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800.4MUNDER
Seeks long-term capital appreciation by investing primarily in mid-cap companies with market capitalizations within the range of companies included in the S&P MidCap 400® Index, or within the range of companies included in the Russell Midcap® Index.  
Class A B^ C R
Ticker MGOAX MGROX MGOTX MMSRX
CUSIP 626124283 626124275 626124267 626127302
Fund Code 232 332 732 832
Inception Date 07/03/00 07/05/00 07/14/00 07/29/04
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
     
 
 
Mid-Cap Core Growth
Daily NAV's as of 11/19/08
Class A Class B^ Class C Class R
NAV 14.38 13.58 13.61 14.28
Chg. $ -1.02 -0.97 -0.97 -1.01
Chg. % -6.62 -6.67 -6.65 -6.61
POP 15.22 13.58 13.61 14.28
YTD Return % -51.89 -52.22 -52.21 -52.00
52 Wk High
Date		 31.02
12/26/07		 29.52
12/26/07		 29.58
12/26/07		 30.87
12/26/07
52 Wk Low
Date		 14.38
11/19/08		 13.58
11/19/08		 13.61
11/19/08		 14.28
11/19/08
Download Historical NAV/POP

     
Mid-Cap Core Growth 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 -26.12 -35.37 -44.20 -46.67 -7.71 1.46 2.40 07/03/00
A Without load -21.83 -31.62 -40.95 -43.56 -5.96 2.61 3.09 07/03/00
B^ With load -25.78 -35.14 -44.24 -46.73 -7.59 1.47 2.37 07/05/00
B^ Without load -21.87 -31.72 -41.31 -43.97 -6.66 1.84 2.37 07/05/00
C With load -22.66 -32.42 -41.91 -44.53 -6.67 1.83 1.66 07/14/00
C Without load -21.88 -31.74 -41.33 -43.98 -6.67 1.83 1.66 07/14/00
R Without load -21.85 -31.63 -41.08 -43.69 -6.20 N/A 0.67 07/29/04
 

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, C and R gross expense ratios for the fiscal year ended June 30, 2008 were 1.32%, 2.07%, 2.07% and 1.57%, 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 Class A, B and C shares of the Mid-Cap Core Growth Fund during the 2000-2001 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 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.
     
Mid-Cap Core Growth 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 -19.24 -20.74 -28.61 -28.73 -1.14 8.26 5.52 07/03/00
A Without load -12.78 -16.12 -24.46 -24.58 0.74 9.49 6.25 07/03/00
B^ With load -18.84 -20.46 -28.63 -28.82 -0.99 8.38 5.51 07/05/00
B^ Without load -12.82 -16.27 -24.88 -25.14 0.00 8.66 5.51 07/05/00
C With load -15.43 -17.12 -25.65 -25.89 0.00 8.66 4.78 07/14/00
C Without load -12.84 -16.28 -24.89 -25.15 0.00 8.66 4.78 07/14/00
R Without load -12.79 -16.18 -24.61 -24.78 0.50 N/A 6.81 07/29/04
 

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, C and R gross expense ratios for the fiscal year ended June 30, 2008 were 1.32%, 2.07%, 2.07% and 1.57%, 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 Class A, B and C shares of the Mid-Cap Core Growth Fund during the 2000-2001 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 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.

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
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. 

 

1A weighted median market cap is calculated by arranging companies in a portfolio, along with their weight (the percentage of market value that each company represents in the portfolio as a whole), from the highest to lowest capitalization.  The weights are then summed until 50% of the portfolio's weighted market cap is reached. The purpose of the weighted median is to reduce the influence of outliers on the market cap calculation. 

 

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.

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.

*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Asset Allocation, Top Ten Holdings 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 markets 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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Mid-Cap Core Growth
Quarterly Commentary as of September 30, 2008		 previous commentary
The MidCap Core Growth Fund lagged its S&P MidCap 400® benchmark for the quarter, due to the relative weakness in a number of the Fund's holdings across several economic sectors. In the mid-cap segment of the stock market, growth stocks were much weaker than value stocks. Given the Fund's strong growth bias, this had an adverse impact on the Fund's relative performance. (This is born out by the fact that the Fund outperformed the Russell Midcap® Growth Index for the quarter, which is a common benchmark for mid-cap growth portfolios.) The relative performance of the Fund was also hurt by the fact that stocks that had been characterized by the highest investor expectations (the fastest projected earnings per share (EPS) growth, highest price to earnings (P/E) ratios, highest Price/Book ratios and lowest dividend yields) had the poorest performance for the quarter. Investors appeared to be focused on defensive stocks, many with little potential for growth. The number of major disappointments, in terms of the performance of individual holdings, does not appear to be greater than in previous quarters. In fact, more than 86% of the Fund's holdings met or exceeded earnings expectations in their most recent earnings report. This compares favorably to 78% for the S&P MidCap 400® benchmark. However, the environment was very unforgiving. Some holdings that had very minor earnings shortfalls, or none at all, experienced brutal sell-offs.

The energy sector was the most negative of the Index's sectors during the third quarter, posting a -43% return. Although nearly all of the Fund's energy holdings had negative returns as well, the Fund's energy holdings declined by less than those of its benchmark and therefore had a significant positive impact on the Fund's relative performance.

