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800.4MUNDER
Seeks long-term capital appreciation by investing in equity securities of domestic and, to a lesser extent, foreign energy-related companies.  
Class A B^ C
Ticker MPFAX MPFBX MPFTX
CUSIP 626125819 626125793 626125785
Fund Code 237 337 737
Inception Date 03/13/01 03/13/01 03/13/01
Minimum Initial/ IRA** Investment: $2,500/500; $50 subsequent/automatic
**includes 403(b)s, UGMA, UTMA Learn more
^Open to limited investors only

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MORE FUND INFORMATION
Download the Fact Sheet | Prospectus | Annual Report
     
 
 
Energy
Daily NAV's as of 11/20/08
Class A Class B^ Class C
NAV 10.84 10.22 10.23
Chg. $ -1.61 -1.51 -1.51
Chg. % -12.93 -12.87 -12.86
POP 11.47 10.22 10.23
YTD Return % -57.20 -57.47 -57.46
52 Wk High
Date		 28.20
05/20/08		 26.68
05/20/08		 26.70
05/20/08
52 Wk Low
Date		 10.84
11/20/08		 10.22
11/20/08		 10.23
11/20/08
Download Historical NAV/POP

     
Energy Fund Total Returns (%) as of 10/31/08    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year 3 year 5 year SI Inception Date
A With load -26.60 -39.58 -44.40 -41.04 -1.43 12.04 4.70 03/13/01
A Without load -22.31 -36.05 -41.18 -37.60 0.45 13.30 5.48 03/13/01
B^ With load -26.26 -39.38 -44.45 -41.17 -1.31 12.21 4.67 03/13/01
B^ Without load -22.38 -36.19 -41.53 -38.08 -0.31 12.46 4.67 03/13/01
C With load -23.18 -36.82 -42.12 -38.71 -0.31 12.45 4.68 03/13/01
C Without load -22.41 -36.18 -41.54 -38.09 -0.31 12.45 4.68 03/13/01
 

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, 2007 were 1.55%, 2.31% and 2.30%, respectively. The Fund publishes Semi-Annual and Annual Reports each February and August, which contain updated expense ratio information.

 

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 no front-end sales charge, but have a 1.0% CDSC on redemptions made within one year of purchase. Class II Shares had a maximum sales charge of 1.0%. Class II Shares also had a 1.0% Contingent Deferred Sales Charge (CDSC) on redemptions made within eighteen months of purchase. Class II shares were converted and/or reclassified as Class C shares as of the close of business on 10/31/03. Different sales charges affect performance.
     
Energy Fund Total Returns (%) as of 09/30/08    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year 3 year 5 year SI Inception Date
A With load -23.37 -32.98 -28.43 -19.72 4.12 19.23 8.32 03/13/01
A Without load -17.26 -29.09 -24.28 -15.06 6.10 20.59 9.13 03/13/01
B^ With load -23.02 -32.75 -28.44 -19.91 4.40 19.49 8.29 03/13/01
B^ Without load -17.31 -29.21 -24.68 -15.70 5.30 19.69 8.29 03/13/01
C With load -19.73 -29.90 -25.41 -16.52 5.32 19.68 8.31 03/13/01
C Without load -17.26 -29.19 -24.66 -15.68 5.32 19.68 8.31 03/13/01
 

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, 2007 were 1.55%, 2.31% and 2.30%, respectively. The Fund publishes Semi-Annual and Annual Reports each February and August, which contain updated expense ratio information.

 

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 no front-end sales charge, but have a 1.0% CDSC on redemptions made within one year of purchase. Class II Shares had a maximum sales charge of 1.0%. Class II Shares also had a 1.0% Contingent Deferred Sales Charge (CDSC) on redemptions made within eighteen months of purchase. Class II shares were converted and/or reclassified as Class C shares as of the close of business on 10/31/03. Different sales charges affect performance.

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
Funds concentrated in a specific industry or sector are subject to higher market risk and price volatility than funds with more broadly diversified investments. Power technology securities in which the Fund invests tend to be relatively volatile. Performance and after-tex returns can be significantly impacted by the Fund's investments in Initial Public Offerings (IPOs), which may involve short-term trading. We cannot, however, ensure that the Fund will obtain IPOs. The Fund tends to invest in smaller company stocks, which may be more volatile and less liquid than large company stocks. 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.

 

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 and are not based on net assets.

 

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, Industry Diversification and Country 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.

 

^Open to limited investors only.



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Energy
Quarterly Commentary as of September 30, 2008		 previous commentary
After being a market leader during the second quarter, the energy sector was one of the weakest market sectors for the third quarter, due in large part to the decline in energy prices. For the quarter, the Fund's performance lagged slightly behind the returns of its Deutsche Bank Energy benchmark. The relative performance of the Fund was helped by its exposure to alternative energy companies and its holdings of oil refiners. Oil refiners tend to benefit from a reduction in oil prices. These positive factors, however, were offset by the negative relative performance of the exploration and production segment of the Fund. In contrast to the oil refiners, exploration and production companies were hurt by the 28% decline in oil prices.

