of Fund shares may exceed the return<br />before taxes due to the tax benefit of realizing a capital loss upon the sale <br />of Fund shares, which is factored into the result. After-tax returns shown are <br />not relevant to investors who hold their Fund shares through tax-deferred<br />arrangements such as 401(k) plans or individual retirement accounts. After<br />tax-returns are shown only for the Class Y shares. The after-tax returns of <br />the Class A, B, C and K shares will vary from those shown for the Class Y <br />shares because, as noted above, each class of shares has different sales <br />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%                        <br />Best Quarter:     32.66% (quarter ended 6/30/09)<br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the equity markets of developed<br />foreign countries.<br />  <br />Growth Investing Risk<br />  <br />The prices of growth stocks may be more sensitive to changes in current or<br />expected earnings than the prices of other stocks. The prices of growth stocks<br />also may fall or fail to appreciate as anticipated by the advisor, regardless of<br />movements in the securities markets.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities tend to be more volatile and less liquid than U.S. securities.  <br />Further, foreign securities may be subject to additional risks not associated <br />with investment in U.S. securities due to differences in the economic and <br />political environment, the amount of available public information, the degree <br />of market regulation, and financial reporting, accounting and auditing standards, <br />and, in the case of foreign currency-denominated securities, fluctuations in <br />currency exchange rates. In addition, during periods of social, political or <br />economic instability in a country or region, the value of a foreign security <br />could be affected by, among other things, increasing price volatility,<br />illiquidity or the closure of the primary market on which the security is<br />traded.<br />  <br />Geographic Focus Risk<br />  <br />The Fund may invest a substantial portion of its assets within one or more<br />countries or geographic regions. When the Fund focuses its investments in a<br />country or countries, it is particularly susceptible to the impact of market,<br />economic, political, regulatory and other factors affecting those countries. <br />Additionally, the Fund's performance may be more volatile when the Fund's<br />investments are focused in a country or countries.<br />  <br />Smaller Company Stock Risk<br />  <br />Small or medium-sized companies often have more limited managerial and financial<br />resources than larger, more established companies and, therefore, may be more<br />susceptible to market downturns or changing economic conditions. Prices of<br />small or medium-sized companies tend to be more volatile than those of larger<br />companies and small or medium-sized issuers may be subject to greater degrees of<br />changes in their earnings and prospects. Since smaller company stocks typically<br />have narrower markets and are traded in lower volumes than larger company<br />stocks, they are often more difficult to sell.<br />  <br />Derivatives Risk<br />  <br />Derivatives, such as futures contracts, are subject to the risk that small price<br />movements can result in substantial gains or losses. Derivatives also entail<br />exposure to the credit risk of the derivative's counterparty, the risk of<br />mispricing or improper valuation, and the risk that changes in value of the<br />derivative may not correlate perfectly with the relevant securities, assets,<br />rates or indices. The Fund "covers" its exposure to certain derivative contracts<br />by segregating or designating liquid assets on its records sufficient to satisfy<br />current payment obligations, which may expose the Fund to the market through<br />both the underlying assets subject to the contract and the assets used as cover.<br />The use of derivatives may cause the Fund to incur losses greater than those<br />that would have occurred had derivatives not been used.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's <br />operating expenses. In addition, because of these expenses, compared to owning <br />the underlying securities directly, it may be more costly to own an ETF. Lack <br />of liquidity in an ETF could result in an ETF being more volatile than the <br />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<br />investment in the Fund by showing the changes in the Fund's performance from<br />year to year over the past ten years and by showing the Fund's average annual<br />total returns for different calendar periods over the life of the Fund compared<br />to those of a broad-based securities market index. When you consider this<br />information, please remember the Fund's performance in past years (before and<br />after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. You can obtain updated performance information on our website,<br />www.munder.com, or by calling (800) 468-6337.<br />  <br />The annual returns in the bar chart are for the Fund's least expensive class <br />of shares, Class Y shares. Due to differing sales charges and expenses, the<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional <br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the <br />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.
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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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 3% <br />of the average value of its portfolio.</tt>
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<tt>The Fund's investment objective is to provide performance and income that is<br />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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />assets in equity securities of companies in the S&P 500® Index. This investment<br />strategy may not be changed without 60 days' prior notice to shareholders. For<br />purposes of this investment strategy, assets of the Fund means net assets plus<br />the amount of any borrowings for investment purposes. In practice, the Fund<br />typically holds all 500 of the stocks in the S&P 500® Index, which is a<br />capitalization-weighted index that measures the performance of the<br />large-capitalization sector of the U.S. stock market.<br />  <br />The Fund is managed through the use of a "quantitative" or "indexing" investment<br />approach, which tries to replicate the composition and performance of the S&P<br />500® Index through statistical procedures. The sub-advisor invests in stocks<br />that are included in the S&P 500® Index in approximately the same proportions <br />as they are represented in the index. As a result, the sub-advisor does not use<br />traditional methods of stock selection, i.e., it does not select stocks on the<br />basis of economic, financial and market analysis.<br />  <br />The Fund seeks to achieve a correlation between the performance of its portfolio<br />and the S&P 500® Index of at least 0.95. A correlation of 1.0 would mean that<br />the changes in the Fund's price mirror exactly the changes in the S&P<br />500® Index.<br />  <br />The sub-advisor uses futures contracts to manage cash, accrued dividends and<br />other non-performing assets in an effort to minimize performance disparity<br />between the Fund and the S&P 500® Index. From time to time, the sub-advisor may<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />12/1/91, 12/1/92, 11/1/95, 12/1/92 and 8/1/04, respectively. After-tax returns<br />are calculated using the historical highest individual federal marginal income<br />tax rates and do not reflect the impact of state and local taxes. Actual<br />after-tax returns depend on an investor's tax situation and may differ from<br />those shown. If there is a capital loss at the end of the period, the return<br />after taxes on the distributions and sale of Fund shares may exceed the return<br />before taxes due to the tax benefit of realizing a capital loss upon the sale of<br />Fund shares, which is factored into the result. After-tax returns shown are not<br />relevant to investors who hold their Fund shares through tax-deferred arrangements <br />such as 401(k) plans or individual retirement accounts. After tax-returns are <br />shown only for the Class Y shares.  