Munder Capital

Micro-Cap Equity
Daily NAV's as of 01/08/09

	Class A	Class B^	Class C	Class R
NAV	17.29	15.69	15.68	17.25
Chg. $	0.12	0.11	0.10	0.11
Chg. %	0.70	0.71	0.64	0.64
POP	18.30	15.69	15.68	17.25
YTD Return %	2.43	2.42	2.35	2.37
52 Wk High Date	33.17 02/01/08	30.47 02/01/08	30.47 02/01/08	33.11 02/01/08
52 Wk Low Date	13.31 11/20/08	12.04 11/20/08	12.04 11/20/08	13.27 11/20/08
Download Historical NAV/POP

Micro-Cap Equity Fund Total Returns (%) as of 12/31/08 Risks

	- - - - - Cumulative - - - - -			- - - - - Annualized - - - - -
Class	1 month	3 month	YTD	1 year	3 year	5 year	10 year	SI	Inception Date

A With load	0.23	-30.59	-47.65	-47.65	-20.87	-7.52	4.25	7.84	12/26/96
A Without load	6.07	-26.56	-44.61	-44.61	-19.36	-6.47	4.84	8.35	12/26/96

B^ With load	1.06	-30.34	-47.37	-47.37	-20.56	-7.43	4.22	7.06	02/24/97
B^ Without load	6.06	-26.67	-45.00	-45.00	-19.96	-7.16	4.22	7.06	02/24/97

C With load	4.99	-27.44	-45.47	-45.47	-19.97	-7.17	4.06	7.61	03/31/97
C Without load	5.99	-26.71	-45.00	-45.00	-19.97	-7.17	4.06	7.61	03/31/97

R Without load	6.01	-26.63	-44.73	-44.73	-19.57	N/A	N/A	-7.75	07/29/04

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, 2008 were 1.91%, 2.66%, 2.66% and 2.16%, 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 Class A, B and C shares of the Munder Micro-Cap Equity Fund during the 1997-1999 calendar years. In addition, the Advisor made a voluntary capital contribution to all classes of the Fund during the 2005 calendar year. Total returns would have been lower if the Advisor had not limited expenses or 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.

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
Smaller and medium sized company stocks are more volatile and less liquid than larger more established company securities. A substantial portion of the Fund's holdings are invested in real estate-related investments, which are subject to special risks related to property tax rates, property value and borrower defaults. The 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, however, ensure that the Fund will obtain IPOs.

Portfolio holdings will 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.

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.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Asset Allocation, Top Ten Holdings and Sector Diversification represent the breakdown of investments and are not based on net assets. Portfolio holdings will 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. Top holdings do not reflect cash, money markets 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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Micro-Cap Equity Quarterly Commentary as of September 30, 2008	previous commentary

Although micro-cap stocks reflected the weakness of the general stock market during the quarter, the Russell Microcap� Index had stronger performance than most other equity indices. During the quarter, fear and technical factors seemed to drive a significant amount of the movements in stock prices. Fundamentals became disconnected from stock price performance, and the companies with the highest growth rates significantly underperformed those with the lowest growth rates. This negatively impacted the relative performance of the Fund, since the Fund's holdings had higher growth rates than the companies represented in the Russell Microcap� Index. Therefore, despite its strong fundamentals, the Fund lagged its benchmark for the quarter.

In terms of sectors, the consumer discretionary and consumer staples sectors of the Fund contributed positively to relative performance. PetMed Express, Inc. (2.2% of the Fund), Noble International, Ltd. (0.8%) and FGX International Holdings, Ltd. (1.6%) were the best performing stocks in these sectors.

The financials, energy and technology sectors had the most negative impact on the Fund's relative performance for the quarter. In the financials sector, the positive impact of the Fund's holdings of regional banks was offset by an underweight in some of the lower quality but strong-performing segments of that sector. An overweight in the energy sector (the weakest sector in the Russell Microcap� Index) more than offset the relative strength of the holdings in that sectors. The underperformance of the Fund's technology sector was due to Silicon Motion Technology Corp. (1.1%).

