Fund sectors that lagged slightly versus the benchmark included consumer staples, energy, industrials, consumer discretionary and information technology. In the consumer staples sector, CVS Caremark Corp. (1.4%) was down after delivering disappointing 2010 earnings per share guidance due to problems within their PBM (pharmacy benefit manager) operation. While the position in the stock was reduced, the company's balance sheet and cash flow generation remain strong, and we continue to believe the holding offers value on a sum-of-the-parts basis. In the consumer discretionary sector, there were a few stock-specific issues. As an example, Apollo Group, Inc., a for-profit education company, announced that the Securities and Exchange Commission (SEC) was investigating its accounting practices. The stock was sold as a result of the announcement, resulting in a loss. In the energy sector, generally good performance across most of the Fund's holdings was offset by weakness in Weatherford International, Ltd. (0.8%), which had been plagued by uncertainty in its Latin American operations. The performance of the information technology sector was hampered by the Fund's large position in Yahoo! Inc. (1.6%). The stock was negatively impacted by lowered earnings guidance relative to consensus expectations. We continue to believe that Yahoo's leading position in Internet advertising should benefit the company as the economy improves and that the company has hidden value in its Asian assets.

Past performance does not guarantee future results. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or 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: Equity securities (stocks) are more volatile and carry more risk, but generally provide greater return potential than investments in certain other securities, like high-grade fixed income securities. Large-cap stocks generally have less volatility than smaller-cap and certain specialty securities, such as technology investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. The Fund may concentrate its investments in one or more economic sectors.  When the Fund’s investments are concentrated, market or economic factors affecting these sectors could have a significant effect on the Fund’s value. 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.

Fund holdings mentioned in the Quarterly Commentary are as of 11.30.09 and the percentages shown are based on net assets as of that date. Fund holdings are subject to 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.

The Russell 1000® Value Index is a capitalization-weighted index that measures the performance of those Russell 1000® companies (the 1,000 largest companies in the Russell 3000® Index, an index representing approximately 98% of the investable U.S. equity market) with lower price-to-book ratios and lower forecasted growth rates. You cannot invest directly in an index, securities in the Fund will not match those in the index, and performance of the Fund will differ. Although reinvestment of dividend and interest payments is assumed, no expenses are netted against an index’s returns.

Munder Funds are distributed by Funds Distributor, LLC 01/10