The financials, consumer discretionary and industrials sectors had the most negative impact on the Fund's performance relative to its benchmark. In the financials sector, Assurant, Inc. (1.2% of the Fund), a multi-line insurance company, was down due to its financial exposure to hurricanes Gustav and Ike. We anticipate, however, that the company should benefit from its creditor-placed homeowners' insurance business. The Fund's relative performance was also hurt by the absence of some of the companies represented in the financial sector of the benchmark that rebounded during the quarter because of investor expectations of better times ahead. As an example, regional banks in the S&P MidCap 400® Index were generally very strong despite weak fundamentals, based on investor optimism that the worst was behind them. In the consumer discretionary sector, Discovery Holding Co. (0.9%), GameStop Corp. (1.1%) and Morningstar, Inc. (0.4%) were among the holdings that continued to have strong fundamentals but were out of favor with investors, at least temporarily. As was the case in the financials sector, the lack of a position in some companies that are represented in the Fund's benchmark and had strong stock price performance for the quarter, including homebuilders, hurt relative returns. In the industrials sector, McDermott International, Inc. (0.9%) suffered from its exposure to the energy sector, and General Cable Corporation (1.8%) was hurt by concerns about global economic weakness.

Our process involves a continual and rigorous evaluation of the fundamentals of each stock held in the Fund, relative to alternative holdings. The goal is to capture the best ideas of the Fund's mid-cap team. We continue to emphasize earnings momentum and reasonable valuation, and this focus continues to result in strong fundamentals relative to the benchmark. The Fund's earnings per share (EPS) growth, on a trailing twelve month basis, was 23% versus 10% for the S&P 400® Index. Over the next twelve months, EPS growth is projected to be 18% for the Fund versus 13% for its benchmark. Revenue growth over the past twelve months was 16% for the Fund versus 11% for its benchmark. In addition to strong fundamentals, the Fund's valuation continued to be attractive. Its price to earnings (P/E) ratio, based on earnings per share over the next twelve months, is 15 times versus 14 times for the S&P MidCap 400® Index. We believe the strength of the Fund's fundamentals positions it well for future strong performance. While the long-term track record of the Mid-Cap Core Growth Fund includes periods of both relative strength and weakness, the focus on the key characteristics mentioned above has resulted in long-term performance that is significantly greater than that of the benchmark. We believe that this will continue to be the case.

 

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
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
Tony Y Dong, CFA
 
Tony Y. Dong, CFA
Vice Chairman and Senior Portfolio Manager
BBA with Distinction from the University of Michigan School of Business Administration
MBA in Finance from Wayne State University
Joined Munder Capital Management in 1988
Years of Experience:25
Focus:Vice Chairman of Munder Capital Management, a member of Munder Capital Holdings, LLC Board of Directors, and is a member of the firm’s Executive, Operating and Product Policy committees. Responsible for managing Munder Capital’s Mid-Capitalization Core Growth discipline, is lead manager of the Mid-Cap/Small-Cap Blend (SMID) discipline, manager of the Munder Mid-Cap Core Growth Fund and co-manager of the Munder Small-Mid Cap and Small-Mid Cap 130/30 funds.
Brian S Matuszak, CFA
 
Brian S. Matuszak, CFA
Senior Equity Analyst
BBA in Finance and Accounting (with distinction) from the University of Michigan
MS in Applied Economics from the University of Michigan
Joined Munder Capital Management in 2000
Years of Experience:10
Focus:Analyzes equity securities for Munder Capital's Mid-Capitalization Core Growth and Mid-Cap/Small-Cap Blend disciplines, as well as their associated funds. Also is a member of the team managing the Real Estate Equity Investment (REIT) discipline. Assists with portfolio strategy, sector analysis, stock selection, and the monitoring of companies owned in the portfolio.
Andy Y. Mui, CPA
 
Andy Y. Mui, CPA
Senior Equity Analyst
BBA from the University of Michigan
MBA from the Tuck School of Business at Dartmouth
Joined Munder Capital Management in 2005
Years of Experience:7
Focus:Analyzes equity securities for Munder Capital's Mid-Capitalization Core Growth and Mid-Cap/Small-Cap Blend disciplines, as well as their associated funds. Assists with portfolio strategy, sector analysis, stock selection, and the monitoring of companies owned in the portfolio.
George L Sanders, II
 
George L. Sanders, II
Senior Equity Research Associate
Started with Comerica Bank in 1984. Joined Munder Capital in 1995 as a result of the merger with Comerica and its investment subsidiaries.
Years of Experience:16
Focus:Provides quantitative equity research for our mid-capitalization (growth and value), small-capitalization (value) and micro-capitalization disciplines. Also, is a member of the portfolio management teams responsible for the Mid-Capitalization Core Growth and Mid-Cap/Small-Cap Blend investment disciplines, as well as their associated funds.
Geoffrey A Wilson, CFA
 
Geoffrey A. Wilson, CFA
Senior Portfolio Manager
BA in Economics from Albion College
MBA from the University of Michigan
Joined Munder Capital Management in 1985
Years of Experience:32
Focus:Member of the Mid-Capitalization Core Growth and Mid-Cap/Small-Cap Blend portfolio management teams. Also the lead manager of Munder Capital’s taxable and tax-managed Core Growth equity investment disciplines.

Munder Funds distributed by Funds Distributor, LLC.

 

Mid-Cap Core Growth
Portfolio Data as of 10/31/2008
Total Net Assets* $3,239,921,630
Number of Holdings 96
Weighted Average Market Cap $3,982MM
P/E Ratio - Last 12 Mos 15.3x
Earnings Growth - Last 5 Yrs 19.7%
Earnings Growth - Last 12 Mos. 20.1%
Beta 0.97
Turnover - as of 9/30/2008 69.8%

Asset Allocation as of 10/31/2008
Cash & Equivalents 1.1 %
Equity