Munder Capital

Asset Allocation Fund - Balanced
Daily NAV's as of 09/03/10

	Class A	Class B^	Class C
NAV	10.04	9.85	9.90
Chg. $	0.09	0.08	0.08
Chg. %	0.90	0.82	0.81
POP	10.62	9.85	9.90
YTD Return %	2.16	1.65	1.64
52 Wk High Date	10.50 04/23/10	10.32 04/23/10	10.37 04/23/10
52 Wk Low Date	9.27 09/04/09	9.15 09/04/09	9.19 09/04/09
Download Historical NAV/POP

Monthly Quarterly

Asset Allocation Fund - Balanced Total Returns (%) as of 08/31/10 Risks

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

A With load	-8.13	-5.97	-6.51	-0.80	-7.71	-1.28	0.19	5.99	04/30/93
A Without load	-2.80	-0.49	-1.09	4.97	-5.95	-0.17	0.76	6.33	04/30/93

B^ With load	-7.61	-5.59	-6.37	-0.71	-7.47	-1.24	0.13	6.45	06/21/94
B^ Without load	-2.75	-0.62	-1.44	4.29	-6.64	-0.90	0.13	6.45	06/21/94

C With load	-3.81	-1.72	-2.52	3.16	-6.66	-0.91	-0.01	5.13	01/24/96
C Without load	-2.84	-0.72	-1.54	4.16	-6.66	-0.91	-0.01	5.13	01/24/96

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.

The recent growth rate in the stock market has helped produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.

As identified in the current Fund prospectus, the Class A, B, and C shares gross expense ratios for the fiscal year ended June 30, 2009 were 1.91%, 2.67% and, 2.66%, respectively. The Fund publishes Semi-Annual and Annual Reports each February and August, which contain updated expense ratio information. In periods of market volatility, Fund assets may decline significantly, causing a Fund�s gross expense ratio to become higher than the gross expense ratio shown in the current prospectus. The Advisor limited certain expenses of Class A, B and C Shares of the Fund during the 1993-1996 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 (excluding the Index 500 Fund), 2.5% on the Index 500 Fund, 4% on the Bond Fund, and 2% on the Tax-Free Short & Intermediate Bond 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%. Class B Shares of the Index 500 Fund have a CDSC on redemptions 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 of all Funds have a 1.0% Contingent Deferred Sales Charge (CDSC) on redemptions made within one year of purchase.

Different sales charges affect performance and yields.

Asset Allocation Fund - Balanced Total Returns (%) as of 06/30/10 Risks

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

A With load	-7.81	-11.73	-8.34	4.49	-8.55	-1.26	0.83	5.93	04/30/93
A Without load	-2.43	-6.63	-3.03	10.53	-6.80	-0.13	1.41	6.28	04/30/93

B^ With load	-7.37	-11.43	-8.14	4.74	-8.31	-1.22	0.78	6.39	06/21/94
B^ Without load	-2.50	-6.77	-3.30	9.74	-7.48	-0.88	0.78	6.39	06/21/94

C With load	-3.56	-7.76	-4.35	8.70	-7.48	-0.90	0.62	5.06	01/24/96
C Without load	-2.59	-6.83	-3.39	9.70	-7.48	-0.90	0.62	5.06	01/24/96

Class C Shares of all Funds have a 1.0% Contingent Deferred Sales Charge (CDSC) on redemptions made within one year of purchase.

Different sales charges affect performance and yields.

An investor should consider the Fund's investment objectives, risks, and charges and expenses carefully before sending money. The prospectus and summary prospectus contain this and other important information about the investment company. To obtain a prospectus and summary prospectus, please click here. Please read the prospectus and summary prospectuses carefully before investing.

***The rating for each security held by the Fund is generally determined based on the ratings given by the nationally recognized statistical rating organizations Moody�s Investors Service, Standard & Poor�s Ratings Services and Fitch Ratings Ltd. If all three organizations have rated the security, the median rating is used. If only two organizations have rated the security, the lower rating is used. If a single organization has rated the security, that rating is used. Securities that have not been rated by any of the organizations are shown as �Not Rated�. The ratings represent their (S&P, Moody�s and Fitch) opinions as to the quality of the securities they rate. The ratings range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality.

Risks
Equity securities (stocks) are more volatile and carry more risk, but generally have provided 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. 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. 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. Fixed income securities will tend to experience smaller fluctuations in value than equity securities. However, investors in any fund that invests in fixed income securities should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

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.

Country classifications are based on the country in which the issuer is headquartered and do not include exposure through holdings of foreign currencies, which are included in "Cash & Equivalents". Fund/ETF holdings are classified based on the country exposure represented by the Fund/ETF, and may be classified as "Multi-Country." The percentages shown represent the breakdown of investments excluding cash and are not based on net assets.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Country of Headquarters, Top Ten Equity Holdings, Equity Sector Diversification, Fixed Income Quality Structure and Fixed Income Sector Diversification represent the breakdown of investments including futures, credit default swaps and similar instruments, if any, but excluding cash and are not based on net assets. Portfolio holdings will change and should not be considered purchase recommendations.

