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800.4MUNDER
Seeks long-term capital appreciation by investing primarily in a diversified portfolio of foreign companies.  
Class A B^ C
Ticker MUIAX MUIEX MUICX
CUSIP 626129738 626129720 626129316
Fund Code 207 307 407
Inception Date 11/30/92 03/09/94 09/29/95
Minimum Initial/ IRA** Investment: $2,500/500; $50 subsequent/automatic
**includes 403(b)s, UGMA, UTMA Learn more
^Open to limited investors only

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MORE FUND INFORMATION
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International Equity
Daily NAV's as of 11/20/08
Class A Class B^ Class C
NAV 8.58 8.20 8.30
Chg. $ -0.48 -0.46 -0.47
Chg. % -5.30 -5.31 -5.36
POP 9.08 8.20 8.30
YTD Return % -52.71 -53.04 -53.03
52 Wk High
Date		 20.42
12/10/07		 19.65
12/10/07		 19.87
12/10/07
52 Wk Low
Date		 8.58
11/20/08		 8.20
11/20/08		 8.30
11/20/08
Download Historical NAV/POP

     
International Equity Fund Total Returns (%) as of 10/31/08    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year 3 year 5 year 10 year SI Inception Date
A With load -25.11 -37.08 -45.00 -49.43 -6.91 1.90 1.38 4.13 11/30/92
A Without load -20.72 -33.41 -41.80 -46.49 -5.14 3.06 1.96 4.50 11/30/92
B^ With load -24.75 -36.59 -44.83 -49.35 -6.63 1.96 1.34 2.73 03/09/94
B^ Without load -20.78 -33.51 -42.16 -46.89 -5.84 2.30 1.34 2.73 03/09/94
C With load -21.57 -34.17 -42.70 -47.39 -5.86 2.29 1.19 2.29 09/29/95
C Without load -20.78 -33.55 -42.16 -46.90 -5.86 2.29 1.19 2.29 09/29/95
 

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 and C shares gross expense ratios for the fiscal year ended June 30, 2008 were 1.40%, 2.15% and 2.15%, 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 International Equity Fund during the 1992-1996 calendar year(s). Total returns and yields would have been lower if the Advisor had not limited expenses 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. Different sales charges affect performance.
     
International Equity Fund Total Returns (%) as of 09/30/08    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year 3 year 5 year 10 year SI Inception Date
A With load -19.28 -23.22 -30.62 -34.09 -0.49 7.92 4.85 5.69 11/30/92
A Without load -12.85 -18.75 -26.59 -30.25 1.41 9.15 5.44 6.07 11/30/92
B^ With load -18.58 -22.60 -30.36 -33.97 -0.19 8.05 4.80 4.40 03/09/94
B^ Without load -12.88 -18.84 -26.98 -30.76 0.65 8.34 4.80 4.40 03/09/94
C With load -15.46 -19.66 -27.67 -31.42 0.64 8.34 4.64 4.16 09/29/95
C Without load -12.93 -18.91 -27.00 -30.77 0.64 8.34 4.64 4.16 09/29/95
 

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 and C shares gross expense ratios for the fiscal year ended June 30, 2008 were 1.40%, 2.15% and 2.15%, 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 International Equity Fund during the 1992-1996 calendar year(s). Total returns and yields would have been lower if the Advisor had not limited expenses 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. Different sales charges affect performance.

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
Investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. 

The portfolio holdings will change and the 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.

Country classifications are based on the country in which the issuer is headquartered and do not include exposure through holdings of foreign currencies, which are included in "Cash & Equivalents". Fund/ETF holdings are classified based on the country exposure represented by the Fund/ETF, and may be classified as "Multi-Country." The percentages shown represent the breakdown of investments and are not based on net assets.

For the International Equity, International Fund - Core Equity, International Small-Mid Cap and Small-Cap Value Funds, 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.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Asset Allocation, Top Ten Holdings and Country 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.

Munder does not disclose monthly buy and sell transactions for this fund, please refer to the annual and semi-annual reports for more information on transactions. Or, contact the Marketing Desk at 800.468.6337.

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.



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International Equity
Quarterly Commentary as of September 30, 2008		 previous commentary
International developed markets continued to lose ground during the quarter. As of September 30, no country or economic sector represented in the MSCI EAFE Index had positive returns for the one-month, three-month, year-to-date or one-year time periods. (The same was true for the U.S. and Canada.) While the Fund also posted a negative return for the quarter, it did outperform its MSCI EAFE (net dividends) benchmark. Value stocks tended to have strong relative performance for the quarter. Given the Fund's value bias, this was the factor that had the largest positive impact on the Fund's performance for the quarter, relative to its benchmark. The quantitative model used in the management of the Fund assumes that stocks whose earnings estimates are revised upward will outperform those whose earnings estimates are reduced. That assumption did not hold true for the third quarter, and this had a negative impact on the Fund's relative return. The absolute performance of the Fund was hurt by the strengthening of the U.S. dollar.

In addition to being helped by the strong relative performance of value stocks, the Fund benefited from the strong relative performance of its materials and telecommunications services sectors. Australian holdings also had a significant positive impact on relative returns. Among the Fund's individual holdings, Volkswagen AG (1.1% of the Fund) was the top contributor to relative performance. The company continued to exceed global sales expectations.

