Munder Capital

Mutual Funds | Investment Professionals | Retirement Services |



Seeks long-term capital appreciation by investing in companies positioned to benefit from the growth of the Internet.

	A	B	C	R
Ticker	MNNAX	MNNBX	MNNCX	MNNRX
CUSIP	626124648	626124317	626124234	626127401
WSJ Symbol	InternetA	N/A	N/A	N/A
Fund Code	226	326	426	826
Inception Date	08/19/96	06/01/98	11/03/98	07/29/04
Minimum Initial/ IRA** Investment:	No minimums have been set for this fund
includes 403(b)s, UGMA, UTMA Learn more**

	As of 09/05/08	A	B	C	R
	NAV	19.24	17.82	17.83	19.03
	Chg. $	-0.01	-0.01	-0.01	-0.02
	Chg. %	-0.05	-0.06	-0.06	-0.10
	POP	20.36	17.82	17.83	19.03
	YTD % @ NAV	-20.20	-20.62	-20.65	-20.38
	52 Wk High Date	26.70 10/31/07	24.89 10/31/07	24.90 10/31/07	26.47 10/31/07
	52 Wk Low Date	19.07 03/17/08	17.73 03/17/08	17.74 03/17/08	18.89 03/17/08
Download Historical NAV/POP

Portfolio Data as of 07/31/2008
Total Net Assets*	$365,206,452
Number of Holdings	73
Weighted Average Market Cap	$36,061MM
P/E Ratio - Last 12 Mos	29.3x
Earnings Growth - Last 5 Yrs	29.8%
Earnings Growth - Last 12 Mos.	33.3%
Beta	0.99
Turnover - as of 6/30/2008	96.1%

Asset Allocation as of 07/31/2008
Cash & Equivalents	0.7 %
Equity	99.3 %
Total	100.0 %


Monthly \| Quarterly		Load \| without Load \| Risks

		A	B	C
Cumulative Total Returns (%) as of 08/31/08
	1 month	-4.25	-3.76	0.24
	3 month	-17.97	-17.67	-14.24
	YTD	-20.54	-20.53	-17.21

Average Annual Total Returns (%) as of 08/31/08
	1 year	-16.24	-16.40	-12.91
	3 year	1.28	1.46	2.42
	5 year	3.50	3.54	3.90
	10 year	2.57	2.37	N/A
	Since Inception	7.28	1.15	0.09
	Inception Date	08/19/96	06/01/98	11/03/98

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost.

As identified in the current Fund prospectus, the Class A, B, C and R shares gross expense ratios for the fiscal year ended June 30, 2007 were 2.35%, 3.10%, 3.10% and 2.57%, respectively. The Fund publishes Semi-Annual and Annual Reports each February and August, which contain updated expense ratio information. The Advisor limited certain expenses of the Munder Internet Fund during the 1996 & 1998 calendar year(s). The Advisor also made a voluntary capital contribution to all classes of the Fund in the 2005 calendar year. In addition, the Fund's Transfer Agent limited certain expenses of Class A, B and C shares of the Fund during the 2002-2004 calendar years and Class R shares during 2004 calendar year. Total returns would have been lower if the Advisor and Transfer Agent had not limited expenses and had the Advisor not made a capital contribution during those periods.

Class A Shares have a maximum sales charge of 5.5% on Equity Funds, including International Funds, 4% on Income Funds, and 2.5% on the Index 500 Fund.
Class B Shares of all Funds except the Index 500 Fund have a Contingent Deferred Sales Charge (CDSC) on redemptions made within six years of purchase as follows: Year 1 = 5.0%, Year 2 = 4.0%, Year 3 = 3.0%, Year 4 = 3.0%, Year 5 = 2.0%, Year 6 = 1.0%. The Index 500 Fund has a CDSC on redemption made within six years of purchase as follows: Year 1 = 3.0%, Year 2 = 2.50%, Year 3 = 2.0%, Year 4 = 1.5%, Year 5 = 1.0%, Year 6 = 0.5%.
Class C Shares have a 1.0% Contingent Deferred Sales Charge (CDSC) on redemptions made within one year of purchase.

Class R Shares are not subject to sales charges. This class of shares is only available for purchase by limited types of investors as outlined in the Fund's prospectus. Different sales charges affect performance.

