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800.4MUNDER
The Multi-Cap Growth Fund is now open to new investors as of July 1, 2008. Munder Capital's multi-cap growth team has been managing assets in this discipline for institutional clients since 2003 and is pleased to offer access to the same investment team and process through this newly launched mutual fund.

The Fund seeks long-term capital appreciation by investing in a diversified portfolio of companies with the potential for above-average earnings growth as well as current earnings momentum.

 
Class A C R
Ticker MAMGX MCMGX MRMGX
CUSIP 626125595 626125587 626125561
Fund Code 249 449 849
Inception Date 07/01/08 07/01/08 07/01/08
Minimum Initial/ IRA** Investment: $2,500/500; $50 subsequent/automatic
**includes 403(b)s, UGMA, UTMA Learn more

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MORE FUND INFORMATION
Download the Fact Sheet | Prospectus
     
 
 
Multi-Cap Growth
Daily NAV's as of 11/20/08
Class A Class C Class R
NAV 4.74 4.73 4.74
Chg. $ -0.39 -0.39 -0.39
POP 5.02 4.73 4.74
52 Wk High
Date		 10.00
07/01/08		 10.00
07/01/08		 10.00
07/01/08
52 Wk Low
Date		 4.74
11/20/08		 4.73
11/20/08		 4.74
11/20/08
Download Historical NAV/POP

     
Multi-Cap Growth Fund Total Returns (%) as of 10/31/08    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year SI Inception Date
A With load -26.19 -37.24 N/A N/A -39.79+ 07/01/08
A Without load -21.94 -33.58 N/A N/A -36.30+ 07/01/08
C With load -22.87 -34.45 N/A N/A -37.14+ 07/01/08
C Without load -22.09 -33.79 N/A N/A -36.50+ 07/01/08
R Without load -22.06 -33.68 N/A N/A -36.40+ 07/01/08
 

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, C and R shares gross expense ratios for the fiscal year ended June 30, 2008 were 2.73%, 3.48% and 2.98%, respectively, and the net expense ratios were 1.71%, 2.46% and 1.96%, respectively. The Fund publishes Semi-Annual and Annual Reports each February and August, which contain updated expense ratio information. The Advisor has agreed to limit certain expenses of the Fund since its inception to October 31, 2009. Total returns would have been lower if the Advisor had not limited expenses since inception.

 

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 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.

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.

 

+Not Annualized. Represents Cumulative Total Return.
     
Multi-Cap Growth Fund Total Returns (%) as of 09/30/08    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year SI Inception Date
A With load -20.03 -22.87 N/A N/A -22.87+ 07/01/08
A Without load -13.65 -18.40 N/A N/A -18.40+ 07/01/08
C With load -16.24 -19.32 N/A N/A -19.32+ 07/01/08
C Without load -13.67 -18.50 N/A N/A -18.50+ 07/01/08
R Without load -13.65 -18.40 N/A N/A -18.40+ 07/01/08
 

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, C and R shares gross expense ratios for the fiscal year ended June 30, 2008 were 2.73%, 3.48% and 2.98%, respectively, and the net expense ratios were 1.71%, 2.46% and 1.96%, respectively. The Fund publishes Semi-Annual and Annual Reports each February and August, which contain updated expense ratio information. The Advisor has agreed to limit certain expenses of the Fund since its inception to October 31, 2009. Total returns would have been lower if the Advisor had not limited expenses since inception.

 

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 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.

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.

 

+Not Annualized. Represents Cumulative Total Return.

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
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. 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. Top holdings do not reflect cash, money markets or options/futures contracts holdings.

The information and opinions provided are for general information only, are subject to change without notice and are not intended as a recommendation to purchase or sell any security. The Munder Family of Funds and Munder Capital Management do not guarantee the accuracy or completeness, nor assume liability for any loss, which may result from the reliance by any person upon any such information or opinions.

Fund shares are not guarenteed 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.

Munder Funds distributed by Funds Distributor, LLC.

E-mail us at feedback@munder.com
Please read the Terms of Use and Privacy Policy
Munder®, Munder Capital®, Munder Capital Management®, and The Munder Funds® are
registered trademarks of Munder Capital Management®.
  ©Copyright 2007 Munder Capital Management. All Rights Reserved.
 
 
Multi-Cap Growth
Quarterly Commentary as of September 30, 2008
The Munder Multi-Cap Growth Fund has an inception date of July 1, 2008. The Fund's performance lagged behind its Russell 3000® benchmark for the quarter. In fact, the multi-cap growth discipline used in the investment process for the Fund experienced its most difficult quarter in more than five years. During the quarter, the market winners were stocks with slower earnings growth, lower price/earnings ratios and higher yields. In contrast, the Fund's focus on stocks with strong price and earnings momentum typically leads to stocks with higher earnings growth, somewhat higher price/earnings ratios and lower yields. These characteristics were not rewarded during the quarter. Instead, they had a significant negative impact on the Fund's relative performance. The sectors that had the greatest negative impact on the Fund's relative return included energy, industrials and materials. Commodity exposure was the common theme across these sectors, amidst growing concerns about the possibility of a global recession and the pressure that this might put on the demand component of companies' business models.

