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, 2009 were 1.04%, 1.80% and 1.80%, respectively, and the net expense ratios were 0.69%, 1.44% and 1.44%, 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 began limiting expenses of the Class A, B and C shares on May 12, 2008, and has contractually agreed to limit expenses through at least October 31, 2010. The Advisor also limited certain expenses of the Class A shares during the 1992-1996 and 2008-2009 calendar years.Total returns and yields 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.
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, 2009 were 1.04%, 1.80% and 1.80%, respectively, and the net expense ratios were 0.69%, 1.44% and 1.44%, 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 began limiting expenses of the Class A, B and C shares on May 12, 2008, and has contractually agreed to limit expenses through at least October 31, 2010. The Advisor also limited certain expenses of the Class A shares during the 1992-1996 and 2008-2009 calendar years.Total returns and yields 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.
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
Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. The Fund invests in Yankee securities (dollar-denominated securities of foreign issuers), which involve additional risks due to foreign economic and political conditions and differences in financial reporting standards. A significant portion of the Fund is invested in mortgage-backed securities, which are subject to higher prepayment risk, particularly during periods of declining interest rates.
The portfolio holdings will change and the 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.
*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Quality Structure, Life Structure and 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.
**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 up 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.
The Fund trailed its Barclays Capital U.S. Aggregate Bond benchmark for the quarter. Generally, performance during the quarter was
relatively weak for riskier assets, such as corporate bonds, and stronger for less risky assets, such as U.S. Treasuries. Concerns over
sovereign debt levels in Greece and other European countries, the oil spill in the Gulf of Mexico, and the financial reform legislation
were among the factors that had a negative impact on the pricing of risk assets. In contrast, Treasury yields fell (and prices rose)
substantially during the quarter. The yield on the Ten-Year Treasury Note, which was just under 4% in early April, closed the quarter
below 3%.
During the quarter, the Fund was overweight in corporate securities and underweight in U.S. Treasuries relative to its benchmark.
That positioning was the largest negative contributor to relative performance for the quarter, due largely to overweight positions in
banks and high-yield bonds. Additionally, the Fund had a small ownership position in Anadarko Petroleum (0.9% of the Fund), an
entity with a non-operating ownership interest in the oil rig that exploded on April 20 and led to the oil spill in the Gulf of Mexico.
The Anadarko holding contributed an estimated 25 basis points (0.25 percentage point) of underperformance during the quarter.
Looking forward, despite the struggles of the second quarter, the Fund is maintaining its strategic positioning, focusing on
overweights in the senior debt of the larger, money center banking institutions, older vintage commercial mortgage-backed securities
and subordinated automobile backed asset-backed securities (ABS). Additionally, due to valuation considerations, the Fund has begun
to increase its U.S. agency mortgage positioning and decrease its senior ABS holdings.
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: Bond Funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. A significant portion of the Fund is invested in mortgage-backed securities, which are subject to higher prepayment risk than corporate bonds and notes, particularly in periods of declining interest rates. The Fund also invests in Yankee securities (i.e., dollar-denominated securities of foreign issuers), which involve additional risks due to foreign economic and political conditions, and differences in financial reporting standards.
The Barclays Capital U.S. Aggregate Bond Index is a market-value-weighted index designed to measure the U.S. investment-grade, fixed-rate bond market, which includes publicly issued, fixed-rate, non-convertible, dollar-denominated, taxable U.S. government, corporate, mortgage pass-through and asset-backed securities rated investment grade or higher. 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.
Credit ratings are issued by credit rating agencies and reflect the agency's assessment of the risk of a bond based on the issuer's capacity to meet its financial commitment on the bond. Ratings range from AAA (highest credit quality) to D (in default).
Munder Funds are distributed by Funds Distributor, LLC 07/10
Investment Team
Edward D. Goard, CFA
Chief Investment Officer, Fixed Income
BS in International Finance from San Francisco State University.
Joined Munder Capital Management in 2007
Years of Experience:17
Focus:As Chief Investment Officer of Fixed Income, he focuses on overseeing the management and monitoring of our core fixed income strategies. Additionally, he manages multi-sector fixed income portfolios.
Michael J. Krushena, CFA
Senior Portfolio Manager
BA in Economics from the University of Michigan
MBA in Finance from the University of Michigan
Joined Munder Capital Management in 2000
Years of Experience:15
Focus:Responsible for managing fixed income and cash portfolios and trades asset-backed and corporate bonds. Also co-manages the Munder Bond Fund.
Munder Funds distributed by Funds Distributor, LLC.
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
Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. The Fund invests in Yankee securities (dollar-denominated securities of foreign issuers), which involve additional risks due to foreign economic and political conditions and differences in financial reporting standards. A significant portion of the Fund is invested in mortgage-backed securities, which are subject to higher prepayment risk, particularly during periods of declining interest rates.
The portfolio holdings will change and the 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.
*Total net asset figures do not reflect adjustments, if any, made for financial reporting purposes. Percentages shown for Quality Structure, Life Structure and 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.
**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 up 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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