The after-tax returns of the Class A, B, K <br />and R shares will vary from those shown for the Class Y shares because, as noted <br />above, each class of shares has different sales charges, distribution fees and/or <br />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%                           <br />Best Quarter:     15.83% (quarter ended 6/30/09)   <br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Tracking Risk<br />  <br />The Fund's ability to track the return of the S&P 500® Index is impacted by the<br />fact that the Fund pays fees and transaction costs, while the Index does not;<br />therefore, the Fund's returns are likely to be lower than those of the Index.<br />Tracking variance may also result from the impact of share purchases,<br />redemptions and other factors not affecting the Index.<br />  <br />Index Strategy Risk<br />  <br />The Fund will invest in the securities included in the S&P 500® Index regardless<br />of market trends. As a result, the Fund does not modify its investment strategy<br />to respond to changes in the economy, which means it may be particularly<br />susceptible to a general decline in the large-capitalization sector of the U.S.<br />stock market.<br />  <br />Derivatives Risk<br />  <br />Derivatives, such as futures contracts, are subject to the risk that small price<br />movements can result in substantial gains or losses. Derivatives also entail the<br />risk of mispricing or improper valuation and the risk that changes in value of<br />the derivative may not correlate perfectly with the relevant securities, assets<br />or indices. The Fund "covers" its exposure to certain derivative contracts by<br />segregating or designating liquid assets on its records sufficient to satisfy<br />current payment obligations, which may expose the Fund to the market through<br />both the underlying assets subject to the contract and the assets used as cover.<br />The use of derivatives may cause the Fund to incur losses greater than those<br />that would have occurred had derivatives not been used. There can be no<br />assurance that the Fund will use derivatives to hedge any particular position <br />or risk, nor can there be any assurance that a derivative hedge, if employed, <br />will be successful.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />investment in the Fund by showing the changes in the Fund's performance from<br />year to year over the past ten years and by showing the Fund's average annual<br />total returns for different calendar periods over the life of the Fund compared<br />to those of a broad-based securities market index. When you consider this<br />information, please remember the Fund's performance in past years (before and<br />after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. You can obtain updated performance information on our website,<br />www.munder.com, or by calling (800) 468-6337.<br />  <br />The annual returns in the bar chart are for the Fund's least expensive class <br />of shares, Class Y shares. Due to differing sales charges and expenses, the<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds.  More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional<br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the<br />Statement of Additional Information.</tt>
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You would pay the following expenses if you did not redeem your shares:
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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.
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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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 362% <br />of the average value of its portfolio.</tt>
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<tt>The Fund's primary investment objective is to provide a high level of current<br />income.</tt>
<tt>The example is intended to help you compare the cost of investing in the Fund to<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />circumstances, at least 80% of the Fund's assets in a broad range of bonds. This<br />investment strategy may not be changed without 60 days' prior notice to shareholders. <br />For purposes of this investment strategy, assets of the Fund means net assets plus <br />the amount of any borrowings for investment purposes.<br /> <br />The advisor selects securities based on an analysis of current versus historical<br />interest rate relationships and the relative value of the bond market sectors.<br />  <br />Bonds, also known as fixed income securities, in which the Fund may invest<br />include without limitation: U.S. government securities, including securities<br />issued by agencies or instrumentalities of the U.S. government; long- and<br />short-term corporate debt obligations; mortgage-backed securities, including<br />collateralized mortgage obligations ("CMOs") and commercial mortgage-backed<br />securities ("CMBS"); asset-backed securities, including collateralized debt<br />obligations ("CDOs"); and U.S. dollar-denominated obligations of foreign<br />governments, corporations and banks (i.e., yankee bonds).<br />  <br />The bonds in which the Fund will invest will generally be rated investment grade<br />or better, or if unrated, of comparable quality. However, the Fund may invest up<br />to 20% of its total assets in debt securities that are rated below investment<br />grade or in comparable unrated securities.<br />  <br />The Fund may purchase or sell securities on a when-issued, to-be-announced<br />(TBA), delayed delivery or forward commitment basis and may engage in short-term<br />trading of portfolio securities. The Fund may also utilize dollar roll<br />transactions, which are series of purchase and sale transactions, to obtain<br />market exposure to certain types of securities, particularly mortgage-backed<br />securities. The advisor may enter into futures and/or credit default swap<br />contracts and the advisor may use exchange-traded funds (ETFs) to manage cash.<br />  <br />Although the Fund will primarily be invested in domestic securities, up to 25%<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />12/1/91, 12/1/92, 3/1/96, 4/1/96 and 12/1/92, respectively. After-tax returns<br />are calculated using the historical highest individual federal marginal income<br />tax rates and do not reflect the impact of state and local taxes. Actual<br />after-tax returns depend on an investor's tax situation and may differ from<br />those shown. After-tax returns shown are not relevant to investors who hold<br />their Fund shares through tax-deferred arrangements such as 401(k) plans or<br />individual retirement accounts. After tax-returns are shown only for the Class Y<br />shares. The after-tax returns of the Class A, B, C and K shares will vary from<br />those shown for the Class Y shares because, as noted above, each class of shares<br />has different sales charges, distribution fees and/or service fees, and<br />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%                          <br />Best Quarter:      6.22% (quarter ended 9/30/09)  <br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br /> <br />Credit (or Default) Risk<br />  <br />The Fund may lose money if an issuer of a fixed income security is unable or<br />unwilling to make timely principal and/or interest payments or to otherwise<br />honor its payment obligations.  