The unusual degree of stock market volatility has given us an opportunity to upgrade the Fund's holdings. This is especially true since significant price weakness has caused the market cap of some attractive stocks to fall within the micro-cap universe. Although we do not know when the stock market will bottom, we are very confident that the majority of the Fund's holdings should prove to be very attractive investments, given their current valuations. At quarter-end, the Fund had a price-earnings ratio (P/E) of 12 times earnings over the next twelve months, compared to 16 times for its Russell Microcap� benchmark. This low valuation comes despite a 21% historical earnings growth rate, compared with 3.1% for the Russell Microcap� Index and 21% return on pre-tax capital, compared with 7% for the benchmark.

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
Smaller and medium sized company stocks are more volatile and less liquid than larger more established company securities. A substantial portion of the Fund's holdings are invested in real estate-related investments, which are subject to special risks related to property tax rates, property value and borrower defaults. The 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, however, ensure that the Fund will obtain IPOs.

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

Robert E. Crosby, CFA

Senior Portfolio Manager

BA in Economics from the University of Missouri

MS in Economics and Finance from Murray State University

Joined Munder Capital Management in 1993

Years of Experience:15

Focus:Co-manages the Munder Small-Cap Value, Mid-Cap Value, Micro-Cap and Small-Mid Cap funds, as well as separately managed accounts in Munder Capital�s Small-Capitalization Value, Mid-Capitalization Value, Micro-Cap, Mid-Cap/Small-Cap Blend and Real Estate (REIT) disciplines.

Julie R. Hollinshead, CFA

Senior Portfolio Manager

BA (Cum Laude) in French from Tufts University

MA in International Economics & International Relations from Johns Hopkins University

Started with Comerica Bank in 1985. Joined Munder Capital in 1995 as a result of the merger with Comerica and its investment subsidiaries.

Years of Experience:14

Focus:Co-manages separately managed accounts in Munder Capital�s Small-Capitalization Value, Mid-Capitalization Value, Mid-Cap/Small-Cap Blend and Micro-Cap disciplines and their associated mutual funds.

John P. Richardson, CFA

Director, Small-Cap Equity and Senior Portfolio Manager

BBA in Finance from Western Michigan University

MBA from Wayne State University

Joined Munder Capital Management in 1985

Years of Experience:33

Focus:Co-manages all mutual funds and separately managed accounts in Munder Capital's Small-Capitalization Value, Mid-Capitalization Value, Micro-Cap and Mid-Cap/Small-Cap Blend investment disciplines.

Munder Funds distributed by Funds Distributor, LLC.

Micro-Cap Equity
Portfolio Data as of 11/30/2008

Total Net Assets*	$103,582,344
Number of Holdings	95
Weighted Average Market Cap	$358MM
P/E Ratio - Last 12 Mos	12.1x
Earnings Growth - Last 5 Yrs	20.5%
Earnings Growth - Last 12 Mos.	11.8%
Beta	1.08
Turnover - as of 9/30/2008	21.0%

Asset Allocation as of 11/30/2008

Equity	98.3 %
Cash & Equivalents	1.7 %
Total	100.0 %


Top Holdings as of 11/30/2008

Symbol	Company Name
AMSF	AMERISAFE, Inc.
OZRK	Bank of the Ozarks, Inc.
CPHL	Castlepoint Holdings, Ltd.
OFC	Corporate Office Properties Trust
FGXI	FGX International Holdings, Ltd.
IWC	iShares Russell Microcap Index Fund
MAIN	Main Street Capital Corp.
MTOX	MEDTOX Scientific, Inc.
NEOG	Neogen Corp.
TISI	Team, Inc.
	Total Percentage of Top Holdings: 25.5
	Link to All Holdings as of 11/30/2008
	Historical All Holdings


Sector Diversification as of 11/30/2008

Sector	% of Holdings
Consumer Discretionary	7.9
Consumer Staples	1.0
Energy	5.7
Financials	28.9
Funds/ETFs	4.9
Health Care	10.9
Industrials	23.9
Information Technology	12.0
Materials	3.1
Cash & Equivalents	1.7
Total	100.0

Munder Funds distributed by Funds Distributor, LLC.