Munder Capital

Small-Cap Value
Daily NAV's as of 01/08/09

	Class A	Class B^	Class C	Class R
NAV	12.44	11.83	11.78	12.38
Chg. $	0.04	0.04	0.03	0.04
Chg. %	0.32	0.34	0.26	0.32
POP	13.16	11.83	11.78	12.38
YTD Return %	2.47	2.34	2.35	2.40
52 Wk High Date	23.81 06/05/08	22.72 06/05/08	22.64 06/05/08	23.72 06/05/08
52 Wk Low Date	9.19 11/20/08	8.75 11/20/08	8.72 11/20/08	9.16 11/20/08
Download Historical NAV/POP

Small-Cap Value 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	-0.41	-34.24	-50.14	-50.14	-20.52	-7.55	2.48	4.51	01/10/97
A Without load	5.38	-30.39	-47.24	-47.24	-19.01	-6.50	3.06	5.00	01/10/97

B^ With load	0.38	-33.96	-50.10	-50.10	-20.28	-7.48	2.43	4.07	02/11/97
B^ Without load	5.38	-30.49	-47.61	-47.61	-19.59	-7.19	2.43	4.07	02/11/97

C With load	4.40	-31.19	-48.14	-48.14	-19.60	-7.20	2.28	4.22	01/13/97
C Without load	5.40	-30.50	-47.64	-47.64	-19.60	-7.20	2.28	4.22	01/13/97

R Without load	5.41	-30.44	-47.38	-47.38	-19.21	N/A	N/A	-8.44	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 gross expense ratios for the fiscal year ended June 30, 2008 were 1.34%, 2.09%, 2.09% and 1.59%, 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 Small-Cap Value Fund during the 1997 & 2000 calendar years. Total returns 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.

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
Smaller and medium-sized company stocks are more volatile and less liquid than larger more established company securities. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. This Fund invests in foreign securities, which involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. 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 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 the International Equity, International Fund - Core Equity, International Small-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.

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. 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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Small-Cap Value Quarterly Commentary as of September 30, 2008	previous commentary

The Fund was down sharply for the third quarter, reflecting concerns over the impact of the financial crisis on the overall economy. The energy and materials sectors of the Fund were the key detractors from the Fund's performance, both in absolute terms and relative to its Russell 2000Ž Value benchmark. These sectors experienced significant price declines due primarily to the declines in energy and commodity prices that occurred during the quarter. Crude oil prices were down 28.6%, while natural gas prices fell by an even larger 43%. This led to double-digit price declines for the Fund's energy and materials sectors, which more than offset the relative strength of the Fund's regional bank holdings.

The regional bank segment of the Fund, which rebounded sharply during the quarter, was the strongest contributor to the Fund's absolute and relative performance, even in the face of the uncertainty surrounding the banking sector. Bank of the Ozarks, Inc. (1.8% of the Fund) had the largest positive impact on the Fund's relative performance. Other bank holdings that made a positive contribution to relative returns included First Midwest Bancorp, Inc. (0.8%) and Glacier Bancorp, Inc. (0.5%).

In the energy sector, holdings of Oil States International, Inc. (1.8%), Mariner Energy, Inc. (1.6%) and Core Laboratories N.V. (1.9%) were the largest detractors from the Fund's relative performance. We continue to favor these stocks and believe that current stock prices are not reflecting their valuable business models. Two steel stocks, A.M. Castle & Co. (1.0%) and Reliance Steel & Aluminum Co. (0.8%), were largely responsible for the relative weakness of the materials sector. The stock prices of these companies suffered from the decline in commodity prices and more pessimistic views regarding the strength of the global economy. We believe that Reliance Steel is a strong company that has generated consistent shareholder value. It is currently selling at its lowest valuation in ten years.

The strong fundamental performance of the stocks held in the Fund was in stark contrast to the weakness in its price performance. Earnings growth, the number of positive earnings surprises and positive earnings revisions for the Fund's holdings were much stronger than either the broader stock market or the Fund's Russell 2000Ž Value benchmark. Fully 80% of the stocks held in the Fund met or exceeded earnings expectations, even in this time of financial and economic uncertainty. Earnings growth for the Fund over the past twelve months was 10.18% for the Fund and -2.50% for the Russell 2000Ž Value Index. The Fund's dividend yield is 4.09%, compared to 2.44% for its Russell benchmark. As a result of strong relative earnings growth and weak relative price performance, the valuation discount for the Fund widened to an unprecedented discount. The price/earnings ratio of the Fund for the current fiscal year is 9.00 times, compared to 27.16 times for the Russell 2000Ž Value Index. We believe that this discount will narrow over the next twelve months. If that occurs, there should be significant price outperformance for 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
Smaller and medium-sized company stocks are more volatile and less liquid than larger more established company securities. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. This Fund invests in foreign securities, which involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. 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.

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 Capitals 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 Capitals 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.

Small-Cap Value
Portfolio Data as of 11/30/2008

Total Net Assets*	$204,959,357
Number of Holdings	95
Weighted Average Market Cap	$918MM
P/E Ratio - Last 12 Mos	11.7x
Earnings Growth - Last 5 Yrs	21.4%
Earnings Growth - Last 12 Mos.	13.7%
Beta	1.09
Turnover - as of 9/30/2008	33.3%

Asset Allocation as of 11/30/2008

Equity	99.1 %
Cash & Equivalents	0.9 %
Total	100.0 %


Top Holdings as of 11/30/2008

Symbol	Company Name
OZRK	Bank of the Ozarks, Inc.
CMO	Capstead Mortgage Corp.
CMTL	Comtech Telecommunications Corp.
OFC	Corporate Office Properties Trust
HTS	Hatteras Financial Corp.
ITC	ITC Holdings Corp.
NJR	New Jersey Resources Corp.
RDK	Ruddick Corporation
SJI	South Jersey Industries, Inc.
SIVB	SVB Financial Group
	Total Percentage of Top Holdings: 25.7
	Link to All Holdings as of 11/30/2008
	Historical All Holdings


Sector Diversification as of 11/30/2008

Sector	% of Holdings
Consumer Discretionary	10.3
Consumer Staples	4.3
Energy	6.4
Financials	32.1
Health Care	4.1
Industrials	17.6
Information Technology	11.3
Materials	4.4
Utilities	8.6
Cash & Equivalents	0.9
Total	100.0

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.