Further, when an issuer suffers adverse changes<br />in its financial condition or credit rating, the price of its debt obligations<br />may decline and/or experience greater volatility.  A change in financial<br />condition or credit rating of a fixed income security can also affect its<br />liquidity and make it more difficult for the Fund to sell.<br />  <br />Interest Rate Risk<br />  <br />The value of a bond may decline due to an increase in the absolute level of<br />interest rates, or changes in the spread between two rates, the shape of the<br />yield curve or any other interest rate relationship.  Longer-term bonds are<br />generally more sensitive to interest rate changes than shorter-term bonds.<br />Generally, the longer the average maturity of the bonds held by the Fund, the<br />more the Fund's share price will fluctuate in response to interest rate changes.<br />  <br />Prepayment Risk<br /> <br />A substantial portion of the Fund may be invested in asset-backed and<br />mortgage-backed securities.  Accordingly, the Fund may be subject to higher<br />prepayment risk than a Fund with a higher concentration in other types of fixed<br />income securities. The Fund may experience losses when an issuer exercises its<br />right to pay principal on an obligation held by the Fund earlier than expected.<br />This may happen during a period of declining interest rates. Under these<br />circumstances, the Fund may be unable to recoup all of its initial investment<br />and will suffer from having to reinvest in lower yielding securities. The loss<br />of higher yielding securities and the reinvestment at lower interest rates can<br />reduce the Fund's income, total return and share price. Rates of prepayment,<br />faster or slower than expected, could reduce the Fund's yield, increase the<br />volatility of the Fund and/or cause a decline in net asset value.<br />  <br />When-Issued Securities, To-Be-Announced, Delayed Delivery and Forward Commitment<br />Risk<br />  <br />A purchase of "when-issued" securities refers to a transaction made<br />conditionally because the securities, although authorized, have not yet been<br />issued. In a to-be-announced (TBA) transaction, a seller agrees to deliver a<br />security at a future date; however, the seller does not specify the particular<br />securities to be delivered. Instead, the purchaser agrees to accept any security<br />that meets specified terms. A delayed delivery or forward commitment transaction<br />involves a contract to purchase or sell securities for a fixed price at a future<br />date beyond the customary settlement period. Purchasing or selling securities on<br />a when-issued, TBA, delayed delivery or forward commitment basis involves the<br />risk that the value of the securities may change by the time they are actually<br />issued or delivered. Purchasing securities in a TBA transaction also involves<br />the risk that the security that the Fund is required to buy in the transaction<br />may be worth less than an identical security. Each of these transactions also<br />involves the risk that the counterparty may fail to deliver the security or cash<br />on the settlement date. In some cases, the Fund may sell a security on a delayed<br />delivery basis that it does not own, which may subject the Fund to additional<br />risks generally associated with short sales. Among other things, the market<br />price of the security may increase after the Fund enters into the delayed<br />delivery transaction, and the Fund will suffer a loss when it purchases the<br />security at a higher price in order to make delivery. In addition, the Fund <br />may not always be able to purchase the security it is obligated to deliver at <br />a particular time or at an acceptable price.<br />  <br />Dollar Roll Transaction Risk<br />  <br />A dollar roll involves potential risks of loss that are different from those<br />related to securities underlying the transactions. The Fund may be required to<br />purchase securities at a higher price than may otherwise be available on the<br />open market. Since the counterparty in the transaction is required to deliver<br /> a similar, but not identical, security to the Fund, the security that the Fund<br />is required to buy under the dollar roll may be worth less than an identical<br />security. There is no assurance that the Fund's use of cash that it receives<br />from a dollar roll will provide a return that exceeds borrowing costs.<br />  <br />Below Investment Grade Securities Risk<br />  <br />Below investment grade fixed income securities, also known as "junk bonds," may<br />be subject to greater risks than other fixed income securities, including<br />greater levels of interest rate risk, credit risk (including a greater risk of<br />default) and liquidity risk. The ability of the issuer to make principal and<br />interest payments is predominantly speculative for below investment grade fixed<br />income securities.<br />  <br />Short-Term Trading Risk<br />  <br />The Fund may buy and sell the same security within a short period of time. The<br />frequency of trading within the Fund impacts portfolio turnover rates. A high<br />rate of portfolio turnover (100% or more) could produce higher trading costs <br />and taxable distributions, which would detract from the Fund's performance.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities tend to be more volatile and less liquid than U.S. securities. <br />Further, foreign securities may be subject to additional risks not associated <br />with investment in U.S. securities due to differences in the economic and <br />political environment, the amount of available public information, the degree <br />of market regulation, and financial reporting, accounting and auditing standards, <br />and, in the case of foreign currency-denominated securities, fluctuations in <br />currency exchange rates. In addition, during periods of social, political or <br />economic instability in a country or region, the value of a foreign security <br />could be affected by, among other things, increasing price volatility,<br />illiquidity or the closure of the primary market on which the security is<br />traded. In addition to foreign securities, the Fund may be exposed to foreign<br />markets as a result of the Fund's investments in U.S. companies that have<br />international exposure.<br />  <br />Derivatives Risk<br />  <br />Derivatives, such as futures or credit default swap contracts, are subject to<br />the risk that small price movements can result in substantial gains or losses.<br />Derivatives also entail exposure to the credit risk of the derivative's<br />counterparty, the risk of mispricing or improper valuation, and the risk that<br />changes in value of the derivative may not correlate perfectly with the relevant<br />securities, assets, rates or indices. The Fund "covers" its exposure to certain<br />derivative contracts by segregating or designating liquid assets on its records<br />sufficient to satisfy current payment obligations, which may expose the Fund to<br />the market through both the underlying assets subject to the contract and the<br />assets used as cover. The use of derivatives may cause the Fund to incur losses<br />greater than those that would have occurred had derivatives not been used. There<br />can be no assurance that the Fund will use derivatives to hedge any particular<br />position or risk, nor can there be any assurance that a derivative hedge, if<br />employed, will be successful.