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Micro-Cap Equity Fund Total Returns (%) as of 08/31/10Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class
1 month
3 month
YTD
1 year
3 year
5 year
10 year
SI
Inception Date
A With load
-11.42
-9.22
-8.62
0.52
-13.75
-7.10
0.11
9.04
12/26/96
A Without load
-6.28
-3.94
-3.30
6.38
-12.10
-6.04
0.68
9.49
12/26/96
B^
With load
-11.04
-8.93
-8.61
0.58
-13.42
-7.01
0.09
8.36
02/24/97
B^
Without load
-6.36
-4.13
-3.80
5.58
-12.76
-6.74
0.09
8.36
02/24/97
C With load
-7.30
-5.09
-4.77
4.63
-12.77
-6.75
-0.06
8.75
03/31/97
C Without load
-6.36
-4.13
-3.80
5.63
-12.77
-6.75
-0.06
8.75
03/31/97
R Without load
-6.31
-4.00
-3.49
6.13
-12.33
-6.28
N/A
-1.39
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.
The recent growth rate in the stock market has helped produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.
As identified in the current Fund prospectus, the Class A, B, C and R shares gross expense ratios for the fiscal year ended June 30, 2009 were 2.35%, 3.10%, 3.10% and 2.55%, 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 limited certain expenses of the Class A, B and C shares of the Munder Micro-Cap Equity Fund during the 1997-1999 calendar years. In addition, the Advisor made a voluntary capital contribution to
the Fund during the 2005 calendar year. Total returns would have been lower if the Advisor had not limited expenses or made a capital contribution 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.
Class R Shares are not subject to sales charges. Class R Shares are only available for purchase by limited types of investors, as outlined in the Fund’s prospectus.
Different sales charges affect performance and yields.
Micro-Cap Equity Fund Total Returns (%) as of 06/30/10Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class
1 month
3 month
YTD
1 year
3 year
5 year
10 year
SI
Inception Date
A With load
-10.75
-12.17
-8.33
13.39
-16.77
-6.38
0.69
9.18
12/26/96
A Without load
-3.63
-7.05
-3.00
19.97
-15.19
-5.32
1.26
9.64
12/26/96
B^
With load
-10.34
-11.85
-8.20
14.11
-16.45
-6.29
0.68
8.50
02/24/97
B^
Without load
-3.69
-7.21
-3.37
19.11
-15.81
-6.03
0.68
8.50
02/24/97
C With load
-6.61
-8.19
-4.38
18.05
-15.83
-6.04
0.52
8.90
03/31/97
C Without load
-3.74
-7.26
-3.41
19.05
-15.83
-6.04
0.52
8.90
03/31/97
R Without load
-3.69
-7.16
-3.18
19.62
-15.41
-5.57
N/A
-1.37
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.
The recent growth rate in the stock market has helped produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes.
As identified in the current Fund prospectus, the Class A, B, C and R shares gross expense ratios for the fiscal year ended June 30, 2009 were 2.35%, 3.10%, 3.10% and 2.55%, 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 limited certain expenses of the Class A, B and C shares of the Munder Micro-Cap Equity Fund during the 1997-1999 calendar years. In addition, the Advisor made a voluntary capital contribution to
the Fund during the 2005 calendar year. Total returns would have been lower if the Advisor had not limited expenses or made a capital contribution 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.
Class R Shares are not subject to sales charges. Class R Shares are only available for purchase by limited types of investors, as outlined in the Fund’s prospectus.
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.
RISKS Smaller and medium-sized company stocks are more volatile and less liquid than larger more established company securities. The Fund may invest a substantial portion of its assets in one or more economic sectors or industries that are more heavily weighted in the Fund's benchmark, including the financials sector and the real estate investment trust (REIT) industry. When the Fund's investments are concentrated in one or more sectors, market or economic factors affecting those sectors could have a significant effect on the Fund's value. REIT investments are subject to many of the risks of investing directly in real estate, such as declining real estate values, changing economic conditions and increasing interest rates. The 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.
A short term trading fee of 2% may be assessed on redemptions of Fund shares within 30 days of purchase. The impact of this fee is reflected in the YTD (load) returns in January and the one-month (load) return in each month with 30 days or fewer.
Portfolio holdings will change, and should not be considered purchase recommendations. 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 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.
While the absolute performance of the Fund reflected the negative tone of the market during the second quarter of 2010, the Fund
outperformed its Russell Microcap® benchmark largely because of the strong relative performance of the Fund’s holdings. We believe that the Fund's performance in the second half of the year will be driven by bottom-up fundamentals. The Fund tends to perform best when stock selection is driving performance. The Fund's health care sector had the best absolute performance for the quarter, while the financials sector did best on a relative basis. Strong earnings helped to drive relative performance in the following health care stocks: Neogen Corp. (1.8% of the Fund), SXC Health Solutions Corp. (1.7%), MWI Veterinary Supply, Inc. (0.8%) and MEDTOX Scientific, Inc. (1.1%).
