Munder Capital

Tax-Free Short & Intermediate Bond
Daily NAV's as of 01/08/09

	Class A	Class B^	Class C
NAV	10.45	10.43	10.52
Chg. $	0.04	0.04	0.04
Chg. %	0.38	0.38	0.38
POP	10.89	10.43	10.52
YTD Return %	1.26	1.16	1.25
52 Wk High Date	10.45 01/08/09	10.43 01/08/09	10.52 01/08/09
52 Wk Low Date	9.83 10/20/08	9.81 10/20/08	9.89 10/20/08
Download Historical NAV/POP

Tax-Free Short & Intermediate Bond Fund Total Returns (%) as of 12/31/08 Risks

	- - - - - Cumulative - - - - -			- - - - - Annualized - - - - -					Yield (%)
Class	1 month	3 month	YTD	1 year	3 year	5 year	10 year	SI	30 Day SEC Yield	Inception Date

A With load	-2.20	-0.29	0.78	0.78	2.30	1.64	2.89	3.60	2.09	11/30/92
A Without load	1.84	3.90	4.95	4.95	3.70	2.47	3.31	3.87	2.09	11/30/92

B^ With load	-3.13	-1.20	-0.73	-0.73	2.01	1.36	2.70	3.23	1.43	05/16/96
B^ Without load	1.87	3.80	4.27	4.27	2.97	1.73	2.70	3.23	1.43	05/16/96

C With load	0.76	2.77	3.14	3.14	2.94	1.70	2.54	2.70	1.43	07/08/98
C Without load	1.76	3.77	4.14	4.14	2.94	1.70	2.54	2.70	1.43	07/08/98

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 and C shares gross expense ratios for the fiscal year ended June 30, 2008 were 1.24%, 1.99% and 1.99%, 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 Fund during the 1992-1996 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. Different sales charges affect performance.

RISKS
A portion of the Fund's income may be subject to state, local and/or federal alternative minimum taxes. Bond Funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

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.

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, Quality Structure, Maturity Structure 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 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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Tax-Free Short & Intermediate Bond Quarterly Commentary as of September 30, 2008	previous commentary

Positive tax-exempt returns for July and August were more than offset by negative September returns. According to the Merrill Lynch Municipal Master Index, the municipal market's performance for September and the third quarter was the most negative monthly and quarterly performance in a decade. With the freezing up of the credit markets, investors seemed to abandon all but the U.S. Treasury sector of the fixed income markets. Given this focus on safety, the shorter maturity structure and high-quality nature of the Fund allowed us to earn a positive return for the quarter. The Fund performed in line with its custom benchmark (a 50%/50% blend of the Lehman Brothers Municipal Managed Money Short Term and Lehman Brothers Municipal Managed Money Short/Intermediate Term Indexes), which is also characterized by high quality.

Relative performance during the quarter was boosted by the Fund's overweight in pre-refunded securities, which are escrowed with U.S. Government securities. This was the strongest sector of the municipal market for the quarter. The Fund is generally managed with a duration neutral strategy, with interest rate risk of the Fund (the sensitivity of its price to changes in interest rates) targeted at that of its benchmark. For the quarter, however, the duration of the Fund was slightly shorter than its benchmark, due to our reluctance to take capital gains in the Fund in order to make small changes to duration. The shorter duration was another source of positive relative performance for the month.

In contrast to these positive factors, the Fund's relative performance was hurt by its exposure to bonds with maturities greater than ten years. Given the relative yield increases and price decreases for this maturity range, the longer-term exposure held back relative returns. While our exposure to this maturity range is small, the benchmark has no exposure to these maturities. Fees were again the largest detractor from relative performance. The Fund's benchmark is not an actual portfolio and therefore has no fees charged against its return.

We believe that municipal securities represent an attractive option relative to comparable U.S. Treasury securities. At the end of the quarter, the ratio of the five-year municipal to five-year Treasury security stood at 109%, compared to a ten-year average of 82%. As investors begin to move out of Treasuries and back into other asset classes, municipal securities should be well positioned to provide outperformance relative to the Treasury market.

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
A portion of the Fund's income may be subject to state, local and/or federal alternative minimum taxes. Bond Funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

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

Roger A. Soderstrom

Senior Portfolio Manager

BA in Marketing from Michigan State University

Joined Munder Capital Management in 1997

Years of Experience:23

Focus:Co-manages the Munder Tax-Free Money Market Fund and the Munder Tax-Free Short & Intermediate Bond Fund. Other responsibilities include overseeing the trading of tax-exempt fixed income securities and managing taxable client portfolios.

Adam C. Thayer, CFA

Assistant Portfolio Manager

BA in Finance from Michigan State University

Joined Munder Capital Management in 2000

Years of Experience:11

Focus:Assists in trading and managing fixed income securities for tax-exempt Comerica Trust Accounts as well as taxable client portfolios. Also a member of the portfolio management teams for the Munder Tax-Free Money Market Fund and the Munder Tax-Free Short & Intermediate Bond Fund.

Munder Funds distributed by Funds Distributor, LLC.

Tax-Free Short & Intermediate Bond
Portfolio Data as of 09/30/2008

Total Net Assets*	$64,033,554
Number of Holdings	51
Average Coupon	4.3%
Average Maturity	4.2 Yrs.
Duration	3.4 Yrs.

Asset Allocation as of 09/30/2008

Cash & Equivalents	3.4 %
Fixed Income	96.6 %
Total	100.0 %


Maturity Structure as of 09/30/2008

Life	% of Holdings
Under 1 Year	8.6
1 to 5 Years	61.2
5 to 10 Years	26.8
Over 10 Years	3.4
Total	100.0


Quality Structure as of 09/30/2008

Quality	% of Holdings
Pre-Refunded	34.3
AAA	23.7
AA	34.3
A	4.3
Cash & Equivalents	3.4
Total	100.0


Sector Diversification as of 09/30/2008

Sector	% of Holdings
General Obligations	21.2
Insured	38.2
Pre-Refunded	34.3
Revenues	2.9
Cash & Equivalents	3.4
Total	100.0

Link to All Holdings as of 11/30/2008 Historical All Holdings


Ten Largest State Concentrations as of 09/30/2008

State	% of Holdings
California	10.0
Arizona	9.8
Texas	9.2
Ohio	9.0
Florida	6.7
Nevada	5.9
Hawaii	5.4
Georgia	5.4
Minnesota	3.5
Maryland	3.4
Total	68.3

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.