Top Holdings as of 07/31/2008

Symbol	Company Name

AMZN	Amazon.com, Inc.
AAPL	Apple, Inc.
BIDU	Baidu.com, Inc. (ADR)
CSCO	Cisco Systems, Inc.
DRIV	Digital River, Inc.
EBAY	eBay, Inc.
GOOG	Google, Inc.
MSFT	Microsoft Corp.
PCLN	priceline.com, Inc.
YHOO	Yahoo!, Inc.

Total Percentage of Top Holdings: 34.7

Link to All Holdings as of 7/31/2008 Historical All Holdings


Equities Bought as of 07/31/08
Symbol	Company Name	% of Holding
EGOV	NIC, Inc.	0.1
JAVA	Sun Microsystems, Inc.	0.8
VSH	Vishay Intertechnology, Inc.	0.5

Equities Sold as of 07/31/08
Symbol	Company Name
CNET	CNET Networks, Inc.
FMCN	Focus Media Holding, Ltd.
SRVY	Greenfield Online, Inc.
INTC	Intel Corp.

Industry Diversification as of 07/31/2008	% of Holding
Internet Software & Services	43.0
Software	15.5
Internet & Catalog Retail	14.4
Communications Equipment	11.9
Computers & Peripherals	6.2
Semiconductors & Semiconductor Equipment	2.2
Commercial Services & Supplies	2.1
Hotels, Restaurants & Leisure	1.8
Other	2.2
Cash & Equivalents	0.7
Total	100.0

Quarterly Commentary as of 06/30/08
The Fund delivered a positive return in what proved to be a volatile second quarter, although it lagged its Morgan Stanley Internet benchmark. In terms of absolute performance, the Fund benefited from a position in CNET Networks, Inc. (2.5% of the Fund). The company, which was acquired by CBS Corp., posted a return of 62% for the quarter. (CBS Corp. is not owned in the Fund.) The Fund also benefited from holdings in Sohu.com, Inc. (1.6%) and Akamai Technologies, Inc. (3.4%). These stocks gained...more

Munder Capital employs a team approach to the management of each of its equity disciplines. Each team, drawing on internal and external resources, is responsible for the primary research used in its decision-making process. Interaction among teams results in the leveraging of research efforts across the organization.

An investor should consider the Fund's investment objectives, risks, and charges and expenses carefully before sending money. This and other important information about the investment company can be found in the Fund's prospectus. To obtain a prospectus, please click here. Please read the prospectus carefully before investing.

RISKS

The Fund concentrates its investments in technology and Internet-related securities, which tend to be relatively volatile. It is therefore subject to higher market risk and price volatility than funds with more broadly diversified investments. The Fund may invest in smaller and medium-sized company stocks, which are more volatile and less liquid than larger, more established company securities. This Fund may invest up to 25% of its assets in foreign securities, which involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. Performance and after-tax returns can be significantly impacted by the Fund's investments in Initial Public Offerings (IPOs), which may involve short-term trading. We cannot ensure that the Fund will obtain IPOs.

The portfolio holding information provided should not be considered as a recommendation to purchase or sell a particular security. There is no assurance that the securities mentioned remain in the Fund's portfolio or that securities sold have not been repurchased.

For all of the Equity Funds and the Asset Allocation Fund - Balanced a short term trading fee of 2% may be assessed on redemptions within 30 days of purchase. The impact of this fee is reflected in the YTD (load) returns in January and the one-month (load) return in each month with 30 days or fewer.

The purchase and sale information provided should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that the securities purchased remain in the Fund's portfolio or that securities sold have not been repurchased. Additionally, the securities purchased may not represent the Fund's entire portfolio and in the aggregate may represent a small percentage of the Fund's portfolio. The percentage data following the name of each security purchased indicates the percentage of total portfolio holdings this issue represents as of the date indicated.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Asset Allocation, Top Ten Holdings and Industry Diversification represent the breakdown of investments and are not based on net assets. Portfolio holdings will change and should not be considered purchase recommendations. Top holdings do not reflect cash, money market instruments or options/futures contracts holdings.

Fund shares are not guaranteed or insured by any bank, the FDIC or any government agency, and may lose value.

The percentages shown are rounded to the nearest tenth of one percent.

N/A - Fund class was not in operation for that time period.

^Open to limited investors only.

Munder Funds distributed by Funds Distributor, LLC.

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