The stock market's recent price action and volatility resemble the very difficult environment of 2009, but we believe the economic outlook today is, in many respects, significantly better and clearer for the micro-cap universe than it was 12 to 18 months ago. Despite large macro concerns, the outlook for companies held in the Munder Micro-Cap Equity Fund appears very attractive and we find no shortage of interesting investment choices in the micro-cap universe. Corporate America has very strong balance sheets that are flush with cash, and earnings are rising. With corporations flush with cash, it would not be surprising to see continued corporate acquisitions that would benefit the Fund. Year-to-date, three of the Fund's holdings have been acquired.
The focus of the Fund continues to be on very profitable companies with good business models that are attractively valued. In our view, management interests are most clearly aligned with shareholders in these smaller companies. If the market does not reward these stocks with higher prices, we would expect managements to be buyers of their own stocks. In general, we believe this is an excellent time to be investing in selected micro-cap names. Valuations on stocks in the Fund are at attractive absolute and relative levels, profitability is high and rising, and companies appear to be poised to benefit from increasing sales.
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: The Fund invests in smaller company stocks, which are more volatile and less liquid than larger, more established company securities. The Fund may invest a substantial portion of its assets in one or more economic sectors or industries that are more heavily weighted in the Fund's benchmark, including the financials sector and the real estate investment trust (REIT) industry. When the Fund's investments are concentrated in one or more sectors, market or economic factors affecting those sectors could have a significant effect on the Fund's value. REIT investments are subject to many of the risks of investing directly in real estate, such as declining real estate values, changing economic conditions and increasing interest rates. The 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 Quarterly Commentary are as of 2.28.10 and the percentages shown are based on net assets as of that date. Fund holdings are subject to change and should not be considered purchase recommendations. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased.
The Russell Microcap® Index is a capitalization-weighted index that measures the performance of the smallest 1,000 companies in the Russell 2000® Index, plus the next 1,000 smallest companies. The Russell 2000® Index is a capitalization-weighted index that measures the performance of the smallest 2,000 companies in the Russell 3000® Index, an index representing approximately 98% of the investable U.S. equity market. You cannot invest directly in an index, securities in the Fund will not match those in the 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.
Munder Funds are distributed by Funds Distributor, LLC 04/10
Investment Team
Robert E. Crosby, CFA
Senior Portfolio Manager
BA in Economics from the University of Missouri
MS in Economics and Finance from Murray State University
Joined Munder Capital Management in 1993
Years of Experience:17
Focus:Co-manages the Munder Small-Cap Value and Micro-Cap Equity funds as well as separately managed accounts in Munder Capital’s Small-Capitalization Value, Mid-Capitalization Value, Micro-Cap, Mid-Cap/Small-Cap Blend and Real Estate strategies.
Julie R. Hollinshead, CFA
Senior Portfolio Manager
BA (Cum Laude) in French from Tufts University
MA in International Economics & International Relations from Johns Hopkins University
Started with Comerica Bank in 1985. Joined Munder Capital in 1995 as a result of the merger with Comerica and its investment subsidiaries.
Years of Experience:16
Focus:Co-manages the Munder Small-Cap Value and Micro-Cap Equity Funds, as well as separately managed accounts in Munder Capital’s Small-Capitalization Value, Mid-Capitalization Value, Mid-Cap/Small-Cap Blend and Micro-Cap strategies.
John P. Richardson, CFA
Director, Small-Cap Equity and Senior Portfolio Manager
BBA in Finance from Western Michigan University
MBA from Wayne State University
Joined Munder Capital Management in 1985
Years of Experience:35
Focus:Co-manages all mutual funds and separately managed accounts in Munder Capital's Small-Capitalization Value, Mid-Capitalization Value, Micro-Cap and Mid-CapSmall-Cap Blend investment strategies.
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.
RISKS Smaller and medium-sized company stocks are more volatile and less liquid than larger more established company securities. The Fund may invest a substantial portion of its assets in one or more economic sectors or industries that are more heavily weighted in the Fund's benchmark, including the financials sector and the real estate investment trust (REIT) industry. When the Fund's investments are concentrated in one or more sectors, market or economic factors affecting those sectors could have a significant effect on the Fund's value. REIT investments are subject to many of the risks of investing directly in real estate, such as declining real estate values, changing economic conditions and increasing interest rates. The 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.
A short term trading fee of 2% may be assessed on redemptions of Fund shares within 30 days of purchase. The impact of this fee is reflected in the YTD (load) returns in January and the one-month (load) return in each month with 30 days or fewer.
Portfolio holdings will change, and should not be considered purchase recommendations. 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 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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