-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G4RBKg8ImHUO793pTxYf1GXu4x5RxgWUIiq650VmhQjMjmn37L3ze1kEGsoSxaQ9 WHHoRCvjs8RTezCTe1tzPg== 0000950124-07-003028.txt : 20070524 0000950124-07-003028.hdr.sgml : 20070524 20070524161345 ACCESSION NUMBER: 0000950124-07-003028 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070524 DATE AS OF CHANGE: 20070524 EFFECTIVENESS DATE: 20070524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUNDER AT VANTAGE FUND CENTRAL INDEX KEY: 0001113027 IRS NUMBER: 383533130 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09937 FILM NUMBER: 07877101 BUSINESS ADDRESS: STREET 1: 480 PIERCE ST. CITY: BIRMINGHAM STATE: MI ZIP: 48009 BUSINESS PHONE: 2486479200 MAIL ADDRESS: STREET 1: 480 PIERCE ST. CITY: BIRMINGHAM STATE: MI ZIP: 48009 FORMER COMPANY: FORMER CONFORMED NAME: MUNDER AT VANTAGE TRUST DATE OF NAME CHANGE: 20000509 FORMER COMPANY: FORMER CONFORMED NAME: MUNDER INTERNET TRUST DATE OF NAME CHANGE: 20000426 N-Q 1 k14308nvq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY nvq
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-09937
 
THE MUNDER @VANTAGE FUND
 
(Exact name of registrant as specified in charter)
480 PIERCE STREET
BIRMINGHAM, MICHIGAN 48009
 
(Address of principal executive offices)(Zip code)
     
(Name and Address of Agent for Service)   Copy to:
     
STEPHEN SHENKENBERG
480 PIERCE STREET
BIRMINGHAM, MICHIGAN 48009 		  JANE KANTER
DECHERT LLP
1775 I STREET, N.W.
WASHINGTON, D.C. 20006
Registrant’s telephone number, including area code: (248) 647-9200
Date of fiscal year end: June 30
Date of reporting period: March 31, 2007
 
 

 

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Munder @Vantage Fund®
Portfolio of Investments, March 31, 2007 (Unaudited) (a),(b)
                 
Shares Value(c),(j)
COMMON STOCKS — 78.4%
Consumer Discretionary — 14.9%
   Internet & Catalog Retail — 14.6%
  42,000    
drugstore.com, inc. †
  $ 108,360  
  15,500    
Expedia, Inc. †
    359,290  
  5,500    
FTD Group, Inc.
    90,915  
  6,000    
Gmarket Inc., ADR †
    104,220  
  5,100    
GSI Commerce, Inc. †
    115,209  
  7,000    
IAC/ InterActiveCorp †
    263,970  
  16,700    
Netflix, Inc. †
    387,273  
  26,000    
PetMed Express, Inc. †
    308,100  
  10,750    
priceline.com Incorporated †
    572,545  
  20,873    
Stamps.com Inc. †
    299,945  
  2,900    
Submarino SA
    97,685  
  10,400    
US Auto Parts Network, Inc. †
    55,848  
         
 
              2,763,360  
         
 
   Media — 0.3%
  10,500    
Digital Music Group, Inc. †
    52,920  
         
 
Total Consumer Discretionary     2,816,280  
   
 
Financials — 6.5%
   Capital Markets — 3.6%
  16,000    
E*TRADE Financial Corporation †
    339,520  
  22,900    
TD AMERITRADE Holding Corporation †
    340,752  
         
 
              680,272  
         
 
   Real Estate Management & Development — 2.9%
  99,200    
Move, Inc. †
    549,568  
         
 
Total Financials     1,229,840  
   
 
Industrials — 2.3%
   Commercial Services & Supplies — 2.3%
  21,302    
Intermap Technologies Corp. †
    110,523  
  6,900    
Monster Worldwide, Inc. †
    326,853  
         
 
              437,376  
         
 
Information Technology — 54.7%
   Computers & Peripherals — 3.8%
  6,500    
Apple Inc. †
    603,915  
  8,500    
EMC Corporation †
    117,725  
         
 
              721,640  
         
 
   Information Technology Services — 0.7%
  3,500    
CheckFree Corporation †
    129,815  
         
 