**Dollar-Weighted Average Maturity is derived by multiplying the value of each investment by the time remaining to its maturity, adding these calculations, and then dividing the total by the value of the Fund's portfolio. An obligation's maturity may be determined on a stated final maturity basis, the date on which the instrument will probably be called, refunded, or redeemed, or on a weighted average life basis.

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 and may not add to 100%.

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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Asset Allocation Fund - Balanced Quarterly Commentary as of June 30, 2010	previous commentary	Print or Download

The Munder Asset Allocation Fund - Balanced is a diversified fund. As of June 30, 2010, the Fund�s asset allocation was approximately 67% equities and 33% fixed income and cash equivalents, with equity holdings ranging from large-company to smallcompany stocks. The equity styles represented in the Fund include both U.S. and international stocks, as well as growth and value. Growth stocks are those selected largely because of anticipated growth in earnings. Value stocks tend to be stocks whose characteristics include relative valuation that is below that of the market. The fixed income portion of the Fund includes bonds from the corporate, government and mortgage-related sectors of the market.

The Fund lagged its custom benchmark (60% Russell 3000� Index and 40% Barclays Capital U.S. Intermediate Government/Credit Index) for the second quarter of 2010. Reflecting the relative strength of the fixed income market, the fixed income segment of the Fund was the only segment to generate a positive return for the quarter. In absolute terms, the Focused Mid-Cap holdings showed the greatest strength among the equity segments of the Fund, while the weakest performance came from the Fund�s International holdings. Past

Past performance does not guarantee future results. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the Fund. To obtain a prospectus and summary prospectus, click here. Read the prospectus and summary prospectuses 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. 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. Fixed income securities in which the Fund invests will tend to experience smaller fluctuations in value than equity securities. However, investors in any fixed income product should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. 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 5.31.10 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 3000� Index is a capitalization-weighted index that represents approximately 98% of the investable U.S. equity market. The Barclays Capital Intermediate Government/Credit Index is a weighted composite of maturities between one and ten years in (i) the Barclays Capital Government Bond Index, which is made up of publicly issued, fixed-rate, non-convertible debt of the U.S. Treasury, U.S. government agencies or quasi-federal corporations and corporate or foreign debt guaranteed by the U.S. government, and (ii) the Barclays Capital Credit Index, which is made up of publicly issued, fixed-rate, non-convertible, investment-grade, U.S. corporate and specified foreign debentures and secured notes, including U.S. and non-U.S. industrial, utility and finance bonds, and sovereign, supranational, and non-U.S. agency and government debt securities. You cannot invest directly in an index, securities in the Fund will not match those in an 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 07/10

Investment Team

Joined Munder Capital Management in 1996. Left Munder in 1998; rejoined firm in 1999.

Kenneth A. Smith, CFA

Senior Portfolio Manager

BBA from the University of Michigan

MBA from the University of Chicago Graduate School of Business

Years of Experience:15

Focus:Member of Munder Capital�s Large-Capitalization Value and Multi-Capitalization Value portfolio management teams, focusing on the technology and telecommunications services and utilities sectors. Additionally, he is the lead manager of the munder Large-Capitalization Growth and Multi-Capitalization Growth invesmtent strategies as well as the Munder Growth Opportunities Fund.

Joined Munder Capital Management in 2007

Jeffrey R. Sullivan, CFA

Senior Portfolio Manager

BA in Economics from Washington & Jefferson College

Years of Experience:15

Focus:Member of the team managing Munder Capital�s International Core and International Small-Cap Equity strategies, and analyst for the consumer staples and materials sectors for the international team.

Joined Munder Capital Management in 1988

Tony Y. Dong, CFA

Vice Chairman, Chief Investment Officer and Lead Manager, Mid-Cap Team

BBA with Distinction from the University of Michigan School of Business Administration

MBA in Finance from Wayne State University

Years of Experience:27

Focus:Tony is Vice Chairman, Chief Investment Officer and Lead Manager, Mid-Cap Team of Munder Capital Management, and is a member of Munder Capital Holdings, LLC Board of Directors. As C.I.O, Tony oversees the firm�s investment management teams and disciplines. He monitors investment teams for investment skills, risk management and portfolio construction in order to provide tailored investment management solutions designed to meet clients� needs. Tony has 27 years of investment experience that includes leading: equity strategy, a portfolio management team, and equity research; further, he has successfully developed investment strategies that focus on adding value, controlling risk, and building wealth for clients over the long-term. Leading our Mid-Cap and Small/Mid-Cap equity strategies, his team has demonstrated expertise in their ability to add value through stock selection and oversees the management of over $6 billion in these strategies as of March 31, 2010. Over the years he has been featured in various publications and financial television programs including: Investor�s Business Daily, the Neil Cavuto show on Fox News, and CNBC. His strategies have received recognition from many publications and industry rating and ranking firms, including: USA Today, Business Week and Morningstar. In addition, a mutual fund for which he is lead portfolio manager received a Lipper Best Fund award. Having joined Munder Capital in 1988, he has also served both as Senior Portfolio Manager for mid-cap, large-cap, and small/mid-cap portfolios, and as Managing Director, Mid-Cap Equity. Tony holds a B.B.A. (with distinction) from the University of Michigan and an M.B.A. in finance from Wayne State University. He is a CFA� charterholder and a member of the CFA Institute and the CFA Society of Detroit.