The consumer discretionary sector of the Fund had the least negative impact on relative returns. The sector's performance was helped by exposure to The Buckle, Inc. (1.4% of the Fund), a Midwestern retailer that focuses on teens and denim. The company' stock was up over 22% during the quarter, bucking the trend of most of the struggling fashion industry.

In contrast, the energy, industrials and materials sectors were the largest detractors from relative performance. The overweight of the energy sector was responsible for most of the negative impact of that sector. While most of the Fund's energy holdings met or exceeded earnings expectations, they performed poorly due to the decline in energy prices during the quarter and the global financial panic. The lagging performance of the materials and industrial sectors was due to a number of the same issues. Many of the companies in these sectors are involved in mining and construction activity, and have therefore been hurt by investors' increasing focus on the possibility of a global slowdown or recession as a result of the seizing up of the credit markets.

The multi-cap growth style emphasizes faster growing companies whose stocks are experiencing price momentum. These characteristics have historically boosted relative performance during times when investors are focusing on the fundamentals of investing. When investors are facing uncertainty about the direction of the economy and/or the Federal Reserve is in either an aggressive easing or tightening phase, the style has a higher probability of short-term underperformance as market leadership shifts to lower quality stocks with weaker fundamentals.

 

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
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. 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 P Gura, CFA
 
Michael P. Gura, CFA
Senior Portfolio Manager
BBA in Finance from Walsh College
MS in Finance with Distinction from Walsh College
Started with Comerica Bank in 1986. Joined Munder Capital in 1995 as a result of the merger with Comerica and its investment subsidiaries.
Years of Experience:20
Focus:Member of the portfolio management teams managing Munder Capital's Large-Capitalization Growth and Multi-Cap Growth investment disciplines, including the Munder Large-Cap Growth Fund as well as the Large-Cap Growth segment of the Munder Asset Allocation Fund - Balanced. Also manages Munder Capital’s Healthcare equity discipline, including the Munder Healthcare Fund.
Thomas P Kenny, CFA
 
Thomas P. Kenny, CFA
Senior Portfolio Manager
BS (Cum Laude) from the University of Detroit
MBA from the University of Detroit-Mercy
Started with Comerica Bank in 1989. Joined Munder Capital Management in 1995 as a result of Munder's merger with Comerica and its investment subsidiaries.
Years of Experience:15
Focus:Senior Portfolio Manager and co-manager of Munder Capital's Large-Capitalization Growth and Multi-Cap Growth investment disciplines, and the Munder Large-Cap Growth Fund as well as the Large-Cap Growth segment of the Munder Asset Allocation Fund - Balanced. Also is the Chairman of Munder Capital’s Pricing Committee.

Munder Funds distributed by Funds Distributor, LLC.

 

Multi-Cap Growth
Portfolio Data as of 10/31/2008
Total Net Assets* $1,340,749
Number of Holdings 79

Asset Allocation as of 10/31/2008
Cash & Equivalents 1.3 %
Equity 98.7 %
Total 100.0 %
 
 
 
Top Holdings as of 10/31/2008 Holdings Detail
Symbol Company Name
ABT Abbott Laboratories
AMED Amedisys, Inc.
CVX Chevron Corporation
XOM Exxon Mobil Corp.
FMC FMC Corporation
HPQ Hewlett-Packard Co.
JNJ Johnson & Johnson
JPM JPMorgan Chase & Co.
SJR Shaw Communications, Inc.
WGOV Woodward Governor Co.
  Total Percentage of Top Holdings: 21.6
  Link to All Holdings as of 9/30/2008
  Historical All Holdings
 
Sector Diversification as of 10/31/2008
Sector % of Holdings
Consumer Discretionary 11.4
Consumer Staples 6.4
Energy 15.3
Financials 12.9
Health Care 14.6
Industrials 16.3
Information Technology 13.5
Materials 7.2
Telecommunication Services 1.1
Cash & Equivalents 1.3
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
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. 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. Top holdings do not reflect cash, money markets or options/futures contracts holdings.

The information and opinions provided are for general information only, are subject to change without notice and are not intended as a recommendation to purchase or sell any security. The Munder Family of Funds and Munder Capital Management do not guarantee the accuracy or completeness, nor assume liability for any loss, which may result from the reliance by any person upon any such information or opinions.

Fund shares are not guarenteed 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.

Munder Funds distributed by Funds Distributor, LLC.

E-mail us at feedback@munder.com
Please read the Terms of Use and Privacy Policy
Munder®, Munder Capital®, Munder Capital Management®, and The Munder Funds® are
registered trademarks of Munder Capital Management®.
  ©Copyright 2007 Munder Capital Management. All Rights Reserved.