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   Internet Software & Services — 41.7%
  45,745    
24/7 Real Media, Inc. †
    367,332  
  1,850    
Akamai Technologies, Inc. †
    92,352  
  13,300    
Aptimus, Inc. †
    45,220  
  17,700    
aQuantive, Inc. †
    494,007  
  6,790    
Bankrate, Inc. †
    239,280  
  83,000    
CMGI, Inc. †
    175,960  
  52,200    
CNET Networks, Inc. †
    454,662  
  12,050    
Digital River, Inc. †
    665,762  
  15,900    
eBay Inc. †
    527,085  
  2,300    
Google Inc., Class A †
    1,053,768  
  5,500    
j2 Global Communications, Inc. †
    152,460  
  6,000    
LoopNet, Inc. †
    102,540  
  7,500    
Marchex, Inc., Class B
    114,900  
  9,300    
NetEase.com, Inc., ADR †
    164,982  
  500    
NHN Corporation †
    73,342  
  8,000    
Rediff.com India Limited, ADR †
    133,360  
  18,000    
ROO Group, Inc. †
    52,020  
  12,300    
SINA Corporation †
    413,403  
  15,650    
Sohu.com Inc. †
    335,380  
  8,000    
Spark Networks PLC, ADR †
    50,880  
  30,200    
Tencent Holdings Ltd.
    98,560  
  30,000    
TheStreet.com, Inc.
    367,500  
  7,225    
TOM Online Inc., ADR †
    102,595  
  3,300    
Travelzoo, Inc. †
    121,341  
  14,200    
Universo Online SA †
    74,987  
  10,632    
ValueClick, Inc. †
    277,814  
  3,000    
VistaPrint Limited †
    114,900  
  6,000    
Website Pros, Inc. †
    54,060  
  29,000    
Yahoo! Inc. †
    907,410  
  100,000    
YP Corp. †
    79,000  
         
 
              7,906,862  
         
 
   Semiconductors & Semiconductor Equipment — 1.8%
  8,800    
GSI Technology, Inc. †
    46,200  
  7,000    
Intel Corporation
    133,910  
  8,000    
Micron Technology, Inc. †
    96,640  
  9,000    
PMC-Sierra, Inc. †
    63,090  
         
 
              339,840  
         
 
   Software — 6.7%
  3,968    
Adobe Systems Incorporated †
    165,466  
  5,000    
McAfee, Inc. †
    145,400  
  14,000    
Microsoft Corporation
    390,180  
  10,000    
Oracle Corporation †
    181,300  
  7,500    
Red Hat, Inc. †
    171,975  

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  5,600    
Shanda Interactive Entertainment Limited, ADR †
    150,360  
  19,500    
VA Software Corporation †
    78,585  
         
 
              1,283,266  
         
 
Total Information Technology     10,381,423  
   
 
TOTAL COMMON STOCKS
   (Cost $13,614,811)     14,864,919  
   
 
LIMITED PARTNERSHIPS — 19.9%
Information Technology — 19.9%
   Multi-Industry — 17.0%
  1,925,000    
CenterPoint Ventures III (Q) L.P. †,(d),(e),(f),(g)
    808,354  
  1,800,000    
New Enterprise Associates 10, L.P. †,(d),(e),(f),(g)
    1,210,647  
  640,000    
Telesoft II QP, L.P. †,(d),(e),(f),(g)
    428,161  
  1,131,746    
Trident Capital Fund V, L.P. †,(d),(e),(f),(g)
    772,436  
         
 
              3,219,598  
         
 
   Semiconductors & Semiconductor Equipment — 2.9%
  2,500,000    
Tech Farm Ventures (Q) L.P. †,(d),(e),(f)
    552,378  
         
 
TOTAL LIMITED PARTNERSHIPS
   (Cost $7,225,208)     3,771,976  
   
 
PREFERRED STOCK — 1.8%
   (Cost $999,999)        
Information Technology — 1.8%
   Computers & Peripherals — 1.8%
  444,444    
Alacritech Information, Series C †,(d),(e),(f)
    347,155  
         
 

INVESTMENT COMPANY SECURITY — 0.5%
   
(Cost $106,442) 		       
  106,442    
Institutional Money Market Fund -
Comerica Class Y Shares (h)
    106,442  
         
 
                   
TOTAL INVESTMENTS
                
 
(Cost $21,946,460)(i)
    100.6 %   $ 19,090,492  
   
   
 
  †  Non-income producing security.
 
 (a)  All percentages are based on net assets of the Fund as of March 31, 2007.
 