<br /> <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />investment in the Fund by showing the changes in the Fund's performance from<br />year to year over the past ten years and by showing the Fund's average annual<br />total returns for different calendar periods over the life of the Fund compared<br />to those of a broad-based securities market index. When you consider this<br />information, please remember the Fund's performance in past years (before and<br />after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. You can obtain updated performance information on our website,<br />www.munder.com, or by calling (800) 468-6337.<br />  <br />The annual returns in the bar chart are for the Fund's least expensive class <br />of shares, Class Y shares. Due to differing sales charges and expenses, the<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds.  More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional <br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the <br />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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 51% <br />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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions your <br />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<br />normal circumstances, at least 80% of the Fund's assets in equity securities<br />(i.e., common stocks, preferred stocks, convertible securities and rights and<br />warrants) of small-capitalization companies. This investment strategy may not<br />be changed without 60 days' prior notice to shareholders. For purposes of this<br />investment strategy, assets of the Fund means net assets plus the amount of any<br />borrowings for investment purposes. Small-capitalization companies means those<br />companies with market capitalizations within the range of companies included in<br />the Russell 2000® Index ($30 million to $4.5 billion as of September 28, 2012). <br />The Fund may, however, also invest (i) in equity securities of larger companies<br />and (ii) up to 25% of its assets in foreign securities.<br />  <br />When selecting securities to invest in, the sub-advisor seeks out companies that<br />appear to be undervalued according to certain financial measurements of their<br />intrinsic net worth or business prospects. The sub-advisor chooses the Fund's<br />investments by employing a value-oriented approach that focuses on securities<br />that offer value with improving sentiment. The sub-advisor finds these<br />value-oriented investments by, among other things: (i) rigorously analyzing the<br />company's financial characteristics and assessing the quality of the company's<br />management; (ii) considering comparative price-to-book, price-to-sales and<br />price-to-cash flow ratios; and (iii) analyzing cash flows to identify stocks<br />with the most attractive potential returns.<br />  <br />The sub-advisor regularly reviews the Fund's investments and will sell securities <br />when the sub-advisor believes the securities are no longer attractive because <br />(i) of price appreciation, (ii) of a significant change in the fundamental outlook <br />of the company or (iii) other investments available are considered to be more <br />attractive.<br />  <br />From time to time, the Fund may focus its investments in companies in one or<br />more economic sectors. Economic sectors include multiple different industries.<br />The Fund will not invest 25% or more of its assets in any one industry.<br />  <br />From time to time, the advisor may use exchange-traded funds (ETFs) to manage<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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 <br />of 4/1/04, 7/1/05, 7/1/05, 7/1/05, 7/1/05 and 7/1/05, respectively. After-tax<br />returns are calculated using the historical highest individual federal marginal<br />income tax rates and do not reflect the impact of state and local taxes. Actual<br />after-tax returns depend on an investor's tax situation and may differ from<br />those shown. If there is a capital loss at the end of the period, the return<br />after taxes on the distributions and sale of Fund shares may exceed the return<br />before taxes due to the tax benefit of realizing a capital loss upon the sale of<br />Fund shares, which is factored into the result. After-tax returns shown are not<br />relevant to investors who hold their Fund shares through tax-deferred arrangements <br />such as 401(k) plans or individual retirement accounts. After-tax returns are shown <br />only for the Class A shares. The after-tax returns of the Class B, C, K, R, R6 and <br />Y shares will vary from those shown for the Class A shares because, as noted above, <br />each class of shares has different sales charges, distribution fees and/or service <br />fees, and expenses. No performance information is provided for Class R6 shares as <br />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%                         <br />Best Quarter:    23.78% (quarter ended 6/30/09) <br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />sub-advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the small-capitalization value<br />sector of the U.S. stock market.<br /> <br />Value Investing Risk<br />  <br />Value investing attempts to identify strong companies selling at a discount from<br />their perceived true worth. Advisors using this approach generally select stocks<br />at prices that are, in their view, temporarily low relative to the company's<br />earnings, assets, cash flow and dividends. Value investing is subject to the<br />risk that a stock's intrinsic value may never be fully recognized or realized by<br />the market, or its price may go down. In addition, there is the risk that a<br />stock judged to be undervalued may actually be appropriately priced.<br />  <br />Small Company Stock Risk<br />  <br />Small companies often have more limited managerial and financial resources than<br />larger, more established companies and, therefore, may be more susceptible to<br />market downturns or changing economic conditions. Prices of small companies<br />tend to be more volatile than those of larger companies and small issuers may <br />be subject to greater degrees of changes in their earnings and prospects. Since<br />small company stocks typically have narrower markets and are traded in lower<br />volumes than larger company stocks, they are often more difficult to sell.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities tend to be more volatile and less liquid than U.S. securities. <br />Further, foreign securities may be subject to additional risks not associated <br />with investment in U.S. securities due to differences in the economic and <br />political environment, the amount of available public information, the degree <br />of market regulation, and financial reporting, accounting and auditing standards, <br />and, in the case of foreign currency-denominated securities, fluctuations in <br />currency exchange rates. In addition, during periods of social, political or <br />economic instability in a country or region, the value of a foreign security <br />could be affected by, among other things, increasing price volatility, illiquidity <br />or the closure of the primary market on which the security is traded. In addition <br />to foreign securities, the Fund may be exposed to foreign markets as a result of <br />the Fund's investments in U.S. companies that have international exposure.