The Fund's alternative energy stocks (wind, solar, ethanol, etc.), which typically represent about 20% of the Fund's holdings, declined less than the traditional oil and gas investments. Maxwell Technologies, Inc. (0.5% of the Fund), a developer and manufacturer of energy storage and power delivery related products, was one of the few holdings in the Fund to generate a positive return for the quarter. The company reported better than expected sales and new orders.

Given the sharp decline in energy prices, the Fund's exploration and production holdings had the weakest relative performance for the quarter. Generally, the Fund's focus is on smaller and faster growing companies. During periods of a rapid decline in oil prices, these companies get hit hard due to the incremental leverage they have to production and price. Both Denbury Resources, Inc. (0.5%) and Carrizo Oil & Gas, Inc. (0.4%) are in the middle of large expansion projects whose projected profitability has been reduced by the decline in energy prices.

Looking ahead, we continue to advise clients to focus on the long-term fundamentals of the energy industry, rather than near-term price movements. The global economy appears to be entering a period where the growth in the demand for energy may be restrained by slower economic growth. Supply will continue to be restrained, however, by severe annual decline rates in production of close to 10%. Our analysis suggests that current stock prices in the energy sector reflect long-term price assumptions of $5.25 for natural gas and $45 for oil. Given the current financial crisis, we are closely watching our companies for any signs of liquidity or credit issues.
 

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
Funds concentrated in a specific industry or sector are subject to higher market risk and price volatility than funds with more broadly diversified investments. Power technology securities in which the Fund invests tend to be relatively volatile. Performance and after-tex returns can be significantly impacted by the Fund's investments in Initial Public Offerings (IPOs), which may involve short-term trading. We cannot, however, ensure that the Fund will obtain IPOs. The Fund tends to invest in smaller company stocks, which may be more volatile and less liquid than large company stocks. 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.

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
Michael D. Bryk
 
Michael D. Bryk
Portfolio Manager and Senior Equity Analyst
BGS in Business and Economics from the University of Michigan
MBA with a concentration in finance from Louisiana State University.
Joined Munder Capital Management in 2001
Years of Experience:12
Focus:A research analyst covering computer services, industrial conglomerates and financials in support of our Large-Capitalization Growth discipline, including its associated mutual fund, the Munder Large-Cap Growth Fund. Also co-manages the Munder Energy Fund.
John F Kreiter, CFA
 
John F. Kreiter, CFA
Senior Portfolio Manager
BBA in Business Administration from Northwood University
MBA in Finance from Wayne State University
Joined Munder Capital Management in 1995
Years of Experience:18
Focus:Member of Munder Capital's Large-Capitalization Value, Mid-Capitalization Value and Multi-Cap Value portfolio management teams, and co-manages the Munder Large-Cap Value Fund, the Munder Mid-Cap Value Fund and the Munder Energy Fund. Focuses on security analysis and selection with an emphasis on the energy, industrials, basic materials, telecommunication services and the consumer discretionary sectors and participates in portfolio strategy and administration.

Munder Funds distributed by Funds Distributor, LLC.

 

Energy
Portfolio Data as of 10/31/2008
Total Net Assets* $60,901,227
Number of Holdings 73
Weighted Average Market Cap $48,502MM
Turnover - as of 9/30/2008 30.9%

Asset Allocation as of 10/31/2008
Cash & Equivalents 0.6 %
Equity 99.4 %
Total 100.0 %
 
 
There were no buy transactions for the month of September 2008
 
Equities Sold as of 09/30/08 Link to Detail
Symbol Company Name
APD Air Products & Chemicals, Inc.  
ARGN Amerigon, Inc.  
 
 
Top Holdings as of 10/31/2008 Holdings Detail
Symbol Company Name
APA Apache Corp.
CVX Chevron Corporation
EOG EOG Resources, Inc.
XOM Exxon Mobil Corp.
HES Hess Corp.
MUR Murphy Oil Corp.
NBL Noble Energy, Inc.
OXY Occidental Petroleum Corp.
STO Statoil ASA
TOT Total SA, ADR
  Total Percentage of Top Holdings: 37.8
  Link to All Holdings as of 9/30/2008
  Historical All Holdings
 
Industry Diversification as of 10/31/2008
Industry % of Holdings
Integrated Oil & Gas 41.6
Oil & Gas Exploration & Production 22.9
Oil & Gas Equipment & Services 9.3
Oil & Gas Drilling 8.7
Electrical Components & Equipment 4.4
Oil & Gas Refining & Marketing 3.3
Semiconductors 1.6
Semiconductor Equipment 1.4
Other 6.2
Cash & Equivalents 0.6
Total 100.0
 
Country of Headquarters as of 10/31/2008
Country % of Holdings
United States 78.9
Norway 3.9
United Kingdom 3.5
France 3.4
Italy 3.3
Netherlands 2.6
Other 3.8
Cash & Equivalents 0.6
Total 100.0
 

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
Funds concentrated in a specific industry or sector are subject to higher market risk and price volatility than funds with more broadly diversified investments. Power technology securities in which the Fund invests tend to be relatively volatile. Performance and after-tex returns can be significantly impacted by the Fund's investments in Initial Public Offerings (IPOs), which may involve short-term trading. We cannot, howe