 (b)  The Fund primarily invests in equity securities of U.S. and non-U.S. companies considered by Munder Capital Management, (the “Advisor”), to significantly benefit from or derive revenue from the Internet, advances in communications technology, data processing technology and implementations thereof, generally known as Internet technologies. The value of such companies is particularly vulnerable to rapidly changing technology, extensive government regulation and relatively high risks of obsolescence caused by scientific and technological advances. As of March 31, 2007, more than 25% of the Fund’s assets were invested in issuers in the Internet software & services industry. When a Fund concentrates its investments in an industry or a group of industries, adverse market conditions within those industries may have a more significant impact on a Fund than they would on a Fund that does not concentrate its investments. The value of the Fund’s shares may fluctuate more than shares of a fund investing in a broader range of industries. The Fund may invest up to 40% of its total assets in equity

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securities of privately owned Internet-related technology companies that plan to conduct an initial public offering (IPO) within a period of several months to several years from the time the Fund makes its investment. These companies are referred to as venture capital companies. Venture capital companies represent highly speculative investments by the Fund. Of the Fund’s venture capital holdings, the Fund may invest up to 20% of its total assets in securities of private investment funds that invest primarily in venture capital companies.
 
 (c)  Securities and other investments are generally valued using readily available market quotations, which may be obtained from various pricing sources approved by the Board of Trustees. Equity securities are generally valued at the last quoted sale price on the primary market or exchange on which such securities are traded or the official close price of such exchange. Lacking any sales, equity securities (other than depositary receipts) are valued at the mean of the bid and asked prices, and depositary receipts are valued based on the underlying security’s value and relevant exchange rate. In the event that a price for a security is not available through the means described above, the security may be valued using broker-dealer quotations, last reported market quotations, or at fair value by a pricing committee in accordance with guidelines approved by the Board of Trustees. Securities that are primarily traded on foreign securities exchanges may also be subject to fair valuation by such pricing committee should a significant event occur subsequent to the close of the foreign securities exchanges. Fair valuations involve a review of relevant factors, including without limitation, company-specific information, industry information, comparable publicly-traded securities information, movements in U.S. equity markets following the close of foreign markets, and/or country-specific information. Investment securities denominated in foreign currencies are translated into U.S. dollars. Debt securities with remaining maturities of 60 days or less at the time of purchase are valued on an amortized cost basis, which approximates current market value, unless the Board of Trustees determines that such valuation does not constitute fair value at that time. Security transactions are recorded on a trade date basis.
 
 (d)  Fair valued security as of March 31, 2007 (see note (c) above). At March 31, 2007, these securities represent $4,119,131, 21.7% of net assets.

 (e)  Security subject to restrictions on resale under federal securities laws. These types of securities may only be resold upon registration under the Securities Act of 1933 or in transactions exempt from registration. The Fund does not have the right to demand that any of these securities be registered.

 (f)  Security subject to restrictions on resale that is considered illiquid. The Fund may not invest more than 40% of its net assets in illiquid securities. At March 31, 2007, securities subject to restrictions on resale that have not been deemed to be liquid represent $4,119,131, 21.7% of net assets.

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Security Acquisition Date Cost
Alacritech Information, Series C
    12/13/2001     $ 999,999  
CenterPoint Ventures III (Q) L.P.
    03/07/2001       180,731  
      07/20/2001       180,731  
      10/15/2001       180,731  
      07/16/2002       121,813  
      11/04/2002       84,341  
      06/09/2003       72,292  
      09/04/2003       72,292  
      01/30/2004       73,803  
      04/07/2004       123,006  
      08/13/2004       100,000  
      11/29/2004       75,000  
      04/18/2005       75,000  
      07/15/2005       112,500  
      11/21/2005       100,000  
      03/15/2006       75,000  
      06/30/2006       87,500  
      11/27/2006       87,500  
      02/23/2007       87,500  
New Enterprise Associates 10, L.P.
    10/26/2000       139,832  
      01/04/2001       69,916  
      07/27/2001       34,958  
      09/26/2001       69,916  
      01/16/2002       74,103  
      04/23/2002       74,103  
      07/12/2002       74,103  
      11/12/2002       74,103  
      02/04/2003       74,958  
      07/16/2003       76,011  
      09/19/2003       78,504  
      12/10/2003       78,757  
      04/19/2004       79,043  
      08/16/2004       80,033  
      12/28/2004       85,545  
      07/11/2005       47,243  
      01/13/2006       48,883  
      03/10/2006       48,883  
      04/03/2006       48,883  
      11/02/2006       49,128  