<br />  <br />Sector/Industry Focus Risk<br />  <br />The Fund may invest a substantial portion of its assets within one or more<br />economic sectors or industries, but will not invest 25% or more of its assets in<br />any one industry. To the extent the Fund focuses in one or more sectors, market<br />or economic factors impacting those sectors could have a significant effect on<br />the value of the Fund's investments. Additionally, the Fund's performance may be<br />more volatile when the Fund's investments are focused in a particular sector or<br />industry. Since benchmark sector weights influence the Fund's sector exposure,<br />the Fund may tend to be more heavily weighted in companies in the financials <br />sector, particularly those within the real estate investment trust (REIT) <br />industry. The values of companies in the financials sector are particularly <br />vulnerable to economic downturns and changes in government regulation and <br />interest rates. Investing in REITs involves many of the risks of investing <br />directly in real estate such as declining real estate values, changing <br />economic conditions and increasing interest rates. Investments in securities <br />of REITs entails additional risks because REITs depend on specialized management <br />skills, may invest in a limited number of properties and may concentrate in a <br />particular region or property type.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />investment in the Fund by showing the changes in the Fund's performance <br />from year to year and by showing the Fund's average annual total returns <br />for different calendar periods over the life of the Fund compared to those <br />of a broad-based securities market index. When you consider this information, <br />please remember the Fund's performance in past years (before and after taxes) <br />is not necessarily an indication of how the Fund will perform in the future. <br />You can obtain updated performance information on our website, www.munder.com, <br />or by calling (800) 468-6337.<br />  <br />On May 13, 2011, the Fund acquired the assets and liabilities of the Veracity<br />Small Cap Value Fund ("Veracity Fund") ("Reorganization"). The Veracity Fund <br />was the accounting survivor of the Reorganization and the Veracity Fund's<br />performance and financial history have been adopted by the Fund. As a result,<br />the performance information and financial history in this Prospectus for the<br />periods prior to May 14, 2011 are that of the Veracity Fund. The Veracity Fund<br />offered Class R and Class I shares, which were similar to the Fund's Class A and<br />Class Y shares, respectively. Therefore, the total returns for Class A shares,<br />the class of shares with the longest performance history, in the bar chart below<br />for the periods prior to May 14, 2011 are those of the Veracity Fund's Class R<br />shares, which have not been restated to reflect any difference in expenses and<br />do not reflect the impact of sales charges (loads). If they did, the returns<br />would be lower than those shown. Due to differing sales charges and expenses,<br />the performance of classes not shown in the bar chart will be different.<br />  <br />The performance for Class A shares in the table below for the periods prior <br />to May 14, 2011 is the performance and inception date of the Veracity Fund's<br />Class R shares. The performance for Class Y shares in the table below for the<br />periods prior to May 14, 2011 is the performance and inception date of the<br />Veracity Fund's Class I shares. The performance for Class B, Class C, Class K<br />and Class R shares in the table below for the periods prior to May 14, 2011 is<br />the performance and inception date of the Veracity Fund's Class I shares adjusted <br />for differences in the applicable sales loads and Rule 12b-1 fees of each <br />respective class.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available from<br />your financial professional and in the section entitled "Applicable Sales Charges" <br />on page 10 of the Fund's Prospectus and the section entitled "Additional Purchase, <br />Redemption, Exchange and Conversion Information" on page 58 of the Statement of <br />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:
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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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 48% <br />of the average value of its portfolio.</tt>
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<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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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,<br />under normal circumstances, at least 80% of the Fund's assets in equity<br />securities (i.e., common stocks, preferred stocks, convertible securities and<br />rights and warrants) of mid-capitalization companies. This investment strategy<br />may not be changed without 60 days' prior notice to shareholders. For purposes<br />of this investment strategy, assets of the Fund means net assets plus the amount<br />of any borrowings for investment purposes.  Mid-capitalization companies means<br />those companies with market capitalizations within the range of companies<br />included in the S&P MidCap 400® Index ($237 million to $14.7 billion as of<br />September 28, 2012) or within the range of companies included in the Russell<br />Midcap® Index ($251 million to $22.1 billion as of September 28, 2012).<br />  <br />The Fund's investment style, which focuses on both growth prospects and valuation, <br />is known as GARP (Growth at a Reasonable Price). This blended process seeks to <br />perform better than either a pure growth or pure value approach over a complete <br />market cycle.<br />  <br />The advisor chooses the Fund's investments by reviewing the earnings growth of<br />all publicly traded mid-capitalization companies over the past three years and<br />selecting from those companies primarily based on: above-average, consistent<br />earnings growth; financial stability; relative valuation; strength of industry<br />position and management team; and price changes compared to the Russell<br />Midcap® Index.<br />  <br />Although the Fund will primarily be invested in domestic securities, up to 25%<br />of the Fund's assets may be invested in foreign securities. From time to time,<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />Class II shares and reflect the fees and expenses of the Class II shares prior<br />to that date. The index returns from inception for Class Y, A, B, C, K and R<br />shares are as of 7/1/98, 7/1/00, 7/1/00, 7/1/00, 1/1/03 and 8/1/04,<br />respectively. After-tax returns are calculated using the historical highest<br />individual federal marginal income tax rates and do not reflect the impact of<br />state and local taxes. Actual after-tax returns depend on an investor's tax<br />situation and may differ from those shown. If there is a capital loss at the <br />end of the period, the return after taxes on the distributions and sale of Fund<br />shares may exceed the return before taxes due to the tax benefit of realizing a<br />capital loss upon the sale of Fund shares, which is factored into the result.<br />After-tax returns shown are not relevant to investors who hold their Fund shares<br />through tax-deferred arrangements such as 401(k) plans or individual retirement<br />accounts. After-tax returns are shown only for the Class Y shares. The after-tax<br />returns of the Class A, B, C, K, R and R6 shares will vary from those shown for<br />the Class Y shares because, as noted above, each class of shares has different<br />sales charges, distribution fees and/or service fees, and expenses. No performance <br />information is provided for Class R6 shares as that class had not commenced <br />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%                           <br />Best Quarter:      16.48% (quarter ended 9/30/09)   <br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br />  <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the mid-capitalization sector<br />of the U.S. stock market.<br />  <br />Growth Investing Risk<br />  <br />The prices of growth stocks may be more sensitive to changes in current or<br />expected earnings than the prices of other stocks. The prices of growth stocks<br />also may fall or fail to appreciate as anticipated by the advisor, regardless of<br />movements in the securities markets.