Munder Capital

Internet
Daily NAV's as of 01/08/09

	Class A	Class B^	Class C	Class R
NAV	13.59	12.56	12.57	13.44
Chg. $	0.16	0.15	0.15	0.16
Chg. %	1.19	1.21	1.21	1.20
POP	14.38	12.56	12.57	13.44
YTD Return %	3.90	3.89	3.88	3.94
52 Wk High Date	23.73 05/15/08	22.03 05/15/08	22.04 05/15/08	23.49 05/15/08
52 Wk Low Date	10.24 11/20/08	9.47 11/20/08	9.47 11/20/08	10.12 11/20/08
Download Historical NAV/POP

Internet 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	-28.87	-48.73	-48.73	-15.73	-5.91	-7.70	3.35	08/19/96
A Without load	6.08	-24.74	-45.75	-45.75	-14.13	-4.84	-7.17	3.82	08/19/96

B^ With load	1.05	-28.62	-48.84	-48.84	-15.63	-5.93	-7.73	-2.83	06/01/98
B^ Without load	6.05	-24.86	-46.15	-46.15	-14.77	-5.54	-7.73	-2.83	06/01/98

C With load	5.05	-25.60	-46.69	-46.69	-14.76	-5.54	-7.86	-4.15	11/03/98
C Without load	6.05	-24.84	-46.15	-46.15	-14.76	-5.54	-7.86	-4.15	11/03/98

R Without load	6.07	-24.83	-45.90	-45.90	-14.37	N/A	N/A	-4.40	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 2.08%, 2.83%, 2.83% and 2.33%, 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 Class A, B and C shares of the Munder Internet Fund during the 1996 & 1998 calendar years. The Advisor also made a voluntary capital contribution to 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 the 2004 calendar year for Class R shares. Total returns would have been lower if expenses ha not been limited expenses and had a capital contribution not been made 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.

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.

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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Internet Quarterly Commentary as of September 30, 2008	previous commentary

The Fund was down sharply for the quarter, along with the overall stock market, in reaction to concerns over the health of both the financial services industry and the economy in general. In relative terms, the Fund lagged its Morgan Stanley Internet benchmark. The primary reason for the underperformance was an underweight in some of the most heavily weighted and strong performing companies in the Fund's benchmark.

The relative performance of the Fund benefitted from an overweight in the software sector, largely due to overweighted positions in McAfee, Inc. (1.9% of the Fund) and Symantec Corp. (2.2%). These stocks have business models with high levels of recurring revenue that should hold up well in a tough economic environment. The largest single contributor to the Fund's relative performance was Napster, Inc. (0.9%), which announced that it was being acquired by Best Buy Co., Inc.

The largest detractor from relative performance was the lack of a position in Blue Nile, Inc., an online retailer of high-quality diamonds and fine jewelry. We do not own this stock due to our concerns about reduced consumer spending, particularly for diamond jewelry. An overweighted position in Research in Motion, Ltd. (2.1%) also had a negative impact on the Fund's relative performance. The company's stock price suffered from the reporting of disappointing results. We believe in the long-term fundamentals of the company and continue to hold the stock in the Fund.

This was a difficult quarter for the Fund, as well as the market in general. The Fund has historically had strong relative returns in strong stock market environments and weak relative returns in poor markets. This quarter was in line with that historical pattern. The Internet discipline seeks long-term capital appreciation through investments in the stocks of companies that we believe are positioned to benefit from the growth of the Internet and technology. We anticipate that the Internet and technology segments of the global economy will outgrow the broader economy, providing attractive investment opportunities, even in a difficult economic environment, and we remain confident in the long-term fundamentals of the companies owned in the Fund.

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

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.

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

Mark A. Lebovitz, CFA

Portfolio Manager and Equity Analyst

BA in Material and Logistics Management from Michigan State University

MBA from Oakland University

Joined Munder Capital Management in 1999

Years of Experience:12

Focus:Member of the team responsible for the management of the Munder Internet Fund and the Munder Technology Fund. Also provides idea generation and research support in the technology sector for other equity disciplines at Munder Capital.

Kenneth A. Smith, CFA

Senior Portfolio Manager

BBA from the University of Michigan

MBA from the University of Chicago Graduate School of Business

Joined Munder Capital Management in 1996

Years of Experience:13

Focus:Co-manager of the Munder Internet Fund and the Munder Technology Fund. Is a member of Munder Capital�s Large-Capitalization Value and Core Value portfolio management teams, focusing on the technology and telecommunications industries.

Munder Funds distributed by Funds Distributor, LLC.

Internet
Portfolio Data as of 11/30/2008

Total Net Assets*	$210,931,541
Number of Holdings	68
Weighted Average Market Cap	$25,910MM
P/E Ratio - Last 12 Mos	16.9x
Earnings Growth - Last 5 Yrs	26.4%
Earnings Growth - Last 12 Mos.	29.3%
Beta	1.03
Turnover - as of 9/30/2008	86.8%

Asset Allocation as of 11/30/2008

Equity	99.5 %
Cash & Equivalents	0.5 %
Total	100.0 %

Buy transactions are currently not available for the month of November 2008

Sell transactions are currently not available for the month of November 2008


Top Holdings as of 11/30/2008

Symbol	Company Name
AAPL	Apple, Inc.
CHKP	Check Point Software Technologies, Ltd.
CSCO	Cisco Systems, Inc.
EBAY	eBay, Inc.
GOOG	Google, Inc.
MSFT	Microsoft Corp.
MOVE	Move, Inc.
SINA	SINA Corp.
VRSN	VeriSign, Inc.
YHOO	Yahoo!, Inc.
	Total Percentage of Top Holdings: 37.6
	Link to All Holdings as of 11/30/2008
	Historical All Holdings


Industry Diversification as of 11/30/2008

Industry	% of Holdings
Internet Software & Services	48.4
Software	16.9
Communications Equipment	10.3
Computers & Peripherals	8.7
Internet & Catalog Retail	8.4
Hotels, Restaurants & Leisure	1.7
Semiconductors & Semiconductor Equipment	1.5
Insurance	1.5
Other	2.1
Cash & Equivalents	0.5
Total	100.0

Munder Funds distributed by Funds Distributor, LLC.