Holdings in the industrials sector, as well as the Fund's holdings of Japanese stocks, had a negative impact on the Fund's relative return for the quarter. Royal Dutch Shell PLC (2.5% of the Fund), one of the top contributors to Fund performance last quarter, was one of the biggest detractors from relative performance in the third quarter. The company was hurt by the decline in oil prices.

We believe that the depressed equity markets offer a tremendous buying opportunity. While the absolute bottom of the market is difficult to predict, our view is that there are excellent long-term prospects for equities purchased at these levels. Historically, our "value with a catalyst" approach has performed well in this type of environment. It is also important to note that more than half of the world's equity investment opportunities lie outside the United States. We believe our disciplined investment approach provides investors with exposure to many of these opportunities. When added to a portfolio of U.S. securities, our international investment discipline has the potential to increase diversification, while improving return and reducing risk.
 

Past performance does not guarantee future results.

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
Investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards.

Fund holdings mentioned in the manager commentary are as of 9/30/08. 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.

The statements and opinions expressed are those of the author(s) and do not necessarily represent the views of Munder Capital Management as a firm or the Munder Funds. While the information and statistical data contained in this material are based on sources believed to be reliable, it is current as of the time made and is subject to change without notice. Further, the information presented is general in nature and is not intended to provide personal investment advice or as an endorsement of any specific investment. The information does not take into account the specific investment objectives, financial situation and particular needs of any specific person who may receive it.

Munder Funds distributed by Funds Distributor, LLC.
 
Investment Team
Timothy S. Wittman, CFA
 
Timothy S. Wittman, CFA
Managing Director, Alternative and Quantitative Investments
BS in Finance with distinction from Indiana University
MBA in Finance from Indiana University
Joined Munder Capital Management in 2005
Years of Experience:21
Focus:Leader of the team responsible for quantitative and alternative equity investment disciplines at Munder Capital, including the Munder International Equity Fund and the Munder Small-Mid Cap 130/30 Fund, as well as separately managed quantitative and alternative portfolios (such as Equity Market Neutral). He also leads Alternative Investments for Pierce Street Advisors, a subsidiary of Munder Capital.
Brian E Kozeliski, CFA
 
Brian E. Kozeliski, CFA
Portfolio Manager
BA in Mathematics and Spanish from Willamette University
MBA with distinction in Finance from Thunderbird The Garvin School of International Management
Joined Munder Capital Management in 1999
Years of Experience:10
Focus:Member of the team responsible for managing the Munder International Equity Fund and the Munder Asset Allocation-Balanced Fund. Also provides quantitative research, including attribution analysis, for all of Munder Capital’s equity investment disciplines as a member of the firm’s quantitative support group.
Armando J. Lacayo
 
Armando J. Lacayo
Director, Quantitative Analysis & Portfolio Manager
BS in Mathematics from The American University
MBA from the Massachusetts Institute of Technology
Joined Munder Capital in August, 2000, provided research services to Munder as an independent consultant from June 2003 through August 2004, and rejoined the firm as an employee in
August 2004.
Years of Experience:13
Focus:Provides quantitative research, including attribution analysis, for all of Munder Capital's equity investment styles. Also manages the Quantitative Support group and is a member of the team responsible for managing the Munder International Equity Fund.

Munder Funds distributed by Funds Distributor, LLC.

 

International Equity
Portfolio Data as of 10/31/2008
Total Net Assets* $138,829,822
Number of Holdings 199
Weighted Average Market Cap $47,256MM

Asset Allocation as of 10/31/2008
Cash & Equivalents 4.7 %
Equity 95.3 %
Total 100.0 %
 
 
 
Top Holdings as of 10/31/2008 Holdings Detail
Symbol Company Name
STD Banco Santander S.A.
BP BP PLC
FTE France Telecom
HBC HSBC Holdings PLC
9433.JP KDDI Corp.
MUV2.GR Muenchener Rueckversicherungs-Gesellschaft AG
RDS/A Royal Dutch Shell PLC
TM Toyota Motor Corp.
DG.FP Vinci
VLKAY Volkswagen AG ADR
  Total Percentage of Top Holdings: 19.6
  Link to All Holdings as of 9/30/2008
  Historical All Holdings
 
Country of Headquarters as of 10/31/2008
Country % of Holdings
Japan 22.0
United Kingdom 19.4
France 11.6
Germany 9.7
Switzerland 6.9
Netherlands 5.2
Italy 4.2
Australia 4.1
Spain 3.3
Sweden 2.4
Hong Kong 2.2
Other 4.3
Cash & Equivalents 4.7
Total 100.0
 

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
Investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. 

The portfolio holdings will change and the 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.

Country classifications are based on the country in which the issuer is headquartered and do not include exposure through holdings of foreign currencies, which are included in "Cash & Equivalents". Fund/ETF holdings are classified based on the country exposure represented by the Fund/ETF, and may be classified as "Multi-Country." The percentages shown represent the breakdown of investments and are not based on net assets.

For the International Equity, International Fund - Core Equity, International Small-Mid Cap and Small-Cap Value Funds, 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.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Asset Allocation, Top Ten Holdings and Country 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.