<br />  <br />Smaller Company Stock Risk<br />  <br />Smaller or medium-sized companies often have more limited managerial and<br />financial resources than larger, more established companies and, therefore, may<br />be more susceptible to market downturns or changing economic conditions. Prices<br />of small or medium-sized companies tend to be more volatile than those of larger<br />companies and small or medium-sized issuers may be subject to greater degrees of<br />changes in their earnings and prospects. Since smaller company stocks typically<br />have narrower markets and are traded in lower volumes than larger company<br />stocks, they are often more difficult to sell.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities tend to be more volatile and less liquid than U.S.<br />securities. Further, foreign securities may be subject to additional risks not<br />associated with investment in U.S. securities due to differences in the economic<br />and political environment, the amount of available public information, the<br />degree of market regulation, and financial reporting, accounting and auditing<br />standards, and, in the case of foreign currency-denominated securities,<br />fluctuations in currency exchange rates. In addition, during periods of social,<br />political or economic instability in a country or region, the value of a foreign<br />security could be affected by, among other things, increasing price volatility,<br />illiquidity or the closure of the primary market on which the security is<br />traded. In addition to foreign securities, the Fund may be exposed to foreign<br />markets as a result of the Fund's investments in U.S. companies that have<br />international exposure.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />underlying portfolio of securities.<br />  <br />Derivatives Risk<br />  <br />Derivatives, such as futures contracts, are subject to the risk that small price<br />movements can result in substantial gains or losses. Derivatives also entail<br />exposure to the credit risk of the derivative's counterparty, the risk of<br />mispricing or improper valuation, and the risk that changes in value of the<br />derivative may not correlate perfectly with the relevant securities, assets,<br />rates or indices. The Fund "covers" its exposure to certain derivative contracts<br />by segregating or designating liquid assets on its records sufficient to satisfy<br />current payment obligations, which may expose the Fund to the market through both <br />the underlying assets subject to the contract and the assets used as cover. The <br />use of derivatives may cause the Fund to incur losses greater than those that <br />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<br />investment in the Fund by showing the changes in the Fund's performance from<br />year to year over the past ten years and by showing the Fund's average annual<br />total returns for different calendar periods over the life of the Fund compared<br />to those of two broad-based securities market indices. When you consider this<br />information, please remember the Fund's performance in past years (before and<br />after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. You can obtain updated performance information on our website,<br />www.munder.com, or by calling (800) 468-6337.<br />  <br />The annual returns in the bar chart are for the Fund's least expensive class <br />of shares, Class Y shares. Due to differing sales charges and expenses, the<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds. More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 10 of the Fund's Prospectus and the section entitled "Additional <br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the <br />Statement of Additional Information.</tt>
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You would pay the following expenses if you did not redeem your shares:
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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.
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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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 56% <br />of the average value of its portfolio.</tt>
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<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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />normal circumstances, at least 80% of the Fund's assets in equity securities<br />(i.e., common stocks, preferred stocks, convertible securities and rights and<br />warrants) of micro-capitalization companies. This investment strategy may not <br />be changed without 60 days' prior notice to shareholders. For purposes of this<br />investment strategy, assets of the Fund means net assets plus the amount of any<br />borrowings for investment purposes. Micro-capitalization companies means those<br />companies with market capitalizations lower than the largest company in the<br />bottom 75% (based on index weightings) of the Russell 2000® Index (consisting <br />of companies with market capitalizations below $1.8 billion as of September 28,<br />2012). The Fund may, however, also invest in equity securities of larger<br />companies.<br /> <br />The Fund focuses on undiscovered, small-sized companies in its attempt to<br />provide investors with potentially higher returns than a fund that invests<br />primarily in larger, more established companies. Since micro-capitalization<br />companies are generally not as well known to investors and have less of an<br />investor following than larger companies, they may provide higher returns due <br />to inefficiencies in the marketplace.<br /> <br />The sub-advisor seeks to invest in companies that have strong potential for<br />consistent earnings growth due to:<br />  <br />  o a high level of profitability;<br /> <br />  o solid management;<br /> <br />  o a strong, competitive market position; or<br /> <br />  o management interests that are aligned with shareholder interests.<br /> <br />Although the Fund will primarily be invested in domestic securities, up to 25%<br />of the Fund's assets may be invested in foreign securities.<br /> <br />From time to time, the Fund may focus its investments in companies in one or<br />more economic sectors. Economic sectors include multiple different industries.<br />The Fund will not invest 25% or more of its assets in any one industry.<br />  <br />From time to time, the sub-advisor may use exchange-traded funds (ETFs) to<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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 <br />of 1/1/97, 1/1/97, 3/1/97, 4/1/97, 1/1/97 and 8/1/04, respectively. After-tax<br />returns are calculated using the historical highest individual federal marginal<br />income tax rates and do not reflect the impact of state and local taxes. Actual<br />after-tax returns depend on an investor's tax situation and may differ from<br />those shown. If there is a capital loss at the end of the period, the return<br />after taxes on the distributions and sale of Fund shares may exceed the return<br />before taxes due to the tax benefit of realizing a capital loss upon the sale <br />of Fund shares, which is factored into the result. After-tax returns shown are <br />not relevant to investors who hold their Fund shares through tax-deferred <br />arrangements such as 401(k) plans or individual retirement accounts. After <br />tax-returns are shown only for the Class Y shares. The after-tax returns of <br />the Class A, B, C, K and R shares will vary from those shown for the Class Y <br />shares because, as noted above, each class of shares has different sales<br />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%                           <br />Best Quarter:    29.30% (quarter ended 6/30/09)   <br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br /> <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br />  <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />sub-advisor's investment strategy seeks to control risk by adhering to <br />portfolio constraints relative to the Fund's benchmark. As a result, the <br />Fund may be particularly susceptible to a general decline in the <br />micro-capitalization sector of the U.S. stock market.