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Veracity Small-Cap Value Fund ()

Objective

The Veracity Small-Cap Value Fund’s management team seeks to achieve long-term capital growth in the Fund by investing in stocks of smaller companies (according to their market capitalization) that the team believes are undervalued, but poised to outperform. The Fund generally invests in companies with market capitalizations within the range of the companies in the Russell 2000® Index.

INVESTMENT PROCESS HIGHLIGHTS

The management team’s investment philosophy is rooted in the belief that consistent, long-term performance can be achieved by applying a prudent value approach and investing in what they have determined to be statistically cheap stocks trading below their estimated value, investing in companies that have improving sentiment, and continuously evaluating the risk exposure. Specifically, they seek to invest in the right company, at the right price, and at the right time.

Management

About The Sub-Advisor, Integrity Asset Management

Founded in 2003, Integrity Asset Management, LLC is an Ohio-based investment firm that specializes in managing value-oriented equity strategies primarily for institutional clients. Integrity provides investment management services to a diverse group of corporate, public, endowment, foundation, Taft-Hartley, and sub-advisory clients. The firm has demonstrated its investment expertise by providing clients with consistently strong risk-adjusted returns in a variety of market environments, leading it to be named in recent years, as one of "The Best Managers You Never Heard Of" by PLANSPONSOR magazine.*

Integrity Asset Management is an independently operated, wholly owned subsidiary of Munder Capital Management.

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Daniel G. Bandi, CFA
Chief Investment Officer & Principal, Integrity Asset Management
INVESTMENT EXPERIENCE
23 years
BIOGRAPHY

Dan is a CFA® charterholder with over 23 years of investment management experience. He serves as CIO for all of Integrity Asset Management’s value equity strategies, and is lead portfolio manager for the Small Cap Value Equity strategy and the Small/Mid Cap Value Equity strategy. Dan has sector responsibilities focused on the financials and industrials sectors.

Dan and his team have been featured in The New York Times, the Wall Street Journal, the Financial Times and Investor's Business Daily and have appeared as guests on CNBC, CNNfn TV, Bloomberg TV and others. Dan graduated from the University of Pittsburgh and earned an MBA from Texas A&M University - Commerce.

Dan is a bad golfer and a rabid Pittsburgh Steelers fan. He is married with two children. Dan is a member and past President of the CFA Society of Cleveland.

 

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Daniel J. DeMonica, CFA
Senior Portfolio Manager & Principal, Integrity Asset Management
INVESTMENT EXPERIENCE
19 years
BIOGRAPHY

Dan is a CFA® charterholder with over 19 years of investment management experience and is a member of our value equity management team, serving as a Senior Portfolio Manager for all value strategies and is lead portfolio manager for the Micro-Cap Equity strategy. He focuses on the healthcare, utilities, telecommunications and consumer services sectors. Dan has been featured in The New York Times, the Wall Street Journal, and Forbes, and has appeared as a guest on CNBC and Bloomberg TV. Dan graduated from Indiana University - Bloomington, and earned his MBA from Case Western Reserve University.

Dan is married with three children and enjoys golf and tennis. Dan is a member of the CFA Society of Cleveland. 

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Adam I. Friedman
Senior Portfolio Manager & Principal, Integrity Asset Management
INVESTMENT EXPERIENCE
23 years
BIOGRAPHY

Adam has over 23 years of investment management experience and is a member of our value equity management team, serving as a Senior Portfolio Manager for all value strategies and is lead portfolio manager for the Mid Cap Value Equity strategy. Adam has sector responsibilities focused on the technology and consumer cyclicals sectors. He has been featured in The New York Times and the Wall Street Journal and has appeared as a guest on CNBC, CNNfn TV, Bloomberg TV and Bloomberg Radio. After completing his undergraduate studies at the University of Maryland, Adam earned his MBA from Case Western Reserve University.

Adam is married and has two children. 

