Eight of the ten S&P 500 sectors posted a positive return for the quarter ended March 31, 2010. Three sectors, including industrials, financials and consumer discretionary, posted double-digit returns. The industrials and consumer discretionary sectors are considered cyclical sectors that are sensitive to the pace of economic growth. Their strong performance reflected growing optimism regarding the economic recovery. The two weakest sectors were telecommunications services and utilities, both of which posted a negative return for the quarter.

For 2009 as a whole, the S&P 500® Index had a double-digit positive return, with all ten sectors posting a positive return and eight sectors posting a double-digit positive return. The information technology, materials, consumer discretionary, industrials and health care sectors were among the performance leaders.

The S&P 500® Index posted a positive double digit return double-for the three months ended September 30, 2009, with all 10 sectors of the S&P 500® Index generating positive performance. A number of sectors produced double-digit returns, with the financials, industrials, materials, consumer discretionary and information technology sectors showing the greatest strength. These are all sectors whose performance tends to be sensitive to the expected pace of economic growth. The growing perception that the recession had ended and the recovery phase of the economic cycle had begun therefore had a positive impact on the stocks in these sectors. The weakest sectors, although still posting positive returns, were telecommunication services and utilities.

 Past performance does not guarantee future results. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing.  The prospectus and summary prospectus contain this and other important information about the Fund. To obtain a prospectus and summary prospectus, click here. Read the prospectus and summary prospectuses carefully before investing.

RISKS: Equity securities (stocks) are more volatile and carry more risk, but generally provide greater return potential, than investments in certain other securities, like high-grade fixed income securities. Large-cap stocks generally have less volatility than smaller-cap and certain specialty securities, such as technology investments. Because the Fund’s goal is to invest in securities included in an index without regard to market trends, it may be particularly susceptible to a general decline in the market represented by that index.

Fund holdings mentioned in the Quarterly Commentary are as of 5.31.10 and the percentages shown are based on net assets as of that date. Fund holdings are subject to change and should not be considered purchase recommendations. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased. The S&P 500® Index is a widely recognized capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market. You cannot invest directly in an index, securities in the Fund may not match those in the index, and performance of the Fund will differ. Although reinvestment of dividend and interest payments is assumed, no expenses are netted against an index’s returns.

Munder Funds are distributed by Funds Distributor, LLC 07/10