<br />  <br />Growth Investing Risk<br />  <br />The prices of growth stocks may be more sensitive to changes in current or<br />expected earnings than the prices of other stocks. The prices of growth stocks<br />also may fall or fail to appreciate as anticipated by the sub-advisor,<br />regardless of movements in the securities markets.<br />  <br />Value Investing Risk<br />  <br />Value investing attempts to identify strong companies selling at a discount from<br />their perceived true worth. Advisors using this approach generally select stocks<br />at prices, in their view, that are temporarily low relative to the company's<br />earnings, assets, cash flow and dividends. Value investing is subject to the<br />risk that a stock's intrinsic value may never be fully recognized or realized <br />by the market, or its price may go down. In addition, there is the risk that a<br />stock judged to be undervalued may actually be appropriately priced.<br />  <br />Micro-Cap Stock Risk<br />  <br />Small companies often have more limited managerial and financial resources than<br />larger, more established companies and, therefore, may be more susceptible to<br />market downturns or changing economic conditions.  Prices of small companies<br />tend to be more volatile than those of larger companies and small issuers may <br />be subject to greater degrees of changes in their earnings and prospects. Since<br />small company stocks typically have narrower markets and are traded in lower<br />volumes than larger company stocks, they are often more difficult to sell.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities tend to be more volatile and less liquid than U.S.<br />securities.  Further, foreign securities may be subject to additional risks not<br />associated with investment in U.S. securities due to differences in the economic<br />and political environment, the amount of available public information, the<br />degree of market regulation, and financial reporting, accounting and auditing<br />standards, and, in the case of foreign currency-denominated securities,<br />fluctuations in currency exchange rates. In addition, during periods of social,<br />political or economic instability in a country or region, the value of a foreign<br />security could be affected by, among other things, increasing price volatility,<br />illiquidity or the closure of the primary market on which the security is<br />traded. In addition to foreign securities, the Fund may be exposed to foreign<br />markets as a result of the Fund's investments in U.S. companies that have<br />international exposure.<br />  <br />Sector Focus Risk<br />  <br />The Fund may invest a substantial portion of its assets within one or more<br />economic sectors. To the extent the Fund focuses in one or more sectors, market<br />or economic factors impacting those sectors could have a significant effect on<br />the value of the Fund's investments. Additionally, the Fund's performance may be<br />more volatile when the Fund's investments are focused in a particular sector.<br />Since benchmark sector weights influence the Fund's sector exposure, the Fund <br />may tend to be more heavily weighted in companies in the financials sector. <br />The values of companies in the financials sector are particularly vulnerable <br />to economic downturns and changes in government regulation and interest rates.<br />  <br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />investment in the Fund by showing the changes in the Fund's performance from<br />year to year over the past ten years and by showing the Fund's average annual<br />total returns for different calendar periods over the life of the Fund compared<br />to those of a broad-based securities market index. When you consider this<br />information, please remember the Fund's performance in past years (before and<br />after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. You can obtain updated performance information on our website,<br />www.munder.com, or by calling (800) 468-6337.<br />  <br />The annual returns in the bar chart are for the Fund's least expensive class of<br />shares, Class Y shares. Due to differing sales charges and expenses, the<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds.  More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable <br />Sales Charges" on page 10 of the Fund's Prospectus and the section entitled<br />"Additional Purchase, Redemption, Exchange and Conversion Information" on<br />page 58 of the Statement of Additional Information.</tt>
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You would pay the following expenses if you did not redeem your shares:
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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.
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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<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.  <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 120% <br />of the average value of its portfolio.</tt>
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<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<br />the cost of investing in other mutual funds. The example assumes that you invest<br />$10,000 in the Fund for the time periods indicated and then redeem all of your<br />shares at the end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses remain the same. <br />Although your actual costs may be higher or lower, based on these assumptions <br />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,<br />under normal circumstances, at least 80% of the Fund's assets in equity securities <br />(i.e., common stocks, preferred stocks, convertible securities and rights and <br />warrants) of large-capitalization companies. This investment strategy may not <br />be changed without 60 days' prior notice to shareholders. For purposes of this <br />investment strategy, assets of the Fund means net assets plus the amount of <br />any borrowings for investment purposes.  Large-capitalization companies means<br />those companies with market capitalizations within the range of companies<br />included in the Russell 1000® Index ($251 million to $625.3 billion as of<br />September 28, 2012).  The Fund may, however, also invest in equity securities <br />of smaller companies.<br />  <br />The sub-advisor seeks to invest in companies whose equity securities are trading<br />at an attractive valuation relative to the marketplace, their peers and historical <br />levels and possess a catalyst for favorable or improved security values. In <br />addition to valuation, the sub-advisor may also consider one or more of the <br />following factors in choosing companies:<br />  <br />  o financial strength, strong fundamentals and low price-to-earnings<br />    ratios;<br /> <br />  o improving earnings estimates and stock price trends;<br /> <br />  o quality of management, profitability and industry leadership<br />    position;<br /> <br />  o current dividend; and/or<br /> <br />  o unrecognized assets.<br /> <br />Although the Fund will primarily be invested in domestic securities, up to 25%<br />of the Fund's assets may be invested in foreign securities.<br />  <br />From time to time, the Fund may focus its investments in companies in one or<br />more economic sectors. Economic sectors include multiple different industries.