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Tech Farm Ventures (Q) L.P.
    12/19/2000       250,000  
      04/25/2001       250,000  
      07/27/2001       250,000  
      10/25/2001       250,000  
      05/20/2002       250,000  
      08/27/2002       250,000  
      01/10/2003       250,000  
      07/10/2003       250,000  
      11/10/2003       250,000  
      04/14/2004       250,000  
Telesoft II QP, L.P.
    03/16/2001       211,557  
      12/11/2002       63,288  
      12/09/2003       31,644  
      06/04/2004       63,288  
      12/10/2004       63,288  
      06/07/2006       53,725  
Trident Capital Fund V, L.P.
    10/18/2000       157,784  
      06/26/2002       55,687  
      11/08/2002       55,687  
      01/15/2003       111,374  
      10/01/2003       56,341  
      12/05/2003       56,341  
      02/06/2004       56,341  
      06/10/2004       58,999  
      11/23/2004       59,805  
      01/28/2005       59,805  
      08/02/2005       35,883  
      10/17/2005       51,404  
      07/05/2006       55,735  
      03/26/2007       70,587  

 (g)  The Fund invests in certain private placements that may require additional funding. The issuer of the private placement may also permanently reduce the outstanding funding at any time. At March 31, 2007, the Fund had total commitments to contribute $1,214,987 to various issuers when and if required.
 
 (h)  The Advisor is also the investment advisor to the Institutional Money Market Fund — Comerica Class Y Shares, an affiliated fund.
 
 (i)  At March 31, 2007, aggregate gross unrealized appreciation for all securities for which there was an excess of value over financial reporting cost was $2,229,805, aggregate gross unrealized depreciation for all securities for which there was an excess of financial reporting cost over value was $5,085,773 and net depreciation for financial reporting purposes was $2,855,968. At March 31, 2007, aggregate cost for financial reporting purposes was $21,946,460.
 
 (j)  In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, that the adoption of SFAS 157 will have on the Fund’s financial statements disclosures.

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ABBREVIATION:

ADR — American Depositary Receipt

At March 31, 2007, the country diversification (based on the country in which the company’s headquarters is located) of the Fund was as follows (assume United States unless otherwise indicated):

                 
% of
Net Assets Value
COMMON STOCKS:
United States
    68.6 %   $ 13,005,522  
China
    6.7       1,265,280  
South Korea
    0.9       177,562  
Brazil
    0.9       172,672  
India
    0.7       133,360  
Canada
    0.6       110,523  
   
   
 
TOTAL COMMON STOCKS
     78.4       14,864,919  
LIMITED PARTNERSHIPS
     19.9       3,771,976  
PREFERRED STOCK
     1.8       347,155  
INVESTMENT COMPANY SECURITY
     0.5       106,442  
   
   
 
TOTAL INVESTMENTS
     100.6 %   $ 19,090,492  
   
   
 

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Item 2. Controls and Procedures.
(a)     Within 90 days of the filing date of this Form N-Q, John S. Adams, the registrant’s President and Principal Executive Officer, and Peter K. Hoglund, the registrant’s Vice President and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures as defined in Rule 30a-3(c) of the Investment Company Act of 1940 (the “Procedures”) and evaluated their effectiveness. Based on their review, Mr. Adams and Mr. Hoglund determined that the Procedures adequately ensure that information required to be disclosed by the registrant in reports on Form N-Q filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.
(b)     There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.

 

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
THE MUNDER @VANTAGE FUND    
 
        
 
        
By:
  /s/ John S. Adams    
 
  John S. Adams    
 
  President and Principal Executive Officer    
 
        
Date:
  May 24, 2007    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ John S. Adams    
 
  John S. Adams    
 
  President and Principal Executive Officer    
 
        
Date:
  May 24, 2007    
 
        
 
        
By:
  /s/ Peter K. Hoglund    
 
  Peter K. Hoglund    
 
  Vice President and Principal Financial Officer    
 
        
Date:
  May 24, 2007    

 

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EXHIBIT INDEX
     
EXHIBIT NO.   EXHIBIT DESCRIPTION
99.1
  The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto

EX-99.1 2 k14308exv99w1.htm CERTIFICATIONS exv99w1
 

I, John S. Adams, President and Principal Executive Officer of The Munder @Vantage Fund, certify that:
1.   I have reviewed this report on Form N-Q of The Munder @Vantage Fund;
 
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.   Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
 
4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
         
Date:
  May 21, 2007    
 
        
By:
  /s/ John S. Adams    
 
  John S. Adams    
 
  President and Principal Executive Officer    

 

 

I, Peter K. Hoglund, Vice President and Principal Financial Officer of The Munder @Vantage Fund, certify that:
1.   I have reviewed this report on Form N-Q of The Munder @Vantage Fund;
 
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.   Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
 
4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
         
Date:
  May 21, 2007    
 
        
By:
  /s/ Peter K. Hoglund    
 
  Peter K. Hoglund    
 
  Vice President and Principal Financial Officer    

 

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