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Joe A. Gilbert, CFA
Portfolio Manager, Integrity Asset Management
INVESTMENT EXPERIENCE
18 years
BIOGRAPHY

Joe is a member of our value equity management team with responsibility for the consumer staples, insurance and transportation sectors. He has over 18 years of extensive security research experience and is a CFA® charterholder. Joe earned both his undergraduate degree and his MBA from the University of Maryland.

Joe is married with two children. He is a member of the CFA Society of Cleveland and the CFA Institute. 

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J. Bryan Tinsley, CFA
Portfolio Manager, Integrity Asset Management
INVESTMENT EXPERIENCE
18 years
BIOGRAPHY

A member of our value equity management team, Bryan is responsible for research and security selection. His sector responsibilities include the basic materials, energy and commercial services sectors. He has over 18 years of portfolio management, research and performance analysis experience. Bryan is a graduate of Transylvania University and earned his MBA from Case Western Reserve University.

A former rugby player, Bryan now enjoys golf and soccer. He is a CFA® charterholder and is a member of the CFA Society of Cleveland. 

Fast Facts – as of 04/17/14

NAV ($) 30.87
$ Chg 0.19
% Chg 0.61
52 Wk High ($)
Date
32.00
04/02/14
52 Wk Low ($)
Date
23.46
04/18/13
Ticker VSCVX
CUSIP 626127484
Inception Date 03/30/04
Total Class Assets ($) 157,297,822
Benchmark Russell 2000® Value Index
Morningstar Category Morningstar Small Cap Value Equity
Lipper Classification Lipper Small Cap Core
Gross Expense Ratio (%) 1.59
Net Expense Ratio (%) 1.50

*August 2007

 

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

 

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 and 4% on the 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 = 2.5%, Year 3 = 2.0%, Year 4 = 1.5%, Year 5 = 1.0%, Year 6 = 0.5%. Class B Shares are closed to all investors. Class Y Shares are not subject to sales charges but are only available for purchase by limited types of investors, as outlined in the applicable Fund’s prospectus. Class Y shares have a minimum initial investment of $1,000,000, with limited exceptions, as outlined in the Fund's prospectus. Class I Shares are not subject to sales charges. Class I shares have a minimum initial investment of $2,000,000, with limited exceptions, as outlined in the Fund's prospectus. Class K, R and R6 Shares are not subject to sales charges but are only available for purchase by limited types of investors, as outlined in the applicable Fund's prospectus.

 

This Fund offers seven classes of shares, each with different sales loads, fees and expense levels that affect performance.

 

This fund is a result of a merger of the Munder Small-Cap Value Fund and the Veracity Small Cap Value Fund.

 

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 the Fund's gross expense ratio to become higher than the gross expense ratio shown in the current prospectus.

 

Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes.

 

The Lipper universe of small-cap core funds represents the universe of existing mutual funds that are categorized by Lipper, Inc. under the same investment objective as the Fund. The Lipper universe of small-cap value funds represents a universe of existing mutual funds that have an investment objective that is similar to that of the Fund and is shown as supplemental information.

You cannot invest directly in a Lipper universe. Lipper performance information was furnished by sources deemed reliable and is believed to be accurate, however, no warranty or representation is made as to the accuracy thereof and the information is subject to correction. Lipper returns reflect performance for the date on which the data was captured. Lipper does not keep historical data, so performance obtained during different time periods may differ as a result of changes in the composition of the universe.

 

Morningstar categories are assigned based on the underlying securities in each portfolio. Morningstar places funds in a given category based on their portfolio statistics and composition over the past three years. The categories help investors and investment professionals make meaningful comparisons between funds.

 

Fund shares are not guaranteed or insured by any bank, the FDIC or any government agency, and may lose value.

 

There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. An investor should consider the Fund's investment objectives, risks, 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 prospectus carefully before investing. 

 

Munder Funds are distributed by Funds Distributor, LLC