<br />The Fund will not invest 25% or more of its assets in any one industry.<br /> <br />From time to time, the sub-advisor will use exchange-traded funds (ETFs) to<br />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<br />other distributions because sales charges (loads) are not imposed by the Fund on<br />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<br />7/1/94, 8/1/94, 8/1/94, 12/1/95, 7/1/94 and 11/1/06, respectively. After-tax<br />returns are calculated using the historical highest individual federal marginal<br />income tax rates and do not reflect the impact of state and local taxes. Actual<br />after-tax returns depend on an investor's tax situation and may differ from<br />those shown. If there is a capital loss at the end of the period, the return<br />after taxes on the distributions and sale of Fund shares may exceed the return<br />before taxes due to the tax benefit of realizing a capital loss upon the sale of<br />Fund shares, which is factored into the result. After-tax returns shown are not<br />relevant to investors who hold their Fund shares through tax-deferred<br />arrangements such as 401(k) plans or individual retirement accounts. After<br />tax-returns are shown only for the Class Y shares. The after-tax returns of the<br />Class A, B, C, K and R shares will vary from those shown for the Class Y shares<br />because, as noted above, each class of shares has different sales charges,<br />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%                             <br />Best Quarter:   16.79%   (quarter ended 6/30/03)   <br />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<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance<br />Corporation or any other government agency. The principal risks associated with<br />investment in the Fund are as follows:<br /> <br />Stock Market Risk<br />  <br />The value of the equity securities in which the Fund invests may decline in<br />response to developments affecting individual companies and/or general economic<br />conditions. Price changes may be temporary or last for extended periods. For<br />example, stock prices have historically fluctuated in periodic cycles.<br /> <br />Stock Selection Risk<br />  <br />In addition to, or in spite of, the impact of movements in the overall stock<br />market, the value of the Fund's investments may decline if the particular<br />companies in which the Fund invests do not perform well in the market. The<br />sub-advisor's investment strategy seeks to control risk by adhering to portfolio<br />constraints relative to the Fund's benchmark. As a result, the Fund may be<br />particularly susceptible to a general decline in the large-capitalization value<br />sector of the U.S. stock market.<br /> <br />Value Investing Risk<br />  <br />Value investing attempts to identify strong companies selling at a discount from<br />their perceived true worth. Advisors using this approach generally select stocks<br />at prices that, in their view, are temporarily low relative to the company's<br />earnings, assets, cash flow and dividends. Value investing is subject to the<br />risk that a stock's intrinsic value may never be fully recognized or realized <br />by the market, or its price may go down. In addition, there is the risk that a<br />stock judged to be undervalued may actually be appropriately priced.<br />  <br />Foreign Securities Risk<br />  <br />Foreign securities tend to be more volatile and less liquid than U.S. securities. <br />Further, foreign securities may be subject to additional risks not associated <br />with investment in U.S. securities due to differences in the economic and <br />political environment, the amount of available public information, the degree <br />of market regulation, and financial reporting, accounting and auditing standards, <br />and, in the case of foreign currency-denominated securities, fluctuations in <br />currency exchange rates. In addition, during periods of social, political or <br />economic instability in a country or region, the value of a foreign security <br />could be affected by, among other things, increasing price volatility,<br />illiquidity or the closure of the primary market on which the security is<br />traded. In addition to foreign securities, the Fund may be exposed to foreign<br />markets as a result of the Fund's investments in U.S. companies that have<br />international exposure.<br />  <br />Sector Focus Risk<br />  <br />The Fund may invest a substantial portion of its assets within one or more<br />economic sectors. To the extent the Fund focuses in one or more sectors, market<br />or economic factors impacting those sectors could have a significant effect on<br />the value of the Fund's investments. Additionally, the Fund's performance may<br />be more volatile when the Fund's investments are focused in a particular<br />sector. Since benchmark sector weights influence the Fund's sector exposure,<br />the Fund may tend to be more heavily weighted in companies in the financials<br />sector. The values of companies in the financials sector are particularly<br />vulnerable to economic downturns and changes in government regulation and<br />interest rates.<br /><br />ETF Risk<br />  <br />ETFs are investment companies that are bought and sold on a securities exchange.<br />The risks of owning an ETF are generally comparable to the risks of owning the<br />underlying securities held by the ETF. However, when the Fund invests in an ETF,<br />it will bear additional expenses based on its pro rata share of the ETF's<br />operating expenses. In addition, because of these expenses, compared to owning<br />the underlying securities directly, it may be more costly to own an ETF. Lack of<br />liquidity in an ETF could result in an ETF being more volatile than the<br />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<br />investment in the Fund by showing the changes in the Fund's performance from<br />year to year over the past ten years and by showing the Fund's average annual<br />total returns for different calendar periods over the life of the Fund compared<br />to those of a broad-based securities market index. When you consider this<br />information, please remember the Fund's performance in past years (before and<br />after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. You can obtain updated performance information on our website,<br />www.munder.com, or by calling (800) 468-6337.<br /> <br />The annual returns in the bar chart are for the Fund's least expensive class of<br />shares, Class Y shares. Due to differing sales charges and expenses, the<br />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<br />hold shares of the Fund. You may qualify for sales charge discounts if you and<br />your family invest, or agree to invest in the future, at least $25,000 in the<br />Munder Funds.  More information about these and other discounts is available<br />from your financial professional and in the section entitled "Applicable Sales<br />Charges" on page 9 of the Fund's Prospectus and the section entitled "Additional<br />Purchase, Redemption, Exchange and Conversion Information" on page 58 of the<br />Statement of Additional Information.</tt>
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You would pay the following expenses if you did not redeem your shares:
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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.
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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
0.0101
-0.3146
0.0075
2013-10-31
2008-12-31
2085
0.1378
-0.0214
0.0807
520
932
YTD through
-0.0177
0.3122
0.0000
0.0332
0.0130
0.0181
0.1817
0.0674
1994-07-05
0.1464
0.0005
0.00
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iso4217:USD
The sales charge declines as the amount invested increases.
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.