Joined Munder Capital Management in 1999

Brian E. Kozeliski, CFA CAIA FRM

Portfolio Manager

BA in Mathematics and Spanish from Willamette University

MBA with distinction in Finance from Thunderbird - The Garvin School of International Management

Years of Experience:12

Focus:Member of the team responsible for managing the Munder International Equity Fund and the Munder Asset Allocation Fund - Balanced and is the co-manager of the Munder Energy Fund. Also provides quantitative research, including attribution analysis, for all of Munder Capital�s equity investment strategies as a member of the firm�s quantitative support group.

Joseph W. Skornicka, CFA

Senior Portfolio Manager

BA in Financial Administration from Michigan State University

MBA from the University of Michigan

Started with Comerica, Inc. in 1988. Joined Munder Capital in 1995 as a result of the merger with Comerica and its investment subsidiaries. Left Munder in 2001; rejoined firm in 2004.

Years of Experience:22

Focus:Member of the team responsible for managing the Large-Capitalization Value, Mid-Capitalization Value and Multi-Cap Value investment strategies at Munder Capital, including the Large-Cap Value Fund and co-manages the Asset Allocation Fund-Balanced. Provides idea generation and research support in the financial services sector for other equity strategies at Munder Capital.

Joined Munder Capital Management in 1998

Michael R. Vandenbossche, CFA

Senior Portfolio Manager

BS in Business Administration from Central Michigan University

MBA from Western Michigan University

Years of Experience:20

Focus:Responsible for managing fixed income portfolios, and specializes in trading corporate and commercial mortgage-backed securities. Also co-manages fixed income portion of the Munder Asset Allocation Fund - Balanced.

Munder Funds distributed by Funds Distributor, LLC.

Asset Allocation Fund - Balanced
Portfolio Data as of 07/31/2010

Total Net Assets*	$37,060,137
Number of Holdings	394
Number of Holdings	46
Dollar-Weighted Average Maturity**	4.5 Yrs.
Turnover - as of 6/30/2010	81.9%


Life Structure as of 07/31/2010

Life	% of Holdings
Under 1 Year	15.0
1 to 3 Years	27.7
3 to 5 Years	14.5
5 to 7 Years	14.1
7 to 10 Years	28.7
10 to 20 Years	0.0
Over 20 Years	0.0
Total	100.0


Quality Structure as of 07/31/2010***

Quality	% of Holdings
Treasuries	13.3
Agencies	12.9
AAA	29.0
AA	8.9
A	29.2
BBB	6.7
Total	100.0


Country of Headquarters as of 07/31/2010

Country	% of Holdings
Australia	0.6
Belgium	0.1
Bermuda	0.6
Brazil	0.9
Canada	0.8
China	0.8
Denmark	0.1
Finland	0.1
France	0.6
Germany	0.5
Hong Kong	0.2
India	0.2
Indonesia	0.2
Ireland	0.4
Israel	0.9
Italy	0.3
Japan	1.5
Jersey	0.0
Mexico	0.1
Netherlands	1.1
Norway	0.1
Poland	0.1
Portugal	0.0
Russia	0.1
Singapore	0.1
South Africa	0.1
South Korea	0.5
Spain	0.3
Sweden	0.2
Switzerland	1.5
Taiwan	0.2
Thailand	0.2
Turkey	0.1
Unclassified	22.0
United Kingdom	1.9
United States	58.2
Cash & Equivalents	4.4
Total	100.0


Equity Sector Diversification as of 07/31/2010

Sector	% of Holdings
Consumer Discretionary	13.1
Consumer Staples	7.8
Energy	9.4
Financials	17.1
Health Care	9.7
Industrials	10.9
Information Technology	15.8
Materials	4.6
Other	4.6
Telecommunication Services	3.4
Utilities	3.7
Total	100.1


Top Ten Equity Holdings as of 07/31/2010		Holdings Detail

Symbol	Company Name
ABT	Abbott Laboratories
AAPL	Apple, Inc.
CSCO	Cisco Systems Inc
XOM	Exxon Mobil Corp.
GE	General Electric Co.
ITC	ITC Holdings Corp.
JPM	JPMorgan Chase & Co.
Q	Qwest Communications International, Inc.
UTX	United Technologies Corp.
WFC	Wells Fargo & Co.
	Total Percentage of Top Holdings: 8.5
	Link to All Holdings as of 7/31/2010
	Historical All Holdings


Bond Sector Diversification as of 07/31/2010

Sector	% of Holdings
Agencies	12.0
Asset-Backed	13.1
Financials	25.4
Industrials	12.7
Mortgage-Backed	21.5
Treasuries	13.3
Utilities	2.0
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 and may not add to 100%.

N/A - Fund class was not in operation for that time period.

^Open to limited investors only.

Munder Funds distributed by Funds Distributor, LLC.